DAILY NEWS

Daily News – 19th July 2018

Singapore Economy

HSR project: Malaysia’s economic affairs minister to lead delegation to Singapore for talks
[Kuala Lumpur] Malaysia’s Economic Affairs Minister Mohamed Azmin Ali said on Wednesday he will lead a delegation to Singapore soon to have a discussion on the high-speed rail (HSR) project and also to safeguard the diplomatic relationship between both countries. He said the Attorney General’s Chambers (AGC) has examined the bilateral agreement between both nations and that there are clauses that allow either Malaysia or Singapore to opt out of the HSR project.
https://www.businesstimes.com.sg/government-economy/hsr-project-malaysia%E2%80%99s-economic-affairs-minister-to-lead-delegation-to-singapore
https://www.businesstimes.com.sg/government-economy/price-tag-for-hsr-project-includes-costs-not-disclosed-by-previous-government
https://www.straitstimes.com/asia/se-asia/estimated-rm110b-hsr-price-tag-includes-hidden-costs-azmin

Singapore Real Estate

Kentish Green joins en bloc fray
Kentish Green on Oxford Road has joined the roster of developments here trying for a collective sale. Owners are asking for a reserve price of S$230 million for the site spanning 59,143 sq ft. The 122-unit condo is close to Farrer Park MRT Station. At this price, a sale would net each owner between S$1.736 million and S$2.086 million.
https://www.businesstimes.com.sg/real-estate/kentish-green-joins-en-bloc-fray
https://www.straitstimes.com/business/property/kentish-green-up-for-collective-sale-at-230m

4 shophouses opposite Singapore Khalsa Association for sale
A row of four adjoining freehold conservation shophouses at Nos 15, 17, 19 and 21 Tessensohn Road have been put up for sale together, with a reserve price of S$25 million. This works out to S$1,399 per square foot on the allowable maximum gross floor area (GFA) of 17,873 sq ft. This figure does not include any development charge that may be payable to the state.
https://www.businesstimes.com.sg/real-estate/4-shophouses-opposite-singapore-khalsa-association-for-sale

Nature to play big part in future HDB estates
Housing Board estates and nature are set to be intertwined under an updated framework that will be progressively applied to new housing projects from this month (July). The Biophilic Town Framework, introduced in 2013 and refined through collaboration with the National University of Singapore, goes beyond just providing greenery for residents.
https://www.businesstimes.com.sg/real-estate/nature-to-play-big-part-in-future-hdb-estates
https://www.straitstimes.com/singapore/new-hdb-projects-to-marry-nature-with-built-environment
https://www.straitstimes.com/singapore/housing/nature-to-play-bigger-role-in-hdb-estates
https://www.channelnewsasia.com/news/singapore/new-hdb-projects-flats-nature-designs-punggol-northshore-10540470
https://www.todayonline.com/singapore/future-hdb-estates-be-nature-centric

Toll group’s S$228m hub takes logistics to new level
Automation and efficiency are at the heart of the Tuas-based Toll City, the S$228 million logistics hub officially launched on Wednesday. Located near road links to Malaysia and the growing Jurong region, it is expected to improve Toll’s Asia Pacific network and traffic.
https://www.businesstimes.com.sg/companies-markets/toll-groups-s228m-hub-takes-logistics-to-new-level
https://www.straitstimes.com/business/companies-markets/toll-city-pivots-on-efficiency

Companies’ Brief

CapitaLand bags 4 awards, DBS strikes ‘royal flush’ at Singapore Corporate Awards
Mainboard-listed CapitaLand was one of the biggest winners at the 13th annual Singapore Corporate Awards (SCA) on Wednesday, alongside DBS Group, which was conferred the Special Recognition Award for its “all-round excellence in corporate governance”. This year, 34 companies and six individuals were honoured for their exemplary performance in corporate governance and shareholder communication. The event, often dubbed as the “Oscars” of the Singapore business world, was held at the Resorts World Convention Centre.
https://www.businesstimes.com.sg/companies-markets/capitaland-bags-4-awards-dbs-strikes-royal-flush-at-singapore-corporate-awards
https://www.businesstimes.com.sg/companies-markets/leading-corporate-lights-crowned
https://www.straitstimes.com/business/companies-markets/capitaland-snags-four-awards-dbs-strikes-royal-flush

CCT reports 4% fall in Q2 DPU to 2.16 S cents on enlarged unit base
CapitaLand Commercial Trust (CCT), which counts properties like Asia Square Tower 2 and Twenty Anson in its porfolio, reported a four per cent fall in its distribution per unit (DPU) for the second fiscal quarter in 2018 to 2.16 Singapore cents. During the quarter, CCT issued 130 million new units for an equity placement to partially finance the acquisition of Gallileo, a Grade A office property in Frankfurt, Germany.
https://www.businesstimes.com.sg/companies-markets/cct-reports-4-fall-in-q2-dpu-to-216-s-cents-on-enlarged-unit-base
https://www.straitstimes.com/business/companies-markets/cct-sees-4-drop-in-q2-dpu-to-216-cents-on-bigger-unit-base

Wheelock Properties parent offers S$2.10 per share to privatise developer, valuing company at S$2.5b
The Hong Kong-listed parent of Wheelock Properties (Singapore) is offering S$2.10 per share to take the mainboard-listed property developer private. The voluntary offer by Wheelock and Company, which already owns 76.21 per cent of the company, is unconditional. The deadline for the offer has not been announced, but DBS – which has been appointed as financial adviser to the offeror – said that the earliest expected closing date will be Sept 7.
https://www.businesstimes.com.sg/companies-markets/wheelock-properties-parent-offers-s210-per-share-to-privatise-developer-valuing
https://www.straitstimes.com/business/companies-markets/wheelock-properties-parent-offers-210-per-share-to-take-developer-private

Dilution gain boosts Keppel T&T Q2 profit to S$26m
Keppel Telecommunications & Transportation (Keppel T&T) spent more on operations even as it registered a lower turnover in its second quarter. But a dilution gain following Keppel DC Reit’s private placement exercise ultimately helped boost its bottom line. Net profit for the three months ended June 30 rose to S$26 million from S$10.9 million the preceding year, Keppel T&T said in a Singapore Exchange filing on Wednesday. Revenue shrank 4.9 per cent to S$45.3 million from the previous year.
https://www.businesstimes.com.sg/companies-markets/keppel-tt-q2-profit-up-138-to-s26m
https://www.straitstimes.com/business/companies-markets/dilution-gain-boosts-keppel-tts-q2-profit

Koufu shares close flat at S$0.63 on trading debut
Shares in FOOD court operator Koufu Group closed flat at S$0.63 on the company’s trading debut on the mainboard on Wednesday, with about 34.6 million shares changing hands. Koufu shares traded as high as S$0.66, up three Singapore cents or 4.8 per cent, at 9.03am before spending much of the later session trading between S$0.63-S$0.64.
https://www.businesstimes.com.sg/companies-markets/koufu-shares-close-flat-at-s063-on-trading-debut
https://www.straitstimes.com/business/companies-markets/koufu-opens-above-ipo-price-on-trading-debut
https://www.channelnewsasia.com/news/business/koufu-serves-up-lukewarm-trading-debut-after-giving-up-gains-to-10539274

Views, Reviews, Forum & Others

Resale levy ensures fair subsidy allocation
We thank Mr Lee Yong Se for his letter (Relook resale levy for more equitable housing policy; July 8). The Government is committed to helping Singaporean families own their first home and provides generous housing subsidies for first-timers to buy a flat.
https://www.straitstimes.com/forum/letters-in-print/resale-levy-ensures-fair-subsidy-allocation

NParks unveils smart roadmap to improve efficiency in tree management and nature conservation efforts
Singapore: The National Parks Board (NParks) will progressively tap on more technologies to improve its operational efficiency and processes over the next three years. Under its digitalisation masterplan, which was unveiled at the International Federation of Landscape Architects World Congress (IFLA) on Wednesday (Jul 18), NParks said it will focus on leveraging technologies to improve three main areas – arboriculture, horticulture and nature conservation and biodiversity management.
https://www.channelnewsasia.com/news/singapore/nparks-unveils-smart-roadmap-to-improve-efficiency-in-tree-10540156
https://www.straitstimes.com/singapore/nparks-to-step-up-use-of-technology-in-greenery-management