DAILY NEWS

Daily News –27th Jun 2018

Top Story

Singapore government keeps pace in residential land supply for H2 2018
The government will be launching six land parcels for sale in the second-half of this year on the Confirmed List of the Government Land Sales (GLS) Programme. They comprise four private residential sites – including one executive condominium (EC) site, one “white” site and one hotel site which can yield 2,705 private residential units (including 695 EC units), 42,200 square metres of gross commercial space and 390 hotel rooms.
https://www.businesstimes.com.sg/real-estate/singapore-government-keeps-pace-in-residential-land-supply-for-h2-2018
https://www.straitstimes.com/business/property/no-change-in-land-supply-for-private-homes-in-second-half-2018

H2 industrial land supply to be close to H1 level
Waning interest for land among manufacturers is believed to have prompted the government to keep the supply of industrial land for sale in the second half of this year similar to that in the first half. Under the Confirmed List of the Industrial Government Land Sales (IGLS) Programme, six industrial sites will be launched in the second half of the year by government agency JTC.
https://www.businesstimes.com.sg/real-estate/h2-industrial-land-supply-to-be-close-to-h1-level
https://www.businesstimes.com.sg/real-estate/jtc-to-launch-6-industrial-sites-for-sale-in-h2-2018-7-other-sites-on-reserve-list
https://www.straitstimes.com/business/jtc-to-launch-six-industrial-sites-in-second-half-of-year

Singapore Economy

Singapore factory output defies expectations to grow 11.1% in May
Singapore’s factory output continued to outperform in May, defying expectations of a slowdown in manufacturing. But economists say this strong showing is unlikely to last – not least because of a baffling divergence between rising electronics production and shrinking exports in recent months.
https://www.businesstimes.com.sg/government-economy/singapore-factory-output-defies-expectations-to-grow-111-in-may
https://www.straitstimes.com/business/economy/factory-output-defies-expectations-to-grow-111-in-may
https://www.channelnewsasia.com/news/singapore/singapore-manufacturing-output-rose-11-1-in-may-10470650

Singapore is 4th most expensive city in the world for expats, up a notch
Singapore is now the fourth most expensive city for expatriates, having moved up one spot from last year’s ranking, according to the latest Cost of Living Survey published by global consulting firm, Mercer. Hong Kong is the world’s costliest city for working abroad, followed by Tokyo and Zurich. Asian cities lead when it comes to the cost of living for expatriates by taking six of the top 10 spots in Mercer’s annual ranking.
https://www.businesstimes.com.sg/government-economy/singapore-is-4th-most-expensive-city-in-the-world-for-expats-up-a-notch
https://www.straitstimes.com/business/singapore-is-4th-most-expensive-city-for-expats-poll
https://www.todayonline.com/singapore/hk-most-expensive-city-expats-spore-no-4-mercer-cost-living-report

Singapore is third in sustainable trade index, down from first in 2016
Among 19 Asian economies, Singapore came in third this year in a race to trade in a sustainable manner. This is a fall of two positions from 2016, when the Republic topped the Hinrich Foundation’s index, which assesses economies on their environmental, social and economic performances. The fall came largely from the city-state doing less well in the environmental aspect, where it went from second spot to fourth overall.
https://www.businesstimes.com.sg/government-economy/singapore-is-third-in-sustainable-trade-index-down-from-first-in-2016

Enhancing supervision, cyber risk among key issues for next decade: MAS’s Menon
Financial regulators could grapple with evaluating reforms, enhancing supervision and cyber risk over the next decade, Monetary Authority of Singapore (MAS) managing director Ravi Menon said this week in a speech aimed at imagining plausible future scenarios.
https://www.businesstimes.com.sg/banking-finance/enhancing-supervision-cyber-risk-among-key-issues-for-next-decade-mass-menon
https://www.straitstimes.com/business/whats-in-store-for-financial-regulators-in-next-decade

Singapore Real Estate

Hwa Hong acquires 2 freehold commercial plots from CDL
Hwa Hong Corporation has acquired two commercial freehold plots in Jalan Besar in Singapore from City Developments Limited (CDL) for S$13.8 million in total. The option to purchase was exercised by Hwa Hong’s indirect wholly owned subsidiary Global Trade Investment Management Pte Ltd (GTI) on Tuesday.
https://www.businesstimes.com.sg/companies-markets/hwa-hong-acquires-2-freehold-commercial-plots-from-cdl
https://www.straitstimes.com/business/property/hwa-hong-acquires-two-commercial-plots-for-138m

BCA leads 30-strong Singapore delegation to boost construction expertise in India’s Andhra Pradesh
The Building and Construction Authority (BCA) will lead a delegation of around 30 companies to Andhra Pradesh in an upcoming trip to help boost the Indian state’s expertise in construction quality, among other areas. Companies forming the delegation include contractors, consultants, material suppliers, IT firms, and trading and investment firms, the BCA said.
https://www.businesstimes.com.sg/government-economy/bca-leads-30-strong-singapore-delegation-to-boost-construction-expertise-in

CPF members to pay less for home protection insurance from July
More than half a million members of the Central Provident Fund (CPF) will pay less for their annual home protection insurance from July. About 510,000 CPF members covered by the Home Protection Scheme (HPS) will enjoy the reduction, because of “better than expected investment returns and claims experience”, CPF said in a press release on Tuesday.
https://www.businesstimes.com.sg/government-economy/cpf-members-to-pay-less-for-home-protection-insurance-from-july
https://www.straitstimes.com/singapore/510000-cpf-members-to-pay-less-for-home-protection-insurance
https://www.channelnewsasia.com/news/singapore/hdb-510-000-cpf-members-to-pay-less-for-home-protection-10470404
https://www.todayonline.com/singapore/homeowners-using-cpf-service-housing-loans-pay-less-home-protection-insurance-july

Easing of supply pressures a boon for hoteliers in 2018
Hotel room supply entering the hospitality market is expected to ease this year, which will help bolster the industry and give certain hotel players a boost. After the boom in supply injection in recent years, new room supply is expected to slow down to a compound annual growth rate (CAGR) of 1.3 per cent from 2017-2020, according to data from CDL Hospitality Trusts (CDLHT), which incorporated data from Horwath and the Singapore Tourism Board (STB). In comparison, 2014-2017 saw a CAGR of 5.5 per cent.
https://www.businesstimes.com.sg/companies-markets/easing-of-supply-pressures-a-boon-for-hoteliers-in-2018

Apple reseller EpiCentre calls it a day
Epicentre – where queues used to form when Apple launches new products – is throwing in the towel and selling all four of its Singapore storefronts, as well as its online store to a rival Apple reseller for just S$516,275. Catalist-listed parent EpiCentre Holdings, the parent of EpiCentre Pte Ltd, announced on Tuesday that it has entered a conditional sale and purchase agreement with Elush (T3), which runs iStudio.
https://www.businesstimes.com.sg/consumer/apple-reseller-epicentre-calls-it-a-day
https://www.straitstimes.com/business/companies-markets/epicentre-to-sell-all-stores-exit-apple-reseller-business

Demolition of Rochor Centre begins
An excavator tore down parts of the iconic Rochor Centre yesterday, kicking off a demolition process that will last until next April. Some former residents made a trip to the four-block public housing estate, braving the heavy rain, to watch the works.
https://www.straitstimes.com/singapore/demolition-of-rochor-centre-begins
https://www.straitstimes.com/singapore/housing/rochor-centre-to-be-torn-down-floor-by-floor
https://www.channelnewsasia.com/news/singapore/rochor-centre-demolition-work-begin-10470856

Companies’ Brief

CapitaLand acquires 32-ha prime mixed-use site in Chongqing for 2.2b yuan
CapitaLand has acquired all the shares in a company that owns a 32-hectare prime mixed-use site in Chongqing, in a move that will boost its residential pipeline in China by more than 2,100 units. The amount payable is 2.2 billion Chinese yuan (S$459 million), which includes the agreed value of the property at 5.7 billion yuan, the group said on Wednesday.
https://www.businesstimes.com.sg/real-estate/capitaland-acquires-32-ha-prime-mixed-use-site-in-chongqing-for-22b-yuan
https://www.straitstimes.com/business/companies-markets/capitaland-acquires-32-ha-prime-mixed-use-site-in-chongqing-valued-at

New Silkroutes to buy stakes in 6 clinics for S$11.7m
New Silkroutes Group has entered into separate memoranda of understanding to acquire 60 per cent stakes in each of six medical practices for an expected total price of S$11.7 million, the company announced on Tuesday after the market closed. The target companies are Lily Aw Medical Services, HL Family Clinic & Surgery (Bedok), HL Dermahealth Aesthetic Clinic, HL Clinc, HK Family Clinic & Surgery and Dr Chua’s Family Clinic. The general practitioner and aesthetic clinics are all registered with the Singapore Ministry of Health and the doctors employed are registered with the Singapore Medical Council.
https://www.businesstimes.com.sg/companies-markets/new-silkroutes-to-buy-stakes-in-6-clinics-for-s117m
https://www.straitstimes.com/business/companies-markets/new-silkroutes-to-buy-stakes-in-6-clinics-for-s117m

Views, Reviews, Forum & Others

Why HDB flat owner had to foot bill for safety barrier
We thank Ms Cheong Huixin for her letter (Upset over unexpected cost during HDB flat renovation; June 9). Under the Building and Construction Authority’s (BCA’s) rules, a safety barrier is required to prevent falls from height. Examples of safety barriers include metal railings or fixed laminated glass panels.
https://www.straitstimes.com/forum/letters-in-print/why-hdb-flat-owner-had-to-foot-bill-for-safety-barrier

Real estate firm told to pay couple $210k they lost in NZ scam
A couple who lost some $210,000 invested in a New Zealand residential project six years ago will get their money back after a district judge held local real estate agency Faber Property negligent in marketing the project and failing to ensure the developer had actually secured title to the land. But the judge dismissed the claims against Faber’s director and associate director, making clear – for the first time in the real estate context – that a company director cannot be personally liable for statements made on behalf of the company in the course of business.
https://www.straitstimes.com/singapore/courts-crime/real-estate-firm-told-to-pay-couple-210k-they-lost-in-nz-scam