DAILY NEWS

Daily News – 4th, 5th and 6th November 2017

Singapore Economy

Singapore plays fintech evangelist on global mission
In two short years, Singapore has zipped into pole position in the fintech space, challenging rivals such as London in drawing intellectual and funding capital into the city-state with its open adoption of new technology and more broadly, innovation. The strategy, led by the Monetary Authority of Singapore (MAS), is now widening to a regional and global endeavour, as MAS expands into cross-border projects that could pay significant digital dividends in time.
http://www.businesstimes.com.sg/banking-finance/singapore-plays-fintech-evangelist-on-global-mission

Singapore Real Estate

Landed home deals surge on pent-up demand
The number of landed residential property transactions spiked in the first 10 months of this year, putting the full-year number on track to be the best showing in five years. Property consultants attribute the surge in landed housing deals to the ongoing broader recovery in the residential market. They also note that prices of landed properties have fallen to attractive levels from their peak in the third quarter of 2013 to the second quarter this year.
http://www.straitstimes.com/business/property/landed-home-deals-surge-on-pent-up-demand

Sunday Spotlight: With en bloc fever rising again, residents try to cash in without the mudslinging
With the condominium’s three previous failed attempts at an en bloc sale, the marketing agent handling Amber Park’s fourth try was sparing no effort to get residents on board. Agents from JLL would patrol the lift lobby and pounce on returning residents to persuade them to agree to the sale, as at least four in five owners must give the green light before a sale tender can be called.
http://www.todayonline.com/singapore/sunday-spotlight-en-bloc-fever-circa-2017-cashing-without-mudslinging

Kampong Glam to become first digitally-enabled neighbourhood
Kampong Glam is to become Singapore’s first digitally-enabled neighbourhood. The Malay enclave has been identified as the first of many neighbourhoods to undergo a digital revitalisation under the Retail Industry Transformation Map (ITM). The Infocomm Media Development Authority (IMDA) said at an event marking its first anniversary on Friday: “Kampong Glam, a traditional neighbourhood that is both rich in culture and heritage, will embark on a journey to transform the precinct and its merchants.”
http://www.businesstimes.com.sg/government-economy/kampong-glam-to-become-first-digitally-enabled-neighbourhood
http://www.straitstimes.com/tech/kampong-glam-shopping-belt-to-revive-buzz-with-digital-makeover

NParks to offer garden plots for rent as interest grows
Amid the backdrop of an increasingly eco-conscious Singapore, the National Parks Board (NParks) will for the first time be leasing out garden space in its parks for anyone to grow their own plants. These 2.5 sq m plots each cost $57 a year, for up to three years. Users can grow any plants of their choice, from blooms to vegetables. NParks aims to build 1,000 of these “allotment gardens” in 10 parks by 2019. This move is part of a broader Edible Horticulture Plan launched yesterday that trains and supports gardeners in Singapore.
http://www.straitstimes.com/singapore/nparks-to-offer-garden-plots-for-rent-as-interest-grows

Companies’ Brief

Frasers Hospitality to double portfolio in China by 2021
Frasers Hospitality, a division of Frasers Centrepoint, on Friday unveiled its plan to double its operating properties in China to 25 across 15 cities by 2021. This expansion plan was kickstarted with Friday’s opening of Modena by Fraser Changsha in the capital of Hunan province. The 354-unit development – which ups the count to 12 properties now – was one of 14 properties slated to capture the rise in domestic and international travellers in the country.
http://www.businesstimes.com.sg/companies-markets/frasers-hospitality-to-double-portfolio-in-china-by-2021

Yoma raises S$82.2m in share placement
Yoma Strategic Holdings, which brought the first KFC outlet to Myanmar, said on Sunday it has raised about S$82.2 million through a placement. Under the placement exercise, the company will be issuing 155 million new ordinary shares at S$0.53 per placement share, which represents a discount of approximately 9.4 per cent to the volume-weighted average price of S$0.5852 for each ordinary share for trades done on Nov 2 and Nov 3, before trading in the shares were halted.
http://www.businesstimes.com.sg/companies-markets/yoma-raises-s822m-in-share-placement
http://www.straitstimes.com/business/companies-markets/yoma-strategis-raises-822m-to-invest-in-real-estate-business?login=true

Manulife US Reit to pay 1.6 US cents per unit for Q3; 9.6% above projections
Manulife US Real Estate Investment Trust (Reit) will pay a 1.6 US cent distribution per unit for the third quarter, beating its projection of 1.46 US cents by 9.6 per cent as it took in contributions from its maiden acquisition of 500 Plaza Drive in New Jersey. Year-to-date distribution for the January-to-September period will stand at 4.83 US cents, 8.5 per cent above projections, the manager of the US-focused office Reit said. The counter last traded at 90.5 US cents on Friday.
http://www.businesstimes.com.sg/companies-markets/manulife-us-reit-to-pay-16-us-cents-per-unit-for-q3-96-above-projections
http://www.straitstimes.com/business/property/manulife-us-reits-dpu-96-above-forecast-for-quarter?login=true

Chip Eng Seng Q3 profit more than doubles on Aussie property disposal
Property and construction firm Chip Eng Seng on Friday said that net profit for the third quarter more than doubled on a disposal gain as revenue rose. Net profit for the three months ended Sept 30 stood at S$14.05 million, up from S$5.71 million the same period a year ago. This translated to earnings per share of 2.26 Singapore cents, up from 0.92 Singapore cents.
http://www.businesstimes.com.sg/companies-markets/chip-eng-seng-q3-profit-more-than-doubles-on-aussie-property-disposal

GIC and Australia’s Vicinity Centres to swop stakes in mall properties
Singapore’s sovereign wealth fund GIC and Australian property group Vicinity Centres have agreed to undertake a property swop. Vicinity will exchange a 49 per cent stake in Chatswood Chase Sydney mall worth A$562.3 million (S$586.69 million), for a 50 per cent stake in GIC’s Queen Victoria Building, The Galeries and The Strand Arcade (known as the Sydney CBD Centres), worth A$556 million.
http://www.businesstimes.com.sg/real-estate/gic-and-australias-vicinity-centres-to-swop-stakes-in-mall-properties
http://www.straitstimes.com/business/property/gic-and-australias-vicinity-centres-to-swop-stakes-in-mall-properties

Views, Reviews & Forum

New ideas need old buildings
The Committee on the Future Economy has issued a clarion call for Singapore to be driven by innovation-led growth. Where physical infrastructure is concerned, does this mean constructing spanking new structures at every corner? Not necessarily so. Innovation requires counter-intuitive thinking. And innovation in infrastructure can lead to new and creative ways to use old buildings.
http://www.straitstimes.com/opinion/new-ideas-need-old-buildings