DAILY NEWS

Daily News – 17 Jan 2020

Singapore Real Estate

OCBC withdraws 2 properties after tender closing
Oversea-Chinese Banking Corporation has withdrawn from sale two freehold properties which it had put up for tender last year: a serviced residence block at 2 Mount Elizabeth Link, and a portfolio of 32 shophouses along Lavender Street and Serangoon Road. The two properties were launched through separate tender exercises in September last year and which closed in October.
https://www.businesstimes.com.sg/real-estate/ocbc-withdraws-2-properties-after-tender-closing

Wing Fong Court condo in Geylang up for en bloc sale at S$108m
A freehold condominium in Geylang, Wing Fong Court, has been launched for collective sale with a reserve price of S$108 million, marketing agent PropNex Realty told The Business Times (BT) on Thursday. Meanwhile, the adjacent condo, Wing Fong Mansions, is also expected to be put on the market “soon”, according to lead property consultant Richard Hau from PropNex. If and when this en bloc sale is launched, its reserve price will be S$176 million, Mr Hau told BT.
https://www.businesstimes.com.sg/real-estate/wing-fong-court-condo-in-geylang-up-for-en-bloc-sale-at-s108m

Study finds ‘insider trading’ on the golf course lowers Singapore land prices
[Singapore] A strange thing happens in Singapore after the government announces it’s selling highly-coveted land. Executives from developers bidding for the sites hit the golf course together. In what it labels “insider trading”, a landmark study by the National University of Singapore (NUS) Business School found those firms paid 14 per cent less for land at auction, costing the government hundreds of millions of dollars in lost revenue and dragging down prices of neighbouring properties.
https://www.businesstimes.com.sg/real-estate/study-finds-insider-trading-on-the-golf-course-lowers-singapore-land-prices

Singapore architects, engineers sign green petition
Singapore may not have bushfires or major floods to deal with but this does not mean that the country has no environmental problems. Future climate projections include rising daily mean temperatures, rising sea levels, and more frequent and heavy rainfall as the world gets warmer. Buildings and construction account for almost 40 per cent of energy-related carbon dioxide emissions, and are a major cause of climate breakdown and biodiversity loss.
https://www.businesstimes.com.sg/real-estate/singapore-architects-engineers-sign-green-petition

Singapore Economy

Too soon to pop the bubbly for Singapore economy
Long in the making, the Phase One trade deal between the United States and China can now put an end to some of the uncertainty that has dogged the global economy of late. But it is not likely to move the needle on Singapore’s growth forecasts for 2020, economists told The Business Times on Thursday, in the wake of the signing of the pact.
https://www.businesstimes.com.sg/government-economy/too-soon-to-pop-the-bubbly-for-singapore-economy
https://www.businesstimes.com.sg/government-economy/trade-deal-not-changing-singapore-firms-outlook-yet
https://www.businesstimes.com.sg/companies-markets/relief-in-asian-markets-but-no-big-gains-as-news-already-priced-in

Minister drops hints on what’s coming in Budget
More companies may be able to participate in government-led programmes that can strengthen their competitiveness while helping them scale. That was a hint from Trade and Industry Minister Chan Chun Sing on what Deputy Prime Minister and Finance Minister Heng Swee Keat could announce at Budget 2020 on Feb 18.
https://www.businesstimes.com.sg/government-economy/singapore-budget-2020/minister-drops-hints-on-whats-coming-in-budget
https://www.straitstimes.com/politics/measures-in-budget-to-help-firms-sporeans-stay-relevant-minister

Fixed asset investments hit 7-year high; EDB drops yearly forecasts
Singapore attracted S$15.2 billion in fixed asset investments (FAI) in 2019, far exceeding the forecast of S$8 billion to S$10 billion for the year, the Singapore Economic Development Board (EDB) said at its year-in-review briefing on Thursday. This was up from the S$10.9 billion attracted in 2018, and marked the highest figure since 2012.
https://www.businesstimes.com.sg/government-economy/fixed-asset-investments-hit-7-year-high-edb-drops-yearly-forecasts
https://www.straitstimes.com/business/economy/big-jump-in-investments-last-year-set-to-create-32000-jobs-in-spore
https://www.straitstimes.com/business/singapore-a-safe-harbour-for-investors-in-uncertain-times
https://www.straitstimes.com/business/economy/big-jump-in-investments-last-year-set-to-create-32000-jobs-in-spore
https://www.channelnewsasia.com/news/singapore/edb-singapore-investment-commitments-2019-exceed-expectation-12268156
https://www.todayonline.com/singapore/despite-global-uncertainties-edb-beat-expectations-secure-s15b-worth-investments-2019

Singapore’s December exports rebound after nine months of contraction
Singapore – Singapore exports staged a surprise recovery in December, snapping a nine-month decline, thanks to gains in the non-electronics sector. Overall shipments of non-oil domestic exports (Nodx) climbed 2.4 per cent from a year earlier last month, following a 5.9 per cent drop in November, Enterprise Singapore data showed on Friday (Jan 17).
https://www.straitstimes.com/business/economy/singapore-non-oil-exports-break-9-month-slump-with-24-rise-in-december
https://www.channelnewsasia.com/news/business/singapore-december-exports-rebound-shipments-2019-12270434
https://www.businesstimes.com.sg/government-economy/singapore-exports-clock-surprise-rise-of-24-in-december
https://www.todayonline.com/singapore/singapores-december-exports-rebound-after-nine-months-contraction

Companies’ Brief

GuocoLand’s Q2 earnings nearly triple on boost from Martin Modern sales
Property developer GuocoLand saw its second-quarter net profit near triple to S$32.4 million from S$10.9 million as revenue more than doubled to S$299.6 million from S$142.9 million, thanks to higher progressive recognition of sales from Martin Modern. Earnings per share for the three months ended Dec 31 swelled to 2.49 Singapore cents from 0.55 cent a year earlier. The earnings surge was aided by a 23 per cent fall in…
https://www.businesstimes.com.sg/real-estate/guocolands-q2-earnings-nearly-triple-on-boost-from-martin-modern-sales