DAILY NEWS

Daily News – 14th November 2017

Top Story

Blockbuster land deals signal Singapore property set to sizzle in 2018
A series of blockbuster land deals in Singapore this year signal the city-state’s property market is set to break out of its prolonged slump in 2018. A Chinese group lobbed a winning record bid for a residential plot, while Guocoland paid a record per-square foot price for an office development site in the central business district. Office rents last quarter rose for the first time in 2½ years and home prices ended a four-year slide.
http://www.businesstimes.com.sg/real-estate/blockbuster-land-deals-signal-singapore-property-set-to-sizzle-in-2018
http://www.straitstimes.com/business/property/blockbuster-land-deals-signal-singapore-property-set-to-sizzle-in-2018
https://www.bloomberg.com/news/articles/2017-11-13/blockbuster-land-deals-signal-singapore-property-set-to-sizzle

Singapore Economy

With big data, ‘nowcasts’ may replace economic forecasts
Economic forecasting – traditionally a slow and complex undertaking – is on the cusp of a big data revolution. Technology is opening up new sources of data that could offer instant, constantly updated insights into a country’s economic health – from traffic volumes on major shopping streets, to electricity consumption in office buildings and factories.
http://www.businesstimes.com.sg/government-economy/with-big-data-nowcasts-may-replace-economic-forecasts

PayNow to rope in businesses; S’pore plans for payment links abroad
Singapore’s local and overseas payment systems are getting a big boost with a rollout of initiatives to beef up the Republic’s cashless efforts, and plans for payment linkages with neighbouring countries. Education Minister (Higher Education and Skills) Ong Ye Kung, who is also board member of the Monetary Authority of Singapore (MAS), said on Monday that the Republic is working to enable cross-border payment linkages with neighbouring countries such as India, where one such link will be implemented next year.
http://www.businesstimes.com.sg/banking-finance/paynow-to-rope-in-businesses-spore-plans-for-payment-links-abroad
http://www.straitstimes.com/business/banking/paynow-to-extend-to-businesses-next-year

Singapore Real Estate

Court dismisses Perennial’s appeal in Capitol case
There will be no winding up of the joint entities between Perennial Real Estate Holdings and Pontiac Land affiliate Chesham Properties, which co-developed the Capitol integrated development project. These entities jointly own its hotel, shops, residential units and theatre.
http://www.businesstimes.com.sg/companies-markets/court-dismisses-perennials-appeal-in-capitol-case
http://www.businesstimes.com.sg/companies-markets/pontiac-perennial-joint-entities-that-developed-capitol-will-not-be-wound-up-court

Companies’ Brief

CapitaLand opens its largest mall in Suzhou
CapitaLand marked a record year of one million square metres of retail space offering with the opening of its largest mall yet in the Chinese city of Suzhou. The Suzhou Center Mall is also the largest shopping centre in the Chinese city and more than three times the size of ION Orchard in Singapore – spanning close to 300,000 square metres in gross floor area (GFA) excluding car park. It boasts over 600 retail brands housed within an architectural masterpiece.
http://www.businesstimes.com.sg/real-estate/capitaland-opens-its-largest-mall-in-suzhou
http://www.straitstimes.com/business/companies-markets/capitaland-hits-milestone-with-opening-of-biggest-mall-in-suzhou?login=true

Metro Holdings in the red in Q2 on one-off expense
Property and retail group Metro Holdings sank into the red with a net loss of S$13.59 million for the second quarter ended 30 Sept, weighed down by share of results of joint ventures. Share of results of joint ventures recorded a S$17 million loss, against a S$3.91 million gain in 2QFY2017, mainly due to a one-off expense from the expiry of conditional remission of additional buyer’s stamp duty (ABSD) for its joint venture project, The Crest at Prince Charles Crescent.
http://www.businesstimes.com.sg/companies-markets/metro-holdings-in-the-red-in-q2-on-one-off-expense

UEL posts lower Q3 net profit on discontinued operations
United Engineers Ltd (UEL) reported a net profit of S$10.6 million for the third quarter ended Sept 30, down from S$134.65 million a year ago. The 92 per cent plunge was mainly due to some S$123 million of profit attributable to owners of the company in the year-ago comparative period, derived from discontinued operations related to Multi-Fineline Electronix Inc and its subsidiaries and the group’s environmental engineering businesses.
http://www.businesstimes.com.sg/companies-markets/uel-posts-lower-q3-net-profit-on-discontinued-operations

Yanlord Q3 profit up 11%
Yanlord Land Group’s third-quarter net profit increased 11 per cent year on year to 627.52 million yuan (S$128.7 million), thanks in part to lower cost of sales and higher share of profits of joint ventures. Revenue fell 32 per cent to 3.76 billion yuan “as a result of the decrease in gross floor area delivered to customers in Q3 2017 over the same period last year”, it said.
http://www.businesstimes.com.sg/companies-markets/yanlord-q3-profit-up-11

Genting HK to be delisted from SGX on 17 April
Genting Hong Kong will be delisted from the Singapore Exchange on April 17 next year, the company said in an announcement on Monday, with the last day of trading to be April 10. However, it is still planning to retain its primary listing in Hong Kong.
http://www.businesstimes.com.sg/companies-markets/genting-hk-to-be-delisted-from-sgx-on-17-april

HPL Q3 bottom line up 32%
Hotel Properties Limited (HPL) posted a 32 per cent year on year jump in net profit to S$42.22 million for Q3 ended Sept 30, in line with higher revenue. Revenue rose about 18 per cent to S$165.09 million, mainly due to the sale of completed condominium units from the Tomlinson Heights development as well as higher contribution from the group’s hotels and resorts, particularly those in Bali, Indonesia and the Maldives.
http://www.businesstimes.com.sg/companies-markets/hpl-q3-bottom-line-up-32

Sinarmas Land posts flat Q3 profit
Sinarmas Land’s net profit was nearly flat for the third quarter ended Sept 30, edging up 0.7 per cent year on year to S$17.57 million. Revenue shot up 36.8 per cent to S$199.58 million but costs and certain expenses were higher during the quarter. It also recorded a loss of S$6.15 million from share of results of joint ventures, versus a gain of S$2.55 million a year ago.
http://www.businesstimes.com.sg/companies-markets/sinarmas-land-posts-flat-q3-profit

Views, Reviews & Forum

How Singapore factories can get smart and stay ahead
The past year has been a spectacular one for Singapore’s manufacturing sector, having recently capped its 13th recent consecutive month of growth. To maintain such strong growth, it is imperative Singapore manufacturers continue to watch regional trends carefully to ensure that they do not lose their competitive edge and fall behind.
http://www.businesstimes.com.sg/sme/how-singapore-factories-can-get-smart-and-stay-ahead
http://www.straitstimes.com/business/economy/guidelines-for-smart-factories-launched

The rail way to track growth in Asean
The Asean Summit in Manila – in the bloc’s 50th year – is an opportune time to take stock of what’s needed to supercharge the region’s growth. And for nearly all members, transport infrastructure tops the list. Take rail for example. Asean has become China’s largest supply chain source over the past decade but vast improvements in its rail transport network are needed to accommodate the expected doubling of Sino-Asean trade between now and 2025.
http://www.businesstimes.com.sg/opinion/the-rail-way-to-track-growth-in-asean