Singapore Economy

Singapore to focus on 5 futures, says Swee Keat

THERE are five key "futures" that Singapore needs to pay attention to, in charting its economic path: the future of jobs, companies, resources, technology, and markets, said Finance Minister Heng Swee Keat on Wednesday. "These areas are all inter-related. If we have a strong strategy for each of these, and how these different strengths come together, we will prepare ourselves well for the future economy.

Singapore still the best place to do business

Singapore has emerged as the most business-friendly economy in the world for the 10th year in a row.

According to a World Bank league table, Singapore's regulatory environment is highly beneficial for entrepreneurs. The annual "Doing Business" report released yesterday measures the ease of doing business in 189 economies based on 10 areas of business regulation, including starting a firm, getting credit and electricity, and trading across borders.

Singapore Real Estate

Prices of completed condos up 0.1%: NUS index

Prices of completed condominiums in Singapore inched up 0.1 per cent in September from the previous month, the National University of Singapore's flash estimates for its Singapore Residential Price Index (SRPI) released on Wednesday showed. Though this broke a streak of five straight months of price declines from April this year, coming after a 0.7 per cent month-on-month drop in August based on a revised index value, it was hardly enough evidence to alter the views of market watchers who believe downward pressures on private residential prices will continue.

Two warehouse buildings up for sale, asking S$70m

Two adjacent multi-storey warehouse buildings in Tampines have been put up for sale through an expression of interest exercise. 21 Tampines Street 92 is a six-storey warehouse, and 23 Tampines Street 92, an eight-storey warehouse with over 200 covered parking lots.

Apple seen taking up half the space at Fusionopolis Two tower

Tech giant Apple, which has just announced an analysts-beating fourth-quarter profit of US$11.1 billion, is in expansion mode in Singapore. In addition to reports of plans for its first Singapore store at Knightsbridge mall, it is said to be leasing a chunk of business park space at Innovis in Fusionopolis Two in the one-north area.

Koh Brothers holds 30% stake in JV handling Changi's 3rd runway works

Koh Brothers, via a wholly owned subsidiary, has a 30 per cent stake in the joint venture (JV) which won the tender for the first package of works to develop a third runway at Changi Airport. Its JV partner is Samsung C&T Corp, while the subsidiary is Koh Brothers Building & Civil Engineering Contractor. Including its share of the project, mainboard-listed Koh Brothers' current construction order book will rise to S$632 million.

SingPost's new mall to capitalise on e-commerce

Singapore Post (SingPost) is redeveloping its centre at Paya Lebar to capitalise on the boom in e-commerce and cater to changing needs of consumers. A new $150 million mall, which will be completed around mid-2017, will offer both "online and offline shopping".

Thye Hua Kwan Moral Society wins bid for Fernvale Link site

Companies' Brief

HDB's up-sized issue of S$1.2b five-year bonds snapped up

THE Housing & Development Board sold a jumbo S$1.2 billion in 5-year bonds on Tuesday, upsized 50 per cent from an initial S$800 million issue due to strong demand. It was HDB's first issue following receiving an AAA rating from credit rating agency Moody's - its highest rating - two weeks ago.

CCT posts higher Q3 DPU; expects pressure on market rents

Capitaland Commercial Trust (CCT) on Wednesday reported a 2.4 per cent rise in distribution per unit (DPU) to 2.14 Singapore cents for the third quarter ended Sept 30, 2015, on the back of higher rents. But it flagged that an "above-normal volume of new supply" of office space in Singapore between the second half of 2016 and first half of 2017 is expected to cause downward pressure on market rents.

A-HTrust's Q2 DPS up 8.7% despite income hit from currency movements

Ascendas Hospitality Trust (A-HTrust) on Wednesday reported a distribution per stapled security (DPS) of 1.38 Singapore cents for its second quarter ended Sept 30, 2015, up 8.7 per cent from a year ago. This was despite gross revenue falling 6.1 per cent to S$54.5 million, while net property income dropped 2.9 per cent to S$22.6 million on currency movements.

Lippo to move two Reits from S'pore to Indonesia

Indonesian conglomerate Lippo Group plans to shift two real estate investment trusts (Reits) with 35 trillion rupiah (S$3.5 billion) in assets from Singapore to Indonesia next year, in order to benefit from new tax breaks offered by Jakarta.

Wing Tai Holdings

Developer Wing Tai Holdings has posted a 92 per cent drop in first-quarter earnings to $2 million, mainly due to the absence of a one-off gain in the corresponding quarter last year. The group had recorded a gain of $21.2 million on disposal of a subsidiary company in Indonesia last year. Revenue for the three months to Sept 30 rose by 6 per cent to $170.3 million.

Keppel DC Reit

Keppel DC Reit has expanded its data centre footprint to Germany with a forward sale and purchase agreement to acquire mainCubes Data Centre (mainCubes DC), a data centre that is expected to be completed in 2018.

Views, Reviews & Forum

Make some property curbs permanent

There have been repeated calls to remove certain temporary property cooling measures, especially the Additional Buyer's Stamp Duty (ABSD) and Seller's Stamp Duty (SSD), to allow the property market to regain its liquidity ("Time is hot to remove one cooling measure"; Sept 15 and "Additional Buyer's Stamp Duty 'can be safely removed'"; Sept 12). Let us consider the merits of keeping these two stamp duties in place.

Global Economy & Global Real Estate

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