DAILY NEWS

Daily News – 05th July 2019

Singapore Real Estate

S-Reits seek faster approval turnaround for related-party deals
singapore may want to consider shortening the time a real estate investment trust (Reit) needs to gain unitholders’ nod for related party transactions and rethink the practice of quarterly reporting for the sector. In a report by KPMG and the Reit Association of Singapore (Reitas) entitled “Singapore – A Global Hub for Reit Listings”, several heads of Reits listed on the Singapore Exchange (SGX) said speed is…
https://www.businesstimes.com.sg/real-estate/s-reits-seek-faster-approval-turnaround-for-related-party-deals

Singapore’s strong corp governance and tax support big draws for foreign Reits
When Frasers Logistics & Industrial Trust was mulling a listing venue, Australia was a possible choice given the real estate investment trust has more than 65 per cent of its assets Down Under. However, the Reit eventually decided to list on the Singapore Exchange (SGX) because the trust’s aspirations were not centred solely on Australia, said chief executive officer Robert Wallace.
https://www.businesstimes.com.sg/real-estate/singapores-strong-corp-governance-and-tax-support-big-draws-for-foreign-reits

Singapore Economy

Singapore loses top spot to Switzerland as best place for expats: HSBC
Switzerland is now the best place in the world for expats to live and work. It took the crown from second-placed Singapore, which had held it for four straight years since 2015, according to the latest edition of HSBC’s annual survey. HSBC credited quality of life, highly competitive salaries and stunning surroundings for Switzerland’s vault to the top from eighth place last year.
https://www.businesstimes.com.sg/government-economy/singapore-loses-top-spot-to-switzerland-as-best-place-for-expats-hsbc
https://www.channelnewsasia.com/news/singapore/switzerland-singapore-best-place-expats-hsbc-global-report-11690514

Companies’ Brief

DBS picks S-Reits to benefit from low bond yield
The Singapore market has recovered from May’s sell-off brought about by worsening US-China trade relations. Going forward, local equities are expected to trade within range thanks to support from attractive valuations compared to regional peers. DBS Bank’s chief investment officer (CIO) Hou Wey Fook said that Singapore real estate investment trusts (S-Reits) remain the bank’s favoured sector to benefit from the low bond yield and dovish central bank environment.
https://www.businesstimes.com.sg/companies-markets/dbs-picks-s-reits-to-benefit-from-low-bond-yield

The Hour Glass to acquire freehold Australia property for A$32m
The Hour Glass’s Australian subsidiary has entered into a sale-and-purchase agreement with 190 Edward St (as trustee for BAMPS Trust) to acquire a freehold property in Brisbane, Australia for A$32 million (S$30.5 million). The property is an eight-storey retail and commercial office building sitting on a site area of approximately 455 square metres (sq m) within the main luxury retail precinct…
https://www.businesstimes.com.sg/companies-markets/the-hour-glass-to-acquire-freehold-australia-property-for-a32m

Lafe Corp gets 3-month extension to submit exit offer proposal
Property firm Lafe Corp has obtained a three-month extension from the Singapore Exchange (SGX) to submit an exit offer proposal for its delisting from the bourse. The mainboard-listed company has until Oct 3 to submit its proposal. The previous deadline was within a month from when it received a delisting notification from SGX on June 4.
https://www.businesstimes.com.sg/companies-markets/lafe-corp-gets-3-month-extension-to-submit-exit-offer-proposal