DAILY NEWS

Daily News – 24th, 25th and 26th Aug 2019

Singapore Real Estate

JR East’s S’pore co-working space
Japan railway giant East Japan Railway Company (JR East) has opened a co-working space here to help Japanese and Singapore firms forge connections and exchange technology and ideas. The space of around 13,000 sq ft across the 11th floor of Twenty Anson in Tanjong Pagar can accommodate around 275 people across private offices, desks and meeting rooms.
https://www.straitstimes.com/business/jr-easts-spore-co-working-space
https://www.straitstimes.com/business/property/japanese-rail-giant-opens-co-working-space-in-singapore

Proposed building of ‘Downtown South’ resort draws mixed views
There are exciting things ahead for Pulau Brani after years of operating as a port terminal, with plans to build attractions such as theme parks on the island, after Brani Terminal is relocated to Tuas Port by 2027. Revealing the plans at the National Day Rally on Sunday, Prime Minister Lee Hsien Loong also disclosed that a “Downtown South” resort is likely to be built on Pulau Brani.
https://www.straitstimes.com/lifestyle/home-design/proposed-building-of-downtown-south-resort-draws-mixed-views
https://www.straitstimes.com/lifestyle/home-design/making-waves-along-the-coastline
https://www.straitstimes.com/lifestyle/home-design/elegant-vibes-with-wood
https://www.straitstimes.com/lifestyle/home-design/lessons-from-st-james-power-station

Singapore Economy

July price increase the slowest in 3 years; MAS tweaks core inflation outlook
Singapore inflation cooled below expectations in July, prompting the Monetary Authority of Singapore (MAS) to ease its full-year outlook slightly, according to data released on Friday. Core inflation – a key MAS indicator that strips out private road transport and accommodation expenses – slipped to 0.8 per cent, its weakest showing since April 2016, against 1.2 per cent in June. The figure was also lower than the…
https://www.businesstimes.com.sg/government-economy/july-price-increase-the-slowest-in-3-years-mas-tweaks-core-inflation-outlook
https://www.straitstimes.com/business/economy/core-inflation-falls-to-lowest-in-three-years
https://www.straitstimes.com/business/economy/core-inflation-falls-as-worried-consumers-cut-back-on-purchases

Companies’ Brief

CapitaLand unit prices S$800m 10-year notes at 3.15%
A unit of CapitaLand has closed the order book for S$800 million of 10-year notes, with the order book recording about S$1.4 billion from over 65 accounts which will be good at reoffer, sole global coordinator DBS said on Friday. The senior unsecured notes, issued by subsidiary CapitaLand Treasury, carry a coupon of 3.15 per cent per annum, 144 basis points above the 10-year swap offer rate.
https://www.businesstimes.com.sg/companies-markets/capitaland-unit-prices-s800m-10-year-notes-at-315

Keppel Infrastructure Trust war chest tops billion dollars
Months after Keppel Infrastructure Trust (KIT) bought chemicals supplier Ixom for A$1.1 billion (S$1.03 billion), the manager is still on the prowl for deals. “We have more than a billion dollars of buying power, and we do need to grow the business,” said Matthew Pollard, who became chief executive of the manager last year. “That includes opportunities that either are coming from our sponsor, Keppel Corp, or (are)…
https://www.businesstimes.com.sg/companies-markets/keppel-infrastructure-trust-war-chest-tops-billion-dollars

Frasers Property to redeem S$600m 4.88% perpetual bonds on Sept 24
Frasers Property said on Friday that it is redeeming S$600 million of 4.88 per cent subordinated perpetual bonds issued in 2014 that were also the biggest sale that year. In a regulatory update before the market opened, the property developer said the issuer, which is its wholly-owned subsidiary, is electing to redeem all the perpetual securities at 100 per cent of the principal amount on Sept 24, 2019.
https://www.businesstimes.com.sg/companies-markets/frasers-property-to-redeem-s600m-488-perpetual-bonds-on-sept-24

GuocoLand Q4 net profit up 24% at S$183.7m
GuocoLand’s net profit attributable to equity holders rose 24 per cent to S$183.7 million for the fourth quarter ended June 30, up from a restated S$147.5 million in the year-ago period, it announced on Friday.
This was on the back of an 81 per cent rise in revenue to S$323.5 million from S$178.5 million, which GuocoLand attributed mainly to progressive revenue recognition of residential projects in Singapore and…
https://www.businesstimes.com.sg/companies-markets/guocoland-q4-net-profit-up-24-at-s1837m

UOL Group sells Pan Pacific Suzhou unit, will continue to run hotel
UOL Group is selling China unit Suzhou Wugong Hotel Co (SWHC), which owns the Pan Pacific Suzhou hotel, it announced on Friday. “Prior to completion, the company’s hospitality arm, Pan Pacific Hotels Group, will enter into a hotel management agreement with the purchaser to continue to operate the hotel as Pan Pacific Suzhou,” said UOL.
https://www.businesstimes.com.sg/companies-markets/uol-group-sells-pan-pacific-suzhou-unit-will-continue-to-run-hotel

SPH Reit prices S$300m in 4.1% perpetual securities
Retail landlord SPH Reit has priced its offering of S$300 million of 4.1 per cent subordinated perpetual securities, under its S$1 billion multicurrency debt issuance programme announced on Wednesday. The perpetual securities, to be issued in denominations of S$250,000 or multiples thereof, are expected to be issued on Aug 30, SPH Reit said on Friday. As perpetual securities, they have no fixed final redemption date.
https://www.businesstimes.com.sg/companies-markets/sph-reit-prices-s3m-in-41-perpetual-securities

Hotel management agreements deemed to be on normal commercial terms and non-prejudicial: Datapulse
Datapulse Technology’s audit committee has deemed that the hotel management agreements entered into with Travelodge Hotels Asia (TLA) are on normal commercial terms and are not prejudicial to the interests of the company and its minority shareholders. The agreements related to the appointment of TLA to manage Bay Hotel Singapore and the Holiday Inn Express Euljiro in Seoul, both of which Datapulse has…
https://www.businesstimes.com.sg/companies-markets/hotel-management-agreements-deemed-to-be-on-normal-commercial-terms-and-non
https://www.straitstimes.com/business/companies-markets/datapulse-says-hotel-management-agreements-deemed-to-be-on-normal

Views, Reviews, Forum & Others

Stem out ageism in the workplace
Chia Ngiang Hong, President, Real Estate Developers’ Association of Singapore (REDAS)
We see the recent change in manpower policy as a forward-looking and pragmatic initiative to promote an inclusive and progressive workforce in view of the ageing population. What matters is not age but an employee’s capability, attitude and willingness to work and the value he/she can bring to the organisation. Older workers offer a wealth of institutional knowledge and experience and are an important talent…
https://www.businesstimes.com.sg/views-from-the-top/stem-out-ageism-in-the-workplace