IMF recommends adjustment to property cooling measures, eliminating ABSD eventually

After expanding 3.7% in 2017, Singapore’s economic growth tapered to 3.1% in 2018 and the International Monetary Fund (IMF) has projected that it will slow to 2% in 2019. Growth had already decelerated to 1.1% in 1Q2019 and 0.1% in 2Q2019.

“Over the medium term, growth should stabilize around 2½ percent, increasingly driven by modern services alongside other trade-related sectors,” says IMF in a release on July 15, following the conclusion of its Article IV consultation with Singapore. “Risks to the outlook are tilted to the downside and mainly stem from external sources, including a tightening of global financial conditions, escalation of sustained trade tensions, and deceleration of global growth.”

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Koh Brothers Eco in tie-up to build infrastructure for Tuas plant

Koh Brothers Building & Civil Engineering (KBCE) has jointly clinched a $668.2 million contract from the Public Utilities Board (PUB) for the construction of influent pumping stations at Tuas Water Reclamation Plant (TWRP). KBCE is a wholly-owned subsidiary of Singapore-listed engineering and construction company, Koh Brothers Eco Engineering.

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Leveraging data to create the workplace of the future

Located in the Zuidas business district in Amsterdam, The Edge is a 430,556 sq ft building dubbed the world’s greenest and most intelligent office building. Designed for its anchor tenant, Deloitte, the building integrates an array of smart technology and adaptable work spaces to encourage collaboration.
At The Edge, no employee has a designated workspace. Instead, a smartphone app finds employees a seat based on their schedules and preferences. Employees can choose to station themselves at a sitting desk, standing desk, balcony seat, work booth or meeting room.
 

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Applications for Piermont Grand, first EC launch in 2019, open on July 12

Applications for Piermont Grand, the first Executive Condominium (EC) launch this year, will be open for eligible buyers on Friday (July 12) and end on July 22. Bookings are expected to be conducted on July 27, announced City Developments Ltd (CDL), one of the developers behind the project.

Jointly developed by CDL and TID, the 820-unit Piermont Grand is located on Sumang Walk in Punggol. The development is close to two LRT stations – Sumang and Nibong – as well as Punggol MRT Station on the North-East Line.

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Mapletree Industrial Trust to embark on redevelopment project in Kallang

Mapletree Industrial Trust (MIT) will embark on a $263 million redevelopment of its properties in the Kolam Ayer 2 flatted factory cluster in Kallang. This was announced by Mapletree Industrial Trust Management (MITM), the manager of the Singapore-listed Reit. The total projected cost includes the book value of the existing properties, which are valued at $70.2 million as of March 31 this year.
The existing cluster of buildings at 155/155A and 161 Kallang Way sits on a 346,270 sq ft plot zoned for Business 2 use, and comprises two 7-storey flatted factories and an amenity centre, spanning a gross floor area (GFA) of 506,720 sq ft. The land has a 43-year tenure from July 2008.
 

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CapitaLand to install rooftop solar panels on six properties

Property giant CapitaLand is partnering Sembcorp Industries to install 21,240 rooftop solar panels on six CapitaLand properties by the end of the year. The installation will be the largest combined rooftop solar facility in Singapore by a real estate company.
The six properties earmarked for this installation are: 1 Changi Business Park Avenue 1, 9 Changi South Street 3, 2 Senoko South Road, 40 Penjuru Lane, Techpoint, and LogisTech. They are held under CapitaLand’s business space and industrial real estate investment trust, Ascendas Reit.
 

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Mixed-use building in Kallang up for collective sale at $160 mil

The owners of a mixed-use building at 27 Foch Road in Kallang have launched a collective sale attempt for $160 million, or $1,866 psf per plot ratio, announced marketing agent Huttons Asia on Monday.
Known as Hoa Nam Building, it is a freehold development on a 21,365 sq ft plot off Lavender Street in District 8. The building has a strata area of 56,123 sq ft, and comprises 36 residential units, 14 office units, and 33 shops.
 

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