Property news: CapitaLand’s Raffles City Chongqing draws over 900,000 visitors in weekend launch, Hmlet Targets Australia With Sydney Co-Living Tie-Up


CapitaLand’s Raffles City Chongqing draws over 900,000 visitors in weekend launch
Tenants include Old Navy, GAP, Haidilao, CGV and Jiwu by Suning. CapitaLand’s Raffles City Chongqing in China drew over 900,000 visitors in its opening weekend. The 1.12 million sqm mall has achieved a 95% committed occupancy, where 40% comprises over 400 international and local brands that are new-to-market brands, flagships or new concepts

Private urban planners can help build a better S’pore: Minister
The Government will continue to lead urban planning efforts in Singapore to tackle issues like climate change, but it will need help from urban planners and other stakeholders in the private sector. The awards recognise planners, designers and related design consultancy firms for their work in both local and overseas projects. Urban planners are people who plan and design the use of space within urban areas.

Opportunities abound for Singapore-Philippines collaboration: Halimah Yacob
Singapore and the Philippines can collaborate in many areas, Singapore President Halimah Yacob said as she concluded on Sep 12 a 5-day state visit to the Philippines. Singapore and the Philippines can collaborate in human capital development, innovation and infrastructure, not just in the megacities but also in the provinces, she added.

Singapore ranked 14th globally in terms of ‘idea intensity’: PwC survey
Singapore is the 14th most “idea intensive” country, according to PwC’s Global Economy Watch. South Korea, which topped the idea intensity index, saw 2,554 patents granted per million of population while the republic saw 543 patents granted per million population. The findings were based on PwC analysis of World Intellectual Property Organisation datasets regarding patents granted in 2017, with adjustments for population size.

Property Portfolio: UK Home Buyers Getting A 25% Discount
Bloomberg Daybreak Podcast – U.K. house buyers are paying 25% less than the average asking price, according to Benham Reeves director Marc von Grundherr. Speaking to Daybreak Europe’s Sandra Kilhof on Property Portfolio, he argued that U.K. property prices are heading for a new, lower normal.

Singapore’s labour market still positive amid weaker growth forecast this year: MOM
Even as Singapore’s economy is expected to record slower growth in 2019, the labour market has remained positive in H1 of the year, according to the Ministry of Manpower. According to MOM, employment growth remained “robust” across sectors such as community, social & personal services, professional services, financial & insurance services, and information & communications.

Gender diversity target on SGX-listed boards proving a challenge
Women represent 15.7% of board members in the top 100 primary-listed companies by market capitalisation on the Singapore Exchange, according to the latest figures released by the Council for Board Diversity. While some progress has been made, a marginal increase of 0.5 percentage point in H1 2019 throws into question whether the council’s target of hitting 20%, or about 171 directorships, by end-2020 can be achieved.

Hmlet Targets Australia With Sydney Co-Living Tie-Up
Just weeks after opening its largest property ever in Singapore, co-living operator Hmlet has announced its first multi-asset deal in Australia with Sydney-based developer Revelop. The Hmlet-Revelop deal comprises 2 converted residential properties in central Sydney and another pair of co-living centres 25 km away in Parramatta, a satellite town often referred to as the commercial district of Western Sydney.

The Podium opens in Manila
The Podium, an office and retail development in Manila, the Philippines, saw its grand opening on Sep 10. The Podium is owned 40:60 by Keppel Philippines Properties, a subsidiary of Keppel Land, and BDO Unibank together with an associate company. The total NLA of The Podium is about 1.51m sqft, comprising about 538,200 sqft of retail space and about 968,750 sqft of office space.

Melbourne land prices falling as lot sizes shrink
The median price of a housing lot in Melbourne’s growth corridors fell 4% to A$312,000 in the 3 months to Jun, according to new figures from real estate group Oliver Hume. Discounting for incentives, which average between A$15,000 and A$30,000 per lot but are higher in some estates, the net median price of a typical lot is now well below A$300,000.

Tenders awarded for Tan Quee Lan St, Bernam St and one-north Gateway sites
The tenders for 3 sites under the first half of the 2019 Government Land Sales Programme were awarded on Thursday by the Urban Redevelopment Authority. The 3 sites are at Tan Quee Lan Street, Bernam Street and one-north Gateway. The tenders closed on Sep 5 and were awarded to the highest bidders. The land parcels were offered for sale on 99-year lease terms.

Activity ramps up in Brisbane’s Golden Triangle
Investment in Brisbane’s office market has hit its highest level since the GFC with A$2.8b spent over the past financial year as activity in Brisbane’s Golden Triangle ramps up compared to other financial districts where transactions remain subdued. Brisbane’s Golden Triangle, bordered by Eagle, Queen and Edwards Street, clocked up 5 major office-tower sales in the last financial year, with another 5 on the market.

Brexit Bulletin: Worst-Case Scenario
The U.K. government has published warnings of possible shortages of food, fuel and water, public disorder and severe border disruption if Britain leaves the European Union without a deal. The release undermines Prime Minister Boris Johnson’s assertion that the nation could cope with such an outcome. The damning assessment, contained in a 5-page summary of the government’s so-called Operation Yellowhammer, was released late Wed to meet a deadline forced upon it by Parliament.

Sembcorp in deal with UBS to set up solar-powered offices in Singapore
Global financial institution UBS will be Sembcorp Industries’ first renewable energy partner in the financial services industry, as the 2 have signed a long-term solar energy deal in Singapore. The partnership will run 25% of UBS’s annual consumption across all its offices in Singapore, where the amount of renewable energy consumed will replace close to 20 million kg of carbon emissions in 10 years.

Listless residential market in 2019
The residential market is likely to fall by 10% this year as the impact of the economic slowdown and loan-to-value (LTV) limits continues into Q4, say industry analysts. “Banks’ mortgage rejection rates have soared to 40% as the lending rules became stricter after the LTV limits,” he said. “Banks are required to have reserves to cope with a possible slowdown in the economy.”

U.S., China tariffs could lower global GDP by 0.8% in 2020: IMF
Tariffs imposed or threatened by the United States and China could shave 0.8% off global economic output in 2020 and trigger more losses in future years, the International Monetary Fund said on Thu. IMF spokesman Gerry Rice said trade tensions were beginning to affect a world economy already facing challenges including a weakening of manufacturing activity not seen since the global financial crisis of 2007-2008.

China Enterprise Wins Shanghai Residential Site for RMB 3.8B
China Enterprise has shouldered aside a pair of competing bids from China Vanke and China Resources Land to win a residential site in Shanghai’s Yangpu district for just over RMB 3.81b (S$540m). The RMB 3.813b winning bid, the developer’s first acquisition since China Enterprise completed a restructuring in early 2018, edged out a competing offer from China Vanke by RMB 1m, and came at a premium of 0.02% over the auction reserve price.

July’s strong housing loan growth continues
Mortgage brokers and banks say Jul’s strong home loan growth is continuing as investors and owner-occupiers take advantage of lower serviceability ratios and become more confident about stabilising prices. New home loan commitments jumped 5.1% – the biggest m-o-m gain in 4 years – in Jul after a 3.2% gain in Jun, and while there are no new figures to quantify demand for home loans over the past 6 weeks, industry figures say it remains strong.