Singapore property intelligence

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A property roadshow was done by an international investment bank recently and the following was feedback from the event.

Recent property news also listed below.

Singapore Property and REITs: Key marketing feedback included a reluctance to shift to developers from S-REITs and investors were in agreement that industrial REITs remained best positioned to pursue acquisitions. There were diverging views over the timing of the office downturn, and investors were unaware of additional competition from serviced apartments in the hospitality space.

Mapletree Commercial Trust (MCT) may get added to MSCI’s developed market indices in the next semi-annual review, according to Bloomberg and Instinet. MSCI will announce the official result after the U.S. market close on 7 November.

Eagle Hospitality Trust (EAGLEHT) has said that Urban Commons, the sponsor of EAGLEHT, is responsible for all the repair work that the Queen Mary floating hotel requires. EAGLEHT reiterated that required repairs by the City of Long Beach would add up to a total estimated cost of up to US$7m.

Cache Logistics Trust’s (CACHE) 3Q19 DPU fell 11% YoY to 1.475 Scts as distributable income fell 10.4% due to lower revenues from the conversion of Cache Gul LogisCentre from a previous master lease to multi–tenancy in April 2019 and transitory downtime between replacement tenants in Commodity Hub.

ESR REIT’s (EREIT) 3Q19 DPU dipped 0.4% YoY due to higher expenses and an enlarged unit base from new placement units. Revenues rose 91.5% YoY following the acquisition of 15 Greenwich Drive and nine properties from Viva Industrial Trust’s portfolio, the leasing of 30 Marsiling and rental escalations, offset against lease conversion from single tenancy to multi-tenancy for several properties.

First Sponsor’s (FSG) 3Q19 net profit up 30.3% YoY due to higher contributions from associates and JVs on commencement of handover of the remaining four residential blocks of the 30%-owned Star of East River project in September 2019. FSG also recorded strong pre-sales for China projects and the recently acquired 193-room Hampton by Hilton hotel in Utrecht, Netherlands has started contributions.

Lazada looking to build Southeast Asia’s largest logistics network. The e-commerce player has over 30 fulfilment centres across 17 cities in Southeast Asia.

Hong Leong Holdings sold 24 units (4% of 564 units) at its Midwood condominium at prices ranging from S$1,560 to S$1,750 psf for the 99-yr leasehold condo located next to Hillview MRT station.

Keppel Infrastructure Trust’s (KIT) Basslink has said that it will comply with “unnecessary” pricing directive from the Australian state enterprise Hydro Tasmania that restricts Basslink from operating at full capacity except during critical periods when demand pushes wholesale power prices to their maximum.

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