DAILY NEWS

Daily News – 28th September 2016

Singapore Economy

Financial reporting better, but sticking points remain, says Acra
Another left out an estimated fair-value loss of $20 million from its books when it failed to value a workers’ dormitory it was then building. Yet another recorded a substantial amount as trade receivables, which it later discovered to be non-existent. These are some of the accounting errors and issues picked up by the Accounting and Corporate Regulatory Authority (Acra) in its policing of Singapore’s financial reporting landscape.
http://www.businesstimes.com.sg/government-economy/financial-reporting-better-but-sticking-points-remain-says-acra
http://www.channelnewsasia.com/news/singapore/breaches-of-accounting-standards-by-listed-companies-rectified/3158930.html
http://www.todayonline.com/business/spore-firms-lift-their-game-financial-reports-acra

Singapore population up 1.3% to 5.61m
Singapore’s population grew by 1.3 per cent to reach 5.61 million in June, said the National Population and Talent Division (NPTD) on Tuesday. Its annual report on the country’s population trends revealed that the total comprises 3.41 million citizens, 520,000 permanent residents (PRs) and 1.67 million non-residents. (Non-residents include dependants, international students and foreign domestic workers or FDWs.) The 27-page “Population in Brief” document said the number of citizens grew by 1 per cent – just like last year – as a result of more births and the government’s calibrated approach to immigration.
http://www.businesstimes.com.sg/government-economy/singapore-population-up-13-to-561m
http://www.straitstimes.com/singapore/singapores-population-grows-13-to-561-million
http://www.channelnewsasia.com/news/singapore/singapore-population-rises-1-3-to-5-61-million/3159702.html
http://www.todayonline.com/singapore/spore-population-now-56m-citizens-ageing-faster-nptd

Singapore Real Estate

M&G Real Estate eyes more retail, logistics assets in Asia
M&G Real Estate, the property investment arm of Prudential plc, is eyeing more retail and logistics assets in Asia, where it already has US$2.5 billion in assets under management (AUM) in Singapore, Hong Kong, South Korea, Japan and Australia. This is part of its overall drive to invest outside the UK with a long-term target of having half its global AUM residing outside of its home market, up from 25 per cent currently, said chief executive Alex Jeffrey. That one-quarter of global AUM – now at about £26 billion (S$46 billion) – is split evenly across North America, continental Europe and Asia.
http://www.businesstimes.com.sg/real-estate/mg-real-estate-eyes-more-retail-logistics-assets-in-asia
http://www.straitstimes.com/business/mg-keen-to-acquire-logistics-assets?login=true

Keenly contested Fernvale site gets top bid of S$287.1m
Developers continue to be hungry for land. A state tender on Tuesday for a 99-year leasehold private housing site along Fernvale Road in the Sengkang area beat earlier market projections. It garnered 14 bids with the top bid at S$287.1 million or S$517.03 per square foot per plot ratio. Bidding was competitive, with the top bid coming in just 0.005 per cent higher than the second highest bid – one of the keenest at a Government Land Sales (GLS) tender, according to SLP International executive director Nicholas Mak.
http://www.businesstimes.com.sg/real-estate/keenly-contested-fernvale-site-gets-top-bid-of-s2871m
http://www.straitstimes.com/business/tender-for-fernvale-road-site-attracts-very-close-bids?login=true

Five teams go on to next phase in Jurong Lake District RFP exercise
FIVE teams have been shortlisted for their proposals for the Jurong Lake District Request for Proposal (RFP) exercise that is expected to appoint one of them as consultant by January next year. Chosen out of 35 teams which submitted proposals for the RFP exercise, the five will now proceed to stage two of the exercise, said the Urban Redevelopment Authority (URA) in a release on Tuesday. They will spend 10 weeks to develop and submit their conceptual master plan and proposals for Jurong Lake District, due end-2016.
http://www.businesstimes.com.sg/real-estate/five-teams-go-on-to-next-phase-in-jurong-lake-district-rfp-exercise
http://www.straitstimes.com/singapore/five-teams-shortlisted-for-jurong-lake-planning?login=true
http://www.channelnewsasia.com/news/singapore/5-teams-shortlisted-to-develop-jurong-lake-district-master-plan/3159326.html

Bugis Point, Amoy Street shophouses for sale
A commercial building as well as three conservation shophouses were put up for sale yesterday. Bugis Point, a six-storey commercial building at 530, North Bridge Road, is on sale by public tender at a guide price of $59.5 million. The property, owned by trading firm Geetex Group, sits on a 999-year tenure site of about 2,776 sq ft. The total floor area of the building is about 16,975 sq ft. The tender “presents a valuable opportunity to acquire an income-producing single asset of 999-year tenure in the Central Business District, at a palatable quantum”, said Ms Sammi Lim, director of investment properties at CBRE, the marketing agent.
http://www.straitstimes.com/business/property/bugis-point-amoy-street-shophouses-for-sale

Companies’ Brief

Global Logistic Properties
Global Logistic Properties (GLP) has signed new leases totalling 66,000 sq m with two global auto makers in Brazil and China. Fiat Chrysler Automobiles has leased 43,000 sq m in Sao Paulo, Brazil, and Daimler has leased 23,000 sq m in Greater Jinan in eastern China. Both companies are new customer relationships for GLP and will use the facilities to distribute vehicle parts for after-sales service. Auto-related leasing accounts for about 7 per cent of GLP’s total leased area globally.
http://www.straitstimes.com/business/company-briefs-f-j-benjamin-holdings

Keppel Corp
Keppel Corp unit Keppel Land will buy 37.5 million shares of Quoc Loc Phat Joint Stock (QLP), an associated company of Keppel Corp. It is buying the stock, which represents 25 per cent of QLP’s issued share capital, from shareholder Pham Quang Hung for about $25.6 million. Keppel Corp will emerge with an effective shareholding in QLP of 45 per cent. QLP is incorporated in Vietnam and involved in real estate development. The consideration amount took into account the fair value of the assets and liabilities of QLP, and will be paid fully in cash.
http://www.straitstimes.com/business/company-briefs-f-j-benjamin-holdings