DAILY NEWS

Daily News – 20th March 2018

TOP STORY

Kwek and Quek entities secure Pacific Mansion for S$980m
Entities controlled by Singapore property tycoon Kwek Leng Beng and his Malaysian billionaire cousin Quek Leng Chan have joined forces to acquire a freehold site for S$980 million in Singapore’s prime district 9. The acquisition of Pacific Mansion marks the biggest collective sale in a more than a decade and the second-highest on record, according to CBRE, which brokered the deal.
http://www.businesstimes.com.sg/banking-finance/kwek-and-quek-entities-secure-pacific-mansion-for-s980m
http://www.straitstimes.com/business/property/pacific-mansion-sold-en-bloc-for-980m-in-second-highest-deal
https://www.todayonline.com/singapore/en-bloc-fever-going-strong-pacific-mansion-sells-record-s980m

Alibaba pumps US$2b into Lazada to wage war in SEA e-commerce market
E-commerce giant Alibaba is pumping another US$2 billion into Lazada – raising the stakes in the fierce battle for South-east Asia’s online shoppers and causing further hand-wringing among Singapore retailers. Alibaba Group’s latest announcement to inject more ammunition into the Singapore-based, South-east Asia-focused startup which it already controls will matter for the next phase of growth for major e-commerce players.
http://www.businesstimes.com.sg/technology/alibaba-pumps-us2b-into-lazada-to-wage-war-in-sea-e-commerce-market
http://www.straitstimes.com/business/companies-markets/alibaba-doubles-lazada-investment-to-53b

SINGAPORE ECONOMY

Chongqing project yields 25.3b yuan of financing deals, better connectivity
Cross-border financing deals worth 25.3 billion yuan (S$5.3 billion) have been completed to date under the Chongqing Connectivity Initiative (CCI), Minister at the Prime Minister’s Office (PMO) Chan Chun Sing said in Parliament on March 19. The deals have helped provide Chongqing companies with “more financing options and raised their international profile”, said Mr Chan.
http://www.businesstimes.com.sg/government-economy/chongqing-project-yields-253b-yuan-of-financing-deals-better-connectivity

Trade ministry names 18 to Enterprise Singapore board
The Ministry of Trade and Industry (MTI) has appointed 18 people – including prominent members of the business community – to the board of Enterprise Singapore with effect from April 1. The new one-stop government agency, which aims to help Singapore companies scale up and go global, will be established on April 1 following the merger of Spring Singapore and International Enterprise Singapore.
http://www.businesstimes.com.sg/government-economy/trade-ministry-names-18-to-enterprise-singapore-board
http://www.straitstimes.com/business/economy/mti-appoints-18-to-board-of-enterprise-singapore

More companies in S-E Asia planning to divest: survey
South-east Asian firms’ divestment intentions have caught up to those of their global peers, according to the latest annual EY Global Corporate Divestment Study. Of respondents in the region, 88 per cent plan to divest in the next two years, similar to the global figure of 87 per cent.
http://www.businesstimes.com.sg/government-economy/more-companies-in-s-e-asia-planning-to-divest-survey

Cross-Border Railways Bill passed with amendments
A new law governing the construction and running of two future rail links between Singapore and Malaysia was passed in Parliament yesterday. The Cross-Border Railways Bill was read for the third time, following amendments that will give appointed railway assets and train services operators more room to negotiate for funding from private financiers.
http://www.straitstimes.com/politics/cross-border-railways-bill-passed-with-amendments

SINGAPORE REAL ESTATE

Peak Court up for en bloc sale with asking price of S$106m
The freehold Peak Court at Thomson Road has launched a tender for collective sale with an asking price of S$106 million. Marketing agent Edmund Tie & Company said in a statement that the District 11 condominium with 20 maisonette units can be redeveloped into “an upscale resort-like boutique condominium project with about 106 units.”
http://www.businesstimes.com.sg/real-estate/peak-court-up-for-en-bloc-sale-with-asking-price-of-s106m
http://www.straitstimes.com/business/property/peak-court-in-thomson-to-sell-en-bloc-for-106m

COMPANIES’ BRIEF

CapitaLand inks deal to manage Phnom Penh mall in Oxley’s development The Peak
Developer CapitaLand, through its wholly owned shopping mall business CapitaLand Retail, has signed an agreement to manage a mall in Cambodia’s capital, Phnom Penh. The mall is the retail component of The Peak, an upcoming high-end integrated development majority owned by Singapore-based developer Oxley and Cambodian company Worldbridge Land.
http://www.businesstimes.com.sg/companies-markets/capitaland-inks-deal-to-manage-phnom-penh-mall-in-oxleys-development-the-peak
http://www.straitstimes.com/business/companies-markets/capitaland-to-manage-phnom-penh-mall-in-oxleys-the-peak-development

Buyout offer for CWG closes with Sinway-led consortium holding 97.91% stake
The buyout offer for real estate group CWG International has closed. Elidom Investment – the entity making the voluntary cash offer at S$0.195 per share – and its concert parties now control 97.91 per cent of CWG. Trading in CWG has been suspended with effect from Tuesday, as the total number of shares held in public hands has fallen below 10 per cent.
http://www.businesstimes.com.sg/companies-markets/buyout-offer-for-cwg-closes-with-sinway-led-consortium-holding-9791-stake
http://www.straitstimes.com/business/companies-markets/buyout-offer-for-cwg-closes-with-sinway-led-consortium-holding-9791-stake

GuocoLand’s Malaysia unit signs agreements of Stage 2 acquisitions of UK sites
GuocoLand’s Malaysia-listed unit Eco World International announced on Monday that it has completed its first stage of acquisitions of its joint venture with Be Living Holdings, a sister company of UK construction group Willmott Dixon, for £63.76 million (S$118.1 million).
http://www.businesstimes.com.sg/companies-markets/guocolands-malaysia-unit-signs-agreements-of-stage-2-acquisitions-of-uk-sites

VIEWS, REVIEWS, FORUM & OTHERS

Eagerly awaiting tough short-term rental rules
I am sorry to hear that the New Zealand family’s holiday in Singapore got off to a bad start, no thanks to Airbnb (NZ family’s Airbnb woes highlight lack of clarity on listings; March 16). Airbnb seeks to change the hospitality world by luring unsuspecting tourists, like this family, into an illicit activity, as well as by showing utter contempt for Singapore’s laws on short-term rentals and the vast majority of residents here who do not wish for strangers to treat their private estate like a hotel.
http://www.straitstimes.com/forum/letters-in-print/eagerly-awaiting-tough-short-term-rental-rules

Convert old blocks into hostels to meet demand for short-term leases
The incident of the New Zealand family being denied access to their Airbnb rental raises the question of why short-term listings for Singapore apartments remain available for booking on the website despite it being illegal (Illegal Airbnb, short-term rentals pit condo management against errant owners; ST Online, March 16). Broadly speaking, I believe that travel lodgings and residences do not and should not mix.
http://www.straitstimes.com/forum/letters-in-print/convert-old-blocks-into-hostels-to-meet-demand-for-short-term-leases

St Joseph’s Home relaunches with new facilities after $62m revamp
St Joseph’s Home celebrated its 40th anniversary and official relaunch yesterday after a $62 million renovation. While the home continues to offer nursing and hospice services, it now has new facilities that cater to elderly residents who have more specialised needs.
http://www.straitstimes.com/singapore/st-josephs-home-relaunches-with-new-facilities-after-62m-revamp