DAILY NEWS

Daily News – 3rd April 2018

Top Story

Full-year forecasts double after 3.1% jump in Q1 home prices
The 3.1 per cent quarter-on-quarter increase in the Urban Redevelopment Authority’s private home price index based on its first quarter flash estimate has shocked most property consultants, who were expecting a rise of 1 to 2 per cent. The rise is the steepest quarter-on-quarter hike since Q2 2010, when the index rose 5.3 per cent.
http://www.businesstimes.com.sg/real-estate/full-year-forecasts-double-after-31-jump-in-q1-home-prices
http://www.straitstimes.com/business/property/private-home-prices-jump-by-31-in-first-quarter
https://www.todayonline.com/singapore/resale-flat-prices-fell-08-q1-2018-private-home-prices-rose-31
https://www.bloomberg.com/news/articles/2018-04-02/singapore-home-prices-post-biggest-jump-in-almost-eight-years

Singapore Economy

Enterprise Singapore: One-stop help hub
Enterprise Singapore will be a one-stop help centre for companies of all sizes and at different stages of growth. Speaking at its official launch on Monday, Minister for Trade and Industry (Industry) S Iswaran said: “Enterprise Singapore will work with a broad spectrum of businesses, from startups to SMEs and high-growth companies, and serve as the single point of contact for Singapore-based enterprises which are committed to growth.”
http://www.businesstimes.com.sg/government-economy/enterprise-singapore-one-stop-help-hub
http://www.straitstimes.com/business/new-one-stop-help-hub-for-all-companies

Singapore factory activity expands for 19th straight month
Manufacturing saw its 19th straight month of expansion in March, with the Purchasing Managers’ Index (PMI) edging up to 53 from an earlier 52.7. This was a notch higher than economists’ expectations of 52.8, according to a poll by Bloomberg. The PMI, based on surveys, is a leading indicator of economic activity. The higher the reading is above 50, the faster the rate of expansion for the sector from the previous month.
http://www.straitstimes.com/business/economy/singapore-factory-activity-expands-for-19th-straight-month
http://www.businesstimes.com.sg/infographics/singapore-manufacturing-grows-for-19th-straight-month
https://www.channelnewsasia.com/news/business/singapore-s-manufacturing-sector-expands-for-19th-straight-month-10097140

Industry body to set guidelines for AI, data analytics in finance sector
The Monetary Authority of Singapore (MAS) has assembled a group of industry players to help develop a guide on the responsible and ethical use of artificial intelligence (AI) and data analytics by financial institutions. The 10-member Fairness, Ethics, Accountability and Transparency (Feat) Committee will be co-chaired by MAS chief data officer David Hardoon and PrimePartners co-founder Hsieh Fu Hua, the financial sector regulator said in a statement on Monday.
http://www.businesstimes.com.sg/banking-finance/industry-body-to-set-guidelines-for-ai-data-analytics-in-finance-sector
http://www.straitstimes.com/business/banking/mas-forms-panel-to-set-rules-for-ai-data-analytics

Singapore Real Estate

HDB resale prices drop 0.8% in Q1
Prices of resale government flats have dropped for six consecutive quarters, according to flash estimates from the Housing and Development Board (HDB) on Monday. HDB resale prices dropped 0.8 per cent in the first quarter of this year from the previous three months, an acceleration from the price decline of 0.2 per cent seen in the final quarter of 2017.
http://www.businesstimes.com.sg/real-estate/hdb-resale-prices-drop-08-in-q1
http://www.straitstimes.com/business/property/hdb-resale-prices-drop-08-in-q1-faster-than-02-decline-in-previous-quarter-flash

PM Lee accepts three options for 38 Oxley Road laid out by committee
Prime Minister Lee Hsien Loong on Monday said that as a son, he accepts the ministerial committee’s conclusion about his late father Lee Kuan Yew’s wishes regarding 38 Oxley Road, and the three options it has laid out in its report. His comments come in response to a 21-page report released earlier on Monday afternoon by the committee, which was looking into options for the founding prime minister’s house.
http://www.businesstimes.com.sg/real-estate/pm-lee-accepts-three-options-for-38-oxley-road-laid-out-by-committee
http://www.businesstimes.com.sg/real-estate/of-the-over-200-conserved-bungalows-just-16-are-in-the-style-of-38-oxley-road
http://www.straitstimes.com/politics/panel-sets-out-range-of-possibilities-for-site
http://www.straitstimes.com/politics/bungalow-has-a-rich-and-colourful-history
http://www.straitstimes.com/politics/experts-for-preservation-but-split-on-intermediate-option
https://www.channelnewsasia.com/news/singapore/38-oxley-road-lee-kuan-yew-ministerial-committee-options-10096284

Tiong Seng-Ocean Sky JV bags Cairnhill Heights in S$72.6m en bloc deal
A joint venture between Singapore-listed construction and engineering firm Tiong Seng Holdings and civil engineering company Ocean Sky International has agreed to acquire Cairnhill Heights condominium for S$72.6 million, less than the sellers’ initial asking price of more than S$80 million. Tiong Seng holds a 60 per cent stake in the joint-venture company TSky Development while Ocean Sky holds the remaining 40 per cent.
http://www.businesstimes.com.sg/real-estate/tiong-seng-ocean-sky-jv-bags-cairnhill-heights-in-s726m-en-bloc-deal
http://www.straitstimes.com/business/property/joint-venture-acquiring-cairnhill-heights-for-726m

Chancery Court at Dunearn Road up for en bloc sale at S$390m
Chancery Court at Dunearn Road has launched its collective sale by tender with an asking price of S$390 million. If it succeeds, it will leave just five of Singapore’s 18 former HUDC estates still around. The 99-year leasehold site has an enviable location: about five to seven minutes’ walk to Newton MRT station, near landed estates and Good Class Bungalows and within one kilometre of popular primary schools like Anglo Chinese School (Primary), Anglo Chinese School (Junior) and St Joseph’s Institution Junior. Situated less than two kilometres away are Singapore Chinese Girls Primary School, CHIJ Primary (Toa Payoh) and St Margaret’s Primary School.
http://www.businesstimes.com.sg/real-estate/chancery-court-at-dunearn-road-up-for-en-bloc-sale-at-s390m
http://www.straitstimes.com/business/property/former-hudc-estate-chancery-court-up-for-collective-sale-at-390m

Companies’ Brief

Keppel has received almost full sum in 2.9b yuan sale of marina project
Keppel Corporation is close to wrapping up the 2.9 billion yuan (S$598 million) disposal of its stake in a China marina project. The sale was earlier challenged by a minority shareholder in the project, but its lawsuit was subsequently dismissed by the courts. Keppel said on Monday it has collected about 2.87 billion yuan of the consideration, constituting about 451 million yuan and S$496 million. The remaining S$7 million was also expected to be received on Monday.
http://www.businesstimes.com.sg/companies-markets/keppel-has-received-almost-full-sum-in-29b-yuan-sale-of-marina-project

Banyan Tree, Vanke JV acquires all hotel assets of Banyan Tree China Hospitality Fund
A joint venture (JV) between Banyan Tree Holdings and Chinese real estate developer Vanke has acquired all the hotel assets of the Banyan Tree China Hospitality Fund for 1.35 billion yuan (S$282.2 million) as part of plans to form a strategic partnership in China.
http://www.businesstimes.com.sg/companies-markets/banyan-tree-vanke-jv-acquires-all-hotel-assets-of-banyan-tree-china-hospitality
http://www.straitstimes.com/business/companies-markets/banyan-tree-vanke-jv-acquires-all-hotel-assets-of-banyan-tree-china

Moody’s withdraws credit rating for Lippo Malls Indonesia Retail Trust for ‘business reasons’
Credit rating agency, Moody’s Investors Service has withdrawn its “Ba1” rating for Singapore-listed real estate investment trust Lippo Malls Indonesia Retail Trust (LMIRT) for “its own business reasons”. Moody’s did not elaborate on the exact nature of those reasons.
http://www.businesstimes.com.sg/companies-markets/moodys-withdraws-credit-rating-for-lippo-malls-indonesia-retail-trust-for-business

Views, Reviews, Forum & Others

Preserve Farrer Park site for its historic firsts
I was saddened to read of the impending demolition of the sports structures around the Farrer Park fields (Farrer Park to make way for redevelopment; March 31). The site had been the venue of many historic firsts.
http://www.straitstimes.com/forum/letters-in-print/preserve-farrer-park-site-for-its-historic-firsts

Carparks may become less relevant: Panel
It is a question that might sound preposterous to any driver who has ever circled a carpark looking for a vacant spot, but it is one urban planners and developers are increasingly grappling with: Are too many carparks being built here?
http://www.straitstimes.com/singapore/carparks-may-become-less-relevant-panel

Fewer CBD spaces but parking still available
Despite a sizeable reduction in the number of parking spots in the Central Business District in recent years, a check by The Straits Times found that many downtown carparks still have available season parking spots.
http://www.straitstimes.com/singapore/housing/fewer-cbd-spaces-but-parking-still-available