DAILY NEWS

Daily News – 7th November 2017

TOP STORY

Recent en bloc sales do not mean higher prices: Lawrence Wong
The recent spate of en-bloc sales will not necessarily translate to higher prices, National Development Minister Lawrence Wong said in parliament on Monday. That is because developers are subject to demand and supply forces in the market. In particular, they are subject to the Additional Buyer’s Stamp Duty (ABSD), where they must build and sell new units within five years of the site being awarded, or incur additional duties of 15 per cent of the site’s purchase price.
http://www.businesstimes.com.sg/real-estate/recent-en-bloc-sales-do-not-mean-higher-prices-lawrence-wong
http://www.straitstimes.com/singapore/collective-sales-might-not-lead-to-higher-home-prices
http://www.straitstimes.com/singapore/coe-collective-sale-issues-in-the-spotlight
http://www.todayonline.com/singapore/sharp-jump-number-homes-sold-en-bloc

SINGAPORE ECONOMY

Visitor arrivals, spend up in 1H; uptrend likely to continue
In another boost to the economy, tourism receipts and visitor arrivals both grew in the first half of this year, with prospects appearing bright for the second half as well. Visitor arrivals were up 4 per cent at 8.5 million, while tourism receipts expanded at a faster pace of 10 per cent to hit S$12.7 billion, a report from the Singapore Tourism Board (STB) showed. Chinese travellers emerged as both the biggest spenders as well as the largest source market of visitors in the first six months of the year.
http://www.businesstimes.com.sg/government-economy/visitor-arrivals-spend-up-in-1h-uptrend-likely-to-continue

Be wary of hype in fintech: MAS’ Menon
That’s the message Monetary Authority of Singapore managing director Ravi Menon has for pundits and investors trying to navigate the wave of technology euphoria sweeping the financial services industry. While technological innovations such as blockchain and the area of big data analytics can result in powerful applications, people should be wary of some peer-to-peer lending platforms and the rapidly rising values of cryptocurrencies, Mr Menon said in an interview with Bloomberg News late last month.
http://www.businesstimes.com.sg/government-economy/be-wary-of-hype-in-fintech-mas-menon
https://www.bloomberg.com/news/articles/2017-11-06/singapore-central-banker-cautions-be-wary-of-hype-in-fintech

SINGAPORE REAL ESTATE

Jervois Green up for sale by tender for S$48m
Freehold apartment block Jervois Green goes up for sale by tender today, hot on the heels of nearby Jervois Gardens’ collective sale. The asking price of S$48 million works out to S$1,373 per sq ft (psf) per plot ratio (ppr), inclusive of the 10 per cent additional gross floor area for balconies. That price tag matches, on a unit basis, what Jervois Gardens – also a freehold project of low-rise homes – went for.
http://www.businesstimes.com.sg/real-estate/jervois-green-up-for-sale-by-tender-for-s48m
http://www.straitstimes.com/business/property/jervois-green-up-for-sale-by-tender-for-48m

COMPANIES’ BRIEF

Ascendas Hospitality Trust Q2 DPS up 2.9%
Ascendas Hospitality Trust (A-HTrust) posted on Monday a 2.9 per cent increase in its distribution per stapled security (DPS) for the second quarter, as lower net finance cost helped to lift earnings. For the three months ended Sept 30, 2017, DPS stood at 1.42 Singapore cents, up from 1.38 Singapore cents a year ago. A-HTrust’s DPS for H1 2018 was 2.73 Singapore cents, up from 2.67 Singapore cents the year before.
http://www.businesstimes.com.sg/companies-markets/ascendas-hospitality-trust-q2-dps-up-29

GIC, Australia’s Vicinity Centres to swap Sydney shopping mall, CBD assets
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$586.7 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/companies-markets/gic-australias-vicinity-centres-to-swap-sydney-shopping-mall-cbd-assets
http://www.straitstimes.com/business/property/gic-aussie-group-to-swop-stakes-in-mall-properties

Genting Singapore’s Q3 profit gets a boost from VIP business
Genting Singapore’s net profit attributable to ordinary shareholders jumped 35 per cent year-on-year to S$143.79 million for the third quarter ended Sept 30 as a pick-up in VIP and premium mass business volumes spurred revenue upwards. Including S$24.91 million apportioned to holders of perpetual securities, the gaming firm posted a 24 per cent rise in net profit to S$168.69 million for the period under review.
http://www.businesstimes.com.sg/companies-markets/genting-singapores-q3-profit-gets-a-boost-from-vip-business
http://www.straitstimes.com/business/companies-markets/genting-singapores-q3-profit-gets-a-boost-from-vip-business

VIEWS, REVIEWS & FORUM

A road worth travelling for Singapore businesses
China’s Belt and Road Initiative (BRI) is an ambitious undertaking that has the potential to reshape the global economy and transform world trade. Many governments, multinational development organisations and international corporations welcome the opportunity to fill the infrastructure gap and strengthen the value chain network.
http://www.businesstimes.com.sg/opinion/a-road-worth-travelling-for-singapore-businesses