President Xi, PM Lee hail ‘new historical chapter’ in bilateral ties
Chinese President Xi Jinping and Singapore’s Prime Minister Lee Hsien Loong on Wednesday discussed new areas of bilateral cooperation even as they reaffirmed the deep and strong friendship built over the years by successive generations of leaders. The new areas of bilateral cooperation include those in financial, judicial and legal matters, as well as in defence, said the Prime Minister’s Office (PMO) in a statement.
Two-pronged battle plan to keep electronics sector fighting fit
Industry Minister S Iswaran has called on Singapore firms to stand shoulder to shoulder with the government to transform the electronics sector, one of the cornerstones of the Singapore’s economy. Speaking at the launch of the Electronics Industry Transformation Map (ITM) on Wednesday, the Minister unveiled a two-pronged strategy to ensure electronics continues to grow – by moving into new growth markets and transforming the existing electronics base and attract new investments in high-value components.
Assets in Singapore family offices close to global average
Singapore’s ultra-rich families today manage their wealth with a decidedly professional tinge: more assets are being handled professionally, and over two-thirds of these families are actively planning succession. A study by UBS and Campden Wealth showed that wealthy Singapore families have nearly twice as much assets managed by family offices (FOs) as their counterparts in the Asia Pacific. The Global Family Office Report 2017 puts the average assets under management (AUM) of Singapore FOs at US$857 million, compared to US$445 million in the Asia Pacific. The global average AUM of FOs was US$921 million in 2016.
Singapore Real Estate
Two property listings portals battle over alleged copyright infringement
The biggest property listings portal here has sued its rival over alleged copyright infringement, accusing the latter of reproducing content from its website without permission. Wednesday marked the start of a six-day trial between PropertyGuru and 99.co, which is being watched for its implication on who owns the copyright of information uploaded onto online platforms. At issue is the use of a third-party digital app called Xpressor, which lets property agents post listings across multiple portals – resulting in several listings on 99.co bearing PropertyGuru’s watermark.
Eu Realty puts up 2 South Bridge Rd shophouses for sale
Eu Realty (Singapore), a fully-owned subsidiary of Eu Yan Sang International, has put up a pair of adjoining shophouses along South Bridge Road for sale. The asking price of S$28.5 million works out to S$2,842 per square foot based on the gross floor area of 10,027 sq ft. Spanning three levels and an attic, the two shophouses, at Nos 273 and 275 South Bridge Road, sit on a single land lot of 3,089 sq ft. Currently Eu Yan Sang International’s fully-owned unit, Eu Yan Sang Integrative Health, operates a TCM (traditional Chinese medicine) clinic on the ground floor of the two shophouses.
Oxley rules out bidding for UEL despite owning 14% stake
Oxley Holdings has reiterated that it has no plans to make a bid for United Engineers (UEL) even though it has already accumulated about 14 per cent of the company in the last few months. The confirmation was in response to a query from The Business Times, following the lapse of the offer by Perennial Real Estate Holdings and Yanlord Group.
CapitaLand’s wholly owned subsidiaries increase issued and paid-up share capital
CapitaLand Limited announced on Wednesday that its wholly owned subsidiaries, C31 Ventures Fund 1 Pte Ltd (C31VF1) and C31VF1-065C Pte Ltd (065C), have increased their respective issued and paid-up share capital. This was by way of an allotment of additional redeemable preference shares (RPS) for cash consideration to their existing shareholders. The number of RPS is three million with a cash consideration of S$3 million for each subsidiary.
Croesus Retail Asset Management increases shareholdings in subsidiaries
Croesus Retail Asset Management Pte Ltd, the trustee manager of Croesus Retail Trust (CRT), has increased its shareholdings in its subsidiaries for asset enhancement initiatives. On Wednesday, CRT announced in a Singapore Exchange filing that Croesus Retail Asset Management has subscribed for an additional 245 million Class B preference shares (Apple 1 relevant shares) in Apple 1 TMK Holdings Pte Ltd, and an additional 255 million Class A preference shares (Apple 2 relevant shares) in Apple 2 TMK Holdings Pte Ltd for capital expenditure purposes and financing the construction of the proposed new building at Torius.
GIC-backed fund sews up $5.9b deal
A fund backed by sovereign wealth fund GIC has completed its acquisition of luxury US apartment developer Monogram for a transaction value of approximately US$4.4 billion (S$5.9 billion). Monogram owns, operates and develops luxury apartment communities in coastal and urban markets including southern Texas and Virginia states. As at June 30, its portfolio included investments in 48 multi-family communities in 10 states comprising 13,438 apartment homes.
Views, Reviews & Forum
Journey to the west and its lakefront CBD
Some 20 years from now, Jurong in Singapore’s west will be a futuristic town with a buzz to rival the established central business district (CBD) down south. Or so the dream goes, according to a draft masterplan for the new Jurong Lake District (JLD) which was unveiled last month. The 360ha area, to be completed from 2040 onwards, will be the well from which 100,000 new jobs and 20,000 new homes will spring. It will also boast waterfront retail options by Jurong Lake and access to multiple MRT stations.
S’pore’s last Teochew mansion standing
Completed in 1885, the last remaining Teochew mansion in Singapore looks almost identical today to when it was lived in by the prominent merchant Tan Yeok Nee and his family. Despite having been through the war; used as a warehouse for the Cockpit Hotel, which used to be next door; a school; a rail master’s home; and as the Salvation Army headquarters, the house still retains most of its original features.
Global Economy & Global Real Estate
US dollar rises as Fed hints at December rate hike
Fed to shrink assets next month, boost rates by year end
US existing home sales fall to 12-month low
Latest Moxy hotel is a throwback to the past
A decaying Washington waterfront returns to life
China’s Dangerous House Price Boom Is Spreading
China’s short-term bonds could be next risk target
Is China’s debt driving it to a financial crisis?
RBA sees slack in job market, at ease with inflation outlook
Zara-owner Inditex H1 gross margin eroded by strong euro
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