DAILY NEWS

Daily News – 28 July 2022 (Thu)

SINGAPORE REAL ESTATE

Chip Eng Seng, KSH, SingHaiyi in deal to acquire Park View Mansions for S$260m
Mainboard-listed property groups Chip Eng Seng and KSH Holdings announced on Thursday (Jul 28) that it will be buying over 160-unit Park View Mansions for S$260 million, together with delisted SingHaiyi Group via a joint tender.
https://www.businesstimes.com.sg/real-estate/chip-eng-seng-ksh-singhaiyi-in-deal-to-acquire-park-view-mansions-for-s260m

Chuan Park FB posts: A case of putting cart before the horse?
The ink has barely dried on the Chuan Park en bloc deal – which is subject to various approvals – but social media posts have already appeared concerning a supposed new development that will take its place.
https://www.businesstimes.com.sg/real-estate/chuan-park-fb-posts-a-case-of-putting-cart-before-the-horse

The Nassim unit tops Q2 resale gains, with seller reaping S$6m profit after 4 years
A transaction for a 4,069 square foot (sq ft) unit at The Nassim was the most profitable deal by quantum in the resale market in the second quarter, as the seller walked away with a cool S$6 milllion in profit in a little over 4 years.
https://www.businesstimes.com.sg/real-estate/the-nassim-unit-tops-q2-resale-gains-with-seller-reaping-s6m-profit-after-4-years

Building at Thomson Road relaunched for sale at S$18.5m after earlier sale falls through
A freehold 4-storey building at 41 & 43 Thomson Road has been put up for sale again by private treaty with a slightly higher asking price of S$18.5 million after an earlier deal did not go through. The property was launched for sale previously via private treaty in November last year, at a then-asking price of S$18 million.
https://www.businesstimes.com.sg/real-estate/building-at-thomson-road-relaunched-for-sale-at-s185m-after-earlier-sale-falls-through

Variety in tenant mix key to success of revamped Clarke Quay, say experts
Singapore – A wider variety of tenants will be crucial for the new CQ @ Clarke Quay to successfully evolve from a nightlife hot spot to a lifestyle hub, said retail experts, as current tenants plan offerings to attract daytime traffic.
https://www.straitstimes.com/singapore/consumer/variety-in-tenant-mix-key-to-success-of-revamped-clarke-quay-say-experts

SINGAPORE ECONOMY

USD impact on Singapore companies blunted by SGD strength: analysts
A major consequence of the US Federal Reserve’s faster-than-expected rate hikes this year is that the US dollar (USD) has been extremely strong. Since the beginning of the year, the USD index (DXY) – which tracks the greenback against a basket of currencies including the euro, Japanese yen and British pound – has climbed some 11 per cent.
https://www.businesstimes.com.sg/companies-markets/usd-impact-on-singapore-companies-blunted-by-sgd-strength-analysts

SMEs cut back on capital expenditure as interest rates rise
Higher domestic interest rates may not have hit Singapore’s small and medium-sized enterprises (SMEs) that hard yet, thanks to pandemic-era loan schemes – but amid a global rising rate environment, some are cutting back on capital expenditure to avoid taking on fresh loans.
https://www.businesstimes.com.sg/sme/smes-cut-back-on-capital-expenditure-as-interest-rates-rise

MinLaw extends application period for Simplified Insolvency Programme to January 2024
The Ministry of Law (MinLaw) on Thursday (Jul 28) announced a final extension of the application period for the Simplified Insolvency Programme (SIP), which was due to close on Thursday. The deadline is now 18 months later, on Jan 28, 2024.
https://www.businesstimes.com.sg/government-economy/minlaw-extends-application-period-for-simplified-insolvency-programme-to-january
https://www.straitstimes.com/business/companies-markets/application-period-for-insolvency-programme-to-help-small-firms-extended-to-jan-2024

COMPANIES’ BRIEF

CICT’s H1 DPU up 0.8% on post-pandemic tailwinds, acquisitions
CapitaLand Integrated Commercial Trust (CICT) on Thursday (Jul 28) posted a 0.8 per cent increase in distribution per unit (DPU) to S$0.0522 for H1 ended June. This was amid an income boost from Singapore’s reopening and the trust’s portfolio reconstitution efforts.
https://www.businesstimes.com.sg/companies-markets/cicts-h1-dpu-up-08-on-post-pandemic-tailwinds-acquisitions
https://www.straitstimes.com/business/companies-markets/cict-first-half-dpu-up-08-on-singapore-reopening-acquisitions

Frasers Centrepoint Trust offers realistic assessment of office, retail rental trends
Demand for prime office spaces in the Central Business District (CBD) has heated up, with Keppel Reit manager revealing in a briefing on Tuesday (Jul 26) that its recent lease signings are in the range of high S$9 to mid S$13 per square foot per month.
https://www.businesstimes.com.sg/companies-markets/frasers-centrepoint-trust-offers-realistic-assessment-of-office-retail-rental

Keppel Infrastructure Trust reports higher DPU despite lower distributable income for H1
The trustee-manager of Keppel Infrastructure Trust (KIT) on Wednesday (Jul 27) reported a 2.7 per cent year-on-year increase in its distribution per unit (DPU) for the half year ended June 30, despite a lower distributable income for the same period.
https://www.businesstimes.com.sg/companies-markets/keppel-infrastructure-trust-reports-higher-dpu-despite-lower-distributable-income

Keppel Pacific Oak US Reit posts 5.4% rise in H1 distribution income
Keppel Pacific Oak US Reit (KORE) on Wednesday (Jul 27) reported a 5.4 per cent rise in distribution income for H1 2022 to US$31.5 million from US$29.9 million a year prior. Distribution per unit (DPU) for H1 however fell 4.4 per cent from US$0.0316 to US$0.0302 due to the manager taking all of their base fee in cash rather than in units.
https://www.businesstimes.com.sg/companies-markets/keppel-pacific-oak-us-reit-posts-54-rise-in-h1-distribution-income

Lian Beng FY2022 net profit surges 66.7% amid pickup in construction activity
Construction firm Lian Beng Group on Wednesday (Jul 27) reported a 66.7 per cent year-on-year surge in net profit for the financial year ended May 31, with activity across all business segments recording an improvement following the easing of Covid-19 restrictions.
https://www.businesstimes.com.sg/companies-markets/lian-beng-fy2022-net-profit-surges-667-amid-pickup-in-construction-activity

UOI reports loss of S$18.7m for H1 2022
United Overseas Insurance (UOI), the general insurance arm of UOB, reported a loss of S$18.7 million for H1 2022 from its profit of S$27.2 million in H1 2021. An interim dividend of S$0.085 per share has been declared.
https://www.businesstimes.com.sg/companies-markets/uoi-reports-loss-of-s187m-for-h1-2022

Hwa Hong’s privatisation offer turns unconditional
The consortium behind Hwa Hong Corporation privatisation offer, Sanjuro United, has obtained valid acceptances from shareholders holding about 44.88 per cent of the shares, inclusive of the acceptances received from parties acting in concert with Sanjuro itself.
https://www.businesstimes.com.sg/companies-markets/hwa-hongs-privatisation-offer-turns-unconditional

VIEWS, REVIEWS, FORUM AND OTHERS

China’s property sector crisis can be contained
In the last week of July, the politburo of the Communist Party of China is set to meet to discuss economic policies before the leadership takes off to coastal Beidaihe to discuss political matters. The politburo has a lot to talk about. Second-quarter gross domestic product (GDP) growth was barely positive at 0.4 per cent year on year, and achieving the government’s 5.5 per cent target now seems increasingly difficult.
https://www.straitstimes.com/opinion/chinas-property-sector-crisis-can-be-contained

ST Explains: Is crypto still a viable asset class after the crash?
Singapore – Cryptocurrencies have lost their shine in recent months after rising United States interest rates sent the greenback soaring while sparking an inflow of capital into US dollar-backed securities.
https://www.straitstimes.com/business/banking/st-explains-is-crypto-still-a-viable-asset-class-after-the-crash

Singapore reports 11th case of monkeypox
One more local monkeypox case was reported in Singapore on Wednesday (July 27), bringing the total number of cases detected here to 11. The 32-year-old Singaporean man had tested positive for the infection on Tuesday, and is currently warded at the National Centre for Infectious Diseases (NCID), said the Ministry of Health (MOH) in an update on its website. His condition is stable.
https://www.businesstimes.com.sg/government-economy/singapore-reports-11th-case-of-monkeypox
https://www.straitstimes.com/singapore/singapore-reports-11th-case-of-monkeypox

WHO says more than 18,000 cases of monkeypox globally, most in Europe
There have been more than 18,000 cases of monkeypox reported globally from 78 countries, with the majority in Europe, the World Health Organization said on Wednesday (Jul 27). The WHO declared the outbreak a global health emergency on Saturday.
https://www.businesstimes.com.sg/government-economy/who-says-more-than-18000-cases-of-monkeypox-globally-most-in-europe
https://www.straitstimes.com/world/who-says-more-than-18000-cases-of-monkeypox-globally-most-in-europe