DAILY NEWS

Daily News – 12th December 2017

Singapore Economy

Banks sing auld lang syne amid existential question: what is a bank?
Three years ago, McKinsey took the view that while fintechs would hurt the margins of global banks, banks would be able to stand their ground in holding on to customers. But in its latest annual report assessing banks, the global consultancy professed to have been caught off-guard by the speed at which banks have lost ground in market share to large fintechs.
http://www.businesstimes.com.sg/banking-finance/banks-sing-auld-lang-syne-amid-existential-question-what-is-a-bank

Asian equities set for ‘bullish’ road ahead driven by earnings
With inflationary pressures building up in 2018, the Asian equities market is set for a bullish road ahead, as earnings are poised for stronger growth and returns expected to be good. At an economic and markets outlook briefing on Monday, Rob Subbaraman, head of Emerging Markets Economics, Nomura, said: “Overall, we are bullish on Asian equities, not so much because we expect multiples to expand. We acknowledge that valuations are pretty rich. What we think is going to happen is earnings are going to pick up, very much in line with our growth outlook. That’s going to drive pretty solid returns.”
http://www.businesstimes.com.sg/companies-markets/asian-equities-set-for-bullish-road-ahead-driven-by-earnings

IRAS appoints Ng Wai Choong as new commissioner and CEO
The Inland Revenue Authority of Singapore (IRAS) on Monday announced that Ng Wai Choong has been appointed to dual roles as commissioner of inland revenue and chief executive officer from Feb 1, 2018. Mr Ng, who is the chief executive of the Energy Market Authority (EMA), will succeed Tan Tee How in both roles when the latter retires on Feb 1. Mr Tan has held the appointments since Dec 1, 2014.
http://www.businesstimes.com.sg/government-economy/iras-appoints-ng-wai-choong-as-new-commissioner-and-ceo
http://www.straitstimes.com/singapore/ngiam-shih-chun-appointed-ema-chief-to-take-over-from-ng-wai-choong-who-will-be-iras

Singapore Real Estate

New flats and new role for Dakota Crescent estate
One of Singapore’s oldest public housing estates, Dakota Crescent, will receive a new lease of life when new public flats are built there, but parts of the historic estate will be retained, Minister for National Development Lawrence Wong said yesterday. In a Facebook post, he said that the central cluster of buildings around the courtyard area, including the iconic dove playground, will be kept and repurposed for civic and community uses.
http://www.businesstimes.com.sg/government-economy/new-flats-and-new-role-for-dakota-crescent-estate
http://www.straitstimes.com/singapore/housing/dakota-icons-to-be-kept-as-estate-is-redeveloped
http://www.straitstimes.com/singapore/housing/former-residents-cheer-decision-to-retain-parts-of-dakota-estate
http://www.channelnewsasia.com/news/singapore/dakota-crescent-to-be-redeveloped-into-public-housing-site-9488216
http://www.todayonline.com/singapore/dakota-crescent-be-redeveloped-new-hdb-flats-dove-playground-be-retained

Companies’ Brief

SingHaiyi, shareholders take 9.9% stake in Cromwell for A$169m
Mainboard-listed real estate group SingHaiyi has, in conjunction with Haiyi Holdings, subscribed for about 175.1 million units of stapled securities, or a 9.9 per cent stake, in Australia-listed Cromwell Property Group for A$169.6 million (S$172.4 million). Haiyi Holdings is a wholly owned entity of SingHaiyi’s controlling shareholders Gordon Tang and Celine Tang.
http://www.businesstimes.com.sg/companies-markets/singhaiyi-shareholders-take-99-stake-in-cromwell-for-a169m

Woh Hup unit launches VC fund, invests in co-living startup
Woh Hup unit Aurum Investments has launched a double-digit multi-million venture capital fund, and invested US$1.5 million in seed funding in co-living startup Hmlet. This comes amid a growing trend of traditional property firms dipping their toes into property technology, or proptech. The Singapore-based corporate venture capital fund is seeking out startups that are tech-focused and scalable towards local and regional real estate opportunities. Hmlet is its first investment.
http://www.businesstimes.com.sg/companies-markets/woh-hup-unit-launches-vc-fund-invests-in-co-living-startup
http://www.straitstimes.com/business/companies-markets/woh-hup-unit-launches-vc-fund-invests-2m-in-co-living-start-up?login=true

Centurion prices Hong Kong IPO shares at HK$3.18; offer 4.1 times subscribed
Dormitory developer Centurion Corp has priced its secondary-listing offer in Hong Kong at HK$3.18 per share, near the mid-point of price talk of between HK$3 and HK$3.30. The 36-million-share offering was 4.1 times subscribed, based on applications for 112.5 million public offer shares and 35.2 million placement shares, the Singapore mainboard-listed company said on Monday before the market opened.
http://www.businesstimes.com.sg/companies-markets/centurion-prices-hong-kong-ipo-shares-at-hk318-offer-41-times-subscribed
http://www.straitstimes.com/business/companies-markets/centurion-prices-hong-kong-ipo-shares-at-hk318-apiece?login=true

Fullerton Health to buy 60% stake in Intellicare Group
Corporate healthcare solutions provider Fullerton Health announced on Monday it has entered into a deal to acquire a 60 per cent stake in Philippines-based Intellicare Group. The deal is subject to the fulfilment of certain conditions and is expected to complete in early 2018. When contacted, Fullerton declined to reveal the deal’s terms, but said that the company would pay for the stake with a possible combination of debt, cash resources and its recent US$175 million perpetual bond issuance in March 2017.
http://www.businesstimes.com.sg/companies-markets/fullerton-health-to-buy-60-stake-in-intellicare-group

Oxley buys freehold Apartment 8 at Potong Pasir for S$21.53m
Property developer Oxley Holdings has exercised options to purchase all eight units of the Apartment 8 freehold development in the Potong Pasir neighbourhood for S$21.53 million in total. The sellers of the development, located at 21 Meyappa Chettiar Road, have already been paid S$215,300 in aggregate upon the granting of the options, and a further S$861,200 upon the Oxley’s exercise of the options. The balance will be paid upon completion of the purchase, scheduled to be March 2018.
http://www.businesstimes.com.sg/real-estate/oxley-buys-freehold-apartment-8-at-potong-pasir-for-s2153m
http://www.straitstimes.com/business/property/oxley-buys-freehold-apartment-8-at-potong-pasir-for-s2153m?login=true

SC Global makes maiden acquisition in Tokyo’s Ginza
Upmarket Singapore-based property group SC Global Developments has acquired a 12-storey prime freehold commercial development in Tokyo’s Ginza district. GINZA 12, which was completed recently, has a gross floor area of 7,785 square feet and is located a stone’s throw from the Higashi Ginza Metro Station at the intersection of two major streets, Showa Dori and Harumi Dori.
http://www.businesstimes.com.sg/real-estate/sc-global-makes-maiden-acquisition-in-tokyos-ginza-0
http://www.straitstimes.com/business/property/sc-global-makes-maiden-acquisition-in-tokyos-ginza?login=true

CDL offers compromise but decision lies with M&C Hotels shareholders
After minority shareholders of Millennium & Copthorne Hotels (M&C) pushed back against an earlier attempt by sister company City Developments (CDL) to take the London-listed hotelier private, CDL bumped up its offer last Friday. M&C’s minorities now get to decide whether the deal goes through, by taking or leaving the revised offer of 620 pence a share, up from 552.5 pence earlier.
http://www.businesstimes.com.sg/companies-markets/cdl-offers-compromise-but-decision-lies-with-mc-hotels-shareholders
http://www.straitstimes.com/business/companies-markets/cdl-raises-its-offer-price-in-mc-hotels-buyout-bid?login=true