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Tourist arrival rebound points to better year for hospitality Reits

THINGS are looking a bit more optimistic this year for Singapore's hospitality real estate investment trusts (Reits) even with additional room supply coming onstream, as a resurgence in visitor arrivals this year could help stave off downward pressure on earnings. According to preliminary data from the Singapore Tourism Board (STB), visitor arrivals to Singapore have rebounded this year, rising around 14 per cent year-on-year in the first four months to 5.53 million. This has been fuelled in par ...more

Kwek ready to snap up bargains amid Brexit turmoil

Property tycoon Kwek Leng Beng sees Britain as being a sound market in the medium term and is prepared to open his chequebook if bargains appear in the wake of the Brexit turmoil. Mr Kwek, executive chairman of Hong Leong Group and City Developments (CDL), told a briefing yesterday: "I'm confident that if there are fire sales, I will buy in the UK, whether real estate or hotels. I'm looking in Europe as well. "Some people could panic and maybe I will come into the picture. My balance sheet i ...more

OCBC puts Bukit Pasoh shophouses on market

Singapore OCBC is putting another property in its historical property portfolio up for sale. This time it is a pair of freehold conservation shophouses along Bukit Pasoh Road, near Keong Saik Road and a stone's throw from Outram MRT Station. The guide price for 11 and 13 Bukit Pasoh Road is in the region of S$20 million, which works out to about S$2,350 per square foot based on the gross floor area (GFA) of 8,503 sq ft. The shophouses have three storeys and a mezzanine level. OCBC has owned the ...more

CDL still eyeing UK expansion

Singapore UNDETERRED by Brexit scares, City Developments (CDL) is still looking to add to its UK hotel portfolio. In fact, it believes that these uncertain times may be the best opportunity to pick up assets from anxious owners looking to sell. Executive chairman Kwek Leng Beng told this to the audience at a signing ceremony, as he sought to reassure again that the group's exposure to the United Kingdom is not big enough to warrant harm to the group. The signing ceremony was between Marriott and ...more

LHN nominee to buy Beach Road carpark property for S$26m

Singapore METROPOLITAN Parking Pte Ltd, nominee for property management services provider LHN Group, has exercised an option to buy from Ottowest Pte Ltd a carpark property for S$26 million. In a filing to the local bourse on Wednesday, LHN said the carpark property is located at Golden Mile Tower on Beach Road. In exercising the purchase option, the group said Metropolitan Parking is required to pay a deposit amounting to 5 per cent of the purchase price. It added that Metropolitan Parking's in ...more

OUE's LA tower's US$50m makeover includes Skyslide

Singapore FOR local residents and tourists in downtown Los Angeles looking to put their tolerance of dizzying heights to the test, the latest attraction at the US Bank Tower, dubbed Skyslide, might just hit the spot. Part of a US$50 million makeover at Los Angeles' tallest building, Skyslide is about 14 m long, encased in glass and steel and affixed to the exterior of the US Bank Tower. Along with a new open-air observation deck called the OUE Skyspace LA, it sits some 300 m above downtown Los A ...more

OCBC puts Robinson Rd office block on market

Singapore OCBC has put up for sale a 12-storey freehold office block at 110 Robinson Road, with an indicative price of S$45 million. The price translates to about S$3,162 per square foot based on the building's net lettable area (NLA) of 14,233 square feet. According to Cushman & Wakefield, which OCBC has appointed sole marketing agent for the sale of the property, the bank does not occupy any space in the building; instead it has leased out the space to tenants. Currently the occupancy rate is ...more

Hao Yuan's Northwave EC likely to be priced at average S$760 psf

Singapore HAO Yuan Investment is expected to price its executive condominium (EC) project Northwave at an average S$760 per square foot (psf), according to sources. This is the Chinese developer's fourth residential project in Singapore since the launch of The Nautical in 2012 and its third EC project after Forestville and Sea Horizon. The developer said on Wednesday that the e-application will open from this Saturday till July 7 and booking of the units is expected to begin on July 9. Singapore ...more