DAILY NEWS

Daily News – 8th March 2018

Top Story

Four residential sites launched for sale by tender
Four more residential sites have been placed on Singapore’s burgeoning property market – with Asia Gardens along Everton Road leading the way at an asking price of S$338 million. The other three developments are Park View Mansions near Jurong Lake with an expected price of S$320 million; 27 Moulmein Rise with a reserve price of S$110 million; and Katong Omega Apartments with an indicative price of S$41 million.
http://www.businesstimes.com.sg/real-estate/four-residential-sites-launched-for-sale-by-tender
http://www.straitstimes.com/business/property/4-residential-sites-join-collective-sale-market

Singapore Economy

MAS sets out new measures to tackle mass movements of financial advisers
The Monetary Authority of Singapore (MAS) on Wednesday proposed four measures to address large-scale movements of financial advisory (FA) representatives from one FA firm to another. It is calling for a public consultation, after which it will then be decided if these measures might eventually become regulations.
http://www.businesstimes.com.sg/banking-finance/mas-sets-out-new-measures-to-tackle-mass-movements-of-financial-advisers
http://www.straitstimes.com/business/banking/mas-acts-to-tackle-mass-movements-of-financial-advisers

Singapore Budget 2018: Higher airport charges now will avert big hike later: minister
Raising passenger charges earlier to fund the airport’s Changi East development is being undertaken to avoid imposing a big hike in the amount airport users would have to pay down the road, said Second Minister for Transport Ng Chee Meng in Parliament on Wednesday. “Airport users will start to benefit from Changi East progressively,” he said during the Committee of Supply debate. “Having users start paying earlier avoids large spikes in the amount they have to pay later on.”
http://www.businesstimes.com.sg/government-economy/singapore-budget-2018/singapore-budget-2018-higher-airport-charges-now-will-avert

Singapore Real Estate

Singapore remains a top choice for property investment among ultra-wealthy
Singapore remains a favoured destination for property investments among the world’s ultra-wealthy, taking the fifth spot based on an overall global ranking by Knight Frank. In the property consultancy’s Wealth Report 2018, Singapore is the third most favoured country among Asian investors, after the UK and the US. Among Australasians, Singapore takes fifth spot.
http://www.businesstimes.com.sg/real-estate/singapore-remains-a-top-choice-for-property-investment-among-ultra-wealthy
http://www.straitstimes.com/business/property/ultra-rich-property-investors-drawn-to-spore

Shophouse deals gain momentum in Jan-Feb
The Singapore shophouse market has had a good start to the year in terms of transactions volume with deals in places like Tanjong Pagar and Mosque Street in the CBD to Tanjong Katong Road and Joo Chiat Road. Prices are also holding well, if not appreciating, amid a dearth of new listings, say industry watchers.
http://www.businesstimes.com.sg/real-estate/shophouse-deals-gain-momentum-in-jan-feb

Ng brothers are Singapore’s top billionaires: Forbes
Real estate barons Robert and Philip Ng have retained their No 1 spot as the top billionaires in Singapore, with a combined net worth of US$10.8 billion, in financial magazine Forbes’ 32nd annual ranking of the world’s billionaires. Their net worth is up from the previous year’s US$9.4 billion.
http://www.businesstimes.com.sg/real-estate/ng-brothers-are-singapores-top-billionaires-forbes

People’s Park Complex, People’s Park Centre, Golden Mile Complex and Golden Mile Tower attempting collective sales
Riding on the wave of en bloc fever, four post-independence landmarks in Singapore, known for their gritty appearances, might disappear from the Republic’s landscape. The fate of People’s Park Complex and People’s Park Centre in Chinatown, as well as Golden Mile Complex and Golden Mile Tower at Beach Road, hangs in the balance. These structures are mostly half-way into their 99-year leases.
http://www.businesstimes.com.sg/real-estate/peoples-park-complex-peoples-park-centre-golden-mile-complex-and-golden-mile-tower
http://www.straitstimes.com/singapore/golden-mile-peoples-park-buildings-join-collective-sale-fever

Katong Omega Apartments up for collective sale at S$41m
The slew of recent enbloc sales of private apartments continues unabated with the latest addition of Katong Omega Apartments, up for collective sale with an indicative price of S$41 million. Strata board approval is not needed for the sale as all 18 owners of the freehold District 15 residence at 357 East Coast Road have signed on, marketing agent Teakhwa Real Estate said in a press release on Wednesday.
http://www.businesstimes.com.sg/real-estate/katong-omega-apartments-up-for-collective-sale-at-s41m

Companies’ Brief

Sasseur Reit cornerstone investors include JD.com and YCH boss
E-commerce giant JD.com, Singapore’s CKK Holdings which owns the the Charles & Keith group of companies, and Entrepolis, a private investment firm of Robert Yap, the executive chairman of local logistics firm YCH Group, are among the cornerstone investors of Sasseur Reit.
http://www.businesstimes.com.sg/companies-markets/sasseur-reit-cornerstone-investors-include-jdcom-and-ych-boss

ARA Asset Management proposes to raise S$300m in perpetual securities
ARA Asset Management has proposed to issue S$300 million worth of 5.65 per cent subordinated perpetual securities under its S$1.5 billion multicurrency debt issuance programme, the real estate fund manager said in a Singapore Exchange filing on Wednesday night. This would constitute unconditional, subordinated and unsecured obligations, and the Series 002 securities would be perpetual, with no fixed final redemption date.
http://www.businesstimes.com.sg/companies-markets/ara-asset-management-proposes-to-raise-s300m-in-perpetual-securities

Frasers Hospitality Trust’s CFO to step down
Chief finance officer (CFO) of Frasers Hospitality Asset Management and Frasers Hospitality Trust Management Josephine Lee Woan Chiou will step down effective March 8 to “pursue personal interests and other opportunities”. Replacing her as interim CFO is Foo Meei Foon, who is currently the chief finance officer of Frasers Hospitality, and performed Ms Lee’s roles between July 2014 and end-2016, when Ms Lee came on board.
http://www.businesstimes.com.sg/companies-markets/frasers-hospitality-trusts-cfo-to-step-down

Six Capital files for liquidation; investors, creditors said to be ‘owed US$143m’
Six Capital Investments, which billed itself as a fintech firm and vigorously defended itself against the scrutiny of former employees and investors, has applied to be wound up. On Feb 13, SixCap’s boss and sole owner Patrick Teng Chee Wai filed for the voluntary liquidation of his company in the British Virgin Islands, and appointed Baker Tilly (BVI) as his preferred liquidator.
http://www.businesstimes.com.sg/companies-markets/six-capital-files-for-liquidation-investors-creditors-said-to-be-owed-us143m