DAILY NEWS

Daily News – 4th April 2018

Singapore Economy

Corporate governance progress flatlines for Singapore companies
The country report for Singapore, part of the Asean Corporate Governance Scorecard 2018, indicated that the development of CG practices here has essentially flatlined, and that the gap in standards between the large-capitalisation (large-cap) companies and the rest of the field is continuing to widen. The scorecard, unveiled on Tuesday, is a joint initiative of the Asean Capital Markets Forum and the Asian Development Bank. Going back to 2011, it assesses the CG of the 100 largest publicly listed companies in six participating Asean nations.
http://www.businesstimes.com.sg/companies-markets/corporate-governance-progress-flatlines-for-singapore-companies
http://www.straitstimes.com/business/companies-markets/corporate-governance-study-spore-firms-can-do-better

Singapore Real Estate

Construction improves on slow payments but still worst-hit sector
Singapore’s construction sector recorded the highest percentage of delayed bill payments for the ninth consecutive quarter, but the overall payment performance of local firms got off to a strong start in the first three months of 2018. All payment indicators showed improvement, according to a report on Tuesday from the Singapore Commercial Credit Bureau (SCCB).
http://www.businesstimes.com.sg/real-estate/construction-improves-on-slow-payments-but-still-worst-hit-sector
http://www.straitstimes.com/business/economy/payment-performance-improves-in-q1-even-among-still-worst-hit-construction-firms

Singapore Airbnb hosts fined S$60,000 each over illegal rentals
The two men who ran a business providing unauthorised short-term stays in a condominium in the Holland Village area were fined S$60,000 each on Tuesday. Former property agents Terence Tan En Wei, 35, and Yao Songliang, 34, had pleaded guilty to four charges earlier in February and on Tuesday were fined S$15,000 per charge. This is the first case of prosecution for a breach of the Urban Redevelopment Authority’s (URA) rules on short-term rentals. Rules making home sharing illegal kicked in on May 15 last year.
http://www.businesstimes.com.sg/real-estate/singapore-airbnb-hosts-fined-s60000-each-over-illegal-rentals
http://www.straitstimes.com/singapore/two-airbnb-hosts-fined-60k-each-for-illegal-rentals

Companies’ Brief

Ascendas Reit sells Old Toh Tuck Road building for S$24m
Ascendas Reit announced that it entered into a sale-and-purchase agreement on Tuesday to sell 30 Old Toh Tuck Road to interior design company Soon Bee Huat Trading for S$24 million. The five-storey ramp-up logistics building, at 19 years old, has 39 years remaining on its land lease tenure; its gross floor area measures 16,353 square metres and its occupancy stood at 86.1 per cent as at Dec 31, 2017.
http://www.businesstimes.com.sg/companies-markets/ascendas-reit-sells-old-toh-tuck-road-building-for-s24m

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

New Toyo’s Tien Wah Press seeks shareholder nod to diversify into property development
Tien Wah Press Holdings, the Malaysia-listed subsidiary of Singapore-listed New Toyo International Holdings, is seeking shareholder approval to diversify into property development from its core business of printing and trading. This comes after Tien Wah tied up with construction company Lum Chang Holdings through a joint venture in 2016 to undertake a mixed-use development in Malaysia.
http://www.businesstimes.com.sg/companies-markets/new-toyos-tien-wah-press-seeks-shareholder-nod-to-diversify-into-property-0

Views, Reviews, Forum & Others

Couple to pay tax on $16m profit from selling bungalows
A wealthy couple who made some $16 million from buying and selling three good class bungalows (GCBs) within six years will have the profits taxed as income earned. The couple, whose names were redacted in court papers, had failed in their court appeal to have the profits declared as capital gains.
http://www.straitstimes.com/singapore/courts-crime/couple-to-pay-tax-on-16m-profit-from-selling-bungalows

Woman charged over housing 21 workers in one apartment
A 53-year-old woman was yesterday charged in the State Courts by the Ministry of Manpower (MOM) for abetting an employer to house foreign workers in overcrowded private residential premises. Zhou Fengxing faces 21 charges under the Employment of Foreign Manpower Act. If convicted, she could be jailed for up to 12 months and/or fined up to $10,000.
http://www.straitstimes.com/singapore/courts-crime/woman-charged-over-housing-21-workers-in-one-apartment