DAILY NEWS

Daily News – 15th May 2018

Top Story

Sales, new orders in expansion mode for first time in over 6 years
Business conditions finally turned expansionary in the first quarter of the year, the latest Business Times-Singapore University of Social Sciences (BT-SUSS) Business Climate Survey has found. Sales and new orders moved into expansion for the first time in more than six years, while profits were largely out of contraction mode.
http://www.businesstimes.com.sg/government-economy/sales-new-orders-in-expansion-mode-for-first-time-in-over-6-years

Singapore Economy

Singapore must venture out to achieve sustained, quality growth: Chun Sing
As the economy matures, Singapore must venture out instead of simply attracting activities here to achieve “sustained and quality economic growth”, said Minister for Trade and Industry Chan Chun Sing on Monday.
http://www.businesstimes.com.sg/government-economy/singapore-must-venture-out-to-achieve-sustained-quality-growth-chun-sing
https://www.straitstimes.com/politics/what-spore-needs-to-do-to-remain-effective-and-attractive
http://www.businesstimes.com.sg/government-economy/brunei-provides-opportunities-for-singapore-firms-president-halimah
https://www.straitstimes.com/politics/call-for-spore-brunei-firms-to-join-hands

Tackle inequality by tweaking education and housing policies
The ideas came thick and fast from MPs yesterday on how to narrow social divides in Singapore. They looked mostly to education and housing policies to solve the problem during the debate on the President’s Address.
https://www.straitstimes.com/politics/tackle-inequality-by-tweaking-education-and-housing-policies
https://www.channelnewsasia.com/news/parliament/social-divide-inequality-president-address-parliament-10232426

Singaporeans urged to build even stronger foundation for future
The pioneer generation had few resources to work with but managed to build a successful Singapore for the current generation. Today’s Singaporeans must carry on the work by being “pioneers of our generation” who will leave behind a yet stronger foundation – whether in the building of innovative companies, the upgrading of flats or ensuring everyone can achieve their potential, said Mr Chan Chun Sing. “We need to keep up our vitality and verve,” he said.
https://www.straitstimes.com/politics/sporeans-urged-to-build-even-stronger-foundation-for-future

Singapore Real Estate

Goldhill Shopping Centre in Novena up for en bloc sale
Novena’s Goldhill Shopping Centre has been launched for collective sale with a reserve price of S$425 million, announced property services firm Cushman & Wakefield, the agent handling the tender exercise. With a development charge of around S$61.2 million, the land rate for the freehold site translates to around S$2,597 per square foot per plot ratio (psf ppr).
http://www.businesstimes.com.sg/real-estate/goldhill-shopping-centre-in-novena-up-for-en-bloc-sale
https://www.straitstimes.com/business/property/goldhill-shopping-centre-up-for-sale-en-bloc-at-425m

MP suggests changing valuation method for ageing flats to raise demand
Singapore — With owners of older HDB flats worried about the value of their homes as their leases shorten, Ms Cheryl Chan, Member of Parliament for Fengshan constituency, proposed taking a “multi-prong” approach to help sellers and buyers by changing the valuation method for ageing units and extending the lease for flats in mature towns of selected precincts.
https://www.todayonline.com/singapore/mp-suggests-multi-prong-approach-tackle-housing-issues-old-hdb-flats

Companies’ Brief

Banyan Tree Q1 profit up by almost 17 times to S$20.2m on higher other income
Banyan Tree Holdings on Monday posted a first quarter net profit of S$20.2 million from S$1.2 million last year, almost 17 times higher than the year-ago period. Earnings per share came in at 2.40 Singapore cents, from 0.16 Singapore cent last year.
http://www.businesstimes.com.sg/companies-markets/banyan-tree-q1-profit-up-by-almost-17-times-to-s202m-on-higher-other-income

Sinarmas Land’s Q1 profit falls 26.3% to S$28m
A revenue slide for Indonesian property developer Sinarmas Land in its first quarter caused its net profit to tumble 26.3 per cent to S$28 million from the preceding year’s S$38 million. For the three months ended March 31, revenue tumbled 23.8 per cent to S$187 million from the year-ago period’s S$245 million.
http://www.businesstimes.com.sg/companies-markets/sinarmas-lands-q1-profit-falls-263-to-s28m
https://www.straitstimes.com/business/companies-markets/sinarmas-lands-q1-gains-fall-263-to-28m

HMI buys majority stake in StarMed Specialist Centre
Health Management International (HMI) is buying a 62.5 per cent stake in StarMed Specialist Centre in Farrer Square for S$6.9 million. This is being done through the acquisition of StarMed, a company set up by six specialist medical doctors which owns the one-stop day-surgery and multi-disciplinary medical centre.
http://www.businesstimes.com.sg/companies-markets/hmi-buys-majority-stake-in-starmed-specialist-centre

Roxy-Pacific Q1 profit up 19% despite drop in revenue
Property and hospitality group Roxy-Pacific Holdings has posted on Monday a 19 per cent increase in first quarter net profit to S$7 million from S$5.9 million in the same period a year ago, because of a jump in the share of results of associates.
http://www.businesstimes.com.sg/companies-markets/roxy-pacific-q1-profit-up-19-despite-drop-in-revenue
https://www.straitstimes.com/business/companies-markets/roxy-pacifics-q1-earnings-up-19

Yanlord’s Q1 net profit declines 14.7%
Chinese property developer Yanlord Land Group posted on Monday a net profit decline in its first quarter of 14.7 per cent to 797.1 million yuan (S$167.7 million), thanks to the higher profit recognition from projects with a larger attributable portion of non-controlling interest.
http://www.businesstimes.com.sg/companies-markets/yanlords-q1-net-profit-declines-147

GSH bags bookings for 100 units worth RM330m at Coral Bay project in Malaysia
GSH Corp has received bookings for 100 residential units worth more than RM330 million (S$110 million) during a private preview event for its 460-unit Coral Bay luxury condominium project in Kota Kinabalu, Sabah.
http://www.businesstimes.com.sg/companies-markets/gsh-bags-bookings-for-100-units-worth-rm330m-at-coral-bay-project-in-malaysia
http://www.businesstimes.com.sg/real-estate/100-units-booked-at-coral-bay-worth-rm330m
https://www.straitstimes.com/business/companies-markets/gshs-sabah-luxury-condo-100-units-booked

UOL’s Amber45 condo sees 80% takeup rate over weekend; to launch The Tre Ver project in July
UOL Group saw what it said was a “strong response” from the weekend launch of its 139-unit East Coast condo Amber45, with buyers snapping up 80 of the 100 units released at an average price of about S$2,200 psf.
http://www.businesstimes.com.sg/real-estate/uols-amber45-condo-sees-80-takeup-rate-over-weekend-to-launch-the-tre-ver-project-in
https://www.straitstimes.com/business/companies-markets/strong-response-to-uols-amber45-project

Views, Reviews, Forum & Others

Will Oxley pull off its property launch blitz?
Having made a splash overseas by developing the Royal Wharf project in the UK at unprecedented speed, Oxley Holdings looks ready to set a new precedent – this time in its home market. If things go according to plans, it would be the first developer to launch close to 4,000 residential units in one year here.
http://www.businesstimes.com.sg/companies-markets/will-oxley-pull-off-its-property-launch-blitz

Tackling persistent ebbs in infrastructure
By all measures, the demand for infrastructure investment is huge. The Global Infrastructure Outlook estimates that from 2016 to 2040, US$94 trillion of infrastructure investment is needed globally, of which about US$50 trillion would be required in Asia. An investment gap of about US$15 trillion is expected based on current trends.
http://www.businesstimes.com.sg/opinion/tackling-persistent-ebbs-in-infrastructure

11 workers have died on the job so far this year
There have been 11 workplace fatalities so far this year, including six at construction sites, said the Ministry of Manpower (MOM) yesterday. Three of the deaths were work-at-height fatalities – when a worker falls to his death due to lapses in safety procedures.
https://www.straitstimes.com/singapore/11-workers-have-died-on-the-job-so-far-this-year