Singapore Economy The Singapore economy, colloquially speaking Let's face it. Economic forecasts tend to be dry, technical affairs. But what if they were done in a uniquely Singaporean way? In the spirit of the year-end joviality, The Business Times attempted just that. In late November, the paper surveyed private-sector economists on their GDP (gross domestic product) growth forecasts for 2016 - bringing BT's Ho Say Boh poll to birth, for better or for worse. http://www.businesstimes.com.sg/government-economy/the-singapore-economy-colloquially-speaking Singapore Real Estate 1.1-ha reserve list site at Marina Bay excites market Most property consultants are all agog about an office site in the Marina Bay area coming onto the market, despite the headwinds of an imminent glut from new completions in the next couple of years amid weakened demand. This is because those bidding for the site will be eyeing an office rental recovery beyond 2020, when any project on the plot will be completed. http://www.businesstimes.com.sg/real-estate/11-ha-reserve-list-site-at-marina-bay-excites-market-0 http://www.straitstimes.com/business/property/marina-bay-plot-sales-details-released http://www.channelnewsasia.com/news/business/singapore/ura-releases-sales/2352926.html CDL surges on news of asset monetisation Shares of City Developments (CDL) surged on Wednesday, a day after it announced a joint investment entity with Keppel Land's Alpha Investment Partners which will acquire three of CDL's office properties for S$1.1 billion. The property and hotel conglo-merate's counter added 6 per cent or 44 cents to hit S$7.68, as brokerage houses published reports praising the move. http://www.businesstimes.com.sg/companies-markets/cdl-surges-on-news-of-asset-monetisation Big-ticket deals set to be the lowest in 6 years This year's tally of investment sales of property - big-ticket transactions of at least S$10 million - is set to be the lowest in six years, preliminary numbers from CBRE and Savills Singapore show. Still, the tally will not be as bad as that for 2009, when transactions dived during the Global Crisis. http://www.businesstimes.com.sg/real-estate/big-ticket-deals-set-to-be-the-lowest-in-6-years How school proximity affects house prices in Singapore In a study jointly conducted with two other researchers at the National University of Singapore (NUS), Dr Satyanarain Rengarajan and Miss Yang Yang, a PhD student at the Department of Real Estate, we tested the extent to which distance-based school allocation rules influence families' home-buying decisions. In this study, we used 16 primary school relocation events between 1999 and 2009 in Singapore to test the effects of school relocation on housing prices. Owner of Hotel Vagabond fixes sights on expansion There is a new hotelier in town and Mr Satinder Garcha, who is ranked 48th on the Forbes' Singapore rich list, plans to shake up the luxury boutique hotel sector in Singapore. Mr Garcha made his money in the new economy, in Silicon Valley, before moving on to develop luxury landed homes in Singapore such as The Green Collection in Sentosa Cove. A 1950s Art Deco building on Syed Alwi Road once housed a clan association, but it is now a boutique hotel run by Mr Garcha. Hotel Vagabond charges upwards of S$300 for a night's stay. http://www.channelnewsasia.com/news/singapore/owner-of-hotel-vagabond/2353154.html M&G Real Estate buys remaining stake in Compass Point Real estate fund manager M&G Real Estate will become the sole owner of Compass Point mall in Sengkang, after entering into a deed to buy the remaining 18.99 per cent of shares it does not already own. M&G said on Wednesday (Dec 16) it will be buying the shares from FCL Centrepoint, a subsidiary of Frasers Centrepoint. The transaction is expected to be completed in February next year, M&G added. FCL Centrepoint will cease management of Compass Point once the transaction is completed. http://www.channelnewsasia.com/news/singapore/m-g-real-estate-buys/2351686.html High costs ‘a new reality’ with new National Stadium http://www.channelnewsasia.com/news/singapore/high-costs-a-new-reality/2354396.html http://www.todayonline.com/sports/high-costs-new-reality-new-national-stadium Hilton main entrance boarded up after scare http://www.straitstimes.com/singapore/hilton-main-entrance-boarded-up-after-scare Companies' Brief City Developments Limited City Developments Limited (CDL) and Alpha Investment Partners have entered into a profit participation securities (PPS) transaction that will acquire three of CDL's prime office assets for a total value of approximately S$1.1 billion. We estimate that this will unlock about S$580 million net from our previous fair value forecast of the three office assets. http://www.businesstimes.com.sg/companies-markets/brokers-take-196 Fortune Reit The proposed conversion of Fortune Reit's listing on the Singapore bourse from a primary to a secondary one will not affect the trading of its units, the Securities Investors Association of Singapore (SIAS) said in a statement yesterday. In response to queries from minority shareholders, SIAS president David Gerald said the Reit's senior management clarified that retail investors will be able to continue trading its units in Singapore or in Hong Kong, where it maintains a primary listing. http://www.straitstimes.com/business/companies-markets/company-briefs-fortune-reit Roxy-Pacific Property group Roxy-Pacific Holdings entered a sale and purchase agreement yesterday to buy a Sydney development through its Australian unit, Roxy-Pacific Potts Point.The 930 sq m property at 37-41 Bayswater Road, Potts Point, will be bought at A$27.5 million (S$27.9 million). The acquisition will be financed by internal funds and bank borrowings, and is not expected to have a material impact on the group's consolidated earnings for the financial year ending Dec 31. http://www.straitstimes.com/business/companies-markets/company-briefs-fortune-reit The Reit way to go http://epaper.businesstimes.com.sg/jr/jrpc.php?date=2015-12-17&page=1&ed=1 Global Economy & Global Real Estate Fed raises key interest rate for first time in almost a decade he Federal Reserve said on Wednesday (Dec 17 morning, Singapore time) that it would raise short-term interest rates for the first time since the financial crisis struck, a vote of confidence in the strength of the American economy at a time when much of the rest of the global economy is struggling. The widely anticipated decision, a milestone in the Fed’s postcrisis stimulus campaign, ends a seven-year period in which the Fed held short-term rates near zero. http://www.todayonline.com/world/americas/fed-raises-key-interest-rate-first-time-almost-decade Sales of Canada's existing homes rise in November http://www.businesstimes.com.sg/real-estate/sales-of-canadas-existing-homes-rise-in-november Essay contest to determine new owner of Maine theatre http://www.businesstimes.com.sg/real-estate/essay-contest-to-determine-new-owner-of-maine-theatre Paris mansion sold at record price of 275m euros http://www.businesstimes.com.sg/real-estate/paris-mansion-sold-at-record-price-of-275m-euros Murder-free days fuel Pakistan property boom http://www.businesstimes.com.sg/real-estate/murder-free-days-fuel-pakistan-property-boom Prices of London's most expensive mansions rebound http://www.businesstimes.com.sg/real-estate/prices-of-londons-most-expensive-mansions-rebound What Asia's billionaires bought in 2015: from mansions to Monets Fullerton India to inject $32m in housing finance arm http://www.straitstimes.com/business/fullerton-india-to-inject-32m-in-housing-finance-arm Hilton Shares Jump 5.2% After Report of REIT Plan for Hotels U.S. Housing Starts, Industrial Production: Economic Takeaways NAMA Raises Lifetime Profit Forecast to at Least $2.2 Billion Goldin Properties Agrees to Sell $2.8 Billion China Real Estate U.S. Housing Starts Top Forecast on Single-Family Homes |