Tag Archives: SRX

SPH buys 60% of real estate analytics firm for S$30m

Posted on 7 Nov 2014 | Comments Off on SPH buys 60% of real estate analytics firm for S$30m

SINGAPORE Press Holdings (SPH) has acquired a 60 per cent stake in privately-held CoSine Holdings, the holding company for StreetSine Technology Group which consists of StreetSine Singapore, StreetSine Hong Kong and digital platforms Singapore Real Estate Exchange (SRX) and Hong Kong Real Estate Exchange (HRX), for S$30 million.

StreetSine Singapore will integrate SRX and STProperty into one digital platform to offer consumers and real estate professionals end-to-end real-time information, property applications and other services for transacting real estate in Singapore.

SPH purchased the stake from Sam Baker and Jeremy Lee, the founders of CoSine Holdings, and several other minority shareholders under an agreement inked on Oct 31.

Mr Baker and Mr Lee will maintain a combined stake of 40 per cent in StreetSine and will continue to run the company as chief executive officer and chief technology officer, respectively.

SPH and CoSine’s founders have also entered into a put and call option agreement, whereby SPH has the right to require the founders to sell their 40 per cent interest in CoSine and the founders have the right to require SPH to purchase the option shares subject to the conditions of the agreement.

“StreetSine has set the standards for providing users with real-time pricing information and easy computation like X-ValueTM, the market’s standard for computer-generated real-time property appraisals,” said Leslie Fong, senior executive vice-president of SPH’s Marketing Division.

“STProperty has all the up-to-date and reliable listings any consumer could possibly want. By combining SRX and STProperty, we offer consumers and real estate professionals a one-stop shop for all the information they will need for all property-related transactions. That’s win-win-win,” he added.

The transaction is not expected to have a material effect on SPH’s net tangible assets or earnings per share for the financial year ending August 2015.

The acquisition was done through SPH’s wholly-owned SPH Interactive.

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COV for resale flats could continue downward trend

Posted on 26 May 2013 | Comments Off on COV for resale flats could continue downward trend

The HDB resale market may be showing signs of cooling, according to the Singapore Real Estate Exchange (SRX). The overall median cash-over-valuation (COV) for HDB resale flats reached a peak of S$35,000 in January but that figure has come down to about S$27,000 in May, the lowest since April last year.

According to some analysts, this could be a sign that January’s property cooling measures are biting.

Mr Nicholas Mak, executive director for research and consultancy at SLP International Property Consultant, said: “Limiting the mortgage servicing ratio has actually reduced the purchasing power of some of these HDB upgraders. As a result, the demand for larger HDB flats has fallen. So as some of the owners see that the number of potential buyers has fallen, some of them have also softened the amount of COV they are demanding.”

According to SRX, executive flats registered the largest absolute drop of S$10,000 – from S$55,000 in January to S$45,000 in the first three weeks of May. Percentage-wise, three-room flats saw the largest drop of 32 per cent. The overall median COV for three-room flats fell S$29,500 in January, to about S$20,000 in May.

Some observers, like PropNex CEO Mohamed Ismail, said the downward COV trend could continue for the rest of the year.

He said: “I reckon the COV is likely to hit by the year-end in the region of about S$20,000… What has caused the high COV is purely demand and supply. It is tapering simply because of lesser demand with cooling measures as well as greater supply of BTO. In next two years, we will not even be surprised if COV may well be below S$20,000.”

While COVs may be trending downwards, the overall median resale price of HDB resale flats is still going up. However, some analysts said this increase will not be like the double digit growth of previous years, but instead could moderate to about two to three per cent this year.

SRX data also showed that the volume of resale flats transacted could continue to be low in May.

There have been 599 transactions in May so far, but SRX said the final number could reach 1,200 by the end of the month. This would be a 35 to 40 per cent drop compared to the same period last year.

Source : CNA – 26 May 2013

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