DAILY NEWS

Daily News – 28th, 29th and 30th Sep 2019

Singapore Real Estate

Turf Club looks beyond racing for revamp
Singapore’s only horse-racing club is looking to expand beyond being a racecourse to becoming a lifestyle destination with recreational facilities for the whole family. The 177-year-old Singapore Turf Club (STC) in Kranji sits on 133ha of land, which is about the size of 166 football fields. The race track alone is about 34ha.
https://www.straitstimes.com/singapore/turf-club-looks-beyond-racing-for-revamp

Singapore Economy

Weak data bolsters forecasts of ‘slight’ easing by MAS
Surprisingly weak industrial production figures have strengthened economists’ expectations that the Monetary Authority of Singapore (MAS) will loosen policy in its upcoming half-yearly policy review, due no later than Oct 14. Most economists now expect the slope of the Singapore dollar nominal effective exchange rate (S$NEER) to be lowered, in a turnaround from the consensus view just three months ago that MAS would stay its hand.
https://www.businesstimes.com.sg/government-economy/weak-data-bolsters-forecasts-of-slight-easing-by-mas

Companies’ Brief

CDL to compulsorily acquire remaining M&C shares
Mainboard-listed property developer City Developments Limited (CDL) on Friday announced that it will compulsorily acquire the remaining shares for its London-listed subsidiary Millennium & Copthorne (M&C) held by shareholders who have not yet accepted the final offer of 685 pence per share. The final offer will remain open for acceptance until further notice.
https://www.businesstimes.com.sg/companies-markets/cdl-to-compulsorily-acquire-remaining-mc-shares

CapitaLand associate buying Fullshare’s office space in Cecil St tower
An associated company of CapitaLand is buying the office space at the former GSH Plaza in Cecil Street from a fund led by Hongkong-listed Fullshare Holdings in a deal expected to exceed S$500 million. The building, now known as Plus, is at 20 Cecil Street, beside Republic Plaza.
https://www.businesstimes.com.sg/real-estate/capitaland-associate-buying-fullshares-office-space-in-cecil-st-tower

Keppel sells stakes in Keppel Logistics (Foshan), Keppel Logistics (Hong Kong)
Keppel Telecommunications & Transportation (Keppel T&T) has entered into agreements to divest its entire stakes in Keppel Logistics (Foshan) Co (KLF) and Keppel Logistics (Hong Kong) to Sinoway Shipping for about S$39 million. Sinoway Shipping is a subsidiary of Sinotrans Limited.
https://www.businesstimes.com.sg/companies-markets/keppel-sells-stakes-in-keppel-logistics-foshan-keppel-logistics-hong-kong

OUE to make S$10m loan to PT Maxx Coffee Prima
OUE’s wholly-owned subsidiary, OUE Treasury, has entered into a loan agreement to advance PT Maxx Coffee Prima S$10 million for a six-month period. The loan is considered an “interested person transaction” since Dr Stephen Riady, OUE’s executive chairman and a controlling shareholder, and James Tjahaja Riady, a controlling shareholder of OUE, have a deemed interest in more than 30 per cent of the…
https://www.businesstimes.com.sg/companies-markets/oue-to-make-s10m-loan-to-pt-maxx-coffee-prima

Parkson Retail Asia fends off Malaysian landlord’s claim for unpaid rental
Parkson Retail Asia’s unit, Parkson Corporation Sdn Bhd (PCSB), has defended against a legal claim in Malaysia of about RM1.5 million (S$500,000) by the landlord of its M Square Mall store, Millennium Mall Sdn Bhd (MMSB). The claim was for alleged outstanding rental and late payment charges, Parkson said in a Singapore Exchange (SGX) filing on Monday.
https://www.businesstimes.com.sg/companies-markets/parkson-retail-asia-fends-off-malaysian-landlords-claim-for-unpaid-rental
https://www.straitstimes.com/business/companies-markets/parkson-retail-asia-fends-off-malaysian-landlords-claim-for-unpaid-rental

Second Chance Properties to undertake bonus issue of free warrants to subscribe for new shares
Second Chance Properties intends to undertake a proposed bonus issue of free warrants to subscribe for new shares in the company to raise a maximum of S$1.13 billion in gross proceeds. Subject to approval from shareholders and regulatory authorities, the bonus warrants will be constituted by way of a deed poll and will be in registered form. The bonus warrants are proposed to be issued free to entitled shareholder…
https://www.businesstimes.com.sg/companies-markets/second-chance-properties-to-undertake-bonus-issue-of-free-warrants-to-subscribe

Views, Reviews, Forum & Others

Bridging social gaps
Chia Ngiang Hong, President, Real Estate Developers’ Association of Singapore (REDAS)
Inequality is like a hidden cancer that could spread insidiously and lead to conflicts and unrest. For long term sustainability, corporate and societal interests must converge. It is imperative that business leaders embrace ”conscious capitalism” ie ensure their businesses create value not just for shareholders but also for customers, employees, suppliers and the communities, and support social and environmental causes.
https://www.businesstimes.com.sg/views-from-the-top/bridging-social-gaps