Singapore Economy

Strong potential in Chongqing for new joint project

Chongqing has strong potential as the latest joint project between China and Singapore, given its strategic location and elevated status as one of China's four municipalities, say analysts, officials and businesses familiar with the city. But as officials from both countries prepare to discuss implementation, it is also clear there will be sizeable challenges in building connectivity in the country's less developed and mountainous western region, where Chongqing is located.

S’pore’s smart solutions ‘can benefit Asian cities’

The Republic is in a position of strength as it builds on its past heavy investment into research and development (R&D) to create an innovation ecosystem. It can also serve as a living laboratory for smart cities solutions, Minister for Trade and Industry S Iswaran said yesterday.

Singapore Real Estate

Residential rents slip further in October: SRX

The residential leasing market remained in a soft patch in October, with rents and transaction volumes for both private homes and HDB flats still on the slide. Flash estimates from SRX Property show that rents of non-landed private residential units slipped 0.4 per cent in October from the preceding month, while HDB rents slipped 0.5 per cent. The declines were steeper than the 0.3 per cent and 0.1 per cent respective falls in September.

Redhill plot draws 10 parties, but bids seen as cautious

A 99-year leasehold, 0.84-hectare site next to Redhill MRT Station along Alexandra View drew 10 bids at a state tender, in line with what consultants had earlier expected. The highest bid by Tang Skyline Pte Ltd was S$376.9 million or about S$850.81 per square foot per plot ratio (psf ppr).

HDB extends application period for mega sales exercise to 10 days

The Housing and Development Board (HDB) is extending the application period for the upcoming mega HDB sales exercise from the typical seven calendar days to 10 calendar days. The Ministry of National Development and the HDB had earlier announced that HDB will combine the September and November 2015 sales launches into one mega launch. This is to allow more home buyers to benefit from the recent new policies and give flat buyers more options in terms of flat locations, flat-types, and prices.

Companies' Brief

Singapore Reits likely to issue more perpetual securities in 2016: Fitch

Singapore real estate investment trusts (Reits) are likely to issue more perpetual securities in 2016 to fund asset growth and strengthen their balance sheets, said Fitch Ratings on Thursday. This is because the regulator has tightened the cap on leverage, and because asset values are likely to be under pressure in the coming year from weaker operating conditions in most sectors, and a potential rise in long-term interest rates, it said.

Ho Bee Q3 profit jumps 51%

Bolstered by strong recurring income, Ho Bee Land marked a 51 per cent jump in net profit for the third quarter ended Sept 30 to S$20.3 million. This translated to an earnings per share of 3 cents for the third quarter, up from 2 cents in the same period last year.

CityDev profit falls on lower development, hotels gains

Property and hotels group City Developments Ltd (CDL) has posted lower earnings for both its third quarter and first nine months ended Sept 30. Pre-tax profits from rental properties went up but were not sufficient to offset the sharp fall seen in its property development and hotel operations.

Exceptional gains buoy Sinarmas Land's Q3 profit

Sinarmas Land reported a 6.2 per cent rise in net profit attributable to shareholders for the third quarter ended Sept 30 to S$46.7 million as it recorded an exceptional gain from negative goodwill. The negative goodwill of S$30.6 million during the quarter arose from the acquisition of a subsidiary in Indonesia PT Permata Kirana Lestari. This acquisition was announced on Thursday.

Views, Reviews & Forum

Office, retail segments set to tumble

In the third quarter of 2013, I shifted my company office from a landmark building at Orchard Road to a smaller office block, also along Orchard Road, that cost S$9.00 per square foot per month. In July this year, with vacant office space seeming to have increased along the Orchard Road belt, the landlord offered to lower the rent by 11 per cent to S$8.00 psf per month. However, I looked around in the vicinity and managed to secure a deal in another office tower at S$6.00 psf per month, or 33 per cent below what was paid two years earlier.

Global Economy & Global Real Estate

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