Singapore Economy

Analysts downbeat ahead of Q3 GDP results, expect technical recession

With all eyes on Singapore’s third-quarter economic report card due tomorrow, analysts are forecasting the economy to have fallen into a technical recession for the first time since the global financial crisis in 2008, raising expectations that the central bank will ease policy as the haze casts a grey pall over the outlook for the rest of the year.

Singapore Real Estate

Rental growth of business parks, high-tech parks eases in Q3

Rental growth of business parks and hi-tech parks eased in Q3, as signs of a slowing Chinese economy weighed down business confidence and demand for industrial space in Singapore. According to data put out by DTZ on Monday, average monthly gross rents of first-storey and upper-storey conventional factory space declined 2.3 per cent and 2.9 per cent quarter on quarter (q-o-q) to S$2.15 per sq ft and S$1.70 per sq ft respectively in Q3 2015.

Two commercial shophouses up for sale: Savills

Two more commercial shophouses have been put up for sale by expression of interest, says Savills, the sole marketing agent of these properties. One of these shophouses, with a guide price of S$10.8 million, is located within the Geylang Conservation Area, within 300 metres to Kallang MRT station. It has a land area and an estimated floor area of 2,988 sq ft and 8,331 sq ft respectively.

Weak property market bleeds agencies, sales agents

Some 140 real estate agencies have closed shop over the 12 months to March 31, 2015 and over 3,000 property agents have quit the industry in that period as the sluggish property market continued to take its toll on industry players. The honchos of top agencies here told BT that they are expecting more "casualties" in the current renewal of CEA licence period, October to December, with more agents throwing in the towel.

Fewer real estate firms, agents run afoul of rules

The number of complaints and actions taken against real estate agencies and agents has fallen, likely due to factors such as enforcement and consumer education. According to the Council for Estate Agencies' (CEA) annual report released yesterday, 224 letters of advice or warnings were sent to agencies and individual agents in the year ending March 31 - less than half the 644 issued in the same period last year.

SBF, SMC join hands to push for mediation in commercial tenancy disputes

Efforts to preserve Pearl Bank Apartments hit roadblock

Efforts to gain conservation status for one of Singapore's oldest private residential buildings, Pearl Bank Apartments, have hit a roadblock. Channel NewsAsia understands that so far, about 90 per cent of its residents have given their support to the plan. This is short of the 100 per cent approval required under existing rules, and the deadline is end-October.

SBF, SMC join hands to push for mediation in commercial tenancy disputes

The Singapore Business Federation (SBF) and the Singapore Mediation Centre (SMC) have signed a memorandum of understanding (MOU) to encourage mediation as a first resort for commercial tenancy disputes. The MOU was inked under the Fair Tenancy Framework launched in January this year to help small and medium enterprises (SMEs) work out fair tenancy agreements.

CoAssets in crowdfunding platform tie-up

Coassets, a Singapore real estate crowdfunding company which was listed on Australia's National Stock Exchange (NSX) in July, has formed a joint venture (JV) with Surabaya- based property development group PT Javaland Promosia Indonesia to launch Indonesia's maiden real estate crowdfunding platform.

For a start, the JV will generate over S$100 million in real estate crowdfunding opportunities, CoAssets announced on Monday.

Companies' Brief

OKP unit wins S$12.7m JTC contract

OKP Holdings said on Monday that its wholly owned subsidiary, Eng Lam Contractors, has been awarded a contract worth S$12.7 million by JTC for the extension of road, drain and sewer works at Woodlands Avenue 4. The construction primarily involves the construction and execution of general site clearance, road works, drainage works and sewer works.

SPH Reit maintains Q4 DPU at 1.39 cents

SPH Reit on Monday posted a distribution per unit (DPU) of 1.39 Singapore cents for its fourth quarter ended Aug 31, 2015. Gross revenue slipped 0.6 per cent to S$50.8 million, while net property income rose 0.4 per cent to S$38.2 million on lower property operating expenses. For the financial full year, the DPU was 5.47 Singapore cents, up 0.7 per cent. Gross revenue was up 1.4 per cent at S$205.1 million, while net property income rose 3.3 per cent to S$155.6 million.

Perennial to join retail bond market with S$150m offering

Perennial Real Estate Holdings is hoping to diversify its investor base with a S$150 million offering of three-year retail bonds at a coupon of 4.65 per cent. The bonds will be sold at par in the offering, which opens on Tuesday and closes at 9.00 am on Oct 21.

Tee International's Q1 net profit up 77.9% at S$2.46m

Tee International's net profit attributable to shareholders rose 77.9 per cent, from S$1.39 million to S$2.46 million for the first quarter ended August. Revenue rose 44.2 per cent from S$42.3 million to S$61.1 million on the back of higher revenue recognised for ongoing engineering projects.

Views, Reviews & Forum

A super-aged Singapore: Policy implications for a Smart Nation

According to the United Nations World Population Prospects (UNWPP), Singapore will become a super-aged society in 2026. By then, one in five persons in the country, or 1,258,441, will be aged 65 or above.

The median age will exceed 44.9 (from only 18.1 in 1965) — meaning that half of the population will be at least 44.9 years old. When Singapore gained independence in 1965, only 2.65 per cent of the population, or 49,757, were aged 65 or above.

Global Economy & Global Real Estate