Singapore Economy

Strengthen Singapore's three comparative advantages to create value: Iswaran

Singapore will need to deepen its comparative advantages in three areas so as to compete globally, and these are key issues for the Committee on the Future Economy to look into. This will in turn help Singapore move towards value-creation to mould the future of its economy, said Minister for Trade and Industry (Industry) S Iswaran on Thursday.

Land is a resource that must be managed carefully: Heng Swee Keat

Land is a resource that will always be valuable but it must be managed carefully to support equity between generations. Finance Minister Heng Swee Keat made this point at the 10th International Conferences on South Asia, organised by the Institute of South Asian Studies on Thursday morning (Oct 29). He was explaining economic principles that can help achieve sustainable development.

S'pore's hub status 'offers hope to hospitality sector'

The difficulties facing the hospitality market are likely to persist into the next year, but Singapore's position as a key regional hub brings hope, according to a leading industry executive yesterday.

Singapore Real Estate

Bids for Ubi industrial site 'too low', says HDB

The Housing & Development Board (HDB) on Thursday said that it has not accepted any bids for an industrial development site at Ubi Avenue 1 because "the prices offered were too low". This surprised at least one consultant. The Ubi site was launched for tender on June 30 this year. Situated just next to StarHub Green, it is zoned 'Business 1', with a site area of 0.6 hectares, a maximum gross plot ratio of 2.5, and a lease term of 30 years.

Four more tenants set to move out of Knightsbridge

Four more tenants will be moving out of Knightsbridge, after news broke earlier this week that a fitness club was vacating its space in the Orchard Road mall to make way for Singapore's first Apple Store. They are clothing stores Tommy Hilfiger, Topshop/Topman and Brooks Brothers, as well as watch retailer Dickson Watch & Jewellery.

Bedok Mall steps up checks, cleaning after rat clip

Condo, mall to be renamed following complaints from St Andrew's alumni

Companies' Brief

GP Hotels Q3 profit down 30%

Dragged down in part by lower revenue amid a challenging operating environment, Global Premium Hotels reported a 30.1 per cent year-on-year slide in profit to S$3.57 million for the third quarter ended Sept 30. A dip in tourist arrivals as well as downward pressure from additional supply in the hotel industry has affected occupancy rates and revenue per available room (RevPAR), the group highlighted.

Frasers Hospitality Trust's Q4 DPS lower than forecast

Group revenue and net property income at Frasers Hospitality Trust (FHT) were both better than forecast for the fiscal fourth quarter. But distribution per stapled security (DPS) of 1.66 Singapore cents for the three months ended Sept 30, 2015, was slightly lower than the projected 1.68 Singapore cents because of higher interest expenses resulting from a higher proportion of fixed-rate borrowings.

Ascott Reit's Q3 DPU dips 2% on one-off item's interest cost

Ascott Residence Trust (Ascott Reit) on Thursday reported a 2 per cent year-on-year dip in distribution per unit (DPU) to 2.07 Singapore cents for the third quarter ended Sept 30. This came on the back of a one per cent drop in unitholders' distribution to S$32 million, which included a one-off item of about S$1.2 million relating to the interest cost incurred on the S$250 million perpetual securities issued in June to partially fund Ascott Reit's acquisitions in Australia and the United States.

Q3 DPS drops 9.7% at CDL Hospitality Trust

CDL Hospitality Trust (CDLHT) posted a 9.7 per cent drop in distribution per stapled security (DPS) to 2.36 Singapore cents for the third quarter ended Sept 30, 2015 dragged by weaker performance of its Singapore, Australia and New Zealand hotels and incremental interest expenses. This came on the back of a 2.2 per cent decline in net property income to S$33.1 million.

Tuan Sing's Q3 profit hit by impairment loss

Tuan Sing Holdings has posted an 8 per cent drop in third-quarter net profit to S$16.2 million due to an impairment loss of S$7.7 million relating to the group's development land in Fuzhou, China. "Excluding this impact, net profit would have been S$23.9 million or 36 per cent higher than that of last year, attributable to higher contributions from property in Singapore and hotels investment in Australia," Tuan Sing said in a post-market results statement on Thursday.

CityDev's M&C Hotels posts one-third fall in Q3 profit

Millennium & Copthorne Hotels (M&C), the London-listed hotel arm of City Developments, has posted a 33.3 per cent drop in third-quarter group net profit to £24 million from £36 million a year ago. Revenue fell 2.8 per cent to £211 million. Earnings per share slipped to 7.3 pence from 10.9 pence

BCA CEO wins award for sustainability effort

Building and Construction Authority (BCA) CEO John Keung has won the World Green Building Council's (WorldGBC) Chairman's Award 2015 for his efforts in advancing the green building movement here. He was one of three recipients who accepted the award at the WorldGBC Congress in Hong Kong on Thursday.

Views, Reviews & Forum

Still no clarity on uneven HDB resale levy

The HDB's Mrs Lily Chan-Wong Jee Choo said in her letter on Oct 17 ("Fairer distribution of subsidies through resale levy"): "Flat owners who have sold their first subsidised flat have to pay a resale levy when they buy another subsidised flat from HDB. "The levy reduces the subsidy on the second subsidised flat, so as to maintain a fair allocation of public housing subsidies between first- and second-timers."

Crowdfunding real estate

Imagine being able to design and develop your own condominium. For the average Joe, that is likely only a dream given the cost involved. Today, however, this is a possibility with crowdsourced design and crowdfunded developments.

Global Economy & Global Real Estate

HK home transactions seen headed for 20-year low

Qatar joins Brookfield's US$8.6b mixed project in Manhattan

London and HK facing housing bubble risk, says UBS

Hyatt keeps mum about talks to buy Starwood

Pending Sales of Previously Owned U.S. Homes Unexpectedly Fall

MGM Resorts Creates REIT for Hotels to Help Boost Value

Swiss Apartment Prices Set to Decline for First Time in 15 Years

New York Community Agrees to Buy Astoria in $2 Billion Deal

Hairy crabs help China’s solar industry flourish