The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 25th August 2017

Singapore Economy

A fresh branding emerges from deep dive into Singapore spirit
It’s no longer just about drawing tourists or businesses. Singapore’s latest branding exercise aims to capture the nation’s essence in its entirety.  Called Passion Made Possible, the first joint branding effort by the Singapore Tourism Board (STB) and Economic Development Board (EDB), was launched by Trade and Industry Minister S Iswaran on Thursday evening.

Income tax, GST take taxman’s haul to new peak of S$47b
Despite a subdued economy, the Inland Revenue Authority of Singapore (IRAS) collected S$47 billion in tax revenue for its financial year ended March 31, 2017, up 5 per cent from S$44.8 billion a year ago.  Economists told The Business Times that tax collection, at yet another record high, was likely to have received a boost from the global and domestic economic recovery beginning from the later months of 2016.

Transform or be left behind, urges SBF chairman
The Singapore economy is now at a tipping point, as more companies understand the need for change and with productivity on the mend, said Singapore Business Federation (SBF) chairman Teo Siong Seng.  And businesses must have “the confidence and courage to continue to transform” or they will be left behind, said Mr S.S. Teo, as he is better known, in an interview yesterday.

Luxury watch market ticks up ahead of time, thanks to Chinese orders
A big jump in orders from China has put the global market for luxury timepieces back on its feet sooner than expected, after having languished for more than two years.  This should be good news for the Singapore market, which is among the world’s 10 biggest, and one of four among the 10 to have posted growth so far this year.

GSK opens high-tech consumer behaviour lab
GlaxoSmithKline (GSK) Consumer Healthcare wants to know what consumers want – why they make the choices they do while shopping and what influences those choices.  To this end, the pharmaceutical giant on Thursday unveiled a Shopper Science Lab, kitted out with technology – hardware and software for eye-tracking, facial biometrics and data visualisation.

Singapore Real Estate

36 buildings using cladding that may not meet standard
A total of 36 buildings here, including an industrial complex in Toh Guan Road where a lethal fire broke out in May, are using external cladding that may not adhere to safety standards in the Fire Code.  Of these, 15 were confirmed to be using combustible cladding that allows flames to spread quicker than they are supposed to.

Companies’ Brief

Australia’s Cromwell gets SGX nod for billion-euro Reit IPO
The Singapore Exchange’s (SGX) goal of becoming a global real estate investment trust (Reit) hub got a boost on Thursday with Australia-listed Cromwell Property Group advancing plans to raise one billion euro (S$1.61 billion) through a listing of Europe-based assets at the end of September.

Wing Tai Q4 earnings up despite impairment
Despite making a provision for impairment in the value of its joint-venture condo development The Crest near Jervois Road, Wing Tai Holdings managed to post an increase in net earnings for the fourth quarter ended June 30.  The property and retail group controlled by the Cheng family posted a net profit of S$9.49 million for Q4 FY2017, up from a profit of S$1.88 million for the same year-ago period.

Good Hour International clinches Thakral’s HK warehouse property with HK$420m bid
Thakral Corporation Ltd said that it has identified Good Hour International Limited as the successful bidder for the warehouse properties in Hong Kong that it has put up for sale.  The bidder offered a purchase price of HK$420 million (S$73 million), and an acceptance of offer was issued to the bidder on Thursday, it added.

OUE C-Reit prices S$150m fixed-rate notes with 3.03% interest
OUE Commercial Reit Management, as manager of OUE Commercial Reit, announced on Thursday that some S$150 million worth of fixed-rate notes have been successfully priced.  These notes, bearing interest rate of 3.03 per cent payable semi-annually in arrear, are expected to be issued on Sept 5 and will mature on Sept 5, 2020.

Global Economy & Global Real Estate

July US existing home sales lowest of 2017

Where US homebuyers are headed next: Chicago, Colorado Springs, Reno

SoHo’s soaring rents keep storefronts empty

Building for the poor the Doshi way: plant a seed, grow a forest

China Vanke H1 core profit up 33.5%, sees land market cooling

Japan stuck in inflation doldrums as core CPI inches up to 0.5%

Additional Articles of Interest – Local & Overseas Real Estate

Local & Overseas Real Estate – Full Article

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