DAILY NEWS

Daily News – 26th April 2018

Singapore Economy

Smart cities network to include 3 Vietnam cities
Hanoi, Ho Chi Minh City and Da Nang in Vietnam will be part of the Asean network of smart cities being proposed by Singapore, said Prime Minister Lee Hsien Loong on April 25. “I visited all three cities during my two visits to Vietnam last year and was very impressed with their rapid urban development. Their inclusion in the smart cities network will add to Asean’s vibrancy,” he added.
http://www.businesstimes.com.sg/government-economy/smart-cities-network-to-include-3-vietnam-cities

Singapore to play a key role in Asia’s infrastructure development
With a current population of over 4.5 billion and investment in infrastructure needs of over US$600 billion in the coming decade, Asia is an attractive investment destination for global and regional infrastructure players. Given the strong correlation among GDP growth rate, employment generation and investment in infrastructure, it is imperative for governments to remove any hurdles in the delivery of world-class infrastructure services.
http://www.businesstimes.com.sg/hub/singapore-business-awards-2018/singapore-to-play-a-key-role-in-asias-infrastructure-development

Asean to use fintech as financial inclusion boost
Financial technology (fintech) is expected to be an important part of cooperation in Asean as the regional trade bloc seeks out new and innovative solutions to solve problems of financial inclusion. This is as fintech lowers costs significantly, and can thus bring more people into the financial system.
https://www.businesstimes.com.sg/hub/asean-singapore-2018/asean-to-use-fintech-as-financial-inclusion-boost

MPA inks contract for Tuas Terminal Phase 2
The Maritime and Port Authority of Singapore (MPA) is gearing up for further digitalisation and innovation, with the signing of the contract for Phase 2 of the Tuas Terminal. Along with this, a flurry of technology-based agreements were inked at the Singapore Maritime Technology Conference (SMTC) on Wednesday.
http://www.businesstimes.com.sg/transport/mpa-inks-contract-for-tuas-terminal-phase-2

Singapore Real Estate

Smart technologies to enhance Singapore’s living environment
Singapore’s Housing and Development Board (HDB) has accumulated more than 50 years of expertise and experience in planning, designing and building public housing. As the country’s largest master planner and housing developer, HDB has to constantly push the frontiers of urban planning, and carry out extensive research and development to build sustainable and smart towns that create a better living environment for residents.
http://www.businesstimes.com.sg/hub/asean-singapore-2018/smart-technologies-to-enhance-singapores-living-environment

BlackRock buying Admiralty industrial property for S$106m
BlackRock, which exited the Asia Square development in the Marina Bay area last year, is understood to be buying a high-specification light industrial building on Admiralty Street for S$106 million. Admirax, a seven-storey property in the Woodlands area that received Temporary Occupation Permit in 2009, is being sold by a unit of Ascendas-Singbridge.
http://www.businesstimes.com.sg/real-estate/blackrock-buying-admiralty-industrial-property-for-s106m

Samsung Hub level 20 sold for S$3,550 psf
An office floor at Samsung Hub along Church Street has been sold for S$46.62 million or S$3,550 per square foot based on its strata area of 13,132 sq ft. On psf basis, this is the highest in the 999-year leasehold building, which is in the Raffles Place financial district. A company whose shareholders include an Indonesian was granted an option recently to buy the entire 20th floor of the 30-storey building.
http://www.businesstimes.com.sg/real-estate/samsung-hub-level-20-sold-for-s3550-psf

Perennial secures IWG as tenant at TripleOne Somerset to house 35,000 sq ft co-working space
Perennial Real Estate Holdings on Wednesday evening said that it has leased over 35,000 square feet of space at TripleOne Somerset to IWG, a provider of flexible workspace solutions. This will see the integrated office and retail development house IWG’s Spaces – a lifestyle co-working space – across two floors.
http://www.businesstimes.com.sg/real-estate/perennial-secures-iwg-as-tenant-at-tripleone-somerset-to-house-35000-sq-ft-co-working

Companies’ Brief

FCT posts Q2 DPU of S$0.031, up 2%
Frasers Centrepoint Trust (FCT) on Wednesday posted a higher distribution per unit (DPU) of 3.10 Singapore cents for the second quarter, from 3.04 Singapore cents in the year-ago period, on higher revenue and property income. Distribution to unitholders in Q2 2018 was up 2.5 per cent to S$28.7 million from the year before, and distribution to unitholders in H1 2018 rose 3.4 per cent to S$56.5 million.
http://www.businesstimes.com.sg/companies-markets/fct-posts-q2-dpu-of-s0031-up-2
https://www.straitstimes.com/business/fcts-q2-dpu-up-2-on-higher-revenue-and-property-income

Frasers Hospitality Trust Q2 DPS falls 7.8% to 1.11 S cent
Frasers Hospitality Trust (FHT) posted a 7.8 per cent year-on-year dip in distribution per stapled security to 1.1126 Singapore cents for the second quarter ended March 31, owing to weaker performance across its portfolio, save for its Japan and Singapore properties. FHT is a stapled group comprising Frasers Hospitality Real Estate Investment Trust and Frasers Hospitality Business Trust.
http://www.businesstimes.com.sg/companies-markets/frasers-hospitality-trust-q2-dps-falls-78-to-111-s-cent
https://www.straitstimes.com/business/companies-markets/frasers-hospitality-trust-sees-78-fall-in-q2-dps

AA Reit Q4 DPU falls to S$0.0263
AIMS AMP Capital Industrial Reit (AA Reit) on Wednesday reported a lower distribution per unit (DPU) of 2.63 Singapore cents for the fourth quarter, from 2.78 Singapore cents a year ago. DPU in fiscal 2018 was 10.30 Singapore cents, down from 11.05 Singapore cents in FY 2017. This was partly due to an increase in units from a private placement of 42.1 million units in December 2017.
http://www.businesstimes.com.sg/companies-markets/aa-reit-q4-dpu-falls-to-s00263
https://www.straitstimes.com/business/companies-markets/aa-reits-q4-dpu-falls-on-rise-in-units

Ascendas India Trust Q4 DPU up 8% to S$0.0165
Positive rental reversions and additional income from assets lifted results for IT park owner Ascendas India Trust (a-iTrust) in its fourth quarter. Distribution per unit (DPU) for the quarter edged up 8 per cent from 1.54 Singapore cents in the previous year to 1.65 Singapore cents. That came as Q4 income available for distribution increased 13.8 per cent from S$15.9 million in the year ago period to S$18.1 million.
http://www.businesstimes.com.sg/companies-markets/ascendas-india-trust-q4-dpu-up-8-to-s00165

Retail, convention business lifts Suntec Reit’s Q1 DPU by 0.3%
Suntec Reit’s Q1 distribution per unit (DPU) rose 0.3 per cent to 2.433 Singapore cents per unit, mainly driven by the its retail and convention business. Total distributable income for the quarter came in at S$64.8 million, 4.8 per cent or S$3 million higher than the year-ago period. Net property income rose 1.9 per cent to S$63 million from the preceding year, mainly attributable to higher contribution from its 60.8 per cent interest in Suntec Singapore Convention & Exhibition Centre (Suntec Singapore).
http://www.businesstimes.com.sg/companies-markets/retail-convention-business-lifts-suntec-reits-q1-dpu-by-03

Far East Hospitality Trust’s Q1 payout grows 1.1% to 0.94 cent per stapled security
Far East Hospitality Trust’s (Far East H-Trust) distribution per stapled security rose 1.1 per cent to 0.94 Singapore cent for the first quarter in 2018. Net property income increased 4 per cent to S$23 million, while gross revenue climbed by 3.8 per cent to S$25.72 million. Income available for distribution was S$17.65 million, a 4.2 per cent rise from the year-ago period.
http://www.businesstimes.com.sg/companies-markets/far-east-hospitality-trusts-q1-payout-grows-11-to-094-cent-per-stapled-security

Mapletree Greater China Commercial Trust places S$330m of units at S$1.06 apiece
Mapletree Greater China Commercial Trust (MGCCT) has raised S$330.3 million from a placement of 312 million units at S$1.06 apiece, near the middle of price talk. The property trust had indicated a price range of S$1.043 to S$1.081 per unit on Wednesday night.
http://www.businesstimes.com.sg/companies-markets/mapletree-greater-china-commercial-trust-places-s330m-of-units-at-s106-apiece
https://www.straitstimes.com/business/companies-markets/mapletree-greater-china-commercial-trust-places-s330m-of-units-at-s106

Chip Eng Seng shareholders give nod for diversification as unit snags kindergarten deal
Construction and property group Chip Eng Seng Corporation revealed on Wednesday evening that its subsidiary has partnered Repton International Schools to establish a chain of international kindergartens within the Asia-Pacific region under the Repton School brand name.
http://www.businesstimes.com.sg/companies-markets/chip-eng-seng-shareholders-give-nod-for-diversification-as-unit-snags-kindergarten

Cache Logistics Trust Q1 DPU falls to 1.507 Singapore cents on larger unit base
Cache Logistics Trust, which owns logistics warehouse properties in Singapore, China and Australia reported that first-quarter distribution per unit slipped to 1.507 Singapore cents from 1.723 Singapore cents a year ago. The fall came as Q1 income available for distribution dipped 0.6 per cent to S$16.1 million from the preceding year due to a larger unit base following a rights issue in September 2017.
http://www.businesstimes.com.sg/companies-markets/cache-logistics-trust-q1-dpu-falls-to-1507-singapore-cents-on-larger-unit-base

Suntec Reit posts 0.3% growth in quarterly DPU
Higher gross revenue and net property income helped Suntec Reit lift distribution per unit (DPU) a touch for the first quarter, it reported yesterday. DPU rose 0.3 per cent to 2.433 cents while total distributable income came in at $64.8 million, 4.8 per cent up on the same period last year. This includes a capital distribution of $6.5 million or 0.244 cent per unit.
https://www.straitstimes.com/business/suntec-reit-posts-03-growth-in-quarterly-dpu

Views, Reviews, Forum & Others

A strong Singapore presence in Africa’s city-planning sector
Sub-Saharan Africa is undergoing the largest wave of urban growth in history. Since the beginning of the century, the urban population in the region grew by more than 200 million. Today, 430 million people, or 38 per cent of the population of sub-Saharan Africa, live in a city. This relentless urbanisation process brings huge social, economic and environmental transformations.
http://www.businesstimes.com.sg/opinion/a-strong-singapore-presence-in-africas-city-planning-sector

A strong economy won’t make you popular these days
With Angela Merkel and Emmanuel Macron visiting Donald Trump this week, much of the commentary has focused on how wildly different the staid German chancellor and the globally minded French president are from the mercurial American president.
https://www.businesstimes.com.sg/opinion/a-strong-economy-wont-make-you-popular-these-days

URA right to let residents decide on home-sharing
Mr Toh Cheng Seong raised concern that the Urban Redevelopment Authority’s (URA) proposed rule requiring 80 per cent of residents to consent to short-term stays neglects the 20 per cent who oppose it (Condos should get 100% consent on home-sharing; April 18). He suggested that 100 per cent consent be sought instead.
https://www.straitstimes.com/forum/letters-in-print/ura-right-to-let-residents-decide-on-home-sharing

Upgrade noisy outdated construction practices
For too long, HDB flat dwellers have been forced to endure the ear-splitting noise caused by jackhammers. With new building technology in this day and age, it is surprising that the contractors hired by public agencies still use traditional jackhammers in close proximity to residential units, heedless of the noise and dust generated. It may be that we need to start with an understanding of basic empathy.
https://www.straitstimes.com/forum/letters-in-print/upgrade-noisy-outdated-construction-practices

Missing words in statement of claim cost property agent, firm
Eight missing words in a statement of claim cost a property agent and her firm a share of the commission from a $1.3 million property sale. In a case which had the High Court reminding lawyers of the need to follow legal procedure, Justice Choo Han Teck dismissed the property firm’s application for an appeal, adding “this case is a tragic-comedy of minor proportions”.
https://www.straitstimes.com/singapore/courts-crime/missing-words-in-statement-of-claim-cost-property-agent-firm

The Straits Times says: Making leadership transition seamless
The Cabinet reshuffle will put fourth-generation ministers at the helm of 10 of 16 ministries. Although this figure is only marginally higher than the eight previously, Prime Minister Lee Hsien Loong is manifestly stretching ministers by assigning many of them to two ministries and giving them additional responsibilities.
https://www.straitstimes.com/opinion/st-editorial/making-leadership-transition-seamless

Asean unity and the role of China’s Belt and Road Initiative
In the dynamics of China-Asean relations, China has often been blamed for taking advantage of disagreements within Asean to maximise its own interests. Frequently, China is perceived as having used its economic leverage to divide Asean members, thus preventing Asean from developing some sort of unity in its approach to China.
https://www.straitstimes.com/opinion/asean-unity-and-the-role-of-chinas-belt-and-road-initiative