DAILY NEWS

Daily News – 21st, 22nd and 23rd April 2018

Singapore Economy

Singapore’s casinos will face greater global competition, disruption: Josephine Teo
Given the increasingly complex gaming landscape in Singapore, there is a need to consider greater consolidation of casino regulatory functions, said Second Minister for Manpower and Home Affairs Josephine Teo on Friday. Today, Singapore has different regulations and agencies governing gambling products such as casinos, remote gambling and fruit machines operated by private clubs.
http://www.businesstimes.com.sg/government-economy/singapores-casinos-will-face-greater-global-competition-disruption-josephine-teo
http://www.straitstimes.com/singapore/scope-for-greater-consolidation-of-casino-regulation-josephine-teo

Cinemas saw 7% dip in attendance in 2017 as Netflix, rising ticket prices bite
Despite big blockbusters such as Star Wars: The Last Jedi and Thor: Ragnarok screening in cinemas here, fewer people went to the movies last year. Cinema attendance fell from 21.9 million in 2016 to 20.4 million last year, according to latest figures from the Singapore Department of Statistics. This translates to a 7 per cent drop.
http://www.straitstimes.com/singapore/cinemas-see-7-dip-in-attendance-last-year

Singapore Real Estate

Twin VEW preview draws over 7,500 visitors
CSC Land’s first development, Twin VEW, in West Coast Vale, attracted a strong turnout when its showflat opened for preview over the weekend, with more than 7,500 visitors turning up over the two days. On its first day on Saturday, visitors turned up nearly an hour before the showflat opened at 10am, said the firm. “The popularity of the range of units was evident by the queues that lasted throughout the day outside all three show units,” it said, adding that some were drawn to the development for its proximity to the Jurong Lake District.
http://www.businesstimes.com.sg/real-estate/twin-vew-preview-draws-over-7500-visitors

Dunearn Gardens finds collective sale success on third attempt
The collective sale frenzy continues unabated as Dunearn Gardens, a 114-unit freehold residential development located off Newton Road, becomes the latest to be sold on its third attempt. The sale was made to a fully owned subsidiary of EL Development Pte Ltd – the property arm of building firm Evan Lim Group – for S$468 million.
http://www.businesstimes.com.sg/real-estate/dunearn-gardens-finds-collective-sale-success-on-third-attempt
http://www.straitstimes.com/business/companies-markets/dunearn-gardens-sold-en-bloc-on-third-attempt-for-468m
https://www.todayonline.com/singapore/dunearn-gardens-sold-s468-million-latest-en-bloc-deal

Companies’ Brief

Frasers Logistics buys nearly S$1b in European properties
Frasers Logistics & Industrial Trust (FLT) is making its first foray into Europe with the acquisition of 21 German and Dutch properties worth 596.8 million euros (S$972.8 million). At a media briefing on Friday, Robert Wallace, chief executive of Frasers Logistics & Industrial Asset Management, the manager of FLT, said that a huge push into the market was needed because Europe requires significant economies of scale and a platform presence.
http://www.businesstimes.com.sg/companies-markets/frasers-logistics-buys-nearly-s1b-in-european-properties
http://www.straitstimes.com/business/flt-buying-21-europe-properties-worth-964m

Frasers Commercial Trust’s Q2 DPU dips to 2.4 Singapore cents
Frasers Commercial Trust (FCOT) has posted a distribution per unit (DPU) of 2.40 Singapore cents for the three months ended March 31 – the second quarter of its financial year – down 4.4 per cent from 2.51 Singapore cents a year before.
http://www.businesstimes.com.sg/companies-markets/frasers-commercial-trusts-q2-dpu-dips-to-24-singapore-cents
http://www.straitstimes.com/business/companies-markets/frasers-commercial-trust-dpu-dips-44-to-24-cents

CapitaLand Mall Trust Q1 DPU up 1.8%, gross revenue hits S$175.2m, up 1.8%
CapitaLand Mall Trust (CMT) has posted a first quarter distribution per unit (DPU) of 2.78 Singapore cents, up 1.8 per cent from 2.73 Singapore cents in the same period last year. Gross revenue in the three months ended March 31 was S$175.2 million, up 1.8 per cent on higher occupancy for IMM Building, Clarke Quay, The Atrium@Orchard and Plaza Singapura, as well as higher car park income.
http://www.businesstimes.com.sg/companies-markets/capitaland-mall-trust-q1-dpu-up-18-gross-revenue-hits-s1752m-up-18
http://www.straitstimes.com/business/capitaland-mall-trust-q1-dpu-up-18

Capital World aims to score with maiden project
As the new kid on the block, Malaysian property developer Capital World must build out-of-the-box offerings to stand out among the big boys, its executive director and chief executive Siow Chien Fu believes.
That ambition is encapsulated in the Catalist-listed company’s maiden project, Capital City.
http://www.businesstimes.com.sg/companies-markets/capital-world-aims-to-score-with-maiden-project

Views, Reviews, Forum & Others

Critical points for all parties when navigating collective sales
As 2018 GEARS up to be another bumper year for collective sales, stakeholders in the collective sale process should take some time to understand their respective rights and obligations. The Land Titles (Strata) Act (LTSA), which governs collective sales in Singapore, has been substantially revised since 2007 to introduce more transparency in the collective sale process, and to make it fairer for both objecting and majority subsidiary proprietors (SP).
http://www.businesstimes.com.sg/real-estate/critical-points-for-all-parties-when-navigating-collective-sales

Time to revisit SLA Leasehold Table amid collective sale fever?
In land-scarce Singapore, every inch of land is critical to the urban planners who strive to meet the infrastructural needs of the nation. With current collective sales and urban rejuvenation taking place almost at every corner of the country, a substantial amount of tax revenue is collected, which can be used to fund future spending of the Government.
http://www.straitstimes.com/business/property/time-to-revisit-sla-leasehold-table-amid-collective-sale-fever

Turn old public flats into useful assets
There has been much talk of late of the depreciating value of older Housing Board flats, in particular, those more than 40 years old (Owners worry older HDB flats a depreciating asset; April 15). It has been reported that by 2030, more than 400,000 HDB flats would be over 40 years old and that many of these old flats could become “unsaleable” down the road.
http://www.straitstimes.com/forum/letters-in-print/turn-old-public-flats-into-useful-assets

Govt must rethink approach as S’poreans, HDB flats age
Our public housing programme is a success story unique to Singapore and, today, more than 80 per cent of Singaporeans live in Housing Board flats. Sadly, after more than 50 years, the very same rules that have made this scheme a success are now causing much anxiety to ageing Singaporeans and owners of older HDB flats as the end of the 99-year leases looms (Owners worry older HDB flats a depreciating asset; April 15).
http://www.straitstimes.com/forum/letters-in-print/govt-must-rethink-approach-as-sporeans-hdb-flats-age