DAILY NEWS

Daily News – 21th Aug 2019

Singapore Real Estate

S-E Asia real estate markets stay the course amid global uncertainties
Recent reports which dominate headlines reveal uncertainty and slower growth in the world’s economy. The International Monetary Fund projects the global economy to grow by 3.3 per cent in 2019, and 3.6 per cent in 2020. This is slower than the 20-year average of 3.8 per cent per annum. For the first time, Asia-Pacific exports fell year-on-year in the first half of 2019, after growing 10 per cent in 2018.
https://www.businesstimes.com.sg/real-estate/s-e-asia-real-estate-markets-stay-the-course-amid-global-uncertainties

New measures soon to help first-time buyers of HDB flats
This month’s sale of Build-To-Order (BTO) flats has been postponed until next month so that buyers can benefit from new measures to help first-time buyers. Minister for National Development Lawrence Wong said in a Facebook post yesterday that his ministry and the Housing Board have been reviewing “how we can extend further support to first-timers” in buying new and resale flats, and he will share more details…
https://www.straitstimes.com/singapore/new-measures-soon-to-help-first-time-buyers-of-hdb-flats
https://www.straitstimes.com/singapore/housing/first-time-buyers-of-hdb-flats-to-get-more-help-soon

Singapore Economy

Government to weigh economic conditions before each hike in CPF rates: Chan Chun Sing
The government will be very mindful of economic conditions and cost pressures before it makes the next move to increase the Central Provident Fund (CPF) contributions as well as to raise the retirement and re-employment ages, Trade and Industry Minister Chan Chun Sing said on Tuesday. To allay concerns of companies, especially small and medium enterprises (SMEs), that the changes announced on Sunday by…
https://www.businesstimes.com.sg/government-economy/government-to-weigh-economic-conditions-before-each-hike-in-cpf-rates-chan-chun
https://www.straitstimes.com/singapore/manpower/govt-mindful-of-cost-pressures-posed-by-cpf-rate-hike-chan
https://www.channelnewsasia.com/news/singapore/government-aware-cost-pressures-retirement-cpf-chan-chun-sing-11826104

Companies’ Brief

Keppel Logistics unit UrbanFox expands to Vietnam, Malaysia
Omnichannel logistics and channel management solutions firm UrbanFox is expanding to Vietnam and Malaysia with support from Enterprise Singapore, it said on Tuesday. UrbanFox – whose parent company is Keppel Logistics – worked with Keppel Land to establish online-to-offline (O2O) capabilities at Estella Place shopping mall in Ho Chi Minh City, Vietnam.
https://www.businesstimes.com.sg/companies-markets/keppel-logistics-unit-urbanfox-expands-to-vietnam-malaysia
https://www.straitstimes.com/business/companies-markets/home-grown-logistics-start-up-sets-sights-abroad

Surbana staff to get boost in digital skills
As the construction industry moves to embrace technology, infrastructure consultancy Surbana Jurong will work with a union to help its employees boost their digital skills. A total of 630 of its 3,900 consultancy staff in Singapore will be trained over the next year in technology tools relevant to their jobs – such as drones, advanced building information modelling (BIM) and Audiance, a tool that facilitates data…
https://www.straitstimes.com/business/surbana-staff-to-get-boost-in-digital-skills

Aug 26 hearing date set for sanction of OUE C-Reit, H-Trust merger
An Aug 26 court hearing has been scheduled to sanction the proposed merger of OUE Commercial Real Estate Investment Trust (C-Reit) and OUE Hospitality Trust (H-Trust), following which the trust managers will provide an updated indicated timetable for the merger. In an earlier indicative timeline, the court hearing had initially been expected to take place on Sept 5, with the expected last day of trading for…
https://www.businesstimes.com.sg/companies-markets/aug-26-hearing-date-set-for-sanction-of-oue-c-reit-h-trust-merger

SPH Reit launches S$1b multicurrency debt programme; in talks for potential acquisition
Retail landlord SPH Reit has established a S$1 billion multicurrency debt issuance programme, with part of the proceeds to be potentially used for a possible acquisition. The Reit’s manager, SPH Reit Management, is currently conducting due diligence on the potential acquisition.
https://www.businesstimes.com.sg/companies-markets/sph-reit-launches-s1b-multicurrency-debt-programme-in-talks-for-potential
https://www.straitstimes.com/business/companies-markets/sph-reit-launches-1b-multicurrency-debt-programme-in-talks-for-potential

Soilbuild Reit tenant put under judicial management
Soilbuild Business Space Reit tenant NK Ingredients, which owes almost S$3.4 million to the real estate investment trust, has been put under judicial management, said the Reit’s manager in a filing on Tuesday. The property in question is located at 2, Pioneer Sector 1. As at Aug 20, NK Ingredients owes S$3,390,262.14 to Soilbuild Reit, including August 2019 rental charges, property tax and land rent.
https://www.businesstimes.com.sg/companies-markets/soilbuild-reit-tenant-put-under-judicial-management

Views, Reviews, Forum & Others

Singapore has role in BRI’s investment into South-east Asia
The Second Belt and Road Forum, held in Beijing in late April, marked the launch of BRI 2.0 and delivered a clear commitment to a more open, inclusive, sustainable and market-driven initiative. This addresses concerns that had previously been raised over debt burdens connected with BRI (Belt and Road Initiative) projects, their transparency and their openness to non-Chinese participants.
https://www.businesstimes.com.sg/opinion/singapore-has-role-in-bris-investment-into-south-east-asia

Commentary: After the Fed’s rate cut, the impact on Singapore and growth
Singapore: When the United States Federal Reserve moves on interest rates, the markets listen with bated breath. That was the case when Fed Governor Jerome Powell recently announced a rate cut for the first time since December 2008, reducing its key overnight lending rate by a quarter of a percentage point. And he may not be done yet.
https://www.channelnewsasia.com/news/commentary/interest-rates-us-fed-cut-housing-loan-singapore-growth-impact-11821584

HDB prices at vast Greater Southern Waterfront project could be similar to Pinnacle@Duxton’s: Experts
Singapore — Property experts and prospective homebuyers are already upbeat about plans unveiled by Prime Minister Lee Hsien Loong during Sunday’s National Day Rally, involving housing development along Singapore’s southern coastline. However, experts agreed that public housing at the mega waterfront development project is set to be at the upper end of Housing and Development Board (HDB) pricing…
https://www.todayonline.com/singapore/experts-homebuyers-upbeat-new-homes-vast-greater-southern-waterfront-project

Include eldercare in Greater Southern Waterfront, Pulau Brani plans
I was excited by the endless possibilities of how the Greater Southern Waterfront and Pulau Brani can be developed after listening to Prime Minister Lee Hsien Loong’s National Day Rally speech. I addressed the rising trend of an ageing population in Singapore in a previous letter (Consider building retirement villages on S’pore’s islands, Aug 7). Given that we are now the country with the longest average life expectancy…
https://www.straitstimes.com/forum/letters-in-print/include-eldercare-in-greater-southern-waterfront-pulau-brani-plans

‘Downtown South’ not good use of Pulau Brani site
It does not make sense to set a two-or three-star resort like Downtown South on a Pulau Brani site that can fetch five-and six-star land bid prices (‘Downtown South’ resort likely to be built on Pulau Brani, Aug 19). The site can also inspire concepts to enhance Singapore’s attractiveness as a world-class leisure destination to high-yielding vacationers from all over the world.
https://www.straitstimes.com/forum/letters-in-print/downtown-south-not-good-use-of-pulau-brani-site

Economic Affairs: Making sense of market pessimism
If you had bought a 30-year Singapore government bond at the start of the year, by Aug 15 you would have been sitting on a capital gain of more than 16 per cent. This staid investment, to which hardly any investment guru pays much attention, has outperformed most stocks. In fact, investment in any hard currency sovereign bond would have been a big winner. There are some US$16 trillion (S$22.2 trillion)…
https://www.straitstimes.com/opinion/making-sense-of-market-pessimism

Spur more public-private tie-ups amid tough times
It was exciting to hear Prime Minister Lee Hsien Loong outlining his vision for Singapore in his National Day Rally speech. However, I am concerned about major challenges that are looming on the horizon. The global economy is projected to continue to slow down, and it has already taken a toll on our economy.
https://www.straitstimes.com/forum/letters-in-print/spur-more-public-private-tie-ups-amid-tough-times

Tougher, quicker action needed and industries must play their part too
I am pleased that Prime Minister Lee Hsien Loong spent a substantial amount of time on climate change in his National Day Rally speech on Sunday. The United Nations has highlighted the urgency to tackle the issue in its Intergovernmental Panel on Climate Change (IPCC) report last year. Clearly, more should be done beyond what was proposed in PM Lee’s speech.
https://www.straitstimes.com/forum/letters-in-print/tougher-quicker-action-needed-and-industries-must-play-their-part-too