DAILY NEWS

Daily News – 3rd May 2017

Singapore Economy

IE Singapore paves way for SMEs to break into India market
When local food manufacturer Tong Garden wanted to build a manufacturing plant in the Indian state of Gujarat, the company turned to SKP Business Consulting, an Indian professional services firm, for guidance to register the land there.
http://www.businesstimes.com.sg/government-economy/ie-singapore-paves-way-for-smes-to-break-into-india-market

Singapore manufacturing PMI slips in April
Manufactures in Singapore said that conditions in the sector were still improving in April, but strength of the expansion was a tad weaker when compared to a month ago. The sector’s purchasing managers’ index (PMI) fell by 0.1 to 51.1, said the Singapore Institute of Purchasing & Materials Management (SIPMM) on Tuesday.
http://www.businesstimes.com.sg/government-economy/singapore-manufacturing-pmi-posts-slower-expansion-at-511
http://www.businesstimes.com.sg/infographics/singapore-manufacturing-pmi-slips-in-april
http://www.straitstimes.com/business/economy/8th-straight-month-of-growth-in-factory-sector?login=true
http://www.channelnewsasia.com/news/singapore/singapore-s-manufacturing-activity-expanded-at-a-slower-rate-in-8811278

Swee Say: Unemployment could rise in future due to shortage of skills, not jobs
Unemployment could rise in the future, not because of the shortage of jobs, but the shortage of skills, said Manpower Minister Lim Swee Say yesterday at a graduation ceremony for Republic Polytechnic (RP) students. As intelligent technology continues to reshape industries here and globally, the Singapore Government will continue to invest in training and retraining so that skills match changing jobs.
http://www.straitstimes.com/singapore/swee-say-unemployment-could-rise-in-future-due-to-shortage-of-skills-not-jobs
http://www.todayonline.com/singapore/shortage-skills-not-jobs-key-threat-singapore

Singapore Real Estate

Seow Yit Kin sells Chancery Lane Good Class Bungalow
Renowned Singapore-born pianist Seow Yit Kin is selling his bungalow along Chancery Lane for S$21.888 million. Mr Seow, who is now in his early 60s, grew up in the single-storey detached house. The price works out to S$1,227 per square foot (psf) based on the freehold land area of 17,844 sq ft. The District 11 property is in the Bukit Tunggal Good Class Bungalow (GCB) Area.
http://www.businesstimes.com.sg/real-estate/seow-yit-kin-sells-chancery-lane-good-class-bungalow

More first-time home buyers opting for resale flats
One in five new buyers of Housing Board homes chose a resale flat over a Build-To-Order (BTO) flat last year – more than double the proportion recorded five years ago, according to latest HDB figures. This is despite first-time home buyers getting top priority for new flats, with up to 95 per cent of BTO units reserved for them. Analysts attribute the increase to the bigger pool of flats in desirable locations and the slide in prices in the last four years.
http://www.straitstimes.com/singapore/housing/more-first-time-home-buyers-opting-for-resale-flats

Conserved Orchard Road property up for first price and quality tender: SLA
The Singapore Land Authority (SLA) on Tuesday said it would conduct the first-ever price and quality tender for the conserved state property at 26, 28, 30, 32 and 36 Orchard Road for commercial use. This means that bids for the property will be assessed more holistically, with half the overall score for the bid price and half for the quality of the concept.
http://www.businesstimes.com.sg/real-estate/conserved-orchard-road-property-up-for-first-price-and-quality-tender-sla
http://www.straitstimes.com/business/property/conserved-orchard-road-property-up-for-rent
http://www.channelnewsasia.com/news/singapore/conserved-state-property-at-orchard-road-up-for-tender-8812582

PwC report calls into question payments by WP town council
The setting up and appointment of the former managing agent (MA) for the town council run by the Workers’ Party (WP) has been called into question in a new report. Their tainted circumstances “would put the propriety of all payments made under two MA contracts to FMSS (FM Solutions and Services) into question,” said the report by accounting firm PwC, which sought an inquiry into the payments.
http://www.straitstimes.com/singapore/pwc-report-calls-into-question-payments-by-wp-town-council
http://www.channelnewsasia.com/news/singapore/appointment-of-ahpetc-managing-agent-tainted-right-from-the-8812174
http://www.todayonline.com/singapore/set-appointment-fmss-tainted-warrants-further-investigations-pwc

Companies’ Brief

CCT sells half-stake in Raffles Place office block for S$591.6m
CapitaLand Commercial Trust (CCT) is selling a 50 per cent stake in One George Street to FWD Group, an insurance company backed by Hong Kong billionaire Richard Li, for S$591.6 million. The divestment of interest in the 23-storey office building in Raffles Place will translate to a gain of S$84.6 million for CCT, or a net gain of S$79.7 million after factoring in transaction and related costs.
http://www.businesstimes.com.sg/companies-markets/cct-sells-half-stake-in-raffles-place-office-block-for-s5916m
http://www.straitstimes.com/business/cct-gains-797m-from-sale-of-50-stake-in-one-george-street

Manulife US Reit lifts Q1 DPU above forecast
Office landlord Manulife US Real Estate Investment Trust (Reit) is on the lookout for purchases, it suggested Tuesday morning, as rent hikes and higher carpark income lifted its fiscal first-quarter distributions above forecast despite gross revenue coming in below projections.
http://www.businesstimes.com.sg/companies-markets/manulife-us-reit-lifts-q1-dpu-above-forecast

Pacific Star Development appoints Kam Tin Seah as COO and head of property division
Catalist-listed Pacific Star Development Limited on Tuesday appointed Kam Tin Seah as chief operating officer and head of the property division. Mr Kam, 52, will report to the CEO and managing director Glen Chan. With over 26 years of experience in property, Mr Kam’s career spans across three Singapore-listed companies Parkway Holdings, Centrepoint Properties and UOL Group.
http://www.businesstimes.com.sg/companies-markets/pacific-star-development-appoints-kam-tin-seah-as-coo-and-head-of-property

Views, Reviews & Forum

What’s next for Singapore’s retail landscape?
The new buzzword that drives the retail scene today is experience. Singapore’s retail market though is facing one of its most challenging times since 2014. With declining retail sales, mounting cost pressures amid economic slowdown, changing demographics of shoppers and competition from e-commerce, retail occupancies and rental performance have suffered yet another blow as seen from last week’s data released by the Urban Redevelopment Authority (URA).
http://www.straitstimes.com/opinion/whats-next-for-singapores-retail-landscape