DAILY NEWS

Daily News – 24th May 2016

Singapore Economy

Economists eye growth, labour data to track MAS’s next move
As the disinflationary effects of low oil prices wear off, economists are looking towards growth and labour market data to anticipate Singapore’s central bank’s next move. They point to the fact that even though Monday’s release of consumer price movements here in April improved more than expected, the Monetary Authority of Singapore (MAS) made no change to its inflation forecast for the full year.
http://www.businesstimes.com.sg/government-economy/economists-eye-growth-labour-data-to-track-mass-next-move
http://www.straitstimes.com/business/april-dip-makes-it-18-straight-months-of-negative-inflation

Singapore Real Estate

CapitaLand Commercial Trust to buy remaining 60% stake in CapitaGreen for S$393m
CapitaLand Commercial Trust (CCT), Singapore’s largest office real estate investment trust, will acquire the remaining 60 per cent stake it does not own in the CapitaGreen office tower for S$393 million. CCT will buy a 50 per cent share from CapitaLand group and another 10 per cent share from Mitsubishi Estate Asia, the company said in a filing to the Singapore Exchange on Monday (May 23). The purchase will be funded through borrowings from committed bank facilities, CCT said. CapitaLand said in a separate exchange filing that the acquisition price is based on CapitaGreen’s agreed market value of S$1.6 billion (S$2,276 per square foot), which is the average of two independent valuations.
http://www.businesstimes.com.sg/companies-markets/cct-to-buy-partners-stake-in-capitagreen
http://www.straitstimes.com/business/cct-eyes-remaining-stake-in-office-tower
http://www.todayonline.com/business/cct-agrees-buy-remaining-60-capitagreen-s393m
http://www.channelnewsasia.com/news/singapore/capitaland-commercial/2808498.html

Hong Leong seen awarding more hotel contracts here to Marriott
A Fortnight ago, City Developments Ltd (CDL) revealed that its joint venture with IOI Group is appointing Marriott International, Inc to operate the The South Beach hotel, which will be rebranded as JW Marriott Singapore. Now, word in the industry is that this may not be the only Singapore hotel management contract that the Singapore Hong Leong Group, of which CDL is a member, may be awarding to Marriott.
http://www.businesstimes.com.sg/real-estate/hong-leong-seen-awarding-more-hotel-contracts-here-to-Marriott

Shun Tak acquires its first hotel site in S’pore
Hong Kong-Listed Shun Tak Holdings, a company founded by casino tycoon Stanley Ho, has acquired its first property here for S$145 million. Its wholly-owned unit Shun Tak Real Estate (Singapore) Pte Ltd has acquired a prime freehold site at 9 Cuscaden Road, belonging to the late Tan Hoon Siang, the great-grandson of famous philanthropist Tan Tock Seng.
http://www.businesstimes.com.sg/real-estate/shun-tak-acquires-its-first-hotel-site-in-spore
http://www.straitstimes.com/business/property/hk-tycoon-buys-cuscaden-bungalow-for-145m?login=true

Retail gloom in Singapore offers expansion opportunities: Taiwan’s iROO
Following the opening of its fifth boutique in Singapore last month, Taiwanese fashion label iROO plans to continue expanding in the city-state despite a tough retail climate, which has forced some domestic and international retailers to throw in the towel. “At least one more store” is on the cards by the fourth quarter of 2016, said the brand’s chief operation officer Emily Huang on Monday (May 23), who viewed the persistent downturn in Singapore’s retail scene with a glass-half-full mentality.
http://www.channelnewsasia.com/news/business/singapore/retail-gloom-in-singapore/2808890.html

Companies’ Brief

KOP Limited
Real estate, hospitality and entertainment group KOP Ltd narrowed its net loss to S$1.8 million for the fourth quarter ended March 31, from S$21.1 million a year ago. Lifted by the handover of completed properties of Montigo Resorts and assignment of distribution rights in the entertainment segment, revenue surged 84 per cent to S$6.7 million.
http://www.businesstimes.com.sg/companies-markets/corporate-digest-217

Views, Reviews & Forum

Regulation on home-sharing must put residents’ needs at its heart
I am appalled that companies like Airbnb seem incapable of adapting to the socio-economic norms of Singapore’s housing market (“URA needs more time to look at short-term rentals”; last Thursday). A quick check of Airbnb’s Singapore website shows many apartments minus the hosts who, the company claims, are supposed to help tourists better understand our local culture. Some Airbnb-listed properties in other countries were reportedly used for crime and debauchery. These could well occur here, given a rather laissez-faire vetting and compliance process across its transaction chain.
http://www.straitstimes.com/forum/letters-in-print/regulation-on-home-sharing-must-put-residents-needs-at-its-heart?login=true

Prevention is the key to a safer workplace
The Ministry of Manpower (MOM) is deeply concerned about the deteriorating workplace safety and health (WSH) performance (“Address structural issues to reduce workplace deaths”; May 14). There were 28 workplace fatalities in the first four months of this year: Twelve from the construction sector and five from the marine sector, up from four and one, respectively, in the same period last year.
http://www.todayonline.com/voices/prevention-key-safer-workplace