DAILY NEWS

Daily News – 14 Jan 2020

Singapore Real Estate

Citizens from new markets among buyers of top condos here
The cooling measures introduced in July 2018 have dampened overall home-buying demand but in the top end of the condo market, foreigners may have shown more resilience. Drawing data from the Urban Redevelopment Authority’s (URA) Realis, a report by ERA Research & Consultancy showed that the number of non-landed private residential units in the Core Central Region (CCR) bought by Singaporeans sank…
https://www.businesstimes.com.sg/real-estate/citizens-from-new-markets-among-buyers-of-top-condos-here

Freehold 12-unit Casa Sophia sold en bloc for S$29m
All 12 units of Casa Sophia, a freehold apartment development along Sophia Road, are being sold for a total of S$29 million. This works out to around S$1,200 per square foot per plot ratio inclusive of an estimated S$2.2 million development charge, BT understands.
https://www.businesstimes.com.sg/real-estate/freehold-12-unit-casa-sophia-sold-en-bloc-for-s29m

Singapore Economy

Singapore firms want Budget to address rising business costs, wages: SBF
Faced with rising business costs and wages in a challenging operating environment, companies want those issues addressed in this year’s Budget. To that end, they are seeking tax relief and other business lifelines, with tax reductions and rebates topping their wishlists, according to the Singapore Business Federation’s (SBF) latest annual survey of over 1,000 companies in Singapore.
https://www.businesstimes.com.sg/government-economy/singapore-firms-want-budget-to-address-rising-business-costs-wages-sbf
https://www.straitstimes.com/business/economy/singapore-businesses-seek-tax-cuts-rebates-in-budget-2020-amid-uncertain-climate

Companies’ Brief

SPH Q1 earnings down 17.2% on higher costs, lower print ad sales
Media and property group Singapore Press Holdings (SPH) saw its net profit for the first quarter to November down 17.2 per cent to S$46.3 million, as contributions from its media segment continued to slide – though somewhat mitigated by property takings. The mainboard-listed group reported an operating revenue of S$243.98 million for the three months, or 4.1 per cent lower year on year. The decline in…
https://www.businesstimes.com.sg/companies-markets/sph-q1-earnings-down-172-on-higher-costs-lower-print-ad-sales
https://www.straitstimes.com/business/companies-markets/sph-posts-4-dip-in-operating-revenue

SLB back in the black with Q2 gain
Property player SLB Development recorded S$3.6 million in earnings for the second quarter ended November, lifted by revenue from the Mactaggart Foodlink project, reversing the company’s year-ago loss of S$726,000. This translates to a Q2 earnings per share of 0.4 Singapore cent, compared to a 0.08 cent loss per share a year ago.
https://www.businesstimes.com.sg/real-estate/slb-back-in-the-black-with-q2-gain

ESR, GIC setting up US$500m China logistics JV
China’s logistics property sector continues to draw interest from investors, with ESR Cayman (ESR) and GIC entrenching themselves in the space. ESR, a logistics real estate developer, is establishing a US$500 million joint venture with Singapore sovereign wealth fund GIC to develop institutional-grade logistics facilities in key cities across China.
https://www.businesstimes.com.sg/companies-markets/esr-gic-setting-up-us500m-china-logistics-jv
https://www.straitstimes.com/business/economy/esr-and-gic-to-set-up-673m-joint-venture-to-invest-in-china-logistics-facilities

Tee International to sell Tee Land stake to Amcorp for S$50.62m
Mainboard-listed Tee International has entered into a conditional agreement to sell its 63.28 per cent stake in Tee Land to a unit of Malaysia’s Amcorp Group for S$50.62 million in cash, or S$0.179 per share. Separately, Tee International’s former chief executive Phua Chian Kin has also entered into a conditional agreement with Amcorp to sell his 5.5 per cent stake in Tee Land, comprising about 25.6 million shares…
https://www.businesstimes.com.sg/real-estate/tee-international-to-sell-tee-land-stake-to-amcorp-for-s5062m

Lian Beng Q2 earnings jump 51% as revenue doubles
Mainboard-listed Lian Beng recorded a 51.1 per cent increase in net profit to S$11.2 million for the second quarter ended November, while revenue doubled to S$164.7 million. This translates to earnings per share of 2.24 cents for Q2, compared to 1.48 cents a year ago. The company also declared a S$0.01 interim dividend, unchanged from a year ago, to be paid out on Feb 10.
https://www.businesstimes.com.sg/companies-markets/lian-beng-q2-earnings-jump-51-as-revenue-doubles

Aspen awards RM617m construction contract to Kerjaya Prospek
Malaysian developer Aspen (Group) Holdings’ indirect subsidiary Aspen Vision City has on Jan 13 awarded a RM617 million (S$203.9 million) construction contract to contractor Kerjaya Prospek (M) for two projects in Penang, Malaysia. Aspen will pay RM365 million for the first project, the Vivo Executive Apartment, and RM252 million for the second project, Viio, which is Vivo’s second phase of development.
https://www.businesstimes.com.sg/companies-markets/aspen-awards-rm617m-construction-contract-to-kerjaya-prospek

WeWork to continue expansion in Singapore; market profitable despite global layoffs, says MD
Co-working space operator WeWork has been dogged by cash flow problems and was forced to lay off about a fifth of its workforce last year, but it remains in robust health in this region, it seems. The layoffs – about 2,400 workers were affected – did not heavily affect Singapore and South-east Asia, said Mr Turochas Fuad, WeWork managing director for the region.
https://www.straitstimes.com/business/companies-markets/wework-to-continue-expansion-in-spore
https://www.channelnewsasia.com/news/business/wework-singapore-expansion-turochas-fuad-interview-12258338