DAILY NEWS

Daily News – 25th May 2017

Top Story

Singapore 2017 GDP growth ‘likely higher’ than last year’s 2%: MTI
Singapore’s economic growth this year is likely to be better than last year’s 2 per cent, even as the city-state’s Ministry of Trade and Industry (MTI) keeps its earlier forecast range of 1 to 3 per cent for 2017. This comes as the economy saw a slower, but “resilient” pace of growth in the first quarter of 2017 when compared to what was seen late last year, fuller estimates of gross domestic product (GDP) growth released by MTI on Thursday morning showed.
http://www.businesstimes.com.sg/government-economy/singapore-2017-gdp-growth-likely-higher-than-last-years-2-mti
http://www.straitstimes.com/business/economy/singapore-economy-tipped-to-grow-above-2-this-year-q1-gdp-revised-up-to-27-mti
http://www.channelnewsasia.com/news/singapore/singapore-maintains-2017-growth-forecast-as-economy-expands-2-7-8879250
http://www.todayonline.com/singapore/singapore-economy-grew-27-q1

Up for grabs: S$2.4b of government tenders in Smart Nation drive
The government will be calling for a projected S$2.4 billion worth of ICT (Infocomm Technology) tenders in fiscal 2017 in order to maintain the momentum in Singapore’s Smart Nation and digitalisation efforts. Announcing this on Wednesday at GovTech’s annual Smart Nation and Digital Government industry briefing, GovTech chief executive Jacqueline Poh said the government would invest in technologies such as data analytics, sensors and related software and systems. She added that the investment would include a tender for data analytics and another for communications infrastructure to link up data centres with IoT (Internet of Things) sensors.
http://www.businesstimes.com.sg/technology/up-for-grabs-s24b-of-government-tenders-in-smart-nation-drive
http://www.straitstimes.com/singapore/24b-worth-of-tenders-to-be-called-this-year-to-deliver-smart-nation-projects
http://www.channelnewsasia.com/news/singapore/government-to-call-for-s-2-4b-of-ict-tenders-this-year-for-smart-8879506

Singapore Economy

Singapore is top Digital Nation in the Asia-Pacific
Singapore has emerged as the top Digital Nation in the Asia-Pacific (Apac) – by virtue of its strong performance in attracting and retaining digital talent, providing digital companies access to financial capital, and building a strong digital community. This is according to the Digital Nation Scorecard, which is an assessment of 11 Apac countries by Sydney- and Singapore-based advisory firm AlphaBeta, findings of which will be released on Thursday.
http://www.businesstimes.com.sg/technology/singapore-is-top-digital-nation-in-the-asia-pacific

Asset managers must evolve and adapt to tap Asean growth
The asset management market in South-east Asia is expected to grow to as much as US$4 trillion in assets under management (AUM) by 2025, but questions remain as to whether asset managers here are staying relevant to demands from changing demographic trends as well as the onslaught of robo-advisers, a Deloitte report suggested.
http://www.businesstimes.com.sg/companies-markets/asset-managers-must-evolve-and-adapt-to-tap-asean-growth

Singapore Real Estate

Geylang and Bidadari flats most popular in latest BTO offer
The mature estates of Geylang and Bidadari have proved to be the most popular in the latest sales exercise for Build-To-Order (BTO) flats that closed last night. More than 1,700 applicants were vying for 374 five-room flats in Bidadari’s Woodleigh Hillside – nearly five buyers for each unit – as of 5pm yesterday.
http://www.straitstimes.com/singapore/housing/geylang-and-bidadari-flats-most-popular-in-latest-bto-offer-0?login=true
http://www.channelnewsasia.com/news/singapore/may-2017-bto-exercise-flats-in-bidadari-and-geylang-see-highest-8879890
http://www.todayonline.com/singapore/4-5-room-units-draw-keen-interest-latest-bto-exercise

Meet the Chinese developer that made record bid for Queenstown site
Hong Kong-listed developer Logan Property Holdings has made its first foray into Singapore as part of a plan to diversify its land bank portfolio. In a joint effort with mainland developer Nanshan Group, Logan Property placed a record $1.003 billion bid for a plum housing site near Queenstown MRT station in Stirling Road recently.
http://www.straitstimes.com/business/property/logan-property-eyes-spore-in-bid-to-diversify-portfolio

Companies’ Brief

Surbana, CGIF team up to boost local-currency financing for projects
The use of local infrastructure currency bonds for the financing of greenfield projects in South-east Asia just got a leg up. This has come about through a tie-up, the first of its kind in the region, between infrastructure consulting firm Surbana Jurong and currency-swap facility Credit Guarantee & Investment Facility (CGIF); the agreement was inked on Wednesday at the Global Infrastructure Initiative, a meeting of leaders in infrastructure and capital projects.
http://www.businesstimes.com.sg/companies-markets/surbana-cgif-team-up-to-boost-local-currency-financing-for-projects
http://www.straitstimes.com/business/companies-markets/surbana-cgif-team-up-on-greenfield-project-bonds

Trustee-manager of RHT Health Trust prices S$60m fixed notes due 2018
RHT Health Trust Manager Pte Ltd, the trustee-manager of RHT Health Trust, has priced the S$60 million fixed rate notes due 2018 with 4.50 per cent interest. These fixed rate notes, to be issued on or about May 31, will form the Series 1 Tranche 2 notes of the Trustee-Manager’s Programme established on Dec 5, 2014. They will be payable semi-annually in arrears.
http://www.businesstimes.com.sg/companies-markets/trustee-manager-of-rht-health-trust-prices-s60m-fixed-notes-due-2018

Pollux Properties posts 55.5% rise in full-year profit
Pollux Properties reported a 55.5 per cent rise in net profit for the full year ended March 31 to S$2.58 million, thanks to a surge in share of results from a joint venture. The 51.3 per cent increase in share of results of a joint venture to S$6.36 million from S$4.21 million was mainly due to the recognition of revenue based on the percentage of completion for Pavilion Square project, a mixed-use project with residential and commercial components in Geylang.
http://www.businesstimes.com.sg/companies-markets/pollux-properties-posts-555-rise-in-full-year-profit

Oxley Holdings buys freehold property at East Coast for S$10.5m
Oxley Holdings Limited said it has exercised an option to purchase the property at 494 Upper East Coast Road from its owner for S$10.5 million. The freehold property sits on a land area of 1,292.1 square metres that is zoned “part residential/part road”. The group intends to redevelop the property, subject to obtaining all the necessary approvals from the relevant authorities. The purchase will be funded by internal resources and bank borrowings.
http://www.businesstimes.com.sg/real-estate/oxley-holdings-buys-freehold-property-at-east-coast-for-s105m

Yoma Q4 profit up 171% at S$24m
Yoma Strategic Holdings posted a 171 per cent jump in fourth-quarter net profit to S$24.1 million from S$8.9 million, led mainly by higher fair value gain on its investment properties. Fair value gains stemmed mainly from the increase in valuation of real estate projects in Myanmar – two Dulwich International School projects in Pun Hlaing Estate (PHE) and StarCity as construction progressed, and commercial units in StarCity.
http://www.businesstimes.com.sg/companies-markets/yoma-q4-profit-up-171-at-s24m

Rowsley to acquire AC Consortium for up to S$8m
Real estate and investment company Rowsley Ltd said on Tuesday that it will acquire industrial building design firm AC Consortium for up to S$8 million through its subsidiary RSP Architects Planners & Engineers. The acquisition of the firm, which was incorporated in 1999 by Grace Young Kok Inn and Tan Meow Hwa, is conditional upon approval from the Singapore Exchange. Rowsley will pay for the acquisition by issuing up to 115,654,024 new shares in two tranches to Ms Young and Ms Tan.
http://www.businesstimes.com.sg/companies-markets/rowsley-to-acquire-ac-consortium-for-up-to-s8m

Views, Reviews & Forum

Fire insurance tied to mortgage shouldn’t be compulsory
I recently applied for a mortgage. As part of the conditions of the loan, I have to buy fire insurance (Get extra insurance for peace of mind; May 22). As my property is a condominium, the management corporation is required to buy fire insurance, so I asked the mortgage specialist whether the policy I had to buy was redundant and a waste of money.
http://www.todayonline.com/voices/fire-insurance-tied-mortgage-shouldnt-be-compulsory