DAILY NEWS

Daily News – 28th December 2018

Singapore Real Estate

More foreign Reits likely to list in Singapore in 2019 as investors seek havens: Credit Suisse
Singapore’s equity market could see more Reit listings in 2019 as foreign listing interest picks up, in tandem with investors’ shift to safer havens, said investment bank Credit Suisse. Tan Kuan Ern, head of Singapore coverage, investment banking and capital markets, said the number of reverse enquiries from foreign sponsors looking to list US or European assets in Singapore has jumped to the most he has seen in the last five years.
https://www.businesstimes.com.sg/real-estate/more-foreign-reits-likely-to-list-in-singapore-in-2019-as-investors-seek-havens-credit

Singapore Economy

Singapore’s growth could cool on global trends next year
Singapore’s economy is expected to grow by 3 per cent to 3.5 per cent for 2018, in an upgraded estimate from the Ministry of Trade and Industry. But Official economists have a more uncertain take on the year ahead, with a forecast of 1.5 per cent to 3.5 per cent for 2019.
https://www.businesstimes.com.sg/infographics/singapores-growth-could-cool-on-global-trends-next-year

Companies’ Brief

Worries over US tax rules lifted for Manulife US Reit, Keppel-KBS US Reit
Earlier concerns that upcoming changes to United States tax regulations could hit Singapore-listed US real estate investment trusts (Reits) have dissipated after the release of the proposed new regulations on Dec 20.
https://www.businesstimes.com.sg/companies-markets/worries-over-us-tax-rules-lifted-for-manulife-us-reit-keppel-kbs-us-reit

Second Chance Q1 profit down 90% on securities losses
Mainboard-listed Second Chance Properties saw its first-quarter net profit plummet 90 per cent to S$218,000 for the three months ended Nov 30, 2018, compared to S$2.23 million in the year-ago period. This was despite revenue rising 5.7 per cent to S$6.47 million from S$6.12 million in the year-ago period. Revenue from its apparel, gold and securities segments rose, but properties revenue fell 4.7 per cent.
https://www.businesstimes.com.sg/companies-markets/second-chance-q1-profit-down-90-on-securities-losses

Views, Reviews, Forum & Others

Contractors taken to task for drainage violations
A total of 128 contractors were prosecuted and fined in the first 11 months of the year for carrying out construction works that made alterations to or interfered with the public drainage system, or violated the earth control measures regulations.
https://www.straitstimes.com/singapore/contractors-taken-to-task-for-drainage-violations