Singapore Economy

A quality strategy for tourism

The $700 million boost that the tourism sector will receive over the next five years is a substantial investment in its potential for innovation and growth. Those goals are not new. The early phase of tourism history included the use of major attractions, such as Sentosa Island and the Singapore Zoo, to raise awareness of the Republic as a destination. That strategy broadened into moves to promote Singapore as a regional tourism hub. Higher aspirations were met with the setting up of the two integrated resorts and the hosting of the Formula One Singapore Grand Prix.

http://www.straitstimes.com/opinion/st-editorial/a-quality-strategy-for-tourism


FDI confidence in S'pore up again

With world trade slowing, leading global firms are turning to foreign direct investment for growth opportunities - and Singapore is one of the biggest targets.  Confidence in Singapore has surged among key corporate decision-makers, according to A T Kearney. Singapore made the biggest jump in the global management consulting firm's latest Foreign Investment Confidence Index, rising from 15th in 2015 to 10th this year in its annual rankings.

http://www.businesstimes.com.sg/government-economy/fdi-confidence-in-spore-up-again


Singapore Real Estate

Price cuts at some housing projects help boost sales

Some developers have been reducing prices for their projects, encouraging sales in the process.  Ardmore Three in Ardmore Park has sold about 20 units since relaunching last month at effective prices of about $2,600 to $2,700 per sq ft (psf) - after factoring in a 15 per cent cash rebate. This is below earlier launch prices of $3,400 to $3,500 psf. Sales are decent considering most units at the project go for about $5 million.

http://www.straitstimes.com/business/property/price-cuts-at-some-housing-projects-help-boost-sales


More undecided about using a property agent

As A harbinger of how technology is encroaching into the role of real estate agents, the latest survey by the Council for Estate Agencies (CEA) suggests that more people may eventually choose to complete property transactions on their own.  In the Public Perception Survey, three in every 10 consumers were undecided about whether to engage a property agent for future transactions. This was up from 25 per cent of consumers polled in 2012, the last time the survey was conducted.

http://www.businesstimes.com.sg/real-estate/more-undecided-about-using-a-property-agent


Chopard siblings pay S$25m for Tong Building space

The brother-and-sister pair that runs Swiss luxury watch and jewellery house Chopard has picked up an office floor at Tong Building in Orchard Road for S$25.5 million.  The price works out to S$3,713 per square foot on freehold strata area for the 13th floor of the 19-level building located between Lucky Plaza and The Paragon.

http://www.businesstimes.com.sg/real-estate/chopard-siblings-pay-s25m-for-tong-building-space


HDB tightens rules on changes on flat ownership

Keen to have a second property as a “vacation house”, 46-year-old Mr Khoo has been on the lookout for a private condominium since the start of 2016.  The Singaporean, who did not want his full name to be used, currently owns an HDB flat with his wife, so he was keen on taking up his property agent’s suggestion to “decouple” from his existing property to avoid having to pay Additional Buyer’s Stamp Duty (ABSD).

http://www.channelnewsasia.com/news/singapore/hdb-tightens-rules-on/2695844.html


Aeropostale seeks six months to beat bankruptcy

Struggling teen apparel retailer Aeropostale Inc filed for Chapter 11 bankruptcy protection on Wednesday (May 4), succumbing to years of losses as shoppers thronged fast fashion retailers and competitors.  The mall-based retailer listed assets in the range of US$100 million (S$135 million) to US$500 million, and liabilities of between US$100 million and US$500 million, according to a court filing.

http://www.todayonline.com/business/aeropostale-files-chapter-11-bankruptcy-protection-0

http://www.channelnewsasia.com/news/singapore/uncertainty-looms-over/2756160.html

http://www.businesstimes.com.sg/consumer/aeropostale-files-for-bankruptcy


Companies' Brief

Average DPU of 5 industrial Reits for January-March quarter down 3.5%

With the supply of industrial space here outstripping demand, the average distribution per unit (DPU) for five of the seven industrial real estate investment trusts (Reits) that have released their earnings for the quarter ended March 31, has gone down.  The average DPU for the five was 2.1 Singapore cents, down an average 3.5 per cent from the year-ago period, said an SGX (Singapore Exchange) My Gateway report on Wednesday.

http://www.businesstimes.com.sg/companies-markets/average-dpu-of-5-industrial-reits-for-january-march-quarter-down-35


Global Economy & Global Real Estate

SouFun seeks to switch listing from US to China

http://www.businesstimes.com.sg/real-estate/soufun-seeks-to-switch-listing-from-us-to-china

http://www.straitstimes.com/business/chinas-real-estate-portal-aims-to-list-on-mainland


Unsold unit costs add to squeeze on developers in sluggish market

http://www.businesstimes.com.sg/real-estate/unsold-unit-costs-add-to-squeeze-on-developers-in-sluggish-market


Blackstone said to be in talks to buy Sime Darby's Australian assets

http://www.businesstimes.com.sg/real-estate/blackstone-said-to-be-in-talks-to-buy-sime-darbys-australian-assets

http://www.straitstimes.com/business/blackstone-eyeing-sime-darby-assets


Developers eye Bangkok's historic Chinatown

http://www.businesstimes.com.sg/real-estate/developers-eye-bangkoks-historic-chinatown

http://www.todayonline.com/world/asia/developers-zero-bangkoks-historic-chinatown


Dalian Wanda Group's unit may seek backdoor listing

http://www.businesstimes.com.sg/real-estate/dalian-wanda-groups-unit-may-seek-backdoor-listing


Riding the Dubai property roller coaster

http://www.businesstimes.com.sg/real-estate/riding-the-dubai-property-roller-coaster


Indonesia posts sluggish Q1 growth

http://www.businesstimes.com.sg/government-economy/indonesias-recovery-hopes-intact-despite-dismal-q1

http://www.straitstimes.com/business/economy/indonesia-posts-sluggish-q1-growth


Euro zone business surveys suggest slow but steady growth in Q2

http://www.businesstimes.com.sg/government-economy/euro-zone-business-surveys-suggest-slow-but-steady-growth-in-q2