DAILY NEWS

Daily News – 05th March 2019

Singapore Real Estate

Gambas Way industrial site on reserve list triggered for tender: JTC
JTC on Monday said it has accepted an application to put up an industrial site in Gambas Way (Plot 2) for sale by public tender. The land parcel is on the reserve list under the first half 2019 Industrial Government Land Sales (IGLS) Programme.
https://www.businesstimes.com.sg/real-estate/gambas-way-industrial-site-on-reserve-list-triggered-for-tender-jtc-0
https://www.straitstimes.com/business/property/gambas-way-industrial-site-on-reserve-list-triggered-for-sale-jtc

Singapore Economy

Manufacturing growth slows for sixth straight month
Manufacturing growth continued its steady slide in February – its sixth straight month of decline – with the electronics sector heading south again. The overall manufacturing Purchasing Managers’ Index (PMI) was 50.4 last month, down from January’s 50.7 and the lowest reading since the 50.2 recorded in November 2016.
https://www.straitstimes.com/business/economy/manufacturing-growth-slows-for-sixth-straight-month
https://www.businesstimes.com.sg/infographics/singapores-manufacturing-growth-slows-for-sixth-straight-month
https://www.channelnewsasia.com/news/business/singapore-pmi-factory-activity-shrinks-to-lowest-since-dec-2016-11310484

New 18ha innovation park for agri-tech sector
Food and agri-technology is a new growth sector and potential export industry that Singapore is exploring, with a new 18 hectare innovation park in Sungei Kadut, Senior Minister of State for Trade and Industry Koh Poh Koon said in his ministry’s Committee of Supply on Monday.
https://www.businesstimes.com.sg/government-economy/singapore-budget-2019/new-18ha-innovation-park-for-agri-tech-sector
https://www.straitstimes.com/singapore/spore-to-grow-high-tech-farming-with-18ha-facility-at-sg-kadut

Singapore 2nd in ranking of world’s most innovative intellectual property offices
The Intellectual Property Office of Singapore (Ipos) has clinched second spot in a latest annual ranking of the world’s most innovative IP offices, second only to the European Union (EU). Global trade publication World Trademark Review (WTR) placed Ipos alongside Chile and Spain in its IP Office Innovation Ranking for 2019, while the EU Intellectual Property Office retained pole position.
https://www.businesstimes.com.sg/government-economy/singapore-2nd-in-ranking-of-worlds-most-innovative-intellectual-property-offices
https://www.straitstimes.com/business/economy/spore-no-2-in-ranking-of-worlds-most-innovative-ip-offices

Companies’ Brief

Far East Group to buy air-con engineering firm with S$7m cash, share issuance
Refrigeration and air-conditioning seller Far East Group plans to buy air-conditioning company Tech Air-Con & Security Engineering for S$7 million in cash and 2.98 million shares to its current owners. Those shares represent 2.75 per cent of the existing issued shares as at Monday and about 2.68 per cent of the enlarged shares.
https://www.businesstimes.com.sg/companies-markets/far-east-group-to-buy-air-con-engineering-firm-with-s7m-cash-share-issuance
https://www.straitstimes.com/business/companies-markets/far-east-group-to-buy-air-con-engineering-firm-with-7m-cash-share-issue

Frasers Logistics & Industrial Trust joins FTSE EPRA/NAREIT Global Developed Index
The manager of Frasers Logistics & Industrial Trust (FLT) on Monday said that the real estate investment trust (Reit) will be included in the FTSE EPRA/NAREIT Global Real Estate Index Series (Global Developed Index) from March 19, 2019. Robert Wallace, CEO of the manager, said the entry into the “leading benchmark index for institutional real-estate investors” is a “major milestone”. He added that this will further raise FLT’s trading liquidity and visibility to global investors.
https://www.businesstimes.com.sg/companies-markets/frasers-logistics-industrial-trust-joins-ftse-epranareit-global-developed-index

Chuan Hup acquiring office units at The Central
Chuan Hup Holdings is acquiring several office units at The Central at 8 Eu Tong Sen Street for around S$42.01 million. Its subsidiary, ProVest Holdings, has accepted an option to purchase (OTP) from Riverhub to acquire a whole strata lot spanning 1,239 square metres, within which several office units are located. The four units are individually rented out at different rentals and under different lease terms.
https://www.businesstimes.com.sg/companies-markets/chuan-hup-acquiring-office-units-at-the-central

First Sponsor buying 36,405 sq m of Guangdong land for 738m yuan
Hong Leong-linked property developer First Sponsor plans to buy Concord Focus Development, which owns three land parcels in China’s Guangdong province totalling 36,405 square metres (sq m), for 738 million yuan (S$148.9 million).First Sponsor said that the property has land use rights with expiry dates of Jan 31, 2088 for residential use and Jan 31, 2058 for commercial use.
https://www.businesstimes.com.sg/companies-markets/first-sponsor-buying-36405-sq-m-of-guangdong-land-for-738m-yuan

Sakae unit to provide consultancy services to Vietnam city’s development plan
Sakae Holdings’ subsidiary has on March 1 entered into a consultancy contract with Vietnam’s Da Nang Infrastructure Investment and Urban Development Project Management Board, the operator of conveyor belt sushi restaurants said in a statement on Monday.
https://www.businesstimes.com.sg/companies-markets/sakae-unit-to-provide-consultancy-services-to-vietnam-citys-development-plan
https://www.straitstimes.com/business/companies-markets/sakae-unit-to-provide-consultancy-services-for-viet-city-plan

Views, Reviews, Forum & Others

BCA orders illegal storey in Alexandra Road building to be demolished
A company that built an unauthorised storey above its unit will have to demolish it by early next month, the Building and Construction Authority (BCA) has ordered. The demolition order and notice to cease occupation of the unauthorised area was served last night to the owner of the unit 08-01 at The Alexcier in Alexandra Road.
https://www.straitstimes.com/business/property/bca-orders-illegal-storey-in-alexandra-road-building-to-be-demolished