Rental data to be released on quarterly basis
The move comes on the back of calls from businesses for greater transparency in the rental market. This has led to the Singapore Business Federation introducing the Fair Tenancy Framework, which includes the release of clearer rental data as an initiative.
SINGAPORE: Businesses will get greater clarity on trends in Singapore's rental market. Starting on Thursday (Jan 22), more detailed data on rents for retail, office and industrial space will be released by the Government every quarter.
The move comes on the back of calls from businesses for greater transparency in the rental market. Earlier this week, the Singapore Business Federation (SBF) introduced the Fair Tenancy Framework, which includes the release of clearer rental data as an initiative.
Many businesses have complained of soaring rental rates imposed by landlords, which threaten to heighten operating costs. With the new move, the public can now view rental data at the 25th, 50th, and 75th percentile by floor level and area.
For instance, if one wants to find out the monthly unit rent for retail space at the 25th percentile in District 9, which includes the Orchard area, one can now look at what trends are like for basement units that are 30 square metres and below. Previously, rental data was only released at the 50th percentile and by street name, excluding information by floor level and area.
Ms Cynthia Phua, chairman of the rental practices working group at SBF, said: ”Having the 25th percentile and the 75th percentile - that part in itself will give a very good range for a tenant who is assessing the rental for that unit itself, whether they are transacting at the upper range of the rental range, or the lower range."
The new data can be accessed on the websites of the Urban Redevelopment Authority (URA) and industrial landlord JTC Corporation.
The Ministry of Trade and Industry said the additional details covering floor level and unit size will help businesses make more informed decisions before signing a contract.
Minister of State for Trade and Industry Teo Ser Luck said: "Feedback from businesses is that we have to be a little bit more specific. Then the question is: How specific we want to go?
"If we want to be too specific, say, for example by every single building, we have a few considerations. Where do you get the data? And whether in obtaining the source of data, whether you actually intrude into the privacy or even ... contravene the data privacy law."
Depending on the response to the new set of data, further adjustments or additional information may be included in the future.
- CNA/ac/dl
- wong chee tat :)
Friday, January 23, 2015
Keppel Corp launches bid to take Keppel Land private
Keppel Corp launches bid to take Keppel Land private
Keppel Corp, the world's largest maker of offshore oil rigs, currently owns 54.6 per cent of Kepland, a major Singapore property developer.
SINGAPORE: Keppel Corporation on Friday (Jan 23) launched a voluntary unconditional cash offer for all the remaining shares of subsidiary Keppel Land in a deal that values its property arm at S$7.1 billion.
Keppel Corp, the world's largest maker of offshore oil rigs, currently owns 54.6 per cent of Kepland, a major Singapore property developer.
Keppel Corp said it is offering a base offer price of S$4.38 for each Keppel Land share. A higher offer price of S$4.60 per share will be paid if Keppel Corp is entitled to exercise its rights of compulsory acquisition.
Explaining the rationale for the offer, Keppel Corp CEO Loh Chin Hua said Keppel Corp wants to be a strong conglomerate with sizeable contributions from its three core businesses. "This is a sound and well-timed investment in a business which has been integral to Keppel Corp and is in core markets like Singapore, China, Indonesia and Vietnam - where we hold a long-term positive view," he added.
Kepland shares were last traded at S$3.65.
- CNA/ac
- wong chee tat :)
Keppel Corp, the world's largest maker of offshore oil rigs, currently owns 54.6 per cent of Kepland, a major Singapore property developer.
SINGAPORE: Keppel Corporation on Friday (Jan 23) launched a voluntary unconditional cash offer for all the remaining shares of subsidiary Keppel Land in a deal that values its property arm at S$7.1 billion.
Keppel Corp, the world's largest maker of offshore oil rigs, currently owns 54.6 per cent of Kepland, a major Singapore property developer.
Keppel Corp said it is offering a base offer price of S$4.38 for each Keppel Land share. A higher offer price of S$4.60 per share will be paid if Keppel Corp is entitled to exercise its rights of compulsory acquisition.
Explaining the rationale for the offer, Keppel Corp CEO Loh Chin Hua said Keppel Corp wants to be a strong conglomerate with sizeable contributions from its three core businesses. "This is a sound and well-timed investment in a business which has been integral to Keppel Corp and is in core markets like Singapore, China, Indonesia and Vietnam - where we hold a long-term positive view," he added.
Kepland shares were last traded at S$3.65.
- CNA/ac
- wong chee tat :)
Role of CFO becoming more complex: Industry watchers
Role of CFO becoming more complex: Industry watchers
Amid a changing business environment, the role of a chief financial officer has become more complex. Industry watchers say that CFOs are increasingly expected to be more involved in strategy and planning, going beyond traditional functions of governance and compliance.
SINGAPORE: Amid a changing business environment, the role of a chief financial officer has become more complex. Mr JK Low has been a chief financial officer for about 12 years and is currently in that post for Viking Offshore and Marine for the last five years.
In recent months, declining oil prices and currency volatility have kept him busy as he tries to manage rising domestic costs and productivity demands. He said an increasingly complex business environment had made his role as CFO more challenging.
"You need to navigate beyond what you do traditionally - making sure books are well kept and making sure governance and controls are in place - and take advantage of this to help the business and leadership team to move forward," added Mr Low.
"The CFO is in a very interesting position where he gets to see the overall financials of the company, he knows what are the resource capacity available to the company, and they need to make use of this and provide this information to the senior leadership team."
According to a recent study by KPMG in a recent survey on Asia Pacific CEOs, executives in the post are increasingly expected to be more involved in strategic planning - especially since they have a deeper understanding of financial opportunities and risks.
Mr Martyn Vans Wensveen, global leader of financial management at KPMG in Singapore, said: "More and more CFOs are becoming business partners and it is in a way challenging the business plans and viability of the investments the business is making in the future ... It is about being that strategic thinker who has an overview of the business and can help the CEO with making good decisions for example which businesses to invest in, which markets to go into and which technology platforms they should invest in."
With financial and regulatory requirements becoming increasingly complex, firms are expected to be accountable to even more stakeholders - including internal management, regulators, investors and even the public. Industry watchers said that CFOs are assuming more responsibilities in ensuring timely and consistent communication with each respective group.
Mr Harold Woo, president of the Investor Relations Professionals Association (Singapore), said: "Our regime is one of comply or explain, so that puts a lot of onus on the CFO as the responsible person to make sure that corporate governance is carried out correctly and with the right disclosure and transparency ... The advocate of integrated reporting puts onus on connecting all the dots of how a company creates value for its stakeholders and how risks are mitigated."
Even as their roles expand, industry watchers said new technology can help CFOs better plan ahead. Greater availability of financial data can also help provide insights for future business opportunities.
- CNA/ac
- wong chee tat :)
Amid a changing business environment, the role of a chief financial officer has become more complex. Industry watchers say that CFOs are increasingly expected to be more involved in strategy and planning, going beyond traditional functions of governance and compliance.
SINGAPORE: Amid a changing business environment, the role of a chief financial officer has become more complex. Mr JK Low has been a chief financial officer for about 12 years and is currently in that post for Viking Offshore and Marine for the last five years.
In recent months, declining oil prices and currency volatility have kept him busy as he tries to manage rising domestic costs and productivity demands. He said an increasingly complex business environment had made his role as CFO more challenging.
"You need to navigate beyond what you do traditionally - making sure books are well kept and making sure governance and controls are in place - and take advantage of this to help the business and leadership team to move forward," added Mr Low.
"The CFO is in a very interesting position where he gets to see the overall financials of the company, he knows what are the resource capacity available to the company, and they need to make use of this and provide this information to the senior leadership team."
According to a recent study by KPMG in a recent survey on Asia Pacific CEOs, executives in the post are increasingly expected to be more involved in strategic planning - especially since they have a deeper understanding of financial opportunities and risks.
Mr Martyn Vans Wensveen, global leader of financial management at KPMG in Singapore, said: "More and more CFOs are becoming business partners and it is in a way challenging the business plans and viability of the investments the business is making in the future ... It is about being that strategic thinker who has an overview of the business and can help the CEO with making good decisions for example which businesses to invest in, which markets to go into and which technology platforms they should invest in."
With financial and regulatory requirements becoming increasingly complex, firms are expected to be accountable to even more stakeholders - including internal management, regulators, investors and even the public. Industry watchers said that CFOs are assuming more responsibilities in ensuring timely and consistent communication with each respective group.
Mr Harold Woo, president of the Investor Relations Professionals Association (Singapore), said: "Our regime is one of comply or explain, so that puts a lot of onus on the CFO as the responsible person to make sure that corporate governance is carried out correctly and with the right disclosure and transparency ... The advocate of integrated reporting puts onus on connecting all the dots of how a company creates value for its stakeholders and how risks are mitigated."
Even as their roles expand, industry watchers said new technology can help CFOs better plan ahead. Greater availability of financial data can also help provide insights for future business opportunities.
- CNA/ac
- wong chee tat :)
7,710 workers laid off in first 3 quarters of 2014
7,710 workers laid off in first 3 quarters of 2014
TODAY reports: The figure is an increase of about 500 from the same period a year ago, and is mainly due to more workers being laid off from the services sector, the Labour Movement says.
SINGAPORE: A total of 7,710 workers were laid off in the first three quarters of last year, about 500 more than in the same period in the year before, said the Labour Movement on Thursday (Jan 15), citing past figures from the Manpower Ministry.
The increase was due to more workers being laid off from the services sector, the Labour Movement noted.
For unionised sectors, 2,212 workers lost their jobs last year – 27 per cent lower than in 2013. Two-thirds of them came from the manufacturing sector.
Reasons for retrenchment include high cost, poor business and ongoing restructuring, which resulted in eight companies relocating their operations out of Singapore, to countries such as Thailand, Malaysia and China.
The Labour Movement expects about 300 workers from the chemical and electronics sectors to be retrenched in the first quarter of this year.
Unionised workers saw a wage increase of about 4.1 per cent last year, lower than the 4.63 per cent recorded in 2013. They will also receive an average three months’ bonus in 2014, down from 3.16 months the year before.
About 60 per cent of unionised companies paid at least S$60 built-in wage increases to workers earning S$1,000 and below. Companies that failed to do so cited poor business and restructuring as reasons.
In 2014, the number of workers on a shorter work week plunged from close to 5,793 to 1,323. The Labour Movement attributed this to a lack of orders and a slowdown in business. The majority were from companies producing semiconductor and electronic products and components.
-TODAY/cy
- wong chee tat :)
TODAY reports: The figure is an increase of about 500 from the same period a year ago, and is mainly due to more workers being laid off from the services sector, the Labour Movement says.
SINGAPORE: A total of 7,710 workers were laid off in the first three quarters of last year, about 500 more than in the same period in the year before, said the Labour Movement on Thursday (Jan 15), citing past figures from the Manpower Ministry.
The increase was due to more workers being laid off from the services sector, the Labour Movement noted.
For unionised sectors, 2,212 workers lost their jobs last year – 27 per cent lower than in 2013. Two-thirds of them came from the manufacturing sector.
Reasons for retrenchment include high cost, poor business and ongoing restructuring, which resulted in eight companies relocating their operations out of Singapore, to countries such as Thailand, Malaysia and China.
The Labour Movement expects about 300 workers from the chemical and electronics sectors to be retrenched in the first quarter of this year.
Unionised workers saw a wage increase of about 4.1 per cent last year, lower than the 4.63 per cent recorded in 2013. They will also receive an average three months’ bonus in 2014, down from 3.16 months the year before.
About 60 per cent of unionised companies paid at least S$60 built-in wage increases to workers earning S$1,000 and below. Companies that failed to do so cited poor business and restructuring as reasons.
In 2014, the number of workers on a shorter work week plunged from close to 5,793 to 1,323. The Labour Movement attributed this to a lack of orders and a slowdown in business. The majority were from companies producing semiconductor and electronic products and components.
-TODAY/cy
- wong chee tat :)
Taking a 3rd HDB loan? Pay market rate, says Khaw
Taking a 3rd HDB loan? Pay market rate, says Khaw
To discourage 'churning' of resale flats, HDB will grant a third loan only under exceptional circumstances, says Minister for National Development Khaw Boon Wan.
SINGAPORE: The Housing and Developmental Board (HDB) may grant a third housing loan to home owners - but only in exceptional instances, and at the market rate, said Minister for National Development Khaw Boon Wan on Tuesday (Jan 21).
In a Parliamentary question, MP Zainal Sapari had asked about HDB’s rationale for imposing a higher interest rate for home owners who take a third housing loan. In response, Mr Khaw said HDB will grant a third loan only under exceptional circumstances.
“Typically, this is for those who are in urgent need of housing, but due to poor credit records, are unable to secure a bank loan even though they have a steady income. Providing a third housing loan at a higher rate is to discourage churning of resale flats,” he added.
However, HDB may help with a concessionary rate loan for genuine hardship cases that merit such consideration, he said.
HDB currently provides up to two concessionary rate loans to eligible flat buyers, with interest rate at below market rates over the long term.
- CNA/ct
- wong chee tat :)
To discourage 'churning' of resale flats, HDB will grant a third loan only under exceptional circumstances, says Minister for National Development Khaw Boon Wan.
SINGAPORE: The Housing and Developmental Board (HDB) may grant a third housing loan to home owners - but only in exceptional instances, and at the market rate, said Minister for National Development Khaw Boon Wan on Tuesday (Jan 21).
In a Parliamentary question, MP Zainal Sapari had asked about HDB’s rationale for imposing a higher interest rate for home owners who take a third housing loan. In response, Mr Khaw said HDB will grant a third loan only under exceptional circumstances.
“Typically, this is for those who are in urgent need of housing, but due to poor credit records, are unable to secure a bank loan even though they have a steady income. Providing a third housing loan at a higher rate is to discourage churning of resale flats,” he added.
However, HDB may help with a concessionary rate loan for genuine hardship cases that merit such consideration, he said.
HDB currently provides up to two concessionary rate loans to eligible flat buyers, with interest rate at below market rates over the long term.
- CNA/ct
- wong chee tat :)
Work injury compensation limits under review: MOM
Work injury compensation limits under review: MOM
The Act, which offers compensation for any injury arising in the course of employment, has had its compensation limit increased twice since it was expanded in 2008, said Manpower Minister Tan Chuan-Jin.
SINGAPORE: Compensation limits under the Work Injury Compensation Act (WICA) are currently being reviewed, said Manpower Minister Tan Chuan-Jin.
The Ministry of Manpower conducts regular three-yearly reviews on the compensation limits to ensure pay-outs under the scheme remain relevant and to account for changes in nominal median wages and healthcare costs, he said on Tuesday (Jan 20) in response to a Parliamentary question by MP K Karthikeyan.
"We are in the midst of our three-yearly review of the compensation limits and will announce more details once the review is completed," he said.
The Act, which offers compensation for any injury arising in the course of employment, has had its compensation limit increased twice since it was expanded to all employees in 2008. The last increment was made in 2012, added Mr Tan.
- CNA/ek
- wong chee tat :)
The Act, which offers compensation for any injury arising in the course of employment, has had its compensation limit increased twice since it was expanded in 2008, said Manpower Minister Tan Chuan-Jin.
SINGAPORE: Compensation limits under the Work Injury Compensation Act (WICA) are currently being reviewed, said Manpower Minister Tan Chuan-Jin.
The Ministry of Manpower conducts regular three-yearly reviews on the compensation limits to ensure pay-outs under the scheme remain relevant and to account for changes in nominal median wages and healthcare costs, he said on Tuesday (Jan 20) in response to a Parliamentary question by MP K Karthikeyan.
"We are in the midst of our three-yearly review of the compensation limits and will announce more details once the review is completed," he said.
The Act, which offers compensation for any injury arising in the course of employment, has had its compensation limit increased twice since it was expanded to all employees in 2008. The last increment was made in 2012, added Mr Tan.
- CNA/ek
- wong chee tat :)
More working spaces for start-ups in Singapore to be built
More working spaces for start-ups in Singapore to be built
JTC Corporation will be creating more space to groom Singapore's start-up companies under its LaunchPad initiative. It will add three new blocks of buildings in one-north to house 250 start-ups.
SINGAPORE: Industrial estate manager JTC Corporation will be creating more space to groom Singapore's start-up companies under its LaunchPad initiative. Three new blocks of buildings will be built in one-north to house 250 start-ups.
This adds 12,000 square metres of space to three existing start-up blocks, which were officially launched by Prime Minister Lee Hsien Loong on Friday (Jan 23).
The next 'LaunchPad' will be in the vicinity of JTC's CleanTech Park, next to the Nanyang Technological University.
The idea is to promote collaboration between start-ups and varsity research experts.
Commenting on the 'LaunchPad' initiative, Mr Lee said the Government is trying to help entrepreneurs have a hassle-free and easier time starting businesses. He said start-up friendly environments facilitate connections between like-minded individuals and companies.
Mr Lee said entrepreneurs keep the economy productive and vibrant by providing jobs and opportunities, and described 'LaunchPad's' opening as 'another major milestone' for the local start-up scene.
90 per cent of the three existing 'LaunchPad' blocks have been taken up by startups, incubators and Venture Capitalists. By 2017, 'LaunchPad' will be able to house up to 750 start-ups.
- CNA/dl
- wong chee tat ):
JTC Corporation will be creating more space to groom Singapore's start-up companies under its LaunchPad initiative. It will add three new blocks of buildings in one-north to house 250 start-ups.
SINGAPORE: Industrial estate manager JTC Corporation will be creating more space to groom Singapore's start-up companies under its LaunchPad initiative. Three new blocks of buildings will be built in one-north to house 250 start-ups.
This adds 12,000 square metres of space to three existing start-up blocks, which were officially launched by Prime Minister Lee Hsien Loong on Friday (Jan 23).
The next 'LaunchPad' will be in the vicinity of JTC's CleanTech Park, next to the Nanyang Technological University.
The idea is to promote collaboration between start-ups and varsity research experts.
Commenting on the 'LaunchPad' initiative, Mr Lee said the Government is trying to help entrepreneurs have a hassle-free and easier time starting businesses. He said start-up friendly environments facilitate connections between like-minded individuals and companies.
Mr Lee said entrepreneurs keep the economy productive and vibrant by providing jobs and opportunities, and described 'LaunchPad's' opening as 'another major milestone' for the local start-up scene.
90 per cent of the three existing 'LaunchPad' blocks have been taken up by startups, incubators and Venture Capitalists. By 2017, 'LaunchPad' will be able to house up to 750 start-ups.
- CNA/dl
- wong chee tat ):
Opportunity ... Opportunities
Thoughts:
Opportunity ... Opportunities ... Lots and lots of them coming. Do you see that?
- wong chee tat :)
Opportunity ... Opportunities ... Lots and lots of them coming. Do you see that?
- wong chee tat :)
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