The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 19th January 2018

Singapore Economy

Singapore startups to step up 2018 fund-raising for global expansion: KPMG
Singapore startups are likely to step up their canvassing for venture capital (VC) funding in 2018 for regional and global expansion.  This comes as many startups have in the last few years raised seed money and early VC rounds to build their propositions predominantly for the Singapore market, or as a prototype for larger rollouts, said Chia Tek Yew, head of financial services advisory at KPMG Singapore.

Tax experts’ wish list zooms in on tax perks for R&D, training, innovation and fintech
The Singapore Institute of Accredited Tax Professionals (SIATP) has called for the upcoming 2018 Budget to introduce targeted tax incentives to boost the nation’s productivity and help businesses take advantage of emerging technologies.

Singapore lays out 5 economic priorities as Asean chair
The digital economy and trade facilitation are two of five key economic areas that Singapore will focus on during its chairmanship of Asean this year.  The others are services integration and ease of investment; energy security; and strengthening ties between Asean and its external partners.

Singapore Real Estate

Fight over defects at The Sail condo to be heard in court next month
A long-running dispute between the owners of The Sail@Marina Bay and City Developments Ltd (CDL) over numerous alleged defects in the high-end condominium project will finally be heard in court next month.  The most serious and costly of the defects is said to be the condominium’s rubbish chute system, which the residents claim has been emitting foul smells.

Companies’ Brief

Oxley’s Q2 profit down 45% on lower revenue, thinner margins
Lower turnover and thinner margins for projects sold in the second fiscal quarter, coupled with a fair value loss of nearly S$17 million on financial instruments, took a toll on Oxley Holdings’ earnings.  For the three months ended Dec 31, 2017, net profit dived 45 per cent to S$68 million, while revenue tumbled 33 per cent to S$406.1 million from the previous year.

CapitaLand explores Wuhan integrated development
CapitaLand on Thursday signed a memorandum of understanding (MOU) with the district government of Wuchang, one of three key areas of Wuhan in Hubei Province, to explore co-development of a prime site in Wuchang.  The MOU sets out the general principles of collaboration between both sides. CapitaLand said the potential scale of the integrated development is expected to surpass all its existing properties in central China.

Cache Logistics Trust’s distributable income up 2.5% in Q4 to S$17.1m
Cache Logistics Trust, which owns logistics warehouse properties in Singapore, China and Australia, on Thursday reported a 2.5 per cent year-on-year increase in its distributable income to S$17.1 million for the fourth-quarter ended Dec 31, 2017.  Its distribution per unit (DPU) was 1.597 Singapore cents for the quarter, compared to 1.770 cents the year before, based on an enlarged units base following a rights issue in October 2017.

ETC Singapore ends dispute with controlling shareholder via multi-point deal
Catalist-listed Emerging Towns & Cities Singapore (ETC Singapore) has entered into a settlement deed with controlling shareholder Luo Shandong to clear all disputes and claims between them.  ETC has agreed to discontinue its lawsuits in Singapore and China against Mr Luo. These relate to his unauthorised withdrawals of RMB118 million (S$23.8 million) from funds held by Huizhou Daya Bay Mei Tai Cheng Property Development last year.

Views, Reviews & Forum

Global economy in 2018 : Will geopolitics trump economics?
The start of the year seems to be an appropriate time to reflect on the geopolitical events in 2018 that are likely to impact the world economy and that global investors should be watching. Since Singapore remains inextricably linked to the global economic landscape, its economic and political position in the region – and in the world – may also be impacted by such international events.

Global Economy & Global Real Estate

Housing starts fall 8.2% in December

US housing starts down sharply on drop in single-family units

Greenwich luxury homes get biggest discounts since Lehman crisis

Bullying accusations afflict Trump International

UK house price gauge up from 4-year low

China’s economic growth picks up in 2017

China’s new home prices up in most cities despite govt curbs

China tightens rules on insurers to fight local government debt fears

Wanda starts selling global projects amid cash crunch

Contract signed for work on world’s tallest skyscraper in Jeddah

Italian villa owned by Napoleon’s sister up for sale

After Irma, Barbudans fear their lifestyle may be lost forever

Poor urban planning to blame for pricey housing and expanding slums, experts say

Additional Articles of Interest – Local & Overseas Real Estate

Local & Overseas Real Estate – Full Article

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