Real Estate Daily News
22nd February 2019
Singapore Real Estate
2019 M&As may still top 2018's, with property dominating deals
CapitaLand’s acquisition of Ascendas-Singbridge for S$11 billion may have opened the year with much optimism for billion dollar tie-ups, but the truth of it is that deals of this size are likely to be few and far between. That said, real estate will remain an active area for merger and acquisition (M&A) activity this year.
There's still room for 'calculated risks', says Kwek
Even with global uncertainties like trade tensions, questions around Brexit and global economic growth, executive chairman of property giant City Developments Limited (CDL) Kwek Leng Beng does not think things will be all that bad. But it is still important to be cautious and take "calculated risks," he said at the group's results briefing on Thursday.
Singapore should re-position Sentosa as the 'new Bali', says CDL chairman Kwek Leng Beng
Singapore's second-largest developer has a suggestion for the Government: re-position the billionaire enclave of Sentosa as a tourism mecca like Bali. Property values at Sentosa Cove, a residential area nestled on a tiny island off the south coast, have been hit particularly hard, with home prices down about 30 per cent from the highs seen in 2010. Even as the rest of the nation's residential market staged a recovery in the first half of last year, Sentosa remained stubbornly in the doldrums.
Tyersall Park site worth S$4.7b - if it can be sold
In the heart of Singapore, there is a sprawling, vacant plot of private land 30 times the size of The White House. Just down the road from the US embassy and bordering condominiums worth as much as S$4.5 million per unit, the swathe of untended jungle hides the remains of two abandoned palaces and would be worth a cool S$4.7 billion if sold for development, according to one estimate.
Foreign worker quota cuts hit sectors beyond F&B, retail
The list of businesses that will be hit hard by the upcoming foreign worker quota cuts for the services sector is a long one - covering hotels and entertainment to logistics firms. In response to queries from The Business Times, the Ministry of Manpower (MOM) said the greatest impact would be felt in accommodation; arts, entertainment and recreation; food services; real estate services; and transportation and storage.
CityDev gears up for series of launches with eye to replenishing land bank
As City Developments Limited (CDL) gears up for its slew of residential project launches, it's also taken a liking to some government land sales (GLS) sites later this year. The property group also won't rule out occasional en bloc deals. Group chief executive officer Sherman Kwek said at its results briefing on Thursday: "We will continue to monitor the market... our land bank won't last for that long. In the next three to four years, we will have a shortage of land if we don't keep replenishing."
Roxy-Pacific's Q4 net profit falls 27% on lower revenue from property development
Property group Roxy-Pacific Holdings posted a 27 per cent year-on-year drop in net profit to S$5.93 million for the fourth quarter ended 31 Dec, 2018, in line with weaker revenue. Revenue slumped 29 per cent to S$30.83 million, mainly due to lower revenue from the property development segment owing to the absence of revenue recognition from Trilive following its TOP in June last year, as well as lower revenue from Straits Mansions following its TOP in October last year.
ERA expanding drive to cater to Asia-Pacific's wealthy
Property firm ERA Realty Network is rolling out a service tailored for wealthy buyers across the Asia-Pacific with the aim of becoming the market leader in the region. Plush, as the service is known, started in Singapore in January to help the firm's staff become more adept at catering to the increasing demands of high-net-worth individuals.
First Sponsor to buy control of Germany hotel for 49.5m euros
Property firm First Sponsor plans to snap up controlling shares of the Westin Bellevue Dresden hotel, located in Dresden, Germany, with acquisition cost valued at about 49.5 million euros (S$75.7 million), it said on Thursday. First Sponsor plans to buy 94.9 per cent of two German companies that own and operate the hotel, with the remaining held by Event Hotels Group.
Engie launches venture arm to help Asia-Pacific energy startups
French energy giant Engie has launched a strategic venture arm eyeing energy startups in the Asia-Pacific, and aims to provide them with access to industry expertise and funding. Engie Factory Asia-Pacific, as it has been named, said it is unable to reveal the size of its kitty for investing in startups; it simply said that Engie New Ventures, the company's venture capital arm, will provide "crucial funding" for startups to "scale quickly and effectively".
Genting Singapore's Q4 net profit up 12% at S$150m
Gaming company Genting Singapore on Thursday posted a 12 per cent rise in net profit to S$150.2 million for its fourth quarter ended Dec 31, 2018. This was attributed to "encouraging" performances in both its gaming and non-gaming segments, despite economic uncertainties and intensifying competition.
Global Economy & Global Real Estate
Fed moderately biased towards tightening as balance-sheet roll-off nears end
British parliament could vote on Brexit deal next week
Housing dream turned nightmare spurs backlash in Australia
SoftBank's Fortress to invest 400b yen in Japanese property
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