DAILY NEWS

Daily News – 19th May 2017

Singapore Economy

Commodity trading sector resilient despite challenges: Iswaran
Singapore’s commodity trading sector has remained resilient despite a challenging operating environment for the oil, agri-commodities and metals and minerals markets in the past few years, said Minister for Trade and Industry (Industry) S Iswaran.
http://www.businesstimes.com.sg/government-economy/commodity-trading-sector-resilient-despite-challenges-iswaran
http://www.businesstimes.com.sg/government-economy/singapores-commodity-trading-sector-resilient-despite-challenging-market

S’pore ‘can be world’s biggest commodity trading hub’
Singapore has the potential to become the world’s largest commodity trading hub in the decade ahead as trade flows shift towards Asia. The Republic – already Asia’s largest commodity trading hub – is well-placed to take advantage of rising demand for commodities like metals and agricultural products in the region, said Trade and Industry Minister (Industry) S. Iswaran. He was speaking at the Global Trader Dialogue, a gathering of leaders in the global commodity trading community, at the National Gallery yesterday.
http://www.straitstimes.com/business/economy/spore-can-be-worlds-biggest-commodity-trading-hub

With tech, S’pore can transcend size: Peter Ho
Singapore may be small but with new technology, it can shape a future that transcends its physical size and enlarges its identity, former head of the Civil Service, Peter Ho, said on Thursday. Citing three countries that have re-invented themselves in the digital age, he urged Singaporeans to balance their prevailing attitude that Singapore is a price-taker with a more hopeful view.
http://www.businesstimes.com.sg/government-economy/with-tech-spore-can-transcend-size-peter-ho

Singapore Real Estate

China group beats forecasts with record S$1b bid for GLS site
A large residential plot at Stirling Road launched by the government drew a record price of over S$1 billion in a joint bid from Logan Property Holdings – a newcomer hailing from China’s Guangdong province – and Chinese conglomerate Nanshan Group. The bullish bid of S$1,050.7 per square foot per plot ratio (psf ppr) on gross floor area for the 99-year-leasehold site also sets a new record in the Queenstown area, analysts point out.
http://www.businesstimes.com.sg/real-estate/china-group-beats-forecasts-with-record-s1b-bid-for-gls-site
http://www.straitstimes.com/business/property/record-1b-bid-for-queenstown-land-parcel
https://www.bloomberg.com/news/articles/2017-05-18/singapore-land-gets-record-s-1-billion-bid-from-chinese-buyers

Private equity market ‘set to boom in Asia’
The private equity market is set to boom in Asia as international investors looking for returns diversify to the region, said a HSBC banker. The PE market which is quite mature in North America and Europe is increasingly turning its sights to Asia, said Graeme Strommen, global head of Middle Market Financial Sponsors, HSBC.
http://www.businesstimes.com.sg/banking-finance/private-equity-market-set-to-boom-in-asia

HDB launches 8,748 new flats for sale
A total of 8,748 new HDB flats were launched for sale on Thursday across 25 towns or estates, which consultants say are in fairly attractive locations and may draw strong subscription rates. Under the Housing & Development Board’s Build-to-Order (BTO) and Sale of Balance Flats exercise for May, 4,802 BTO units and 3,946 balance units were released for sale.
http://www.businesstimes.com.sg/real-estate/hdb-launches-8748-new-flats-for-sale
http://www.businesstimes.com.sg/real-estate/hdb-launches-8748-new-flats-in-may
http://www.straitstimes.com/singapore/housing/hdb-launches-8748-flats-in-may-including-4802-bto-flats-in-woodlands-yishun

Companies’ Brief

Frasers Centrepoint to bump up stake in Thailand’s Ticon to 40.19%
Property developer Frasers Centrepoint Limited (FCL)has further raised its stake in listed Thai industrial property developer Ticon Industrial Connection Public Company Limited. The group had earlier pumped in 13.23 billion baht, or about S$520 million, into Ticon to hold around 40 per cent of Ticon’s post completion enlarged share capital.
http://www.businesstimes.com.sg/companies-markets/frasers-centrepoint-to-bump-up-stake-in-thailands-ticon-to-4019

Fragrance inks deal to buy mixed-use site in Tasmania
Property group Fragrance Group has inked a deal to buy a mixed-use site in Hobart, Tasmania in Australia, it said in a Singapore Exchange filing on Thursday evening. It did not disclose the price.
http://www.businesstimes.com.sg/companies-markets/fragrance-inks-deal-to-buy-mixed-use-site-in-tasmania

GLP’s Q4 profit up 61.7% on higher asset values
Global Logistic Properties’ (GLP) fourth-quarter net profit rose 61.7 per cent to US$247 million, or 5.19 US cents per share, for the three months ended March 31 on the back of higher asset values. On a core basis that excludes non-recurring items, however, earnings were 5 per cent lower year-on-year due to the syndication of the company’s second US portfolio, in which GLP retains a 10 per cent stake. GLP has declared a final dividend of 6 Singapore cents per share.
http://www.businesstimes.com.sg/companies-markets/glps-q4-profit-up-617-on-higher-asset-values
http://www.straitstimes.com/business/companies-markets/glp-q4-profit-jumps-62-boosted-by-higher-asset-values

Wee Hur Holdings
Wee Hur Holdings’ wholly owned subsidiary Wee Hur Construction Pte Ltd has secured a construction project worth S$62 million from Stuttgart Auto Pte Ltd. The project will start on May 30 with a construction duration of 30 months. It is not expected to have a material impact on the consolidated net tangible assets per share and consolidated earnings per share of the group for the financial year 2017.
http://www.businesstimes.com.sg/companies-markets/corporate-digest-424

Better tech adoption by SMEs urged to help their businesses
“The SME landscape is not a uniform one, and each industry has its own unique characteristics and challenges,” Senior Minister of State for Trade and Industry Sim Ann said on Thursday. “The Industry Transformation Maps are thus intended to provide customised strategies to facilitate our businesses in their respective transformation journeys by raising productivity, accelerating innovation, diversifying and expanding overseas, and upskilling our workers,” said Ms Sim, who is also Senior Minister of State for Culture, Community and Youth, in a keynote address at the “Transformation Now” seminar organised by The Business Times and supported by Canon.
http://www.businesstimes.com.sg/companies-markets/better-tech-adoption-by-smes-urged-to-help-their-businesses

Views, Reviews & Forum

To ensure CVC success, treat fund managers right
Singapore Press Holdings (SPH) last week announced the sale of its one-third stake in 701Search to Norwegian telco Telenor for some US$109 million. SPH said that the deal marked an attractive opportunity to realise its investment in the South-east Asian online classifieds operator, and added that it will continue to invest in the digital business.
http://www.businesstimes.com.sg/companies-markets/to-ensure-cvc-success-treat-fund-managers-right

The road to a less car-dependent society
What does a day with reduced car dependency mean for a city? While it might appear impossible at the moment, there are early signs pointing to leading cities having a “car-lite” future. Today we are seeing commuters walking or cycling more, and electric bicycles and kick scooters becoming common modes of personal transportation.
http://www.businesstimes.com.sg/opinion/the-road-to-a-less-car-dependent-society

Dithering over Bandar Malaysia deal sends wrong signals to investors
Malaysia’s iconic and large-scale Bandar Malaysia project has all the trappings of an aspirational plan that – if dealt with strategically and planned out thoughtfully – can evoke national pride.
http://www.businesstimes.com.sg/opinion/dithering-over-bandar-malaysia-deal-sends-wrong-signals-to-investors