DAILY NEWS

Daily News – 1st November 2016

Singapore Economy

Bank loans fall for 12th straight month in Sept
Singapore bank loans fell year on year for the 12th straight month in September as uncertain economic conditions force lenders and businesses to stay cautious. Total bank loans fell to $603.43 billion, down by 0.8 per cent compared with $608.28 billion in September last year, according to preliminary data from the Monetary Authority of Singapore. The latest September data marks the smallest year-on-year decline in loans since May this year.
http://www.straitstimes.com/business/banking/bank-loans-fall-for-12th-straight-month-in-sept

Singapore manufacturers more upbeat about next six months: Poll
Manufacturers are becoming more optimistic about the business outlook for the next six months, though service companies remain less cheerful, according to surveys released yesterday. The Economic Development Board (EDB), which polled manufacturers, found a net weighted balance of 4 per cent of firms expect conditions to improve over the October to March period, compared with the third quarter. The net weighted balance is the difference between the percentage of firms that expect improvement and those that expect conditions to worsen. Individual responses are weighted by their contribution to employment and value added.
http://www.straitstimes.com/business/economy/manufacturers-more-upbeat-about-next-six-months-poll

Singapore firms face $16.7b debt scramble
Singapore companies, highly exposed to slowing global trade and a lacklustre commodity market, face a financing scramble next year as more than US$12 billion (S$16.7 billion) of their bonds fall due and banks grow wary of lending to the resources sector. That could trigger more blood-letting in a market that has already seen some high-profile corporate defaults, such as oil services firm Swiber Holdings, which hit the skids in July and went into judicial management last month.
http://www.straitstimes.com/business/companies-markets/singapore-firms-face-167b-debt-scramble

Singapore Real Estate

Parc Riviera’s unusual pricing scheme expected to stir interest
Level 15 is probably the “luckiest” floor in new condominium project Parc Riviera at West Coast Vale, thanks to an unconventional pricing strategy by its developer. In what could be unprecedented for new property launches, EL Development is adopting a “one-tier pricing” scheme for the first day of sales this Saturday for each unit type from the lowest floor to the 15th floor of the 36-storey development. This means that a buyer of a 15-storey unit on that day pays the same price as another buyer of the same unit type on the lowest floor.
http://www.businesstimes.com.sg/real-estate/parc-rivieras-unusual-pricing-scheme-expected-to-stir-interest
http://www.straitstimes.com/business/property/one-tier-prices-for-early-buyers-of-parc-riviera

Corals at Keppel Bay now complete
Keppel Land has completed its Corals at Keppel Bay waterfront living condo project and began handing units over to buyers yesterday. The 366-unit condo, which is 58 per cent sold, was launched in 2013 and is the latest addition to the Keppel Bay Waterfront precinct. Corals at Keppel Bay comprises 11 buildings of five to 10 storeys each. The homes range from one-bedroom to four-bedroom configurations spanning 600 to 3,000 sq ft, with penthouse units spanning 5,000 to 8,000 sq ft.
http://www.straitstimes.com/business/corals-at-keppel-bay-now-complete

Companies’ Brief

OUE H-Trust’s Q3 DPS falls 28.5% to 1.23 Singapore cents
Amid a tough retail environment, OUE Hospitality Trust’s (OUE H-Trust) distribution per stapled security (DPS) fell 28.5 per cent year on year to 1.23 Singapore cents for the third quarter ended Sept 30. The lower DPS, payable on Nov 30, was due to lower income available for distribution as well as an enlarged number of stapled securities in issue following a rights issue that was completed in April this year. OUE H-Trust is a stapled group comprising OUE Hospitality Real Estate Investment Trust (OUE H-Reit) and OUE Hospitality Business Trust (OUE H-BT). OUE H-Reit’s asset portfolio comprises the 1,077-room Mandarin Orchard Singapore and the 563-room Crowne Plaza Changi Airport, as well as Mandarin Gallery retail mall.
http://www.businesstimes.com.sg/companies-markets/oue-h-trusts-q3-dps-falls-285-to-123-singapore-cents