Reports » Singapore
Singapore stock market and companies daily report (Tiger Airways, Metro Holdings) (October 02, 2012)
Singapore’s Future Shipping Hub Consolidated At Tuas
In the future, Singapore will begin transhipment port activities from Tuas, close to the Republic’s industrial heart and also international shipping lanes. The first berths at Tuas will begin operations 10 years from now, in time for when Singapore’s city terminals at Tanjong Pagar, Keppel and Pulau Brani leases expire in 2027. Apart from these, Singapore which has two other existing terminals in Pasir Panjang Terminal 1 and Terminal 2, completed in 2010, will go ahead with a $3.5 billion expansion project for the construction of Pasir Panjang Terminal Phases 3 and 4, port operator PSA Singapore announced yesterday. When both phases are ready by 2020, they will add 250 hectares of terminal space, as well as 15 new berths and add 15 million twenty-foot equivalent units (TEUs) of capacity. However, Minister of Transport, Lui Tuck Yew said: “Over the longer term, not only the city terminals but also the Pasir Panjang terminals will be eventually merged at Tuas.”
Significance: Consolidation of shipping activities at Tuas will help boost efficiency and economies of scale and aid Singapore’s transformation into a world-class shipping hub by almost doubling the capacity to handle up to 65 million TEUs. Additionally, it will free up prime land for re-development which may spell a boon for local property developers.
Tiger and Scoot Itinerary Alliance Deepens Ties
Singapore Airlines’ long haul budget carrier Scoot and short haul associate Tiger Airways have inked a deal offering travellers single-ticket itineraries connecting destinations in Australia to selected cities in South-east Asia. Under a Memorandum of Understanding signed between the two airlines, the carriers will jointly market itineraries between Phuket, Ho Chi Minh City and Kuala Lumpur (destinations served by Tiger); and Sydney and Gold Coast (served by Scoot). Customers can buy a single itinerary for travel from Australia, via Singapore, to Tiger’s destinations. “This is an exciting development,” said Campbell Wilson, chief executive officer of Scoot, “Both carriers operate highly complementary networks, with Scoot focusing on medium-long haul routes of five or more hours, and Tiger focusing on shorter-haul journeys. Both airlines operate side-by-side at Singapore Changi Airport Terminal 2, and share a common philosophy of offering fuss-free service at unbeatable value.”
Significance: The joint itineraries and new services that will be rolled out will help boost network and operational cooperation between the two airlines, as well as, the airlines’ position and presence in South-east Asia.
Metro Acquired CBD Area Site In Jiangxi For $373m
Metro Holdings has acquired a mixed development site in the new central business district (CBD) area of Nanchang, Jiangxi province, China for Rmb1.9 billion (approximately $373 million), together with Hong Kong-listed Chinese property developer Top Spring International. The 269,454 square metre leasehold land parcel in Honggutan New District has a plot ratio gross floor area of 795,000 square metre. Metro and Top Spring plan to develop a large, upscale urban mixed development – including commercial office, residential and entertainment components – on the plot. The land use rights for the plot will grant 70 years for residential use and 40 years for commercial, office and entertainment uses. Accordingly, Metro said it is expanding its property interests in PRC and sees this investment as an “ordinary course of property development business in PRC”.
Significance: This latest project comes on the back of another successfully property investment at Prince Charles Crescent that it won jointly with partners Wing Tai and United Engineers, further testifying Metro’s ability to utilise recycled capital and generate net asset value growth.
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