DAILY NEWS

Daily News – 9 Sep 2022 (Fri)

SINGAPORE REAL ESTATE

Sultan Plaza relaunched for the third time with potentially lower reserve price of S$325m
Commercial building Sultan Plaza will relaunched yet again on Friday, after its earlier 2 attempts failed to attract a suitable buyer, said exclusive marketing agent Teakhwa Real Estate on Thursday (Sept 8).
https://www.businesstimes.com.sg/real-estate/sultan-plaza-relaunched-for-the-third-time-with-potentially-lower-reserve-price-of-s325m

Sky Eden, Lentor Modern will test market; CDL, GuocoLand among top property picks: DBS
Strong sales momentum for the latest 2 launches in the residential market — Sky Eden @ Bedok and Lentor Modern — will likely result in a further squeeze in supply and drive average pricing higher in H2 2022, albeit at a modest pace, said DBS in a report on Thursday (Sep 8).
https://www.businesstimes.com.sg/companies-markets/sky-eden-lentor-modern-will-test-market-cdl-guocoland-among-top-property-picks-dbs

ST Explains: What causes landslides in Singapore and will there be more in future?
Singapore – The factors that contributed to a landslide at the Housing Board’s Clementi NorthArc Build-To-Order (BTO) site last Friday are still being investigated. Engineering experts tell The Straits Times that such incidents in Singapore are commonly caused by heavy rain, adding that with more frequent bouts of intense rainfall projected, more landslides may occur.
https://www.straitstimes.com/singapore/st-explains-what-causes-landslides-in-singapore-and-will-there-be-more-in-future

Firm barred from hiring new foreign employees after worker falls through roof
Singapore – A waterproofing company has been taken to task for unsafe practices and is the first to be barred from hiring fresh foreign employees under new heightened safety measures. Contractor Le Fong Building Services has been barred for three months after a worker fell more than 8m through a roof after stepping on a skylight panel that broke.
https://www.straitstimes.com/singapore/heightened-safety-measures-contractor-barred-from-hiring-new-foreign-employees-after-worker-falls-through-roof

SINGAPORE ECONOMY

Economists warn of inflationary concerns and social costs behind ‘net zero by 2050’ ambition
Food, fuel and utilities, the very areas causing inflation in Singapore to surge to its highest in 14 years in recent months, will soon test the country’s resolve to decarbonise – even as it entertains the idea of cutting wriggle room for itself to reach net-zero emissions by 2050.
https://www.businesstimes.com.sg/government-economy/economists-warn-of-inflationary-concerns-and-social-costs-behind-net-zero-by-2050

More ambitious net-zero target for Singapore could mean tougher climate policies
Singapore businesses must prepare for more aggressive climate policies if the government tightens its deadline to achieve net-zero greenhouse gas emissions, market observers told The Business Times.
https://www.businesstimes.com.sg/companies-markets/more-ambitious-net-zero-target-for-singapore-could-mean-tougher-climate-policies

Not enough to just hit net zero, Singapore’s transition must be just enough
Singapore is seeking public feedback on whether the nation should accelerate its climate goals and aim to be net zero by 2050. The current goal, as described during the national budget in February, is to be net zero “by or around” 2050. A hard 2050 target is meaningfully more ambitious because it eliminates whatever elbow room Singapore had.
https://www.businesstimes.com.sg/government-economy/not-enough-to-just-hit-net-zero-singapores-transition-must-be-just-enough

Mixed gains from rate hike, currency shifts
Interest rate hikes in the United States combined with the energy crisis have led to turmoil in global currency markets this year. The US dollar index, which tracks its value relative to a trade-weighted basket of six other currencies, has risen about 15 per cent to a 20-year high.
https://www.straitstimes.com/opinion/st-editorial/mixed-gains-from-rate-hike-currency-shifts

COMPANIES’ BRIEF

Chip Eng Seng’s Celine Tang considering possible transaction involving shares
Property developer Chip Eng Seng on Wednesday (Sep 7) said that Celine Tang, its non-executive chairman and non-independent and non-executive director, is considering a possible transaction involving the group’s shares
https://www.businesstimes.com.sg/companies-markets/chip-eng-sengs-celine-tang-considering-possible-transaction-involving-shares

Frasers Property prices S$420m green notes due 2027 at 4.49%
Frasers Property late on Thursday (Sep 8) priced up to S$420 million of its 5-year green notes at 4.49 per cent under its S$5 billion multicurrency debt issuance programme, with an upsize option to increase the offer to a maximum amount of S$650 million in the event of oversubscription.
https://www.businesstimes.com.sg/companies-markets/frasers-property-prices-s420m-green-notes-due-2027-at-449

Lian Beng to sell Joo Chiat property for S$42m
Lian Beng on Thursday (Sep 8) said its wholly owned subsidiary Lian Beng (Joo Chiat) has granted an option to sell a commercial property at 381 Joo Chiat Road to an unrelated third party. The option is exercisable by the purchaser within 14 days from the date of the option. The aggregate sale consideration is S$42 million.
https://www.businesstimes.com.sg/companies-markets/lian-beng-to-sell-joo-chiat-property-for-s42m

Oxley proposes dividend in specie of Aspen shares
Oxley Holdings is proposing to distribute a dividend in specie of shares in Aspen (Group) Holdings held by Oxley, with shareholders receiving 23 Aspen shares for every 1,000 shares they hold. Aspen, listed on the Singapore Exchange’s mainboard, is based in Malaysia and engages in property development, glove manufacturing and the restaurant business. Its market capitalisation was S$53.1 million as at Sep 2.
https://www.businesstimes.com.sg/companies-markets/oxley-proposes-dividend-in-specie-of-aspen-shares