GST hike looms as Singapore’s funding needs grow
The Goods and Services Tax (GST) is likely to go up within the next few years, with an announcement expected as soon as Budget 2018, economists and tax experts say. Their predictions follow comments by Prime Minister Lee Hsien Loong, who told the People’s Action Party (PAP) convention on Sunday that Singapore will be raising its taxes as government spending grows.
Singapore’s Q3 domestic wholesale trade growth eases to 11.3%
Singapore’s domestic wholesale trade expanded by 11.3 per cent in the September quarter, compared with the same period a year ago, slowing from growth of 18.5 per cent in the second quarter and 23.5 per cent in the first three months of the year. Quarter on quarter, this trade dropped by 3.7 per cent.
Cash-flow issues ‘threatening to stall SME growth’
Positive signs have emerged that small- and medium-sized enterprises (SMEs) are shifting from survival mode to growth mode, as more look beyond cost-cutting to revenue generation. But one looming threat that has the potential to derail expansion plans for SMEs is cash flow, as more experienced delayed payments this year, according to findings from the 2017 SME Development Survey by DP Info.
Singapore ranks No 13 in world talent competitiveness
A slight improvement in factors such as the cost of living and remuneration helped make Singapore a more competitive place for talent this year, while the reverse caused Hong Kong to become less attractive, according to Swiss business school IMD. Still, Hong Kong, which fell three spots to 12th position in the IMD World Talent Ranking, edged out Singapore, which rose two notches to 13th place.
Singapore Real Estate
It’s smelling like S-chip trouble at ETC
“Deja vu all over again.” The classic remark by Yogi Berra, one of the best catchers in major league history, seems particularly apt when describing what is plaguing Emerging Towns & Cities Singapore (ETC). Singapore-listed ETC – a propery developer in Myanmar and China – again made the headlines on Monday for a series of unfortunate events linked to its Chinese partner.
No bids for Jalan Besar Plaza en bloc tender but it receives one expression of interest
New Wave Holdings on Monday said that the collective sale committee for its property Jalan Besar Plaza has confirmed that no bids were received at the close of the tender exercise on Nov 10. That said, the committee received one letter from a developer expressing interest to purchase the mixed development.
Eunos Court is top draw in BTO exercise
Home buyers continued to exercise their preference for mature estates, with Geylang the most hotly contested location for the second time this year in the latest sale of new homes by the Housing Board. In the exercise still ongoing until midnight yesterday, at least 2,166 applicants have vied for 748 units in Eunos Court. This is a subscription rate of 2.9 applicants per flat.
Roxy-Pacific takes 45% stake in A$74.1m purchase of Melbourne building
Roxy-Pacific Holdings has taken a 45 per cent stake in a joint venture that is acquiring a Melbourne office building for A$74.1 million (S$76 million). The freehold building at 312 St Kilda Rd in Southbank sits on a 1,906 square metre site with net lettable area of about 9,854 sq m, said Roxy-Pacific, a Singapore-listed property developer and investor.
GIC takes majority stake in new innovation precinct in Melbourne
Singapore sovereign wealth fund GIC announced on Monday its participation as a majority investor in a new educational and commercial project in Melbourne. The other partners in the venture consist of the University of Melbourne, Lendlease and Urbanest, a developer of student accommodation. Developed by Lendlease, the “innovation precinct” will be majority pre-leased to the University of Melbourne for 42 years.
Keppel unit sued by China partner over proposed divestment of marina project for 2.9b yuan
Keppel Corp said its wholly-owned subsidiary Keppel Land China Ltd (KLC) is facing a lawsuit by Sunsea Yacht Club (Hong Kong) Company Limited (Sunsea) in relation to its divestment of its 100 per cent stake in Keppel China Marina Holdings (KCMH). KLC had inked an agreement on Oct 25 to divest its entire stake in KCMH to Delight Prime Limited for 2.9 billion yuan (S$593 million).
OUE Lippo Healthcare: No decision on sale, plans for KL site; any evaluation preliminary
OUE Lippo Healthcare (OUELH) on Tuesday said that any evaluation on a prime plot of land in Kuala Lumpur is exploratory and preliminary, and no decision has been made on whether to sell the land or change its development plans. OUELH made those statements on Tuesday before the market opened in response to Nov 20 reports in The Edge newspaper, which said that the healthcare services and facilities provider formerly known as International Healthway Corp was “shelving” plans to develop the site and considering a sale.
UOL’s interest in UIC edges up to 49.78%
UOL Group Limited said on Monday that its interest in United Industrial Corporation (UIC) has increased to 712.92 million UIC shares or 49.78 per cent of UIC’s issued share capital. This was shored up through purchases of 11.76 million UIC shares by UOL’s wholly owned subsidiary UOL Equity Investments on Nov 20 at an average price of S$3.3072 per UIC share.
Yanlord sells out phase 3 of Oasis New Island Gardens for 2.59b yuan
Yanlord Land Group Limited sold all 636 apartments on the first day of the launch of Oasis New Island Gardens (Phase 3) in Nanjing for 2.59 billion yuan (S$529.6 million) in total pre-sales value. The sell-out took place despite curbs by the Chinese government on prices and sales of first-hand homes and even a requirement by the group for buyers to commit to an 80 per cent downpayment.
RHT Chestertons launches in Singapore with an eye on expanding Asian presence
A new property consultancy firm has been launched in Singapore. RHT Chestertons is the result of a partnership between integrated professional services company RHT Wealth Holdings and London-based real estate agency Chestertons.
IPC shares lower after preliminary agreements with Chinese firm lapse
Shares of IPC Corporation were down as much as 6.7 per cent following a lapse in preliminary agreements to finalise terms to acquire a robot maker and to sell a hotel. Before the market opened on Monday, IPC announced in a Singapore Exchange filing that two non-binding heads of agreement (HOA) with Xinyuan (China) Real Estate Co Ltd fell through.
SHC Capital to acquire MM Myanmar for S$69.7m
Catalist-listed SHC Capital Asia Limited said that it has lodged a circular with the Singapore Exchange for the proposed acquisition of all of the issued and paid-up shares of MM Myanmar Pte Ltd (MM Myanmar) for S$69.7 million. SHC Capital is acquiring the shares of MM Myanmar from three vendors – Yoma Strategic Holdings unit Yoma Strategic Investments (YSIL), First Myanmar Investment Company Limited (FMI) and Exemplary Ventures Limited (EVL).
VIEWS, REVIEWS & FORUM
Singapore can help to develop Asia’s financial services
The financial services’ Industry Transformation Map (ITM), launched on Oct 30, aims to create thousands of jobs here in Singapore, as well as raise productivity and growth in the industry, and by extension the wider economy. Under the ITM, the financial services sector is expected to achieve 4.3 per cent growth in the medium term, almost twice as fast as the overall economy. By 2020, an additional 1,000 jobs are expected to be created in the financial technology (fintech) sector.
GLP’s privatisation – why every vote and voter counts
In the first nine months of 2017, we have seen a flurry of merger and acquisition (M&A) activities in Singapore and globally. One such acquisition exercise that has attracted worldwide attention is the proposed acquisition and privatisation of Global Logistic Properties (GLP). If approved by shareholders in November 2017, it will be the largest privatisation of a listed company in Asia.
GLOBAL ECONOMY & GLOBAL REAL ESTATE
Janet Yellen to depart US Federal Reserve in February
China’s home price growth picks up in October
Apartment in HK’s The Peak district sets record HK$132,000 psf price
Chinese buyers go cool on Australian homes
Alibaba bets US$2.9b on China’s top hypermarket player
Thailand’s Q3 GDP growth at best pace in four years
Spanish hotels company Barcelo offers to buy NH Hotel Group
ADDITIONAL ARTICLES OF INTEREST – LOCAL & OVERSEAS REAL ESTATE
Local & Overseas Real Estate – Full Article