Real Estate Daily News
11th July 2018
Temasek's portfolio value hits new high of $308 billion
Global economic growth and booming share markets helped Temasek Holdings hit record numbers last year, but it warned that near-term risks are on the horizon. The investment firm reported yesterday that its net portfolio value hit a new high of $308 billion in the 12 months to March 31 - the first time it had exceeded $300 billion, and up $33 billion from a year earlier. Its one-year total shareholder return was 12.19 per cent.
Singapore is top maritime centre for fifth time
For the fifth consecutive year, Singapore has clinched the No. 1 spot among the world's top maritime centres in the Xinhua-Baltic International's International Shipping Centre Development (ISCD) Index. The index rates the relative performance of the world's 43 largest ports and cities annually.
Enterprise Singapore partners German Accelerator to help startups grow
Enterprise Singapore is working with a German government-backed startup accelerator to help startups from both countries expand out of their home markets. German Accelerator, a programme funded by the German Federal Ministry for Economic Affairs and Energy, has partnered Enterprise Singapore to set up two "landing pads" for Singapore startups in Germany, first in Munich and later Berlin.
Inflation data for different Singapore demographic groups could be in the works
In the not-so-distant future, Singapore could be unveiling inflation data to track price changes for various demographic groups such as retiree households or families with school-going children, instead of just looking at household income. In Parliament on Tuesday, Minister for Trade and Industry (MTI) Chan Chun Sing said the ministry has been using various ways to look at inflation data differently.
Singapore Real Estate
June resale prices up 0.2%, volumes down 25.5 %
Resale prices of non-landed homes in June crept up just 0.2 per cent from the previous month as volumes plunged 25.5 per cent, going by the latest flash estimates by real estate portal SRX Property. Compared to May, the Core Central region (CCR) and Outside Central Region (OCR) recorded a price increase of 0.1 per cent and 0.4 per cent respectively, while Rest of Central Region (RCR) prices remained unchanged.
Stamp duty collected rose 46% in 2017: Heng Swee Keat
Singapore: The amount of stamp duty collected by the Government rose by 45.9 per cent in 2017, with most of the receipts from property transactions, Finance Minister Heng Swee Keat revealed on Tuesday (Jul 10). This is up from the 14.2 per cent increase in stamp duty collected in 2016 and the 6.2 per cent decrease recorded in 2015.
GuocoLand bags Casa Meyfort for S$320m
Guocoland on Tuesday announced that it has exercised the option to buy freehold condominium, Casa Meyfort along Meyer Road through a collective sale for S$319.88 million. The price works out to about S$1,580 per square foot per plot ratio (psf ppr), including an estimated development charge of S$57.2 million.
FCOT to sell Market Street property for S$216.8m
British and Malayan Trustees as the trustee of Frasers Commercial Trust (FCOT) has entered into an agreement for the sale of a commercial property at 55 Market Street, in Raffles Place for a sale consideration of S$216.8 million. Manager of the trust, Frasers Commercial Asset Management Ltd, said the transaction is expected to be completed by Aug 31, 2018.
ST Engineering and JTC team up to build smart-city platform for Punggol Digital District
When the Punggol Digital District (PDD) is up and running in 2023, workers could have their breakfast delivered to them by drone, thanks to a memorandum of understanding (MoU) signed on Tuesday by ST Engineering and JTC Corporation. They plan to create a centralised system - called an open digital platform - to manage aspects such as buildings and security and the district's cooling and waste systems.
HDB flats at new Tengah town may get centralised cooling, AI-controlled energy systems
The Housing Board (HDB) and energy utilities provider SP Group are embarking on a joint study that may see future residents of the new Tengah town have the option of accessing a centralised cooling system for their flats. Residents of the town, which will have 30,000 flats, may opt for this service as a more energy-efficient solution than conventional air-conditioning systems, HDB said.
CDL roped in as cornerstone investor of property service provider E-House's HK IPO
City Developments Limited (CDL) will invest HK$237.81 million (S$41.1 million) in property services provider E-House's initial public offering (IPO) on the Hong Kong Stock Exchange, making it a cornerstone investor alongside Alibaba, China state-owned Overseas Chinese Town Holding, and an associate company of Hong Kong-based Henderson Land Development.
Surbana Jurong bags contract for India's Pimpri Chinchwad Smart City
Surbana Jurong has been awarded project management and design services for India's Pimpri Chinchwad Smart City in partnership with professional services firm KPMG, the urban consulting firm announced on Tuesday.
World Class Global bags A$156.8m revenue from two Melbourne projects
World Class Global yielded A$156.8 million (S$158.5 million) of revenue from the first phase handovers of two residential projects, AVANT and Australia 108 in Melbourne, Australia, as at the end of June. The real estate player said after Tuesday’s trading hours that this would positively impact its first half financial performance for FY18.
SPH Reit posts flat Q3 DPU of 1.37 cents
Retail landlord SPH Reit has declared distribution per unit of 1.37 Singapore cents for the third quarter ended May 31, unchanged from a year ago. But net property income marked a 3.8 per cent decl
ine from a year ago to S$40.56 million, mainly due to lower rental income from Paragon. Gross revenue fell 2.9 per cent year-on-year to S$51.77 million.
Rich Capital's auditor flags going concern uncertainty, qualify opinion
The independent auditor of Rich Capital Holdings, Foo Kon Tan LLP, has flagged a more challenging assessment of the property company's ability to continue as a going concern and qualified their audit opinion. The group incurred a net loss of S$3.52 million for the financial year ended March 31, 2018, and was in a net liability position of S$1.07 million at the end of that financial year. Given expected cash outflows for the next 12 months, Rich Capital faced "a material uncertainty which may cast significant doubt on the ability of the group and the company to continue as a going concern," the auditor said.
Ryobi Kiso Holdings slapped with more letters of demand
Ground engineering solutions firm Ryobi Kiso Holdings has been hit by more letters of demand from its creditors. On Tuesday, the firm said that it had received a letter of demand from HSBC for the sum of S$789,344.15. Its subsidiary, Ryobi Kiso (S), has also received a letter of demand from Standard Chartered Bank for the sum of S$937,450.82. In addition, certain bond holders have sent the company a letter of demand alleging that an event of default has occurred, and are seeking a S$1.75 million repayment.
VIEWS, REVIEWS, FORUM & Others
Tackle property bubble with targeted measures
No one will dispute the need to maintain a stable and sustainable property market here. But there is every reason to doubt the durability and dexterity of the Government's prescription for a challenge it has been grappling with for close to a decade with mixed results (Higher stamp duties, tighter loan limits for home purchases; July 6).
Long-term property market still optimistic
Although the Government's latest imposition of an additional 5 percentage points on the Additional Buyer's Stamp Duty for Singapore citizens and permanent residents who are buying their second residential property might have some short-term ripple effects by frustrating potential buyers' interest and plan to purchase a residential property, I think the long-term prospects of Singapore's property market are still optimistic and promising (Experts surprised by 'severity' of new property curbs, July 6; Redas says there's no basis for new cooling measures; 'A sledgehammer to kill a fly': Two major reasons behind move to rein in market 'euphoria'; Buyers snap up over 1,000 units at three projects in one night; all published on July 7).
Interests of property consultants, public are different
I fully support the Government's recent cooling measures for the private property market (Higher stamp duties, tighter loan limits for home purchases; July 6). Unlike the previous cooling measures, which were responses to an overheating property market, the current measures come as a preventive approach and will provide the following benefits: •Prevention against a possible bubble burst
Educate Singaporeans on investment alternatives
The report on the local property market was alarming (Property market to stay talk of the town; July 9). It stated that this was the the ninth round of property cooling measures since 2009. This shows that the current strategy adopted to rein in prices is not an effective or sustainable solution.
HSR could be revived if cost is cut: Malaysia finance minister Lim Guan Eng
Malaysia's Finance Minister has received offers to halve the cost of the high-speed rail (HSR) after Kuala Lumpur expressed reluctance to go ahead with building the 350km line to Singapore. Speaking to The Straits Times last week, Mr Lim Guan Eng said that while he has not received a formal proposal, these offers showed that the current cost of the Malaysian portion of the link - estimated at RM110 billion (S$37 billion) - was "exorbitant".
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