DAILY NEWS

Daily News – 14th, 15th and 16th October 2017

Top story

S’pore Q3 GDP growth shoots past forecasts to hit 3-year high
Singapore’s economy powered its way into its strongest gross domestic product (GDP) growth in more than three years for the third quarter of 2017, but economists expect growth to moderate as a result of a slowdown in manufacturing. Q3’s stellar growth of 4.6 per cent came in much higher than the 2.9 per cent of the preceding quarter, surprising most economists; a poll by Bloomberg carried out earlier pegged the median growth forecast among them at 3.8 per cent.
http://www.businesstimes.com.sg/government-economy/spore-q3-gdp-growth-shoots-past-forecasts-to-hit-3-year-high
http://www.straitstimes.com/business/economy/manufacturing-helps-drive-strong-q3-growth

SINGAPORE ECONOMY

Weak growth, trade holding back global capital spending
Weak economic growth and trade trimmed foreign capital spending on new and existing factories and offices last year, but the cut was deeper for Singapore. While foreign direct investments (FDI) worldwide are tipped to pick up this year as trade and economic growth resumes, the United Nations Conference on Trade and Development (UNCTAD) says the rise will be a modest 5 per cent, raising FDI to US$1.8 trillion – still below the 2007 peak.
http://www.businesstimes.com.sg/government-economy/weak-growth-trade-holding-back-global-capital-spending

MAS policy shift likely in April if growth still robust: Analysts
The Monetary Authority of Singapore (MAS) opted to stand pat on its exchange rate policy even though third-quarter economic growth came in at its fastest pace in more than three years. But economists say the MAS’ latest policy statement strikes a more upbeat note about Singapore’s economic prospects and could point to a policy shift next April.
http://www.straitstimes.com/business/economy/mas-policy-shift-likely-in-april-if-growth-still-robust-analysts

MAS keeps neutral stance, softens guidance
Guided by inflation that was largely kept in check even as the economy grew at the fastest pace in more than three years in the third quarter, the Monetary Authority of Singapore (MAS) is keeping its neutral stance on its exchange rate-based policy. In its Monetary Policy Statement (MPS) on Friday, the central bank maintained the rate of appreciation of its Singapore dollar nominal effective exchange rate (S$NEER) policy band at zero per cent.
http://www.businesstimes.com.sg/banking-finance/mas-keeps-neutral-stance-softens-guidance

Sim Ann on IE-Spring merger: SMEs will not be hit
The upcoming merger of government agencies IE Singapore and Spring Singapore will not leave smaller companies in the lurch, said Senior Minister of State for Trade and Industry Sim Ann. This reassurance came yesterday at a convention for small and medium-sized enterprises (SMEs) held by the Singapore Business Federation (SBF), which has pushed for a single pro-SME body in previous Budget recommendations.
http://www.straitstimes.com/business/sim-ann-on-ie-spring-merger-smes-will-not-be-hit

SINGAPORE REAL ESTATE

Leonie Gardens to try to sell estate en bloc
It’s almost a case now of another day, another estate sold en bloc. The latest to join the fray looks like Leonie Gardens in Leonie Hill, which is off Grange and River Valley roads. The upmarket condominium has made a move for its first collective sale attempt with the formation of a sales committee. However, with the strong possibility of more estates in the core central region also going for a collective sale jackpot, industry observers say it is now about having a unique selling point.
http://www.straitstimes.com/business/property/leonie-gardens-to-try-to-sell-estate-en-bloc

Nim Gardens, Ridgewood owners form collective sales committees
The en bloc fever is stoking more property owners into action, spurring another batch of sites to hop on the bandwagon of collective sales attempts over the weekend. To kick-start the process, collective sales committees (CSC) were formed for Nim Gardens in Seletar Hills and Ridgewood Condominium at Mount Sinai in prime District 10.
http://www.businesstimes.com.sg/real-estate/nim-gardens-ridgewood-owners-form-collective-sales-committees

Go east: Downtown Line 3 to benefit homes and businesses
Bedok Reservoir resident Genie Lam will be one of the thousands of people living in the eastern neighbourhood who will finally have a train station near their homes. On Oct 21, the third stage of the Downtown Line (DTL) will open, with 16 stations running from Fort Canning to Expo, passing through neighbourhoods, such as Geylang Bahru, Kaki Bukit and Bedok Reservoir, that have never been served by the MRT system.
http://www.straitstimes.com/singapore/transport/go-east-dtl3-to-benefit-homes-and-businesses

COMPANIES’ BRIEF

Allianz joins Shapoorji for US$500m India real estate fund
Allianz SE, one of Europe’s biggest asset managers, will partner with developer Shapoorji Pallonji Group to enter India’s commercial real estate market. Allianz Real Estate and Shapoorji will aim to raise US$500 million in equity for a Singapore-domiciled, rupee-denominated, closed-ended fund targeting the office market in India, Allianz said in a statement on Thursday. Allianz will own 50 per cent of the fund, and the remaining will be held by other institutional investors.
http://www.businesstimes.com.sg/real-estate/allianz-joins-shapoorji-for-us500m-india-real-estate-fund

Fig tree eyes China’s Industrial
A savvy businessman would have spotted the Chongqing Connectivity Initiative coming a long way off, according to one industrial property player whose company has jumped into the Chinese market. Figtree Holdings managing director Danny Siaw says it was clear that, after the first two Singapore-China projects in the eastern cities of Suzhou and Tianjin, the western part of the country was the next candidate for a tie-up. “There are three cities that are large enough to take on this kind of initiative: Xi’an, Chengdu and Chongqing,” he adds.
http://www.straitstimes.com/business/companies-markets/china-is-a-big-place-the-cake-is-big-so-we-can-share?login=true

VIEWS, REVIEWS & FORUM

Home shopping network
The day hasn’t come yet where you step into a store and the resident robot immediately sizes up your taste, size and budget, laying everything out for you without judgment or even expecting to make a sale. It even serves you drinks and is programmed to make approving noises when you try something on. While there are no robots as yet, a new wave of retailers is heading in the direction of experiential shopping – creating intimate, home-style environments as they try to fill the gap between online shopping and the ubiquitous mall.
http://www.businesstimes.com.sg/lifestyle/feature/home-shopping-network

Commentary: Is the private housing market experiencing a bubble?
Lemmings are small rodents typically found in the Scandinavian region, primarily in countries such as Norway and Denmark. Like most mammals, lemmings move and live in groups. These furry little creatures gained popularity because of their supposedly curious behaviour – they have been said to jump off cliffs to commit suicide for no apparent reason.
http://www.channelnewsasia.com/news/singapore/commentary-private-housing-market-collective-sale-bubble-9304538