DAILY NEWS

Daily News – 12th April 2018

Top Story

Multi-dimensional study unveiled for Orchard Road redux
Once a magnet for global tourists and regional shoppers, Orchard Road is today losing its draw as stores along the world-famous shopping belt battle disruption from online shopping to overseas shopping. But help is on the way: the Urban Redevelopment Authority (URA) and the Singapore Tourism Board last week awarded the tender to Singapore-based Cistri to undertake a thorough study of the issues involved and come up with recommendations to set the tone for Orchard Road’s development blueprint for the next 15 to 20 years.
http://www.businesstimes.com.sg/real-estate/multi-dimensional-study-unveiled-for-orchard-road-redux

Singapore Economy

Shanghai seeks greater cooperation with Singapore, city’s top leader tells PM Lee
Shanghai, the economic heart of China, wants to learn from Singapore as it continues to reform itself and open up, the city’s new party secretary Li Qiang told Prime Minister Lee Hsien Loong on Wednesday. Mr Li outlined four areas in which he hoped to see greater cooperation between the two cities as he briefed Mr Lee on developments in Shanghai.
http://www.businesstimes.com.sg/government-economy/shanghai-seeks-greater-cooperation-with-singapore-citys-top-leader-tells-pm-lee
https://www.channelnewsasia.com/news/singapore/singapore-can-help-shanghai-companies-expand-as-part-of-belt-and-10128378
https://www.todayonline.com/world/shanghai-wants-more-co-operation-role-model-spore-party-chief-says

Singapore Real Estate

Private apartment rents fall 0.2% in March: SRX
Singapore private apartment rents declined in March 2018, after three straight months of gains, even amid a pick-up in the number of units leased out. Rents for non-landed private homes fell by 0.2 per cent against the previous month, according to flash estimates from SRX Property. The index was dragged down by homes in the core central region, where rents lost 0.4 per cent, and outside the central region, where they slipped by 0.5 per cent. But some landlords can still rest assured, with rents in the non-core central region posting a rise of 0.3 per cent.
http://www.businesstimes.com.sg/real-estate/private-apartment-rents-fall-02-in-march-srx
http://www.straitstimes.com/business/property/private-apartment-hdb-rents-down-in-march-srx

HDB flat rentals down 0.8% in March, but rental volume up 45.3%
HDB flat rentals dropped slightly in March from February, even as rental volume jumped, according to latest estimates from SRX Property released on Wednesday. Rents for HDB flats fell by 0.8 per cent in March from February. Compared with a year ago, rents in March were down by 2.4 per cent. March rents were also down 15.6 per cent compared with the peak in August 2013. Even so, HDB rental volume was up 45.3 per cent in March over February, with an estimated 2,036 flats rented in March compared with 1,401 units in the month before.
http://www.businesstimes.com.sg/real-estate/hdb-flat-rentals-down-08-in-march-but-rental-volume-up-453

Companies’ Brief

LMIR Trust warns of ‘material impact’ from Indonesia’s new withholding tax rules
The manager of Lippo Malls Indonesia Retail Trust (LMIR Trust) on Wednesday said the latest withholding tax laws in Indonesia may have a “material impact” on the trust. It said the Indonesian government had earlier this year passed certain amendments to tax rules relating to land use and building leases in the country.
http://www.businesstimes.com.sg/companies-markets/lmir-trust-warns-of-material-impact-from-indonesias-new-withholding-tax-rules

Lian Beng spin-off offering 238m shares at S$0.23 apiece for Catalist listing
SLB Development, a property development spin-off from mainboard-listed construction company Lian Beng Group, turned in the paperwork for a Catalist listing on April 11. It is offering 238 million shares at S$0.23 each, comprising eight million shares by way of public offer, and 230 million placement shares. This pegs the gross proceeds at S$54.7 million.
http://www.businesstimes.com.sg/companies-markets/lian-beng-spin-off-offering-238m-shares-at-s023-apiece-for-catalist-listing
http://www.straitstimes.com/business/companies-markets/lian-beng-unit-seeks-catalist-listing

Cache Logistics Trust converts CWT Commodity Hub to multi-tenancy lease structure
Cache Logistics Trust will convert its CWT Commodity Hub property from a master lease to a multi-tenancy lease structure from Thursday, said the Reit’s manager. The CWT Commodity Hub, located at 24 Penjuru Road withinthe Jurong Industrial Estate, is a ramp-up logistics warehouse with an average floor plate of approximately 448,000 square feet, ceiling height of up to 10 metres, and an average of 70 loading bays per floor.
http://www.businesstimes.com.sg/companies-markets/cache-logistics-trust-converts-cwt-commodity-hub-to-multi-tenancy-lease-structure
http://www.straitstimes.com/business/companies-markets/cache-logistics-trust-converts-cwt-commodity-hub-to-multi-tenancy-lease

RHT Health Trust seeks bondholders’ nod for sale to Fortis, maturity extension
The manager of RHT Health Trust is asking holders of S$120 million of 4.5 per cent notes due July 2018 to approve a sale of assets to Fortis Healthcare and a six-month extension of the maturity date. Fortis’s 46.5 billion Indian rupee (S$950 million) acquisition of RHT Health Trust’s entire portfolio is conditional upon obtaining consent from RHT Health Trust’s bondholders.
http://www.businesstimes.com.sg/companies-markets/rht-health-trust-seeks-bondholders-nod-for-sale-to-fortis-maturity-extension
http://www.straitstimes.com/business/companies-markets/rht-health-trust-seeks-bondholders-nod-for-sale-to-fortis-maturity

M&C appoints Jennifer Fox group CEO
Millennium & Copthorne Hotels (M&C) announced it has appointed ex-Fairmont Hotels & Resorts president Jennifer Fox as its group chief executive and a member of its board of directors with effect from June 19, 2018. She takes over from interim CEO Tan Kian Seng, who has held the role since February 2017 and will remain with the group as chief of staff and assume other executive responsibilities.
http://www.businesstimes.com.sg/real-estate/mc-appoints-jennifer-fox-group-ceo
http://www.straitstimes.com/business/property/millennium-copthorne-appoints-jennifer-fox-as-group-ceo

VIEWS, REVIEWS, FORUM & Others

China’s vital role in this testing moment in international relations
The theme of this year’s Boao Forum, An Open And Innovative Asia For A World Of Greater Prosperity, is appropriate and timely. I thank President Xi (Jinping) for his keynote address and my fellow leaders for their insights and perspectives from each of their different positions on the shared issues that we all face.
http://www.straitstimes.com/opinion/chinas-vital-role-in-this-testing-moment-in-international-relations