Singapore and emerging market real estate

Royston Foo

Thematic (Sector/Industry)

During the month of March, Singapore property market continued to deliver positive newsflow that benefited the share price performance of Singapore property developers. Some of the notable property news during the month of March includes:<ul>
<li>GuocoLand and Hong Leong acquiring Pacific Mansion for S$980 mil, setting a new high among recent collective sales</li>
<li>A 99-year mixed-use site a Holland Road attracted 15 bids, with some developers placing more than 1 bid with different concept proposals</li>
<li>The first…</li>
</ul>

During the month of March, Singapore property market continued to deliver positive newsflow that benefited the share price performance of Singapore property developers. Some of the notable property news during the month of March includes:
GuocoLand and Hong Leong acquiring Pacific Mansion for S$980 mil, setting a new high among recent collective sales
A 99-year mixed-use site a Holland Road attracted 15 bids, with some developers placing more than 1 bid with different concept proposals
The first…


Singapore Property – Large-Caps with Growth Pipeline and Strong Balance Sheet Remains in Favor

Equity Bottom-Up

Things are getting interesting at <a href="https://www.smartkarma.com/entities/15566" target="_blank" data-smartkarma-citation="entities:15566:1">United Engineers Ltd (UEM SP)</a> (“UEL”).An Extraordinary General Meeting (“EGM”) was held yesterday afternoon as UEL sought for shareholders’ approval for the proposed interested person transaction relating to UEL’s proposed acquisition of the 10% interests in WBL held by UEL’s controlling shareholder – Yanlord Perennial Investment (Singapore) Ltd. (“YPI”) as part of UEL’s proposed voluntary unconditional cash offer for WBL Corporation Ltd. The approval of UEL…

Things are getting interesting at United Engineers Ltd (UEM SP) (“UEL”).An Extraordinary General Meeting (“EGM”) was held yesterday afternoon as UEL sought for shareholders’ approval for the proposed interested person transaction relating to UEL’s proposed acquisition of the 10% interests in WBL held by UEL’s controlling shareholder – Yanlord Perennial Investment (Singapore) Ltd. (“YPI”) as part of UEL’s proposed voluntary unconditional cash offer for WBL Corporation Ltd. The approval of UEL…

United Engineers – Deeper Implications from the Failed Offer for WBL

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul>
<li>The 25 largest capitalised Real Estate stocks that reported more than 80% of their revenue to Singapore based on Annual Reports, maintain an average market cap of S$3.0 billion, ranging from S$7.5 billion for A-REIT to S$718 million for Hong Fok Corp.</li>
<li>
After strong performances in 2017, when all 25 stocks gained &amp; averaged a 28.5% total return, 18 of the 25 stocks declined over the first seven weeks of 2018, with average YTD price declines at 2.7%. Dividends have provided some offset, with Trusts…</li>
</ul>


The 25 largest capitalised Real Estate stocks that reported more than 80% of their revenue to Singapore based on Annual Reports, maintain an average market cap of S$3.0 billion, ranging from S$7.5 billion for A-REIT to S$718 million for Hong Fok Corp.

After strong performances in 2017, when all 25 stocks gained &amp; averaged a 28.5% total return, 18 of the 25 stocks declined over the first seven weeks of 2018, with average YTD price declines at 2.7%. Dividends have provided some offset, with Trusts…


Recent Highlights of Singapore-Focused Real Estate Stocks

Yoma Strategic Holdings / Equity Bottom-Up

Late last night, <a href="https://www.smartkarma.com/entities/1097" target="_blank" data-smartkarma-citation="entities:1097:1">Oxley Holdings Ltd (OHL SP)</a> announced that the consortium comprising Oxley, Min Dharma Co., Ltd. and Sino Great Wall Co., Ltd. has been selected as the “Preferred Bidder” for the Yangon Central Railway Station Area Comprehensive Development Project. The award of the contract is still subject to the completion of negotiations and legal arrangements.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/044/673/original/Central%20Railway%20Development.jpg?1518698570" class="editor-image img-responsive" data-smartkarma-image-id="44673"></figure><div class="content-caption">Central Railway Station Development</div>As mentioned in my earlier insight – <a href="https://www.smartkarma.com/insights/yoma-strategic-final-shortlists-for-yangon-central-railway-development" target="_blank" data-smartkarma-citation="insights:16546">Yoma Strategic – Final Shortlists for Yangon Central Railway</a>…

Late last night, Oxley Holdings Ltd (OHL SP) announced that the consortium comprising Oxley, Min Dharma Co., Ltd. and Sino Great Wall Co., Ltd. has been selected as the “Preferred Bidder” for the Yangon Central Railway Station Area Comprehensive Development Project. The award of the contract is still subject to the completion of negotiations and legal arrangements.Central Railway Station DevelopmentAs mentioned in my earlier insight – Yoma Strategic – Final Shortlists for Yangon Central Railway…

Yoma Strategic - Losing Out on the Yangon Central Railway Tender

Top five Singapore property news this week that you need to know<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/044/134/original/imag0023.jpg?1518150306" class="editor-image img-responsive" data-smartkarma-image-id="44134"></figure><div class="content-caption">Lorong 35 Geylang site acquired by Oxley</div><a href="http://www.businesstimes.com.sg/government-economy/singapore-budget-2018/singapore-budget-not-expected-to-target-property-upswing" target="_blank">8th Feb 2018 – Singapore budget not expected to target property upswing</a>Royston Foo: I share similar views as the consensus that any measure targeted at the real estate sector is unlikely to be announced in the upcoming Budget. Reiterating my earlier comments and opinion on this topic:As of now, there is already a very stringent set of rules and penalties (Qualifying Certificate extension…

Top five Singapore property news this week that you need to knowLorong 35 Geylang site acquired by Oxley8th Feb 2018 – Singapore budget not expected to target property upswingRoyston Foo: I share similar views as the consensus that any measure targeted at the real estate sector is unlikely to be announced in the upcoming Budget. Reiterating my earlier comments and opinion on this topic:As of now, there is already a very stringent set of rules and penalties (Qualifying Certificate extension…

Singapore Property Weekly Recap (3rd Feb to 9th Feb 2018)

Singapore

Oxley Holdings Ltd. develops real estate. The Company develops residential and commercial projects in accessible locations. Oxley also develops light industrial buildings that include swimming pools and other recreational amenities.

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Oxley Holdings (OHL SP)

Singapore Property – Large-Caps with Growth Pipeline and Strong Balance Sheet Remains in Favor

During the month of March, Singapore property market continued to deliver positive newsflow that benefited the share price performance of Singapore...

Royston Foo

United Engineers – Deeper Implications from the Failed Offer for WBL

Things are getting interesting at United Engineers Ltd (UEM SP) (“UEL”).An Extraordinary General Meeting (“EGM”) was held yesterday afternoon as...

Royston Foo

Recent Highlights of Singapore-Focused Real Estate Stocks

The 25 largest capitalised Real Estate stocks that reported more than 80% of their revenue to Singapore based on Annual Reports, maintain an...

Singapore Exchange Ltd (SGX)

Yoma Strategic - Losing Out on the Yangon Central Railway Tender

Late last night, Oxley Holdings Ltd (OHL SP) announced that the consortium comprising Oxley, Min Dharma Co., Ltd. and Sino Great Wall Co., Ltd. has...

Royston Foo

Singapore Property Weekly Recap (3rd Feb to 9th Feb 2018)

Top five Singapore property news this week that you need to know8th Feb 2018 – Singapore budget not expected to target property upswingRoyston Foo:...

Royston Foo

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