Singapore Economy

Ultra-rich prefer relocating to S'pore instead of HK: Report

The umbrella protest in Hong Kong may have prompted globe-trotting millionaires to relocate to Singapore instead of the Chinese territory, says a wealth-tracking report. The report by WealthInsight also forecast that the percentage of millionaires, or high-net-worth individuals (HNWIs), will grow at a faster rate in Singapore than in Hong Kong in the next five years - 18.3 per cent versus 15.6 per cent, respectively.

Singapore Real Estate

Bids for CPF Building top S$500m: sources

Bids for the CPF Building at 79 Robinson Road have gone past S$500 million - surpassing the S$450 million that market watchers were expecting when the tender for the ageing office block was launched two months ago, BT understands.

Sentosa Cove bungalow fetches S$2,775 psf

A bungalow in Sentosa Cove fronting the Serapong Golf Course and overlooking the sea, has changed hands for S$23.8 million or S$2,775 per square foot (psf) on the land area of 8,576 square feet. Located along Lakeshore View, the property is on a site with a balance lease term of 89 years.

Four Points to launch in S'pore next year with rebranded Riverview Hotel

The Four Points brand will be introduced in Singapore next year as the former Riverview Hotel undergoes a S$25 million rebranding and renovation exercise. Starwood Hotels & Resorts Worldwide announced on Wednesday that it will launch its Four Points brand in Singapore with Keck Seng Hotel when the Four Points Singapore, Riverview opens its doors by end next year. Keck Seng Hotel is a unit of property investment group Keck Seng.

HK's Gaw Capital Partners pays S$203m for BIG Hotel

Hong Kong-­based Gaw Capital Partners has acquired BIG Hotel in Singapore for S$203 million. The 8,800-square-metre, 308-room hotel on Middle Road was originally an office building. It was converted by Singapore­based owner ERC Unicampus and opened as a hotel in 2013.

Strong demand for 4-, 5-room flats at Bidadari

Demand for four- and five-room flats at Bidadari estate near Toa Payoh has already exceeded supply, just a day after HDB launched its biggest-ever sale of new units on Tuesday (Nov 17). Of the more than 12,400 flats on sale, more than 2,140 are at Bidadari. They range from two-room flexi to five-room units.

Suburban malls shine amid retail gloom

Suburban malls in the right location seem to be the only bright spots in the gloomy retail property scene, going by results from the September quarter. R'ST Research director Ong Kah Seng noted yesterday that these malls have been performing better than those in the city centre.

Building smarter (Pg 7)

Companies' Brief

Oxley's CEO ups direct stakes in Oxley, IHC

Oxley's controlling shareholder executed two transactions which increased his direct stakes in two listed companies. Ching Chiat Kwong, chief executive officer of Oxley Holdings upped his direct stake in the real estate developer by some 350.37 million shares at 41.5 Singapore cents per share in a transaction with Bullish Investment.

Asset sale may spur M&A wave for S’pore REITs

An unorthodox sale of assets by a Singapore Real Estate Investment Trust (REIT) is set to inspire more mergers and acquisitions (M&A) among the Republic’s property trusts, three quarters of which are languishing below book value, bankers and fund managers say.

Global Economy & Global Real Estate

US economy will need more than just consumers in 2016: Goldman Sachs

China property giant eyes robot rescue from rising wage bills

Supply glut puts brakes on recovery in home prices

US homebuilder confidence eases in November

Crackdown on foreign ownership: Australia orders sale of 7 homes

Chinese property giant turns to robots

CMBS Market Starts to Get `Frothy' as Valuations Rise, Voya Says

Dubai's Shaibani Says Property Slump Helps Competitive Position

Housing Starts in U.S. Fall on Decline in Apartment Construction

October home starts fall more than forecast

Lowe's Profit Tops Estimates, Showing Homeowners Still Spending