Daily property news 9 Apr 2020


AFTER putting it on the backburner, Keppel Land may finally be going ahead to redevelop its office asset in Hoe Chiang Road.

The property comprises two towers – Keppel Towers and Keppel Towers 2 – that have been been vacated.

Completed nearly 30 years ago, the property may be ripe for redevelopment to take advantage of its strategic location at the gateway to the much-talked-about Greater Southern Waterfront.


FRASERS Property has temporarily shut its three hotels in Germany and will also progressively close its 11 hospitality properties in the UK.

In Australia, the real estate giant has closed all food and beverage (F&B) outlets at two hotels – one in Sydney and the other in Melbourne – in the interim.

In Singapore, its malls remain open only for essential services. Restaurants operating on its premises are limited to offering takeaways or deliveries.


CROMWELL European Real Estate Investment Trust (Cromwell E-Reit) is proposing to offer tenants the option to pay their rent every month instead of every quarter. It may also allow payments to be deferred by one to three months in special cases, it said in a bourse filing on Wednesday.

This comes after 139 tenants, comprising 9.7 per cent of the Reit’s annual rent roll, requested for rental payments to be deferred for one or two months.

The group comprises mostly small- and medium-sized enterprises such as cafes, childcare centres, and gyms, as well as the Reit’s four-star hotel in Saronno near Milan, which is temporarily closed.


THE Tangs are a classic Singapore power couple.

Gordon, a former professional windsurfer and avid sailor, and his wife Celine moved from China in the 1990s, founded trading firm Tang Dynasty and then established a real estate empire.

Their SingHaiyi Group invests in commercial and residential properties in the island state and has expanded to the US and Australia. Neil Bush, brother of former US president George W Bush, is on the board, where Celine serves as group managing director.


THE BOARD of directors and top executives at Starhill Global Reit (SGReit)’s manager will take pay cuts in light of the Covid-19 situation, the savings of which will be passed on to unitholders as part of a 10 per cent reduction in base management fees payable by SGReit for the next three months from April.

The board of directors will take a 20 per cent cut in directors’ fees. The chief executive officer and chief financial officer will each take a pay cut of 10 per cent, while other senior staff will have their salary reduced by 5 per cent.

SGReit will switch from quarterly to semi-annual distribution starting from the quarter ended March 31, 2020. The manager said the move will allow for better capital management and cost-saving, given the need to maintain “financial flexibility until (there is) more visibility on the pandemic”.


SOME HDB resale transactions continue to bust the million dollar price tag even as Covid-19 rages on, with one sold last month for a record S$1.232 million.

In March 2020, there were five HDB resale flats transacted for at least S$1 million, according to real estate portal SRX Property. Together with nine resales sold for at least S$1 million in January and February, a total of 14 units were transacted in the first three months of this year, double the seven in Q4 2019.

Last month’s S$1.232 million resale is a 5-room unit with a floor area of 107 sq m at The [email protected] on the 40-42 storey with a remaining lease of almost 90 years.


SOME top-performing US fund managers see opportunities in one of the sectors hardest hit by the coronavirus pandemic, cautiously increasing stakes in niches of the real estate market like cell phone towers and warehouses, which they see as benefiting from an eventual economic recovery.

While real estate is typically considered a defensive sector, real estate investment trust (Reit) values have been slammed by the lockdown of the US economy to slow the spread of Covid-19.

Many retailers and restaurants are unable to serve customers in person, leaving them unable to pay rent.