DAILY NEWS

Daily News – 6th February 2018

Top Story

Developers paid S$380m in ABSD, QC extension charges
Developers have paid a total of S$380 million in fees and charges to the government for not being able to sell all residential units in their projects within stipulated deadlines. As at end-2017, they have coughed up S$200 million in additional buyer’s stamp duty (ABSD) fees and S$180 million in qualifying certificate (QC) extension charges since the regimes were introduced.
http://www.businesstimes.com.sg/real-estate/developers-paid-s380m-in-absd-qc-extension-charges

Singapore Economy

Analysts welcome market correction; fundamentals, bull run still intact
Despite the recent bloodbath in the Asian bourses, it is not yet the end of the world, market watchers have said. Singapore’s Straits Times Index (STI) shed 46.89 points, or 1.33 per cent, to finish down on Monday – alongside bourses in Tokyo, Hong Kong and Seoul – after higher United States Treasury yields fuelled panic selling on Wall Street last week.
http://www.businesstimes.com.sg/stocks/analysts-welcome-market-correction-fundamentals-bull-run-still-intact
http://www.straitstimes.com/business/companies-markets/us-sell-off-spreads-gloom-to-asia-but-analysts-say-party-not-over

IE and Spring merger timely, given global changes: Iswaran
With global expansion and innovation being increasingly entwined, having a one-stop agency to support firms’ development is necessary and timely, said Minister for Trade and Industry (Industry) S Iswaran. Announced last September, the merger of International Enterprise (IE) Singapore and Spring Singapore to form Enterprise Singapore was formalised on Monday, with the House having passed a Bill on the new statutory board.
http://www.businesstimes.com.sg/government-economy/ie-and-spring-merger-timely-given-global-changes-iswaran

one-north to be Singapore’s first drone estate
Expect to see more drones flying around one-north, a research and development hub in Buona Vista which will be designated as Singapore’s first drone estate. The aim is to provide companies and research institutions with an urban environment for test-bedding innovative unmanned aircraft systems (UAS).
http://www.businesstimes.com.sg/transport/one-north-to-be-singapores-first-drone-estate
http://www.straitstimes.com/singapore/transport/one-north-to-be-designated-as-spores-first-drone-estate

Singapore Real Estate

URA offers Pre-Application Consultation Service
The Urban Redevelopment Authority (URA) is introducing a new Pre-Application Consultation Service (PACS) to complement its existing development application process. This is a formal platform where developers, real estate agents and property owners can seek URA’s guidance upfront on development proposals before they submit a formal development application.
http://www.businesstimes.com.sg/real-estate/ura-offers-pre-application-consultation-service

SMRT to move HQ to Paya Lebar Quarter
SMRT Corporation will move its headquarters from North Bridge Road to Paya Lebar Quarter (PLQ) next year, under a strategy to centralise corporate departments now located across the island, The Business Times understands. This move will happen at around the same time as the transport group sets up two Train Hubs. One hub will focus on train operations and be based at the Kim Chuan Depot; the other will focus on maintenance and engineering (M&E) and be based at the Bishan Depot. Centralising SMRT’s corporate departments in the Paya Lebar suburb will thus enable tighter integration with these two hubs.
http://www.businesstimes.com.sg/real-estate/smrt-to-move-hq-to-paya-lebar-quarter

Companies’ Brief

Amara’s 5-star hotel in Shanghai opens
It faced years of delays, but Amara Holdings’ five-star hotel in Shanghai is finally open for business and will start ringing in revenue this year, the mid-cap hospitality group said on Monday. “We just got the foreign guest licence late last week and are already having business from the banqueting side and hosting meetings for local corporates,” chief executive Albert Teo told The Business Times in an interview. Amara Signature Shanghai in Puxi comprises a 343-room luxury hotel and a 10,500 square metre adjacent complex comprising a retail mall and Grade A office tower.
http://www.businesstimes.com.sg/companies-markets/amaras-5-star-hotel-in-shanghai-opens

Oxley unit buys Geylang site for S$13m
Property developer Oxley Holdings revealed on Monday that its wholly-owned subsidiary has purchased a plot in Geylang for S$13 million, with the intention of turning it into an eight-storey mixed-use development to be named Sixteen35 Residences. Its subsidiary – Oxley Pearl – had entered into a sale and purchase agreement with Huang Shi Zong Hui Singapore (Huang Clan Association) on Feb 5 for the 99-year leasehold plot at Lot 98849K of Mukim 24 along 16, Lorong 35 Geylang.
http://www.businesstimes.com.sg/real-estate/oxley-unit-buys-geylang-site-for-s13m
http://www.straitstimes.com/business/property/oxley-acquires-clan-property-in-geylang

Manulife US Reit’s Q4 rights-adjusted DPU flat at 1.42 cents; beats forecast by 7.6%
Manulife US Reit’s fourth-quarter distribution per unit (DPU) stayed flat at 1.42 US cents after adjusting for a rights issue, beating its own projection by 7.6 per cent. Net property income for the three months ended Dec 31, 2017 rose 48.9 per cent to US$18.4 million from the previous year. Income available for distribution increased 50.8 per cent to US$14.6 million.
http://www.businesstimes.com.sg/companies-markets/manulife-us-reits-q4-rights-adjusted-dpu-flat-at-142-cents-beats-forecast-by-76
http://www.straitstimes.com/business/companies-markets/manulife-us-reits-q4-rights-adjusted-dpu-flat-at-142-cents-beats-forecast

Yoma’s Q3 profit surges to S$16.8m following spin-off of tourism business
Mainboard-listed Yoma Strategic Holdings on Tuesday announced a third quarter net profit of S$16.75 million, about 50 times more than its net profit of S$334,000 in the year-ago period. With about 1.84 million shares outstanding, this translates to an earnings per share of 0.91 Singapore cent for the quarter ended Dec 31, up from 0.02 Singapore cent last year.
http://www.businesstimes.com.sg/companies-markets/yomas-q3-profit-surges-to-s168m-following-spin-off-of-tourism-business
http://www.straitstimes.com/business/companies-markets/yomas-q3-profit-surges-to-s168m-after-spin-off-of-tourism-business

Ascendas India Trust’s private placement two times subscribed, issues more new units
A private placement for Ascendas India Trust (a-iTrust) has been oversubscribed, said its trustee manager.

The placement was about two times covered and the number of new units to be issued has been raised from 73 million to 97.4 million.
http://www.businesstimes.com.sg/companies-markets/ascendas-india-trusts-private-placement-two-times-subscribed-issues-more-new-units
http://www.straitstimes.com/business/companies-markets/ascendas-india-trusts-private-placement-two-times-subscribed-issues-more

Keppel Logistics to pump S$17m in its omnichannel brand UrbanFox
Omnichannel logistics and channel management solutions brand UrbanFox will receive up to S$17 million from parent company Keppel Logistics to power its growth efforts in e-commerce channel management, warehousing and inventory management as well as last-mile fulfilment. Keppel Logistics, a wholly-owned subsidiary of Keppel Telecommunications & Transportation (Keppel T&T), will have a total stake of 85 per cent in UrbanFox following the capital investment, up from 59.6 per cent previously.
http://www.businesstimes.com.sg/companies-markets/keppel-logistics-to-pump-s17m-in-its-omnichannel-brand-urbanfox

Views, Reviews & Forum

Go slow but go far in rebooting taxes for next-gen needs
Over the last decade, the two areas where government spending has been heavy are social and infrastructure investments. Social expenditure has gone up significantly from S$12.7 billion in 2006 to S$32 billion in 2017. A large chunk of this was pumped into healthcare subsidies for the ageing population. Meanwhile, spending on transport infrastructure is also set to rise with the building of Changi Airport Terminal 5, the Tuas mega-port and the cross-island MRT line.
http://www.businesstimes.com.sg/opinion/singapore-budget-2018/go-slow-but-go-far-in-rebooting-taxes-for-next-gen-needs