DAILY NEWS

Daily News – 2nd March 2017

Top Story

Singapore property still a top draw for Asia’s ultra-rich
Singapore’s property market remains high on the agenda of Asia’s ultra-rich, notwithstanding the cooling measures still in place. Its commercial properties are a top consideration for Asian ultra high net worth individuals (UHNWIs) keen on this asset class, moderately ahead of the UK and the US. Singapore’s residential market is the second most likely place for Asian UHNWIs to own an overseas home, after the UK, according to the Attitudes Survey in Knight Frank’s wealth report out on Wednesday. Such findings came on the back of last year’s 3.4 per cent rise in Singapore’s luxury residential prices – luxury units being defined as at least S$2,500 per square foot in prime districts 1, 9, 10 and 11.
http://www.businesstimes.com.sg/real-estate/singapore-property-still-a-top-draw-for-asias-ultra-rich
http://www.businesstimes.com.sg/government-economy/asia-to-continue-minting-ultra-rich-at-fastest-pace-over-next-10-years-knight
http://www.straitstimes.com/business/asias-ultra-rich-favour-homes-in-uk-spore

Singapore Economy

Finite Budget 2017 resources means fine balance must be struck: Chun Sing
There is only a finite amount of resources to go around, so the latest fiscal budget should be seen in the context of how it can help tackle future challenges – even as previous measures continue to provide support, Singapore’s Parliament heard on Wednesday. This line of reasoning came in response to a call from some quarters of the House for the government to go deeper in its engagement for Budget 2017 so that trust in society is preserved. Chan Chun Sing, Minister in the Prime Minister’s Office, said halfway through the eight-hour debate on Wednesday: “If we’re political leaders, we have to face the issue squarely: in every society, how do we distribute the finite resources?
http://www.businesstimes.com.sg/government-economy/singapore-budget-2017/finite-budget-2017-resources-means-fine-balance-must-be
http://www.straitstimes.com/singapore/budget-ensures-weakest-in-society-get-the-most-help
http://www.todayonline.com/singapore/budget-about-securing-spores-collective-future-says-chun-sing

Singapore Real Estate

Worker hurt by man’s fall at Marina One site
A construction worker fell about 20 storeys to his death at the worksite of upcoming mixed-use development Marina One yesterday morning, injuring another worker as he landed. The Straits Times understands the man who died was 21-year-old Bangladeshi Hosen Md Tanim. He was believed to have fallen from the 22nd storey and was found on the third storey without a safety harness. Another man, a 38-year- old Bangladeshi who had been working on the third storey, sustained neck injuries when Mr Tanim hit him during the fall.
http://www.straitstimes.com/singapore/manpower/worker-hurt-by-mans-fall-at-marina-one-site
http://www.todayonline.com/singapore/man-working-marina-one-construction-site-dies-after-falling-19-floors

Companies’ Brief

Fair value loss cuts Centurion’s Q4 earnings by almost two-thirds
Centurion Corporation on Wednesday reported a 61 per cent drop in net profit to S$2.9 million for its fourth quarter, which translates to an earnings per share of 0.4 Singapore cent, down from 0.99 cent a year ago. This was due to a large fair value loss it suffered on its workers’ accommodation asset in Toh Guan, after it had to reduce its number of beds, following its discovery that the bed capacity of the property was about 800 more than what was granted by the authorities.
http://www.businesstimes.com.sg/companies-markets/fair-value-loss-cuts-centurions-q4-earnings-by-almost-two-thirds
http://www.straitstimes.com/business/companies-markets/centurion-q4-net-profit-falls-61-on-fair-value-loss

Hotel Grand Central posts lower FY16 profit on absence of FY15 gain
Hotel Grand Central on Wednesday posted a 35 per cent year-on-year fall in full-year net profit for the 12 months ended December 2016, on the back of a higher base in FY15. In 2015, the group recorded a gain of S$72.4 million from the sale of Hotel Grand Chancellor. The higher base more than offset the group’s stronger operation profits, the S$28.4 million gain on the sale of Hotel Grand Chancellor Surfers Paradise, as well as foreign exchange gain in 2016.
http://www.businesstimes.com.sg/companies-markets/hotel-grand-central-posts-lower-fy16-profit-on-absence-of-fy15-gain

KepLand veteran to take over helm of Keppel Reit’s manager
The manager of Keppel Reit (real estate investment trust), Keppel Reit Management, will get a new chief at the helm – the second such appointment in a month. In a filing to the bourse operator on Wednesday, the manager said Tan Swee Yiow, 56, will assume the role of chief executive and executive director from March 20, subject to regulatory approval.
http://www.businesstimes.com.sg/companies-markets/kepland-veteran-to-take-over-helm-of-keppel-reits-manager

Sabana Reit manager responds to SGX queries on resignation of director
The Singapore Exchange has pressed on with its queries to the embattled manager of Sabana Shariah-Compliant Real Estate Investment Trust (Sabana Reit), this time in relation to the resignation of a non-executive director who cited “certain internal dynamics” that has led to her decision.
http://www.businesstimes.com.sg/real-estate/sabana-reit-manager-responds-to-sgx-queries-on-resignation-of-director

Views, Reviews & Forum

Diamond HDB blocks in Jurong a rare gem
When Mr Philip Chew, 82, visited his old workplace in Taman Jurong three years back, he was struck by how much the place had changed. The retired civil servant, who worked for JTC Corporation in the 1970s, could find neither the old shophouse in Corporation Road where his office once stood nor the food centres he used to frequent. “Only the diamond blocks are still standing,” said Mr Chew. He was referring to how blocks 63, 64, 65 and 66 in Yung Kuang Road are connected to form a diamond with a courtyard in the middle.
http://www.straitstimes.com/singapore/diamond-hdb-blocks-in-jurong-a-rare-gem

Make property cooling measures more potent
Since the last round of property cooling measures, in 2013, the market has remained benign at best. Although there is an increase in caveats lodged, the market may be in a standoff. This is why developers are waiting for cooling measures to be scrapped, albeit quietly, when compared with their previous assertions at their annual gatherings (“No reason for govt to remove curbs, says Capitaland boss”; Feb 16).
http://www.todayonline.com/voices/make-property-cooling-measures-more-potent