Real Estate Daily News
31th July 2019
Singapore Real Estate
Wing Tai chairman, wife, sell Nassim GCB site for record S$230m
A good class bungalow on a sprawling freehold site in the Nassim area has been sold for a record S$230 million. The property along Nassim Road was sold by a private company owned by Wing Tai Holdings chairman Cheng Wai Keung and his wife, Helen. The price works out to S$2,721 per sq ft on the land area of 84,543 sq ft. Property searches list the buyer as SG Casa Pte Ltd.
Commerzbank arm sells 71 Robinson Rd to Sun Venture unit for S$655m
Commerz Real has sold its 71 Robinson Road property to SV Robinson for S$655 million. SV Robinson is a real estate investment company which is a member of the Sun Venture group of companies. The sale was done through its open-ended real estate fund hausInvest, Commerz Real said on Tuesday. The purchase price translates to around S$2,756 per square foot (psf), based on a net lettable area (NLA) of 237,644 sq ft.
Space@Tampines launched for sale with guide price of S$170m to S$190m
Space@Tampines, a joint development by mainboard-listed Oxley Holdings and Lian Beng Group, has been launched for sale via an expression of interest exercise with a guide price ranging from S$170 million to S$190 million, marketing agent CBRE said on Tuesday. Located at 18 Tampines Industrial Crescent, the seven-storey e-commerce and logistics development comprises 24 showroom units, a food court on…
Phoenix Road property sold en bloc above asking price at S$42.6m
A row of apartments and shops on Phoenix Road near Bukit Panjang has been sold en bloc for S$42.6 million in the property’s second collective sale attempt. The buyer was CNQC Realty (Treasure), a subsidiary of developer Qingjian Realty (South Pacific) Group, according to marketing agent Colliers International on Monday evening.
JTC launches Tampines site for tender; Tuas site up for application
JTC on Tuesday launched two sites - one at Tampines for tender, and another at Tuas for application - under the second half of the 2019 Industrial Government Land Sales (IGLS) programme. The launch is part of the government's efforts to offer more choices for industrial development, JTC said. Both sites have a lease tenure of 20 years, and have been zoned "B2" for heavier industrial use.
Singapore rich kids are ending up with penthouses as parents skirt taxes
[Singapore] Not many 24-year-old university students live in a S$1.2 million penthouse, kitted out with a Herman Miller Aeron office chair and Lelit espresso machine. Especially not in Singapore, one of the world's most expensive property markets. Shawn, whose loft-style apartment in Singapore's leafy central Bukit Timah region was paid for entirely by his mother, is one of a lucky few. But his ranks are growing as…
Workplace fatalities fall to lowest since 2006
Seventeen workers died from workplace accidents in the first half of this year, the fewest since 2006, when the National Workplace Safety and Health numbers were first made available to the public. This is an improvement from last year, which saw 18 cases in the same period, out of a total of 41 for the whole year.
CDLHT's Q2 DPS falls 3.3% on weaker showing from Singapore, Maldives hotels
CDL Hospitality Trusts (CDLHT) on Tuesday posted a 3.3 per cent fall in its total distribution per stapled security (DPS) to 2.07 Singapore cents for the second quarter, down from 2.14 cents in the same period last year. Total distribution to stapled securityholders, after retention for working capital, declined 2.6 per cent to S$25.1 million for the three months ended June 30.
CapitaLand-ParkCity condo project in KL more than 70% sold
More than 70 per cent of the units in a Kuala Lumpur residential development developed by a joint venture (JV) between mainboard-listed CapitaLand and Malaysia's ParkCity Group have been sold. As at 6pm on Sunday, following its priority launch weekend, home-buyers had snapped up more than seven in 10 of Park Regent's total of 505 units at an average of RM1,100 (S$365) a square foot.
CRCT posts Q2 DPU of 2.54 S cents on stronger rental growth from core malls
CapitaLand Retail China Trust (CRCT) on Wednesday posted a distribution per unit (DPU) of 2.54 Singapore cents for the second quarter ended June 30, down 3.8 per cent from the year-ago DPU, after capital distribution, of 2.64 cents. Excluding capital distribution, the year-ago DPU was 2.49 cents. The second quarter last year included a capital distribution of S$1.5 million arising from the gain from…
Frasers Hospitality Trust cuts Q3 DPS by 10.2% to 1.0086 S cents on softness Down Under
International hotel investor Frasers Hospitality Trust has cut its distribution per stapled security (DPS) for the third quarter to 1.0086 Singapore cents, as earnings declined. DPS is down by 10.2 per cent year on year for the three months to June 30, the manager said in results released on Tuesday night, while blaming weakness in its Australian assets.
Lian Beng Q4 profit down by 74.3% on lower revenue, lack of one-off gain
Mainboard-listed contractor Lian Beng Group saw fourth-quarter net profit plunge amid the absence of a one-off gain, but Catalist-listed spin-off SLB Development managed to post higher earnings in the same period, according to unaudited financial results out for both companies on Tuesday. Lian Beng’s earnings were down by 74.3 per cent year on year for the three months to May 31, to S$14.5 million, from S$56.7…
Qingjian pays S$42.6m in Phoenix Road en bloc deal
A row of 99-year leasehold apartments and shops on Phoenix Road near Bukit Panjang has been sold en bloc for S$42.6 million in the property's second collective sale attempt. The buyer was CNQC Realty (Treasure), a subsidiary of developer Qingjian Realty (South Pacific) Group, marketing agent Colliers International said.
ARA H-Trust's maiden DPS beats forecast
Lower property expenses and borrowing costs outweighed softer gross revenue at ARA US Hospitality Trust (ARA H-Trust). The hospitality trust's maiden reporting showed that between May 9 and June 30, its distribution per stapled security (DPS) was 1.36 US cents, higher than the forecast 1.31 US cents.
Cooling measures fuel earnings angst for Tee Land
Mainboard-listed developer Tee Land - which sank deeper into the red in its latest fiscal year - sold apartments at upmarket The Peak@Cairnhill at a loss, as a tough market has made shifting units tougher. Net loss widened to S$23.8 million for the 12 months to May 31, almost thrice the previous year's S$8.69 million loss, in results out on Tuesday. The group's revenue fell by 7.9 per cent year on year…
SGX extends deadline for KOP to hold AGM, release Q1 results
Catalist-listed property developer KOP Limited has obtained the Singapore Exchange’s (SGX) approval to hold its fiscal 2019 annual general meeting (AGM) by Aug 30, and to release by Sept 30 its financial results for the first quarter ended June 30. KOP had applied for the extension of time for the AGM and Q1 2020 results earlier this month.
Starhill Global Reit raises Q4 DPU
Starhill Global Reit will pay out a distribution per unit (DPU) of 1.1 Singapore cents, up by 0.9 per cent on the year before, for the fourth quarter to June 30. Net property income for the period fell by 0.4 per cent to S$39.9 million, amid higher operating expenses and lower contributions from the Singapore retail portfolio.
Prime US Reit's IPO structured to minimise risks amid uncertainty
The subscription results of Prime US Reit and its choice of offering structure in its initial public offering (IPO) earlier this month show the issuer's and bankers' caution in the wake of dismal results from Eagle Hospitality Trust's public offer, which was only 0.4 times subscribed. Firstly, Prime US Reit's sponsor and entities related to the Reit's manager had to beef up their stakes to help fill the placement tranche;
Parkway Life Reit raises Q2 DPU by 2.6% on higher rent from Singapore hospitals
Parkway Life Real Estate Investment Trust (Reit) on Wednesday posted a 2.6 per cent increase in its distribution per unit (DPU) to 3.27 Singapore cents for the second quarter ended June 30, up from 3.19 cents in the year-ago period. Gross revenue for the healthcare Reit grew 2.9 per cent to S$28.9 million in Q2, while net property income (NPI) was up 2.3 per cent to S$26.8 million.
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