DAILY NEWS

Daily News – 5, 6 & 7 March 2016

Singapore Economy

Budget 2016 to focus on slowdown, economic transition: Heng Swee Keat
The upcoming Budget will look at how it can help companies cope with the current economic downturn, even as it looks towards assisting all stakeholders to navigate new landscapes as Singapore’s economy transitions. “We have to continue to focus on what we need to do to manage in this slower growth environment, but at the same time, to focus on what are the medium-term opportunities that we’ll continue to have,” Finance Minister Heng Swee Keat told the media after a visit to Pan Asia Logistics in Tuas on Friday.
http://www.businesstimes.com.sg/government-economy/singapore-budget-2016/budget-2016-to-focus-on-slowdown-economic-transition-heng

‘Keep calm and carry on’ as Singapore economy slows
Building supplies firm M Metal is no stranger to the woes plaguing small companies here – rising business costs, an acute manpower shortage and thinning margins. Despite these challenges, the company’s revenues have remained resilient – until now.
http://www.straitstimes.com/business/economy/keep-calm-and-carry-on-as-singapore-economy-slows

Singapore Real Estate

Africa beckons, as Surbana Jurong eyes 40-60% of revenue from overseas in 3-5 years
Surbana Jurong Pte Ltd, which secured two major contracts in Africa recently, is drawing up plans for international expansion as it shoots for 40-60 per cent of revenue contribution from overseas markets in the next three to five years. Sharing that target is Teo Eng Cheong, former CEO of International Enterprise Singapore, who is two months into his new role at Surbana Jurong as chief executive of international operations.
http://www.businesstimes.com.sg/real-estate/africa-beckons-as-surbana-jurong-eyes-40-60-of-revenue-from-overseas-in-3-5-years

2016’s first EC launch outperforms recent projects
The year’s first executive condominium (EC) launch, Wandervale, saw about half of its 534 available units sold at its launch over the weekend, The Business Times understands. Seen against the poorer sales performances of other recent ECs at launch, Wandervale’s showing demonstrated that ECs can still attract homebuyers if located and priced right.
http://www.businesstimes.com.sg/real-estate/2016s-first-ec-launch-outperforms-recent-projects
http://www.straitstimes.com/business/property/solid-weekend-sales-for-wandervale-ec

Camden Park bungalow plots owned by late-ACS principal on market
Two adjacent bungalow plots in the Camden Park Good Class Bungalow (GCB) Area near the Botanic Gardens that used to belong to the late Anglo-Chinese School (ACS) principal Earnest Lau have been put up for sale by tender. Mr Lau died in March 2011; his wife Kwa Geok Lian, who was a former principal of Anglo-Chinese Junior School, had died much earlier. The couple did not have any children and Mr Lau is understood to have bequeathed the Camden Road properties to the Kampong Kapor Methodist Church, where he was active.
http://www.businesstimes.com.sg/real-estate/camden-park-bungalow-plots-owned-by-late-acs-principal-on-market

More private property owners selling at loss as resale, rental markets weaken
Given likely higher interest rates and rising private housing supply, property investor Mr Lim, 44, is looking to exit the market. He bought a two-bedroom unit in Choa Chu Kang for $915,000 about four years ago and it was completed a year ago. Mr Lim is not renting out the unit, but stays there sometimes.
http://www.straitstimes.com/business/more-private-property-owners-selling-at-loss-as-resale-rental-markets-weaken