Real Estate Daily News
21st March 2019
Singapore Real Estate
Boulevard 88 sells 20 units during previews, mostly four-bedroom units
High-end freehold project Boulevard 88 in prime district 10 has sold 20 of the 25 units released so far, with most of the units sold being four bedroom apartments. Sales for the 20 units totalled over S$160 million, while the average selling price worked out to S$3,550 per square foot. City Developments Limited (CDL) and its joint venture partners, Hong Leong Holdings and Lea Investments, started exclusive private previews of Boulevard 88 - which are by appointments only - on March 8.
Earlier sales launch for Treasure at Tampines, but analysts say ‘browsers’ may not be buyers
Singapore — Days after thousands of people thronged its showrooms, developers of private condominium Treasure at Tampines have pushed forward the sales launch by a week, to this Saturday (March 23). However, analysts said that the high turnout might not translate into high sales volume, given the present market conditions.
Sim Lim Square ready to sell en bloc after asking price raised
Sim Lim Square, Singapore's gadget hub in Rochor Canal Road, is set to enter the collective sale market after more than 80 per cent of its owners consented to sell. The figures, 80.82 per cent by share value and 81.43 per cent by strata area, were confirmed on Tuesday. This comes after the initial asking price of $1.1 billion was raised to $1.3 billion on Feb 1. The aim is to put the site for tender by the end of next month, said marketing agent SLP Scotia, which declined to reveal the reserve price.
18 medical suites in SBF Center up for sale or lease
Eighteen medical suites in SBF Center in the central business district are up for sale or lease, sole marketing agent Knight Frank said on Wednesday. The units range from 678 sq ft to 2,842 sq ft. They are among the 48 medical suites, spread over the third to fifth floors, within the 33-storey mixed development. Knight Frank said the medical suites are well-located to serve a population of about 450,000 office workers and 16,000 residents nearby.
Frasers Property and FCT to raise stakes in PGIM Real Estate Asia Retail Fund
Frasers Property Limited and Frasers Centrepoint Trust (FCT), the real estate investment trust (Reit) it sponsors, are raising their stakes in PGIM Real Estate Asia Retail Fund, shortly after making their first round of investments respectively. Frasers Property is acquiring a 29.99 per cent stake in PGIM Real Estate Asia Retail Fund Limited for around S$601.5 million, the group said in a bourse filing on Thursday before the market opened.
Frasers Property cashes out its half share of Melbourne office for A$326.2m
Frasers Property's Australian division is selling its 50 per cent share of Melbourne prime office tower 2 Southbank Boulevard for A$326.2 million (S$312.7 million), the developer said on Wednesday. Frasers Property Australia has exchanged contracts with GPT Wholesale Office Fund (GWOF) for the deal, with settlement due in late March. The gross sale price represents an initial yield of 4.8 per cent.
Lendlease mulling retail Reit listing on SGX: report
Australia-listed developer Lend-lease Group could be planning to raise up to US$500 million through a listing of a real estate investment trust (Reit) on the Singapore Exchange (SGX), according to reports citing Thomson Reuters' IFR Asia. In response to a query from The Business Times, a spokesman for the company said on Wednesday: "Lend-lease doesn't comment on market rumour or speculation. The company manages more than…”
SGReit's new leases bring reassurances, but credit outlook takes a hit
New long-term master leases announced by Starhill Global Reit (SGReit) for two of its Malaysian malls have given reassurance to equity analysts, but the development was seen as a negative from a creditworthiness perspective. S&P Global Ratings has revised its ratings outlook on SGReit to "negative" from "stable" while reaffirming its "BBB+" issuer credit rating, on the expectation that the trust's financial leverage will be stretched over the next 18 to 24 months.
Terminated hotel deal a setback for Oxley's deleveraging plans
Aggressively geared Oxley Holdings will find it harder to keep to its stated deleveraging schedule after a planned S$950 million sale of two Stevens Road hotels fell though. The property developer's shares slid 3 per cent, or one cent, to close at S$0.32 on Wednesday, reversing in one fell swoop the gains that the stock had achieved from last week's news of a separate deal that US real estate fund AEW had made an expression of interest (EOI) to acquire Oxley's Chevron House for S$1.025 billion.
New chairman, board members for Sentosa Development Corporation
Among other board changes, Bob Tan will take over as chairman of Sentosa Development Corporation (SDC) from April 1, the Ministry of Trade and Industry announced on Wednesday. Mr Tan is chairman of the boards of Jurong Engineering, Ascott Residence Trust Management, SINGEX Holdings and the Institute of Technical Education of Singapore.
Views, Reviews, Forum & Others
Choices after an en bloc windfall
The residential en bloc market cycle that we witnessed between May 2016 and August 2018 generated S$20.6 billion worth of deals, making it the second strongest cycle in en bloc history. Due to market interest in how en bloc beneficiaries have moved on with their windfall gains, JLL shares its observations based on its involvement in a significant number of successful en bloc deals and its interaction with the beneficiaries.
Strategies to thrive in an uncertain property market
As the adage goes: when the going gets tough, the tough get going. Since the new property cooling measures were implemented in July 2018, the residential property market has become more muted. Developers - many with new launches waiting in the wings - probably had to rethink their plans and re-evaluate market dynamics. More than half a year since the measures hit the market, it appears developers have taken them in their stride.
Things to look out for when buying a home
Buying a home is a multi-faceted decision. Not only does it satisfy the physical need of having a roof over your head, it is also often an emotional decision - and imagine adding the element of investment into the mix! Most buyers long to get their hands on property that has potentially higher returns. But purchasing an expensive property may not guarantee a higher return. Data from the Urban Redevelopment Authority (URA) revealed that non-landed price movements for homes…
Regional hubs - an alternative to city living
Today, Singapore boasts vibrant hubs in decentralised and fringe locations such as at Tampines, Jurong, Buona Vista and Newton, allowing residents to work, live, play and learn. But this idea is not new, and dates back to 1971 with the first Concept Plan - a strategic land use plan that has guided Singapore's real estate development. The plan advocated the development of a ring structure of satellite towns around the Central Water Catchment, supported by the Central Area as the Central Business District (CBD).
See your future home in virtual reality
Proptech has been the buzzword in the real estate industry for the last few years. The Royal Institution of Chartered Surveyors defines proptech as "a term that refers to all aspects of innovation and how this impacts the built environment. This includes software, hardware, materials or manufacturing." In Singapore, proptech is a growing sector with the potential to transform the real estate industry. A number of startups have leveraged various technologies to automate…
Emerging trends in HDB market
Demand for public housing may be gaining momentum after being in the doldrums for many years. The resale market ended on a more positive note last year as demand for resale flats soared to a six-year high with 23,099 transactions. According to data released by the Housing and Development Board (HDB), the HDB resale price index also declined at a more gradual pace of 0.9 per cent year-on-year in 2018 against 1.5 per cent in 2017.
Executive condominiums still good value
Executive condominiums (ECs) were originally introduced to cater to the aspirations and needs of the so called "sandwiched" class - those whose household incomes exceed the ceiling for public housing, but are not yet able to comfortably afford a private condominium. Currently, the monthly household income ceiling to qualify for an EC purchase is set at S$14,000, while it is S$12,000 for those purchasing the Housing and Development Board's (HDB) Build-to-Order (BTO) flats.
Ongoing makeover adding value to Beach Road's commercial markets
A slew of exciting upcoming projects ranging from mixed-use development, commercial, residential to hotel will rapidly transform the Beach Road/Ophir- Rochor Corridor in the years ahead, stealing the limelight from Marina Bay and Tanjong Pagar's array of skyscrapers and iconic landmarks in recent years. The area, encompassing properties along the stretch of Beach Road, Rochor Road and Ophir Road, is fast becoming a new hotspot for work-live-play, as the timely face-lift…
Singapore's data centre market at a crossroads
The data centre footprint in Singapore now stands at 400 megawatts, having grown substantially over the last few years to become a hub of activity from both local and global players. The phenomenal growth in Data Centre operations here had its roots in the early 2000s when Singapore began building its telecommunication infrastructure to support the dot.com wave. Back then, data storage capacity was put in place to support the growing volume of e-mail communications.
Finally, a workplace that is all about you
Walk around many offices and workplaces, and you would have to assume such spaces were not designed for people to do serious work or business. Workplaces these days are typically crowded, resulting in employees' inability to fully concentrate, or frustration in finding space for collaborative work among colleagues. Being the boss may not even be enough to get you an office. Meanwhile, smartphones and intuitive mobile apps are bringing the world to our fingertips with a click or a tap. So why can't our workplaces be as delightful and easy to use as our smartphones?
Mass-personalisation and collaboration leading the way for retailers
Last December, SK-II's revolutionary smart store concept landed in Singapore as part of the brand's move to create unique and personalised consumer-led experiences for their consumers. The Future X Smart Store wowed visitors with its immersive and intuitive state-of-the-art technologies which provides them a personalised skin analysis, then displays the recommended SK-II products via the Smart Beauty Bar and teaches them how to attain crystal clear skin.
Vacation nation: Hotel investment in Singapore to get a boost in 2019
According to JLL's latest Hotel Investment Outlook for 2019, hotel transaction volume for Asia-Pacific will hit US$9.5 billion this year, an increase of 15 per cent from last year's US$8.3 billion. In comparison, hotel investment volume in Europe and the Middle East could soften five to 10 per cent while the Americas is projected to remain flat. In Singapore, where the market is usually tightly held with limited formal opportunities, a series of transactions in recent months indicates greater investor appetite.
Will 'Amazon Effect' mean a boost for warehouses?
Mountains and heaps of boxes and parcels overflow in a Chinese warehouse, while a dozen workers attempt to process the pile of customers' orders generated from Singles' Day. You may have seen pictures or videos of this scenario online. This is just a small fraction of the behemoth which is the e-commerce industry. Over the past few years, the exponential growth of e-commerce has affected various types of real estate in different degrees.
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