DOCSLIB.ORG

Singapore Office Reits

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Singapore Office Reits Singapore Industry Focus Singapore Office REITs Refer to important disclosures at the end of this report DBS Group Research . Equity 5 Sep 2016 A prelude to a bottom STI : 2,803.92 Healthy interest for new office buildings with Analyst Mervin SONG CFA +65 6682 3715 over 70% of Guoco Tower now pre-committed [email protected] Award of white site at Central Boulevard another Derek TAN +65 6682 3716 signal to potential bottoming of office values [email protected] Top pick – Keppel REIT (KREIT; BUY; TP S$1.26) Healthy interest for space at Guoco Tower and Marina One. According to The Business Times, Guoco Tower at Tanjong Pagar has now achieved pre-commitment levels of more than 70%, from only 10% in January this year. In addition, effective rents were STOCKS reported to range between S$7.50 to over S$10 per square foot Performance (%) (psf) per month. For Marina One, it was reported that Swiss private Price Mkt Cap Target Price bank Julius Baer will be taking up 100,000 sqft of space at close to S$ US$m S$ 3 mth 12 mth Rating double digit-rents, relocating from its current premises at Asia 1.57 3,402 1.70 11.4 19.9 BUY Square Tower 1 where it occupies 72,000 sqft across two floors. CapitaLand This new lease would take pre-commitment levels to c.35% from Commercial Trust the 30% level announced in June. The healthy take-up and the Keppel REIT 1.09 2,615 1.26 4.8 14.8 BUY OUE Commercial 0.68 647 0.73 2.3 8.8 HOLD ability to sign office rents above S$10 psf at Guoco Tower and Suntec REIT 1.70 3,162 1.71 3.0 12.2 HOLD Marina One indicate that the office market could potentially be bottoming out and allay fears over Grade A office rents crashing to Source: DBS Bank, Bloomberg Finance L.P. S$7 psf per month from S$9.50 currently, and that new office supply will not be absorbed. Implied price psf for Singapore portfolio Singapore office REITs seem insulated from major poaching REIT Price Enterprise Value of Total Implied psf of tenants. Thus far, Singapore office REITs appear to be relatively (S$) Value SG attributable (S$) immune to poaching of their tenants for the upcoming new office (S$m) portfolio SG GFA (m supply, and should be able to hold fort against competition. We (S$m) sqft) believe this is a function of the proactive renewal strategy by CCT 1.565 6,947 6,006 3.1 1,921 various office REIT managers as well as the REITs typically owning KREIT 1.085 6,859 6,225 2.6 2,396 newer or better specified buildings. These factors should counter OUECT 0.680 2,689 2,322 1.0 2,353 tenants’ flight to quality and efficiency as they seek better quality space at comparable rents to their existing premises and/or more Suntec 1.700 7,547 5,192 2.4 2,203 efficient floor plates to house more staff within the same amount *Calculated as EV less value of non Grade A office properties divided of space. by attributed property Source: Bloomberg Finance L.P., Various SREITs, DBS Bank New office land auction a potential catalyst for office market. We believe the upcoming land tender for a prime site at Central Boulevard in Marina Bay could act as another signal to mark the bottom of capital values in the office market especially if Majority of FY16 leases have already been renewed* the implied gross development values (GDV) is close to recent Percentage of FY16 leases yet to be renewed office market transactions of c.S$2,700 psf. The white site allows 16% 14% for maximum gross floor area (GFA) of 141,000 sqm with at least 12% 100,000 sqm for office use and has a minimum tender price of S$1.54bn or c.S$1,010 psf per plot ratio. With no new office 10% supply from 2018 onwards with the exception of this site, we 8% believe the land auction will create significant pricing tension. 6% 4% 2% Office REITs trade at unwarranted discount to physical market transactions. We believe that the current “flight to 0% quality” for tenants to newer office buildings implies that CCT KREIT OUECT Suntec downward pressure on office rents is easing and may be close to a Dec-15 Mar-16 Jun-16 bottom. In addition, with office REITs trading at 11-29% discounts * Less than 10% of leases are now up for renewal for the remainder of to the implied prices of recent Grade A office transactions, we 2016 believe the risk reward for office SREITs is favourable. There is value to remain vested in the office REITs and our pick is KREIT Source: Bloomberg Finance L.P., Various SREITs, DBS Bank (BUY, TP S$1.26) for its 23% discount to book value and reduced tenancy renewal risks near term with c.90% of leases not due until 2018 and beyond. CapitaLand Commercial Trust (CCT; BUY, TP S$1.70) remains attractive for its steady growth profile on the back of the recent acquisition of the remaining 60% stake in CapitaGreen. ed-JS / sa JC, PY Industry Focus Singapore Office REITs Recent office leases Tenant Moving To Grade Size (sqft) Vacating from Remarks K Line Guoco Tower A 20,000 Axa Tower Bunge Guoco Tower A n/a 77 Robinson Road Manpower Guoco Tower A n/a International Plaza DNB Asia Guoco Tower A n/a 8 Shenton Way Hong Leong Bank Guoco Tower A n/a 20 Collyer Quay Open Link Guoco Tower A n/a 6 Raffles Quay Bank of Tokyo Marina One A 140,000 Republic Plaza Vacating 150,000 sqft across 13 floors, lease at Mitsubishi UFJ Republic Plaza expires in mid 2017 Mitsui Asia Square A 80,000 80 Robinson Road Moving across for c.$7.50-8.50 gross rent Tower 2 PWC Marina One A 180,000 PWC Building - 8 Moving across for c.$7 psf, lease at PWC Building Cross Street expires in early 2018, PWC potentially paying S$5 at PWC Building Daiwa Marina One A 35,000 OUE Downtown 2 SAS Guoco Tower A 20,000 Twenty Anson Julius Baer Marina One A 100,000 Asia Square Tower 1 Giving up 72,000 sqft of space spread over two floors at Asia Square Tower 1 to high density floor at close to double-digit rent ING Guoco Tower A 70,000 Republic Plaza Palo Alto Networks Guoco Tower A 36,000 Millennia Tower Moving out of 20,000 sqft space at Millennia Tower to take up 36,000 sqft at Guoco Tower Itochu Singapore Guoco Tower A 28,000 Republic Plaza Amadeus Guoco Tower A 36,000 Parkview Square in Occupying over 20,000 sqft of space at Parkview North Bridge Road Square and taking up 36,000 sqft of space at Guoco Tower Source: Various press reports, DBS Bank Upcoming office supply Office (CBD) Location Developer Estimated NLA (sqft) Property Type 2016 Guoco Tower Peck Seah Street Guocoland 890,000 Leasing EON Shenton Shenton Way Roxy Pacific Holdings 101,000 Strata Sale SBF Center Robinson Road Far East 353,000 Strata Sale DUO Tower Rochor Road M + S 570,000 Leasing GSH Plaza Cecil Street GSH/TYJ/Vibrant/DB2 282,000 Strata Sale OUE Downtown 1 Shenton Way OUE 50,000 Leasing 2,246,000 2017 Marina One Marina Bay M + S 1,876,000 Leasing Redevelopment of International Factors Robinson Road Tuan Sing 194,000 Strata Sale Building and Robinson Towers V on Shenton Shenton Way UIC 278,000 Strata Sale Oxley Tower Robinson Road Oxley Consortium 112,000 Strata Sale Crown @ Robinson Robinson Road WyWy Developments 70,000 Strata Sale 2,530,000 2018 Frasers Tower Cecil Street Frasers Centrepoint Limited 645,000 Leasing 645,000 Source: Various REITs, DBS Bank Page 2 Industry Focus Singapore Office REITs Average office supply over 2015-2019 similar to 2010-2014 3,000 '000 sqft Post GFC S$ psf pm 20.0 2010‐2014 average: 2,500 18.0 2015‐2019 average: 16.0 2,000 1.4m sqft 14.0 1,500 12.0 1,000 10.0 500 8.0 0 6.0 ‐500 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 4.0 ‐1,000 Net supply: Downtown Core (LHS) Net demand: Downtown Core (LHS) 2.0 CBRE Grade A office rents (RHS) ‐1,500 ‐ Source: URA, Various REITs, DBS Bank Recent office transactions Date Property Location Land tenure Net Lettable Price ($) Price per NLA (S$) Area (sq ft) Aug-14 Equity Plaza Raffles Place 74 years remaining 252,135 550,000,000 2,181 Jul-14 Anson House Tanjong Pagar Area 82 years remaining 76,362 172,000,000 2,252 Sep-14 MBFC Tower 3 Marina Bay 92 447,327 1,248,000,000 2,790 Jan-15 AXA Tower Tanjong Pagar 66.5 remaining (2015) 675,000 1,170,000,000 1,733 Jun-15 One Raffles Place Raffles Place 99/FH 600,000 1,429,166,667 2,382 Nov-15 CPF Building 79 Robinson Road 99 LH (2067) 324,000 550,000,000 1,698 May-16 Remaining 60% interest Raffles Place 57 remaining expiring 703,122 1,600,500,000* 2,276 (2,700 in CapitaGreen 31Mar2073 assuming 99 year leasehold) May-16 Straits Trading Building 9 Battery Road 999 LH 158,897 560,000,000 3,524 Jun-16 Asia Square Tower 1 Marina Bay 99 LH from 2007 1,200,000 sqft 3,400,000,000 2,668 office & 40,000 sqft retail *Based on 100% equity interest Source: Various press reports, DBS Bank Office properties reported to be on the market and asking prices Date Property Location Land tenure Net Lettable Asking Price ($) Price per NLA (S$) Area (sq ft) Jun-16 77 Robinson Road (Ex 77 Robinson Road 99 LH from 1994 293,269 575,000,000 1,961 SIA building) Jun-16 50% stake in Capital 23 Church Street 99 LH 332,000 415,000,000 2,500 Square Jun-16 110 Robinson Road 110 Robinson Road 22,123 45,000,000 2,034 Source: Various press reports, DBS Bank Page 3 Industry Focus Singapore Office REITs Office SREIT peer comp Target Total REIT FYE Price Rec Price Return Mkt Cap Yield @ Current Price P/Bk (x) (S$) (S$) (%) S$'m FY16/17F FY17/18F FY16/17F FY17/18F Office CCT Dec 1.565 BUY 1.70 15% 4,628 5.7% 5.9% 0.88 0.89 KREIT Dec 1.085 BUY 1.26 22% 3,550 6.1% 6.1% 0.76 0.77 OUECT Dec 0.680 HOLD 0.73 14% 861 7.4% 7.4% 0.72 0.73 Suntec Dec 1.700 HOLD 1.71 7% 4,301 5.9% 5.9% 0.81 0.83 Source: Bloomberg Finance L.P., DBS Bank Location plan for Land Parcel at Central Boulevard Source: Various press reports, DBS Bank Page 4 Industry Focus Singapore Office REITs DBS Bank recommendations are based an Absolute Total Return* Rating system, defined as follows: STRONG BUY (>20% total return over the next 3 months, with identifiable share price catalysts within this time frame) BUY (>15% total return over the next 12 months for small caps, >10% for large caps) HOLD (-10% to +15% total return over the next 12 months for small caps, -10% to +10% for large caps) FULLY VALUED (negative total return i.e.
Load more

Recommended publications
  • List of Clinics in Downtown Core Open on Friday 24 Jan 2020
    LIST OF CLINICS IN DOWNTOWN CORE OPEN ON FRIDAY 24 JAN 2020 POSTAL S/N NAME OF CLINIC BLOCK STREET NAME LEVEL UNIT BUILDING TEL OPENING HOURS CODE 1 ACUMED MEDICAL GROUP 16 COLLYER QUAY 02 03 INCOME AT RAFFLES 049318 65327766 8.30AM-12.30PM 2 AQUILA MEDICAL 160 ROBINSON ROAD 05 01 SINGAPORE BUSINESS FEDERATION CENTER 068914 69572826 11.00AM- 8.00PM 3 AYE METTA CLINIC PTE. LTD. 111 NORTH BRIDGE ROAD 04 36A PENINSULA PLAZA 179098 63370504 2.30PM-7.00PM 4 CAPITAL MEDICAL CENTRE 111 NORTH BRIDGE ROAD 05 18 PENINSULA PLAZA 179098 63335144 4.00PM-6.30PM 5 CITYHEALTH CLINIC & SURGERY 152 BEACH ROAD 03 08 GATEWAY EAST 189721 62995398 8.30AM-12.00PM 6 CITYMED HEALTH ASSOCIATES PTE LTD 19 KEPPEL RD 01 01 JIT POH BUILDING 089058 62262636 9.00AM-12.30PM 7 CLIFFORD DISPENSARY PTE LTD 77 ROBINSON ROAD 06 02 ROBINSON 77 068896 65350371 9.00AM-1.00PM 8 DA CLINIC @ ANSON 10 ANSON ROAD 01 12 INTERNATIONAL PLAZA 079903 65918668 9.00AM-12.00PM 9 DRS SINGH & PARTNERS, RAFFLES CITY MEDICAL CENTRE 252 NORTH BRIDGE RD 02 16 RAFFLES CITY SHOPPING CENTRE 179103 63388883 9.00AM-12.30PM 10 DRS THOMPSON & THOMSON RADLINK MEDICARE 24 RAFFLES PLACE 02 08 CLIFFORD CENTRE 048621 65325376 8.30AM-12.30PM 11 DRS. BAIN + PARTNERS 1 RAFFLES QUAY 09 03 ONE RAFFLES QUAY - NORTH TOWER 048583 65325522 9.00AM-11.00AM 12 DTAP @ DUO MEDICAL CLINIC 7 FRASER STREET B3 17/18 DUO GALLERIA 189356 69261678 9.00AM-3.00PM 13 DTAP @ RAFFLES PLACE 20 CECIL STREET 02 01 PLUS 049705 69261678 8.00AM-3.00PM 14 FULLERTON HEALTH @ OFC 10 COLLYER QUAY 03 08/09 OCEAN FINANCIAL CENTRE 049315 63333636
    [Show full text]
  • Singapore- Office Q2 2020
    M A R K E T B E AT SINGAPORE Office Q2 2020 Singapore Economy Buckles Under Impact of Pandemic 12-Mo. Singapore’s GDP growth turned negative at -0.7% yoy in Q1 2020 as the economy buckled under the impact of the pandemic. Office-using Forecast employment grew by only 2,700 workers during the first quarter, a significant decrease from the 5,800 workers added in the preceding quarter. The $10.37 government is expecting the country to enter its deepest recession ever, with full-year GDP growth in the range of -7.0 to -4.0%. Rent (S$/sf/mo) Leasing Activity Remained Muted With Risk of Long-Term Structural Shift Leasing activity remained muted during the second quarter as brokers were unable to close deals during the circuit breaker period. With remote -2.3% working continuing as the default mode, and corporate occupiers putting the brakes on expansion plans to focus on operational issues arising from Rental Growth the pandemic, future leasing demand in the short-term is likely to remain weak. 2.9% In the long-term, there are concerns that there could be a structural shift in the market if banks and tech firms opt to save on real estate costs and Vacancy Rate let a large proportion of their workforce continue remote working post-pandemic, which could lead to a lower level of office demand. Large tech firms have already made public commitments, with Twitter and Square announcing that all of their employees would be able to work from home indefinitely, while Facebook unveiled a plan for up to half of its 48,000 workers to telecommute permanently within the decade.
    [Show full text]
  • Office Listing & Rental Price
    Office Listing & Rental Price Subject to availability, survey, approval and contract Asking rents are subject to revision without any notice Francis Goh (65) 97305200 [email protected] CEA Reg. No: R041398H TYPE DISTRICT LOCATIONS ADDRESS SIZE (SQFT) PSF (S$) PRICE (S$) AVAILABLE REMARKS Retail (F&B) 1 Crown at Robinson 140 Robinson Road 068907 2,508 13.00 32,604 Immediate Fitted Office 1 Crown at Robinson 140 Robinson Road 068907 592 9.00 5,328 Immediate Bare Office 1 Crown at Robinson 140 Robinson Road 068907 592 9.00 5,328 Immediate Bare Office 1 Crown at Robinson 140 Robinson Road 068907 592 9.00 5,328 Immediate Partially fitted Office 1 Crown at Robinson 140 Robinson Road 068907 926 9.00 8,334 Immediate Partially fitted Office 1 Crown at Robinson 140 Robinson Road 068907 6,792 9.00 61,128 Immediate Fitted Office 1 Crown at Robinson 140 Robinson Road 068907 1,485 9.00 13,365 Immediate Penthouse office (Furnished and fitted) Office 1 UOB Plaza 1 No. 80 Raffles Place 1,862 11.00 20,482 Immediate Bare Office 1 UOB Plaza 1 No. 80 Raffles Place 5,253 11.00 1,500 Immediate Fitted Office 1 UOB Plaza 1 No. 80 Raffles Place 5,963 11.00 1,500 Immediate Bare Office 1 UOB Plaza 1 No. 80 Raffles Place 12,206 11.00 134,266 Immediate Bare Office 1 UOB Plaza 1 No. 80 Raffles Place 2,099 11.00 23,089 Immediate Fitted Office 1 UOB Plaza 1 No. 80 Raffles Place 2,454 11.00 26,994 1-May-21 Fitted Office 1 UOB Plaza 1 No.
    [Show full text]
  • For Immediate Release NEWS RELEASE
    For immediate release NEWS RELEASE CapitaLand celebrates milestone in sustainability journey with official opening of CapitaGreen One of Singapore CBD’s greenest office developments wins widespread support from tenants and community Singapore, 9 September 2015 – CapitaGreen, the landmark premium office development in Singapore’s Central Business District (CBD) was officially opened today. Through the use of innovative construction technologies, ‘design-and-build’ methods and streamlined work processes, CapitaGreen was completed in 36 months, compared to the industry average of 40-42 months it would take to complete a building of this scale. With its striking green façade and rooftop wind scoop which contributes to cooling the building naturally, CapitaGreen’s sustainable design makes it one of the greenest office buildings in the CBD. Today, CapitaGreen is already home to about 30 multinational companies from diverse industry sectors including insurance, energy and commodities, technology and e-commerce, and financial services. They include Bordier & Cie, Cargill, Catlin Asia Pacific, China Life Insurance, Fitness First, Jardine Lloyd Thompson, Jones Day, Lloyds Banking Group, Rakuten, Schroders Investment Management and South32. To-date, aggregate committed occupancy stands at approximately 83% or 583,200 square feet of total net lettable area. Many tenants were attracted to CapitaGreen because of its sustainable design principles, which are aligned with their own corporate values and business focus. A number of tenants including Lloyds Banking Group, Schroders Investment Management and South32 have embarked on the process of being certified under the BCA Green Mark Office Interior scheme. Mr Lim Ming Yan, President and Group Chief Executive Officer of CapitaLand Limited said, “CapitaLand strongly believes that our buildings must have lasting impact – because when we build buildings, we are also creating communities where people can live, grow and fulfill their dreams.
    [Show full text]
  • POISED for a GRADUAL RECOVERY Senior Associate Director | Research | Singapore +65 6531 8567 [email protected]
    COLLIERS QUARTERLY OFFICE | SINGAPORE | RESEARCH | Q4 2020 | 14 JANUARY 2021 Shirley Wong POISED FOR A GRADUAL RECOVERY Senior Associate Director | Research | Singapore +65 6531 8567 [email protected] Tricia Song 2021–25 Director and Head | Research | Insights & Q4 2020 Full Year 2021 Annual Average Singapore > CBD Grade A office showed resilience with +65 6531 8536 Recommendations [email protected] 336,900 sq ft net absorption in 2020 despite CBD Grade A rents declined 2.1% GDP contraction of 5.8%, driven by previous QOQ in Q4 2020 and 5.4%* for Demand flexible workspace commitments. In 2021, -59,600 sq ft 787,900 sq ft 894,000 sq ft the full year to SGD9.57 (USD7.24) we expect technology to drive demand. per sq foot, on weak global > We expect relatively muted CBD Grade A economic conditions. We forecast supply in 2021-2022, with annual expansion rents to grow 5.5% by the end of averaging 2.6% of stock versus 4.7% for the 0 sq ft 783,900 sq ft 883,000 sq ft 2021, on an eventual economic Supply last five years. 2023 should see higher supply rebound and benign supply. at 4.5% of stock. We forecast new demand in 2021 Annual Average to be driven by the technology QOQ / YOY / Growth 2021–25 / End Q4 End 2021 End 2025 sector. Meanwhile, Q4 2020 CBD > CBD Grade A rents declined 2.1% in Q4 2020 Grade A vacancy of 5.2% (+1.8pp 1.0pp-2.1%* +3.7% and 5.4%* for the full year to SGD9.57 5.5% YOY) could tighten over the next (USD7.24) per sq foot.
    [Show full text]
  • Newly Registered Companies
    NewBiz NEWLY REGISTERED COMPANIES For the full list of transactions please go to www.btinvest.com.sg A selected listing comprising companies with issued capital between $200,000 and $5 million (January-February 2017) Accommodation & CELESTIAL FOOD PTE LTD A&H JAPAN LINK PTE LTD PICK & GO PTE LTD NOVA SYSTEMS (S) PTE LTD CUBA MEDICINE PTE LTD HOKKAIDO BAKED CHEESE Food Service Activities 266C, Punggol Way, #17-364 165, Gangsa Road, #01-70 3D, Martia Road, Singapore 424786 114, Lavender Street, #07-70 521, Bukit Batok Street 23 TART PTE LTD Punggol Emerald, Singapore 823266 Singapore 670165 CT Hub 2, Singapore 338729 #03, Singapore 659544 519, Balestier Road, #03-01 DRIPHOUSE VAULT PTE LTD EXMART PTE LTD Le Shantier, Singapore 329852 6A, Shenton Way BAMF CAPITAL PTE LTD 20, Havelock Road, #02-08 SPEMOCEAN PTE LTD XIMISOSG PTE LTD #05-01, Singapore 068815 Financial & 10, Marina Boulevard Central Square, Singapore 059765 7, Temasek Boulevard 1, Tanjong Pagar Plaza, #20-52 S SQUARE ECO PTE LTD Insurance Activities #39-00, Marina Bay Financial Centre #29-02B, Suntec Tower One Singapore 082001 10, Anson Road WANG WU FU PTE LTD Singapore 018983 CORE9 FINANCIALS PTE LTD Singapore 038987 #26-04, International Plaza 18, Tampines Industrial Crescent CAPITAL C CORPORATION 51, Changi Business Park Central 2 SSJ GROUP PTE LTD Singapore 079903 #01-16, Space@Tampines PTE LTD LZ & M PTE LTD #04-05, The Signature TIANNING HEALTH 11, Toh Tuck Road Singapore 528605 7500A, Beach Road, #09-317 31, Woodlands Close Singapore 486066 CONSULTATION PTE LTD #01-10,
    [Show full text]
  • Office Rental Guide Official Asking Rates
    Office Rental Guide Keck Seng Tower $6.00-$6.50 Singapore Pools Building Full Manulife Tower $9.00-$10.00 Sunshine Plaza $6.00 Official Asking Rates MYP Plaza $6.50 Tanglin Shopping Centre $5.60-$6.20 OUE Downtown 1 & 2 $9.00 The Bencoolen $5.50 S$ per sq ft per month – PIL Building $6.50 The Heeren $10.50 inclusive of service charge Robinson 77 $9.00 Thong Teck Building $7.00-$8.00 Robinson 112 $6.80 Tong Building $9.00 1 February 2021 Robinson Point $8.00-$8.80 TripleOne Somerset $8.50-$8.80 SBF Centre $6.45-$8.00 Visioncrest Commercial $9.00 Raffles Place/New Downtown SGX Centre 1 & 2 $8.50-$9.50 Wheelock Place $11.50 6 Battery Road $13.00 Shenton House $5.00-$5.80 Wilkie Edge $9.00 6 Raffles Quay $6.50-$8.00 SIF Building $7.20 Winsland House I & II $9.50 18 Robinson $12.00 The Globe $6.50 Wisma Atria $9.50-$11.00 20 Collyer Quay $9.00-$12.30 The Octagon $5.80 30 Raffles Place $11.00 Tokio Marine Centre $8.00-$8.50 Chinatown/River Valley Road 55 Market Street $10.50 Tong Eng Building $5.20-$7.00 Central Mall Full AIA Tower Full UIC Building Full CES Centre $5.80 Asia Square Tower 1 $14.00 Chinatown Point $8.00 Asia Square Tower 2 $12.00-$13.50 Tanjong Pagar Great World City $7.50 ASO Building $6.20 78 Shenton Way Tower 1 $7.00-$8.00 Havelock II $7.50 Bank of China Building Full 78 Shenton Way Tower 2 $9.20 King’s Centre $6.50 Bank of Singapore Centre $9.50 79 Anson Road $8.50 The Central $8.00-$9.50 Bharat Building $6.30 100AM $7.30 UE Square $8.50 CapitaGreen $13.50 ABI Plaza $6.00 Valley Point $6.50 CapitaSpring $14.00 Anson Centre
    [Show full text]
  • AXA Insurance Pte Ltd Company Reg No. 199903512M 8 Shenton Way, #24-01, AXA Tower Singapore 068811 Thank You for Investing with AXA
    03/2018 AXA Insurance Pte Ltd Company Reg No. 199903512M 8 Shenton Way, #24-01, AXA Tower Singapore 068811 Thank you for investing with AXA We are pleased to present to you the Annual Report of AXA Pulsar, AXA Polaris and AXA Optimus range of sub-funds for the 12 months ending 31 December 2017. Bullish markets with low volatility 2017 was considered a very good year for investments in general as stock markets around the world had strong returns with very low volatility. Worries over the new US President Donald Trump initiating trade protectionist measures simmered down as he focused more on immigration measures and verbal sparring with the North Koreans. Economies around the world also reported generally better growth than previous years with unemployment numbers falling. Inflation remained weaker than expected, likely due to slow wage increases and technology disruptions bringing down costs. Global equity markets had another good year (MSCI World was up about 14% in Singapore dollar terms) with the European markets driving the best returns in Singapore dollar terms. Emerging markets have outperformed global markets in 2017 as economic growth in this region is improving as well (MSCI Emerging Markets was up more than 27% in Singapore dollar terms with China being the main contributor). Fixed income markets on the other hand continue to face challenges with the anticipation of more Federal Reserve rate hikes and the gradual ending of Quantitative Easing by the other developed nations. Government bonds were mainly flat while bonds with higher risks delivered low positive returns. We are pleased to share that our fixed income delivered mostly positive returns ranging from -2% to 11% while our mixed assets funds delivered positive returns from 4% to 12% (all in Singapore dollar terms).
    [Show full text]
  • List-Of-Bin-Locations-1-1.Pdf
    List of publicly accessible locations where E-Bins are deployed* *This is a working list, more locations will be added every week* Name Location Type of Bin Placed Ace The Place CC • 120 Woodlands Ave 1 3-in-1 Bin (ICT, Bulb, Battery) Apple • 2 Bayfront Avenue, B2-06, MBS • 270 Orchard Rd Battery and Bulb Bin • 78 Airport Blvd, Jewel Airport Ang Mo Kio CC • Ang Mo Kio Avenue 1 3-in-1 Bin (ICT, Bulb, Battery) Best Denki • 1 Harbourfront Walk, Vivocity, #2-07 • 3155 Commonwealth Avenue West, The Clementi Mall, #04- 46/47/48/49 • 68 Orchard Road, Plaza Singapura, #3-39 • 2 Jurong East Street 21, IMM, #3-33 • 63 Jurong West Central 3, Jurong Point, #B1-92 • 109 North Bridge Road, Funan, #3-16 3-in-1 Bin • 1 Kim Seng Promenade, Great World City, #07-01 (ICT, Bulb, Battery) • 391A Orchard Road, Ngee Ann City Tower A • 9 Bishan Place, Junction 8 Shopping Centre, #03-02 • 17 Petir Road, Hillion Mall, #B1-65 • 83 Punggol Central, Waterway Point • 311 New Upper Changi Road, Bedok Mall • 80 Marine Parade Road #03 - 29 / 30 Parkway Parade Complex Bugis Junction • 230 Victoria Street 3-in-1 Bin Towers (ICT, Bulb, Battery) Bukit Merah CC • 4000 Jalan Bukit Merah 3-in-1 Bin (ICT, Bulb, Battery) Bukit Panjang CC • 8 Pending Rd 3-in-1 Bin (ICT, Bulb, Battery) Bukit Timah Plaza • 1 Jalan Anak Bukit 3-in-1 Bin (ICT, Bulb, Battery) Cash Converters • 135 Jurong Gateway Road • 510 Tampines Central 1 3-in-1 Bin • Lor 4 Toa Payoh, Blk 192, #01-674 (ICT, Bulb, Battery) • Ang Mo Kio Ave 8, Blk 710A, #01-2625 Causeway Point • 1 Woodlands Square 3-in-1 Bin (ICT,
    [Show full text]
  • Singapore REIT Sector Research Analysts SECTOR REVIEW
    26 October 2015 Asia Pacific/Singapore Equity Research REITs (REITs SG (Asia)) Singapore REIT Sector Research Analysts SECTOR REVIEW Nicholas Teh 603 2723 2085 [email protected] URA 3Q15: Continued softening in rents Daniel Lim 65 6212 3011 Figure 1: URA 3Q15 data summary [email protected] Price index Rental index Vacancy (%) 3Q15 2Q15 % chg 3Q15 2Q15 % chg 3Q15 2Q15 pp chg Office^ 138.8 139.0 -0.1 180.6 186.0 -2.9 10.3 10.5 -0.2 Retail^ 129.7 130.1 -0.3 115.0 117.4 -2.0 7.9 8.2 -0.3 Industrial 106.6 106.9 -0.3 101.7 102.5 -0.8 n.a. n.a. n.a. - Biz parks^ n.a. n.a. n.a. n.a. n.a. n.a. 15.7 13.9 1.8 Private home 142.3 144.2 -1.3 110.3 111.0 -0.6 7.8 7.9 -0.1 HDB resale 134.6 135.0 -0.3 n.a. n.a. n.a. n.a. n.a. n.a. ^ Vacancy for private space. Source: URA ■ Retail rents decline, but retail REIT reversions remain positive. Central region's retail rents dipped 2% QoQ with median rents on Orchard falling 0.9% QoQ, while the rest of the city area and suburban rents declined by -2% and -2.1%, respectively. Retail REIT reversions slowed but still remained positive despite the lower industry rents. We believe the divergence is attributed to the superior quality and location of the malls under the REITs.
    [Show full text]
  • Independent Market Overview Mapletree Commercial Trust by CBRE Pte Ltd
    Independent Market Overview Mapletree Commercial Trust by CBRE Pte Ltd 1 THE SINGAPORE ECONOMY Rising private road transport costs are also expected to contribute to higher inflation in 2017. The Singapore economy expanded 2.0% in 2016, improving from the 1.9% growth achieved in 2015. Economic growth The ongoing economic restructuring efforts will increase in 2016 was largely driven by the education, health and Singapore’s dependence on the services producing industries. social services segment, as well as the information and High-value hi-tech firms will increasingly replace the communication segment. traditional manufacturing sector. Service producing industries grew 1.0% in 2016, contracting However, prospects for global economic growth remain from 3.2% in 2015 due to the challenging global economic muted as political risks and anti-globalisation sentiments environment. Growth in the services sector was led mainly by pose headwinds in 2017, particularly for open economies the Other Services sector comprising education, health, and such as Singapore. social services segment. The Other Services sector recorded growth rates of 3.1% in 2016 while the information and The Ministry of Trade & Industry (MTI) has forecast a communication segment grew 2.3% over the same period. relatively modest GDP growth of between 1.0% and 3.0% in 2017, supported largely by the domestic-orientated Headline inflation in 2016 was -0.5%, unchanged from sectors as well as potential upside to exports demand. 2015 due to lower transport cost and housing rents. The Oxford Economics, a leading global economics advisory firm, Monetary Authority of Singapore (MAS) forecast inflation to forecast Singapore’s GDP to grow by 2.7% in 2017 on the range between 0.5% and 1.5% for the whole of 2017, with back of additional fiscal support from the government and positive contribution from energy-related components and modest easing by MAS.
    [Show full text]
  • A Review of the Singapore Office Market
    September 2018 Singapore | Hong Kong The Office A review of the Singapore office market Demand / Supply / Rentals / Forecast P2 Four Best Premium Leasing Options P3 Common Myths You Need to Know P3 Six Best Value For Money Opportunities P4 Eight Most Competitive Leasing Options P5 Summary of New Developments 2018 P6 Frequently Asked Questions P6 Complete Rental Table (Islandwide) P7 Four Most Expensive Office Buildings P8 Future Developments P8 Finding Office Space For You, With You Corporate Locations (S) Pte Ltd License No. L3010044A Marina One T +65 6320 8355 / [email protected] / www.corporatelocations.com.sg Demand Rentals A healthy take-up of space in 2018 Top premium asking rates are now around $14.00+ per sq ft The office leasing market has continued its momentum from 2017 and The top premium asking rates are now around $14.00+ per sq ft, with there has indeed been a healthy take-up of space in 2018. Many of the less room to negotiate than before but effective rates are still averaging preferred locations have been busy, whilst some other locations not around $11.50 - $12.00 per sq ft for prime space. As in any strong so active. Last year the talk of the town was all about the new tenants leasing market, the gap between the upper end and lower end tends to relocating to the brand new schemes such as Marina One and UIC stretch, which is exactly what is happening right now. Building. The story this year so far, has been all the new tenants that have committed to Frasers Tower and Duo Tower.
    [Show full text]