Singapore commits to landmark global reform aimed at MNC tax avoidance
Singapore will commit to a landmark piece of international tax reform to weed out tax avoidance by global corporations, it said on Thursday. One tangible implication is that large companies headquartered here will have to submit detailed reports to the authorities. And as multinational corporations headquartered in countries that sign onto this reform will have such reports shared between relevant tax authorities around the world, this sweeping global cooperation is aimed at deterring large entities from artificially shifting profits to low-tax jurisdictions.
Shares fall as Brexit darkens horizon
IT used to be that the sun never set on the British empire. These days, though, it is a British exit from the European Union (EU) that appears to be keeping market players up all night. (The Sun, incidentally, is in the “leave” camp.) Singapore stocks dived on Thursday along with other major equity markets in Asia as the possibility of a Brexit storm darkened the horizon and the results of policy meetings at two major central banks spread a fresh cloud of gloom over the global economic outlook.
SME sentiment inches up from all-time low
Despite global economic pressures, sentiment among local small and medium-sized enterprises (SMEs) has ticked up for the first time in seven quarters, according to the latest SBF-DP SME Index. The overall index score rose 1.9 points to 51.9, indicating “marginal optimism” about growth prospects in the second half of the year. SMEs also expect higher turnover and profits in the next six months.
Singapore Real Estate
Singapore’s Eddie Tan opens The Edison hotel in George Town
Malaysia will see its eighth Small Luxury Hotels of the World (SLH) property open next month, this time in Penang. It’s a first for the state, which has seen its real estate prices and values in George Town soar since its 2008 Unesco heritage listing. The company behind the 35-room The Edison George Town – ET Hospitality Ventures Sdn Bhd – is a subsidiary of ET Group, which is helmed by veteran Singaporean hotelier Eddie Tan. Mr Tan was formerly a general manager with the Mandarin group. He last held the post at Marina Mandarin (from 1997 to 2005) before he moved to Penang and based his hotel and property consultancy there, running it with his son Eugene.
Singapore falls to No 20 in prime office cost list
Amid strong and stable demand for office space in top Asian cities such as Hong Kong, Beijing, Tokyo and New Delhi, Singapore has, comparatively speaking, fallen well behind its peers, according to data from global property consultancy CBRE. In its biannual Global Prime Office Occupancy Costs survey of 126 markets, CBRE reported that the Asia-Pacific region had seven cities in the top 10 list of office markets based on occupancy costs in the first quarter of this year.
New agriculture land to be offered longer, 20-year lease: AVA
The Agri-Food and Veterinary Authority of Singapore (AVA) will be offering new agriculture land on 20-year leases instead of the previously announced 10-year blocks, it announced on Thursday (Jun 16). In a news release, AVA said the policy change is a result of engagement and consultation with farms. “Farmers have given us feedback that investing in technology and automation requires a longer pay back period. The longer 20-year lease tenure will provide more certainty to farms and enable them to invest in intensive, highly productive technologies that operate on minimal manpower,” said AVA CEO Tan Poh Hong.
BCA moves to tighten lift maintenance, boost safety
Tighter rules in maintaining lifts and a new permit system will soon kick in as the authorities take action following a spate of lift accidents. Starting next month, new, more detailed requirements will be spelt out for monthly lift maintenance and will draw penalties if they are not complied with, the Building and Construction Authority (BCA) said yesterday. For instance, brakes and lift parts must be checked to ensure they are not contaminated by oil or grease. Lift car and landing doors must also be operational at all times and reopen when protective devices are activated.
UOL completes second purchase of London property
PROPERTY developer UOL Group has completed its purchase of 110 High Holborn in London, just days ahead of a referendum on June 23 when Britain goes to the polls to vote on whether to stay in the European Union. The acquisition of the property for £98.7 million (S$188.4 million) – subject to post-completion adjustments – was made through its wholly owned subsidiary Success Venture Property Investments.
Genting Singapore’s ‘J’ factor lost in a glum narrative
The woeful narrative on casino giant Genting Singapore, the operator of Resorts World Sentosa, is an old one. In fact, the story turned eight quarters old after it issued its first quarter to March results recently, in what was not deserving of a confetti-throwing, Prosecco-popping celebratory moment. It should still make a wish and blow out the candles though, for the waning numbers of deep-pocketed Chinese high rollers and rising bad debt charges that have been troubling the firm since second-half 2014 to go away.
Global Logistic Properties
Global Logistic Properties (GLP) has further syndicated its stake in a portfolio of industrial assets in the United States. Its indirect wholly owned subsidiary New Western Holdings had on Wednesday entered into agreements with a new co-investor, under which GLP will further syndicate an interest of about 9.09 per cent in the portfolio for a cash consideration of US$180 million.
Starland Holdings, a Catalist-listed property developer, said Singapore Exchange has given it an extension till June 23, 2017, to meet a free-float requirement. Starland is undergoing a potential reverse takeover by trading platform firm Ayondo. Starland’s free float had fallen below 10 per cent after an offer by industrial product supplier GRP Limited.
Property developer Chiwayland has won endorsement from Parramatta city council in Sydney to more than double the floor space ratio for its Bluesky @ Parramatta project. Final state government approval is expected before November. Then the project’s original floor space ratio of 4:1 will be increased to 11.5:1, with a total gross floor area of 32,545 sq m. The residential development is to be completed in 2019. Chiwayland shares closed 0.1 cent or 1.23 per cent higher at 8.2 cents ahead of the announcement yesterday.
Views, Reviews & Forum
What Smart Nation means to the property market
According to the website of the Prime Minister’s Office, “Singapore strives to be a Smart Nation, in which our people are empowered by technology to lead meaningful and fulfilled lives … Government agencies facilitate this by sharing extensive real-time data in the public domain. This way, anyone can access the data resources and participate in generating solutions to real challenges.”
Asian markets sink on Brexit fears
Stock markets across Asia plunged yesterday after uncertainty over next week’s Brexit vote prompted Japan to hold fire on further stimulus, while the United States opted to keep interest rates unchanged. Investors already on edge over a slowing US economy are becoming increasingly spooked by the prospect of Britain leaving the European Union (EU). Japanese stocks took the biggest hit, falling 3.05 per cent, while Hong Kong fell 2.1 per cent, Thailand lost 1.65 per cent and Taiwan slipped 1.3 per cent. Shanghai dipped 0.5 per cent, Shenzhen was down 0.23 per cent, while Singapore’s Straits Times Index shed 0.82 per cent.
Global Economy & Global Real Estate
Global central banks sound Brexit alarm
If Brexit happens, how about a Britain-C’wealth merger?
EU ‘could fall apart if Britain leaves’
Brexit decision must be considered carefully
Bank Indonesia steps up stimulus in fourth rate cut of 2016
Housing, medical care costs seen supporting underlying inflation
Sun Hung Kai Properties offers 120% mortgages in HK
Room prices in Rio rocket as landlords dig for Olympic gold
Disney opens its doors in Shanghai
Bandar Malaysia to enjoy tax breaks galore
Additional Articles of Interest – Local & Overseas Real Estate
Local & Overseas Real Estate – Full Article