DAILY NEWS

Daily News – 19 Nov 2019

Singapore Economy

Higher Q3 GDP growth seen with electronics ‘recovery underway’Singapore’s exports dropped by an unexpected double digit in October, but a bottoming electronics sector has prompted private-sector economists to adjust upward their growth forecasts for gross domestic product (GDP) in the third quarter. Maybank Kim Eng economists are looking at a final GDP growth figure for July-September of 0.8 per cent year-on-year – higher than the government’s initial estimate of 0.1 per…
https://www.businesstimes.com.sg/government-economy/higher-q3-gdp-growth-seen-with-electronics-recovery-underway
https://www.straitstimes.com/business/economy/exports-recovery-hit-by-slowdown-in-major-markets
https://www.channelnewsasia.com/news/business/exports-trade-electronic-shipments-nodx-october-2019-12102818
https://www.todayonline.com/singapore/bleak-trade-numbers-october-singapores-exports-plunge-123

Companies’ Brief

Frasers Property takes prudent stance in Singapore residential market
Frasers Property Limited has been taking a cautious approach to the Singapore residential market, given elevated land prices and a slow take- up rate from home buyers. But it continues to actively review opportunities, group chief executive officer Panote Sirivadhanabhakdi said at the group’s earnings briefing on Monday. “Singapore is still our home-ground, but we have to be resilient and not just invest for the…
https://www.businesstimes.com.sg/companies-markets/frasers-property-takes-prudent-stance-in-singapore-residential-market

Mapletree Commercial Trust issues S$250m of 3.05% fixed-rate notes
Mapletree Commercial Trust (MCT) has issued S$250 million in principal amount of notes at a fixed rate of 3.05 per cent. The notes will mature on Nov 22, 2029 and are being issued under the S$3 billion multicurrency medium-term note programme established on Aug 8, 2012 and last updated on June 29 last year.
https://www.businesstimes.com.sg/companies-markets/mapletree-commercial-trust-issues-s250m-of-305-fixed-rate-notes

Ascendas India Trust launches private placement to raise at least S$100m
Ascendas India Trust (a-iTrust) is launching a private placement of at least 66.3 million units at an issue price of between S$1.465 and S$1.508 to raise gross proceeds of at least S$100 million. This is to fund its potential investment in a business park in Bangalore, its trustee-manager said in a regulatory filing.
https://www.businesstimes.com.sg/companies-markets/ascendas-india-trust-launches-private-placement-to-raise-at-least-s100m

Oxley pares stake in UE to below 10%
Oxley Holdings has pared its stake in United Engineers (UE) to below 10 per cent after selling some 62 million shares, representing a 9.73 per cent interest, in the open market. The bulk of the shares were scooped up by Chinese real estate player Yanlord Land Group, whose general offer for UE turned unconditional after it crossed the 50 per cent threshold last Friday.
https://www.businesstimes.com.sg/companies-markets/oxley-pares-stake-in-ue-to-below-10

Soilbuild Construction bags S$162.5m contract to build Tai Seng factory
Soilbuild Construction Group has won a S$162.5 million contract to build an industrial factory development at Tai Seng Avenue, lifting its order book to S$551 million, said the group on Monday. Its latest project, awarded by SB (Ipark) Investment, will see the construction of four blocks of eight- and nine-storey multiple-user, general industrial factory development that includes a carpark…
https://www.businesstimes.com.sg/companies-markets/soilbuild-construction-bags-s1625m-contract-to-build-tai-seng-factory

OUE Lippo Healthcare COO resigns
Catalist-listed OUE Lippo Healthcare (OUELH) on Monday night announced that its chief operating officer (COO), Dr Louis Tan Tiong Chin, 37, has resigned to “pursue other opportunities”. His last day of service with the company is Feb 4, 2020.
https://www.businesstimes.com.sg/companies-markets/oue-lippo-healthcare-coo-resigns

Savills says hiring of senior CBRE team well-timed
Property consulting group Savills says its acquisition of the “top investment sales team in Singapore” is timely, given that more capital inflows are expected in the city state from regional markets in Hong Kong, China, Korea and Australia. Jeremy Lake, Galven Tan, Yap Hui Yee and Sophia Lim left CBRE in September and began work in Savills Singapore last Friday.
https://www.businesstimes.com.sg/real-estate/savills-says-hiring-of-senior-cbre-team-well-timed