DAILY NEWS

Daily News – 18th August 2017

Top Story

SGX, SISV to review practices and reporting of valuers engaged by listed entities
Singapore Exchange (SGX) and the Singapore Institute of Surveyors and Valuers (SISV) are jointly reviewing valuation practices and the reporting carried out by real estate valuers that are engaged by listed issuers. A committee has been formed to carry out the review, they said in a joint statement on Thursday.
http://www.businesstimes.com.sg/companies-markets/sgx-sisv-to-review-practices-and-reporting-of-valuers-engaged-by-listed-entities
http://www.straitstimes.com/business/companies-markets/sgx-to-review-practices-in-real-estate-valuation

Singapore Economy

July export growth comes up short; leading to mixed forecasts
Growth in non-oil domestic exports (NODX) in July was slower than expected, and also lower than June’s growth – but still looks strong with 8.5 per cent year-on-year growth. The latest NODX growth figure, reported on Thursday by trade promotion agency International Enterprise Singapore, fell short of the market’s forecast of 9.1 per cent and June’s upward revision of 8.8 per cent, prompting economists such as DBS Bank’s Irvin Seah and ANZ’s Ng Weiwen to believe that the export rally has peaked.
http://www.businesstimes.com.sg/government-economy/july-export-growth-comes-up-short-leading-to-mixed-forecasts

Betting on big caps? 40% of them on SGX beat market yield
Do big-cap stocks offer safer bets? So far this year, those listed on the Singapore Exchange seem to have done that and more. Of the 98 primary-listed stocks on the Singapore Exchange (SGX) with a market capitalisation above S$1 billion, almost two in five generated a dividend yield above 4 per cent, outperforming the benchmark Straits Times Index’s (STI) yield of 3.2 per cent.
http://www.businesstimes.com.sg/companies-markets/betting-on-big-caps-40-of-them-on-sgx-beat-market-yield

Moody’s lauds S’pore for its fiscal strength
The Singapore Government’s stable credit profile reflects its fiscal strength and ability to adapt its policies – handy attributes for a nation in transit towards less volatile, albeit lower, economic growth, said Moody’s Investors Service in a report yesterday. Last December, the credit rating agency reaffirmed Singapore’s sovereign bond rating as “Aaa” – the highest credit quality.
http://www.straitstimes.com/business/moodys-lauds-spore-for-its-fiscal-strength

Singapore Real Estate

Bungalow market keeping up with last year’s momentum
The bungalow market in Singapore is humming along nicely, with transactions likely to equal if not surpass 2016’s volume. Based on CBRE Research’s analysis of caveats data, 23 transactions have been made in Good Class Bungalow Areas totalling S$480.6 million so far this year. BT understands that options have been granted for a few more bungalows, although they have yet to be exercised.
http://www.businesstimes.com.sg/real-estate/bungalow-market-keeping-up-with-last-years-momentum

Raffles Hotel enters 2nd phase of restoration programme
The iconic Raffles Hotel Singapore is now in the second stage of its three-phase restoration as it aims to re-open in the middle of next year. Phase one of restoring the 130-year-old hotel began in February this year, while phase two, which started on Sunday, will include works on some of the hotel suites as well as the hotel’s main building.
http://www.businesstimes.com.sg/real-estate/raffles-hotel-enters-2nd-phase-of-restoration-programme

Lifetime achievement award for Kwek Leng Beng
Hong Leong Group executive chairman Kwek Leng Beng received a lifetime achievement award yesterday at the Asia Pacific Entrepreneurship Awards 2017. Hong Leong said in a statement: “The prestigious accolade was in recognition of his outstanding achievements, visionary leadership and steadfast dedication that has led to the successful growth of the Hong Leong Group for over five decades.”
http://www.straitstimes.com/business/property/lifetime-achievement-award-for-kwek-leng-beng

Sumitomo Chemical starts urban-farming testbed in Singapore
Sumitomo Chemical, the largest Japanese investor on Jurong Island, has started a full-scale testbed for an urban-farming project in Singapore. From this month, it will begin cultivating farm produce on the rooftop of a research facility of the Agri-Food and Veterinary Authority (AVA) in Lim Chu Kang.
http://www.businesstimes.com.sg/energy-commodities/sumitomo-chemical-starts-urban-farming-testbed-in-singapore

For sale by special tender: 12 plots for farming veg
The Agri-Food and Veterinary Authority of Singapore (AVA) offered for sale land parcels for vegetable farming in Lim Chu Kang yesterday. The 12 parcels are for sale by public tender, which will close at noon on Oct 26. Tender packets containing details and conditions of tender are available for sale at the AVA Service Centre at Jem in Jurong.
http://www.straitstimes.com/singapore/for-sale-by-special-tender-12-plots-for-farming-veg

Companies’ Brief

Croesus Retail Trust posts DPU of 2.01 Singapore cents for Q4
Japanese mall owner Croesus Retail Trust reported a distribution per unit (DPU) of 2.01 Singapore cents for its fourth quarter, up from 1.7 Singapore cents in the previous year, the group said in a Singapore Exchange filing on Friday morning. That came as Q4 income available for distribution increased 19 per cent to 1.3 billion yen (S$16.2 million) from the preceding year.
http://www.businesstimes.com.sg/companies-markets/croesus-retail-trust-posts-dpu-of-201-singapore-cents-for-q4
http://www.straitstimes.com/business/companies-markets/croesus-retail-trust-posts-182-rise-in-q4-dpu

Ascendas-Singbridge to acquire commercial building in Sydney for A$252m
Urban development and business space solutions provider Ascendas-Singbridge Group has entered into a contract of sale with GDI Property Group to acquire 66 Goulburn Street, an iconic A-Grade commercial building in Sydney central business district (CBD) for A$252 million (about S$270 million). The property has a net lettable area of about 22,890 sq m over 24 office levels, a ground floor retail space and 53 basement parking spaces.
http://www.businesstimes.com.sg/real-estate/ascendas-singbridge-to-acquire-commercial-building-in-sydney-for-a252m
http://www.straitstimes.com/business/property/ascendas-singbridge-to-acquire-prime-sydney-office-building-for-a252m

Yoma Strategic updates on spin-off of tourism-related businesses
Yoma Strategic Holdings provided an update on the proposed spin-off of the group’s tourism-related businesses on the Catalist after trading hours on Thursday. Its wholly-owned subsidiary, Yoma Strategic Investments (YSIL), had entered into a deed to amend and restate the sale and purchase agreement (SPA) together with First Myanmar Investment Company Limited (FMI), Exemplary Ventures Limited (EVL) and SHC Capital Asia Limited.
http://www.businesstimes.com.sg/companies-markets/yoma-strategic-updates-on-spin-off-of-tourism-related-businesses

Aspen Vision City awards RM442 million contract to Malaysian firm
Aspen Vision City Sdn Bhd, a subsidiary of Aspen Vision Land Sdn Bhd, has awarded a lump sum contract worth RM442 million (S$141 million) to Kerjaya Prospek (M) Sdn Bhd on Tuesday. Malaysian developer Aspen (Group) Holdings announced in a Singapore Exchange filing on Thursday that the main contract works are for Plot 10 (Vertu Resort) located in Aspen Vision City in Penang, Malaysia.
http://www.businesstimes.com.sg/companies-markets/aspen-vision-city-awards-rm442-million-contract-to-malaysian-firm

Genting HK plunges deeper into the red for H1
Genting Hong Kong plunged further into the red with a net loss of US$203.2 million for the six months ended June 30, deepening from a loss of US$54.6 million for the same period a year ago. Revenue for the period was US$532.5 million, up from US$435.8 million, on the back of an increase in revenue from cruise and cruise-related activities. Loss per share was 2.38 US cents, up from 0.63 US cents a year ago.
http://www.businesstimes.com.sg/companies-markets/genting-hk-plunges-deeper-into-the-red-for-h1

Views, Reviews & Forum

Outlook for Singapore’s economy still cloudy despite trade rally
At the start of this year, economists were worried that a rising tendency towards protectionism would weigh on world trade and, by extension, crimp the growth of Singapore’s small, trade-dependent economy. These fears have since taken a back seat – thanks to robust trade data – but have been replaced by other worries.
http://www.straitstimes.com/business/economy/outlook-still-cloudy-despite-trade-rally?login=true

Infrastructure the key for S’pore in Asean’s second 50 years
Singapore’s future prosperity depends heavily on the international channels that it builds and the international partnerships that it nurtures. And infrastructure will be key to both of these. As Asean turns 50 and Singapore 52, it is a good time to reflect on whether Singapore’s good run and role within Asean will continue.
http://www.straitstimes.com/opinion/infrastructure-the-key-for-spore-in-aseans-second-50-years?login=true

Batam’s business model overtaken by events
Batam has an unbeatable business proposition. The Indonesian island is 20 kilometres from Singapore, offers much cheaper land and labour, and is connected to its rich neighbour through extensive logistics networks. Over the past decades, Indonesia’s leaders have sought to leverage this. In the 1970s, they set up an elite agency to liaise with investors and upgraded Batam’s infrastructure. In 1990, they liberalised the island’s investment framework.
http://www.businesstimes.com.sg/opinion/batams-business-model-overtaken-by-events

Condo residents must act in their own interests
The proposed amendments to the Building Maintenance and Strata Management Act will put certain matters right, but they do not get to the core of the problem. The Act provides for annual general meetings (AGMs) to proceed with only two or more subsidiary proprietors present, after a time lapse.
http://www.todayonline.com/voices/condo-residents-must-act-their-own-interests