DAILY NEWS

Daily News – 10 June 2022 (Fri)

Singapore Real Estate

Cape Royale in Sentosa to be launched for sale, 9 years after completion
Singapore – Units at the upmarket Cape Royale on Sentosa island will soon be up for sale – nine years after the luxury development was built. Hopeful buyers for the 302 units in the leasehold condominium project were put on hold when it was completed in 2013 because developers IOI Properties and Ho Bee Land decided to rent out the apartments as sale prices had started falling following two rounds of property cooling measures that year.
https://www.straitstimes.com/business/property/cape-royale-in-sentosa-to-be-launched-for-sale-9-years-after-completion

Singapore Economy

Singapore launches framework for upcoming sovereign green bond issuance
Singapore on Thursday (Jun 9) launched a governance framework for sovereign green bond issuances under the Significant Infrastructure Government Loan Act 2021 (Singa). Called the Singapore Green Bond Framework, it establishes guidelines for green bonds issued by the public sector.
https://www.businesstimes.com.sg/government-economy/singapore-launches-framework-for-upcoming-sovereign-green-bond-issuance
https://www.straitstimes.com/business/economy/singapore-sets-out-guidelines-for-first-sovereign-green-bond-issuance

Josephine Teo to take over from Lawrence Wong in helming PAP Community Foundation
Singapore – Minister for Communications and Information Josephine Teo has been appointed the new PAP Community Foundation (PCF) management council chairman, taking over from Finance Minister Lawrence Wong, who is slated to become deputy prime minister (DPM).
https://www.straitstimes.com/singapore/politics/josephine-teo-to-take-over-from-lawrence-wong-in-helming-pap-community-foundation

Companies’ Brief

Frasers, FHT may join wave of corporate activity tied to property plays
Singapore – A wave of corporate activity involving listed property plays, especially S-Reits, looks set to continue, with the latest candidates looking likely to be Frasers Property (FPL) and its listed hospitality unit, Frasers Hospitality Trust (FHT).
https://www.straitstimes.com/business/companies-markets/frasers-fht-may-join-wave-of-corporate-activity-tied-to-property-plays

Thailand’s TCC seeks loan for Frasers Hospitality Trust privatisation: sources
Thai billionaire Charoen Sirivadhanabhakdi’s TCC Group is seeking a S$500 million loan to take Singapore-listed Frasers Hospitality Trust private, according to people with knowledge of the matter.
https://www.businesstimes.com.sg/companies-markets/thailands-tcc-seeks-loan-for-frasers-hospitality-trust-privatisation-sources
https://www.straitstimes.com/business/companies-markets/thailands-tcc-seeks-loan-for-frasers-hospitality-trust-privatisation-sources

Mapletree Industrial Trust divests data centre in Michigan for US$10m
Mapletree Industrial Trust (MIT) has divested a data centre property in Michigan, United States for a proposed sale price of US$10 million, its manager said in a bourse filing on Friday (Jun 10). The 4-storey data centre, with a net lettable area of 52,940 square feet (sq ft), is located in Southfield, Michigan and is part of the Northwestern Office Center office park.
https://www.businesstimes.com.sg/companies-markets/mapletree-industrial-trust-divests-data-centre-in-michigan-for-us10m

Brokers’ take: OCBC cuts Yanlord Land target to S$1.37 on Shanghai exposure
OCBC Investment Research on Thursday (Jun 9) lowered its fair-value estimates for Yanlord Land Group to S$1.37 from S$1.44, amid worries about the Chinese developer’s exposure to the Shanghai market.
https://www.businesstimes.com.sg/companies-markets/brokers-take-ocbc-cuts-yanlord-land-target-to-s137-on-shanghai-exposure

Views, Reviews, Forum and Others

More economic storm clouds gathering
A protracted period of feeble growth and elevated inflation. That was the World Bank’s sobering prognosis for the world economy in its report on Global Economic Prospects released this week. The bank slashed its growth forecast for 2022 by almost one-third, to 2.9 per cent, from 4.1 per cent as recently as January.
https://www.straitstimes.com/opinion/st-editorial/the-straits-times-says-more-economic-storm-clouds-gathering

Family offices unstopped by tougher tax rules but face staffing hurdles, longer wait times
Super-Rich families looking to park some of their wealth in Singapore are unstopped by a more-stringent criteria to qualify for tax breaks, but may hit roadblocks on staffing and approvals. While the Monetary Authority of Singapore (MAS) had in April raised the bar for family offices to qualify for tax incentives here…
https://www.businesstimes.com.sg/banking-finance/family-offices-unstopped-by-tougher-tax-rules-but-face-staffing-hurdles-longer-wait
https://www.straitstimes.com/business/companies-markets/family-offices-moving-out-of-fixed-income-into-alternative-invesments-ubs-report

SICCI elects Neil Parekh as chairman and new board of directors
The Singapore Indian Chamber of Commerce and Industry (SICCI) has elected Neil Parekh as chairman and a new board of directors for the period of 2022 to 2024. Parekh previously served as SICCI’s vice-chairman.
https://www.businesstimes.com.sg/sme/sicci-elects-neil-parekh-as-chairman-and-new-board-of-directors

*For more information, please visit the Ministry of Health (MOH) website at www.moh.gov.sg and refer to go.gov.sg/mohupdates for updates on the COVID-19 (Coronavirus Disease 2019) situ