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Real Estate Daily News

9th February 2018 (Fri)

Top Story

Plans afoot to help firms raise skills and embrace innovation=
In the government's push to future-proof the real estate sector, it has identified property transaction services and facilities management (FM) as the two sub-sectors with immense potential to transform.  But the impact of the initiatives is expected to be more far-reaching; they can also affect other sub-sectors of the real estate value chain, said Second Minister for National Development Desmond Lee.\

Real estate ITM aims to improve efficiencies, not replace jobs, says Chuan-Jin
Speaker of Parliament Tan Chuan-Jin on Thursday said that the objective of the government's Real Estate Industry Transformation Map (ITM) is to improve the efficiency of property transactions, not replace jobs.  Acknowledging that agents may think the government "heartless" in its moves to switch up the industry, he said at a panel discussion at the 2018 ERA Asia-Pacific Business Conference: "We don't set out to take away jobs; that's not the objective."

Singapore Economy

Spring Singapore, 9 partners in S$200m bid to boost tech startups
The investment arm of Spring Singapore - Spring Seeds Capital (SSC) - has appointed nine co-investment partners in a bid to catalyse more than S$200 million worth of investments into tech startups based in Singapore over the next eight years.  In tandem with the Startup SG Equity scheme, SSC is committing up to S$100 million under the research, innovation and enterprise (RIE) budget. This amount will be matched by private capital raised by the co-investment partners.

Income growth slows for less well-off in Singapore
Incomes from work of less well-off families in Singapore grew last year - but at a slower pace than those of better-off households.  A Department of Statistics report released yesterday showed that the bottom half of Singapore households saw growth in real income - which takes inflation into account - rising between 2.1 per cent and 3.6 per cent for each household member.

Govt transfers, taxes keep income gap at bay
Singapore’s income inequality changed little in 2017 from 2016, as government transfers and taxes narrowed the gap between the rich and poor, according to a Department of Statistics (DOS) report released on Thursday.  The lower half of households in Singapore saw their incomes from work grow last year, but at a slower pace than the other half.

Singapore Real Estate

Property upturn based on true supply and demand: ERA
The difference between the current property market upturn and the bull years of 2005 to 2007 is that the buying momentum is persisting in spite of the cooling measures designed to keep away speculation still in place.  This means that the market is "buying really on true sentiment, true supply and demand", ERA Realty's key executive officer Eugene Lim said at the 2018 ERA Asia-Pacific Business Conference.

HDB resale prices dip 0.5% in Jan, volume slumps by 31.4%: SRX
HDB resale prices dipped 0.5 per cent in January compared with December last year, coupled with a 31.4 per cent drop in sales volume, according to SRX Property flash estimates released on Thursday.  The resale prices of four-room and executive flats increased by 1.3 per cent and 0.4 per cent, respectively.  However, resale prices of three- and five-room flats went down by 2.3 per cent and 1.2 per cent, respectively.

39 JTC properties to get smart facilities management systems
JTC is spending about S$15 million in its roll-out of "smart" facilities management (FM) solutions across 39 of its 106 JTC properties in the first half of this year.  The multiple "smart" FM systems are housed in J-Ops Command Centre, one of the first integrated building and estate operations command centres in Singapore. The command centre was unveiled on Thursday by Second Minister for National Development Desmond Lee.

Companies' Brief

Suntec City to launch Alipay payment option to attract more Chinese tourists
Suntec City and Alipay have inked a two-year partnership to launch Alipay payment terminals or touchpoints to attract more visitors from China to one of Singapore's largest shopping malls.  Under the partnership, Alipay as a payment option will be progressively rolled out to the mall's shopping, dining and entertainment outlets. By July 2018, the partners plan to cover 60 per cent of the stores with Alipay touchpoints, they said in a joint announcement.

Fair value gains lift Perennial's Q4 net profit
Perennial Real Estate's fourth- quarter profit rose 7.9 per cent to S$27.6 million, driven by fair value gains of S$39.2 million mainly from the revaluation of China projects.  Revenue in the three months to Dec 31 sank 25.7 per cent to S$16 million, owing to the partial divestment of TripleOne Somerset on March 31. Perennial retains a 30 per cent stake in the development and accounts for it as an associate.

Frasers Property's Q1 profit falls 59% to S$76.9 million
Frasers Property, formerly known as Frasers Centrepoint, posted a 59 per cent fall in net profit after fair value change and exceptional items in the first quarter.  The drop in earnings to S$76.9 million in Q1 FY2018 from S$187.5 million in Q1 FY2017 was due in part to falling revenue, which fell 24 per cent to S$740 million in the first quarter compared to the year before.

First Sponsor Q4 profit falls 41.5% on absence of one-off gain
Despite a big jump in revenue, mainboard-listed First Sponsor Group saw earnings fall 41.5 per cent to S$42.7 million for its fiscal fourth quarter from the year-ago period.  The property group, whose key shareholders are City Developments Limited and Tai Tak Estates Sdn Bhd, attributed the drop to the absence of a one-off gain of S$97.3 million arising from the partial Star of East River Project divestment in fiscal 2016's fourth quarter.

Oxley beats 80 others to buy clan's plot in Geylang
Property developer Oxley Holdings emerged as the most suitable candidate out of more than 80 parties for the purchase of a 99-year leasehold plot owned by the Huang Shi Zong Hui Singapore (Huang Clan Association), Edmund Tie & Company said yesterday.  Edmund Tie, the agent for the sale, said it had conducted an expression-of-interest exercise in 2014 on the 2,219.6 sq m site, which has a plot ratio of 2.8, with the intention of seeking joint-venture proposals to redevelop the property.

Views, Reviews & Forum

Overseas property investments: the grass isn't always greener
When Justin Harper bought a two-bedroom unit outside of London in 2014, the last thing he expected was for the £270,000 (S$503,702) investment to possibly go down in flames - literally.

Banking will be shaken up - by tech giants, not fintech startups
In cash-abundant Silicon Valley, there is a myth that any college dropout with a hoodie and a half-baked idea can raise venture funding. They are young and limitless. They aren't biased by industry norms and so can freely reinvent the world as we know it.

Global Economy & Global Real Estate

Manhattan tenants get big breaks as rents fall most since 2011

Google enlarges NY footprint with US$2.4b Chelsea Market deal

Smart home unit Nest returns to Google to roost

Walmart turns to goods of at least US$10 to turn its e-commerce around

UK central bank raises growth forecasts, says rates need to rise faster

China's economic strength continues, trade surplus with US narrows

China's yuan plunges most since 2015

Canada's new home prices stall for first time since 2015

M&C Hotels 2017 revenue up, but Europe occupancy down

Additional Articles of Interest - Local & Overseas Real Estate

Local & Overseas Real Estate - Full Article

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