DAILY NEWS

Daily News – 16th May 2018

Top Story

Number of private homes sold by developers up only a tad in April
Contrary to earlier market expectations, the number of private homes sold by developers in April rose just 1.8 per cent over March – as they continued what one analyst termed a “leisurely” pace of launches.
https://www.businesstimes.com.sg/real-estate/number-of-private-homes-sold-by-developers-up-only-a-tad-in-april
https://www.straitstimes.com/business/property/private-home-sales-down-535-year-on-year
https://www.straitstimes.com/business/property/729-new-private-homes-sold-in-april-up-from-716-in-march-but-down-535-year-on-year
https://www.channelnewsasia.com/news/singapore/new-private-home-sales-down-53-year-on-year-in-april-10235380
https://www.todayonline.com/singapore/april-home-sales-jump-highest-november

Singapore Economy

Social stratification is starting to become entrenched: Ye Kung
Though Singapore’s progress has created new problems and inequalities, universal welfare is not the solution, said Education Minister Ong Ye Kung during the debate on the President’s Address on Tuesday.
https://www.businesstimes.com.sg/government-economy/social-stratification-is-starting-to-become-entrenched-ye-kung
https://www.straitstimes.com/singapore/ong-ye-kung-flags-stratification-poison
https://www.straitstimes.com/singapore/fighting-inequality-a-national-priority-says-ong-ye-kung
https://www.channelnewsasia.com/news/singapore/ong-ye-kung-inequality-handouts-universal-welfare-10235212
https://www.todayonline.com/singapore/tackling-inequality-national-priority-social-stratification-takes-root-ong-ye-kung

Tackling workers’ worries over rising living costs
Workers fret about the rising cost of living, sometimes feeling that no matter how hard they work, their needs may not be adequately met, said incoming labour chief Ng Chee Meng yesterday. They worry about whether they have enough money to buy a home, pay medical bills, retire or put their children through school, he added.
https://www.straitstimes.com/politics/tackling-workers-worries-over-rising-living-costs
https://www.channelnewsasia.com/news/singapore/ng-chee-meng-labour-movement-workers-ntuc-10235430
https://www.todayonline.com/singapore/ng-chee-meng-pledges-address-struggles-low-wage-mature-and-middle-aged-workers

SMEs seeing productivity gains after tech, innovation push
Small and medium-sized enterprises (SMEs) are stepping up their investments in innovation and technology as part of their business transformation efforts – and they are reaping the fruits of their labour.
https://www.businesstimes.com.sg/sme/smes-seeing-productivity-gains-after-tech-innovation-push

Singapore Real Estate

Fernhill Court near Nassim Road up for S$125m collective sale
Fernhill Court at 60 Fernhill Road will be put up for collective sale at a reserve price of S$125 million. The sale via public tender will start on Wednesday, Colliers International announced on Tuesday.
https://www.businesstimes.com.sg/real-estate/fernhill-court-near-nassim-road-up-for-s125m-collective-sale
https://www.straitstimes.com/business/property/fernhill-court-up-for-collective-sale-at-125m

70% of apartments released in New Futura Phase 2 sold
Luxury condo New Futura has seen 21 of 30 units released over the weekend at its 60-unit North Tower snapped up at an average selling price of over S$3,500 per square foot (psf), City Developments Limited (CDL) said in a statement on Tuesday.
https://www.businesstimes.com.sg/real-estate/70-of-apartments-released-in-new-futura-phase-2-sold
https://www.businesstimes.com.sg/real-estate/cdls-new-futura-sells-70-of-phase-2-units-released-since-friday-at-average-of-over-s3500
https://www.straitstimes.com/business/property/21-of-30-new-futura-units-sold-over-weekend

HDB wants to hear about residents’ special places
A survey by the Housing Board wants to hear from residents what unique places in their towns hold special memories for them. This will help the HDB design communal spaces and strategies to deepen residents’ sense of belonging, said the statutory board yesterday.
https://www.straitstimes.com/singapore/housing/hdb-wants-to-hear-about-residents-special-places

Companies’ Brief

Manulife US Reit to raise US$197.2m from 22-for-100 rights issue
Singapore-listed Manulife US Reit has announced a rights issue of 22 new units for every 100 held at US$0.865 per unit to raise some US$197.2 million. The issue price of US$0.865 represents a 7.9 per cent discount to the volume-weighted average price of US$0.9391 per unit for trades done on the Singapore bourse for the full market day on May 15.
https://www.businesstimes.com.sg/companies-markets/manulife-us-reit-to-raise-us1972m-from-22-for-100-rights-issue
https://www.straitstimes.com/business/companies-markets/manulife-us-reit-to-raise-us1972m-from-22-for-100-rights-issue

Frasers Property, GIC, JustCo invest US$177m to develop co-working space platform across Asia
Mainboard-listed real estate firm Frasers Property, Singapore’s sovereign wealth fund GIC, and co-working space provider JustCo are jointly investing US$177 million to develop a co-working space platform across Asia, the three companies said in a joint statement on Wednesday.
https://www.businesstimes.com.sg/companies-markets/frasers-property-gic-justco-invest-us177m-to-develop-co-working-space-platform
https://www.straitstimes.com/business/companies-markets/frasers-property-gic-justco-invest-us177m-to-build-co-working-space

Koh Brothers Group net profit up 13% to S$1.2m; order book hits record
Koh Brothers Group is tendering for large-scale infrastructure projects here such as the North-South Corridor and the Kuala Lumpur-Singapore High Speed Rail. Managing director and group chief executive officer Francis Koh told The Business Times this on the day it released its Q1 2018 results.
https://www.businesstimes.com.sg/companies-markets/koh-brothers-group-net-profit-up-13-to-s12m-order-book-hits-record

Aspen (Group) Holdings net profit increases 156.6% to RM13.1m
Progress on on-going projects gave a lift to results for Malaysia-based property group Aspen (Group) Holdings in its first quarter. Net profit atrributable to equity holders leapt 156.5 per cent to RM13.1 million (S$4.44 million) from the previous year, the group said in a Singapore Exchange filing on Tuesday evening.
https://www.businesstimes.com.sg/companies-markets/aspen-group-holdings-net-profit-increases-1566-to-rm131m

Swee Hong Q3 net profit falls 89.1% to S$295,000
Third-quarter net profit for civil engineering group Swee Hong Limited plunged 89.1 per cent to S$295,000 from the previous year. Earnings per share fell to 0.01 Singapore cents from 0.11 Singapore cents in the year-ago period.
https://www.businesstimes.com.sg/companies-markets/swee-hong-q3-net-profit-falls-891-to-s295000

Fragrance Group’s Q1 net profit jumps 57.7% to S$8.5 million
First-quarter net profit for Fragrance Group shot up 57.7 per cent to S$8.5 million from the previous year. Earnings per share grew to 0.13 Singapore cents from 0.08 Singapore cents in the previous year.
https://www.businesstimes.com.sg/companies-markets/fragrance-groups-q1-net-profit-jumps-577-to-s85-million

Nasdaq-listed JD.com invests over US$300m in ESR Cayman
Nasdaq-listed JD.com Inc has invested over US$300 million into Asian logistics real estate player ESR Cayman Limited (ESR).
https://www.businesstimes.com.sg/companies-markets/nasdaq-listed-jdcom-invests-over-us300m-in-esr-cayman

Views, Reviews, Forum & Others

Too simplistic to go by just the Gini coefficient, say two MPs
The Gini coefficient is too simplistic a measure of inequality, said two MPs yesterday as they lauded Education Minister Ong Ye Kung’s efforts to paint a broader picture of the situation here.
https://www.straitstimes.com/politics/too-simplistic-to-go-by-just-the-gini-coefficient-say-two-mps