DAILY NEWS

Daily News – 9th, 10th and 11th Jun 2018

Top Story

Hosting Trump-Kim summit says something about Singapore’s standing internationally, says PM Lee
Singapore: Hosting the Trump-Kim summit will give Singapore publicity and says something about the country’s standing in the international community, Prime Minister Lee Hsien Loong said on Sunday (Jun 10). Speaking to Singapore media at the International Media Centre ahead of the planned Trump-Kim summit on Tuesday, Mr Lee said: “In terms of direct impact, (hosting the summit) gives us publicity.
https://www.channelnewsasia.com/news/singapore/hosting-trump-kim-summit-says-something-about-singapore-s-10415386
https://www.straitstimes.com/asia/east-asia/opportunity-for-spore-to-showcase-its-capabilities-says-vivian
https://www.straitstimes.com/singapore/summit-a-major-show-of-confidence-in-singapore-shanmugam
https://www.todayonline.com/singapore/trump-kim-summit-major-show-confidence-singapore-shanmugam-says-preparations-kick-high

Singapore Economy

Singapore-North Korea trade can grow if UN sanctions are lifted, says PM
Singapore may be North Korea’s seventh-largest trading partner on paper, but in reality the total amount of trade between the two countries amounted to just S$700,000 in 2017. “Because of the UN (United Nations) Security Council’s sanctions on North Korea, our trade with North Korea has substantially diminished. It has really reached a negligible level last year,” said Prime Minister Lee Hsien Loong at an interview with the local media on Sunday.
https://www.businesstimes.com.sg/government-economy/singapore-north-korea-trade-can-grow-if-un-sanctions-are-lifted-says-pm

Singapore not most expensive city after considering taxes
Singapore may be ranked the most expensive city to live in by the Economist Intelligence Unit (EIU), but a different ranking shows that this is hardly the case after accounting for personal income tax rates. Instead, Singapore comes in 11th in the latest tax-adjusted Worldwide Cost of Living Index for top earners, calculated by international trust and corporate services provider Sovereign Group. Seoul is Asia’s most expensive city, ranking sixth.
https://www.straitstimes.com/business/companies-markets/singapore-not-most-expensive-city-after-considering-taxes

Slower growth expected for S’pore in 2018 as export momentum eases: report
The Singapore economy is expected to expand at a more sedate pace this year compared with last year, on the back of slower manufacturing demand and easing trade momentum, according to a new report. This mirrors the outlook for the rest of South-east Asia, where growth will largely be supported by domestic demand as export growth slows, according to the report produced by advisory firm Oxford Economics and commissioned by the Institute of Chartered Accountants in England and Wales (ICAEW).
https://www.businesstimes.com.sg/government-economy/slower-growth-expected-for-spore-in-2018-as-export-momentum-eases-report
https://www.straitstimes.com/business/economy/slower-growth-likely-as-export-momentum-eases-says-report

Singapore Real Estate

Broker’s take: CGS-CIMB says Trump-Kim and 3,000 reporters a boon for hospitality
CGS-CIMB said in a report this week that the upcoming Trump-Kim summit puts Singapore in the spotlight as a key arbitration hub, which should boost hospitality, services and office sectors in the medium term. That being said, the brokerage said its channel checks with the hospitality S-Reits suggested that hotel bookings have not shown significant increases or cancellations ahead of the summit scheduled for June 12.
https://www.businesstimes.com.sg/companies-markets/brokers-take-cgs-cimb-says-trump-kim-and-3000-reporters-a-boon-for-hospitality

dormakaba combines 3 sites into one new future-ready facility
Access solutions provider, dormakaba Group, is opening its new facility in Singapore on Monday, a move that will consolidate three sites of the company previously located in different parts of Singapore. “Bringing everybody under one roof not only increases our operational efficiency, it will further enhance our customer service,” said dormakaba Group CEO Riet Cadonau. “In addition, the investment reinforces our commitment and confidence in Singapore, Asean and the broader Asia-Pacific community.”
https://www.businesstimes.com.sg/companies-markets/dormakaba-combines-3-sites-into-one-new-future-ready-facility
https://www.straitstimes.com/business/companies-markets/tech-firm-dormakaba-to-open-new-facility-in-jurong

Jervois Hill bungalow sold for record S$2,729 psf on land area
A newly built freehold bungalow in Jervois Hill is being sold for S$41.2 million, which works out to about S$2,729.52 per square foot on land area of 15,094 sq ft. This is a record price in terms of psf on land area for a transaction in a Good Class Bungalow Area – busting the previous high of S$2,350 psf set last year for a bungalow in Cluny Hill near the Botanic Gardens. That deal, which amounted to an absolute price of S$35.5 million, was for a bungalow on freehold land area of 15,105 sq ft.
https://www.businesstimes.com.sg/real-estate/jervois-hill-bungalow-sold-for-record-s2729-psf-on-land-area

Singtel donates $10m to help fund Esplanade’s first medium-sized theatre
Singapore – Singtel is donating $10 million to help fund the Esplanade’s first medium-sized theatre – the largest single donation the national performing arts centre has received since it opened in 2002. The new 550-seat theatre, to occupy a 3,000 sq m area along the Esplanade Waterfront, will open in 2021 and be named after the telco for 15 years.
https://www.straitstimes.com/lifestyle/arts/singtel-donates-10m-to-help-fund-esplanades-first-medium-sized-theatre
https://www.channelnewsasia.com/news/singapore/singtel-donates-s-10-million-to-the-esplanade-s-waterfront-10413950

Singapore firms making a (Green) Mark overseas
Firms in Singapore are taking to the world their knowledge of how buildings can be made environmentally friendly, even as more building owners and tenants in Singapore are being recognised for their efforts in the greening of buildings here. The Building and Construction Authority (BCA) last month gave out 420 Green Mark Awards, a significant increase from the 347 awarded last year. The Green Mark rating is given to buildings or tenants who meet certain standards of energy efficiency and good indoor environmental quality.
https://www.straitstimes.com/singapore/housing/singapore-firms-making-a-green-mark-overseas

Companies’ Brief

Accor to manage EL Development hotel in Hill St
EL Development has signed a memorandum of understanding with Accor for the French hotel chain to manage a new hotel that the Singapore property developer will build in Hill Street. Accor will manage the hotel under its Pullman brand – this will be the first Pullman in Singapore, EL Development managing director Lim Yew Soon told The Business Times in a recent interview.
https://www.businesstimes.com.sg/companies-markets/accor-to-manage-el-development-hotel-in-hill-st

GYP completes placement; Oxley adds to its Aspen stake
Broader macro themes and fresh sector rotations by institutional investors have seen index returns converge in recent weeks. For the 2018 year through to June 7, the Straits Times Index (STI) generated a 3.9 per cent total return, compared to the Nikkei 225, Hang Seng and S&P/ASX 200 averaging a 3.1 per cent return, while the Dow Jones has gained 3 per cent, in SGD terms.
https://www.businesstimes.com.sg/companies-markets/gyp-completes-placement-oxley-adds-to-its-aspen-stake

First Sponsor unit disposes Dutch hotel stake for for 6.88m euros
A 31.4 per cent owned associate of First Sponsor Group is selling its stake in Dutch hotel Bilderberg Landgoed Lauswolt for 6.88 million euros (S$10.8 million). First Sponsor’s associate Queens Bilderberg (Nederland) has on June 9, 2018 reached an agreement to sell its 18,152-share stake in Landgoed Lauswolt – which owns the hotel, at one euro apiece, to Landgoed Oranjewoud Participaties, the property player said on Monday before the market opened.
https://www.businesstimes.com.sg/companies-markets/first-sponsor-unit-disposes-dutch-hotel-stake-for-for-688m-euros
https://www.straitstimes.com/business/companies-markets/first-sponsor-unit-sells-dutch-hotel-stake-for-for-688m-euros

France’s Unibail-Rodamco takes over Australia’s Westfield
French group Unibail-Rodamco, Europe’s biggest commercial property company, said on Thursday that it has completed the acquisition of Australian mall operator, Westfield. The completion of the US$24.7 billion takeover creates a new company, Unibail-Rodamco-Westfield, with businesses around the world.
https://www.businesstimes.com.sg/real-estate/frances-unibail-rodamco-takes-over-australias-westfield
https://www.straitstimes.com/business/property/french-group-completes-westfield-takeover

Views, Reviews, Forum & Others

Trump-Kim summit: Positive impact on Singapore brand likely to be big in the long term
Malaysia’s richest man Robert Kuok does not need the business. But business he will get at his Shangri-La Hotel in Singapore – heavily tipped to be hosting United States President Donald Trump and his delegation this week. Mr Kuok tells The Sunday Times: “I naturally feel happy for Shangri-La.”
https://www.straitstimes.com/singapore/positive-impact-on-singapore-brand-likely-to-be-big-in-the-long-term
https://www.channelnewsasia.com/news/singapore/trump-kim-summit-a-priceless-branding-opportunity-for-singapore-10410420

Pet owners can help allay fears of big dogs in flats
There is no need to restrict pet owners living in HDB flats to smaller dogs. Instead, considerations such as the space in a flat and educating people to be responsible pet owners can factor into decisions regarding regulating pet ownership in flats (Many HDB residents say no to bigger dogs in flats; June 9).
https://www.straitstimes.com/forum/letters-in-print/pet-owners-can-help-allay-fears-of-big-dogs-in-flats
https://www.straitstimes.com/singapore/many-hdb-residents-say-no-to-bigger-dogs-in-flats

Review Sers, lease top-up schemes
Flat owners whose homes are selected for the Selective En bloc Redevelopment Scheme (Sers) are happy to be compensated and get subsidies for new flats (Three MacPherson blocks to be replaced under Sers; June 1). But it means exchanging their older bigger flat for a newer smaller one.
https://www.straitstimes.com/forum/letters-in-print/review-sers-lease-top-up-schemes

Are you ‘paying for air’ when you buy a house?
A prospective home buyer, who went to see a show-flat, has come back perplexed. He found that the developer wanted to charge him for much more than a unit’s gross floor area. The reason being that the unit had high ceilings.
https://www.straitstimes.com/singapore/are-you-paying-for-air-when-you-buy-a-house

Unlock the potential of data to transform buildings and cities
There was plenty of buzz surrounding Innovfest Unbound, South-east Asia’s largest innovation festival that was held last week in Singapore. It was an opportunity to talk about and showcase new technologies, from the most cutting-edge applications of artificial intelligence and facial recognition, to thinking about tomorrow’s cities and workplaces. It was clear through these discussions that the bedrock of technological innovation is the use and management of data.
https://www.businesstimes.com.sg/real-estate/unlock-the-potential-of-data-to-transform-buildings-and-cities

No swan song for Singapore semiconductors
As electronics growth tapers from its recent highs, some analysts see a need to cushion Singapore’s economy against the global semiconductor cycle’s ups and downs. The analysts are not suggesting the high-value chips industry is going to disappear. On the contrary, despite the supply chain fluctuations, many say it is here to stay.
https://www.businesstimes.com.sg/technology/no-swan-song-for-singapore-semiconductors-0

The future of factory jobs
People are usually surprised when they find out that 49-year-old Azizul Syed is an assistant robotics engineer. “Most would expect someone much younger – they are either supportive or sceptical,” says Mr Azizul, who has worked for more than 20 years in German sensor manufacturing firm Pepperl+Fuchs. But he takes their expectations and assumptions in his stride. As an industry veteran, he has seen first-hand how the manufacturing landscape has transformed over the years.
https://www.businesstimes.com.sg/brunch/the-future-of-factory-jobs

MRT soil probe: Steps to ease impact on wildlife working
Measures to mitigate the effects of investigation works for the Cross Island MRT Line (CRL) on wildlife have shown signs of working, the Land Transport Authority (LTA) said yesterday. It has found that wildlife is still present in parts of the Central Catchment Nature Reserve where drilling for soil samples has taken place. The drilling was part of the LTA’s site investigations to study the impact of the CRL running under the reserve.
https://www.straitstimes.com/singapore/environment/mrt-soil-probe-steps-to-ease-impact-on-wildlife-working
https://www.channelnewsasia.com/news/singapore/wildlife-seen-in-cross-island-line-site-investigations-10408818
https://www.todayonline.com/singapore/cross-island-line-site-investigations-havent-driven-away-rare-animals-nature-reserve-says

Mall apologises for sign banning workers from using its toilets
A shopping mall owner has apologised for putting up a sign banning construction workers from its toilets and threatening them with a $107 fine for unauthorised use. Facebook user Martha Tara Lee took a photo of the warning – taken at the new Marina One centre – and posted it online yesterday, saying she was “shocked”.
https://www.straitstimes.com/singapore/mall-apologises-for-sign-banning-workers-from-using-its-toilets