DAILY NEWS

Daily News – 8th December 2017

TOP STORY

HDB resale prices dip 0.1% but volume up 11.2%
HDB resale prices continued to weaken, edging down 0.1 per cent in November from a month ago, while sales volume continued to strengthen with a 11.2 per cent increase, SRX Property flash estimates showed on Thursday. The price dip last month was smaller than the 0.2 per cent month-on-month decline in October. October’s figure was revised up from a 0.3 per cent drop.
http://www.businesstimes.com.sg/real-estate/hdb-resale-prices-dip-01-but-volume-up-112
http://www.straitstimes.com/business/property/novembers-resale-flat-prices-fall-but-sale-volumes-rise
http://www.straitstimes.com/business/property/hdb-resale-prices-dip-01-in-november-but-volume-rises-112-srx-property
https://www.srx.com.sg/research/43942/hdb-resale-prices-inch-down-01-volume-up-112-

SINGAPORE ECONOMY

Analysts see a case for wealth tax, but dent to hub status a concern
Taxes on privately held wealth could help address issues of widening inequality and contribute a significant sum to government coffers, but Singapore’s reputation as a global wealth management hub might take a hit. Analysts told The Business Times that it is a tricky tightrope to navigate, even as taxes could take on many forms, ranging from further property taxes to capital gains tax or even the reintroduction of estate tax, which was abolished in Singapore in 2008.
http://www.businesstimes.com.sg/government-economy/analysts-see-a-case-for-wealth-tax-but-dent-to-hub-status-a-concern
http://www.straitstimes.com/business/hengs-remark-raises-prospect-of-tax-on-private-wealth

Singapore now top destination for China overseas investments
Singapore has surpassed the US to emerge as the top destination for Chinese overseas investments in this year’s China Going Global Investment Index 2017. According to the report’s findings released on Thursday by The Economist Intelligence Unit (EIU), the US fell behind the Republic to take the second spot, while Hong Kong, Malaysia and Australia came in third, fourth and fifth respectively.
http://www.businesstimes.com.sg/government-economy/singapore-now-top-destination-for-china-overseas-investments
http://www.straitstimes.com/business/economy/spore-top-destination-for-china-investments

SINGAPORE REAL ESTATE

Majority of tech firms leasing office space in CBD
Reflecting the strong performance of technology companies, a report by property research firm CBRE has found that a vast majority of these companies have snapped up space in the Central Business District (CBD) since the first quarter of last year. Around 80 per cent of net office take-up by these companies was in the area, helped by the large volume of new supply and substantial rental discounts. The Asia Pacific Technology Sector Trends report, released on Thursday (Dec 7), revealed that companies operating in the transport, financial technology (fintech) and online payment sectors have been most active in securing and enquiring about office space in general.
http://www.todayonline.com/singapore/majority-tech-firms-leasing-office-space-cbd

COMPANIES’ BRIEF

CapitaLand inks S$10m tie-up with EDB to upskill staff, test new technologies
Property developer CapitaLand has set out to accelerate its innovation push with a S$10 million programme in training and technology, in partnership with the Singapore Economic Development Board (EDB). Dubbed CapitaLand ELEVATE, the programme will focus on developing the company’s staff in areas such as data analytics, digital marketing and digital product management. It will also explore new technologies which the firm said will enable it to create people-centric products, services and experiences. For a start, at least 200-300 CapitaLand staff will be trained, a CapitaLand spokeswoman said.
http://www.businesstimes.com.sg/real-estate/capitaland-inks-s10m-tie-up-with-edb-to-upskill-staff-test-new-technologies-0
http://www.straitstimes.com/business/companies-markets/capitaland-starts-10m-training-and-tech-programme

Fullerton to manage NTUC Income’s assets
In its quest for yield amid a low-interest rate and volatile financial environment, local insurer NTUC Income has appointed Temasek-owned Fullerton Fund Management Company as investment manager of its assets, worth around S$23 billion. Under the partnership, Fullerton’s holding company, FFMC Holdings Pte Ltd, will issue new shares to Income. This will give the insurer a significant minority stake in FFMC, while Temasek remains Fullerton’s majority stakeholder.
http://www.businesstimes.com.sg/government-economy/fullerton-to-manage-ntuc-incomes-assets
http://www.straitstimes.com/business/banking/income-appoints-fullerton-as-fund-manager
http://www.channelnewsasia.com/news/singapore/fullerton-fund-management-to-manage-s-23b-of-ntuc-income-s-9479144

IE Singapore chief to join Mapletree next year
The chief executive officer of International Enterprise (IE) Singapore, Lee Ark Boon, is joining Mapletree Investments in a senior position that will have him stationed in China from January. There, he will oversee the real estate group’s pipeline of logistics development projects, The Business Times understands. Mr Lee leaves the trade promotion agency on Dec 31, ahead of the formation of Enterprise Singapore – the product of the upcoming merger between IE and Spring Singapore – in the second quarter of next year.
http://www.businesstimes.com.sg/government-economy/ie-singapore-chief-to-join-mapletree-next-year

First Sponsor acquires Frankfurt Hotel in joint venture with CDL and Tai Tak
First Sponsor Group Limited has taken the step to acquire the Le Méridien Frankfurt Hotel in Germany for about 85 million euros (S$135.9 million), in a move made in partnership with its key shareholders City Developments Limited (CDL) and Tai Tak Estates Sdn Bhd. The mainboard-listed firm said on Thursday in a joint press release with CDL and Tai Tak that it has, through a joint venture partnership, entered into a sale-and-purchase agreement for the proposed acquisition.
http://www.businesstimes.com.sg/companies-markets/first-sponsor-acquires-frankfurt-hotel-in-joint-venture-with-cdl-and-tai-tak
http://www.straitstimes.com/business/property/first-sponsor-cdl-tai-tak-pay-136m-for-frankfurt-hotel

GuocoLand announces cessation of unit
Property firm GuocoLand Limited on Thursday said its indirect wholly owned subsidiary, Tianjin Zhongxin Mingshi Real Estate Development (TJZX), will cease to be a subsidiary upon the completion of an agreement entered into between TJZX, GuoSon Investment Company (GICL) and Tianjin Hua Xia Jin Hui Investment Company (HXJH).
http://www.businesstimes.com.sg/companies-markets/guocoland-announces-cessation-of-unit

VIEWS, REVIEWS & FORUM

A look-back on 2017 and en bloc sale scene in BT Weekend
This year has a been a busy one, with exciting new restaurants opening, a proliferation of arts and entertainment events and shiny new buildings and shops catching the eye. In this issue, we spotlight the people, places, events and objects that have made the biggest impressions on us.
http://www.businesstimes.com.sg/life-culture/a-look-back-on-2017-and-en-bloc-sale-scene-in-bt-weekend

Educate property buyers on other investment opportunities
In recent months, the increasingly bullish prices fetched by residential sites sold en bloc have been making headlines, so much so that they have prompted the Monetary Authority of Singapore (MAS) to warn of “excessive exuberance” in the property market (MAS warns of ‘excessive exuberance’ in property market; Dec 1). Key to both developer and buyer behaviour is the ingrained belief that property is the best investment in Singapore, with prices only appreciating.
http://www.straitstimes.com/forum/letters-in-print/educate-property-buyers-on-other-investment-opportunities

Government should help older Pine Grove residents
I have lived in Block P of Pine Grove Condominium for 30 years (Tempers fray over bid to sell Pine Grove en bloc; Nov 30). The corner unit that I occupy on the 14th floor comprises 3 bedrooms, 3 bathrooms and two balconies, with a stunning view of nature. The condominium is also close to the National University Hospital, MRT stations and bus stops.
http://www.straitstimes.com/forum/letters-in-print/government-should-help-older-pine-grove-residents