Discover upcoming condo launches in Singapore

Meanwhile in Singapore...

• Foreign-currency deposits at both domestic and international banks operating in Singapore rose to a record S$12.8 billion ($9.3 billion) as of August 2019, according to Monetary Authority of Singapore preliminary data. The bulk of the increase took place in July and August, when the figure rose S$5 billion in total, a 64% increase in two months, the data show.  

 

• Property analysts believe that a portion of these recently recently transferred foreign funds may be used for property investments in Singapore. Real Estate Agency, Huttons Asia's Kiwi Lim said "foreigners, not only Hong Kongers - see Singapore as a good alternative safe haven to house their families and park their money because of our stable government, good banking laws, convenient transport and easily available eateries and amenities for comfortable living. Property prices in Singapore is also attractively priced when compared to other major First world financial centres across the globe."  

 

• Two straight quarters of increases in the overall private home price index of the Urban Redevelopment Authority (URA) have sparked a debate on whether this might prompt the authorities to respond with more measures to cool down the property market. Barclays' regional economist Brian Tan thinks the risk of more cooling measures has risen to "a relatively high level", and that the government could act quickly. He said the continued rise in the private home price index suggests that its surprising jump in the second quarter did not come from a distortion or measurement error. Huttons Asia's Kiwi Lim felt that property buyers or investors should not expect the government to remove or lower the ABSD and that now may be a good time to buy.

In the first eight months of 2019, 68 condo units in Singapore were sold for S$10 million and more, touching a record high since the corresponding period of 2008, according to property consultants OrangeTee & Tie. Sales of such apartments also exceeded the numbers racked up for each full year from 2011 to 2018, the consultants' analysis of transaction data showed.

​Some buyers may have sought an alternative to financial hub Hong Kong due to ongoing protests, while others may have shifted funds from China after its yuan currency was devalued.

​In Singapore's prime districts, Chinese citizens bought 76 apartments worth more than S$5 million in the period from January to August, versus 75 purchases by Singaporeans, data until Sept 19 showed. Expensive apartments in premium neighborhoods are mainly bought by foreigners because at such high prices Singaporeans have the option to buy landed property.

Sales of Singapore apartments worth at least S$10 million have hit an 11-year high this year ​even though the government had in July 2018 last year adopted further measures to cool its real estate market such as hiking additional stamp duties for foreign buyers to a whopping 20 percent from 15 percent. Foreigners agree that Singapore properties are more attractively priced than in their own cities.

Below are some latest or upcoming new launches for sale soon (click on the project names to visit their various websites):
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• Meyer Mansion
• Pullman Residences 
• Sengkang Grand Residences
• Pasir Ris Central New Integrated Condo​

Private property market holding up despite economic slowdown

Despite a dampened economic outlook, the private property market was in rude health in the second quarter, with the transaction volume of new homes and prices both rising. Nevertheless, with Singapore’s economic growth set to slow in the second half of the year, analysts were divided on how the chips will fall for the property market — given that the global uncertainty has already seen an influx of foreign investors snapping up homes here in recent months. Data compiled by real estate agency Huttons showed that between April and July 2019, about 2,500 new private properties were sold — a year-on-year increase of almost 6 per cent. The increase could help reverse three straight quarters of decline in the overall transaction volumes — including resale deals — from June last year to March this year, said property experts. The period coincided with the introduction of property cooling measures in July last year.

Earlier, flash estimates by the Urban Redevelopment Authority (URA) indicated that private property in the second quarter rose by 1.3 per cent from the previous quarter, hitting a five-year high. According to Huttons’ data, a total of about 4,300 new private properties were transacted in the first six months of this year — a 10-per-cent increase compared with the same period last year. Mr Lee Sze Teck, Huttons Asia head of research, said he expects the buoyant demand to continue into the second half of the year, noting recent successes in condominium launches in the past month. “If the momentum continues at the same rate, then it could mean a turnaround for the industry for 2019,” said Mr Lee, noting the likelihood of sales in the second half of the year exceeding the 4,848 clocked in the same period last year.


​Private property resale transactions down 50% while sales of new units jump

While sales of new private homes rose in the second quarter from the same time last year, the private property resale market remained in the doldrums, real estate firm Huttons said in a report on Wednesday (July 24). Between April and June, there were about 2,400 resale transactions, down 50 per cent from the same period a year ago, it said. This was partly because there is a significant gap between what buyers are willing to pay in the resale market and what sellers are holding out for, it added. “The plethora of new launches in (the second quarter) also drew away demand from the resale market,” the report said. “Nevertheless prices in the resale market held steady.” There were 17 new launches in the second quarter. Developer sales rose 6 per cent in the second quarter from a year ago to an estimated 2,500 units. “The pickup in demand shows the underlying strength of the market and a return of confidence in property as a good store of value against uncertainty and inflation in the mid to long term,” Huttons said.

Momentum in private home sales set to continue

Private home prices in Singapore are currently at the highest in five years, with the official flash estimate private residential index reaching 150.5, the highest since the first quarter of 2014 when the index was 151.3. It comes in the wake of two unexpected changes. First, developers sold 821 units last month, the highest sales figure for the month since June 2013, when 1,806 units were sold. This stellar performance is encouraging because the June school holidays tend to make the month a slow one for new home sales as many parents would go on vacation with their children. Second, the unexpected increase in private home prices in the second quarter of this year, with preliminary figures showing prices going up by 1.3 per cent. This reverses the decline of the preceding two quarters from last October to March this year after cooling measures were imposed last July. Prices have risen by 0.6 per cent since the start of this year.


Fragrance Group launching the sale of its Jervois Treasures condominium

Mainboard-listed property developer Fragrance Group will be launching the sale of its Jervois Treasures condominium in prime District 10, with prices starting from $1.37 million for a onebedroom apartment. Located in Jervois Road in the Tanglin area, the five-storey luxury development has 36 units, comprising one-to three-bedroom units of between 506 and 1,432 sq ft. Prices for two-bedroom units start from $1.64 million, while those for three-bedroom apartments begin at $2.85 million. The condo is being developed on the site of the former Lotus @ Jervois, which Fragrance Group bought en bloc for $46.3 million in March last year. The price worked out to $1,683 per sq ft per plot ratio, inclusive of an estimated development charge of $200,000. The condo, which is expected to be completed in March 2021, is a five-minute drive from Orchard Road, the Central Business District and Marina Bay Financial Centre. The nearest MRT stations are Redhill, Tiong Bahru and Orchard Boulevard on the Thomson-East Coast Line (due to open in 2021).

GuocoLand mounts drive to be leader in urban rejuvenation

Having gone into building integrated developments in addition to condos in the last decade, GuocoLand is starting to think about the next steps for its Singapore business. GuocoLand Singapore's group managing director Cheng Hsing Yao said that it is contemplating new asset classes, business lines or even possibly a Reit. But for now, one of its main focus is Guoco Midtown on Beach Road, its second integrated development project in Singapore, to be completed in 2022. The S$2.4 billion Guoco Midtown will feature a 30-storey office block, a residential tower Midtown Bay and an array of public spaces. Mr Cheng hopes that this - along with its first integrated project Guoco Tower - will build the group's reputation as a leader in urban rejuvenation here and abroad. With Guoco Midtown, Mr Cheng's goal is to rejuvenate the Beach Road area, similar to how, he said, Guoco Tower enlivened the Tanjong Pagar area with an influx of corporates and their staff to work and dine. He sees Midtown as the "missing link" connecting the various developments in the City Hall; Bugis and Marina Centre sub-markets.


New $778m complex for Buangkok in 2022

Buangkok residents were given a first look at plans for a new complex in the area that will house a community club, retail spaces and private homes under one roof. The project, which will be built on a 3.7ha site next to Buangkok MRT station, is due for completion in 2022. A three-storey mall below 680 apartments will have a hawker centre and childcare facility. "Food options around here are quite limited, so the new development is welcome," said administration executive Alicia Woo, 49, who lives in the area. "It's good to have it within walking distance of my home as well." Fellow resident and engineer Ryan Aw, 38, said: "For me, the childcare centre will be important because it's very hard to get a place around here."

Singapore luxury units see more interest from foreigners

Political and social tensions in the region are sparking renewed interest from ultra-high-net-worth foreign investors for luxury apartments in prime districts here. Wealthy residents of Hong Kong, which has been roiled in recent weeks by the worst social unrest since the former British colony returned to Chinese rule, seem to be among those looking to Singapore as a property safe haven in more turbulent times. In one sign that more investors from Hong Kong are looking to park some of their wealth here, agents here handling commercial property and hotels have seen a pickup in inquiries in the past few weeks from family offices and funds in the territory, starting from $200 million to more than $500 million. The luxury property market is certainly showing signs of life, with interest among high-net-worth investors in trophy assets. Luxury apartments are defined as branded developments in this region with a price quantum of $5 million and above. The buzz over high-end freehold Boulevard 88 in Orchard Boulevard helped boost the number of caveats lodged for luxury apartments in the prime district or Core Central Region (CCR) by 18 per cent to 164 units in the first half of the year, compared with 139 in the second half of 2018. But cooling measures implemented last July meant sales were down 29 per cent from 232 in the first half of last year. Foreigners and permanent residents made up 70 per cent of the 164 transactions in the first half of this year in the prime district or CCR. That was up from 61 per cent a year ago with mainland Chinese comprising the biggest group, followed by Indonesians, Americans, Cambodians and Britons.


​Property investment sales up 49% in second quarter

Real estate investment sales surged 49 per cent quarter on quarter on the back of big-ticket officesector deals. The second quarter of the year recorded S$6.7 billion in real estate investment sales, with 52 per cent of that figure coming from commercial deals. The quarter's two largest office-space deals alone generated just under S$2 billion in sales. One is the purchase of Oxley Holdings' Chevron House by AEW for S$1 billion. In the other deal, the South Korean National Pension Service bought a S$982.5 million half-stake in Frasers Tower after Frasers Commercial Trust declined to exercise its right of first refusal, as the deal would not be yield-accretive for its unitholders. Residential and industrial sales amounted to S$1.7 billion and S$0.5 billion respectively, bringing the total volume in H1 2019 to S$11.2 billion.


Japanese lender expanding in Asia, plans branch in Singapore

One of Japan's biggest regional banks is resuming an expansion overseas, 20 years after the country's financial crisis forced it to retreat. Concordia Financial Group plans to expand in Asia to offer cash management services to its Japanese corporate clients and infrastructure loans to local entities, said its president Kenichi Kawamura. It aims to hire specialists and double overseas loans to more than 400 billion yen (S$5 billion) in three years. The country's second-biggest regional bank by assets aims to set up a branch in Singapore as a transaction banking hub for Japanese corporate clients operating in South-east Asia, he added. Many of the bank's customers, such as auto-parts makers, operate in the region and need help with trade finance and managing their cash flows more efficiently, he said. About 1,500 of Concordia's corporate clients do business in South-east Asia and India. The push into overseas transaction banking should give the lender better access to foreign currency deposits, in turn, providing funding for its lending plans, he said.

Rumour has it that an entity linked to Alibaba Group Holding boss Jack Ma is developing a bungalow in Victoria Park Close. But the sign at the site has no information on the owner of the property. Victoria Park Close is one of the Good Class Bungalows (GCB) areas in Singapore, and properties in that area cost between $20 million and $50 million. The two-storey bungalow at Victoria Park Close, which is located near Farrer Road MRT will apparently feature a basement and swimming pool, and is slated to be ready by the fourth quarter of next year, according to an on-site signboard.

Another Alibaba cofounder - James Sheng (also known as Sheng Yifei) is also understood to have picked up a bungalow on another stretch of Leedon Park last year for $50 million. He has also become a Singapore citizen. His purchase works out to about $1,976 psf based on the land area of 25,310 sq ft. The freehold property has two storeys and an attic; with half a dozen bedrooms and a pool.

The URA's recent 2019 draft masterplan shows the government's development focus is now aimed towards the city centre and The Greater Southern Waterfront, which extends from Pasir Panjang to Marina East, which will be transformed into a new major gateway and location for urban living along Singapore’s southern coast. Development for The Greater Southern Waterfront will take place in phases, starting with the former Pasir Panjang Power District, Keppel Club and Mount Faber in the next 5 to 10 years making the Greater Southern Waterfront a unique Gateway to Future Live, Work & Play.

The Draft Masterplan 2019 reflects Singapore planners’ people-centric approach to achieving sustainable growth through continuous innovation to enhance the attractiveness of the city.

Plot ratios for numerous CBD land parcels saw significant increases. The base plot ratios for land parcels in the heart of Raffles Place, in the vicinity of Raffles Place MRT station, which rose from 12.6 to 15.0. The withdrawal of office stock from the potential wave of redevelopments and AEIs will lead to lower vacancy rates and lend further support to rents.

​Recently, URA announced the sale of two 99 years leasehold Government Land Sale plots of land at Bernam Street and Tan Quee Lan Street - both in the city and located near a rare upcoming freehold residential condo project called Sky Everton. Property analysts expect these two plots of 99 year leasehold Government Land Sale sites to be sold at higher than the enbloc price per square foot for the nearby freehold Sky Everton and 99 year leasehold One Pearl Bank. 

Sky Everton may therefore be a rare opportunity for buyers to enjoy a new launch in prime District 02 in the city where the price of freehold is lower than future 99 year leasehold. Huttons Asia's real estate professional, Kiwi Lim studied the recent URA Masterplan said "The government has indicated in its 2019 masterplan that it is turning its focus on rejuvenating prime city centre area to make it a more vibrant place to live, work and play. Therefore, we can expect city centre property prices to gradually appreciate. We can also expect future city area properties to be 99 year leasehold making freehold a rare commodity." 

New private home sales slip in April on fewer launches

April saw a big pullback in new home launches as developers turned cautious despite relatively resilient sales in March. Only 444 private homes were released for sale in April - the lowest so far this year - down 75 per cent from the previous month's 1,812 units, and 33 per cent less than the 664 units launched a year ago, according to data released by the Urban Redevelopment Authority. Just three new projects were launched in April compared with 10 in the previous month. In the absence of major launches, developers' sales dropped about 30 per cent to 735 private homes in April, from the 1,054 units they moved a month ago, but almost the same as the 733 units booked in the same month last year. In all, the three new launches accounted for just 3.8 per cent of the 735 units sold last month, with the bulk of sales coming from earlier launches.

Reflecting the weaker sentiment, a total of 2,573 units were sold in the first four months of this year, while 3,433 units were launched. This compares with the 2,360 units that were sold in the same four-month period a year ago, when 1,732 units were launched. It is noted that most buyers remain price sensitive, with the lowest-priced projects in the suburbs or outside central region, such as Parc Botannia, and the lowest-priced projects in the city fringes or rest of central region, such as The Tre Ver, topping the charts. Huttons Real Estate Professional, Kiwi Lim believes that early sales numbers for May indicates that it is likely to break April's level because more than 200 new sales werelodged with URA in the first week of May alone. If the average monthly sales for the rest of 2019 can be maintained at April's level, 2019's sales will be similar to 2018.

Some 8,795 private homes were sold in 2018. Projects which have already started selling in May or are likely to launch this month include Amber Park in East Coast, Olloi Condo at Changi Road, The Woodleigh Residences in Bidadari Estate, The Gazania and The Lilium at How Sun and Parc Komo in Changi.


Singapore condo resale prices up 0.9% in April

Resale prices for non-landed private residential units rose 0.9 per cent in April 2019, for a third straight month-on-month rise, according to flash estimates. For the first four months of the year, non-landed resale prices were up about 2 per cent, according to data from the real estate portal. Year-on-year, resale prices were up 3.6 per cent, with the core central region, rest of central region and outside central region recording increases of 3.1 per cent, 2.4 per cent and 4.5 per cent, respectively. Volume, however, remained "well below" 2018's, with the number of units resold in April falling 48.4 per cent year-on-year to 830 units. However, this was 3.4 per cent higher than March's 803 resale units, and was the highest volume since the latest property cooling measures were implemented in July last year. April's volume was within expectations and was likely below April 2018's numbers due to cooling measures introduced in July 2018. New and upcoming property launches could have also "excited" the resale market and drove the gradual increase in price. 


Singapore condo rents up 0.6% in April, HDB rents down 0.1%

Rents for non-landed private homes in Singapore rose 0.6 per cent in April from March, while rents for HDB flats dipped 0.1 per cent. Year on year, rents for condominiums and private apartments rose 2.4 per cent; all regions recorded increases. The core central region (CCR) rose by 2.8 per cent, rest of central region (RCR) by 2.3 per cent and outside central region (OCR) by 2.0 per cent. But as of last month, private home rents were down by 17.2 per cent from their high in January 2013. In another sign of the soft market, the number of leasings dropped by 5 per cent to 4,970 units in April from 5,229 units in March. Year on year, volume was 3.6 per cent lower than the 5,157 units rented out a year ago.

HDB launches tender for Canberra Link executive condominium site

The Housing Board (HDB) has put up an executive condominium site in Canberra Link for sale by public tender. In the announcement on Thursday (May 16), the HDB said that the 16,690 sq m site could potentially house 385 residential units. It has a maximum permissible gross floor area of 38,387 sq m, a maximum building height of 45m to 55m above mean sea level, and has a lease period of 99 years. The site falls under the confirmed list of the first half of the 2019 Government Land Sales Programme. The HDB - the Government's land sales agent, said in its statement that the tender closes at noon on July 3.


70 units at The Woodleigh Residences sold to date

The Woodleigh Residences has sold a total of 70 units following its launch weekend, said codevelopers Japan-based Kajima Development and Singapore Press Holdings (SPH). Many of the condominium units sold were two- and three-bedroom units, with prices starting at S$1,733 psf. Three of the units were four-bedroom residences, which achieved a high of S$2,331 psf. Many of the two-bedroom residences were bought by young couples and smaller families, the larger units were purchased by multi-generational families. The developers did not say how many units were released for sale during the launch. In November last year, 50 units of The Woodleigh Residences were released for sale during a soft launch selling around 30 units, achieving an average price of above S$2,000 psf.


Freehold Parc Komo priced at average S$1,450 psf; public preview opens May 18

The property development division of Chip Eng Seng Corporation unveiled its Parc Komo mixed development in Changi. CEL Development said the freehold project is inspired by the Japanese concept of Komorebi, which celebrates the blend of nature and order. It has an average price of about $1,450 psf and occupies a land area of about 202,000 sq ft with 10 five-storey blocks totalling 276 units. There are also two levels consisting of 28 commercial units. Apartment sizes range from 452 sq ft for a one-bedroom apartment to 1,905 sq ft for the largest five-bedroom luxury penthouse. The pricing starts at $663,000 for a one-bedroom unit, $871,000 for a two-bedder and $1,294,000 for a three-bedroom unit. 


Condo design for Pearl Bank site unveiled

A beacon comprising two curved towers linked at the roof by sky bridges will replace the Pearl Bank Apartments landmark in Outram. Even as some members of the public come to terms with the loss of the 38-storey horseshoe-shaped block, the new design, with its "clear and simple form", ensures the continuity of a distinct punctuator on Pearl's Hill, said its architect, Dr Christopher Lee, in an interview with The Straits Times. The upcoming structure, which will house 774 residential apartments - almost triple the original 288 units - has a plot ratio of 8:1. The unit types will range from studio apartments to penthouses, from about 430 sq ft to 2,800 sq ft. The 39-storey condominium, to be ready by 2023, will be called One Pearl Bank. It is a 99-year leasehold property.


New HDB rules may hit young buyers more

Some young buyers are already walking away from homes they were hoping to buy, after changes to how much of their Central Provident Fund (CPF) monies can be used to buy ageing Housing Board flats. A real estate agent felt it acutely when three of his clients, all of whom had said they would purchase older HDB flats in Tampines and Jurong West, phoned him to put a brake on completing the deals. The Government said it wanted to put more weight on whether a property's lease can cover buyers into their old age, instead of looking only at how many years are left on the lease. Buyers can now buy flats with less than 60 years left on the lease without any CPF restrictions, as long as the lease lasts them till age 95. They would also be entitled to the maximum HDB loan of 90 per cent of the purchase price or valuation, whichever is lower. On the one hand, this benefits middle-aged buyers by giving them more financing flexibility to buy older flats. But for younger buyers, it could mean paying more cash than before - a luxury young entrants to the workforce may not have. Also, it may be harder for this group to withdraw more from their CPF accounts at age 55 than if they had got a flat that covered them for life. 

Amber Park condo at East Coast sells 115 units in weekend launch

The latest in a string of East Coast launches, freehold luxury condominium Amber Park sold 115 units at an average S$2,425 psf during its launch weekend. Some 150 units were launched over the weekend, out of the development's 592 units, said City Developments Limited (CDL) and its sister company Hong Realty on Sunday. The units sold - which included a penthouse - covered all apartment types. CDL said about 85 per cent of the buyers were Singaporeans, while the remaining were foreigners mainly from China, Malaysia, Indonesia, India and others. Early-bird prices start from S$1.088 million for a one-bedroom unit with a study to S$4.98 million for a five-bedroom premium unit. Unit sizes range from 463 sq ft for a one-bedroom plus study apartment to 5,005 sq ft for the largest penthouse, which has six bedrooms plus a study.

Huttons Real Estate's Kiwi Lim believes the good sales results indicates healthy demand for well-located projects that are exceptionally designed. As a freehold project in District 15 located so close to an MRT station, Amber Park draws buyers looking for projects with good investment value. Other upcoming launches nearby include UOL's and Kheng Leong's MeyerHouse (the former Nanak Mansions) on Meyer Road, Bukit Sembawang Estates' former Katong Park Towers site, and GuocoLand's former Casa Meyfort on Meyer Road. 


Rules on HDB housing loans, CPF usage updated

Buyers can now use more from their Central Provident Fund (CPF) and get bigger Housing Board loans for ageing flats, so long as the property's remaining lease covers the youngest buyer till the age of 95. The changes, announced by the ministries of Manpower and National Development, mark a shift in how the Government regulates CPF usage and disburses public housing loans. Instead of looking only at a flat's remaining lease, the focus is on whether a property can last its home owner for life. But restrictions will still be in place to ensure buyers have sufficient funds for retirement: HDB flats must have at least 20 years left on their leases - down from 30 years - for CPF monies to be used for the purchase. HDB flats are sold with 99-year leases.

Also, CPF members aged 55 and older must have properties with leases that cover them till age 95, before they can withdraw their CPF savings in excess of the Basic Retirement Sum. This effectively means their property must have a remaining lease of at least 40 years, up from the old requirement of 30 years. MND said most buyers will not be affected by the changes, as 98 per cent of HDB households and 99 per cent of private property families have a home that will cover them to age 95. But older buyers can now buy ageing flats and face less restrictions on CPF usage. On the other hand, younger buyers who buy older flats have to be prepared to fork out more cash. For example, a couple both aged 25 who buy a flat with 65 years of lease remaining can use their CPF to pay only 90 per cent of the valuation limit, down from 100 per cent. They would also be entitled to a smaller loan limit of 81 per cent, compared with 90 per cent.


Younger HDB buyers likely to be more prudent

Younger people may not be able to get as much in Central Provident Fund (CPF) monies or Housing Board loans to buy ageing flats, but they still benefit from policy changes announced yesterday, observers said. Most home buyers will not be affected by the new rules. But younger buyers who buy ageing flats must now be prepared to fork out cash and get smaller HDB loans. Huttons Real Estate's Kiwi Lim says the changes are likely to nudge younger buyers to go for Build-to-Order (BTO) flats or newer resale flats because under the changes, those who buy homes that do not cover them for life cannot withdraw more than $5,000 when they turn 55, unless they have saved up to the Full Retirement Sum (FRS). They can still withdraw 20 per cent of their Retirement Account savings when they hit their payout eligibility age. Previously, they could withdraw any savings in excess of their Basic Retirement Sum, which is half that of the FRS. 


More HDB resale flats sold in April

The volume of Housing Board (HDB) resale flats rose by 16.5 per cent last month, while prices eased slightly. According to flash estimates, 1,931 resale flats were sold last month, up from 1,657 transactions the month before. Last month's volume also marked a 4.3 per cent increase compared with April last year. The increase in sales is within expectation, as there are many flats reaching their five-year minimum occupation period this year, making them eligible for resale. The increase could also be caused by a seasonal effect, as housing activities usually ramp up from the second quarter of the year. The flash estimate also showed a 0.4 per cent dip in last month's resale prices, compared with March. This was a 0.6 per cent slide down from April last year and a 14 per cent drop from the peak in April 2013. Mature estates recorded a year-on-year price decrease of 1.4 per cent, while prices for non-mature estates remained stagnant. When compared with figures from March, mature estates saw a 0.7 per cent drop in prices, while non-mature estates had a price decrease of 0.1 per cent. The price dip in mature estates could also be attributed to a general price weakness of older flats in such estates.

Singapore well placed to contribute to Belt and Road: PM Lee

Ties between Singapore and China have grown tremendously since they were established in 1990, and there is great potential for them to develop further, Prime Minister Lee Hsien Loong said. He drew attention to China's Belt and Road Initiative (BRI), saying Singapore was well placed to make a "modest contribution" in this area. He said Singapore hoped to be able to play a constructive role in financial services, third-country investments and human resource development. PM Lee was speaking to Chinese state news agency Xinhua ahead of a visit to Beijing where he will attend the second Belt and Road forum, which starts tomorrow, along with almost 40 other heads of state and government. He cited the Chongqing Connectivity Initiative (CCI)- a joint government project inaugurated in 2015 to improve transport and trade links with China's less developed western regions - as one area where Singapore felt it could make a useful contribution. The CCI aims to boost land-sea transport connectivity, linking up the overland and maritime trunks of the BRI and connecting western China to South-east Asia and the world via Singapore.


Singapore-China ties will remain warm under new leaders: PM

The warm ties between China and Singapore will continue even after new leaders take the helm in Singapore, as the relationship is in both countries' interests and not personal to any particular leader, said Prime Minister Lee Hsien Loong. Singapore has been preparing for a transition for a long time, getting younger ministers to actively engage China on various bilateral platforms, as the country takes steps for a successor to be at the helm, said PM Lee. PM Lee was responding to a question on how his government's leadership transition would affect bilateral ties, during a wrap-up interview with Singapore reporters on his five-day visit to the Chinese capital, where he attended the second Belt and Road Forum. Earlier, he met China's top two leaders - President Xi Jinping and Premier Li Keqiang - and witnessed the signing of five agreements on Belt and Road cooperation between both countries.


Singapore, US energy regulators to boost cooperation

Singapore's Energy Market Authority (EMA) and the US Federal Energy Regulatory Commission (FERC) will be enhancing their bilateral cooperation towards greater energy security and resilience. The scope of their cooperation will cover three key areas: planning, reliability and cybersecurity of the electricity system; regulation of wholesale energy markets, including the role of energy storage systems and distributed energy resources in competitive energy markets; and cooperation at multilateral forums such as the Asia Pacific Energy Regulators Forum. Activities between the two regulators will include knowledge-sharing and technical cooperation involving training and exchange programmes. There will also be joint research and organisation of multilateral workshops and seminars, as well as high-level consultations and dialogues between EMA and FERC. The agencies have inked a memorandum of understanding (MOU) to provide the partnership framework. 


Singapore SMBs most 'digitally mature' in region: Cisco

Small and medium businesses (SMB) in Singapore are the most digitally mature in the Asia-Pacific region, ahead of peers in countries such as Japan, Australia, and New Zealand, according to a new index by Cisco. This is based on an assessment of firms' digital maturity in four areas: technology adoption and application; digital transformation strategy and organisation; processes and governance; and talent. The APAC SMB Digital Maturity Index was developed by research firm IDC based on a survey with 1,340 respondents from 14 economies. It found that more than 60 per cent of SMBs in AsiaPacific have started to embrace digitalisation.


S'pore seeking to draw more electric car firms

Following Dyson's plans late last year to manufacture its first electric car in Singapore, the citystate is now in talks with other makers of green vehicles to set up shop on the island. Singapore is pitching its connectivity to global markets through free trade agreements, its highly skilled workforce and stringent protection of intellectual property, which is critical for the industry, according to the government agency set up to attract investments to the country. Bringing in other electric car manufacturers will create scale for the sector in Singapore, which is also spurring the development of autonomous vehicles in the country. The use of high-tech robotics and automation, as well as supply chain management and connectivity, could help dispel concerns over the high labour costs in Singapore. Singapore does not have a single car manufacturing plant and is one of the costliest places in the world to buy an automobile. And not every electric carmaker is a fan. Tesla tried to bring its cars to Singapore but was unsuccessful because the Government was "not supportive" of electric vehicles. Singapore is also getting pushback from some companies for introducing a carbon tax.

The Government says it is to help meet its Paris Agreement obligations, but it would also in turn drive up costs compared with other Asian markets. Singapore can serve as Asia 101 for global companies seeking to get into Asia, and Global 101 for Asian companies looking to go out to the world. Asian economies are a lot more open and a lot more integrated, and powering ahead in terms of competitiveness.

NTUC working on retirement, re-hiring ages of 65 and 70

The tripartite workgroup set up to address issues for Singapore's ageing workforce is now in the advanced stages of determining the new retirement and re-employment ages, NTUC SecretaryGeneral Ng Chee Meng said. Mr Ng, who was speaking at a media briefing on his joint Labour Movement May Day 2019 message with National Trades Union Congress (NTUC) President Mary Liew, said that NTUC hopes the ages can be raised to 65 and 70 respectively. NTUC is part of the Tripartite Workgroup on Older Workers, which includes members from the Singapore National Employers Federation and the ministries of Manpower, Education and Health. Mr Ng, who is advisor to the workgroup, said NTUC is conscious of concerns about the impact on business costs, and will help older workers upskill and reskill so that they can contribute productively if they wish to continue working. 


Enterprise Singapore, MAS to match startups with global investors

Startups can expect more matchmaking opportunities with global investors as Enterprise Singapore works with the Monetary Authority of Singapore (MAS) to catalyse funding. This comes as 353 venture capital deals were closed in Singapore last year, more than double the number recorded in 2012, according to Enterprise Singapore. Total deal value hit US$10.5 billion, up from US$0.8 billion in 2012. The total deal value for 2018 took into account ride-hailing firm Grab's ongoing multi-billion dollar Series H financing round. The collaboration with MAS is part of a wider strategy by Enterprise Singapore to strengthen the local startup ecosystem by adopting a market-led approach, bringing together academia, government and the private sector to create solutions that address market needs in Singapore and the region. 


MAS, Bank of Canada trial could make cross-border payments cheaper, faster, safer

A successful experiment by the Monetary Authority of Singapore (MAS) and the Bank of Canada using central bank digital currencies and distributed ledger technology (DLT) could make crossborder and cross-currency payments cheaper, faster and safer. This is the first such trial between the two central banks. Their experimental domestic payment networks, Project Jasper by the Bank of Canada and Project Ubin by the MAS, were built on two different DLT platforms and linked up as part of the test. Following the trial, the MAS and the Bank of Canada have jointly published a report that proposes different design options for cross-border settlement systems, highlighting possible limitations and challenges. They urged the global financial community to build on the findings to make international payments cheaper and more efficient.

S'pore can play 'Asia 101' role for firms: DPM Heng

The economic centre of gravity is shifting globally and this will likely continue as countries in Asia transform and embrace economic development, said Deputy Prime Minister Heng Swee Keat. Among them are major countries such as China and India, and Singapore can continue to play a role by being an "Asia 101" that is able to help multinationals (MNCs) looking to expand in growing markets in this region, added Mr Heng, who is also Finance Minister. Last year, trade in goods and services between the European Union and Singapore hit new heights, reaching the €100 billion (S$152 billion) mark, EU Ambassador to Singapore Barbara Plinkert said in a speech at the event. Currently, more than 10,000 European companies use Singapore as their regional hub. Mr Heng hopes the FTA can not only pave the way for agreements between EU and other Asean member states, but also between the EU and Asean itself. The EU and Asean share many common positions, and both seek to integrate the economies of their member states into a single market, he noted.


Plans to improve fly-ferry links when Changi T5 opens

The future Changi Airport Terminal 5 could be linked to Tanah Merah Ferry Terminal to make multi-modal journeys convenient, as part of bigger plans to transform the area around the airport and grow air traffic. Other ideas being explored include a live airport environment for aviation-related research and development, and developing the area around T5 to offer work and living spaces. A waterfront district with recreational and tourism potential is also being considered. With strong demand for air travel in the Asia-Pacific expected to continue in the coming decades, airports in the region are pushing the boundaries to draw travellers. Big plans were recently unveiled for Changi East as part of the Urban Redevelopment Authority (URA) Draft Master Plan 2019. Changi East, which is next to the existing airport, is where T5 is being built and slated to open around 2030. With the Tanah Merah Ferry Terminal on the doorstep of the future T5, there is potential for seamless fly-ferry linkages, said URA. The ferry terminal currently has services to the Indonesian islands of Batam and Bintan, with shuttle buses running to and from Changi Airport. 


Singapore will manage economic cycles: Heng 

The Singapore economy will go through cycles and the government is prepared for that, Finance Minister Heng Swee Keat told Singapore media in San Francisco on the sidelines of a tech forum on the last day of his 11-day trip to the US. "If there is a need for us to use counter cyclical monetary and fiscal policy to manage that, we will," he said in response to a question on whether there was concern over signs of a slowdown in the economy. "But what is more important is for us to continue to focus on very major structural changes which are happening in the global economy and the Singapore economy," he said. "We must stay very focused on our industry transformation and looking at how we can create synergy, that's one major area of work." The other area is to push ahead with technology innovation, he said, adding that Singapore has to be positioned as a global Asian node of technology innovation and enterprise. 

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