DAILY NEWS

Daily News – 15th February 2019

Singapore Economy

EDB sees S$8b to S$10b in fixed asset investments for 2019
Despite slowing global growth, the Republic is expected to attract S$8 billion to S$10 billion in fixed asset investment (FAI) commitments in 2019, in line with previous years, the Singapore Economic Development Board (EDB) said at its year-in-review briefing on Thursday. This is expected to generate some 16,000 to 18,000 jobs, in line with 2018’s prediction but a step down from the 22,500 expected jobs in 2017. Total business expenditure per annum from these projects is expected to be S$5 billion to S$7 billion, similar to 2018’s forecast.
https://www.businesstimes.com.sg/government-economy/edb-sees-s8b-to-s10b-in-fixed-asset-investments-for-2019
https://www.straitstimes.com/business/economy/singapore-attracts-109b-in-investments-beating-forecast

Companies’ Brief

RB Capital said to be in exclusive due diligence on Andaz hotel at Duo
RB Capital is understood to be conducting exclusive due diligence for Andaz Singapore at the Duo project with a view to buy the 342 room hotel. The hotel occupies the upper levels of the 39-storey tower in the Beach Road mixed development by M+S Pte Ltd, a 60:40 joint-venture between Malaysia’s Khazanah Nasional and Singapore’s Temasek Holdlings.
https://www.businesstimes.com.sg/real-estate/rb-capital-said-to-be-in-exclusive-due-diligence-on-andaz-hotel-at-duo

First Sponsor Q4 profit up 36.5% to S$58m
First Sponsor Group’s fourth-quarter net profit rose 36.5 per cent to S$58.2 million from S$42.7 million a year ago, the mixed property developer announced on Thursday before the market opened. The group also said separately that it is in talks to buy a German hospitality asset through a share deal expected to be in the region of 50 million euros (S$76.7 million). Discussions are on-going and no definitive terms or formal legal documentation have been agreed upon or entered into.
https://www.businesstimes.com.sg/companies-markets/first-sponsor-q4-profit-up-365-to-s58m

Views, Reviews, Forum & Others

External risks remain key threat to developed Asia-Pacific economies
Positive domestic drivers such as the strength of personal consumption and expansionary fiscal policies are likely to sustain economic growth in the Asia-Pacific region, albeit at a slower pace owing to challenging times ahead for the region in 2019. In particular, the continued rise of service-based industries such as financial services, technology, education and health care will continue to support growth. The Asia-Pacific’s total return for property is projected to be 7.6 per cent in 2019.
https://www.businesstimes.com.sg/real-estate/external-risks-remain-key-threat-to-developed-asia-pacific-economies