DAILY NEWS

Daily News – 28th May 2019

Singapore Real Estate

Three floors at The Octagon for sale at indicative total price of S$43m
Three floors at The Octagon, a 25-storey freehold office building on 105 Cecil Street, were launched for bulk sale by tender on Monday. The prime ground floor retail unit and two office floors have a total indicative price of S$43 million, which works out to S$3,500 per square foot (psf) for the retail floor and S$2,450 psf for the office floors, according to sole marketing agent Cushman & Wakefield.
https://www.businesstimes.com.sg/real-estate/three-floors-at-the-octagon-for-sale-at-indicative-total-price-of-s43m
https://www.straitstimes.com/business/property/3-floors-at-the-octagon-up-for-bulk-sale

Shenton Way, Tanjong Pagar offices most popular among tech tenants in Asia
Singapore has been ranked among Asia’s top commercial real estate locations with attractive submarkets for technology, media and telecommunications (TMT) occupiers, according to a research report by property services firm Colliers International. In particular, the Shenton Way/Tanjong Pagar district was the most popular in the region for TMT firms and flexible workspace operators due to its “excellent accessibility”, Colliers said on Monday.
https://www.businesstimes.com.sg/real-estate/shenton-way-tanjong-pagar-offices-most-popular-among-tech-tenants-in-asia
https://www.straitstimes.com/business/property/shenton-way-area-rated-top-for-tech-media-and-telecoms-firms

Singapore Economy

Revenue growth in services eases in Q1 to 3.6%
Revenue growth in the service sector eased in the first quarter of this year, data from the Department of Statistics showed yesterday. Overall business receipts in the sector rose 3.6 per cent in Q1 compared with a year ago, down from the 4.1 per cent growth registered in the final quarter of last year and the 7.2 per cent rise in Q3 last year.
https://www.straitstimes.com/business/economy/revenue-growth-in-services-eases-in-q1-to-36
https://www.businesstimes.com.sg/infographics/services-sector-revenue-climbs-in-q1-but-pace-eases

Companies’ Brief

CapitaLand’s new exco to include several C-suite Ascendas-Singbridge execs
Property giant CapitaLand is setting up a new executive committee to provide strategic business planning, organisational alignment and implementation following its Ascendas-Singbridge acquisition. The new committee, led by CapitaLand group CEO Lee Chee Koon, will include several C-suite executives from Ascendas-Singbridge, the company said in a regulatory filing on Monday morning.
https://www.businesstimes.com.sg/companies-markets/capitalands-new-exco-to-include-several-c-suite-ascendas-singbridge-execs

Broker’s take: UOB Kay Hian upgrades CapitaLand Mall Trust to ‘buy’ with S$2.65 target price
UOB Kay Hian has upgraded its call on CapitaLand Mall Trust (CMT) to “buy” with a target price of S$2.65 as the real estate investment trust (Reit) is poised to gain from rental contributions from the revamped Funan, and benefit from the development of the Jurong Lake District. In a report, the brokerage’s analysts Jonathan Koh and Loke Peihao said that Funan…
https://www.businesstimes.com.sg/companies-markets/brokers-take-uob-kay-hian-upgrades-capitaland-mall-trust-to-buy-with-s265-target
https://www.straitstimes.com/business/capitaland-reorganises-as-ascendas-singbridge-buy-nears-completion

Ascendas-Singbridge to launch urban solutions co-innovation lab
Ascendas-Singbridge Group (ASB), which is being acquired by CapitaLand, is developing a co-innovation lab to support at least 30 projects in smart urban solutions. It is slated to be launched later this year within Singapore Science Park. The Smart Urban Co-Innovation Lab, which is supported by the Infocomm Media Development Authority (IMDA) and Enterprise Singapore (ESG), will focus on the key areas of intelligent estates, smart mobility, digital wellness, and agritech.
https://www.businesstimes.com.sg/companies-markets/ascendas-singbridge-to-launch-urban-solutions-co-innovation-lab
https://www.straitstimes.com/business/companies-markets/ascendas-singbridge-to-launch-co-innovation-lab-for-urban-solutions

Keppel saves $55m, thanks to energy efficiency
The renovations at Keppel Bay Tower offices last year were not just about smartening up the paintwork, but focused on cutting-edge tech innovations to make the corporation’s headquarters far more energy efficient and environmentally sustainable. Smart systems were installed to adjust lighting levels to fit the number of people at work, while photo sensors were installed to dim perimeter lighting when there is sufficient daylight.
https://www.straitstimes.com/business/companies-markets/keppel-saves-55m-thanks-to-energy-efficiency

Bukit Sembawang posts Q4 net loss of S$11.6m
Property developer Bukit Sembawang Estates saw a loss of S$11.6 million for the fourth quarter ended March 31, compared with a restated profit of S$22 million in the year-ago period, it said in a results announcement after market close on Monday. This was despite revenue rising 72 per cent to S$56.5 million. Gross profit was down 19 per cent, which the company said was mainly due to the reversal of costs no longer required in the previous year’s fourth quarter.
https://www.businesstimes.com.sg/companies-markets/bukit-sembawang-posts-q4-net-loss-of-s116m-0

Tee International calls for trading halt pending announcement
Mainboard-listed Tee International has requested a trading halt, “pending release of an announcement”, the engineering group said during the midday break on Monday. Its shares were trading flat at 6.2 Singapore cents as at 12.31pm on Monday.
https://www.businesstimes.com.sg/companies-markets/tee-international-calls-for-trading-halt-pending-announcement

Eagle Hospitality slides further despite action by stabilising agent
Stapled securities of Eagle Hospitality Trust (EHT) continued to decline on Monday, paring three US cents or 4.1 per cent to finish at US$0.70. The counter had already shed 6.4 per cent from its initial public offering (IPO) price of US$0.78 to close at US$0.73 on its mainboard debut last Friday, on heavy volume of 23.1 million shares.
https://www.businesstimes.com.sg/companies-markets/eagle-hospitality-slides-further-despite-action-by-stabilising-agent

Coworking, market entry startup Greenhouse raises S$3.8m in bridge financing
Integrated solutions provider Greenhouse has raised S$3.8 million in its latest bridge financing round, to grow its capabilities in helping companies enter and scale up in South-east Asia. The funding round was led by 14 angel investors comprising seven new investors and seven previous seed-round investors, including Dilip and Deepak Chugani of Indonesia-based conglomerate KNS Group, it said on Monday in a press statement.https://www.businesstimes.com.sg/garage/coworking-market-entry-startup-greenhouse-raises-s38m-in-bridge-financing

Metro Holdings Q4 profit rises to S$51m, promotes Yip Hoong Mun to CEO
Mainboard-listed Metro Holdings on Tuesday recorded a net profit of S$51.0 million for the fourth quarter ended March 31, up from S$930,000 in the year-ago period. This came on the back of fair value gains on its investment properties from its joint venture results. Earnings per share fell to 11.5 Singapore cents, from 19.2 cents a year ago, according to a regulatory filing before the market opened.
https://www.businesstimes.com.sg/companies-markets/metro-holdings-q4-profit-rises-to-s51m-promotes-yip-hoong-mun-to-ceo
https://www.straitstimes.com/business/companies-markets/metro-holdings-q4-profit-rises-to-51m-promotes-yip-hoong-mun-to-ceo