DAILY NEWS

Daily News – 18th May 2016

Singapore Economy

No change to timeline for CFE: Iswaran
There will be no change to the timeline for the work of the Committee on the Future Economy (CFE), says Minister of Trade and Industry S Iswaran, who was appointed co-chairman of the CFE on Monday, in light of Finance Minister Heng Swee Keat’s illness. “We will take stock, but as of right now we do not envisage a change in the timeline. We will assess that requirement after we have done another round of consultations.”
http://www.businesstimes.com.sg/government-economy/no-change-to-timeline-for-cfe-iswaran

Singapore Real Estate

HSR fined, barred from en bloc deals for a year
The Council for Estate Agencies (CEA) has imposed a financial penalty of S$74,000 on real estate agency HSR International Realtors for two counts of acting for a client without declaring a conflict in interest. The disciplinary committee of CEA also imposed a condition disallowing HSR from undertaking any collective-sale work for one year from April 20, 2016. The subject incident has to do with the S$590 million en bloc attempt of Thomson View condominium, for which HSR was the marketing agent.
http://www.businesstimes.com.sg/real-estate/hsr-fined-barred-from-en-bloc-deals-for-a-year
http://www.straitstimes.com/business/property/property-firm-fined-74000-over-conflict-of-interest-in-en-bloc-deal?login=true
http://www.todayonline.com/singapore/cea-disciplines-hsr-first-ever-move-against-property-agency
http://www.channelnewsasia.com/news/singapore/real-estate-agency-hsr/2791802.html

Parkway Parade to stay shut for a few more days
Parkway Parade will stay shut at least through tomorrow for repairs to its fire protection system, compromised by a fire that occurred at the mall three days ago. The closure includes the carpark, so workers in the office tower, which is open, will have to park elsewhere. “Parkway Parade will be keeping the retail mall closed for the next two days,” said its general manager Jenny Khoo yesterday. “The fire caused damage to essential cabling for the fire protection system. We are currently working on reinstatement, followed by testing and commissioning.”
http://www.straitstimes.com/singapore/parkway-parade-to-stay-shut-for-a-few-more-days?login=true

Is there room for co-living in S’pore?
Co-working spaces for entrepreneurs and creatives are aplenty and increasing – why not co-living spaces? This could be the next big real estate thing in Singapore, with home prices at a stubborn high, entrepreneurial activity growing apace, millennials delaying marriage and families even later, and property developers proclaiming to want to future-proof their products and services.
http://www.businesstimes.com.sg/companies-markets/is-there-room-for-co-living-in-spore

Consumers welcome proposed changes to law against errant retailers
The proposed legislative changes to give the authorities more teeth to go after unscrupulous retailers were welcomed by consumers although some wished for provisions to be put in place to secure refunds or compensation for those who had been cheated. Nevertheless, they agreed that consumers should exercise caution in their purchases to begin with and felt the proposed changes, if passed, would help in triggering caution against bad eggs in the retail industry.
http://www.todayonline.com/singapore/consumers-welcome-proposed-changes-law-against-errant-retailers

Claims lodged against Jason Holdings, subsidiary
New problems have flared up on two fronts at timber flooring firm Jason Holdings and its subsidiary Jason Parquet Specialist (Singapore). It has received a letter of demand from a third bank over missed payments while legal action is looming over several claims by contractors for late payments. And the landlord of dormitory units in Kaki Bukit Road is ejecting Jason Parquet from the premises, the company said yesterday. The latest blow came in the form of a letter from lawyers of the local branch of ANZ to Jason Parquet, Jason Holdings and its executive directors Jason Sim Chon Ang and Sim Choon Joo demanding the full repayment of $1.69 million. The sum comprises a $1.64 million principal and $52,000 in interest under the facilities granted by ANZ to Jason Parquet and guaranteed by Jason Holdings and the two directors.
http://www.straitstimes.com/business/claims-lodged-against-jason-holdings-subsidiary

Companies’ Brief

Yanlord Land Group
Property firm Yanlord Land Group has entered into a joint venture with subsidiaries of China Ping An Insurance Group, Tianjin Realty Development (Group) and Beijing Capital Land to acquire a mixed-use site in Tianjin for 2.374 billion yuan (S$498 million). The parcel in the Tianjin Hong Qiao District has a gross floor area of 351,338 sq m. Developments on the site will include high-end residential and commercial units, as well as educational facilities, Yanlord said yesterday. This will be Yanlord’s fifth project in Tianjin.
http://www.straitstimes.com/business/company-briefs-sia-engineering-company?login=true