DAILY NEWS

Daily News – 19th December 2018

Singapore Real Estate

Singapore hotels get ‘Crazy Rich Asians’ boost
After Singapore’s residential and office markets made comebacks, the next property sector to bet on might just be its hotels. The hotel industry is heading into 2019 in good shape after boosts to visitor arrivals from the Trump-Kim summit and the romantic comedy “Crazy Rich Asians.” Average occupancy rates touched 87 per cent this year, the highest in a decade, property firm Cushman & Wakefield said.
https://www.businesstimes.com.sg/real-estate/singapore-hotels-get-crazy-rich-asians-boost
https://www.straitstimes.com/business/property/singapore-hotels-get-crazy-rich-asians-boost

Non-Malaysian foreigners can rent HDB flats for longer from Jan 1
From 2019, HDB owners can rent their flats or bedrooms to non-Malaysian foreigners for a longer period of time. Each new tenancy agreement would last a maximum of two years, six months longer than currently allowed. The revised tenancy period will apply to applications received from Jan 1.
https://www.businesstimes.com.sg/real-estate/non-malaysian-foreigners-can-rent-hdb-flats-for-longer-from-jan-1
https://www.businesstimes.com.sg/real-estate/from-jan-1-non-malaysians-and-non-singaporeans-can-rent-hdb-flats-for-maximum-2-years
https://www.straitstimes.com/singapore/housing/maximum-tenancy-period-to-rent-hdb-flat-to-non-malaysians-non-singaporeans-to
https://www.channelnewsasia.com/news/singapore/longer-hdb-tenancy-period-for-non-malaysian-non-citizen-tenants-11041192
https://www.todayonline.com/singapore/hdb-extends-rental-periods-non-malaysian-non-citizen-tenants

Singapore Economy

Singapore business optimism wanes for Q1 2019
Business confidence among local companies moderated significantly for the first quarter of 2019, weakening for the second straight quarter. This is according to the latest quarterly Singapore Commercial Credit Bureau’s (SCCB) Business Optimism Index released on Tuesday.
https://www.businesstimes.com.sg/government-economy/singapore-business-optimism-wanes-for-q1-2019-0
https://www.straitstimes.com/business/economy/singapore-business-confidence-weakens-for-2nd-straight-quarter

Companies’ Brief

Roxy-Pacific won’t proceed with purchase of NZ building
Roxy-Pacific Holdings on Tuesday updated on its earlier announced proposed acquisition of a New Zealand property, saying that after performing due diligence investigation of the property, it is “not satisfied” that the property is suitable for its requirements, and will not be proceeding with the deal.
https://www.businesstimes.com.sg/companies-markets/roxy-pacific-wont-proceed-with-purchase-of-nz-building
https://www.businesstimes.com.sg/companies-markets/roxy-pacific-not-proceeding-with-commercial-building-buy-after-due-diligence

Mapletree buys Chennai IT office hub
Real estate developer and investor Mapletree Investments has acquired the securities of Faery Estates from SPREP, which owns a Grade A IT office development SP Infocity in Chennai. Upon the acquisition, Singapore-based Mapletree renamed SP Infocity – a 2.7-million square foot development – to Global Infocity Park Chennai, and also unveiled a new property logo.
https://www.businesstimes.com.sg/real-estate/mapletree-buys-chennai-it-office-hub

SPH Reit diversifies Down Under
SPH Reit on Tuesday announced the proposed acquisition of Figtree Grove Shopping Centre in Australia for A$206 million (S$206 million) from an unrelated third party, Swordfish Australian Mid TC. SPH Reit’s 85-per-cent contribution to the property price is A$175.1 million, or A$188.2 million after including fees.
https://www.businesstimes.com.sg/companies-markets/sph-reit-diversifies-down-under
https://www.businesstimes.com.sg/companies-markets/sph-reit-seeks-diversification-down-under-with-a206m-mall-buy
https://www.straitstimes.com/business/sph-reit-proposes-acquisition-of-85-stake-in-australian-shopping-centre

Keppel Land, Metland in second tie-up for Jakarta residential project
Keppel Land on Tuesday said that it has, through its wholly-owned subsidiary PT Sukses Manis Indonesia, signed an agreement with Indonesian property developer, PT Metropolitan Land (Metland), to jointly develop a 12-hectare residential site in the Metland Menteng township in East Jakarta, Indonesia.
https://www.businesstimes.com.sg/companies-markets/keppel-land-metland-in-second-tie-up-for-jakarta-residential-project

Banyan Tree pushes into Greater China amid global expansion
Resort operator Banyan Tree Group on Tuesday said it has signed 26 hotel agreements for its four brands, with most of the projects based in Greater China. These projects are expected to become operational over the next three years, with 17 based in Chinese provinces such as Guizhou, Hebei and Zhejiang. The rest of the projects are based in Asean, the Oceania region and in Europe.
https://www.businesstimes.com.sg/real-estate/banyan-tree-pushes-into-greater-china-amid-global-expansion
https://www.businesstimes.com.sg/companies-markets/banyan-tree-pushes-into-greater-china-amid-global-expansion
https://www.straitstimes.com/business/companies-markets/banyan-tree-signs-26-hotel-deals-for-mostly-china-projects

Views, Reviews, Forum & Others

PwC Singapore seeks more tax breaks for early-stage VC funding
PWC Singapore has suggested a new tax exemption scheme for early-stage venture capital (VC) investment with lower assets under management of about S$10 million to entice more VCs to bring overseas funds to invest in Singapore technology startups.
https://www.businesstimes.com.sg/government-economy/pwc-singapore-seeks-more-tax-breaks-for-early-stage-vc-funding
https://www.businesstimes.com.sg/government-economy/pwc-singapore-seeks-more-tax-breaks-in-budget-2019-to-spur-startup-scene
https://www.straitstimes.com/business/economy/pwc-singapore-calls-for-more-tax-breaks-in-budget-2019-to-attract-more-investments

Court rules estate agency director liable for botched NZ deal, to pay $210,000 in property investment losses
A couple who lost about $210,000 investing in a New Zealand property will recover the sum from the director of a Singapore real estate company after the High Court ruled that he was liable for misrepresentation that led to the loss.
https://www.straitstimes.com/singapore/courts-crime/court-rules-estate-agency-director-liable-for-botched-nz-deal-to-pay-210000

Transport needs evolve as population grows
Next October, Singapore will host the prestigious Intelligent Transport Systems World Congress. The theme of the 26th congress, slated for Oct 21-25, is Smart Mobility, Empowering Cities. It is expected to draw more than 10,000 participants and 300-plus exhibitors. It will also feature more than 20 technical tours and demonstrations.
https://www.straitstimes.com/singapore/transport/transport-needs-to-evolve-as-population-grows

Asian central banks under less pressure on tightening policy next year
The pressure to normalise monetary policy is expected to ease up next year for Asian central banks, as the US Federal Reserve takes its foot off the pedal on its interest-rate hike cycle and weaker oil price outlook blunts inflationary pressures.
https://www.businesstimes.com.sg/opinion/asian-central-banks-under-less-pressure-on-tightening-policy-next-year

Embracing artificial intelligence for industry
Over the past year, we have witnessed a growing number of businesses in Singapore adopt artificial intelligence (AI) technologies to transform their operations and gain a competitive edge. Be it in increasing sales, improving customer experience or gaining predictive insights, businesses across the board are considering AI as a means to solve business problems and real-life issues.
https://www.businesstimes.com.sg/opinion/embracing-artificial-intelligence-for-industry

Why new thinking is needed on climate change
The 2018 UN climate change summit, which ended on Saturday night in Europe, has underlined that the international consensus around tackling this issue is under attack again by multiple key governments. This threatens to slow the pace of efforts to decarbonise, and it is clear that a different approach is now needed.
https://www.businesstimes.com.sg/opinion/why-new-thinking-is-needed-on-climate-change

Climate of change is getting better
It is no mean feat for almost 200 nations to adopt a global action plan to limit damage from climate change. This was achieved at Katowice, in Poland, the venue of talks to bring countries together in meeting a key challenge to human survival.https://www.straitstimes.com/opinion/st-editorial/climate-of-change-is-getting-better

Time to make active retirement policy work
In most developed countries, a retirement of leisure is one of the great socioeconomic innovations of the past century. But it is quickly becoming a luxury that few countries can afford, particularly in Europe. The retirees enjoying a second youth may not want to hear it, but it is past time that governments made public pensions partly conditional on community work.
https://www.businesstimes.com.sg/opinion/time-to-make-active-retirement-policy-work