DAILY NEWS

Daily News – 25th, 26th 27th & 28th March 2016

Top Stories

Singapore Budget 2016: Property players fret over absence of relief
The absence of any measures in Budget 2016 to help the beleaguered property sector was greeted with an air of resignation among industry players, and disappointment by some home owners hoping to buy an investment property. These come even though the Government had earlier flagged that it is premature to lift cooling measures on residential transactions.
http://www.straitstimes.com/business/economy/singapore-budget-2016-property-players-fret-over-absence-of-relief?login=true

Budget 2016 Quick Takes: Double whammy for property developers
Singapore’s Finance Minister, Heng Swee Keat, told Parliament on Thursday that it is too premature to relax property cooling measures given the price level and current market conditions. “We will continue to monitor developments in the property market closely,” Mr Heng said in his Budget 2016 speech.
http://www.businesstimes.com.sg/government-economy/singapore-budget-2016/budget-2016-quick-takes-double-whammy-for-property

Govt says it again: Too early to lift cooling measures
As expected, the government again made clear that it is too early to relax property cooling measures. Heng Swee Keat, Minister for Finance, said in his Budget speech: “Some have asked about the range of measures that we have introduced to stabilise the property market since 2010. These are intended to keep the market stable and sustainable. “Based on the price level and current market conditions, our assessment is that it is premature to relax these measures.”
http://www.businesstimes.com.sg/government-economy/singapore-budget-2016/govt-says-it-again-too-early-to-lift-cooling-measures

Innovation district to be created in Jurong
The government on Thursday launched a “next-generation” industrial park of the future called the Jurong Innovation District (JID), in line with its strategy to drive growth through innovation. This district will house learning, research, innovation and production activities together.
http://www.businesstimes.com.sg/government-economy/singapore-budget-2016/innovation-district-to-be-created-in-jurong
http://www.straitstimes.com/business/property/jurong-to-be-industrial-park-of-the-future

$4.5 billion helping hand for industry
Singapore companies, especially small and medium-sized enterprises (SMEs), will be given a $4.5 billion boost to automate, scale up and go overseas to emerge stronger after the current slowdown. The helping hand comes via a new Industry Transformation Programme and is on top of existing amounts allocated for research and development as well as the National Productivity Fund.
http://www.straitstimes.com/business/45-billion-helping-hand-for-industry

Singapore Budget 2016
http://www.singaporebudget.gov.sg/budget_2016/home.aspx

Budget 2016: 10 things you need to know
http://www.straitstimes.com/business/budget-2016-10-things-you-need-to-know

Singapore Economy

No bottom yet on economy, says Fullerton
In the office of Fullerton Fund Management chief executive Manraj Sekhon sits a drawing of an orang utan looking somewhat wistfully at the viewer, with the scrawled words, in childish writing: “It could all be so simple”. “It is always the case for investors in general that we complicate it for ourselves,” said Mr Sekhon, who is also Fullerton chief investment officer.
http://www.businesstimes.com.sg/companies-markets/no-bottom-yet-on-economy-says-fullerton

Singapore Real Estate

Q1 property investment sales set to plunge to near seven-year low
Investment sales of property – or big-ticket transactions of at least S$10 million – are expected to shrink to about S$2 billion in the first quarter, according to Savills Singapore. This would be less than half the S$5 billion for Q4 last year and the lowest quarterly level since Q2 2009. Savills’ Q1 2016 estimate also reflects a sharp dive from the S$3.6 billion of investment sales sealed in the same quarter of last year.
http://www.businesstimes.com.sg/real-estate/q1-property-investment-sales-set-to-plunge-to-near-seven-year-low

Lagoon View owners group loses privatisation levy case
An association representing the owners of Lagoon View estate has failed in its court bid to force a unit owner to contribute more than $35,000 to buy up common areas. District Judge Seah Chi-Ling dismissed the case earlier this month, and written grounds explaining his decision are expected to follow in due course. The case is significant as other unit holders in the estate have already paid their dues – known as a privatisation levy – to acquire the common areas.
http://www.straitstimes.com/singapore/courts-crime/lagoon-view-owners-group-loses-privatisation-levy-case?login=true

Diner claims rat disrupted meal at new Punggol mall
http://www.straitstimes.com/singapore/diner-claims-rat-disrupted-meal-at-new-punggol-mall?login=true

Plan to directly link Punggol and Pasir Ris towns
http://www.straitstimes.com/singapore/transport/plan-to-directly-link-punggol-and-pasir-ris-towns

ST reporter’s taste of life in an ‘HDB-style’ dorm for workers
http://www.straitstimes.com/singapore/st-reporters-taste-of-life-in-an-hdb-style-dorm-for-workers

Companies’ Brief

Perennial to acquire 20% of China’s Aidigong
Perennial Real Estate Holdings is acquiring a 20 per cent stake in Aidigong, a Chinese maternal and child health management company. Perennial will pay 135.4 million yuan (S$28.5 million) for the stake, which includes buying stock from Aidigong founder and chairman Zhu Yufei.
http://www.straitstimes.com/business/companies-markets/perennial-to-acquire-20-of-chinas-aidigong

NUS, CDL collaborate to study smart building technology
Protecting your home from the haze is one of the areas that two new research laboratories at the National University of Singapore (NUS) will look into. The S$2.25 million dollar collaboration by NUS and City Developments Limited (CDL) was announced earlier this week on Tuesday (Mar 22). It will study smart building technology specific to Singapore’s tropical climate.
http://www.channelnewsasia.com/news/singapore/nus-cdl-collaborate-to/2639360.html

Views, Reviews & Forum

How the 5G mobile revolution could transform Singapore’s hotel sector
For those planning to go to South Korea for the Winter Olympics in 2018 or Japan for the summer Olympics two years later, the mobile landscape may seem a little different from that of today. Both nations are intent on setting up 5G mobile networks and showcasing it for the first time on a mass scale on the world stage, providing the fastest and most efficient mobile communication that the world has ever seen.
http://www.businesstimes.com.sg/opinion/how-the-5g-mobile-revolution-could-transform-singapores-hotel-sector

A Budget to transform the economy
The expansionary fiscal stance evident in yesterday’s Budget will help Singapore companies, particularly small and medium-sized enterprises (SMEs), deal with the challenges of the near term. Concrete steps include the $1.9 billion that firms will receive in 2016 for qualifying wage increases under the Wage Credit Scheme; the corporate income tax rebate increase; and the working capital loans for SMEs.
http://www.straitstimes.com/opinion/st-editorial/a-budget-to-transform-the-economy
http://www.todayonline.com/commentary/budget-helps-unlock-new-opportunities-spore