DAILY NEWS

Daily News – 9, 10 & 11 January 2016

Singapore Economy

Harder now to retool Singapore economy
Even as the Committee on the Future Economy (CFE) begins its work, private-sector economists caution against hopes for a big bang outcome that will significantly address Singapore’s immediate challenges. That’s largely because technological disruption and the rapidly-changing global environment make earlier strategies – such as the tactic of picking winning sectors to boost economic growth – tougher to execute.
http://www.businesstimes.com.sg/government-economy/harder-now-to-retool-singapore-economy

Business group wants review of rising costs
A cost review committee to look into major rising costs faced by businesses, such as rental, manpower and government fees, is one of four recommendations the Singapore Chinese Chamber of Commerce and Industry (SCCCI) is putting before policymakers. This includes easing compliance costs through a coordinating government agency, and a rental cap on government properties.
http://www.straitstimes.com/business/companies-markets/business-group-wants-review-of-risingcosts?login=true

Singapore Real Estate

Ways to give green buildings movement a bigger push
Building and Construction Authority (BCA) CEO John Keung believes there are three ways Singapore can further improve its green building standards. First is the use of more renewable solar energy to power buildings – after all, the sun is the most promising and feasible energy source for Singapore compared to other kinds of renewable energies, says Dr Keung.
http://www.businesstimes.com.sg/companies-markets/ways-to-give-green-buildings-movement-a-biggerpush

More property agents throwing in the towel
More casualties in Singapore’s real estate agency business have emerged during the latest licence-renewal period with the Council for Estate Agencies (CEA), but agency honchos are split in their views on whether the worst is over for the industry.
http://www.businesstimes.com.sg/real-estate/more-property-agents-throwing-in-the-towel

New association minted for real estate agents
A new association called the Singapore Estate Agents Association (SEAA) is slated to be launched by the first quarter of this year, in an industry-led initiative to raise professionalism in real estate agency work and provide a unified voice for agencies and their salespersons. BT learnt that SEAA has already been registered as a society with the “blessing” of the Council of Estate Agencies (CEA).
http://www.businesstimes.com.sg/real-estate/new-association-minted-for-real-estate-agents

Embattled Marina Square in legal tussle with ex-tenant
Hit by a spate of problems in recent years — with major tenants leaving, rats scampering around its premises and slow footfall — Marina Square has now found itself embroiled in a new battle, as a legal tussle brews between the mall and a former tenant. Court papers obtained by TODAY showed that the mall’s operator, Marina Centre Holdings, has launched legal proceedings against Caerus Holding, which manages confectionery Lady M, a former tenant.
http://www.channelnewsasia.com/news/business/singapore/embattled-marina-square/2414650.html

8 owners affected by Thomson-East Coast Line land acquisition awarded S$10 million in total
A total of S$10 million has been awarded to owners of eight partial land lots being acquired for construction of the Thomson-East Coast MRT Line. The Singapore Land Authority (SLA) said the owners were paid the market value as determined by private valuers, in accordance with the Land Acquisition Act. Most of the acquired land, spanning a total of over 24,000 sqm, is in the Marine Parade and Changi South areas. More than 17,000 sqm belongs to the Laguna National Golf and Country Club.
http://www.channelnewsasia.com/news/singapore/8-owners-affected-by/2412416.html

New Catholic church being built to ease parish crunch
http://www.straitstimes.com/singapore/new-catholic-church-being-built-to-ease-parish-crunch?login=true

Dad fails in bid to retrieve share of son’s condo
http://www.straitstimes.com/singapore/courts-crime/dad-fails-in-bid-to-retrieve-share-of-sonsondo?login=true

Companies’ Brief

Senior execs leave Colliers for Knight Frank
The exodus of executives at Colliers International Singapore has continued this week. This time, senior executives in its industrial services team including the division head are leaving for a rival firm. Colliers’ executive director and head of industrial services Tan Boon Leong, three other senior executives and one support staff are joining Knight Frank Singapore. This leaves Colliers with two industrial brokers.
http://www.businesstimes.com.sg/real-estate/senior-execs-leave-colliers-for-knight-frank
http://www.straitstimes.com/business/senior-staff-resignations-at-colliers-singapore?login=true

View foreign workers’ rights in proper context
I have four points to make in response to the letter by Mr Jolovan Wham (“Singapore can lead the way in foreign workers’ rights”; Dec 27, 2015). First, the United Nations International Convention on the Protection of the Rights of All Migrant Workers and Members of their Families is a pre-globalisation treaty. It is arguable that this treaty has been overtaken by present concerns of migration management.
http://www.straitstimes.com/forum/letters-in-print/view-foreign-workers-rights-in-propercontext?login=true

Global Economy & Global Real Estate

Singapore firms join Chongqing project
A slew of Singapore firms, including property giant CapitaLand and banks DBS and UOB, have joined the third Sino-Singapore government-led project, which is based in Chongqing. DBS inked four strategic partnerships with Chinese government agencies and banks to provide comprehensive financial services for the project. One of them will see DBS and the Industrial and Commercial Bank of China providing financial solutions and services to the Chongqing government to boost trade and investment.
http://www.straitstimes.com/asia/east-asia/singapore-firms-join-chongqing-project?login=true

San Francisco office rents most expensive in US
http://www.businesstimes.com.sg/real-estate/san-francisco-office-rents-most-expensive-in-us

English golf club hit by dispute with new Chinese owners
http://www.businesstimes.com.sg/real-estate/english-golf-club-hit-by-dispute-with-new-chinese-owners

China pushing for unified property registration system by year’s end
http://www.businesstimes.com.sg/real-estate/china-pushing-for-unified-property-registration-system-byyears-end

Playboy Mansion up for sale for US$200m
http://www.businesstimes.com.sg/real-estate/playboy-mansion-up-for-sale-for-us200m
http://www.straitstimes.com/lifestyle/entertainment/playboy-mansion-on-sale?login=true

Dubai Real Estate Reality Check Felt by $20 Billion Developer
http://www.bloomberg.com/news/articles/2016-01-10/dubai-real-estate-reality-check-felt-by-20-billiondeveloper

Blackstone Becomes No. 1 NYC Real Estate Buyer, Sees More Deals
http://www.bloomberg.com/news/articles/2016-01-08/blackstone-becomes-no-1-nyc-real-estate-buyersees-more-deals London Needs

One Million Homes Over Next Decade, Report Says
http://www.bloomberg.com/news/articles/2016-01-08/london-needs-one-million-homes-over-nextdecade-report-says

Europe Property Sales Growth to Slump to Zero, Knight Frank Says
http://www.bloomberg.com/news/articles/2016-01-08/europe-property-sales-growth-to-slump-to-zeroknight-frank-says

JPMorgan: China Is Poised To Solve Its Real Estate Inventory Problem
http://www.bloomberg.com/news/articles/2016-01-07/jpmorgan-china-is-poised-to-solve-its-real-estateinventory-problem