DAILY NEWS

Daily News – 13th October 2017

Top Story

Singapore economy grows 4.6% in Q3; beats expectations
Singapore’s economy grew by 4.6 per cent compared to a year ago for the third quarter of 2017, based on advance estimates of gross domestic product (GDP) growth by the Ministry of Trade and Industry (MTI) on Friday morning. This comes in higher than the 2.9 per cent growth seen in the preceding quarter, and higher than market consensus. An earlier poll of economists by Bloomberg forecast a median growth of 3.8 per cent.
http://www.businesstimes.com.sg/government-economy/singapore-economy-grows-46-in-q3-beats-expectations
http://www.straitstimes.com/business/economy/singapore-economy-grows-46-in-q3-much-better-than-expected-again-led-by
http://www.channelnewsasia.com/news/singapore/strong-manufacturing-drives-singapore-gdp-growth-to-4-6-in-q3-9304566
http://www.todayonline.com/singapore/singapores-q3-gdp-46-advanced-estimates-show

Singapore Economy

Singapore’s Aug retail sales up again to beat forecasts
Singapore retail sales in August rose 3.5 per cent from a year ago, continuing its positive year-on-year growth seen in previous months, based on data released by the Department of Statistics on Thursday. The total retail sales value in August 2017 was estimated at S$3.7 billion, higher than the S$3.5 billion a year ago. Analysts polled by Bloomberg had tipped sales to rise by 2.4 per cent.
http://www.businesstimes.com.sg/government-economy/singapores-aug-retail-sales-up-again-to-beat-forecasts
http://www.straitstimes.com/business/strongest-retail-sales-growth-in-1-12-years?login=true

MAS maintains flat appreciation rate for Singdollar
The Monetary Authority of Singapore (MAS) maintained a neutral monetary policy of zero appreciation for the trade-weighted Singapore dollar exchange rate on Friday. The central bank kept the mid-point and width of its policy band unchanged.
http://www.businesstimes.com.sg/government-economy/mas-maintains-flat-appreciation-rate-for-singdollar
http://www.straitstimes.com/business/economy/mas-to-stand-pat-on-singdollar-policy-even-as-economic-growth-surges-to-three-year

Singapore Real Estate

Royalville in Bukit Timah priced at S$368m in collective sale
Royalville, a prime freehold residential site in Bukit Timah Road, has been launched for a collective sale by owners asking for S$368 million. This reflects a land rate of S$1,509 per square foot per plot ratio (psf ppr), with no development charge payable, said its marketing agent Edmund Tie & Company (SEA).
http://www.businesstimes.com.sg/real-estate/royalville-in-bukit-timah-priced-at-s368m-in-collective-sale
http://www.straitstimes.com/business/property/two-more-condos-move-closer-to-selling-en-bloc?login=true

Engineer develops tool to tackle homebuying woes
For months, a young couple tried to make sense of an overwhelming amount of information online as they searched for a Housing and Development Board (HDB) resale flat to buy. It led the groom-to-be to devise a better solution. Starting in August, Mr Leow Hua Sheng, 28, a radar engineer at DSO National Laboratories, took a month to develop HDBSensemake. The visualisation tool allows homebuyers to determine a reasonable sum to pay for a resale flat in any given area.
http://www.todayonline.com/singapore/engineer-develops-tool-tackle-homebuying-woes

Singapore’s hidden home-sharing economy quietly on the rise
Sizing up the home-sharing industry in Singapore has become the economist’s puzzle as the aspiring “Smart Nation” grapples with resistance to next-door strangers. Despite government rules restricting the likes of Airbnb Inc operating in Singapore, there are signs that home-sharing has become more prolific in the city state.
http://www.businesstimes.com.sg/real-estate/singapores-hidden-home-sharing-economy-quietly-on-the-rise

Companies’ Brief

RB Capital’s Robertson Quay gem dazzles riverfront
RB Capital’s InterContinental Singapore Robertson Quay has opened its doors, which together with the group’s retail podium at The Quayside next door, is poised to be a magnet on the riverfront. Between them, they offer close to 100,000 square feet of lettable area of food and beverage/lifestyle offerings across 25 outlets.
http://www.businesstimes.com.sg/real-estate/rb-capitals-robertson-quay-gem-dazzles-riverfront

Takeover offer made for Indiabulls property trust at 90 cts apiece
A takeover offer of S$306 million has been made for Indiabulls Properties Investment Trust (IPIT) by the Indiabulls Group at 90 Singapore cents apiece, in a move that will lead to the delisting of the business trust from the Singapore Exchange (SGX). Some deem the development as good riddance – and it is hard to fault this view, given that since its 2008 listing on the SGX at S$1 a unit, IPIT has been on the receiving end of scorn – share price under-performance being one key reason.
http://www.businesstimes.com.sg/companies-markets/takeover-offer-made-for-indiabulls-property-trust-at-90-cts-apiece

CPPIB invests up to US$350m in Keppel’s data centre fund
The data centre fund managed by Alpha Investment Partners, a wholly owned unit of Keppel Capital, is receiving another shot in the arm – this time from Canada Pension Plan Investment Board (CPPIB) which is investing up to US$350 million of capital, with an option to invest another US$150 million.
http://www.businesstimes.com.sg/companies-markets/cppib-invests-up-to-us350m-in-keppels-data-centre-fund

Lian Beng exploring spin-off of property development business
Lian Beng Group said it is exploring a possible spin-off of its property development business to be listed on the Catalist Board of the Singapore Exchange. It has appointed SAC Capital Private Limited as the financial advisor on the proposed spin-off, and the sponsor and issue manager for the proposed listing.
http://www.businesstimes.com.sg/companies-markets/lian-beng-exploring-spin-off-of-property-development-business
http://www.straitstimes.com/business/property/lian-beng-boosts-land-bank-on-strong-financial-position?login=true

Oxley to issue 22.75m shares via placement at S$0.59 apiece
Oxley Holdings Ltd said on Thursday that it has entered into a placement agreement with Maybank Kim Eng Securities as placement agent for a private placement of up to 22.75 million treasury shares at S$0.59 apiece. The placement price represents a discount of about 8.3 per cent to the volume weighted average price of S$0.6434 per share based on trades done on the stock exchange on Oct 12.
http://www.businesstimes.com.sg/companies-markets/oxley-to-issue-2275m-shares-via-placement-at-s059-apiece

FCL issues S$30m fixed rate notes at 4.25% interest
Frasers Centrepoint Limited (FCL) issued S$30 million of fixed rate notes that mature in 2026 at 4.25 per cent interest. This is part of its S$3 billion multi-currency debt issuance programme set up on March 21. OCBC is the sole global coordinator, lead manager and bookrunner for this tranche of notes. Approval in-principle from the Singapore Exchange for the listing and quotation of these notes on SGX has been received.
http://www.businesstimes.com.sg/companies-markets/fcl-issues-s30m-fixed-rate-notes-at-425-interest

Views, Reviews & Forum

Security a concern with open design condos
An open-space concept for private condominiums will not work in Singapore (Future condos could have open design, fewer fences; Oct 2). People who buy such apartments value the privacy and security that come with them. Security is a big problem in Housing Board blocks. Vendors are always hanging around in the corridors, there are break-ins, and rubbish and leaflets get thrown into homes or letter boxes.
http://www.straitstimes.com/forum/letters-in-print/security-a-concern-with-open-design-condos?login=true