DAILY NEWS

Daily News – 26th September 2017

Singapore Economy

CPI edges up 0.4% as Aug inflation remains modest
Inflation stayed at modest levels last month, though the cost of some services – including healthcare and education – continued to creep up. The trend is likely to persist, with the tepid job market and subdued economic environment expected to keep prices in check over the rest of the year. The consumer price index – the main measure of inflation – edged up 0.4 per cent last month compared with August last year, according to Department of Statistics data released yesterday. This was slightly below economist estimates of a 0.6 per cent rise, and also down from 0.6 per cent in the preceding month.
http://www.straitstimes.com/business/economy/cpi-edges-up-04-as-aug-inflation-remains-modest
http://www.businesstimes.com.sg/infographics/singapore-inflation-eases-in-aug
http://www.todayonline.com/business/inflation-slows-august-monetary-policy-remain-unchanged

Lazada expands Taobao tie-up in S-E Asia
Online retailer Lazada Group said it will sell select items from Alibaba Group Holding Ltd’s Taobao marketplace in three more countries in South-east Asia, expanding the partnership between the two e-commerce firms. Taobao Collection will be offered in Indonesia, the Philippines and Thailand in the next few weeks through Lazada’s platform, it said in a statement on Monday. Lazada began selling Taobao products in Singapore and Malaysia earlier this year.
http://www.businesstimes.com.sg/consumer/lazada-expands-taobao-tie-up-in-s-e-asia
http://www.straitstimes.com/business/companies-markets/lazada-expands-taobao-partnership
http://www.todayonline.com/singapore/lazada-expands-alibabas-taobao-marketplace-southeast-asia

Singapore Real Estate

ICB Shopping Centre headed for en bloc launch at S$65-70m
The owners of ICB Shopping Centre, a mixed-use development in Yio Chu Kang Road, last Friday gave their consent for a collective sale. This is the first en bloc attempt by the development, which is more than 30 years old. It comprises six apartment units (of between 1,324 sq ft and 1,550 sq ft) and 13 retail units, most of which practise scrambled merchandising. The development’s residential and commercial owners are looking for a price of S$65 million to S$70 million, said Strata AMC, the agency assisting in the deal.
http://www.businesstimes.com.sg/real-estate/icb-shopping-centre-headed-for-en-bloc-launch-at-s65-70m

HP Enterprise Singapore to vacate space at Alexandra Technopark
Hewlett-Packard Enterprise Singapore (HPE) will vacate most of its occupied space at Alexandra Technopark (ATP) upon the expiration of relevant leases later this year, announced the manager of Frasers Commercial Trust (FCOT) in a filing with the Singapore Exchange. HPE is a key tenant for FCOT, occupying a total of 191,846 square feet of space at ATP, of which 178,843 sq ft will be vacated.
http://www.businesstimes.com.sg/companies-markets/hp-enterprise-singapore-to-vacate-space-at-alexandra-technopark
http://www.straitstimes.com/business/hp-enterprise-to-give-up-space-at-technopark

Network of cycling paths in Tampines to be tripled by 2022
Tampines, the first town in Singapore to have dedicated cycling paths back in 2010, will triple its network of cycling paths by 2022. It could also see a bridge built across the Tampines Expressway for cyclists to get to Pasir Ris. The Land Transport Authority (LTA) announced details yesterday of plans, first announced in March, to transform Tampines into a Walking and Cycling Town — the second here after Ang Mo Kio.
http://www.todayonline.com/singapore/network-cycling-paths-tampines-be-tripled-2022

JTC offers 2 industrial sites from confirmed list for sale
JTC has launched the tender to sell two sites under the second half 2017 Industrial Government Land Sales (IGLS) programme to offer more choices for industrial development. The two sites are at Woodlands Industrial Park E2/E5 and Tuas South Link 3 (Plot 16). They are the third and fourth out of eight confirmed list sites for the second half of 2017, respectively.
http://www.businesstimes.com.sg/real-estate/jtc-offers-2-industrial-sites-from-confirmed-list-for-sale

Companies’ Brief

Ascendas Reit completes A$83.8m acquisition
Ascendas Reit has completed the A$83.8 million (S$90.3 million) acquisition of a CBD fringe office property in Australia. The property is at 100 Wickham Street, Fortitude Valley, in Queensland. The seller is 100W Pty Ltd, an Australian private company. The trust is expected to incur an estimated total transaction cost of A$6.1 million, which includes stamp duty, professional advisory fees, and acquisition fees payable to the manager. The latter is one per cent of
http://www.businesstimes.com.sg/companies-markets/ascendas-reit-completes-a838m-acquisition

Keong Hong Holdings opens first hotel in the Maldives
Building construction, property and hotel investor and developer Keong Hong Holdings, welcomes its first hotel in the Maldives with the opening of Mercure Maldives Kooddoo Hotel. The hotel is owned by Pristine Island Investment, a joint venture (JV) company set up by Keong Hong Construction, the group’s wholly owned subsidiary, together with JV partners Sansui Holding, BRC Asia and L3 Development.
http://www.businesstimes.com.sg/companies-markets/keong-hong-holdings-opens-first-hotel-in-the-maldives

TTJ Holdings’ full-year net profit dives 57.5% to S$10.9m
Net profit of TTJ Holdings for its full financial year nosedived 57.5 per cent to S$10.9 million from the year-ago period, the group said in a Singapore Exchange filing on Monday evening. For the 12 months ended July 31, revenue dived 39.3 per cent to S$82.9 million from the previous year. The drop in revenue was mainly due to the decrease in both structural steel and dormitory businesses.
http://www.businesstimes.com.sg/companies-markets/ttj-holdings-full-year-net-profit-dives-575-to-s109m

Full-year profits slide 28% at GL amid lower revenue in key hotel, gaming and property segments
Investment holding company GL, which has dealings in both hospitality and oil and gas, turned in a 28 per cent year-on-year slide in profits for the 12 months, it said on Friday (Aug 25). Net profit was US$49 million (S$66.6 million), dropping from US$67.6 million the year before, while revenue fell 11 per cent to US$350.2 million. The decline in turnover was due to lower revenue from hotel, gaming and property development segments.
http://www.straitstimes.com/business/companies-markets/full-year-profits-slide-28-at-gl-amid-lower-revenue-in-key-hotel-gaming

Views, Reviews & Forum

Tech-savvy talent key to Smart Nation
Singapore’s top priority for its Smart Nation initiative has always been around jobs – be it job creation or the transition to better-quality jobs. The push for more technologically advanced business models has created an incessant need for more tech-savvy individuals. While urban infrastructure is critical for a digitalised nation, a truly Smart Nation cannot be built without first digitalising our talent.
http://www.businesstimes.com.sg/opinion/tech-savvy-talent-key-to-smart-nation

The future of small economies in a changed world
After several decades of an international economic and political environment that has been highly supportive of strong small-economy performance, there are indications of meaningful change. From the risks of greater frictions in globalisation, to the rise of populist policies and increased geopolitical pressure, aspects of this new context are likely to be challenging for small advanced economies.
http://www.straitstimes.com/opinion/the-future-of-small-economies-in-a-changed-world?login=true

Housing Asia’s working masses
A faint pong of rotting rice and vegetable peel hangs in the air as Mr Tran Van De enters the unpaved alley an hour’s drive from downtown Ho Chi Minh City. With another building project completed, the 56-year-old construction worker has taken his wheelbarrow home. Until he finds more work, the mud-splattered cart will stay in the tiny, windowless rented room he shares with his son and colleague.
http://www.straitstimes.com/asia/se-asia/housing-asias-working-masses