Singapore may need to review 2019 growth forecasts: Heng
Singapore may need to review its economic growth projections for next year as a trade spat between the world’s two biggest economies increases uncertainty and crimps business investment, said Finance Minister Heng Swee Keat.
Crucial to ensure trade war does not harm US-China ties: PM Lee
The leaders of the United States and China have to work out how to resolve their trade disputes, and ensure ongoing tensions do not harm the broader relationship between them, Prime Minister Lee Hsien Loong said on Tuesday.
China and Singapore have concluded talks on upgrade of FTA: MTI
Singapore and China have concluded negotiations on an upgraded free trade pact (FTA) between the two countries, said Singapore’s Ministry of Trade and Industry (MTI) on Monday. This was announced after a meeting between Chan Chun Sing, Singapore’s Minister for Trade and Industry and Fu Ziying, one of China’s Vice-Commerce Ministers and its International Trade Representative, on the sidelines of the inaugural China International Import Expo in Shanghai.
Many more opportunities beyond coastal provinces in China: Chan Chun Sing
There are still many more opportunities for Singapore companies in China beyond the coastal provinces, such as in the western and central regions, Minister for Trade and Industry Chan Chun Sing said on Tuesday.
Global trading system under stress from protectionism and unilateralism: Chan Chun Sing
The global trading system is under stress from protectionism and unilateralism, which will continue to grow unless countries can manage their domestic situations, said Singapore’s Trade and Industry Minister Chan Chun Sing during the Singapore-China Trade and Investment Forum in Shanghai on Tuesday (Nov 6).
MAS, Bank Indonesia set up US$10b bilateral financial arrangement
The Monetary Authority of Singapore (MAS) and Bank Indonesia (BI) on Monday announced they have established a US$10 billion bilateral financial arrangement to enable the two central banks to access foreign currency liquidity from each other, if needed, to preserve monetary and financial stability.
Singapore well-placed to be e-commerce hub, with its tech-readiness, infrastructure: Economist survey
Goods imported into Singapore take slightly over 30 hours to clear the border compliance process. This might sound like a long time, but it is almost a third of the time that goods imported into Indonesia might take.
Chinese Premier Li Keqiang to make official visit to Singapore next week
Chinese Premier Li Keqiang makes a five-day official visit to Singapore next week, where he will attend the 33rd Asean Summit and related meetings, capping off a year of engagement between both countries. Announcing the visit at a regular press briefing on Tuesday (Nov 6), Chinese Foreign Ministry spokesman Hua Chunying said Mr Li will hold talks with Prime Minister Lee Hsien Loong, and call on President Halimah Yacob.
Singapore Real Estate
Sakae Holdings founder Douglas Foo selling bungalow for S$16.13m
Sakae Holdings executive chairman and founder Douglas Foo is understood to be selling a bungalow in Cassia Drive in District 11 for nearly S$16.13 million. The price works out to S$1,542 per square foot based on the freehold land area of 10,458 sq ft.
Como Dempsey to expand with new retail, family offerings in Tanglin Village rejuvenation
The Como Dempsey lifestyle cluster will be expanded with new retail and family offerings in 2019, as part of longer-term plans to spruce up the Tanglin Village enclave. Blocks 15, 16 and 16A Dempsey Road, which were identified for the first phase of rejuvenation plans and returned to the Singapore Land Authority (SLA) earlier this year, have been leased to Como Lifestyle for its expansion, The Straits Times has learnt.
Tussle over flat amid collective sale: Woman seeks to enforce purchase of Pearl Bank unit
A woman seeking to enforce her claim to acquire a $1.23 million apartment unit against an owner who disputes the sale has thrown up an unusual case in court. The unit in Pearl Bank Apartments in Outram is part of a $728 million collective sale to CapitaLand.
CapitaLand records 2b yuan sales during China’s high season for new home purchases
CapitaLand on Wednesday said it has held four successful residential launches in the past month which coincided with “Golden September Silver October” – China’s traditional high season for new home sales. In total, these four launches sold 1,506 units with a total value of about two billion yuan (S$396.7 million) – marking CapitaLand’s highest home sales value in China over a 30-day period this year.
GuocoLand kicks off final phase in Shanghai’s Changfeng
Come 2021, GuocoLand will have added another property to its stock around Shanghai’s Changfeng Park. The developer broke ground on Tuesday on Guoco Changfeng City, a mixed-use development with a gross floor area of 2.1 million square feet.
Centurion JV completes acquisition of Benikea Hotel in Seoul
Mainboard-listed Centurion Corporation on Wednesday morning said it has completed the acquisition of South Korea’s Benikea Hotel for S$16.6 million. The company has said that the hotel will be refurbished as student accommodation.
BHG Retail Reit to pay 328.3m yuan for China shopping centre, subject to unitholders’ vote
BHG Retail Real Estate Investment Trust (BHG Retail Reit) is buying a mall in China that was indirectly owned by the parent of the Reit manager, in a deal inked on Monday and announced the next day. The Reit will pay 328.3 million yuan (S$65.2 million) for Hefei Changjiangxilu Mall, to be funded through borrowings, with the manager noting that the proposed acquisition is expected to raise distribution per unit (DPU) for the enlarged portfolio.
Pacific Star Development board issues guidance for Q1 net loss
Pacific Star Development is expected to report a first-quarter net loss, with sales at Puteri Cove Residences taking a hit from tough market conditions, the board warned in the wee hours of Tuesday. The projected losses, for the three months to Sept 30, were attributed to lower revenue during the quarter, based on a preliminary review of draft financial results.
Manulife US Reit reports higher Q3 DPU
Manulife US Reit’s third quarter distribution per unit (DPU) rose sharply, boosted by contributions from properties acquired this year and last year. The pure-play US office REIT’s DPU for the three months ended 30 Sept jumped 33.6 per cent to 1.51 US cents. However, adjusted DPU – which normalises the impact of an enlarged unit base from a rights issue and preferential offering which took place in 2017 and 2018 respectively – was up 3.4 per cent at 1.52 US cents.
FLT DPU up 0.6% in Q4
Frasers Logistics & Industrial Trust (FLT) has posted a distribution per unit (DPU) of 1.78 Singapore cents in its fiscal fourth quarter, up 0.6 per cent from 1.77 cents in the same period last year. Revenue in the three months ended Sept 30 was A$60.4 million, up 43.2 per cent. Net property income rose 52.6 per cent to A$49.3 million.
Boustead Projects’ Q2 profit down on higher expenses, share loss
Real estate solutions company Boustead Projects posted a net profit of S$8 million for its fiscal second quarter, down 16 per cent from S$9.5 million in the same period a year earlier. This was mainly due to higher overhead expenses and share loss of an associated company and joint ventures. The dip was slightly offset by a higher gross profit.
Capital World signs MOU for capital injection from Bursa-listed firm
Integrated property developer Capital World on Monday announced that it had signed a non-binding memorandum of understanding with PRG Holdings, a Bursa-listed investment holding company, for the latter to inject capital into the company by subscribing for new shares in Capital World.
SGX less strict than peers, but compliance is weighing on firms
Pressure to comply with the rules and guidelines of the Singapore bourse have risen as regulators tighten their watch and while this is necessary to safeguard the market’s reputation, it is also becoming onerous for many small and mid-cap companies, say market players.
SGX inks MOUs with industry bodies to beef up partnerships in China
The Singapore Exchange (SGX) signed memoranda of understanding (MOUs) on Monday with the Zhejiang (S) Entrepreneurs Association (ZJEA) and the China Futures Association (CFA), in a move aimed at strengthening ties with Chinese companies and markets.
DBS chief downplays impact of US-China trade war
DBS Group Holdings Ltd’s chief executive officer said fears about the impact of the US-China trade war are “somewhat overblown” for now as the flow of goods and services remains largely intact. “The direct impact will not be very material,” CEO Piyush Gupta said in an interview with Bloomberg Television on Tuesday. It’s “very hard to shift supply chains”.
DBS chief flags fall in mortgage business but outlook still upbeat
DBS chief executive officer Piyush Gupta said yesterday that the mortgage business is expected to slow down more than earlier expected. The bank now expects new mortgage bookings to end at $2.5 billion for the year, slashing its property loan growth forecast for 2018 more deeply by $1.5 billion, he told reporters at the bank’s third-quarter results briefing.
UOB opens new China HQ in Shanghai
United Overseas Bank has reinforced its commitment to China by opening a new headquarters building in Shanghai. UOB Plaza is the first Grade A office building owned by a foreign bank in the Lujiazui Financial District, the bank said on Tuesday.
Rajah & Tann Asia’s legaltech unit to counter competition from leading accounting firms
Multi-disciplinary accounting firms namely PwC, EY and Deloitte may have to brace themselves for more competition, this time from regional legal network Rajah & Tann Asia’s technology subsidiary. It is not only equipping its ten-member firms with tech capabilities, but also offering multi-disciplinary solutions to counterparts and non-law firms.
Views, Reviews, Forum & Others
Abe’s visit to China: Two cheers for Japan-China relations
The visit last month by Japanese Prime Minister Shinzo Abe to China to mark the 40th anniversary of the signing of a treaty of peace and friendship by the two countries has been called a “historic turning point” heralding the beginning of a “new chapter” in the relationship. Maybe that’s how it will turn out but, for now, it’s too early to break out the champagne.
Malaysia’s expansionary Budget breaks new ground
Malaysia’s 2019 budget proposals under the new Pakatan Harapan government turned out to be expansionary despite earlier warnings of tough measures to ameliorate the previous administration’s profligacy.
The future of the international trading system is under threat not only from the immediate danger of a US-China trade war but also from a longer-term reaction against globalisation. These were key points addressed at the first Singapore Trade Policy Forum, organised by the Centre for Multilateralism Studies of the S Rajaratnam School of International Studies at Nanyang Technological University. The Forum brought together 40 senior people from governments, business and universities across the Asia-Pacific region for an in-depth discussion of how trade policies need to change to meet these threats.
The future of economic convergence
Who can now sustain rapid economic growth? The answer to this question will determine not just the geography of prosperity in the coming decades, but also what the balance of global economic activity will look like in 2030 or 2050. Increasingly, it appears plausible that this balance will partly shift away from the United States and its post-World War II allies and toward the new potential economic superpowers, China and India. But that shift will not necessarily change the way the world works.
Diverging economies will keep driving markets
The divergence among economies, and the asset-price dispersion that has come with it, remains one of the key global issues for policy makers and investors this year. The phenomenon isn’t sufficiently appreciated, even though it has material impact on benchmark market relationships and leads to feedback loops between financial and economic influences. Yet it will continue to be important, defining not just the immediate future but also raising important questions about the kind of convergence that is likely to follow.
Asean needs to get set for possibly the biggest supply chain shift in a generation
Global trade tensions continue to dominate headlines this year and the shift of production to efficient Asean countries is accelerating. Asean businesses are clearly paying attention, making incremental changes to their supply chains, but is the pace of change fast enough?
Ozone layer recovering at 1-3 per cent per decade – UN
The ozone layer that shields life from cancer-causing solar rays is recovering at a rate of one to three per cent per decade, reversing years of dangerous depletion caused by the release of harmful chemicals, a UN study said on Monday.
Global Economy & Global Real Estate
Xi pledges that China will open up its markets further
China can shore up private sector to lower tensions with US, says former Australian PM Kevin Rudd
Euro zone economy slowing, but not as much as feared
Australia holds key rate as full employment fails to jolt prices
Indonesia’s Q3 GDP growth slows as exports fade
Sovereign investors shift forex holdings amid political risks
CK Asset Holdings in talks for London project
HK office rents may fall in 2019: Colliers
Lowe’s to close 51 stores, including those in Manhattan
Brexit risk prompts US$113b fund to shun UK property
Five signs that Hong Kong’s housing market is at risk of a correction
Australia’s property slump casts doubt on household spending
Six-storey mansion once occupied by Michael Jackson sells for US$32m
Indebted Chinese developer plans US$1.4b share sale
Toronto home prices climb in October as condos edge higher
Britain’s freezing renters to get relief at landlords’ expense
A Manhattan Penthouse Faces Reality, Cuts Price to $62 Million
Turkey Readies Lifeline for Builders That Will Also Please Banks
Investors Want Out of a $1.1 Billion London Property Fund
Evergrande Naysayers Should Tread Carefully
Additional Articles of Interests – Local & Overseas Real Estate
Local & Overseas Real Estate – Full Article