DAILY NEWS

Daily News – 27th Sep 2019

Singapore Real Estate

Industrial building with hidden storey: Illegal floor demolished, unit for sale at $4.2m
The company which built an illegal storey inside its penthouse unit at The Alexcier in Alexandra Road has demolished the floor and put the unit up for sale. The owner is asking a cool $4.2 million for the unit, which has 16 years of lease left. Industry sources say the asking price, at $400 per sq ft (psf), is double what the owner paid. The first caveat at The Alexcier was recorded on Oct 2, 2006 as a new sale by the developer at $212 psf.
https://www.straitstimes.com/singapore/courts-crime/illegal-floor-demolished-unit-up-for-sale

Singapore Economy

Growth risks compound on shock factory drop
While Singapore could still escape a technical recession, the risks have gone up, economy watchers warned. Factory output plunged by 8 per cent year on year in August, according to fresh data on Thursday. It aborted hopes of a reprieve, despite a better-than-expected showing in July.
https://www.businesstimes.com.sg/government-economy/growth-risks-compound-on-shock-factory-drop
https://www.straitstimes.com/business/singapore-factory-output-tumbles-8
https://www.straitstimes.com/business/economy/factory-output-plunges-amid-uncertainty-over-trade-war
https://www.channelnewsasia.com/news/business/manufacturing-output-august-singapore-fall-11944728
https://www.todayonline.com/singapore/singapore-manufacturing-output-down-8-august

Singapore government ready to take action amid economic downturn: Heng
[Singapore] The government is watching closely how the economy will pan out by the end of the year, and stands ready to take action when needed, said Deputy Prime Minister Heng Swee Keat on Friday. He was responding to statistics released by the Economic Development Board on Thursday, showing that Singapore’s manufacturing output fell 8 per cent year-on-year in August on the back of sharp falls in…
https://www.businesstimes.com.sg/government-economy/singapore-government-ready-to-take-action-amid-economic-downturn-heng

Singapore retains spot as second most digitally competitive country
Singapore has retained its position as the world’s second most digitally competitive country, after the United States, in the latest edition of the IMD World Digital Competitiveness Ranking. Published by Swiss business school IMD, the ranking, which is in its third year, measures the capacity of 63 economies to adopt and explore digital technologies as a key driver for economic transformation in business, government and…
https://www.straitstimes.com/tech/spore-retains-spot-as-second-most-digitally-competitive-country

Singapore tops list of 105 cities most ready for AI disruption, new index shows
[Singapore] Singapore is the most prepared for the next wave of technology disruption that will be brought about by artificial intelligence (AI), according to a new index on AI readiness that ranks 105 global cities. The technique that allows machines to learn from enormous sets of data is expected to bring new conveniences in modern living and economic benefits. But jobs risk being displaced, people’s privacy risks…
https://www.businesstimes.com.sg/government-economy/singapore-tops-list-of-105-cities-most-ready-for-ai-disruption-new-index-shows
https://www.straitstimes.com/tech/singapore-tops-list-of-cities-most-ready-for-ai-disruption

Companies’ Brief

DBS, CapitaLand Group, City Developments win big in corporate governance, sustainability
DBS, CapitaLand Group and City Developments were on Thursday recognised for leading the way in corporate governance and sustainability at the annual Securities Investors Association of Singapore (Sias) Investors’ Choice Awards. Companies aside, other stakeholders were honoured for their achievements; these included brokers, internal auditors and financial journalists, including news veterans of The…
https://www.businesstimes.com.sg/companies-markets/dbs-capitaland-group-city-developments-win-big-in-corporate-governance

Keppel unit buys Shanghai commercial property for S$96.4m
Keppel Corp said on Friday that its subsidiary, Keppel Land China, has acquired a commercial property in Shanghai’s Pudong New District in China for 493 million yuan (S$96.4 million). Zhangjiang Micro-electronic Port Block #3 is a four-storey development with a gross floor area of about 14,518 square metres.
https://www.businesstimes.com.sg/companies-markets/keppel-unit-buys-shanghai-commercial-property-for-s964m
https://www.straitstimes.com/business/companies-markets/keppel-unit-buys-shanghai-commercial-property-for-964m

Mapletree Commercial Trust to buy S$1.55b business park from sponsor
Mapletree Commercial Trust (MCT) is proposing to buy a business park in Pasir Panjang at an agreed property value of S$1.55 billion from Heliconia Realty, a direct wholly-owned subsidiary of Mapletree Investments, MCT’s sponsor. If completed, this could count as one of the largest acquisitions by a Singapore real estate investment trust (S-Reit) this year. S-Reits have in recent weeks been on an…
https://www.businesstimes.com.sg/companies-markets/mapletree-commercial-trust-to-buy-s155b-business-park-from-sponsor
https://www.straitstimes.com/business/companies-markets/mapletree-commercial-trust-to-buy-pasir-panjang-business-park-for-155b

Ascott acquires S$192m freehold serviced residence in Sydney
The Ascott has acquired a freehold serviced residence in the central business district of North Sydney, for S$192 million through the Ascott Serviced Residence Global Fund, its global fund with Qatar Investment Authority (QIA). The acquisition is part of Ascott’s strategy to grow its fund management portfolio through private equity funds, joint ventures and listed hospitality trusts, Ascott chief executive officer Kevin Goh…
https://www.businesstimes.com.sg/companies-markets/ascott-acquires-s192m-freehold-serviced-residence-in-sydney
https://www.straitstimes.com/business/property/ascott-buys-192m-serviced-residence-in-sydney

Straits Trading to buy 3 apartment buildings in Tokyo for S$39.5m
Mainboard-listed Straits Trading Company is looking to acquire three freehold apartment buildings in Tokyo, Japan, for a total of 3.08 billion yen (S$39.5 million). Two of its Japanese subsidiaries, Residence 4 GK and Residence 5 GK, have inked conditional purchase and sale agreements to buy the 100 per cent trust beneficiary interests of the three residential properties, Straits Trading said in a filing on Thursday night.
https://www.businesstimes.com.sg/companies-markets/straits-trading-to-buy-3-apartment-buildings-in-tokyo-for-s395m
https://www.straitstimes.com/business/companies-markets/straits-trading-to-buy-3-apartment-buildings-in-tokyo-for-395m

Views, Reviews, Forum & Others

Flight to safety checks into Singapore hotel market
Amid the ongoing trade uncertainty playing out between the US and China, there remains a strong weight of global capital seeking opportunities in safe haven destinations. As a key global gateway city, Singapore remains high on investors’ radar, underpinned by its transparent banking and legal system.
https://www.businesstimes.com.sg/real-estate/flight-to-safety-checks-into-singapore-hotel-market

Massive infrastructure needed before East Kalimantan is ready to host Indonesia’s new capital
In August this year, Indonesian President Joko Widodo announced that his country’s capital will be relocated to East Kalimantan, while the centre of business will remain in Jakarta. The idea for the relocation of the capital is not new, having been conceived since 1957 by former president Sukarno.
https://www.businesstimes.com.sg/real-estate/massive-infrastructure-needed-before-east-kalimantan-is-ready-to-host-indonesias-new