DAILY NEWS

Daily News – 11th May 2018

Top Story

Singapore will continue working closely with new Malaysia government: ministers
Prime Minister Lee Hsien Loong congratulated Mahathir Mohamad on being sworn in as the 7th Prime Minister of Malaysia last night and hopes to catch up with him in person soon. In a Facebook post put up right after Dr Mahathir’s swearing-in ceremony, PM Lee said that Malaysia is a vital partner of Singapore, with strong and deep bonds shared among the peoples of both countries.
http://www.businesstimes.com.sg/government-economy/singapore-will-continue-working-closely-with-new-malaysia-government-ministers
http://www.businesstimes.com.sg/government-economy/singapore-businesses-unfazed-await-new-kl-governments-plans
https://www.straitstimes.com/singapore/pm-lee-singapore-looks-forward-to-equally-constructive-relationship-with-next-leadership

Singapore Economy

Innovation is key to vibrant enterprise: Chun Sing
Innovation will be the core competitive advantage of Singapore’s local enterprises, said Minister for Trade and Industry (MTI) Chan Chun Sing on Thursday. Businesses will be supported in their research and development (R&D) efforts to come up with new products and services, as Singapore aims to take advantage of its position in Asia where the “next billion middle-class consumers will be”, he said in his ministry’s addendum to the President’s Address, which was released on Thursday.
http://www.businesstimes.com.sg/government-economy/innovation-is-key-to-vibrant-enterprise-chun-sing

New SkillsFuture scheme to help firms boost training
Businesses will get help to make training a key part of their strategy under a new SkillsFuture scheme to be launched by the Manpower Ministry (MOM). This scheme aims to better support companies in growing and expanding into overseas markets, new Manpower Minister Josephine Teo said yesterday in an addendum to the President’s Address.
https://www.straitstimes.com/singapore/new-skillsfuture-scheme-to-help-firms-boost-training

Singapore Real Estate

KOP bags Villa D’Este collective sale for S$93m
KOP Limited entered into a sale and purchase agreement on May 10 to buy the the freehold Villa D’Este in Dalvey Road through a collective sale for S$93 million. In a statutory filing with the Singapore Exchange late on Thursday night, KOP said that it intends to redevelop the property into a high-end condominium but did not give much other details.
http://www.businesstimes.com.sg/companies-markets/kop-bags-villa-deste-collective-sale-for-s93m

Singapore’s old shophouses a promising haven for investment
As a hiding place from US President Donald Trump’s trade war against China, a cosy corner of Singapore’s real estate holds much appeal. A two-or three-storey terraced building close to the city’s central business district, home quite often to a wine bar or gastro pub at street level with a massage spa or music lounge tucked away upstairs, has been in bigger demand this year than industrial sheds.
https://www.straitstimes.com/business/property/spores-old-shophouses-a-promising-haven-for-investment

Companies’ Brief

Frasers Property enjoys 74.2% surge in Q2 profit
Contributions from overseas acquisitions and development profits in Singapore fuelled a 74.2 per cent surge in net profit for Frasers Property Limited (FPL) to S$124.1 million in the second-quarter ended March 31. Revenue for the quarter rose 19.3 per cent to S$841.7 million, thanks largely to revenue recognition on sales settlements in China and Australia as well as maiden contributions from business parks in the UK.
http://www.businesstimes.com.sg/companies-markets/frasers-property-enjoys-742-surge-in-q2-profit
https://www.straitstimes.com/business/companies-markets/frasers-property-q2-profit-surges-74-to-124m

A H-Trust’s Q4 DPS increases to 1.72 Singapore cents
Distribution per stapled security for Ascendas Hospitality Trust (A H-Trust) in its fourth quarter ended March 31 expanded to 1.72 Singapore cents from 1.37 Singapore cents in the previous year. Its Q4 income available for distribution less the amount retained for working capital was S$19.5 million, up 26.3 per cent from the year-ago period, mainly helped by a fee of S$4.1 million it received which is related to its divestment of two hotels in Beijing, announced in late January 2018.
http://www.businesstimes.com.sg/companies-markets/a-h-trusts-q4-dps-increases-to-172-singapore-cents

Cromwell European Reit posts Q1 DPU above forecast
Cromwell European Reit’s first quarter results were boosted by a better-than-expected performance from its light industrial segment. Distribution per unit (DPU) for the period from Nov 30, 2017 to March 31, 2018 came in at 1.45 euro cents, 3.5 per cent higher than its initial public offering forecast of 1.4 euro cents, the group said on Thursday.
http://www.businesstimes.com.sg/companies-markets/cromwell-european-reit-posts-q1-dpu-above-forecast
https://www.straitstimes.com/business/companies-markets/cromwell-european-reits-dpu-35-above-forecast

Genting Singapore Q1 profit up 3.3% to S$217.2 million
Genting Singapore posted a 3.3 per cent increase in net profit for the first quarter from S$210.2 million in the year-ago period to S$217.2 million, it said on Thursday evening. This came despite the absence of a one-off gain of S$96.3 million from the disposal of the group’s investment in South Korea in Q1 2017.
http://www.businesstimes.com.sg/companies-markets/genting-singapore-q1-profit-up-33-to-s2172-million
https://www.straitstimes.com/business/companies-markets/genting-singapores-q1-profit-up-33-to-2172m

OUE C-Reit Q1 DPU falls 9% on enlarged unit base from placement
Higher income support draw down helped OUE Commercial Reit (OUE C-Reit) post a 4.7 per cent rise in amount available for distribution for Q1FY18, while distribution per unit fell 8.9 per cent to 1.12 Singapore cents due to an enlarged unit base from the private placement completed in March last year.
http://www.businesstimes.com.sg/companies-markets/oue-c-reit-q1-dpu-falls-9-on-enlarged-unit-base-from-placement

Dasin Retail Trust’s Q1 DPU up 23% to 1.83 S cents
Dasin Retail Trust on Thursday announced higher distribution per unit (DPU) of 1.83 Singapore cents, up 23 per cent from the previous year, for the three months ended March 31. For Q1, the trust’s net property income grew 86 per cent to S$14.9 million, thanks to better operational metrics and contribution from the acquisition of Shiqi Metro Mall in June 2017.
http://www.businesstimes.com.sg/companies-markets/dasin-retail-trusts-q1-dpu-up-23-to-183-s-cents
https://www.straitstimes.com/business/companies-markets/dasin-retail-trust-sees-23-rise-in-q1-dpu-to-183-cents

Heeton Q1 profit more than doubles to S$6.4m
Heeton Holdings posted a net profit of S$6.4 million for the first quarter, more than double the S$2.8 million that it posted in the corresponding period a year ago, the property developer said on Thursday evening. This was mostly down to a 44.7 per cent increase in its share of profits from associated companies and joint venture companies to S$3.5 million, and a 40.9 per cent fall in the cost of properties sold to S$4.9 million.
http://www.businesstimes.com.sg/companies-markets/heeton-q1-profit-more-than-doubles-to-s64m

Wing Tai Q3 profit up more than ninefold to S$68.2m on increased earnings from associated, JV companies
Property and retail group Wing Tai Holdings posted a net profit of S$68.2 million for the third quarter, a more than ninefold increase on the S$7.4 million earned in the year-ago period, on the back of an increase in profits earned by its associated and joint venture companies. Earnings per share rocketed to 10.9 Singapore cents from 1.37 Singapore cents in the previous year.
http://www.businesstimes.com.sg/companies-markets/wing-tai-q3-profit-up-more-than-ninefold-to-s682m-on-increased-earnings-from

Japan property information firm LIFULL leads seed round for crowd-investment platform BitOfProperty
BitOfProperty, a blockchain-based real estate crowd-investment platform, has closed seed round financing with a lead investor LIFULL Co, a Japanese real estate information company, following a pre-seed round led by Spaze Ventures, a Singapore-based startup incubator.
http://www.businesstimes.com.sg/real-estate/japan-property-information-firm-lifull-leads-seed-round-for-crowd-investment-platform

VIEWS, REVIEWS, FORUM & Others

Cycling towards a car-lite society
New guidelines requiring all new private developments to provide bicycle parking should provide a shot in the arm for Singapore’s drive towards a car-lite society. The standards took effect on Tuesday, and mandate that a minimum number of bicycle parking spaces, which will vary according to the property type and the zone it is sited on, be built by developers.
https://www.straitstimes.com/singapore/transport/cycling-towards-a-car-lite-society

Original homestay services different from short-term rentals
There is some confusion regarding the original homestay services and the controversial short-term rental accommodation. When the Association of Management Corporations in Singapore (Amcis) started homestay services in 2004, it did not permit any sub-leasing.
https://www.straitstimes.com/forum/letters-in-print/original-homestay-services-different-from-short-term-rentals

Tackling inequality vigorously: Academics give their views
Academics give their views on the one change that will make a difference, following President Halimah Yacob’s pledge on Monday night that her Government will tackle inequality vigorously.
https://www.straitstimes.com/opinion/tackling-inequality-vigorously