DAILY NEWS

Daily News – 11th June 2019

Singapore Real Estate

Group of 5 Kampong Glam shophouses on sale at indicative price of S$23.8m
Five adjoining freehold shophouses situated in the Kampong Glam conservation area have been put up for sale via an expression of interest exercise, at an indicative price of S$23.8 million for the entire portfolio. This works out to S$2,970 per square foot (psf), sole marketing agent CBRE said on Monday.
https://www.businesstimes.com.sg/real-estate/group-of-5-kampong-glam-shophouses-on-sale-at-indicative-price-of-s238m
https://www.straitstimes.com/business/property/5-adjoining-kampong-glam-shophouses-on-sale-with-s238m-indicative-price

Singapore Economy

Inflation rate of Singapore worker health insurance in 2018: 10%
The inflation rate of employee medical insurance claims in Singapore, at 10 per cent in 2018, is projected to rise another 0.1 percentage point this year, a study by Mercer Marsh Benefits has predicted. Also termed “medical trend rate”, the inflation rate of worker health insurance claims was slightly lower than the Asian average of 10.4 per cent.
https://www.businesstimes.com.sg/government-economy/inflation-rate-of-singapore-worker-health-insurance-in-2018-10

Q3 hiring in Singapore ‘stable but weaker than elsewhere in Asia-Pac’
Hiring prospects in Singapore for Q3 2019 are expected to be stable but bleaker than in other parts of the Asia-Pacific, says the latest Manpower Group employment outlook survey. The island nation’s net employment outlook for the quarter is forecast to remain stable at +12 per cent – an improvement of one percentage point from the previous quarter, but unchanged from the year-ago period.
https://www.businesstimes.com.sg/government-economy/q3-hiring-in-singapore-stable-but-weaker-than-elsewhere-in-asia-pac
https://www.straitstimes.com/business/q3-hiring-prospects-in-spore-to-stay-stable-survey

Q3 business outlook ticks up after falls in 3 straight quarters
A buoyant services sector helped to offset trade-war uncertainties – and to support improved business sentiment, says the latest Business Optimism Index by the Singapore Commercial Credit Bureau (SCCB). Business sentiment among Singapore firms edged up slightly for the first time after three consecutive quarters of decline. Sentiment came in at +6.91 percentage points for Q3 2019, up from +5.08 percentage points in Q2.
https://www.businesstimes.com.sg/government-economy/q3-business-outlook-ticks-up-after-falls-in-3-straight-quarters
https://www.straitstimes.com/business/business-sentiment-edges-up-for-first-time-after-falling-3-quarters

Companies’ Brief

Renewed M&C offer lifts CDL shares 5.9% higher
City Developments Limited (CDL) shares got a sprightly start to the week on its renewed offer for all remaining shares in London-listed subsidiary Millennium & Copthorne hotels (M&C). The mainboard-listed property developer’s stock added S$0.50 or 5.9 per cent up at S$8.97 on a volume of 4.6 million shares, close to double the full-day average daily volume over the last 15 trading days.
https://www.businesstimes.com.sg/companies-markets/renewed-mc-offer-lifts-cdl-shares-59-higher

CapitaLand to sell 3 China malls for 2.96b yuan to CapitaLand Retail China Trust
CapitaLand will sell three shopping malls in China for 2.96 billion yuan (S$589.2 million) to CapitaLand Retail China Trust (CRCT), both mainboard-listed companies said in bourse filings on Tuesday morning. CapitaLand’s subsidiary, CapitaRetail China Investments, and three associated companies entered into a conditional agreement with CRCT to divest their interests in the three companies that…
https://www.businesstimes.com.sg/companies-markets/capitaland-to-sell-3-china-malls-for-296b-yuan-to-capitaland-retail-china-trust
https://www.channelnewsasia.com/news/business/cdl-gains-most-more-than-3-years-fresh-bid-millennium-copthorne-11612676

Kheng Leong buys property in Jalan Besar conservation area for S$38.71m
A fully-owned unit of Kheng Leong Company, controlled by banking tycoon Wee Cho Yaw, has bought a building near Lavender Street for S$38.71 million which it plans to turn into apartments, with commercial units on the ground floor. No 2 Cavan Road has “conserved building” status and is within the Jalan Besar Secondary Settlement conservation area.
https://www.businesstimes.com.sg/real-estate/kheng-leong-buys-property-in-jalan-besar-conservation-area-for-s3871m

APAC Realty invests in proptech startup
APAC Realty, which operates the ERA brokerage brand here and across the Asia-Pacific, has invested S$1 million in proptech startup Dots Connected via a three-year convertible note that comes with no interest. A convertible note is a form of debt that comes with an option to be converted into equity.
https://www.businesstimes.com.sg/real-estate/apac-realty-invests-in-proptech-startup

Sim Lim Square to go online amid collective sale
Sim Lim Square is moving with the times with its soon-to-be-launched e-commerce platform for mall tenants. The platform is still being tested and will launch on July 1, the centre’s management said yesterday.
https://www.straitstimes.com/business/sim-lim-square-to-go-online-amid-collective-sale

Cromwell E-Reit regains control of Paris site, to receive compensation from govt
France has agreed to compensate Cromwell European Real Estate Investment Trust (E-Reit) 907,128 euros (S$1.4 million) for the trust’s loss of potential rental income from its Paris logistics property since its listing, after the French government’s decision to not expropriate the site. The French government had earlier been mulling whether to take possession of the Reit’s Parc des Docks site to develop a hospital…
https://www.businesstimes.com.sg/real-estate/cromwell-e-reit-regains-control-of-paris-site-to-receive-compensation-from-govt
https://www.straitstimes.com/business/companies-markets/cromwell-e-reit-regains-control-of-paris-site-to-receive-compensation

Regal International gets extension to release FY2018 sustainability report by July 31
Regal International has obtained a two-month extension till July 31 from the Singapore Exchange on June 7, to announce its FY2018 sustainability report. The property developer had similarly got a two-month extension on May 14, to release its Q1 2019 results by July 15 due to the delayed completion of its audited financial statements for FY2018.
https://www.businesstimes.com.sg/companies-markets/regal-international-gets-extension-to-release-fy2018-sustainability-report-by-july
https://www.straitstimes.com/business/companies-markets/regal-international-gets-extension-to-release-fy2018-sustainability

Views, Reviews, Forum & Others

Monetary loosening ‘may be enough for Asia-Pac economies for now’
Most Asia-Pacific economies may not resort to fiscal stimulus unless a full-blown trade war between the United States and China comes to pass, say economists. Last week, China indicated that it has “tremendous” room for monetary and fiscal adjustment if trade tensions worsen. But although manufacturing figures have weakened across the region…
https://www.businesstimes.com.sg/government-economy/monetary-loosening-may-be-enough-for-asia-pac-economies-for-now-0