MAS ready to intervene to curb SGD volatility
The Monetary Authority of Singapore (MAS) said on Friday it is ready to intervene to curb excessive volatility in the Singdollar as Trumpflation fears hit regional currencies. The SGD has fallen as much as 2.2 per cent to S$1.42 against the US dollar since Wednesday on worries the next US president, Donald Trump, will turn protectionist. MAS said the S$NEER (Singapore dollar nominal effective exchange rate) remains well within its policy band, notwithstanding increased volatility in international foreign-exchange markets over the last few days.
Singapore takes bold strides in fintech journey
The inaugural Singapore Fintech Festival this week is being pitched as a “festival of innovation”, where financial institutions, start-ups and investors can explore collaboration. The event also underlines efforts by the Monetary Authority of Singapore (MAS) and industry players here to establish a thriving financial technology (fintech) hub that will pulsate at the heart of Singapore’s digital economy.
Semarang industrial park to create 100,000 jobs by 2021: Sembcorp Development CEO
When the first phase of the Kendal Industrial Park in Central Java, a joint Indonesian-Singaporean project, is complete by 2021, about 100,000 employment opportunities will be created, Sembcorp Development CEO Kelvin Teo told Channel NewsAsia on Sunday (Nov 13). The park, which is also known as Park by the Bay, is a joint venture between Indonesia’s industrial estate developer PT Jababeka and Singapore’s Sembcorp Development. It will be officially opened by Prime Minister Lee Hsien Loong and President Joko Widodo on Monday, one of the highlights of the leaders’ retreat in Semarang.
Singapore Real Estate
More residents want say in how their HDB blocks look
Four months ago, a small election took place quietly among residents living in Tampines Avenue 9. Every household was mailed a ballot form. They were given three candidates. When done marking their choice, the voters dropped the forms into the polling box at their block’s void deck. Residents were choosing not their parliamentarian or president, but the colour scheme for their block of flats.
Executive condos regain shine in lacklustre market
With bargain hunters on the prowl, executive condominiums (ECs) have become attractive options in a tepid property market, as vacancy rates and the number of unsold units fall in tandem with declining prices. Property analysts TODAY spoke to noted that the median price of ECs has fallen 6 per cent from S$826 per square foot (psf) in the first three months of last year to S$773 psf in the third quarter of this year.
Report of Punggol Waterway Terraces roof collapse a ‘hoax’: HDB
Claims that the roof of Punggol Waterway Terraces has collapsed are a hoax, the Housing and Development Board said on Friday evening (Nov 11). On Friday afternoon, alternative news site All Singapore Stuff published an article with the following claim from a person it described as a contributor: “This just happened. The top floors of Punggol Waterway Terraces collapsed!”
Track energy usage and keep an eye on junior in smart home
The smart home of the future will not only allow people to track energy usage to save money, but it will also enable owners to keep an eye on old and young ones without the need for surveillance cameras. Temasek Polytechnic (TP) and technology firm Smart DB have invented a way to determine where, when and how much electricity is being used by each appliance so as to save energy and monitor lifestyle habits. The Housing Board is working with TP to test it out in a mock-up flat.
China Life Insurance, Haitong Securities doing due diligence on One George Street
One George Street, owned by CapitaLand Commercial Trust (CCT), is back in play, and The Business Times understands that two parties are carrying out due diligence on the property – China Life Insurance and Haitong Securities. Sources told BT that CCT was prepared to consider selling only half its stake in the asset; this would enable its parent, CapitaLand, to continue to collect a fee from managing the asset. Market watchers said that the pricing would be in excess of S$2,500 per square foot on net lettable area (NLA), or S$1.12 billion for the building. A half-stake would work out to at least S$560 million.
Oxley reports 80% slump in Q1 earnings
First-quarter earnings at property developer Oxley Holdings nosedived 80 per cent on the back of a sharp drop in revenue. Net profit for the three months to Sept 30 came in at $7.1 million – a far cry from the $36.1 million in the same period a year ago. Revenue slumped 71 per cent to $126.5 million. Oxley said late last Friday that the lower net profit and revenue, compared with the same quarter the year before, was due to the “timing and different levels of progress in project construction and completion”.
HMI to consolidate ownership of two Malaysian hospitals for RM556.5m
Health Management International (HMI) will consolidate the ownership of its two hospitals in Malaysia for an aggregated purchase price of RM556.5 million (S$183.2 million) to facilitate its regional growth strategy. The consolidation of its 48.9 per cent owned Mahkota Medical Centre (MMC) and 60.8 per cent owned Regency Specialist Hospital (RSH) to 100 per cent each will create an enlarged listed healthcare platform, said HMI in a statement to Singapore Exchange. The immediate financial benefit that can be expected from the consolidation is a “clearer ownership structure” with 100 per cent of the earnings of MMC and RSH being attributable to HMI shareholders.
UE posts higher profit despite tough conditions
United Engineers continued to face a choppy environment in the third quarter, with its property business again a drag on performance. However, the engineering and property firm was able to report higher net profits in the period, thanks mostly to business divestments. Earnings for the three months to Sept 30 jumped to $134.7 million, from $18.6 million a year earlier as United Engineers registered divestment gains of about $122 million, after completing the sales of UES Holdings and various environmental technology assets in China.
Global Economy & Global Real Estate
Asian markets, currencies rattled by uncertainty over impact of a Trump presidency
New York governor strikes deal to revive affordable housing
Real estate in the era of a property-owning president
Macy’s taps Brookfield to mine real estate cash
US dollar hits nine-month peak, resuming its whipping of Asian markets outside Japan
Bayview buys US$8.7b of mortgage collection rights
Kenneth Cole to close almost all its physical stores
China’s sky-high home prices sustainable, say Harvard scholars
Chinese investors find ways to dodge Beijing’s curbs on investing overseas
HK’s third-quarter GDP eases on weak exports, retail sales
China shoppers spend US$1b in first 5 minutes of Singles Day
London’s property market hurt by Brexit and is tanking, analysts warn
Brexit without transitional deal will damage economy: RBS Chairman
Putin leans on banks to fuel housing binge in economic push
Malacca harbour plan raises questions about China’s strategic aims
Japan economy grows faster than expected in Q3, driven by exports
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Local & Overseas Real Estate – Full Article