DAILY NEWS

Daily News – 22nd, 23rd & 24th December 2018

Singapore Economy

As manufacturing slows, diverse factors may drive 2019 growth
As clouds of global uncertainty show no sign of lifting and Singapore’s manufacturing industry – its erstwhile growth driver – continues to cool from a once red-hot pace, it may seem unclear where the country should look to for growth in 2019. Still, economists see potential in sectors both old and new, with growth staying relatively resilient in the face of weaker external demand and allowing the possibility of further monetary tigtening ahead.
https://www.businesstimes.com.sg/government-economy/as-manufacturing-slows-diverse-factors-may-drive-2019-growth-0

Singapore Real Estate

Ailing firms find new lease of life in real estate
When the going gets tough, many companies turn to property as a possible panacea – with several of them unveiling plans in recent months to diversify into the sector. These include A-Smart Holdings, MS Holdings and Katrina Group, which have separately announced intentions to acquire land or own real estate – veering away from their core businesses of printing, crane rental, and food and beverage respectively.
https://www.businesstimes.com.sg/companies-markets/ailing-firms-find-new-lease-of-life-in-real-estate-0

Companies’ Brief

Heeton sees significant revenue share from hospitality
The year 2018 has seen Heeton Holdings make steady strides into hospitality, and CEO Eric Teng believes that this segment can make up a “significant” part of its revenue share in the next few years, up from the 22 per cent in 2017. In an interview with The Business Times, he acknowledges that shareholders have not displayed the most confidence in the company this year, with the share price down about 13 per cent to S$0.49 year-to-date, and hovering at a 60 per cent discount to its book value of S$1.3025 as at end-September.
https://www.businesstimes.com.sg/companies-markets/heeton-sees-significant-revenue-share-from-hospitality

Boustead unit to build Razer’s SEA headquarters in Singapore
Gaming company Razer will build its South-east Asia headquarters in Singapore, with Boustead Projects’ joint-venture (JV) firm to develop it, Boustead Projects said on Friday. No project costs were specified in the press release. The headquarters will be housed in a business park in the one-north precinct, with Razer expected to move into the new facility in 2020.
https://www.businesstimes.com.sg/companies-markets/boustead-unit-to-build-razers-sea-headquarters-in-singapore

Hwa Hong takes 71% stake in £18.5m acquisition of London office block
Hwa Hong took a 71.39 per cent interest in Garrett Property Holdings (GPH) for a nominal value of £71.39 (S$123.90), with the remaining shares held by unrelated parties including Langland Estates Ltd (UK) and Steptwice Company.
https://www.businesstimes.com.sg/real-estate/hwa-hong-takes-71-stake-in-%C2%A3185m-acquisition-of-london-office-block

M&G Real Estate buys into Sydney, Brisbane industrial portfolio
The transaction is a partnership with Australian real estate group Dexus. M&G Real Estate will become a 50 per cent joint venture partner once the deal is complete. This investment is M&G Real Estate’s third acquisition in Australia this year. It follows 40 Mount Street in Sydney and 80 Ann Street in Brisbane.
https://www.businesstimes.com.sg/real-estate/mg-real-estate-buys-into-sydney-brisbane-industrial-portfolio

VIEWS, REVIEWS, FORUM & Others

Residential market set to stay resilient despite cooling measures
Singapore’s residential market is expected to remain resilient both in terms of transaction volume and prices in the coming quarters, despite the July 6 cooling measures. Demand for residential properties has stayed largely resilient since the cooling measures, although buyers have become more selective in view of the higher upfront costs due to the increase in the additional buyer’s stamp duty (ABSD) across the board, with the exception for first-timers.
https://www.straitstimes.com/business/invest/residential-market-set-to-stay-resilient-despite-cooling-measures

Fines v fees: What your condo management can do if you break rules
Park properly in condos or you may get slapped with hefty wheel clamp release fees. But are management corporations (MCs) allowed to issue punitive fines? The answer is actually no. Under the Building Maintenance and Strata Management Act (BMSMA) – the framework MCs use to administer estates – MCs have no powers to impose fines and penalties.
https://www.straitstimes.com/singapore/condo-fines-not-so-fine