DAILY NEWS

Daily News -12th July 2017

Top Story

Resale condo prices up 0.9% in June to hit 3-year high: SRX
Non-landed private residential resale prices rose 0.9 per cent in June from May, reaching a three-year high, flash estimates from SRX Property show. The uptick in June was led by the Core Central Region (CCR) and the Outside Central Region (OCR), which registered rises of 1.3 per cent and 1.1 per cent respectively, while the Rest of Central Region (RCR) index was flat in June.
http://www.businesstimes.com.sg/real-estate/resale-condo-prices-up-09-in-june-to-hit-3-year-high-srx
http://www.straitstimes.com/business/property/resale-condo-prices-hit-three-year-high-in-june
http://www.straitstimes.com/business/property/condo-resale-prices-rise-09-in-june-amid-fall-in-sales-volume-srx-property
https://www.srx.com.sg/research/38842/non-landed-private-rents-increase-by-05-hdb-rents-decrease-by-06-in-june-2017

Woodleigh site also draws robust bidding
A residential site at Woodleigh Lane near Bidadari housing estate is the latest to draw aggressive bidding. This time, 15 bidders took part, with CEL Unique Development, a joint venture between Chip Eng Seng, Heeton and KSH, putting in the highest bid of S$700.7 million, which translates to about S$1,110 per square foot per plot ratio (psf ppr). Keen competition was evident, with a tight margin of 0.8 per cent between the first and second bids. The top four bids were also all neck-and-neck with a tight 3.6 per cent margin. A total of five bids came in at above S$1,000 psf ppr.
http://www.businesstimes.com.sg/real-estate/woodleigh-site-also-draws-robust-bidding
http://www.straitstimes.com/business/property/woodleigh-residential-site-attracts-top-bid-of-7007m
http://www.todayonline.com/business/woodleigh-private-housing-site-gets-s7007-million-top-bid

Singapore Economy

Singapore working to deepen ties with China and US: PM
Singapore has a broad, wide-ranging relationship with both China and the United States, Prime Minister Lee Hsien Loong said on Monday. He was giving his assessment of relations with both powers in an interview with Singapore reporters towards the end of his six-day working visit to Germany, during which he met President Xi Jinping and President Donald Trump.
http://www.businesstimes.com.sg/government-economy/singapore-working-to-deepen-ties-with-china-and-us-pm

Singapore to reap benefits from China’s Belt and Road Initiative
Amid the global rise of nationalism, China’s One Belt, One Road (OBOR) – now renamed as the Belt and Road Initiative (BRI) – is a breath of fresh air, promising modern economic inclusion and connectivity. The modern Silk Road equivalent embodies a greater vision of regions connected across the world for mutual economic growth and development. Financial and economic integration is an integral element of the BRI blueprint, not only in enhancing China’s trade and financial relations with participating countries, but also to provide the much-needed financial resources to support infrastructure finance – a key sector to stimulate global economic growth.
http://www.businesstimes.com.sg/hub/futurechina-global-forum/singapore-to-reap-benefits-from-chinas-belt-and-road-initiative
http://www.businesstimes.com.sg/hub/futurechina-global-forum/strengthening-partnerships-in-the-future-economy-belt-and-road

Singapore needs to participate as super partner in infrastructure development
Asia’s continued growth is highly dependent on infrastructure. Developing Asia will require US$26 trillion over the 15 years from 2016 to 2030, or US$1.7 trillion per year. With Singapore’s outstanding achievement in the last 50 years of nation building, the country is in a good position to contribute to this opportunity and benefit from this growth.
http://www.businesstimes.com.sg/hub/futurechina-global-forum/singapore-needs-to-participate-as-super-partner-in-infrastructure

Financial firms key to China’s clout
More than 100 countries and international organisations have given the thumbs up to the Belt and Road Initiative and China, as its initiator, has been working well with over 30 countries along the route to realise the potential, and discover how it can be of benefit to all. In the years between 2014 and 2016, China has invested a total of more than US$50 billion in countries and regions along the route.
http://www.businesstimes.com.sg/hub/futurechina-global-forum/financial-firms-key-to-chinas-clout

Temasek’s one-year returns hit 13% but current high valuations a concern
Robust stock markets may have carried Temasek Holdings’ investments to 13 per cent returns in fiscal 2017, but they have also made the investment firm wary of expensive assets. The investment company owned by the Singapore government offered an outlook of an improving global economy tempered by pricey assets as it reported a record-high net portfolio value of S$275 billion as at March 31, 2017.
http://www.businesstimes.com.sg/government-economy/temaseks-one-year-returns-hit-13-but-current-high-valuations-a-concern
http://www.businesstimes.com.sg/infographics/how-temasek-did-in-fy-2017
http://www.straitstimes.com/business/companies-markets/temaseks-net-portfolio-value-hits-record-275b?login=true
http://www.channelnewsasia.com/news/singapore/temasek-holdings-announces-record-net-portfolio-value-of-s-275b-9021914
http://www.todayonline.com/singapore/temasek-posts-record-net-portfolio-value-s275-billion-delivers-13-return
Remaining True to Our DNA – The Business Times | Wednesday, July 12, 2017, Pg16-17

Department stores offering online services see happier customers
In an interesting new development showing the benefits of providing online shopping services on top of the in-store experience, local department stores offering digital platforms to customers have recorded higher customer satisfaction, loyalty, and average spend. This has been revealed in the 2017 first quarter Customer Satisfaction Index of Singapore (CSISG) results for the retail and info-communications sectors just released by the Institute of Service Excellence (ISE) at the Singapore Management University.
http://www.businesstimes.com.sg/hub/customer-satisfaction-index/department-stores-offering-online-services-see-happier-customers

Singapore Real Estate

Hotel off Keong Saik Road sold for S$31m; buzz over high of S$4,000 psf set in Amoy Street
Three adjoining freehold shophouses along Teck Lim Road off Keong Saik Road are being sold for S$31 million. The shophouses at 12, 14 and 16 Teck Lim Road span three levels and a mezzanine floor, and currently house the 42-room Chinatown Hotel. The property has not had a major refurbishment for nearly 25 years. The price works out to about S$2,770 per square foot based on an estimated gross floor area (GFA) of 11,200 sq ft.
http://www.businesstimes.com.sg/real-estate/hotel-off-keong-saik-road-sold-for-s31m-buzz-over-high-of-s4000-psf-set-in-amoy-street

Companies’ Brief

CWG acquires 70% stake in Chinese landowner for 107.7m yuan
CWG International said on Tuesday its wholly owned subsidiary, Suzhou Chiway Real Estate Co, has acquired 70 per cent of equity interest in Xuancheng Xinkaiyuan Real Estate Development Co from Huzhou Yihua Textile Co and Huzhou Yifa Textile Products Co for 107.73 million yuan (S$21.9 million). The target company owns a parcel of land at Linhai Road, Xuancheng Economic Development Zone, Anhui province, for residential development.
http://www.businesstimes.com.sg/companies-markets/cwg-acquires-70-stake-in-chinese-landowner-for-1077m-yuan

Yanlord Land requests for trading halt
Real estate developer Yanlord Land Group has requested for a trading halt of its shares on Wednesday morning before market open. The Singapore Exchange mainboard-listed entity had last said in July that it is acquiring Greens Investments, which owns property development and management entities in Zhuhai, China, for 600 million yuan (S$122.2 million).
http://www.businesstimes.com.sg/real-estate/yanlord-land-requests-for-trading-halt

Views, Reviews & Forum

Has global finance reached its peak?
The slight uptick in global export growth in recent times has helped alleviate some of the fears that the world economy is entering a prolonged phase of trade deglobalisation. Forward looking indicators such as the WTO’s World Trade Outlook Indicator are suggestive of stronger trade growth in the first half of 2017. However, it may be too soon to pass a definitive judgement as global trade-to-GDP ratios have remained flat since 2008 after decades of steady growth, and many global trade and growth policy uncertainties persist.
http://www.businesstimes.com.sg/opinion/has-global-finance-reached-its-peak

Riding the BRI with partners for mutual win-win outcomes
As Chinese President Xi Jinping highlighted during the Belt and Road Forum for International Cooperation in 2017, the Belt and Road should be built into a road of prosperity and innovation. In the same year, Singapore’s Prime Minister Lee Hsien Loong mentioned that constructive initiatives such as Belt and Road Initiative (BRI) can promote greater regional cooperation and development.
http://www.businesstimes.com.sg/hub/futurechina-global-forum/riding-the-bri-with-partners-for-mutual-win-win-outcomes