DAILY NEWS

Daily News – 8th August 2018

Singapore Economy

Business prospects dim for second half; small firms to be badly hit
Business conditions took a turn for the worse in the second quarter, following two straight quarters of rapid growth, according to the latest Business Times-Singapore University of Social Sciences (BT-SUSS) Business Climate Survey. This comes as optimism over future prospects in the next six months dimmed, setting the stage for a more volatile second half of the year.
https://www.businesstimes.com.sg/government-economy/business-prospects-dim-for-second-half-small-firms-to-be-badly-hit

Bookkeeping jobs slashed, more disruption on the way
Job functions that are labour intensive and require little human judgment are at “immediate risk” of displacement due to technological advances and global competition, says National Trades Union Congress (NTUC) assistant secretary-general Patrick Tay. In a blog post highlighting disruption in the accountancy sector, he warned that those in admin and data entry, transactions processing or bookkeeping could be at risk.
https://www.businesstimes.com.sg/government-economy/bookkeeping-jobs-slashed-more-disruption-on-the-way
https://www.straitstimes.com/business/ntuc-in-tie-up-to-safeguard-jobs-in-accounting

HSR review: KL minister sees little investment impact
Malaysia’s current investment infrastructure benefits Singapore, says Minister of International Trade and Industry Darell Leiking, as he tries to assuage concerns that the federal government’s review of mega projects would impact bilateral trade relations. “Our current investment infrastructure benefits Singapore,” said Mr Leiking in an interview with The Straits Times yesterday.
https://www.straitstimes.com/asia/hsr-review-kl-minister-sees-little-investment-impact

Singapore Real Estate

UOB rolls out one-stop digital mortgage solution
The race among Singapore banks to go digital and capture more of the home loan market is heating up. United Overseas Bank announced on Tuesday it has teamed up with four Singapore property agencies – ERA Realty, Huttons Asia, OrangeTee & Tie and PropNex Realty – as well as online proptech company, SoReal Prop, to develop a range of digital tools to help homebuyers.
https://www.businesstimes.com.sg/companies-markets/uob-rolls-out-one-stop-digital-mortgage-solution
https://www.straitstimes.com/business/banking/uob-rolls-out-fully-digital-home-loan-service
https://www.channelnewsasia.com/news/singapore/uob-launches-fully-digital-home-loan-service-10596174

SRX private resale data shows early impact from latest property curbs
The latest property cooling measures have begun to hit the private resale market, going by the first market-wide snapshot since the curbs kicked in on July 6. Real-estate portal SRX Property’s flash estimates for July, released on Tuesday, showed that resale prices of condominiums and private apartments rose 1 per cent month on month to a new six-year high; this made for 12 months of uninterrupted rise. Compared to July 2017, resale prices are up by 12.3 per cent, and have climbed 9 per cent so far this year.
https://www.businesstimes.com.sg/real-estate/srx-private-resale-data-shows-early-impact-from-latest-property-curbs
https://www.straitstimes.com/business/property/private-resale-prices-up-1-in-july-but-sales-down-28
https://www.todayonline.com/singapore/resale-prices-non-landed-private-homes-went-1-cent-july-srx-flash-data
https://www.srx.com.sg/research/50082/year-on-year-private-non-landed-resale-prices-up-123-and-volume-slips-down-by-15

The Regalia up for en bloc sale at S$403m
The Regalia, a freehold condo located at 2 River Valley Close, has been put up for public tender. Located in prime District 9, The Regalia sits on a freehold site of about 63,371 sq ft and commands “prominent corner dual road frontages” of about 150 metres along River Valley Close and River Valley Road, according to CBRE, the exclusive and sole marketing agent for The Regalia.
https://www.businesstimes.com.sg/real-estate/the-regalia-up-for-en-bloc-sale-at-s403m
https://www.straitstimes.com/business/property/the-regalia-in-river-valley-put-up-for-sale-at-403m

URA forms new panel to promote built heritage
The Urban Redevelopment Authority (URA) yesterday announced a new partnership that will support collaborations between the public and private sectors and Singaporeans in shaping the nation’s built heritage and identity. The Heritage and Identity Partnership (HIP) will take on an expanded role from the Conservation Advisory Panel, which ended its last tenure in May.
https://www.straitstimes.com/singapore/ura-forms-new-panel-to-promote-built-heritage

Companies’ Brief

CapitaLand Q2 profit up 4.4% on higher contributions from investment properties
CapitaLand Limited recorded a 4.4 per cent rise in its net profit for its second fiscal quarter, lifted by contributions from newly acquired and opened investment properties in Singapore, China and Germany, as well as revaluation gains by its portfolio investment properties. The gains were partially offset by lower portfolio gains and contribution from the group’s residential business, the real estate developer announced in a press statement on Wednesday before the market opened.
https://www.businesstimes.com.sg/companies-markets/capitaland-q2-profit-up-44-on-higher-contributions-from-investment-properties
https://www.straitstimes.com/business/companies-markets/capitaland-posts-44-rise-in-q2-profit-on-higher-contributions-from

CDL Q2 profit surges 49% on strong residential sales
City Developments Limited (CDL) on Wednesday reported a second quarter net profit of S$235 million, up 49 per cent from S$157.8 million the year ago. This came on the back of a 60 per cent increase in revenue for the quarter to S$1.36 billion this year from S$854 million last year.
https://www.businesstimes.com.sg/companies-markets/cdl-q2-profit-surges-49-on-strong-residential-sales
https://www.straitstimes.com/business/companies-markets/cdl-q2-profit-surges-49-on-strong-residential-sales

Keppel tie-up will help Watermark in Asian growth
A corporate firm that has a human touch. That is how Mr David Freshwater, 63, chairman of Watermark Retirement Communities, tries to position his company. The American senior housing operator currently manages 52 senior housing communities in 21 states across the United States, with a pipeline that will bring the portfolio to more than 60 communities by 2020.
https://www.straitstimes.com/business/companies-markets/keppel-tie-up-will-help-watermark-in-asian-growth

APAC Realty’s net profit down 9.3% to S$7.69m in Q2
APAC Realty, which operates a real estate brokerage under the ERA brand, announced a net profit of S$7.69 million for the second quarter ended June 30 2018, down 9.3 per cent from S$8.49 million a year ago. Revenue, however, went up 24.2 per cent to S$122.03 million largely attributed to the increase in brokerage income from resale and rental of properties as well as new home sales, due to a more active Singapore residential property market.
https://www.businesstimes.com.sg/companies-markets/apac-realtys-net-profit-down-93-to-s769m-in-q2

Centurion Corp’s Q2 net profit ticks up by 8%
Specialty housing provider Centurion Corporation announced a net profit of S$9.77 million for the second quarter, up 8 per cent from a year ago. Revenue fell 14 per cent to S$30.4 million, mainly attributable to the expiry of the lease on Westlite Tuas in Singapore which ceased operations in December 2017.
https://www.businesstimes.com.sg/companies-markets/centurion-corps-q2-net-profit-ticks-up-by-8

EC World Reit posts 8.2% increase in Q2 net profit
Net property income (NPI) for EC World Reit rose 8.2 per cent to S$22.8 million for the second quarter ended June 30, while gross revenue rose 7.6 per cent to S$24.9 million from a year ago. Income available for distribution rose 3.1 per cent to S$12.4 million, resulting in an increase in distribution per unit (DPU) to 1.57 Singapore cents from 1.54 Singapore cents last year.
https://www.businesstimes.com.sg/companies-markets/ec-world-reit-posts-82-increase-in-q2-net-profit

ESR Reit to hold EGM on proposed merger with VIT on Aug 31
ESR Reit will hold an Extraordinary General Meeting (EGM) on Aug 31 for ESR Reit unitholders on the proposed merger of Viva Industrial Trust (VIT) and ESR Reit. The EGM will be held on Aug 31 at 9am, at the Stephen Riady Auditorium@NTUC, Level 7, NTUC Centre on One Marina Boulevard.
https://www.businesstimes.com.sg/companies-markets/esr-reit-to-hold-egm-on-proposed-merger-with-vit-on-aug-31
https://www.straitstimes.com/business/companies-markets/esr-reit-to-hold-egm-on-proposed-merger-with-vit-on-aug-31

Hatten Land unveils plans for RM200m water theme park at its Harbour City project in Malacca
Catalist-listed Hatten Land said on Tuesday it plans to build a RM200 million (S$67 million) water theme park, the largest in Malacca, Malaysia, in partnership with resort operator Samsung C&T Corporation and Polin Waterparks, a leading designer and installer of water slides. The 500,000 square foot Splash World @ Harbour City park will be located between two 30-storey towers on the 14th floor deck of its flagship Harbour City @ Melaka project, a mixed development shaped like a large ship, the Malaysian developer said in a Singapore Exchange filing during the market lunch break.
https://www.businesstimes.com.sg/companies-markets/hatten-land-unveils-plans-for-rm200m-water-theme-park-at-its-harbour-city-project
https://www.straitstimes.com/business/companies-markets/hatten-land-to-build-67m-water-theme-park-in-melaka

VIEWS, REVIEWS, FORUM & Others

Step up efforts for more green buildings
Buildings are large contributors of greenhouse gases and the built environment is responsible for more than half of the world’s energy use. For this reason, green buildings and homes are an essential tool in tackling climate change.
https://www.straitstimes.com/forum/letters-in-print/step-up-efforts-for-more-green-buildings