DAILY NEWS

Daily News – 9th May 2019

Singapore Real Estate

Airbnb-style short-term home sharing still illegal: URA
The decision by the Urban Redevelopment Authority (URA) to keep the status quo for short-term stays in private homes has likely triggered a collective sigh of relief from among hospitality players, who have seen their business eaten into. This development means that rentals of private properties for periods of less than three consecutive months – popularised by the likes of home-sharing platforms Airbnb around the world – will remain illegal in Singapore.
https://www.businesstimes.com.sg/real-estate/airbnb-style-short-term-home-sharing-still-illegal-ura
https://www.straitstimes.com/business/proposal-to-allow-short-term-home-sharing-put-on-hold-ura
https://www.channelnewsasia.com/news/singapore/no-change-to-3-month-minimum-stay-duration-for-private-11513474
https://www.todayonline.com/singapore/short-term-home-sharing-remains-illegal-singapore-airbnb-disappointed

Woodleigh Residences set for May 11 sales launch
Co-developers Japan-based Kajima Development and Singapore Press Holdings (SPH) are launching The Woodleigh Residences for sale on May 11. Part of an integrated development that leverages on Japanese design, The Woodleigh Residences is being built above a shopping mall. It is linked to Woodleigh MRT Station and an air-conditioned underground bus interchange.
https://www.businesstimes.com.sg/companies-markets/woodleigh-residences-set-for-may-11-sales-launch
https://www.straitstimes.com/business/property/woodleigh-residences-condo-to-launch-this-weekend

Singapore Economy

MAS’ S$45b transfer to GIC could give government revenues a boost
The Monetary Authority of Singapore (MAS) will be transferring S$45 billion from the official foreign reserves (OFR) in May to GIC, the city-state’s sovereign wealth fund, to manage, in a move economists say is necessary to ensure adequate sustainable return on investments in the current protracted low inflation and interest rate environment. And this has implications for public spending…
https://www.businesstimes.com.sg/government-economy/mas-s45b-transfer-to-gic-could-give-government-revenues-a-boost
https://www.straitstimes.com/business/mas-to-transfer-45b-to-gic-for-investment
https://www.straitstimes.com/business/economy/45b-to-be-transferred-to-gic-from-foreign-reserves-mas

Companies’ Brief

Roxy-Pacific Q1 net profit falls 31% to S$5.3m as sales costs soar
Roxy-Pacific Holdings on Wednesday posted lower net profit for the first quarter ended March 31, despite a near-doubling of revenue as cost of sales soared. Net profit for the property and hospitality group fell 31 per cent to S$5.3 million from S$7.7 million a year ago, while revenue was up 91 per cent to S$88.5 million from S$46.5 million in the corresponding quarter last year.
https://www.businesstimes.com.sg/companies-markets/roxy-pacific-q1-net-profit-falls-31-to-s53m-as-sales-costs-soar

Haw Par Q1 net profit rises 14% to S$22m
Boosted by higher revenue, Haw Park Corporation’s net profit for the first quarter ended March 31 rose 14.1 per cent to S$22.07 million. Group revenue increased 22.3 per cent to S$73.38 million on the back of increased demand for healthcare products, while earnings per share rose to 10 Singapore cents, from 8.8 cents previously.
https://www.businesstimes.com.sg/companies-markets/haw-par-q1-net-profit-rises-14-to-s22m

Rich Capital to pay S$33.7m instead of S$44m for acquisition of 2 building firms
Catalist-listed Rich Capital will acquire two construction firms owned by its controlling shareholder and chairman Wang Zhen Wen, and Rich-Link Group (RLG) for S$33.7 million instead of a previously agreed price of S$44 million. The revised price for Rich-Link Construction (RLC) and Rich-Link Builders (RLB) under this interested person transaction is lower than the initially agreed amount by 23.4 per cent.
https://www.businesstimes.com.sg/real-estate/rich-capital-to-pay-s337m-instead-of-s44m-for-acquisition-of-2-building-firms
https://www.straitstimes.com/business/companies-markets/rich-capital-to-buy-two-building-firms-from-chairman-for-337m-instead-of