DAILY NEWS

Daily News – 23nd January 2019

Singapore Real Estate

S$72m fund set up to boost skills in Singapore construction sector
A S$72 million training fund has been set up to help the building industry move away from labour-intensive methods to more “smart” processes. The funds will go towards boosting skills in the building sector, including financing existing scholarship and sponsorship programmes for students and adults, said National Development Minister Lawrence Wong on Tuesday.
https://www.businesstimes.com.sg/real-estate/s72m-fund-set-up-to-boost-skills-in-singapore-construction-sector
https://www.straitstimes.com/business/72m-boost-for-skills-training-as-building-sector-goes-high-tech

Grange Heights relaunches en-bloc bid with price unchanged
Grange Heights is the latest condominium to relaunch an en-bloc sale bid, as property owners make another stab at hawking their homes in a decidedly chillier market. Homeowners will re-open a collective sale tender for the St Thomas Walk freehold property on Wednesday, according to an announcement from marketing agent Colliers International the day before.
https://www.businesstimes.com.sg/real-estate/grange-heights-relaunches-en-bloc-bid-with-price-unchanged
https://www.straitstimes.com/business/property/grange-heights-relaunches-en-bloc-bid-with-price-unchanged

Singapore Economy

Plans to focus on health, infrastructure in budget
Singapore’s finance minister said next month’s budget will focus on infrastructure spending, healthcare for an ageing population, and helping businesses transition to a digital economy. “We want to be able to continue to invest in education, the healthcare of our people, and in taking care of the growing number of seniors,” Heng Swee Keat said in an interview with Bloomberg Television’s Haslinda Amin on the sidelines of the World Economic Forum meetings in Davos.
https://www.businesstimes.com.sg/government-economy/singapore-budget-2019/plans-to-focus-on-health-infrastructure-in-budget

More government support for a slowing economy expected: Fitch
FITCH Solutions analysts are looking at looser fiscal policy from the Singapore government in February’s Budget, according to a short commentary published by the agency on Monday. Given factors such as an impending global slowdown and the pressure on the Republic’s export-driven economy, the report said that the rising external downside risks “are likely to prompt policymakers to adopt policies to cushion the economy through domestic-oriented initiatives” such as public infrastructure spending.
https://www.businesstimes.com.sg/government-economy/singapore-budget-2019/more-government-support-for-a-slowing-economy-expected
https://www.straitstimes.com/business/economy/analysts-expect-looser-fiscal-policy-to-cushion-economy

Companies’ Brief

Sale of Ascott Raffles Place in line with ‘legal and regulatory rules’
Ascott Reit’s manager said on Monday evening that the sale price of S$353.3 million for the recently divested Ascott Raffles Place reflects the highest offer received during its marketing exercise. The building had been sold to private investor and developer Cheong Sim Lam, an unrelated third party, on Jan 9.
https://www.businesstimes.com.sg/companies-markets/sale-of-ascott-raffles-place-in-line-with-legal-and-regulatory-rules
https://www.straitstimes.com/business/property/ascotts-global-portfolio-crosses-100k-units

Keppel DC Reit DPU up 5.7% in Q4 on acquisitions
Keppel DC Reit has posted a fourth-quarter distribution per unit (DPU) of 1.85 Singapore cents, up 5.7 per cent from 1.75 Singapore cents in the same period a year earlier. The higher distributable income was due mainly to the acquisitions of Keppel DC Singapore 5 and Germany’s maincubes DC.
https://www.businesstimes.com.sg/companies-markets/keppel-dc-reit-dpu-up-57-in-q4-on-acquisitions

Ascendas-Singbridge starts work on Phase 3 of Hangzhou project
Sustainable business space solutions provider Ascendas-Singbridge Group on Tuesday celebrated the groundbreaking of the Phase 3 development of the Singapore-Hangzhou Science & Technology Park (SHSTP) in China.
https://www.businesstimes.com.sg/real-estate/ascendas-singbridge-starts-work-on-phase-3-of-hangzhou-project

CapitaLand Mall Trust DPU up 3.1% to 2.99 S cents for Q4
CapitaLand Mall Trust (CMT) will pay a higher distribution per unit (DPU) for the fourth quarter to Dec 31, 2018, as revenue rose on a consolidated stake in Westgate owner Infinity Mall Trust. Investors can look forward to DPU of 2.99 Singapore cents, against 2.9 Singapore cents for the same quarter the year prior, according to full-year financial results released on Wednesday morning.
https://www.businesstimes.com.sg/companies-markets/capitaland-mall-trust-dpu-up-31-to-299-s-cents-for-q4
https://www.straitstimes.com/business/companies-markets/capitaland-mall-trust-posts-31-rise-in-q4-dpu-to-299-cents

Mapletree Industrial Trust DPU up 6.6% at 3.07 Singapore cents
Mapletree Industrial Trust’s distribution per unit rose 6.6 per cent to 3.07 Singapore cents for the third quarter ended Dec 31, 2018, up from 2.88 Singapore cents for the year-ago period, according to the firm’s results release on Tuesday night. The distribution is expected to be paid by March 8, with books closure on Jan 30.
https://www.businesstimes.com.sg/companies-markets/mapletree-industrial-trust-dpu-up-66-at-307-singapore-cents

Oxley unit to sell off Dublin properties for 204m euros
A subsidiary of property developer Oxley Holdings has entered into an agreement with Ireland’s central bank to sell off two blocks of buildings in Dublin for 204 million euros (S$315 million), subject to finalisation of the properties’ net floor area. The deal involves the sale of No 4 and No 5 Dublin Landings, 72-80 North Wall Quay, for 97 million euros and 107 million euros respectively.
https://www.businesstimes.com.sg/companies-markets/oxley-unit-to-sell-off-dublin-properties-for-204m-euros
https://www.straitstimes.com/business/companies-markets/oxley-unit-to-sell-off-dublin-properties-for-315m

TEE International bags new contracts, takes order book to S$484 million
Mainboard-listed TEE International announced on Tuesday night that it has secured new engineering contracts, bringing its order book to S$484 million. The engineering, infrastructure and real estate group did not disclose the value of the new contracts themselves.
https://www.businesstimes.com.sg/companies-markets/tee-international-bags-new-contracts-takes-order-book-to-s484-million