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Weekly News Review
Dec 6 2019 / Issue 49

Top News for the Week
• A third of units at One Holland Village Residences sold
• 1H 2020 Government Land Sales Programme similar to 2H 2019
• Cross Island Line to run under nature reserve
• Singapore business sentiment up slightly in Q1 2020

Residential
Well-located One Holland Village Residences draws healthy sales
A consortium comprising Far East Organization, Sekisui House and Sino Group has sold 92 units
at One Holland Village Residences. These units were sold between Nov 21, when preview sales
at the 296-unit project began, and 6 pm on Dec 1.
The District 10 project's official launch was held on Saturday, Nov 30.
The sales outcome is seen as positive, given the relatively high price points.
In its release on Sunday evening, Far East said that the average achieved prices for the three
components are S$2,600 psf for Sereen, S$2,900 psf for Leven and S$3,200 psf for Quincy Private
Residences.
The most popular units are the one- and two-bedroom apartments in Sereen.
Ninety per cent of the total 92 units sold were bought by Singaporeans. Permanent residents and
foreigners made up the remaining buyers. These include South Koreans, Norwegians and US
citizens.
Buyers of just under half of the total 92 units sold live in Districts 10 and 11.
One Holland Village Residences and a 255-unit serviced residence Quincy House make up the
residential component of the mixed-use project, which will also have offices and retail space.

Links to the story:
https://www.businesstimes.com.sg/real-estate/well-located-one-holland-village-residences-draws-healthy-sales
https://www.straitstimes.com/business/property/a-third-of-units-at-one-holland-village-residences-sold

Redas urges developers to be more prudent in land purchase, capital allocation
With the conditions for the real estate industry becoming more challenging, developers in
Singapore have been urged to take stock and adopt a more prudent approach in land purchase and
capital allocation.
Making this call was Real Estate Developers' Association of Singapore (Redas) president Chia
Ngiang Hong, who noted that developers here are already more cautious in their bidding for land.
In his speech, Mr Chia called for Redas and its members to work closer with one another, with the
government and its agencies, and all partners and stakeholders "to push the industry
transformation, innovation and internationalisation agenda".

Links to the story:
https://www.businesstimes.com.sg/real-estate/redas-urges-developers-to-be-more-prudent-in-land-purchase-capital-
allocation

Weekly News Review
                                                                                                   Dec 6 2019 / Issue 49

https://www.straitstimes.com/singapore/transport/property-market-stable-but-faces-risks-desmond-lee

Government holds housing land sales steady amid supply-demand gap
The government is holding land supply for private homes steady for the first half of 2020, which
should keep the residential market stable amid a big supply of unsold units.
It said that it will keep the supply of private housing units on the confirmed list for the H12020
government land sales (GLS) programme broadly similar to that for H22019.
The confirmed list for H12020 has three new sites on it - two private residential sites (including
an executive condominium or EC site), and a commercial and residential site.
Jointly, they can yield about 1,775 private residential units (including 600 EC units) and 22,000
sq m of gross floor area (GFA) of commercial space.
In the confirmed list in H22019, 1,715 private residential units were made available.
Lee Sze Teck, director of research in Huttons Asia, said the government's move to keep the supply
of dwelling units similar to that in H22019 is good news, as it will keep the market stable.

Links to the story:
https://www.businesstimes.com.sg/real-estate/government-holds-housing-land-sales-steady-amid-supply-demand-
gap
https://www.straitstimes.com/business/steady-supply-of-private-housing-for-2020-first-half

Two plum sites in latest land sales; Bt Timah plot to revive Jln Anak Bukit vicinity
Two plum sites - Jalan Anak Bukit for mixed development and Tanah Merah Kechil Link
residential site - have been offered in the latest Government Land Sales (GLS) programme for 1H
2020.
The sites are well located near MRT stations, with the Jalan Anak Buikit site having an integrated
bus interchange which will provide amenities for commuters and residents in the area.
In line with the 2019 Master Plan to transform the Beauty World area, the government has decided
to push out an integrated transport hub site on the 1H 2020 GLS programme, said Lee Sze Teck,
director (research), at Huttons Asia. "This is definitely the choicest site of all and will be on the
radar of a lot of developers," said Mr Lee.

Link to the story:
https://www.businesstimes.com.sg/real-estate/two-plum-sites-in-latest-land-sales-bt-timah-plot-to-revive-jln-anak-
bukit-vicinity

Kampong Bugis, River Valley GLS sites up for application
The Urban Redevelopment Authority (URA) has made available for application a white site in
Kampong Bugis and a hotel site in River Valley Road on the government's reserve list.
The Kampong Bugis site, at the mouth of Kallang River, will be released for sale to a master
developer to allow for a comprehensive master plan, development in phases, and the
implementation of district-wide "car-lite" initiatives and sustainable urban solutions.
The 8.2 hectare (ha) site can potentially yield up to 4,000 housing units and 50,000 sq m of gross
floor area (GFA) for complementary uses such as retail, serviced apartments and offices and for
community use.

                Huttons Asia Pte Ltd | L3008899K | ROC No. 200210087C | GST Reg No. 20-0210087-C
               3 Bishan Place #05-01, CPF Building, S (579838) | Tel. (65) 6253 0030 | Fax (65) 6253 0090
                                              www.huttonsgroup.com

Weekly News Review
Dec 6 2019 / Issue 49

The site has a maximum GFA of 390,000 sq m.
The URA has also drawn up an option scheme, which is a flexible-payment scheme and phased-
development approach to enable the chosen developer to phase the site's development according
to market demand, and so bear lower upfront costs and risks.
The entire precinct is estimated to be completed over 11 to 13 years.
The 1.02 ha River Valley site, located above Fort Canning MRT station and situated between Fort
Canning Park and the Singapore River, has a maximum GFA of 28,666 sq m and could yield 530
hotel rooms. It has been envisioned as a distinctive waterfront landmark.

Links to the story:
https://www.businesstimes.com.sg/real-estate/kampong-bugis-river-valley-gls-sites-up-for-application
https://www.straitstimes.com/business/property/kampong-bugis-and-river-valley-sites-up-for-application-ura

Leshan Gardens in Geylang sold for S$26.28m
Leshan Gardens, a 38-unit residential development off Geylang Road, is being sold for S$26.28
million by Kwong Wai Shiu Hospital, The Business Times understands.
The buyer is an ear, nose, throat specialist doctor who also engages in the property business.
Located at 1 Lorong 32 Geylang, Leshan Gardens is on a 16,412 sq ft site with freehold tenure but
Kwong Wai Shiu Hospital is carving out a 104-year leasehold interest for the sale; it will own the
reversionary interest in the property.
The price paid works out to about S$623 psf ppr inclusive of an estimated development charge of
S$2.35 million.
The site is zoned for residential use with 2.8 plot ratio under the Urban Redevelopment Authority's
Master Plan 2014 as well as the recently gazetted Master Plan 2019; this means the site may be
redeveloped into a project with a maximum gross floor area (GFA) of about 45,955 sq ft.

Links to the story:
https://www.businesstimes.com.sg/real-estate/leshan-gardens-in-geylang-sold-for-s2628m

Hakka association selling 13 semi-detached houses at Bt Timah with S$38m guide
price
Fong Yun Thai Association, an umbrella body for three Hakka clans in Singapore, is looking to
collectively sell 13 semi-detached houses at 11 Holland Link with an indicative price of S$38
million.
The guide price works out to an average asking price of about S$767 per sq ft, or S$2.93 million
for each house, which has a built-up area ranging from 3,692 sq ft to 4,348 sq ft.
The 99-year leasehold cluster landed housing project, which was completed in November 2014,
consists of a total of 82 semi-detached houses. Located along Holland Link Road in prime District
10, the project is also a short drive away from local and international schools.
The expression of interest exercise for these houses at Eleven @ Holland will close at 4pm on Jan
17, 2020.

Links to the story:
https://www.businesstimes.com.sg/real-estate/hakka-association-selling-13-semi-detached-houses-at-bt-timah-with-
s38m-guide-price

Weekly News Review
Dec 6 2019 / Issue 49

https://www.straitstimes.com/business/property/13-holland-link-houses-for-sale-with-38m-guide-price

HDB resale prices up 0.6% in November
Housing and Development Board (HDB) resale prices have notched their biggest month-on-month
(m-o-m) increase this year despite a smaller number changing hands.
Resale prices, which through most of 2019 have moved within a -0.2 to +0.2 per cent range, rose
0.6 per cent in November from October. It is the biggest monthly increase since January's 0.5 per
cent rise from December 2018.
Prices in non-mature estates rose by 2 per cent year-on-year. Those in mature estates fell 2 per
cent.

Links to the story:
https://www.businesstimes.com.sg/real-estate/hdb-resale-prices-up-06-in-november
https://www.straitstimes.com/singapore/hdb-resale-prices-up-06-in-nov-srx

Commercial
UBS Singapore celebrates handover of 9 Penang Road
UBS Singapore celebrated the handover of the 381,000 sq ft prime property at 9 Penang Road,
from owner of the development, Park Mall Pte Ltd (PMPL), a joint venture between Haiyi
Holdings Pte Ltd, SingHaiyi Group Ltd and Suntec Reit, at UBS's Appreciation Night 2019 held
at Hotel Fort Canning.
The handover ceremony was commemorated with the light-up of Singapore's tallest sustainable
tree made up of plastic bottles, certified by the Singapore Book of Records. The 12.8-metre tall
structure is covered with 6,000 flowers made from 3,000 discarded plastic bottles, which were
individually upcycled and handcrafted by volunteers from UBS, LASALLE, Community
Foundation of Singapore and community partners.
UBS plans to move into 9 Penang Road in the second half of 2020.

Link to the story:
https://www.businesstimes.com.sg/life-culture/ubs-singapore-celebrates-handover-of-9-penang-road

Robinson Centre close to being sold: sources
Robinson Centre, a 20-storey office building in the CBD, is close to being sold, BT understands.
Market watchers expect the pricing to be around S$340 million, or in the range of S$2,550-S$2,600
per sq ft based on the building net lettable area of about 132,300 sq ft. Robinson Centre is on a site
with about 76 years left on its leasehold tenure.
BT understands that the potential buyer is a private fund managed by ARA Asset Management,
possibly ARA Real Estate Partners Asia II.
The ARA fund may be teaming up with a partner, which some sources suggest could be M&G, for
the Robinson Centre acquisition.
The seller is an entity connected to Homax group, which is controlled by the Tsai family of Taiwan.

Weekly News Review
Dec 6 2019 / Issue 49

Link to the story:
https://www.businesstimes.com.sg/real-estate/robinson-centre-close-to-being-sold-sources

HK's Raffles Family Office opens in Singapore
Hong Kong multifamily office Raffles Family Office has launched in Singapore with the intention
of investing in startups, incubating other family offices and leveraging strategic partnerships to
grow its client base.
The firm, which manages more than US$2 billion in assets, is looking to serve clients in the Asean
region, though its existing clients in Greater China are also looking at diversifying.
Raffles Family Office, founded in 2016, is aiming to grow its assets under management to at least
US$5 billion by next year, and wants to double that figure by the end of 2021. It now has offices
in Singapore, Hong Kong and Taipei, and will open one in Shanghai early next year. It expects
two to three more offices in 2020.
The company's total office space now spans about 12,000 sq ft. Within the next two years, it aims
to hit 25,000 to 30,000 sq ft of space across six to eight offices, and wants to increase its employee
headcount to 100-120, from the current 57.

Link to the story:
https://www.businesstimes.com.sg/companies-markets/hks-raffles-family-office-opens-in-singapore

Retail
Sasa to close all 22 outlets in Singapore
All 22 Sasa International shops in Singapore will be shut down, the cosmetics retailer announced,
in a move that is likely to affect about 170 workers.
It said its decision came after its stores here recorded losses for six consecutive years despite its
efforts to turn the business around.
Sasa said that the 170 employees will be fully compensated according to Singapore's employment
regulations.

Link to the story:
https://www.straitstimes.com/singapore/sasa-to-close-all-22-outlets-in-singapore

Singapore retailers score hat trick with mega sales events
It’s officially sale season, and while consumers are happy with the deals they scored from the
Black Friday and Cyber Monday sales, retailers are even happier with their takings at the till.
Consumer electronics retailer Gain City, which operates both online and physical stores, told The
Business Times it saw a whopping 413 per cent increase in revenue for this year's Black Friday
event, compared to that in 2018.
US online retail giant Amazon's Singapore store also reported booming business.
Black Friday, an American tradition, is arguably the busiest shopping event of the year in the US.
This is then followed by Cyber Monday, which is an online-only event.

Weekly News Review
                                                                                                   Dec 6 2019 / Issue 49

In recent years, however, Black Friday has become the day to buy big-ticket items, while Cyber
Monday is for smaller tech gadgets.

Links to the story:
https://www.businesstimes.com.sg/consumer/singapore-retailers-score-hat-trick-with-mega-sales-events
https://www.straitstimes.com/singapore/black-friday-sale-success-sparks-hope-for-stores

Government
MOF seeks views and suggestions for Budget 2020
Ahead of Singapore's Budget, which is slated to be unveiled in February, the Ministry of Finance
is seeking the views and suggestions of all Singaporeans.
Among the topics on which the government is seeking views is the impact of US-China trade
tensions on internationalisation efforts by companies; and the areas of enterprise capabilities that
businesses need in order to compete better.
Other subjects on which feedback is being sought include how Singaporeans can play a bigger role
in enhancing the nation's security; and how existing schemes to encourage families to offer mutual
care and support can be improved.
The public may provide their views through various channels across a six-week period from
Monday, Dec 2, to Friday, Jan 10.
They may visit the Reach Budget 2020 microsite (www.reach.gov.sg/budget2020) to submit their
views.
Links to the story:
https://www.businesstimes.com.sg/government-economy/mof-seeks-views-and-suggestions-for-budget-2020
https://www.straitstimes.com/singapore/public-can-offer-feedback-ahead-of-budget-2020

Govt strategy will be to transform, support, sustain, says Indranee
Helping businesses to innovate, go regional and build capabilities is a priority for the government
even as it helps workers to upskill and reskill to seize new opportunities, Second Minister for
Finance Indranee Rajah said.
In the first official speech to outline the government's strategies for Budget 2020, Ms Indranee said
it can be summarised in three words: transform, support and sustain.
This comes on the back of an increasingly challenging external environment, she added, notably
the US-China trade tensions. At the same time, the world is changing in "deep, structural" ways
leading to growing income inequality, which in turn has triggered unrest and uprising in other parts
of the world, she said.
The Budget is a tool for Singapore to make the most of its advantages in the face of these
challenges.
Links to the story:
https://www.businesstimes.com.sg/government-economy/govt-strategy-will-be-to-transform-support-sustain-says-
indranee
https://www.straitstimes.com/singapore/next-budget-to-transform-industries-and-workforce-ensure-sustainability

                Huttons Asia Pte Ltd | L3008899K | ROC No. 200210087C | GST Reg No. 20-0210087-C
               3 Bishan Place #05-01, CPF Building, S (579838) | Tel. (65) 6253 0030 | Fax (65) 6253 0090
                                              www.huttonsgroup.com

Weekly News Review
                                                                                                   Dec 6 2019 / Issue 49

Cross Island Line to run under nature reserve
The future Cross Island Line will run directly under the central catchment nature reserve instead
of skirting around it, the Ministry of Transport (MOT) announced.
The government had decided on the "direct alignment" option of tunnelling 70 m underground
after taking into account the findings from the Environmental Impact Assessment (EIA) study as
well as public consultations over the past few months, it added.
The decision comes after months of debate and criticism from nature groups that running the line
under Singapore's largest nature reserve would damage it, even as skirting around it is a longer,
more expensive route that would affect residents in the area.
Links to the story:
https://www.businesstimes.com.sg/government-economy/cross-island-line-to-run-under-nature-reserve
https://www.straitstimes.com/singapore/transport/cross-island-line-to-take-direct-route-under-nature-reserve
https://www.straitstimes.com/singapore/transport/crl-will-improve-connectivity-across-island
https://www.straitstimes.com/singapore/environment/nature-groups-worry-move-may-influence-other-future-
projects
https://www.straitstimes.com/singapore/transport/upper-thomson-residents-breathe-a-sigh-of-relief

Iswaran rolls out S$20m fund, partnerships to boost media hub status
Communications and Information Minister S Iswaran rolled out a S$20 million fund as well as
more partnerships to develop content and groom talent that will further boost Singapore as an
Asian media hub.
Called the Financing Partnership Programme, the S$20 million fund run by the Infocomm Media
Development Authority (IMDA) is "the first of its kind in South-east Asia", according to the
minister. It's aimed at helping to finance media projects such as television shows, animated features
or movies.
While the programme has no restrictions on the types of projects involved, parties seeking financial
support from it must set up in and invest out of Singapore. They must also have an established
track record in media fund management.

Links to the story:
https://www.businesstimes.com.sg/government-economy/iswaran-rolls-out-s20m-fund-partnerships-to-boost-media-
hub-status
https://www.straitstimes.com/singapore/wanted-more-media-projects-that-are-made-with-singapore

Enterprise Singapore launches second run of Scale-up SG
Enterprise Singapore (ESG) on Thursday launched the second run of Scale-up SG, bringing 18
new local enterprises on board the accelerated growth programme.
Launched in July, Scale-up SG aims to help local mid-sized companies with high-growth potential
to scale rapidly and eventually contribute significantly to Singapore's economy, as well as create
good jobs for Singaporeans. The programme comprises three phases over 2½ years, in which the
companies will work with partners such as McKinsey & Company and PwC Singapore and learn
from one another to strategise and execute business acceleration plans.

                Huttons Asia Pte Ltd | L3008899K | ROC No. 200210087C | GST Reg No. 20-0210087-C
               3 Bishan Place #05-01, CPF Building, S (579838) | Tel. (65) 6253 0030 | Fax (65) 6253 0090
                                              www.huttonsgroup.com

Weekly News Review
Dec 6 2019 / Issue 49

The companies participating in the second run of the programme represent a diverse range of
industries, and include more B2B businesses than the previous cohort, such as Ademco Security
Group and Tai Sin Electric. Consumer brands are also featured, like furniture firm Castlery and
food and beverage brands Mr Bean and Saladstop.

Links to the story:
https://www.businesstimes.com.sg/government-economy/enterprise-singapore-launches-second-run-of-scale-up-sg
https://www.straitstimes.com/business/18-companies-join-scheme-to-help-local-firms-scale-up-more-quickly

Economy
Non-resident deposits in Singapore rise over past few months
Bank deposits here from residents outside Singapore rose to levels not seen since early-2016,
preliminary data from the Monetary Authority of Singapore showed.
The latest data showed S$49.76 billion from residents outside Singapore were held through the
domestic banking unit as at October this year. It includes deposits from persons with registered
addresses outside Singapore - including overseas residents - Singaporeans working abroad, and
companies with a registered address outside Singapore.
Figures compiled by The Business Times showed that such deposits have been rising month to
month since April. That makes seven straight sessions of expansion.
Foreign-currency deposits have also continued their climb. As at October, they totalled S$15.47
billion - the highest since 1991, which is as far as records went - having risen in each consecutive
month since May this year, with the biggest surge recorded in July.
Foreign-currency deposits come from both residents and non-residents, and have mostly stayed
within the S$7-8 billion range in the past three years.
Link to the story:
https://www.businesstimes.com.sg/banking-finance/non-resident-deposits-in-singapore-rise-over-past-few-months

Singapore business sentiment up slightly in Q1 2020; hiring to drop
Business sentiment among local firms has risen slightly for the first quarter of 2020, according to
the latest Business Optimism Index study by the Singapore Commercial Credit Bureau (SCCB).
Business sentiment rose to +5.31 percentage points in Q1 2020 from +4.82 percentage points in
Q4 2019, with five of six indicators in the positive zone.
The services sector was the most optimistic for Q1 2020, with all six indicators in the green. Its
selling price indicator jumped to +29.03 percentage points from -12.90 percentage points in Q4
2019. Employment levels was the only indicator that fell, from +12.90 percentage points to +6.56
percentage points.
The study polled 200 business owners and senior executives representing major industry sectors
across Singapore.
Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-business-sentiment-up-slightly-in-q1-2020-
hiring-to-drop
https://www.straitstimes.com/business/economy/singapore-business-confidence-rises-for-q1-next-year-survey

Weekly News Review
Dec 6 2019 / Issue 49

Factory slump may be easing even as PMI stays in contraction
Manufacturing sentiment remains in the doldrums but a key gauge out yesterday suggests that the
seven-month slump at the factory gate may be ending.
The Purchasing Managers' Index (PMI) came in at 49.8 last month, 0.2 point up on October's
reading but still in contraction territory. A reading above 50 indicates expansion.
The improved overall PMI reading was due in part to faster rates of expansion in factory output,
said the Singapore Institute of Purchasing and Materials Management (SIPMM), which compiles
the index.
Links to the story:
https://www.straitstimes.com/business/economy/factory-slump-may-be-easing-even-as-pmi-stays-in-contraction
https://www.businesstimes.com.sg/infographics/singapore-factory-activity-slide-eases-in-november

Manufacturing doldrums may be hitting nadir with gradual recovery in 2020
The manufacturing sector, which has suffered greatly from the ongoing trade war, is now showing
signs of bottoming out, according to market watchers.
In the first half of 2020, the manufacturing sector is expected to stabilise and see a gradual recovery
going in the second-half year, said Neo Teng Hwee, UOB chief investment officer and head of
investment products and solutions.
New and emerging technology will also contribute to the manufacturing sector's turnaround.
Mr Neo cited the rolling out of 5G technology in China as an example of how there could be a new
wave of manufacturing demand as the technology sector sees more development.
The "remarkable performance" of the semiconductor industry is another indicator that the
manufacturing sector is picking up.
Link to the story:
https://www.businesstimes.com.sg/companies-markets/manufacturing-doldrums-may-be-hitting-nadir-with-gradual-
recovery-in-2020

Hospitality
Mega projects to fuel Singapore's long-term tourism
Singapore’s two integrated resorts (IRs) have been a roaring success, but there's been no let-up in
efforts to keep the nation's tourism momentum going.
Over the next few years, the Mandai eco-tourism hub and Jurong Lake District, and S$9 billion in
further commitments by the IRs are among the projects that will continue to excite visitors.
But the biggest challenge to the industry is the global slowdown. Global and external events have
historically had a pronounced effect on tourist receipts, which fell 18.3 per cent year-on-year
during the global financial crisis and 13.3 per cent in the Asian Financial Crisis. With receipts
having fallen for three straight quarters as of Q2, a continued slowdown might "prolong the
softness of Singapore's tourism industry."
Notwithstanding these short-term headwinds, analysts are optimistic for 2020, expecting
Singapore to see a continued diversion of leisure and business travellers from Hong Kong.

Weekly News Review
Dec 6 2019 / Issue 49

Link to the story:
https://www.businesstimes.com.sg/government-economy/mega-projects-to-fuel-singapores-long-term-tourism

Singapore notches record Q3 tourist arrivals of 4.9m
Singapore tourist arrivals rose to an all-time quarterly high for the July to September period this
year, driven by higher Chinese demand. However, local tour agencies have yet to see
corresponding gains in their businesses from the influx, in part due to changing consumer
preferences.
According to data available on the Singapore Tourism Board (STB) website, Singapore welcomed
the highest number of international visitors for a quarter in 3Q2019, at 4.9 million. This was a 7.8
per cent increase over 2Q2019's figure of 4.6 million arrivals, and a 3.5 per cent gain on the 4.8
million in the same quarter last year.
Travellers from the Middle Kingdom accounted for slightly over 1 million arrivals this quarter, or
20 per cent of total tourist arrivals, making it the top source market for Singapore tourism.
Indonesia trails behind at 759,560 arrivals, accounting for 15 per cent of total tourist arrivals during
the quarter.
STB's data shows that despite having more tourist arrivals; the average length of stay this quarter
remains the same as last year's 3.4 days.

Link to the story:
https://www.businesstimes.com.sg/government-economy/singapore-notches-record-q3-tourist-arrivals-of-49m

Singapore Airshow 2020 to be fully solar-powered
The Singapore Airshow 2020 will be fully solar-powered for the first time in its 12-year history,
as sustainability becomes a key area of focus for the biennial event next February.
To be held at Experia Events' Changi Exhibition Centre, the aviation show will be powered by
over 15,000 solar panels capable of producing 7,840 megawatt hours of power annually. These
solar panels have already been installed on the building's roof.
The Singapore Airshow 2020 will be held from Feb 11 to 16, and apart from a trade exhibition,
this seventh edition will also feature a series of high-level meetings, business forums, youth
engagement programmes and aerial displays for the public.

Link to the story:
https://www.businesstimes.com.sg/transport/singapore-airshow-2020-to-be-fully-solar-powered

Qantas opens first-class lounge at Changi Airport
Qantas has opened a first-class lounge in Changi Airport Terminal 1 - the first such facility the
Australian flag carrier has set up in Asia.
It joins the airline's other first-class lounges in Sydney, Melbourne and Los Angeles.
The sprawling wood-and-marble affair is spread across 1,000 sq m and seats 240. It includes a bar
and a 157-seat a la carte restaurant where locally inspired dishes like crayfish laksa and other
seasonal creations can be ordered.

Weekly News Review
                                                                                                   Dec 6 2019 / Issue 49

The lounge will be open to first-class and top-tier frequent fliers from both Qantas and oneworld,
the aviation alliance of which the Australian carrier is a member.

Link to the story:
https://www.straitstimes.com/singapore/transport/qantas-opens-first-class-lounge-at-changi-airport

Industrial
Waste management company 800 Super unveils S$130m integrated facility in Tuas
Local waste management company 800 Super officially opened its new, S$130-million integrated
energy and resource recovery facility in Tuas South.
The integrated facility, about the size of three football fields, houses a biomass energy plant, a
sludge treatment plant and an industrial laundry. The facility uses the energy by-product of one
activity to generate energy for the next.
The integrated plant is expected to yield cost savings of up to 12 million litres of diesel a year, as
well as opportunities for 800 Super.
By the end of 2020, 800 Super wants to double its processing capacity from an initial 240 tonnes
of spent grains per day, to 480 tonnes.

Links to the story:
https://www.businesstimes.com.sg/companies-markets/waste-management-company-800-super-unveils-s130m-
integrated-facility-in-tuas
https://www.straitstimes.com/business/companies-markets/800-super-opens-tuas-plant-announces-new-lines-of-
business

France's Bollore opens S$100m high-tech facility in Jurong
French supply-chain firm Bollore Logistics has opened a S$100 million, fully-automated facility
in Jurong that promises to cement Singapore's reputation as a global logistics hub.
The Blue Hub, as it has been called, is designed to improve operational efficiency in handling
goods from storage and managing orders to distribution, particularly for businesses in the perfume
and cosmetics sector.
Within the Blue Hub is Bollore Logistics' B.Lab, the company's second such facility after the one
in Puteaux in France. The lab uses robotics and other digital technologies to come up with logistics
solutions - arrived at through collaboration with other sector stakeholders and partners - that enable
more efficient and sustainable ways to handle goods on a supply chain.
It has a centralised multi-shuttle automation system and the tallest spiral conveyor in Asia Pacific.
Its building management system and Internet of Things (IoT) devices enable predictive analyses
of temperature and air quality, thus minimising energy consumption and improving workplace
efficiency. It is the first building in Asia to qualify for the BiodiverCity label, the first international
label for biodiversity in construction and renovation projects.

Links to the story:
https://www.businesstimes.com.sg/government-economy/frances-bollore-opens-s100m-high-tech-facility-in-jurong
https://www.straitstimes.com/singapore/french-firm-opens-100m-logistics-innovation-hub

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                                                                                                  Dec 6 2019 / Issue 49

F&N lays groundwork on S$80m integrated F&B facility in Tuas
Fraser and Neave (F&N) subsidiary F&N Foods is building a S$80 million food and beverage
facility to boost innovation efforts.
The 375,000 sq ft facility in Tuas is planned for completion in late-2021.
The plant will expand F&N Singapore's capabilities in areas such as production, warehousing, and
research and development, as well as enable the company to consolidate most of its Singapore
non-alcoholic beverage operations under one roof, the company said in a statement.
The facility, set to be a "future-ready, smart factory", will feature an automated storage and
retrieval system, and is designed to be the group's product innovation centre, the company
announced at a groundbreaking ceremony for the facility.

Links to the story:
https://www.businesstimes.com.sg/companies-markets/fn-lays-groundwork-on-s80m-integrated-fb-facility-in-tuas
https://www.straitstimes.com/business/companies-markets/fn-building-80m-smart-integrated-facility-in-tuas

Dyson starts assembling new research teams here
Technology company Dyson has started assembling new research teams here in line with the move
to its new headquarters at St James Power Station in 2021.
The process, which began a few months ago, has seen the first team specialising in machine
learning, artificial intelligence (AI) and robotics formed, said Mr Bruce Brenner, director of
technology scouting and energy storage at Dyson.
The privately owned British company known for its bagless vacuum cleaners said that it wants to
more than double its research and development headcount in Singapore from 350 now over the
next five years.

Link to the story:
https://www.straitstimes.com/business/companies-markets/dyson-starts-assembling-new-research-teams-here

Overseas
Hong Kong home prices down for 5th straight month in October
Private home prices in Hong Kong slipped for a fifth consecutive month in October as the Asian
financial hub grapples with its biggest political crisis in decades, although the pace of decline
slowed.
October prices dropped 1.3 per cent in one of the world's most expensive property markets,
compared with a revised fall of 1.7 per cent in September, government data showed.
The property sector has been relatively resilient compared with the tourism and retail sectors,
which have been hit badly by six months of often violent anti-government protests and the US-
China trade dispute. Hong Kong's home prices are still up 4.6 per cent so far this year.

Links to the story:
https://www.businesstimes.com.sg/real-estate/hong-kong-home-prices-down-for-5th-straight-month-in-october

               Huttons Asia Pte Ltd | L3008899K | ROC No. 200210087C | GST Reg No. 20-0210087-C
              3 Bishan Place #05-01, CPF Building, S (579838) | Tel. (65) 6253 0030 | Fax (65) 6253 0090
                                             www.huttonsgroup.com

Weekly News Review
Dec 6 2019 / Issue 49

https://www.straitstimes.com/business/property/hk-home-prices-fall-for-5th-straight-month

Australian home prices jump most in 16 years, rest of economy lags
Australian home prices rose at the fastest pace in 16 years in November as record-low interest rates
and looser lending standards turned bust into boom, though other economic news was not nearly
as upbeat.
Home prices across the country climbed 1.7 per cent in November from October, the largest
monthly gain since 2003.
Sydney led the race with a jump of 2.7 per cent for November, while prices for houses alone scored
the largest increase since 1988.
Melbourne gained 2.2 per cent and both cities posted positive annual growth, a world away from
the double-digit declines experienced earlier this year.

Links to the story:
https://www.businesstimes.com.sg/real-estate/australian-home-prices-jump-most-in-16-years-rest-of-economy-lags
https://www.straitstimes.com/business/property/australia-home-prices-surge-most-in-16-years

Toronto housing prices on the up amid tightening supply
Toronto’s home prices extended gains in November, and are now accelerating at the fastest annual
pace since 2017 as demand continues to outpace a dwindling supply of listings.
Benchmark prices on homes sold in Canada's biggest city rose 0.6 per cent in November from
October, bringing the increase from a year earlier to 6.8 per cent, the Toronto Real Estate Board
(TREB) said in a report.
The number of transactions also rose, with sales up 14 per cent from November 2018.
Toronto's housing market began bouncing back in recent months - driven by a combination of
lower mortgage rates and rising population - after almost two years of adjustment to higher taxes
and tighter regulations to tame soaring valuations.

Link to the story:
https://www.businesstimes.com.sg/real-estate/toronto-housing-prices-on-the-up-amid-tightening-supply

Contact:
Lee Sze Teck
Head, Research
(65) 6500 6510
szetecklee@huttonsgroup.com

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