DAILY NEWS

Daily News – 10th May 2018

Top Story

7th MRT line, Jurong Region Line, to open from 2026
The Jurong Region Line (JRL), which will serve residents in Choa Chu Kang, Boon Lay and future developments in the Tengah area, will have 24 stations and open in three phases from 2026. The 24 km-line, which will be entirely above ground, will also link up to the North-South Line at Choa Chu Kang and the East-West Line at Boon Lay.
http://www.businesstimes.com.sg/transport/7th-mrt-line-jurong-region-line-to-open-from-2026
https://www.straitstimes.com/singapore/transport/24km-jurong-region-line-to-open-from-2026
https://www.straitstimes.com/singapore/transport/residents-look-forward-to-better-connectivity
https://www.channelnewsasia.com/news/singapore/jurong-region-line-choa-chu-kang-land-acquired-10219494
https://www.todayonline.com/singapore/residents-and-students-welcome-jurong-region-line-find-it-confusing

Singapore Economy

Mindset shift needed as Singapore’s economic strategy evolves: Ong Ye Kung
Singapore’s growth strategy has traditionally been geared towards attracting foreign investment, but innovative local firms will play an increasingly important role as the economic environment shifts, said Minister for Education Ong Ye Kung. This calls for a mindset shift – in addition to being diligent and responsible employees, individuals need to be entrepreneurial. Companies will have to pay more attention to collaboration, not just competition, especially when they venture overseas, Mr Ong added.
http://www.businesstimes.com.sg/government-economy/mindset-shift-needed-as-singapores-economic-strategy-evolves-ong-ye-kung
https://www.straitstimes.com/business/economy/mindset-shift-key-in-new-economy-ong-ye-kung

Singapore’s public service to move from ‘Whole-of-Government’ to ‘Whole-of-Nation’
The nation’s public service agencies will go beyond a “Whole-of-Government” approach to adopt a “Whole-of-Nation” effort, by partnering business, citizens and other stakeholders to develop better solutions together. Minister-in-charge of the Public Service Chan Chun Sing said this in the Public Service Division’s (PSD) addendum to the President’s Address, released on Wednesday.
http://www.businesstimes.com.sg/government-economy/singapores-public-service-to-move-from-whole-of-government-to-whole-of-nation
https://www.straitstimes.com/singapore/public-service-to-involve-whole-of-nation-effort

Digital Readiness Blueprint to ensure no one is left behind in Smart Nation plans
Singapore will be launching a Digital Readiness Blueprint spelling out how it intends to equip every citizen to live in a Smart Nation, envisioned to be controlled by sensors and where cashless payments rule. “As we push ahead with digital technology, we need to also ensure that no one is left behind,” said Dr Vivian Balakrishnan, Minister-in-charge of the Smart Nation Initiative, on Wednesday in his ministry’s addendum to the President’s Address.
http://www.businesstimes.com.sg/government-economy/digital-readiness-blueprint-to-ensure-no-one-is-left-behind-in-smart-nation-plans
https://www.straitstimes.com/singapore/blueprint-to-ensure-no-one-is-left-behind-in-smart-nation-drive

Singapore Real Estate

Condo rents fall 0.9% in April; HDB rents rise 0.4%
Rents of non-landed private homes in Singapore fell by 0.9 per cent in April 2018 over March, while rents of HDB flats rose by 0.4 per cent over the same period, according to flash estimates released by real estate portal SRX Property on Wednesday. Year-on-year, rents for private apartments and condominiums dropped 0.8 per cent from April 2017. They are down by 19.6 per cent from their peak in January 2013.
http://www.businesstimes.com.sg/real-estate/condo-rents-fall-09-in-april-hdb-rents-rise-04
https://www.straitstimes.com/business/property/rents-for-private-apartments-slip-hdb-rents-edge-up
https://www.srx.com.sg/research/48022/non-landed-private-rents-decrease-by-09-hdb-rents-increase-by-04-in-april-2018

Twenty-two apartments at former AA Centre seeking up to S$90 million
Some 22 private apartments in 336 River Valley Road, previously known as AA Centre, have been put up for bulk sale by tender. Their indicative price is S$2,200 per square foot to S$2,300 psf, or about S$86 million to S$90 million in total. The property, known as 336 RV, sits on a site area of about 33,757 sq ft. The land is zoned “residential” use with a plot ratio of 2.8 and a height restriction of 10 storeys.
http://www.businesstimes.com.sg/real-estate/twenty-two-apartments-at-former-aa-centre-seeking-up-to-s90-million
http://www.businesstimes.com.sg/real-estate/bulk-sales-of-22-river-valley-apartments-5-bartley-terrace-houses
https://www.straitstimes.com/business/property/22-river-valley-units-5-bartley-terraced-houses-up-for-sale

Companies’ Brief

Centurion Q1 profit falls 15% on expiry of facility lease
Centurion Corp posted a 15 per cent fall in its first quarter profit to S$9.13 million, on the back of a lease expiry of its Westlite Tuas facility, which ceased operations in December 2017. As a result, earnings per share for the first quarter was 1.09 Singapore cents, down from 1.45 Singapore cents a year ago. The lease expiry dented revenue, which fell by 17 per cent to S$30.1 million from the previous year.
http://www.businesstimes.com.sg/companies-markets/centurion-q1-profit-falls-15-on-expiry-of-facility-lease
https://www.straitstimes.com/business/companies-markets/centurions-q1-profit-falls-15-on-facility-lease-expiry

GIC, Canadian pension fund buy Seoul office building for 418b won
GIC and the Canada Pension Plan Investment Board (CPPIB) on Wednesday said they have entered into a joint venture partnership to buy a Grade A office building in Seoul, the Kumho Asiana Main Tower, from Kumho Asiana Group, the parent of Asiana Airlines, for 418 billion Korean won (S$520.1 million). Following this transaction, CPPIB and GIC will each own a 50-per-cent stake in the property, which is located in the centre of Gwanghwamun, a core office, government and cultural precinct in Seoul’s central business district.
http://www.businesstimes.com.sg/real-estate/gic-canadian-pension-fund-buy-seoul-office-building-for-418b-won
https://www.straitstimes.com/business/companies-markets/gic-canadian-fund-buying-prime-seoul-tower-for-518m

Oxley to redevelop Dublin city centre site
Mainboard-listed developer Oxley Holdings will develop mixed-use properties on a 1.96 hectare site in Dublin’s city centre as part of an agreement with Ireland’s national public transport provider Córas Iompair Éireann (CIE). The site is located near Connolly Station and is part of CIE’s push to enhance passenger experience in the station, which sees about 30,000 passengers a day, and revamp the city centre.
http://www.businesstimes.com.sg/real-estate/oxley-to-redevelop-dublin-city-centre-site

Frasers Property Q2 profit swells 74% to S$124.1m
Frasers Property Limited (FPL) announced second-quarter profit of S$124.09 million after fair value change and exceptional items, a rise of 74.2 per cent from the same year-ago period. The group, formerly known as Frasers Centrepoint, clocked similarly higher revenue for Q2 of S$841.74 million, a rise of 19.3 per cent from the previous year.
http://www.businesstimes.com.sg/companies-markets/frasers-property-q2-profit-swells-74-to-s1241m
https://www.straitstimes.com/business/companies-markets/frasers-property-q2-profit-surges-74-to-1241m

FLT raises S$329m in private placement more than 3.9 times subscribed
Frasers Logistics & Industrial Asset Management, manager of Frasers Logistics & Industrial Trust (FLT), announced that FLT has successfully raised S$329 million in gross proceeds through a private placement overnight which was 3.9 times covered. It saw some 333.2 million units placed at an issue price of S$0.987 per unit, representing a discount of 5.4 per cent to the volume weighted average price (VWAP) of S$1.0433 per unit of trades executed on the Singapore Exchange for the full market day on May 9, 2018.
http://www.businesstimes.com.sg/companies-markets/flt-raises-s329m-in-private-placement-more-than-39-times-subscribed
https://www.straitstimes.com/business/companies-markets/flt-raises-329m-in-private-placement-over-39-times-subscribed

OUE Lippo Healthcare still in the red with Q1 net loss of S$2.7m
OUE Lippo Healthcare Limited is still in the red; posting a net loss of S$2.7 million for the first quarter. However, this bettered the net loss of S$11.2 million in the year-ago period. Its loss per share narrowed to 0.141 Singapore cent, from a loss per share of 0.673 Singapore cent in the previous year.
http://www.businesstimes.com.sg/companies-markets/oue-lippo-healthcare-still-in-the-red-with-q1-net-loss-of-s27m

Hatten Land still in the red with Q3 loss of RM13.2m
Catalist-listed Hatten Land posted a net loss of RM13.2 million (S$4.5 million) for the third quarter, from a net loss of RM74.3 million in the previous year, the Malaysian property developer said on Wednesday evening. Loss per share shrank to 0.96 sen, from a loss per share of 6.07 sen in the year-ago period.
http://www.businesstimes.com.sg/companies-markets/hatten-land-still-in-the-red-with-q3-loss-of-rm132m

Views, Reviews, Forum & Others

The international payment system is broken – and it’s time Singapore picks a new one
Financial data is one of the most valuable assets in this digital age. Tell me who you pay and I’ll tell you who you are. Your bank’s records show where you were and who you were with. They make clear your interests, your political affiliations and they can be used to track down your mistress – if you have one.
http://www.businesstimes.com.sg/opinion/the-international-payment-system-is-broken-and-its-time-singapore-picks-a-new-one

Short-term rentals a way to show local hospitality to the world
As an avid user of home-sharing platforms like Airbnb, I disagree that “the overriding purpose of short-term rentals is not any idealistic notion of enriching the visitor experience or to facilitate a ‘taste of authentic life'”, and that “tourists almost always choose Airbnb-style lodgings because they are significantly cheaper” (Short-term rental benefits a vocal minority, by Mr Paul Chan Poh Hoi; May 6).
https://www.straitstimes.com/forum/letters-in-print/short-term-rentals-a-way-to-show-local-hospitality-to-the-world