DAILY NEWS

Daily News – 31st October 2017

Singapore Economy

Re-train, not retrench, when jobs are at risk, financial sector told
Singapore’s financial sector has put out an ambitious target to continue outpacing the overall economy in growth terms – a target that also aims to take as many financial professionals along the journey as it can while managing job displacements ahead. The sector aims to create 3,000 net jobs in financial services every year, as well as an additional 1,000 net jobs in the fintech sector annually.
http://www.businesstimes.com.sg/government-economy/re-train-not-retrench-when-jobs-are-at-risk-financial-sector-told
http://www.businesstimes.com.sg/sites/default/files/attachment/2017/10/31/BT_20171031_JLITM31A_3154122.pdf
http://www.straitstimes.com/business/banking/push-to-create-more-jobs-in-financial-sector?login=true
http://www.straitstimes.com/singapore/manpower/11500-land-jobs-via-workforce-schemes
http://www.todayonline.com/singapore/4000-jobs-be-created-financial-services-and-fintech-under-mas-blueprint

Singapore rates stirring from slumber to track rising US rates
Singapore interest rates seem to be finally on an upward march, tracking higher US rates. The three-month swap offer rate (SOR) stayed above 1 per cent the whole of last week, hitting a year high of 1.06973 per cent on Wednesday. Eugene Leow, DBS Bank rates strategist, described it as a significant development. So far this year, those five days have been the longest stretch that the three-month SOR stayed above 1 per cent.
http://www.businesstimes.com.sg/banking-finance/singapore-rates-stirring-from-slumber-to-track-rising-us-rates

Singapore designers to get retail and incubation showcase at Orchard Road
Up-and-coming local designers will soon have the opportunity to showcase their wares under one roof at a prime retail space Orchard Road. Work has begun on a new 21/2- storey development at Orchard Green to nurture homegrown brands and help them go global while bringing a local mix to Singapore’s main shopping belt. Minister for Trade and Industry (Industry) S Iswaran unveiled its name and logo at a groundbreaking ceremony on Monday.
http://www.businesstimes.com.sg/consumer/singapore-designers-to-get-retail-and-incubation-showcase-at-orchard-road
http://www.straitstimes.com/singapore/new-facility-in-orchard-road-to-showcase-local-designers

Singapore Real Estate

Ageing private home owners want ability to cash out on houses
Singapore’s ageing population offers developers opportunities to build private senior homes despite challenges, according to a report by Edmund Tie & Company Research. In making its case, the report ticked off several key facts: One in four Singaporeans will be 65 years or older by 2030; lifespan at 65 improves 1.9 years to 20.8 years in 2016; more elderly-friendly public infrastructure will be built; retiree household income will rise, especially for the more well-to-do; and currently there’s a shortage of private housing for seniors in Singapore.
http://www.businesstimes.com.sg/government-economy/ageing-private-home-owners-want-ability-to-cash-out-on-houses
http://www.businesstimes.com.sg/real-estate/room-to-grow-senior-housing-projects-in-singapore-but-challenges-remain-study

September sees marginal rise in completed condo prices in Singapore: SRPI
Prices of completed private apartments and condominium units here rose 0.1 per cent in September from a month ago, mainly buoyed by the monthly gain in small units. This follows a revised 0.9 per cent increase in August. The data is compiled by the National University of Singapore (NUS) in its report on the Singapore Residential Price Index (SRPI) series released on Monday.
http://www.businesstimes.com.sg/real-estate/september-sees-marginal-rise-in-completed-condo-prices-in-singapore-srpi
http://www.straitstimes.com/business/property/completed-condo-prices-inch-up-01-in-september-from-august-nus-index

Pearlbank to launch at S$728m; How Sun Park going for S$78m
More residential properties are joining the collective sale bandwagon. Pearlbank Apartments in Outram has garnered enough backing from owners to launch a public tender with a reserve price of S$728 million, while How Sun Park, a development of 20 townhouses in Bartley launched on Tuesday, with an asking price of at least S$78 million. This marked the fourth collective sale attempt for Pearlbank Apartments, and the third attempt for How Sun Park.
http://www.businesstimes.com.sg/real-estate/pearlbank-to-launch-at-s728m-how-sun-park-going-for-s78m
http://www.straitstimes.com/business/property/more-estates-get-in-on-collective-sale-action

The Pines will not return to Stevens Road site; members to move to Laguna golf club and resort
Members of well-known club The Pines will not return to its newly redeveloped Stevens Road site. Instead, they will have to use the facilities at the Laguna National Golf & Country Club and its upcoming Dusit Thani Laguna Singapore resort near Changi Airport. The club management said in a letter seen by The Straits Times on Monday (Oct 30) that the decision was made after it could not secure a club lease at its former site at 30, Stevens Road.
http://www.businesstimes.com.sg/real-estate/the-pines-will-not-return-to-stevens-road-site-members-to-move-to-laguna-golf-club-and

Companies’ Brief

Ascott beefs up Singapore presence with two new contracts
The Ascott Limited, the serviced residence arm of CapitaLand, is beefing up its presence in Singapore with new contracts to manage two properties in the CBD and the new Ophir-Rochor Corridor. Both properties, offering a total of more than 600 units, will operate under the Citadines brand, it said on Monday. The 299-unit Citadines property in Raffles Place and the 320-unit Citadines Rochor Singapore are slated to open in 2021 and 2020 respectively. They will be the two largest properties managed by Ascott in Singapore.
http://www.businesstimes.com.sg/companies-markets/ascott-beefs-up-singapore-presence-with-two-new-contracts
http://www.straitstimes.com/business/companies-markets/ascott-to-manage-two-new-properties-in-cbd

Roxy-Pacific builds up Singapore landbank
Roxy-Pacific Holdings, which posted an 81.5 per cent drop in third-quarter group net profit to S$1.5 million, has built up a Singapore residential landbank in the past couple of years that can potentially generate over 400 freehold private homes in seven projects. These will be from the 271,627 sq ft of potential gross floor area attributable to the group that can be developed on the seven sites.
http://www.businesstimes.com.sg/companies-markets/roxy-pacific-builds-up-singapore-landbank

A-Reit manager stresses team’s bench strength after CEO’s exit
The manager of Ascendas Reit (A-Reit) took pains at the results briefing on Monday evening to stress that the real estate investment trust remains in good stead to continue “business as usual” with “no disruption”, more than a week after the abrupt resignation of former CEO Chia Nam Toon.
http://www.businesstimes.com.sg/companies-markets/a-reit-manager-stresses-teams-bench-strength-after-ceos-exit

OUE Lippo Healthcare subsidiary faces suit by individual claiming majority stake
Certain downstream subsidiaries of OUE Lippo Healthcare are facing a lawsuit by an individual claiming a majority share in one of those units. OUE Lippo, the hospital and nursing facilities operator formerly known as International Healthway Corp, said that one David Lin Kao Kun has started legal action in the Shanghai Pudong New District Courts against its subsidiaries Shanghai Yilin Medical Management Consulting Co and Wuxi Yilin Health Management Co.
http://www.businesstimes.com.sg/companies-markets/oue-lippo-healthcare-subsidiary-faces-suit-by-individual-claiming-majority-stake

Lion-Phillip S-Reit ETF debuts with initial AUM of S$100m
The first exchange-traded fund (ETF) to track a basket comprising solely of Singapore-listed real estate investment trusts (S-Reits) garnered an initial assets under management (AUM) of more than S$100 million, its issuers said on Monday. The Lion-Phillip S-Reit ETF, launched jointly by Lion Global Investors and Phillip Capital Management, made its debut on the Singapore Exchange (SGX) on Monday.
http://www.businesstimes.com.sg/companies-markets/lion-phillip-s-reit-etf-debuts-with-initial-aum-of-s100m

AA Reit receives TOP for purpose-built greenfield development in Marsiling
AIMS AMP Capital Industrial Reit (AA Reit) has received the temporary occupation permit (TOP) for its first third-party greenfield development at 51 Marsiling Road. In an exchange filing on Monday, its manager AIMS AMP Capital Industrial Reit Management Ltd said that the building will be fully leased to manufacturer Beyonics International Pte Ltd for 10 years, with rent escalations.
http://www.businesstimes.com.sg/companies-markets/aa-reit-receives-top-for-purpose-built-greenfield-development-in-marsiling

Pharma giant GSK opens Asia HQ in one-north
British pharmaceutical giant GSK officially opened its Asia headquarters here yesterday. GSK Asia House, the facility at Rochester Park in one-north, functions as the commercial hub for more than half of the firm’s global healthcare operations. More than 800 employees work there, including the senior regional leadership teams of the pharmaceutical, vaccine and consumer healthcare businesses.
http://www.straitstimes.com/business/companies-markets/pharma-giant-gsk-opens-asia-hq-in-one-north
http://www.businesstimes.com.sg/consumer/gsk-grows-business-footprint-from-singapore-with-asia-hq

Views, Reviews & Forum

Have a one-stop shop; ditch the one-size-fits-all approach
Small and medium sized enterprises (SMEs) are the primary focus and largest beneficiaries of the economic measures in Budget 2017 and the Committee on the Future Economy (CFE) report. It may therefore not come as a surprise that the Ministry of Trade and Industry unveiled plans to merge IE Singapore and SPRING Singapore recently.
http://www.businesstimes.com.sg/sme/have-a-one-stop-shop-ditch-the-one-size-fits-all-approach