DAILY NEWS

Daily News – 31 Oct 2019

Singapore Real Estate

URA launches tender for Irwell Bank Road residential site
The Urban Redevelopment Authority (URA) has launched a residential site at Irwell Bank Road for sale by public tender, it said on Thursday. The site spans an area of 12,789 square metres (sq m) with a gross floor area of 35,809 sq m.
https://www.businesstimes.com.sg/companies-markets/ura-launches-tender-for-irwell-bank-road-residential-site
https://www.straitstimes.com/business/property/ura-launches-tender-for-irwell-bank-road-residential-site

Singapore Economy

Slow growth likely to persist through next year, says MAS
Economic activity in Singapore is likely to stay lacklustre over the next 18 months, with wages expected to grow slower this year and the next. The trade-related cluster faces “significant uncertainties” as well, with industries in the electronics space seeing higher volatility in recent months.
https://www.straitstimes.com/business/economy/slow-growth-likely-to-persist-through-next-year-says-mas
https://www.channelnewsasia.com/news/singapore/economy-mas-sees-fits-and-starts-uneven-growth-industries-12046454

H1 tourist spend points to Singapore missing full-year target
Singapore’s tourism receipts were down 1.3 per cent year on year in the second quarter at S$6.5 billion, despite a 1.7 per cent rise in international visitor arrivals to 4.6 million, according to Singapore Tourism Board (STB) figures on Wednesday. This was nonetheless an improvement from the first quarter’s 4.8 per cent fall in spending. With the latest figures, tourism receipts for the first six months of 2019 were S$13.1…
https://www.businesstimes.com.sg/government-economy/h1-tourist-spend-points-to-singapore-missing-full-year-target
https://www.channelnewsasia.com/news/singapore/tourist-spending-falls-despite-rise-in-tourist-arrivals-q2-12048316
https://www.todayonline.com/singapore/more-tourists-visited-singapore-first-half-2019-spent-less-especially-accommodation

Singapore wage growth could ease as market softens, says MAS
Singapore’s central bank is expecting the overall labour market to soften as domestic wage growth eases amid the slowdown across major advanced countries and Asian economies in the first half of this year. In its October 2019 Macroeconomic Review released on Wednesday, the Monetary Authority of Singapore (MAS) noted that hiring sentiment has been more restrained amid the continued economic slowdown.
https://www.businesstimes.com.sg/government-economy/singapore-wage-growth-could-ease-as-market-softens-says-mas
https://www.straitstimes.com/business/economy/wage-growth-to-ease-as-hiring-sentiment-turns-cautious
https://www.todayonline.com/singapore/hiring-more-restrained-wage-growth-expected-ease-labour-market-softens-mas

Inflation expectations shaped by rise of premium goods: study
Households tend to see inflation as higher than it really is – a misapprehension that may nonetheless affect how wages and prices are set. The trend can be blamed on rising living standards and the variety of consumer goods available here, a team of academics has suggested.
https://www.businesstimes.com.sg/government-economy/inflation-expectations-shaped-by-rise-of-premium-goods-study

Companies’ Brief

Parkway Life Reit Q3 DPU rises 1.9% to 3.3 S cents
Parkway Life Real Estate Investment Trust (Reit) on Thursday posted a 1.9 per cent rise in distribution per unit (DPU) to 3.30 Singapore cents for the third quarter ended Sept 30, from 3.23 Singapore cents a year ago. Gross revenue rose 5.4 per cent to S$29.9 million, from S$28.4 million last year on the back of higher rent from its Singapore properties, and appreciation of the Japanese yen.
https://www.businesstimes.com.sg/companies-markets/parkway-life-reit-q3-dpu-rises-19-to-33-s-cents

Maxi-Cash to buy four shops for S$23.7m from chairman’s firm
Maxi-Cash Financial Services Corporation is looking to buy four investment properties for a total cash consideration of S$23.7 million. Its wholly-owned subsidiary, Maxi-Cash Property, on Tuesday entered into a conditional sale and purchase agreement with 8G Investment for the acquisition of the properties, several of which house its pawnbroking and retail businesses.
https://www.businesstimes.com.sg/real-estate/maxi-cash-to-buy-four-shops-for-s237m-from-chairmans-firm
https://www.straitstimes.com/business/companies-markets/maxi-cash-to-buy-4-properties-from-controlling-shareholder-for-237m