Aiming for a highly-liveable Singapore
It is one of the Government’s most demanding portfolios but after one year in the job, National Development Minister Lawrence Wong remains upbeat about the possibilities it presents for shaping a future Singapore. He told The Straits Times last week that the ministry has built on the work done in the preceding terms of government as well as expanded into new areas, including introducing Car-Free Sundays: “What we are hoping to achieve is a Singapore that’s highly liveable, that’s people-friendly and green, and provides a high-quality living environment wherever you are.”
No recession, but expect periods of negative growth: MTI
While the Singapore economy could go through several quarters of negative growth, the government does not expect an outright recession to take place, Trade minister Lim Hng Kiang said on Monday. He told Parliament: “Our baseline projection is not an outright recession, but we cannot rule out the possibility that the economy will experience some quarters of negative growth on a quarter-on-quarter basis.” He was responding to the concern expressed by Member of Parliament (Marine Parade GRC) Seah Kian Peng over the weak economic indicators of late, exemplified by rising unemployment, slower growth projections and a weak global economic outlook; Mr Seah asked whether the government though a recession was imminent.
Asia’s growth to outpace rest of the world: Iswaran
Asia’s growth is expected to outpace the rest of the world, with Singapore serving as an important gateway to the region, said S Iswaran, Minister for Trade and Industry (Industry), on Monday. He was speaking at the 2016 Asia Business Summit, organised by the Institute on Asian Consumer Insight (ACI). Over 300 senior executives across various sectors gathered to share insights on the future of Asian consumer lifestyles with panel discussions such as Unravelling the Future of the Asian Health and Wellness Lifestyle and Insights on the Dynamic Digital Revolution.
Singapore Real Estate
More measures to minimise impact of Mandai Rejuvenation Project
Additional measures have been included in Mandai Park Holding’s (MPH) revised Environmental Impact Assessment (EIA) report to mitigate the effects of the area’s redevelopment. This is in line with its continued efforts “to promote sustainability and conservation for the rejuvenation of the Mandai area”, the organisation said in a press release on Monday (Oct 10).
Conserve historic Dakota Crescent estate, MP urges Govt
Lamenting the rapid loss of familiar buildings and neighbourhoods in Singapore, Member of Parliament Lim Biow Chuan has urged the government to reconsider its plans for redeveloping the historic Dakota Crescent estate. Built in 1958 as one of Singapore’s earliest attempts at public housing and named after a plane that had crashed at Kallang Airport, Dakota Crescent comprises 17 blocks of low-rise flats. Fifteen of the 17 blocks have been ear-marked for redevelopment, and existing residents have to relocate by the end of the year.
Saizen Reit, Sime Darby Property make headway in RTO deal
A reverse takeover (RTO) deal between Saizen Real Estate Investment Trust (Reit) and Sime Darby Property Singapore that has been brewing since August has made headway. Sime Darby Property, part of the Malaysian Sime Darby conglomerate, will have its Australian property assets injected into Saizen Reit in the RTO deal, Saizen Reit said on Monday. Saizen Reit will acquire the properties for A$356 million (S$371 million).
KepLand to buy solar energy from Keppel Infrastructure to power its HQ
Keppel Land (KepLand) has started to purchase renewable solar energy from Keppel Electric to power KepLand’s corporate office at Bugis Junction Towers, according to an announcement on Monday after the market closed. The renewable energy is harvested from solar panels installed in premises operated by Keppel Infrastructure. It is then transferred to KepLand.
Frasers Centrepoint to pump up to half a billion into Thailand’s Ticon
In his first major move since taking over the reins at mainboard-listed property developer Frasers Centrepoint Limited (FCL) at the start of this month, new group chief executive officer Panote Sirivadhanabhakdi has inked a conditional deal for FCL to pump up to 13.23 billion baht or about S$520 million into a listed Thai industrial property developer. The investment, if it goes through, would make FCL the single largest shareholder of the company, Ticon Industrial Connection, which is listed on the Stock Exchange of Thailand (SET) and had a market capitalisation of 18.7 billion baht as at Oct 7.
Founding family controls 99.2% of Sim Lian at close of delisting offer
Property firm Sim Lian Group said 99.2 per cent of all its shares are now held by the founding Kuik family at the close of the privatisation offer on Monday. The company said in a regulatory filing that the family, through its investment vehicle Coronation 3G, will exercise the right to acquire all the shares held by the dissenting shareholders, and delist the company.
Company Briefs: GuocoLand Group
The developers of Tanjong Pagar Centre have received the Temporary Occupation Permit for the building’s office component, Guoco Tower, and the basement retail component. The integrated commercial, retail and lifestyle complex – which also includes 181 luxury apartments in Wallich Residence, the 222-room Sofitel Singapore City Centre hotel, and a 150,000 sq ft Urban Park – will open in phases from next month. The 890,000 sq ft office tower is now about 80 per cent leased, up from 10 per cent at the beginning of the year. These include signed leases and those under advanced negotiations.
Janus Henderson to operate from CapitaGreen office
Henderson Global Investors’ new CapitaGreen office will host the combined Janus Henderson Global Investors entity in Singapore, Henderson CEO Andrew Formica told The Business Times on Monday. “They have a Singapore office, we have a Singapore office, we only need one building. We will save on building costs,” he said. Mr Formica was giving an example of what goes into the US$110 million of cost savings a year that can result from the merger of the two fund managers. Announced last week, the marriage comes at a time of challenging market conditions for active asset managers.
Powerplus powers back to home base
After a 13-year absence in Singapore, local construction manufacturing company, Powerplus, is finally making its way back home. The company’s roots date back to 1973, under the name Worldwide-Techno equipment. The equipment and spare parts trading company founded by current CEO and chairman Marcus Ong’s father represented many world renowned brands and held several distributorships in construction equipment in Singapore before deciding in 2003 that change was in order. Powerplus was incorporated in the United States (US) in 2003 and focuses on distributing and creating their own line of construction equipment. To support this, the first generation founder decided to start manufacturing his own brand of construction machinery in China like wheel loaders and forklifts.
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