Next financial crisis may be triggered by a cyberattack, says MAS chief
Emerging technologies help reduce risks in the financial sector, but they may also accentuate some risks or even create new ones, such as cyberattacks and runaway algorithms, warned Ravi Menon, managing director of the Monetary Authority of Singapore. In his keynote address at an annual forum by the Australian Securities and Investments Commission in Sydney on Monday, he said cyberattacks, which are less visible and often hit many firms at the same time, are a growing threat to the financial ecosystem, and that financial technology (fintech) could accentuate this risk.
Asean a key stabilising factor amid big-power rivalry: Mahbubani
Asean is an important stabilising factor amid tussles by bigger powers such as the United States and China, said Kishore Mahbubani, dean of the Lee Kuan Yew School of Public Policy at the National University of Singapore. “If you want at least a small sturdy ship to protect you from this global storm, keep Asean going,” he said at a talk titled Asean Miracle: Catalyst for Peace at Maybank Kim Eng’s Invest Asean 2017 Edition on Tuesday. Prof Mahbubani had just released a book with a similar title on March 8, together with South-east Asia historian Jeffery Sng.
S’pore named world’s most expensive city for expats again
Singapore has been judged the world’s most expensive city for expatriates a fourth straight year. And Asia now accounts for half of the 10 priciest centres, after Tokyo and Osaka moved up in the rankings following a sustained recovery in the strength of the yen. Hong Kong was the second most expensive city in the world, followed by Zurich in third place, according to the Economist Intelligence Unit yesterday.
Singapore No. 1 in world for start-up talent: Report
Perhaps the biggest surprise coming out of a 150-page research report covering 10,000 start-ups and 300 partner companies worldwide is that tiny Singapore has overthrown tech centre Silicon Valley as the world’s No. 1 for start-up talent. The report by Startup Genome, a US-based organisation, credits Singapore’s innovative policies for its great start-up ecosystem. While Singapore’s overall ranking this year fell two notches to 12th, this was due to two new Chinese entrants, it said. Singapore’s performance numbers are solid and will probably continue to rise, it added.
Singapore Real Estate
Cost-efficiency key demand driver for self-storage spaces in Singapore: Knight Frank
Cost factor is the key driver for business owners turning to self-storage facilities, also known as do-it-yourself (DIY) storage spaces, in Singapore. In a survey of 207 personal and business users by Knight Frank and Lock+Store, about half of business users opted for self-storage spaces as a cheaper alternative compared to renting shops or warehousing space. This is followed by 37 per cent of users who are using self-storage spaces due to the nature of their business.
Hugh Lim appointed new BCA chief exec
Hugh Lim, deputy secretary (community, youth and sports) of the Ministry of Culture, Community and Youth (MCCY), will take over from John Keung at the helm of the Building and Construction Authority (BCA).
The BCA and the Ministry of National Development on Monday said that Dr Keung, chief executive officer of BCA, will relinquish his position on June 1, 2017. He will become the dean of BCA Academy.
Sentosa Cove villa designed by celebrities’ architect up for sale
A villa on Sentosa Cove designed by Los Angeles-based architect Richard Landry, dubbed the “King of the Mega Mansion”, is on the market. Its owner, a European in the private equity business, occupied the property briefly, in 2013 and in 2014, before he moved to London to pursue business opportunities. He is now based there. He is understood to be expecting a price of S$24 million, which would work out to S$2,014 per square foot on a land area of 11,913.50 sq ft.
500-bed rehab hub next to TTSH to open in five years
Tan Tock Seng Hospital’s (TTSH) new 500-bed rehabilitation complex, right next to the main hospital in Novena, opens in five years and will add to the growing number of healthcare facilities that cater to the needs of an ageing population. The new Integrated Care Hub will be part of HealthCity Novena – a mega health complex scheduled for completion by 2030 that will include a hospital, medical school and step-down facilities, as well as the National Centre for Infectious Diseases.
Temasek sees more India deals as companies sell assets
Temasek Holdings Pte, the Singapore state investment company, expects Indian companies to continue selling assets to pare debt as corporate balance sheet stress rises. “For the first time, companies are selling some of their good assets to deleverage,” Rohit Sipahimalani, a senior managing director at Temasek, told a Bloomberg private equity forum on Friday in Mumbai.
Mapletree closes US$1.3 billion private trust for student dorms
Mapletree Investments has closed a private trust to hold US$1.3 billion in student-accommodation assets in the UK and the US – a move that makes this not only the first such product in Singapore, but also the first of a series of private trusts for the group. The Temasek unit is also aiming to launch Singapore’s first initial public offering (IPO) of student-housing assets when the portfolio grows to S$4-5 billion. For a start, its private trust for the asset class – Mapletree Global Student Accommodation Private Trust (MGSA P-Trust) – will hold an 8,363-bed US portfolio of 10 assets, and a 5,910-bed UK portfolio of 25 assets.
Mapletree eyeing greater expansion across Vietnam
One of Mapletree Investments’ signature mixed-use developments in Vietnam, the 4.4-hectare Saigon South Place Complex in an upscale area of Ho Chi Minh City, is fast taking shape. Two years after the first phase saw the opening of the SC VivoCity mall, the Singapore-based real estate developer marks another significant milestone this week with the official opening of a 17-storey office building in the precinct. The Mapletree Business Centre, as it is called, is the company’s first office development in Vietnam.
Ascendas-Singbridge buys Shanghai building
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.
Libra Group wins three new contracts worth S$22.4m
Building and construction solutions provider Libra Group on Tuesday announced the award of three contracts totalling S$22.4 million in value.
Global Economy & Global Real Estate
Fed’s rate hike a positive for Asia
US dollar continues to weaken against Singdollar
Texas leads hotel building boom in US
UK property brokers cutting jobs and outlets
Mainland Chinese investors piling into Hong Kong H-shares while A-shares lag
Distraught Hong Kong villagers battle to save their homes
RBA warns over housing risks, debt as global reflation emerges
Japan land prices edge up in 2016 on tourism boom
Continued yen slide will have some negative side effects: BOJ deputy chief
‘Skyscraper curse’ claims new victim in Lotte’s 4t won tower in Seoul
India home migraine fix may also be bank hangover cure
Banksy’s West Bank hotel opens doors to first guests
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