DAILY NEWS

Daily News – 12th April 2016

Singapore Economy

Keep looking up – the economy depends on it
INGAPORE’S economy grew by 2 per cent last year; this year, official data pegs growth at 1 to 3 per cent. So, which way will the economy go – will it grow faster, or will it lose steam? Turns out, which way you look will have an effect on how much the economy can grow. Amid slowing growth, Singapore’s newly-elected government was quick to address this phenomenon through the Budget unveiled by Finance minister Heng Swee Keat on March 24.
http://www.businesstimes.com.sg/government-economy/keep-looking-up-the-economy-depends-on-it

Annual value of home ‘best available proxy’ in means-testing
The annual value of one’s home is not a perfect measure of wealth, but it remains the “best available proxy” in helping the Government to determine eligibility for its social-support schemes, Senior Minister of State for Finance Sim Ann said yesterday. Furthermore, as this data does not need to be separately collected, using it allows the Government to deliver benefits, such as the GST Voucher, to recipients automatically without their having to sign up for them, she added yesterday at the Ministry of Finance’s Committee of Supply debate.
http://www.todayonline.com/business/annual-value-home-best-available-proxy-means-testing

Singapore Real Estate

CIT sells Tuas property for S$16.5m, mulls more divestments
INDUSTRIAL landlord Cambridge Industrial Trust (CIT) has agreed to sell its remaining leasehold interest in a warehouse property at 23 Tuas Avenue 10 for S$16.5 million and may be planning more divestments of assets around this size as it seeks to recycle capital and venture into Australia. The trust manager has “had a review of the portfolio” and determined that some assets – including this Tuas one – were “non-core”, CIT chief executive officer Philip Levinson told The Business Times over the phone on Monday morning.
http://www.businesstimes.com.sg/companies-markets/cit-sells-tuas-property-for-s165m-mulls-more-divestments

Woh Hup bags job for Aspial’s JV Citygate project
ASPIAL Corporation has awarded the contract for the construction of its CityGate project to Woh Hup. Construction for CityGate is expected to commence in May 2016. The construction period is 32 months and TOP is expected to be obtained in January 2019. CityGate is a 30-storey commercial and residential development located at the junction of Beach Road and Jalan Sultan. It has a land area of about 7,269 square metres and can potentially yield a gross floor area of approximately 38,525 sq m. The project is a 50:50 joint venture between Aspial and Fragrance Group Limited.
http://www.businesstimes.com.sg/real-estate/woh-hup-bags-job-for-aspials-jv-citygate-project
http://www.straitstimes.com/business/companies-markets/company-briefs-aspial-corporation-0

More details unveiled on home scheme for rental flat families
The government on Monday released more details on the Fresh Start Housing Scheme, which will help families in public rental flats with young children own a home again. These are households that had previously enjoyed a housing subsidy, but have sold their flats along the way. They are now likely to have a smaller housing budget, and be mired in financial difficulties. They also cannot enjoy housing grants meant for first-timers, and have to pay a resale levy when buying a second subsidised flat from HDB.
http://www.businesstimes.com.sg/government-economy/more-details-unveiled-on-home-scheme-for-rental-flat-families

Heartland retailers to get more financial support for upgrading: MND
Heartland retailers will receive greater financial assistance for upgrading works under the enhanced Revitalisation of Shops (ROS) scheme, announced the Ministry of National Development (MND) on Monday (April 11). The upgraded ROS package, which will cost about S$15 million yearly, was first revealed by Finance Minister Heng Swee Keat in his Budget statement last month. Since 2007, about half of all Housing and Development Board (HDB) shops islandwide have benefitted from the ROS scheme with upgraded shop fronts and funding support for promotional activities, said Senior Minister of State for MND Desmond Lee.
http://www.channelnewsasia.com/news/singapore/heartland-retailers-to/2685562.html

3: Helping second-timers who are rental tenants to buy flat
Under a new scheme, families who previously owned a Housing Board flat but are now public rental tenants can get help to buy a new flat – but face conditions such as having to stay employed. They also have to live in their new home for 20 years before they can sell it, compared to the usual five. But they will be hand-held through this home ownership journey, National Development Minister Lawrence Wong said yesterday when he gave details of the Fresh Start Housing Scheme. To start later this year, the scheme is for families renting public flats and with children aged below 16, said Mr Wong. The move is to give the children a stable home environment, he added.
http://www.straitstimes.com/singapore/3-helping-second-timers-who-are-rental-tenants-to-buy-flat

Developers will need to incorporate needs of pedestrians, cyclists: MND
Developers will be required to incorporate the needs of pedestrians and cyclists in their plans, announced the Ministry of National Development (MND) on Monday (April 11) as it unveiled further plans to move Singapore towards a “car-lite, people-friendly” city. Minister for National Development Lawrence Wong said the Land Transport Authority (LTA) and Urban Redevelopment Authority (URA) will require developers to plan for pedestrian and cyclist access, and review locations of bicycle parking facilities as well as vehicular access points to minimise conflict with pedestrians and cyclists.
http://www.channelnewsasia.com/news/singapore/developers-will-need-to/2685482.html

Details revealed for Fresh Start Housing Scheme to help rental flat dwellers
Details of the Fresh Start Housing Scheme, which aims to help second-timer families in rental flats buy a home, were released on Monday (Apr 11). Minister of National Development Lawrence Wong said his ministry aims to introduce the scheme by the end of the year. Speaking in Parliament as part of the Committee of Supply debates, Mr Wong said that the scheme targets parents with school-going children.
http://www.channelnewsasia.com/news/singapore/details-revealed-for/2685388.html

Companies’ Brief

Kwek Leng Beng’s son named CDL deputy CEO
THE son of real estate tycoon Kwek Leng Beng has been named deputy chief executive officer at City Developments Limited (CDL), the property group said in a Singapore Exchange filing on Monday morning. It also announced a new chief financial officer and other appointments, saying it aimed to improve its organisational structure as it ramps up diversification plans. Sherman Kwek Eik Tse, 40, will assist the CEO, Grant Kelley, in overseeing and managing “key operating divisions” within the group, CDL said, adding that he would relinquish his positions as chief investment officer of the group and chief executive officer of CDL China.
http://www.businesstimes.com.sg/companies-markets/kwek-leng-bengs-son-named-cdl-deputy-ceo
http://www.straitstimes.com/business/companies-markets/sherman-kwek-is-cdls-deputy-ceo
http://www.channelnewsasia.com/news/business/singapore/sherman-kwek-named-deputy/2684476.html

Views, Reviews & Forum

Hawkers affected by upgrading could be given rental remission: MEWR
Stall-holders who are directly affected by maintenance works and are unable to operate their stalls due to the closure of the centres may be given rental remission for the duration of the works, said Minister of the Environment and Water Resources Masagos Zulkifli on Monday (Apr 11). Member of Parliament for Ang Mo Kio GRC Ang Hin Kee had asked if the Ministry for the Environment and Water Resources (MEWR) would consider helping hawkers offset their loss of income.
http://www.channelnewsasia.com/news/singapore/hawkers-affected-by/2685756.html