Fewer firms profitable in 2015 due to weaker economy: MOM
Softer economic conditions resulted in a double whammy for companies and workers in 2015 – the number of firms that made a profit shrank that year, while fewer staff enjoyed salary increments. Including bonuses and employer Central Provident Fund (CPF) contributions, the total wage growth in the private sector remained stable at 4.9 per cent last year, similar to the rate in 2014. Real total wages, both including and excluding CPF, grew by 5.4 per cent last year – up from 3.9 per cent in 2014 – after accounting for negative inflation.
S’pore’s May factory PMI dims hopes for broader upturn
Conditions in Singapore’s manufacturing sector slumped again in May after recent strong sectoral data. This dimmed economists’ hopes of a broader upturn, as they await an economy-wide indicator that will be released on Friday. The headline purchasing mana-gers’ index (PMI) for manufacturing in May was at 49.8, said the Singapore Institute of Purchasing & Materials Management (SIPMM), which compiles the data, in a release on Thursday.
Singapore Real Estate
Qingjian makes bold moves in real estate
Developer Qingjian Realty took two bold steps into new territory last month – buying one of the most pricey en bloc sites here, as well as securing a $301 million Bukit Batok mixed-development site. Both were firsts for the firm, which has been developing property in Singapore for some eight years. Qingjian is buying the Shunfu Ville en bloc site for $638 million, and has now disclosed that it eyed other collective sale sites – such as Normanton Park and Eunosville – before making its pick.
Former Colliers research head joins CBRE as director
Former Singapore director for research and advisory at Colliers International, Chia Siew Chuin, has joined CBRE as director of industrial and logistics for Asia. Her appointment was effective from Wednesday, CBRE said. The industrial and logistics is among key services lines under advisory and transaction services at CBRE. Ms Chia will report to Dennis Yeo, CBRE managing director of industrial and logistics for Asia. Mr Yeo was formerly Singapore managing director at Colliers International. They had worked together for 10 years in Colliers.
Fragrance hotel chain boss buys Australian island for $5.5 million
The boss of the Fragrance chain of hotels is believed to have paid A$5.5 million (S$5.46 million) for a prized island off the north-east coast of the Australian island state of Tasmania – complete with an airstrip, lighthouse, jetty and colonial-style homestead. Mr Koh Wee Meng, 52, chief executive and founder of Fragrance Group, reportedly plans to use the 287ha island, called Waterhouse Island, as a private retreat before he develops an eco-tourism project on it.
URA makes access to shophouse info easy
Businessmen, investors and shophouse owners who wish to look up allowable and last-approved uses for private shophouses in Singapore will no longer have to write in to the Urban Redevelopment Authority (URA), pay a search fee and wait for days to do so. Instead, they will be able to instantly search for the information at no charge via their computers and smartphones, thanks to a function in a new online portal – called URA SPACE – launched by URA on Thursday.
Data centre owners in consolidation trend
IT’S a consolidation game in the data centre space now, as operators pursue scale to cater to a clientele of global customers, and smaller players look to exit. This is happening not just in the United States and Europe but also in Asia, Digital Realty (DLR) said on Thursday after the launch of its second data centre in Singapore along 3 Loyang Way. Christopher Kenney, international senior vice-president at DLR, told BT in an interview: “The industry is at a point in its life cycle where consolidation would be a healthy next phase for it. Here in Asia-Pacific, the region is so broad and tends to be a little more fragmented between Japan, China, Hong Kong, down through Singapore to Australia.”
Great Singapore Sale kicks off with longer run, new official card
The Great Singapore Sale (GSS) begins today with a longer sale period of 10 weeks. And to entice Chinese tourists to spend more, there will be perks for shoppers who pay with cards issued by a Chinese payment company. For the first time, UnionPay International cardholders will get extra discounts and offers at more than 100 merchants during the sale, under a new three-year partnership between the payment network and the Singapore Retailers Association (SRA), organiser of the GSS.
More Singaporeans turning to online shopping for better bargains
Consumers in the Republic shop online to get better bargains and are among the world’s fastest adopters of mobile shopping despite being relatively new to e-commerce, business consultancy PwC said in its Total Retail survey published yesterday.
Views, Reviews & Forum
Are we wrong about Singapore’s housing market?
Singapore’s housing market has shown signs of life recently, as both developers and buyers drive a pick-up in activity.
Buyers have soaked up well-positioned projects
In March, Sim Lian Holdings surprised the market with strong sales of its executive condominium project Wandervale, moving almost 300 units out of a total of 534 units within the first month of launch.
Global Economy & Global Real Estate
NY property boom impinging on produce supply
Tokyo stocks dive after Abe’s tax hike delay
US economy grows modestly as job market tightens: Beige Book
ECB keeps interest rates unchanged
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