DAILY NEWS

Daily News – 21st March 2017

Top Story

Singapore dividend plays still a draw
Singapore-listed dividend yield plays are still attractive after the United States Federal Reserve hiked interest rates last week, and even though rates are broadly expected to rise further, market watchers said. Aside from real estate investment trusts (Reits), they pointed to staples such as telcos and technology companies, with their top picks including data centre owner Keppel DC Reit, telco Singtel and electronics maker Venture Corp. Banks are likely to benefit from higher rates in the long run too, some said.
http://www.businesstimes.com.sg/companies-markets/singapore-dividend-plays-still-a-draw

New ministerial-level group to raise game in planning, executing digital tech policies
The Singapore government, aiming to become more effective in drawing up and implementing policies for the deployment of digital technology, will set up a ministerial-level unit to see to this. Several units already involved in the design and implementation of digital technology policies across the public sector will, from May 1, come under one roof.
http://www.businesstimes.com.sg/government-economy/new-ministerial-level-group-to-raise-game-in-planning-executing-digital-tech
http://www.straitstimes.com/singapore/moves-to-speed-up-smart-nation-projects

Singapore Economy

SGD bonds hit new highs, investors take Ezra default in stride
Singapore bond prices have been hitting new highs and cash-flush investors are unlikely to be deterred by the weekend bankruptcy filing of Ezra Holdings, which has S$150 million bonds outstanding. Bond prices in Asia, whether in USD or SGD, are high as investors continue to look for yield, said Clifford Lee, DBS Bank head of fixed income.
http://www.businesstimes.com.sg/companies-markets/sgd-bonds-hit-new-highs-investors-take-ezra-default-in-stride

S’pore consumer price index up for 2nd straight month: Poll
Singapore’s consumer price index probably rose at the fastest annual pace in more than two years last month, a Reuters poll showed. The poll’s median showed an increase of 0.7 per cent, compared with 0.6 per cent in January. Economists noted that the index in February last year dropped 0.8 per cent from a year earlier, so the base for comparison with last month is low. A climb of 0.7 per cent would be the highest since September 2014, when the index rose that much from a year earlier.
http://www.straitstimes.com/business/spore-consumer-price-index-up-for-2nd-straight-month-poll

Singapore Real Estate

Sim Lim Tower shop unit put up for sale
A freehold ground-floor shop unit at Sim Lim Tower in Jalan Besar owned by OCBC Bank has been put up for sale via public tender, with an indicative price of $16.19 million. Its marketing agent CBRE yesterday said the guide price works out to about $3,300 per sq ft (psf) based on a strata area of 4,908 sq ft. The unit, which has approval for food and beverage use, enjoys main road shop frontage and is occupied by two tenants: Money Express and an electronics hardware shop.
http://www.straitstimes.com/business/sim-lim-tower-shop-unit-put-up-for-sale

Two freehold residential plots up for sale in District 10
Two adjoining freehold residential redevelopment sites in the Balmoral Road area, in the prime District 10, have been put on the market. The sites are being offered in separate tenders, but marketing agent Edmund Tie & Company expects many parties to bid for both. The firm said that the guide price for one plot in Balmoral Road is $88 million. The other, in Ewe Boon Road, is about $41 million. Both sites have an indicative land price of about $1,750 psf per plot ratio.
http://www.straitstimes.com/business/two-freehold-residential-plots-up-for-sale-in-district-10

Tanglin Club members reject move to redevelop clubhouse
Tanglin Club members at a special general meeting last week turned down a move to consider redeveloping its clubhouse building and grounds, along with its sports complex, which is already under study for redevelopment. Members defeated 234 to 76 the proposal to empower a task force to study the viability of the project, understood to reflect a conservative mood among many who preferred to keep the status quo. According to its website, the club has more than 7,000 members.
http://www.straitstimes.com/singapore/tanglin-club-members-reject-move-to-redevelop-clubhouse?login=true

Changi’s Jewel shaping up well for sparkling start in 2019
The construction of a future Jewel at Changi has reached the halfway mark, putting the airport on track to build an icon that aims to make Singapore a more attractive air hub and destination. When completed, Jewel Changi Airport will glitter with more than 9,600 pieces of glass, specially made in the United States, that will frame its facade. At the site, in front of Terminal 1, work was in full swing when The Straits Times visited last week – the first exclusive preview since construction started in 2014.
http://www.straitstimes.com/singapore/changis-jewel-shaping-up-well-for-sparkling-start-in-2019?login=true

New chiefs at heritage, building agencies
Two government agencies will have new leaders. Ms Chang Hwee Nee, 54, will head the National Heritage Board (NHB) as chief executive officer from May 1. She takes over from Mrs Rosa Daniel, 53, who was appointed CEO of the National Arts Council earlier this month. Meanwhile, Mr Hugh Lim, 51, will head the Building and Construction Authority (BCA) as CEO-designate from April 1, before assuming the post on June 1. He succeeds Dr John Keung, 63, who will become dean of the BCA Academy.
http://www.straitstimes.com/singapore/new-chiefs-at-heritage-building-agencies?login=true

Companies’ Brief

Perennial appeals against High Court decision related to Capitol project
Perennial Real Estate Holdings on Monday filed appeals over the High Court’s earlier decision to dismiss the winding-up applications for three joint entities that it holds with Pontiac Land unit, Chesham Properties. On March 3, Judicial Commissioner Kannan Ramesh had acknowledged the deadlock between the shareholders, but accepted Chesham’s argument that it would not be just and equitable to wind up the companies because there is an exit mechanism available to Perennial under the constitutions of the companies – in this case, it provides for one party to offer to sell its shares to the other at a fair value.
http://www.businesstimes.com.sg/companies-markets/perennial-appeals-against-high-court-decision-related-to-capitol-project

Ascendas-Singbridge buys commercial building in Shanghai
Ascendas-Singbridge Group on Monday announced the acquisition of a premium-grade commercial building in Shanghai, in line with its plan to grow its portfolio of commercial assets in China’s tier-1 cities. The company declined to disclose the purchase consideration for the building. Located at 686 Jiujiang Road, Huangpu District, the development has a total above-ground gross floor area of 24,883 square metres. The 14-storey building is near Shanghai city centre’s core business district of People’s Square and Nanjing Road Pedestrian Street.
http://www.businesstimes.com.sg/real-estate/ascendas-singbridge-buys-commercial-building-in-shanghai

GLP sets up new China subsidiary; its another unit ups stake in GLP-MC Tianjin
Global Logistic Properties (GLP) on Monday announced that its unit, GLP Capital Holdings (Chongqing), has set up a subsidiary called GLP Financial Lease (Chongqing) in China for 500 million yuan (S$101 million). Its principal activities are listed as “financing and leasing business and advisory”. Separately, GLP also said its another unit, CLH (54), has acquired the remaining 50 per cent interest in GLP-MC Tianjin Logistics Property Development for 35.1 million yuan in cash from a joint-venture partner and an unrelated company.
http://www.businesstimes.com.sg/companies-markets/glp-sets-up-new-china-subsidiary-its-another-unit-ups-stake-in-glp-mc-tianjin