DAILY NEWS

Daily News – 21st June 2018

Top Story

Singapore can use less cash and be cheque-free by 2025: Ong Ye Kung
E-payments are catching on and the government hopes to further reduce the use of cash and make Singapore cheque-free by 2025. It is also beefing up consumer protection against e-payment risks, said Minister for Education Ong Ye Kung at the 45th annual dinner of the Association of Banks in Singapore (ABS) on Wednesday.
https://www.businesstimes.com.sg/government-economy/singapore-can-use-less-cash-and-be-cheque-free-by-2025-ong-ye-kung
https://www.straitstimes.com/business/banking/singapore-to-cut-use-of-cash-and-go-cheque-free
https://www.channelnewsasia.com/news/singapore/singapore-should-aim-to-be-cheque-free-by-2025-ong-ye-kung-10452570
https://www.todayonline.com/singapore/variety-e-payment-options-allow-competition-innovation-ong-ye-kung
https://www.bloomberg.com/news/articles/2018-06-20/singapore-set-to-cut-cash-cheques-on-path-to-digital-economy

Singapore Economy

Asia business sentiment slips from 7-year high on trade war fears
Business sentiment among Asian companies slipped for the first time in three quarters on mounting trade friction between china and the united states, a Thomson Reuters/Insead survey found. The Thomson Reuters/Insead Asian business sentiment index, which surveys firms’ six-month outlook, fell to 74 in the second quarter of this year, from a seven-year high of 79 in the previous quarter.
https://www.businesstimes.com.sg/government-economy/asia-business-sentiment-slips-from-7-year-high-on-trade-war-fears

Overwhelming response from Singapore firms for North Korea business mission
Singapore — A planned business mission to North Korea has received overwhelming responses from Singapore companies within a day after TODAY’s report on it. More than 20 companies have since indicated their interest, said former academic Michael Heng, who is facilitating the trip in September following an invite from the hermit kingdom.
https://www.todayonline.com/singapore/overwhelming-response-singapore-firms-north-korea-business-mission
https://www.todayonline.com/singapore/after-trump-kim-summit-north-korean-government-invites-singapore-firms-visit-country

Singapore Real Estate

Holland Drive five-room HDB flat sold for S$1.1 million
A five-room Housing Board flat at Holland Drive has been sold in June for S$1.1 million, setting a new record for the area. The 38th-floor resale unit at Block 18C Holland Drive has a floor area of 1,259 sq ft, which works out to about S$874 per sq ft (psf).
https://www.businesstimes.com.sg/real-estate/holland-drive-five-room-hdb-flat-sold-for-s11-million
https://www.straitstimes.com/singapore/holland-drive-hdb-flat-sold-for-record-11m

Rochor Centre’s demolition to commence on June 26
Rochor Centre will be demolished gradually beginning on June 26, in preparation for the upcoming North-South Corridor, said the Land Transport Authority (LTA) on Wednesday. The iconic public housing estate’s four residential blocks will be demolished floor by floor using machinery, with works starting at the top floors. The demolition is expected to be completed by April 2019.
https://www.businesstimes.com.sg/real-estate/rochor-centres-demolition-to-commence-on-june-26
https://www.straitstimes.com/singapore/rochor-centre-demolition-to-begin-on-june-26-says-lta
https://www.channelnewsasia.com/news/singapore/rochor-centre-demolition-north-south-corridor-begin-jun-26-10450322
https://www.todayonline.com/singapore/demolition-works-rochor-centre-commence-june-26

Construction deaths may be on the rise
Workplace deaths in the construction sector appear to be on the rise again after hitting a low last year. The latest figures from the Workplace Safety and Health (WSH) Council show that there were six worksite deaths in the first five months of this year, up from two in the same period last year.
https://www.straitstimes.com/singapore/manpower/construction-deaths-may-be-on-the-rise

Companies’ Brief

S$5m value in PropNex prospectus for agents’ transfer causing a stir
A S$5 million value pegged to PropNex Realty’s business takeover agreement with Dennis Wee Realty (DWR) last year in the initial public offer (IPO) prospectus lodged by PropNex has raised the eyebrows of many observers, who keenly recall the transaction was previously said to have no dollar value. There was also the concern over the difference between the unaudited revenue and profit given by PropNex to the press last year for the fiscal year 2016 and the audited figures disclosed in the IPO prospectus.
https://www.businesstimes.com.sg/companies-markets/s5m-value-in-propnex-prospectus-for-agents-transfer-causing-a-stir
https://www.straitstimes.com/business/companies-markets/propnexs-ipo-document-yields-a-couple-of-surprises

Blackstone’s first-of-a-kind India IPO confronts rate jitters
About two years after the Blackstone Group registered India’s first real estate investment trust (Reit), the private equity giant is close to taking it public. Rising interest rates, however, threaten to get in the way. Blackstone and local partner Embassy Group plan to file a prospectus for an initial public offering of the Reit as early as next month, a deal that may raise as much as US$1 billion, people with knowledge of the matter said.
https://www.businesstimes.com.sg/real-estate/blackstones-first-of-a-kind-india-ipo-confronts-rate-jitters

RHT Chestertons enters into strategic partnership with DWG to grow its valuation and advisory business
RHT Chestertons and DWG have entered into a strategic partnership to jointly offer valuation and advisory services. With effect from July 1, RHT Chestertons will take over all valuation and advisory work, including DWG’s existing valuation work, the two agencies said on Wednesday.
https://www.businesstimes.com.sg/real-estate/rht-chestertons-enters-into-strategic-partnership-with-dwg-to-grow-its-valuation-and

Singapore budget hotel startup RedDoorz enters the Philippines with US$5m investment
RedDoorz, a Singapore-based startup that runs a budget hotel booking platform, on Wednesday announced its expansion into the Philippines, for which it has invested over US$5 million. RedDoorz will use the money to grow its footprint to 100 properties across the Philippines over the next 12 months.
https://www.businesstimes.com.sg/startups/singapore-budget-hotel-startup-reddoorz-enters-the-philippines-with-us5m-investment
https://www.straitstimes.com/business/companies-markets/spore-based-start-up-reddoorz-to-enter-philippine-market

Weiye Holdings to hold EGM on July 24 for proposed delisting
An extraordinary general meeting (EGM) will be held on July 24 to discuss the terms of the exit offer from the Singapore Exchange, Weiye holdings said on Wednesday. The EGM will be held at Phoenix II Meeting Room at the Novotel Singapore Clarke Quay Hotel at 10am.
https://www.businesstimes.com.sg/companies-markets/weiye-holdings-to-hold-egm-on-july-24-for-proposed-delisting

Minimal damage to golf courses in Osaka: Accordia Golf
Accordia Golf Trust’s golf courses in the greater Osaka area have suffered minimal damage due to an earthquake that struck on Monday. On Wednesday, Accordia Golf Trust Management, the trustee-manager, said that there is no material damage to its assets or casualties reported at the golf courses as well as other areas in japan.
https://www.businesstimes.com.sg/companies-markets/minimal-damage-to-golf-courses-in-osaka-accordia-golf

RHT receives outstanding payments for 9MFY18, 4QFY18 from Fortis Healthcare
RHT Health Trust (RHT) has received all outstanding amounts due from Fortis Healthcare for FY18, it said in a filing to the Singapore Exchange on Wednesday. “The trustee-manager wishes to update that RHT has since received all outstanding amounts for 9MFY2018 and 4qQFY2018 due from Fortis,” RHT Health Trust manager said in the statement.
https://www.businesstimes.com.sg/companies-markets/rht-receives-outstanding-payments-for-9mfy18-4qfy18-from-fortis-healthcare

VIEWS, REVIEWS, FORUM & Others

Brexit: much at stake for Singapore property investors in UK
Over the weekend, listed property group Ho Bee Land announced that it was paying £650 million (approximately S$1.16 billion)for a freehold 21-storey Grade A office building in London. Such a large freehold site in the City of London is said to be a rare find. The announcement comes less than a week after news that CK Asset Holding, run by tycoon Li Ka Shing’s son, Victor, had picked up London office tower 5 Broadgate for about £1 billion.
https://www.businesstimes.com.sg/opinion/brexit-much-at-stake-for-singapore-property-investors-in-uk
https://www.straitstimes.com/world/europe/may-wins-brexit-vote-in-parliament

Airbnb needs to act responsibly to be taken seriously
Airbnb’s call to all Singaporeans to keep the doors open to home-sharing when it continues to undermine our laws and views on the matter is regressively solipsistic (Airbnb study says non-tourist areas gain from listings; June 16). Can the Urban Redevelopment Authority (URA) explain why the company and its hosts have not been taken to task – in view of its latest admission of nefarious activity in a self-serving study – the way two real estate agents were prosecuted a few months ago (Two Airbnb hosts fined $60k each for illegal rentals; April 4)?
https://www.straitstimes.com/forum/letters-in-print/airbnb-needs-to-act-responsibly-to-be-taken-seriously