DAILY NEWS

Daily News – 14th Jun 2018

Top Story

Singapore economy at risk from faster-than-expected rate hikes
Private-sector economists have flagged faster-than-expected interest rate increases as one of the top risks to Singapore’s economy over the rest of the year, according to a new survey. The threat of a global trade war also remains a key concern among those polled in the survey conducted by the Monetary Authority of Singapore (MAS).
https://www.businesstimes.com.sg/government-economy/singapore-economy-at-risk-from-faster-than-expected-rate-hikes
https://www.straitstimes.com/business/economy/service-sector-to-be-bigger-driver-of-economy-this-year-survey
https://www.channelnewsasia.com/news/singapore/economists-maintain-singapore-s-2018-growth-forecast-at-3-2-mas-10426530

HDB and private rents edge up 0.2% in May: SRX
Rents in May inched up just 0.2 per cent for both private and HDB homes from the previous month, as volumes continued their decline, according to flash estimates released by real estate portal SRX Property on Wednesday. Year-on-year, rents from non-landed private rentals improved marginally by 0.8 per cent; the May showing was 18.9 per cent lower than its peak in Jan 2013.
https://www.businesstimes.com.sg/real-estate/hdb-and-private-rents-edge-up-02-in-may-srx
https://www.straitstimes.com/business/property/housing-rents-edge-up-but-decline-in-volumes-continues

Singapore Economy

Retailers must transform digitally to keep up with SEA’s Internet economy
As South-east Asia’s Internet economy continues to grow, retail companies must transform digitally to meet changing consumer preferences, said Minister-in-charge of Trade Relations S Iswaran on June 13. “The drivers of this growth are 600 million consumers with a median age below 30, who can potentially leapfrog the technology evolution curve and directly adopt smartphones and e-commerce as a way of life,” he told the Consumer Goods Forum’s 62nd Global Summit at Marina Bay Sands Expo and Convention Centre.
https://www.businesstimes.com.sg/consumer/retailers-must-transform-digitally-to-keep-up-with-seas-internet-economy

New award launched to recognise firms that reinvent, innovate
A new award was launched on Wednesday to recognise businesses which managed to transform themselves to become innovative and future-ready. Known as the Special Recognition Award – Enterprise Transformation, it is part of the Enterprise 50 (E50) Awards lineup for 2018.
https://www.businesstimes.com.sg/sme/new-award-launched-to-recognise-firms-that-reinvent-innovate

Retrenchments at 5-year low, vacancies on the rise in 1Q2018: MOM
The labour market continued to show slight improvements in the first quarter of 2018, with retrenchment figures falling to a five-year low and the number of job openings on the rise. Statistics released by the Ministry of Manpower (MOM) on Wednesday showed that 2,320 workers were laid off in the first quarter of this year, a drop from 4,000 in the same quarter last year. This is higher than the MOM’s initial estimates of 2,100.
https://www.businesstimes.com.sg/government-economy/retrenchments-at-5-year-low-vacancies-on-the-rise-in-1q2018-mom
https://www.straitstimes.com/singapore/manpower/job-market-improves-with-more-openings-amid-fewer-layoffs
https://www.channelnewsasia.com/news/singapore/retrenchments-lowest-in-5-years-resident-unemployment-rate-10426326
https://www.todayonline.com/singapore/retrenchments-fell-five-year-low-promising-market-job-seekers-mom-q1-labour-market-report

Singapore is ideal partner to test new tech: Heng Swee Keat
Singapore’s single-layer system of government means it can be more decisive about testbedding new technology than most other countries, and this makes it an ideal partner for countries to test out innovations, Finance Minister Heng Swee Keat said yesterday. And the Republic is keen to grow its collaboration with Japanese agencies and companies, he told Singaporean media at the end of a six-day working visit to Tokyo. He flew to Japan directly from China, where he was on an eight-day visit.
https://www.straitstimes.com/asia/east-asia/singapore-is-ideal-partner-to-test-new-tech-heng-swee-keat

Singapore Real Estate

Park House goes for record S$2,910 psf ppr
Orchard property Park House has fetched a record collective sale price of S$2,910 per sq ft per plot ratio, marketing agent CBRE said on Wednesday. The freehold District 10 development at 21 Orchard Boulevard sold for S$375.5 million. This translates to S$2,910 psf ppr on the maximum allowable gross floor area of 129,035 sq ft, excluding the 10 per cent bonus for balconies.
https://www.businesstimes.com.sg/real-estate/park-house-goes-for-record-s2910-psf-ppr
https://www.straitstimes.com/business/property/park-house-sold-for-record-price-of-2910-psf-per-plot-ratio

Lakeside Apartments owners ask for S$240m
Lakeside Apartments is now on the market with a reserve price of S$240 million, becoming the latest development to wade into the collective sale arena. With more than 80 per cent of the owners at the 134,176 sq ft site in the Jurong Lake District area having agreed to sell their units, the tender was launched on Tuesday. Each owner in the 120-unit development could get S$2 million. There are 58 years left on the development’s 99-year lease.
https://www.businesstimes.com.sg/real-estate/lakeside-apartments-owners-ask-for-s240m
https://www.straitstimes.com/business/property/lakeside-apartments-up-for-sale-en-bloc-with-240m-reserve-price

Companies’ Brief

Imperium Crown to organise first Beerfest Asia in China
Catalist-listed Imperium Crown on Wednesday signed an agreement with Singapore Press Holdings’s (SPH) subsidiary Sphere Exhibits to organise the first Beerfest Asia event in China – Beerfest Shandong. With the agreement, Imperium was also granted the usage of the “Beerfest Asia” trademark in Shandong Province for an initial term of one year. This will enable Imperium to hold China’s first Beerfest Asia event at the province’s Wonder Stone Park from Oct 1 to Oct 7.
https://www.businesstimes.com.sg/companies-markets/imperium-crown-to-organise-first-beerfest-asia-in-china
https://www.straitstimes.com/business/companies-markets/imperium-crown-gains-use-of-beerfest-asia-trade-mark-in-shandong-from-sph

UOL gains statutory control of UIC
UOL Group has gained statutory control of United Industrial Corporation (UIC), after its stake in UIC crossed 50 per cent on Wednesday. In a regulatory filing, UOL said its stake in UIC hit 50.006 per cent of the latter’s issued capital, after its wholly owned unit UOL Equity Investments acquired 300,000 UIC shares on Wednesday at S$3.29438 per share.
https://www.businesstimes.com.sg/companies-markets/uol-gains-statutory-control-of-uic

Aspen associate to develop logistics hub in Selangor
An associated company of Malaysian developer Aspen (Group) Holdings will invest RM600 million (S$200.7 million) to develop an industrial site in Shah Alam in Selangor into a “sustainable integrated logistics and warehousing hub”. The facility will have 3.3 million sq ft of built-up area.
https://www.businesstimes.com.sg/real-estate/aspen-associate-to-develop-logistics-hub-in-selangor
https://www.straitstimes.com/business/companies-markets/aspen-associate-to-spend-rm600m-developing-logistics-hub-on-industrial

Blackstone to step up buying in Asia after raising US$9.4b
Blackstone Group said that it will accelerate its Asia-Pacific investments after raising a combined US$9.4 billion from two funds dedicated to the region. The New York-based alternative asset manager will have US$15 billion to deploy to real estate, private equity and other opportunities in Asia once money from its global funds is included, according to Jonathan Gray, Blackstone’s president and chief operating officer.
https://www.businesstimes.com.sg/real-estate/blackstone-to-step-up-buying-in-asia-after-raising-us94b

Views, Reviews, Forum & Others

Sell the shopping experience, not just the products, retailers urged
Many stores here remain focused on just selling products instead of embracing new retail concepts that stress giving shoppers more memorable experiences, according to professional services firm EY. Mr Andrew Cosgrove, its global lead analyst for consumer products and retail, said firms need to offer more than simple transactions and should use artificial intelligence to personalise shopping.
https://www.straitstimes.com/singapore/sell-the-shopping-experience-not-just-the-products-retailers-urged

Orchard Road smoke-free zone pushed back by 6 months
A move to protect non-smokers from second-hand smoke in and around Orchard Road will be pushed back by six months to give businesses more time to get ready. Orchard Road was originally scheduled to go smoke-free on July 1, with smokers able to light up only in designated smoking areas. The move was announced on June 30 last year.
https://www.straitstimes.com/singapore/orchard-road-smoke-free-zone-pushed-back-by-6-months
https://www.channelnewsasia.com/news/singapore/orchard-road-smoke-free-zone-delayed-6-months-to-end-2018-10427798
https://www.todayonline.com/singapore/another-6-months-more-businesses-prepare-orchard-road-becomes-smoke-free