Construction firms challenged as business shrinks, cashflow hit
The beleaguered oil and gas industry has barely started to climb out of the hole when another major business sector – construction – is headed for dark times, with increasing liquidations and collapses. Backed into a corner by a shrinking market and cashflow gap, at least 20 construction and engineering firms were involved in winding up applications in the third quarter (July to September) alone, according to a count by The Business Times.
MAS chief Menon strikes upbeat tone amid trade tensions
Global economic risks may have risen but there’s no need to overreact just yet, said Singapore’s central bank chief Ravi Menon. “Dark clouds are an appropriate phrase but it’s not raining yet,” Mr Menon, managing director at the Monetary Authority of Singapore (MAS), said in an interview on Bloomberg Television on Tuesday. “I don’t want to paint too glossy a picture on it but I don’t think we should overreact.”
$1.7 billion spent on industry transformation maps by end-2017
About $1.7 billion of the $4.5 billion earmarked for Singapore’s future economy road map has been spent as of end-2017. This figure was revealed on Wednesday (Oct 10) in a report by a parliamentary committee of MPs tasked with examining government spending.
Singapore Real Estate
Condo rents slip 0.4% in September; HDB rents drop 0.5%: SRX
The sluggish rental market for both private and HDB properties is showing no signs of improving, going by flash data from real estate portal SRX on Wednesday. Rents for condominiums and private apartments in September dipped by 0.4 per cent from the previous month. They were unchanged in August, from an earlier SRX estimate of a 0.1 per cent dip.
Rochor’s Golden Wall Centre hits en-bloc market again
Golden Wall Centre has launched its second attempt at a collective sale, with a reserve price of S$260 million – little changed from what the strata unit owners wanted in a 2016 bid. This works out to a land price of S$2,194 per square foot per plot ratio for the freehold commercial property at 89, Short Street in Rochor, which is zoned for commercial use.
Tulip Garden sale has not hit snag: Colliers
Colliers International, the marketing agent for Tulip Garden, has quashed speculation that the $906.9 million collective sale of the Farrer Road project has hit a speed bump. Its managing director Tang Wei Leng said: “There is no basis to the market speculation. The Tulip Garden collective sale is proceeding and we are working towards the completion of sale.”
Severe cracks to the structure and facade of shophouses in Jalan Besar
Occupants of some shophouses in Jalan Besar and Maude Road are concerned by serious cracks on the facade and structure of the buildings. The road and five foot ways next to the buildings also appeared sunken and tilted. Professional engineer David Ng, who saw pictures of the cracks taken by The New Paper, said they looked serious.
About 20,000 workers expected at Changi East after T5 construction begins around 2020
A huge plot of land, next to Changi Airport, will become a massive construction zone when major tunnelling works start in 2019 and the construction of a new passenger terminal – Terminal 5 – begins around 2020. When construction peaks, about 20,000 workers, up from just 3,000 now, are expected to be based at the Changi East site.
Changi Airport adopts smart glasses, tech solutions to address challenges of Changi East project
Innovative technology-based solutions such as an online work declaration system and smart glasses have been developed and deployed to address the unique challenges faced in the Changi East project, said Changi Airport Group (CAG).
S’pore’s en bloc sales collapse after latest property curbs
Singapore residential-property investment sales have collapsed after the latest round of housing curbs put the brakes on ‘en-bloc’ redevelopment deals. Just two redevelopment sales worth S$353 million were completed in the third quarter, down from S$3.8 billion of transactions the previous quarter, according to data compiled by Cushman & Wakefield Inc.
Russian cybersecurity firm Group-IB to move global HQ to Singapore
Moscow-based firm Group-IB has spent close to a decade fighting and investigating cybercrime in countries all over the world. Now, the company is training its sights on Singapore as the catalyst for an expansion into South-east Asia.
Sembcorp starts commercial operation of 225-MW Myanmar power plant
Sembcorp Industries on Wednesday announced that its 225-megawatt gas-fired Sembcorp Myingyan Independent Power Plant (IPP) in Mandalay, Myanmar, has successfully commenced full commercial operation following its first phase operation in May this year.
Singtel to buy Australian cyber security firm for A$23.3 million
Singtel’s Australian subsidiary has inked a deal to buy a privately held cyber security firm incorporated in Victoria state, which will be integrated into the group’s Trustwave cyber security arm. Optus Cyber Security will pay up to A$23.3 million (S$22.9 million) for three-year-old Hivint, subject to earn-out targets and adjustments such as working capital and cash at closing, in a conditional agreement announced by the group on Wednesday evening.
ICA achieves energy savings at Woodlands, Tuas checkpoints
The Immigration & Checkpoints Authority (ICA) is one of the three organisations recognised this year for best energy efficiency practices in the public sector category. This award gives recognition to outstanding public sector agencies that have demonstrated exemplary commitment to adopting good energy efficiency practices and have been proactive in implementing energy efficiency improvement measures at their premises.
Electricity use down at MAS Building
The Monetary Authority of Singapore (MAS) is another recipient of the Best Energy Efficiency Practices Award in the public sector category this year. Its building, completed in 1985, is an early adopter of energy efficient practices, being among the first to implement electronic ballast for its lightings.
DBS launches programme to mentor 12 social enterprises in Singapor
A programme by DBS to mentor, train and finance 12 social enterprises in Singapore, jointly administered by the DBS SME Banking team and the DBS Foundation, was launched on Wednesday.
Debao Property Development given third extension for AGM, with Nov 30 deadline
Debao Property Development has been given its third extension on the deadline for its annual general meeting, the board said on Wednesday night. The shareholder meeting for the 2017 financial year, which was originally due by April 30, has been pushed back by another two months and must now be held by Nov 30.
Views, Reviews, Forum & Others
Tharman tweaks MAS prohibition orders upon appeal
Orders barring two men from doing some kinds of financial work were tweaked upon appeal to Deputy Prime Minister Tharman Shanmugaratnam, minister in charge of the Monetary Authority of Singapore (MAS), said the regulator on Wednesday.
How Singapore’s building firms can become regional leaders
Asia is the place to be if you are a construction company. Experts predict the region’s share of global construction will reach 40 per cent by 2024, with a nominal value of US$2.4 trillion. Every Singaporean construction company will be looking around the region and wondering how to get a piece of this enormous pie.
Trump’s trade war may benefit most global economies
The contours of US President Donald Trump’s trade strategy are becoming clearer by the day. America’s trading partners face dramatic threats. But, as the revamp of the United States-Korea Free Trade Agreement and the “reform” and renaming of the North American Free Trade Agreement (Nafta) demonstrate, most countries need to offer only minor concessions to appease Mr Trump. The only country Mr Trump really cares about – his “public enemy No 1” – is China.
Rising US-China tensions: Slouching towards Cold War II?
On March 12, 1947, then US President Harry Truman delivered a major address before Congress in which he stated the principles of what became known as the Cold War, depicting the Soviet Union as the major threat to US global interests.
Artificial intelligence has its limits
Save for desserts, curry leaves are essential condiments in any South Indian dish, almost mandatorily so. There is really no other quintessential substitute for the cuisine. Likewise, there is no other common denominator in any of the new tech products than artificial intelligence. AI is omnipresent, demanded by all application users and touted as the new mantra by large and small technology-based lifestyle or industrial players. There is even a prediction that one day, the chess grandmaster could be a machine and that unsolved mathematical theorems will be solved in the 21st century by machines.
Global Economy & Global Real Estate
Risks for global financial stability have risen: IMF
World leaders need to fix broken economic models, says IMF chief
Update, not destroy, trade system: IMF chief
Asian markets mixed on IMF growth outlook
China taps brakes on outbound investment, betrays capital flow fears
Trade war bites China’s ultra-wealthy
Britain expects 5,000 financial services jobs to leave by Brexit
Brexit trade deal with Asia is not as outlandish as it may seem
UK economy set for best quarter since 2016 despite flat August
Trillions in US net worth vulnerable to recession: IMF
Federal Reserve policymaker says clarity key to avoiding global disruptions
Indonesia warns of ‘spillover’ effect of policies
Indonesia tells Fed chief to be more aware of impact on emerging markets
Philippines’ trade deficit stays above US$3b, imports up 11%
Hong Kong to add artificial islands to tackle housing crisis
Carrie Lam promises more land to ease Hong Kong’s housing shortage
London housing slump weighs down national property prices
Ex-billionaire fights bid to foreclose on London home
Thai billionaire expands hotel empire to tap Chinese boom
US firm KKR to invest in Korean office property in Gangnam
Credit Suisse gives loan to US$209m London homeowner
Real Estate Investors Prefer Hipster Brooklyn to Manhattan
China’s Neighborhood Cash Drop Pumps $500 Billion Into Economy
Luxury shoppers in China still buying bags and wine, but not BMWs
Additional Articles of Interests – Local & Overseas Real Estate
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