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Real Estate Daily News

5th December 2017 (Tue)

Top Story

Singapore home loan rates starting to climb
All three local Singapore banks have raised their home loan rates as interest rates continue to spike, and mortgage advisers warn of more hikes to come.  DBS Bank, OCBC Bank and United Overseas Bank (UOB), which collectively account for the lion's share of the housing loan market, have raised the interest on their fixed-rate and floating-rate packages since last month.

Singapore Economy

Singapore manufacturing shows strong signs of broad-based growth
Singapore's manufacturers are set to end the year with a big bang, fuelled largely by the continued growth in electronics.  Strong signs of expansion are also emerging in other segments of the manufacturing sector, said economists yesterday.  The uptrend is underlined in the latest Purchasing Managers' Index (PMI) - an early indicator of manufacturing activity - which showed a brisk pace of growth last month.

Plans for more transparent Sibor seen benefiting borrowers
Proposals to reform Sibor, the Singapore interbank offered rate used by banks to price consumer loans, should benefit borrowers as efforts get underway to make the benchmark setting process more transparent.  The two main proposals call for changes in the way Sibor is calculated and for the rarely-used 12-month Sibor rate to be scrapped.

Singapore Real Estate

Rare prime-area shophouse portfolio for sale
A portfolio of nine conservation shophouses and a commercial building in District 1 near the Singapore River are being put up for sale by tender.  The total guide price of the 10 properties is S$91.6 million.  The properties are divided into two clusters - one in Boat Quay/Circular Road, and the other along New Bridge Road. Potential buyers may either bid for an entire cluster or individual properties.

URA to launch tender for West Coast Vale reserve list site
The Urban Redevelopment Authority (URA) has accepted an application from a developer to put up the residential site at West Coast Vale for sale by public tender.  The land parcel was made available for sale on the reserve list of the Second Half 2017 Government Land Sales Programme.

Companies' Brief

KSH Holdings disposes of shares in subsidiary to Heeton, Lian Beng Group
KSH Holdings Limited has disposed of a 52 per cent shareholding interest in Development 24 Pte Ltd, a property development and investment holding company, to wholly owned subsidiaries of the Lian Beng Group and Heeton Holdings, for a total of S$520,000.  The sales consideration was based on the net asset value of Dev 24 as at the date of the disposal.

Lippo Malls Indonesia Retail Trust, First Reit to hold EGMs on Dec 20
Lippo Malls Indonesia Retail Trust (LMIR Trust) and First Real Estate Investment Trust (First Reit) will be holding two separate extra ordinary meetings (EGMs) on Dec 20.  The trusts said in Singapore Exchange filings before the market opened on Tuesday that the agenda will include the seeking of approval for a proposed joint acquisition with First Reit of an integrated development, comprising a hospital component known as Siloam Hospitals Yogyakarta and a retail mall component known as Lippo Plaza Jogja (LPJ) from vendor PT Mulia Citra Abadi.

Fragrance Group's boss snaps up more New Wave shares after failed takeover bid
Hotel and property magnate Koh Wee Meng, who failed last week to take a majority stake in electronic component supplier New Wave through a cash offer bid, has upped his stake in the company through an open-market purchase.  Mr Koh, who runs Fragrance Group, spent some S$1.23 million to mop up some 94.3 million shares at S$0.013 per share on Dec 1. The purchase raised his stake in New Wave to 19.4 per cent from 13.5 per cent.

Moody's downgrades Yanlord unit's backed senior unsecured bond rating to Ba3
Moody’s has downgraded Yanlord Land (HK) Co, Limited's - a unit of property developer Yanlord Land, backed senior unsecured bond rating to Ba3 from Ba2, with a stable outlook.  The ratings agency said that Yanlord Land (HK)'s backed senior unsecured bond rating is lower than the Ba2 (stable) rating of Yanlord Land Group because of the "risk of structural and legal subordination".

Global Economy & Global Real Estate

US tax cuts seen giving modest growth boost: Survey

Housebuilding spurs modest rebound in UK construction

London tops best-performing European cities, think tank says

Asian manufacturing expands further, but China remains a risk

China says 2018 growth target to reflect new changes in economy

Wanda founder to buy majority stake in Wanda Hotel

Japan household spending, consumer prices hold steady

Mori bets on luxury condo demand in Tokyo

Yubari - Japan's 'greyest' city - fights depopulation, bankruptcy

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