COMMERCIAL PROPERTY, ECONOMY | Staff Reporter, Singapore

Daily Briefing: Singapore to return 1MDB funds; 5 best-performing real estate firms gained 7%

And Singapore's JustCo is looking to buy firms to achieve its goal of 100 centres by 2020.

From Reuters:

Singapore is working to retrieve multi-billion-dollar funds that were allegedly misappropriated through Malaysia's state investment company, 1MDB.

"At least six countries, including the United States and Switzerland, are investigating claims that US$4.5b was siphoned out of the fund, 1Malaysia Development Berhad, founded by former Prime Minister Najib Razak.

Malaysia’s 1MDB task force, which met nine Singapore officials, said both sides would cooperate to return the funds to the Malaysian government."

Read more here.

From Shares Investment via Yahoo! Finance:

So far, Yanlord Land Group (+11.1%), United Engineers (+8.4%), Ho Bee Land (+6.0%), Hongkong Land (+4.9%), and Ocean Sky International (+4.3%) have emerged as the best performers in the real estate sector. Their returns have gained 7% YTD. 

"In the 2018 year thus far, the 10 best-performing constituents in the Index have averaged a total return of 3.9%... These five constituents have averaged a year-to-date total return of 7.0%, bringing their average one-year and three-year total returns to 5.6% and 4.3% respectively.

This year, Singapore’s property market is expected to extend its recovery from a four-year slump. After hitting a record high in the third quarter of 2013, domestic home prices have slumped for 15 consecutive quarters through to the second quarter of 2017, largely due to a slew of government cooling measures."

Read more here.

From Deal Street Asia:

Singapore-grown co-working space operator JustCo eyes to have 100 centres set up by 2020 in Asia, CEO Kong Wan Sing. In order to achieve this, the company is looking to buy firms that complement its operations.

"'We are tapping into companies’ need for flexibility, Kong told Reuters in an interview in Bangkok. JustCo opened its first co-working centre outside of Singapore in Thailand this year with plans to add offices in Jakarta and Shanghai by year end, towards a goal of 50 centres in Asia by 2019, each with minimum space of 3,000 square meters, he said."

Read more here.

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