private banker Yak has left BSI

Sign up for your FREE daily Singapore Market Report
marketreport
SINGAPORE
www.theedgemarkets.com
REUTERS
FRIDAY MARCH 11, 2016
P4 HOME BUSINESS
Competition heats
up as Singtel,
M1 launch new
upsized mobile
data add-ons
P4 HOME BUSINESS
1private
MDB
banker
Yak has left BSI
P2 COVER STORY
Optimism
about economic
performance
among Singapore
CFOs falls to
3-year low
P8 MALAYSIA
Bank Negara likely
to maintain OPR at
3.25% in 2016
P11 PROPERTY
Below $1 mil:
Freehold
apartment in
district 9
F R I DAY M ARCH 11, 20 16 • THEEDGE SINGAPORE MARKET REPORT
AFP
2 COVE R S TO RY
1MDB private banker
Yak has left BSI
BY L E U S I E W Y I NG
SINGAPORE (March 10): Yak Yew Chee, who managed a
number of accounts linked to 1Malaysia Development Bhd
(1MDB) held at BSI Bank’s Singapore unit, is no longer employed by the Swiss private bank. Yak, who joined BSI Singapore in 2009, handled accounts for 1MDB, its subsidiary
Brazen Sky, financier Low Taek Jho and Abu Dhabi investment firm Aabar Investments PJSC and their affiliates. He
earned some $27 million in salary and bonuses over four
years at BSI Singapore.
A spokesman for BSI says Yak left its employ last month.
“He is no longer employed since February,” the spokesman
says. The bank would not say whether Yak resigned or was
fired. A spokesman said on Feb 5 that Yak was still an employee, but was “suspended since months pending the finalisation of the internal review”.
The bank declined to say whether the review was now
completed. It also declined to say whether its acquisition by
Swiss private banking group EFG International required
any headcount changes.
On Feb 22, EFG International announced that it had
reached an agreement with BTG Pactual, BSI’s owner, to
buy the bank for CHF1.3 billion ($1.8 billion).
An attempt to reach Yak by phone for comments failed.
BSI Singapore made Yak go on unpaid leave between May
22 and Sept 30, 2015, while it conducted an internal investigation to discover whether there was any impropriety or
misconduct related to the accounts he handled.
On April 27, Yak signed a statutory declaration, requested
by his employer, stating that he had not engaged in unlawful
conduct in relation to the 1MDB-linked accounts.
Yak previously worked at RBS Coutts. In 2009, he was
among 70 private bankers who left RBS Coutts for BSI.
Hanspeter Brunner, CEO of BSI Bank Asia, also previously worked at RBS Coutts. On March 8, BSI said Brunner had
decided to retire. He will be succeeded by Raj Sriram, head
of private banking at BSI Bank Asia.
F RI DAY M ARCH 11, 20 16 • THEEDGE SINGAPORE MARKET REPORT
3
F R I DAY M ARCH 11, 20 16 • THEEDGE SINGAPORE MARKET REPORT
4 HOM E
Competition heats up as Singtel, M1
launch new upsized mobile data add-ons
BY BENJAMIN TAN
SINGAPORE (March 10): Competition among the local telcos
is stiffening.
On Thursday, M1 added its mySIM+ 15 and mySIM+ 20 plans
to its existing post-paid plans, which allow mobile subscribers to not commit to a two-year contract. For $15 a month, the
mySIM+ 15 plan offers 1GB data, 100 minutes of calls and 600
SMS/MMS. For $20 a month, mySIM+ 20 offers 4GB data, 150
minutes of calls and 800 SMS/MMS.
M1 also launched a new upsized data feature, priced at $5.90
a month, for new and recontracting customers to boost their
data bundles by up to 12GB. M1’s Upsized Data bundle will be
available for use and billed from 1 April 2016.
In a bid to expand its data-centric mobile plan offerings,
Singtel introduced DataX2 on Wednesday. This new feature
allows customers to double their mobile data allowance for
$5.90 net a month.
MyRepublic has also launched its planned mobile offerings
ahead of its winning a telco licence. Its broadband customers
can choose between a 2GB plan at $6 a month and an unlimited data plan at $60 a month.
Optimism about economic performance among
Singapore CFOs falls to 3-year low: survey
BY BENJAMIN TAN
SINGAPORE (March 10): Confidence about Singapore’s economic health has slipped to a three-year low among CFOs and
other top executives, according to a new survey.
The survey by American Express and research group CFO
Research, which covered senior finance and corporate executives from 15 countries, showed that business leaders in
China, Hong Kong and Singapore saw the biggest decline in
confidence.
Singapore had 60% of business leaders being optimistic,
down from 70% last year. Some 58% of Chinese leaders were
confident about the economic performance, down from 78%
last year. Around 30% of Hong Kong business leaders were
sanguine, down from half last year.
Globally, 65% of business leaders said they are positive
about growth, down from 71% last year.
In the Asia Pacific, only CFOs in Australia expect the economy to do better this year than last; some 64% were optimistic
compared with 60% last year.
F RI DAY M ARCH 11, 20 16 • THEEDGE SINGAPORE MARKET REPORT
BLOOMBERG
5 H OM E
STI ends 0.05% lower at 2,809.12
BY B EN N Y TA N
SINGAPORE (March 10): The Singapore market closed little
changed on Thursday.
The Straits Times Index (STI) ended the day 0.05% lower at
2,809.12, after trading between 2,798.70 and 2,829.07. Market
breadth was negative. Excluding warrants, decliners outnumbered gainers 203 to 186.
A total of 2.4 billion shares worth about $988 million changed
hands, giving an average of 41 cents per share for the entire market.
Elektromotive Group, Ezra Holdings, IEV Holdings, Chasen
Holdings, and Moya Holdings Asia were among the most actively traded counters.
Among STI components, Golden Agri-Resources surged 6.6%
to 40.5 cents, while Hongkong Land climbed 2.7% to US$6.18.
Meanwhile, Noble Group slipped 2.3% to 42.5 cents, while Keppel Corp shed 1.7% to $5.90.
IEV Holdings leapt 78.1% to 11.4 cents. The provider of integrated engineering solutions to the offshore and gas industry was
queried by the Singapore Exchange (SGX) over unusual trading
activity in its shares. IEV says that it is not aware of any information not previously announced which might explain the trading.
Linc Energy plummeted 36.6% to 18.4 cents. The diversified
energy company was also queried by the SGX over unusual
trading activity in its shares. Linc Energy says that it has made
extensive disclosure concerning the completion of its share
consolidation and the amendments to its tradeable convertible
notes, as well as the conversion of US$22.1 million of convertible notes to equity. Apart from this, the company says that it
is not aware of any information not previously announced
which might explain the trading.
Chasen Holdings soared 69.7% to 5.6 cents. The industrial
relocation and warehousing services provider was queried by
the SGX over unusual trading activity in its shares.
Debao Property Development slipped 2.6% to 3.7 cents. The
developer of real estate in China proposed to undertake a share
consolidation exercise to consolidate every fifteen existing ordinary shares into one ordinary share. This is to comply with
the minimum trading price requirement of 20 cents per share
implemented by the SGX for mainboard-listed companies.
Datapulse Tech sinks into 2Q net loss of $580,000
BY J EF F R E Y TA N
SINGAPORE (March 10): Datapulse Technology has swung into
a net loss of $580,000 in the second quarter ended Jan 31, 2016,
from earnings of $71,000 a year ago.
Revenue tumbled 21.5% to $4.8 million from $6.1 million
previously, due to weak demand for media storage products
and services and cards products and services in the quarter.
The media storage manufacturer sees a challenging operating environment ahead in the industry due to weak market
demand for media storage products and services.
Shares of Datapulse ended down 0.5 cent or 2.3% at 21 cents.
F R I DAY M ARCH 11, 20 16 • THEEDGE SINGAPORE MARKET REPORT
6 HOM E
B RO K E R S ’ REP ORT
Maybank Kim Eng stays positive
on property, favours CDL and
CapitaLand
SINGAPORE (March 10): Maybank Kim
Eng has kept City Developments Ltd
(CDL) among the top picks from the
property sector, saying that its ongoing
move to unlock the value of its assets
has some way to go.
CDL has so far monetised $2.6 billion
of assets and could unlock another $2.4
billion to achieve its $5 billion in assets
under management target by 2018.
“This could aid earnings and narrow
its trading discount to RNAV,” writes analyst Derrick Heng in a March 9 report,
where he kept his “buy” call on CDL,
CapitaLand, Ho Bee Land and Wing Tai
Holdings. Heng expects CDL to continue
the monetisation pipeline by tapping
into the $4.5 billion worth of investment properties that sit on the developer’s books.
However, he cautions that weak economic conditions will weigh on the earnings of Millennium & Copthorne (M&C),
CDL’s UK-listed hospitality subsidiary.
Last year, CDL booked $73 million in
impairment charges for two hotels under
M&C, causing earnings to drop to $171
million in FY2015 from $333 million in
FY2014. Accordingly, Heng trims his
price target on CDL from $9.33 to $9.04.
Heng is also bullish on CapitaLand.
He describes the Temasek-linked company as having the “most established
platform” for recycling capital, thanks
to its string of REITS covering different
sectors of the property market.
The company is reconstituting its
portfolio, selling stakes in developments
such as the PWC Building but also investing in redevelopment of existing assets,
such as Funan DigitaLife Mall.
“We believe further asset divestments
or injections into its funds and REITs
offer upside to earnings,” writes Heng,
who has a price target of $3.83 on this
stock, up from $3.71 previously.
In addition, he expects CapitaLand to
pay a dividend of 10 cents this year as
it will be building up a cash position of
$4.2 billion over these three years from
the sale of its existing projects and wants
to keep its return on equity ratio high.
For Ho Bee, Heng expects the “mismatch” between this company’s share
price and underlying property values
to present opportunities. The company
has been trading at half its book value.
He reiterates the possibility that Ho
Bee chairman Chua Thian Poh, who
now owns nearly three-quarters of the
company, could privatise the company.
Chua, who has been steadily raising his
stake, holds 490.6 million shares, out
of a total of 666.2 million. Heng’s price
target for Ho Bee is unchanged at $2.33.
Just like Ho Bee, Wing Tai has been
trading at a steep discount to its book
value. However, Heng reckons that Wing
Tai faces looming regulatory deadlines
to sell its residential developments before penalties kick in.
For example, Nouvel 18, Wing Tai’s
50:50 joint venture with CDL, has to be
sold by November this year. This project
has yet to be launched. Le Nouvel Ardmore, on the other hand, has sold just
five out of 43 units. Penalties will kick in
starting this April. The Crest, 40% owned
by Wing Tai, has thus far seen buyers
for 103 out of the 469 units. The deadline for this project is September 2017.
Heng expects Wing Tai to structure
deals to offload its unsold units, such as
via its recently established fund management platform. He has trimmed his price
target on Wing Tai from $1.91 to $1.86.
CDL closed 0.4% higher at $7.54; CapitaLand closed 0.32% higher at $3.11; Ho
Bee Land closed 2.81% higher at $2.01;
and Wing Tai closed flat at $1.68. — By
Chan Chao Peh
OCBC neutral on public transport
sector, awaits details of govt
regulation in Budget
SINGAPORE (March 10): The earnings
prospects of Singapore’s public transport
operators will depend on government
regulation, according to OCBC.
The government’s main areas of focus are rules for private car hire services, transition to a new bus contracting
model, improving reliability of the rail
network and a new model of financing
rail infrastructure.
OCBC is neutral on the public transport sector as it awaits more details on
public transport spending, which will be
disclosed in the Budget later this month.
It has a “buy” on ComfortDelGro with
a $3.40 fair-value estimate. For SMRT, it
has a “hold” with a fair-value estimate
of $1.51. — By Benjamin Tan
CIMB starts coverage of
Valuetronics with 56 cent target
SINGAPORE (March 10): CIMB has started coverage of Valuetronics Holdings
with a recommendation to “add” and
a price target of 56 cents. Valuetronics
is an electronics manufacturing services provider and its key clients are in
consumer, industrial and commercial
electronics, mainly US and European
companies. The company has managed
to build up a wide product portfolio and
has managed to gain net margins of between 5% and 6%.
Valuetronics was previously in the
highly competitive mass-market LED
lighting business, but has since exited.
This will cause revenue and earnings
to drop this current FY16.
But, this will also help improve the
company’s gross margin from 13.6% in
FY15 to 15.2% in FY16, as it focuses on
the better margin business in industrial
and commercial electronics, says CIMB
analyst Ngoh Yi Sin and William Tng in
their March 10 report. They expect the
company to grow its earnings per share
by 12% to 16% per year between FY17
and FY18.
The CIMB analysts also like Valuetronics for being debt-free, and for being in
a net cash position of 32 cents per share.
Furthermore, the company has a
track record of paying dividends at an
average payout ratio of 45% over the
past five years.
CIMB’s price target of 56 cents is
based on 8.4 times 2017 earnings. It is
a 10% discount to the industry average
and is justified because of Valuetronic’s
relatively small scale.
“A potential catalyst is faster-than-expected client acquisition, while key
risks are severe economic downturn
and higher-than-expected hike in labour costs in China,” the analysts write.
Valuetronics closed 2.33% at 44 cents.
— By Chan Chao Peh
F RI DAY M ARCH 11, 20 16 • THEEDGE SINGAPORE MARKET REPORT
7 H OM E
AFP
IN B RI E F
Pacific Healthcare says legal
proceedings instituted against
company
SINGAPORE (March 10): Pacific Healthcare Holdings says it and its subsidiary,
Pacific Healthcare Nursing Home, have
been sued over an alleged $500,000
loan and a payment worth $1.78 million
over a terminated sale of two units.
The claim is made by Chan Ewe Teik,
a director of Straitsworld Advisory, and
Straitsworld Advisory over the recovery
of $500,000 in alleged loans.
Chan and his firm also seek to recover $1.78 million as part payment
for the proposed and subsequently
terminated sale by Pacific Healthcare
of all its shares in two units, Pacific
Surgical and Endoscopy Centre, and
Pacific Healthcare (Indonesia).
In January last year, Pacific Healthcare had entered into two sale agreements with Straitsworld for the
proposed sales. In May 2015, the agreements were terminated as certain conditions were not fulfilled or waived by
the long-stop date, Pacific Healthcare
says. — By Benjamin Tan
Singapore remains world’s most
expensive city: EIU
SINGAPORE (March 10); The republic
is the world’s most expensive city for
the third year running, according to
The Economist Intelligence Unit in its
latest wordwide cost of living survey.
Singapore was ranked the priciest
ahead of Zurich, Hong Kong, Geneva
and Paris. London was sixth and New
York seventh.
It was still the costliest city, despite
its its relative costs falling by 10% from
the 2015 survey.
The survey compares the cost of a basket of more than 160 items, from food,
toiletries and clothing to domestic help,
transport and utility bills, across 133 cities.
The cheapest cities were Lusaka, the
capital of Zambia, followed by Bangalore and Mumbai in India, the EIU says.
The EIU notes that costs across the
world have been highly volatile because of the rising US dollar, currency
devaluations, as well as slumping oil
and commodity prices.
ANZ exits SME business in
five Asian countries, cuts
around 100 jobs
SINGAPORE (March 10): Australia and
New Zealand Banking Group has exited
the emerging corporate (SME) business
in five Asian countries and cut around
100 jobs, a bank spokesman said.
It exited from the unit that lends to
smaller businesses in Singapore, Vietnam, Hong Kong, Indonesia and Taiwan,
the Melbourne-based spokesman told
Reuters, after sources said ANZ was
winding down its SME business in Asia.
Australia’s major banks are scrambling to improve shareholder returns
and profits amid slowing revenue
growth and stricter regulatory capital
rules. — Reuters
SIA and Tourism Malaysia tie up
to boost tourist flow to Malaysia
SINGAPORE (March 10): Singapore Airlines and Tourism Malaysia have inked a
marketing collaboration memorandum
to work on boosting tourist arrivals in
Malaysia.
The two-year partnership takes effect from April 1, 2016.
Under the agreement, the two parties will jointly explore and implement
activities to promote tourist traffic to
Malaysia through the Singapore hub
from 14 key inbound markets, by way
of SIA’s and SilkAir’s services.
Singapore and Japan partner to
promote Asia-Pacific air traffic
management transformation
SINGAPORE (March 10): The Civil Avi-
ation Authority of Singaporeand the
Civil Aviation Bureau of Japan (JCAB)
have inked a memorandum of cooperation to jointly promote air traffic
management transformation in the
Asia-Pacific.
The agreement will facilitate the
sharing of information, knowledge and
expertise between the two organisations. It will also enable collaboration
in ATM modernisation efforts and in
research activities to develop ATM concepts, solutions and technologies for
the next generation of ATM systems.
UOB prices US$500
million notes issue
SINGAPORE (March 10): United Overseas Bank has priced the issue of its
US$500 million ($691.4 million) subordinated notes due 2026 and callable in
2021 under its $15 billion euro medium
term note programme.
Priced at 99.574% of their principal
amount, the notes bear an interest rate
of 3.5% per annum payable in arrears
semi-annually.
The first call date and maturity dates
for the notes are Sept 16, 2021, and Sept
16, 2026, respectively.
The issue date of the notes is currently expected to be March 16, 2016.
Australia and New Zealand Banking
Group, Citigroup Global Markets Singapore, Credit Suisse (Singapore), HSBC
and UOB are the joint lead managers
for the notes.
UOB expects the notes to be rated A2
by Moody’s Investor Service and A+ by
Fitch Ratings.
F R I DAY M ARCH 11, 20 16 • THEEDGE SINGAPORE MARKET REPORT
8 M AL AYS IA
RHB: Bank Negara likely to maintain
OPR at 3.25% in 2016
BY M EEN A L A KSHA NA
KUALA LUMPUR (March 10): Bank Negara is likely to maintain
the overnight policy rate (OPR) at 3.25% in 2016, amid weak
economic factors, RHB Investment Bank said today.
In a note, the research firm said this is due to the impact of
rising inflation to be kept in check by weak energy prices, a
weak ringgit and weak economic growth prospects.
“While Bank Negara views that overall domestic financial
conditions have remained relatively stable since the previous
MPC meeting and liquidity remaining sufficient, we would like
to highlight that overall liquidity has fallen with the slowing
of broad money supply and loan growth to 2.7% in 2015, from
an increase of 7% in 2014,” the note read.
“With inflation unlikely to pose a threat going forward, following still weak energy prices, while the ringgit is expected to
remain weak and after taking into consideration the country’s
weakening growth prospects, the central bank will likely put
rates on hold for some time.”
The research firm was commenting on the central bank’s
decision to keep the OPR rate unchanged at 3.25% for the
10th consecutive Monetary Policy Committee (MPC) meeting yesterday and the Statutory Reserve Requirement (SRR)
ratio unchanged at 3.5%, which it had lowered from 4% on
Jan 21, 2016.
RHB Investment Bank said it has lowered its forecasts of
the inflation rate to be sustained at a growth of 2.1% for this
year, the same pace as 2015 and from an earlier estimate of
an increase of 2.7%, following the sharp reduction in petrol
prices in February and March, amid weak domestic demand.
The research firm said Bank Negara still expects inflation
to be higher, compared with 2015, given the adjustments in
administered prices and the weaker ringgit exchange rate.
However, this is expected to be mitigated by the continued
low energy and commodity prices and the generally subdued
global inflation, the firm said.
RHB Investment Bank also said the central bank did not
further lower the SRR ratio against its expectation of another 50 basis points reduction, likely due to the stabilisation of
financial conditions of late as capital outflow pressures ease.
The note stated that Bank Negara expects the Malaysian
economy to be driven by domestic demand and while private
consumption is expected to moderate, household spending
will continue to be supported by the growth in income and
employment, and the additional disposable income from the
measures announced during the 2016 Budget Recalibration.
“Overall, investment will continue to be supported by the
implementation of infrastructure development projects and
capital spending in the manufacturing and services sectors,”
the note read.
“The external sector is expected to record a modest improvement and provide additional support to the economy.”
F RI DAY M ARCH 11, 20 16 • THEEDGE SINGAPORE MARKET REPORT
9 M A LAYS IA
SC: Malaysian capital market
expands to RM2.82 tril
BY G H O C HEE Y UA N
KUALA LUMPUR (March 10): The Malaysian capital market
grew across all segments last year, with its size expanding
2.1% to RM2.82 trillion, or equivalent to 2.5 times the country’s Gross Domestic Product (GDP).
In releasing its Annual Report 2015 today, the Securities
Commission of Malaysia (SC) said the equity market increased
2.6% to RM1.7 trillion, from RM1.65 trillion a year ago.
Meanwhile, the bond and sukuk market registered a 1.4%
year-on-year (y-o-y) growth to RM1.12 trillion.
SC chairman Datuk Seri Ranjit Ajit Singh said the Malaysian
capital market continued to be a major source of financing
with RM90 billion raised through the primary market for the
fourth consecutive year, despite the global market volatility.
“A total of RM86 billion was raised through bonds, while
RM4 billion was raised via initial public offering (IPO).
“An additional of RM17 billion was raised through the second equity market,” he added.
“The capital market’s ability to remain resilient while maintaining public trust and investor confidence in a challenging
global climate attests to the continuous efforts that have been
put into strengthening its regulatory and institutional foundations,” Ranjit told a press conference today.
According to him, the size of Islamic Capital Market grew
6.7% to RM1.7 trillion, against RM1.59 trillion in 2014.
“Malaysia remained as the global leader in the sukuk market, with 54.3% share of global sukuk outstanding,” he added.
For the private retirement scheme (PRS), the net asset value was at RM1.2 billion within three years of establishment,
while members numbered 180,651, a 40% increase from December 2014.
SC chairman Datuk Seri Ranjit Ajit Singh
Zecon-Kimlun consortium wins RM1.46 bil
Pan Borneo Highway project
BY C H O N G JI N HU N
KUALA LUMPUR (March 10): A consortium comprising Kimlun
Corp Bhd and Zecon Bhd clinched a RM1.46 billion contract to
development and upgrade a portion of the Pan Borneo Highway in Sarawak.
In separate statements to Bursa Malaysia today, Kimlun and
Zecon said they secured the four-year (48-month) project’s letter of award from Lebuhraya Borneo Utara Sdn Bhd.
According to Kimlun and Zecon, both companies will
set up a joint venture company (JVC) to develop the Serian roundabout-Pantu junction stretch of the Pan Borneo
Highway.
Kimlun, which will own 30% in the JVC, said: “Upon the due
incorporation of the JVC, the JVC will enter into a contract with
the awarder on the project.”
Zecon will own the remaining 70% in the JVC. Kimlun and
Zecon said the contract was expected to “contribute positively” to their financials.
F R I DAY M ARCH 11, 20 16 • THEEDGE SINGAPORE MARKET REPORT
1 0 MALAYS IA
Customs: Thousands of companies
have yet to register for GST
BY KAMARUL ANWAR
KUALA LUMPUR (March 10): The Malaysian government is
optimistic of achieving its target to collect RM39 billion from
goods and services tax (GST) this year, since tens of thousands of
existing companies have yet to register for the new tax regime.
Last year, the government said proceeds from the consumption tax amounted to RM27 billion. As the GST replaced
the sales and services tax only in April 2015, deputy director
general of customs Datuk Subromaniam Tholasy said the annualised figure would be RM36 billion.
With the target of RM39 billion, it would mean the government is expecting a growth in tax collection.
“On our side, we are doing some initiatives to make sure
we achieve the target. With existing businesses, we are ensuring compliance standards, where we send out audit teams to
help companies correctly file their taxes,” said Subromaniam.
He said while he did not have the exact figure during the
media briefing organised by accounting and consulting firm
Grant Thornton, the amount of companies that have yet to
Deputy
director
general of
customs
Datuk
Subromaniam
Tholasy
register for GST, ranged in the tens of thousands.
“And the number could change, because there are new
companies constantly being registered.”
Goldman hired daughter of Najib
ally amid 1MDB pitch: WSJ says
HONG KONG (March 10): Goldman Sachs Group
The firm has found that Leissner recommendInc hired the daughter of an ally to Malaysian
ed the hiring of Anis Jamaludin, the daughter
Prime Minister Najib Razak around the time
of the late Tan Sri Jamaludin Jarjis, a senior
the firm’s bankers were pitching business to the
politician and close aide to Malaysia’s Najib,
country’s government investment fund, the Wall
the WSJ reported. Anis Jamaludin worked as
a bank analyst in Singapore for three months
Street Journal reported, citing unidentified people.
in 2010, the newspaper said.
The New-York based firm is looking into the
2010 hiring as part of an investigation into the
Edward Naylor, a spokesman in Hong Kong
company’s actions related to 1Malaysia Develfor Goldman, declined to comment. The Journal
opment Bhd and into Tim Leissner, Goldman
couldn’t reach Anis Jamaludin for comment.
Sachs’s former Southeast Asia chairman, the
Najib’s office didn’t immediately reply to an
WSJ reported. Goldman is among several banks The late Tan Sri Jamaludin
e-mail seeking comment, while Anis could not
under investigation by US authorities over their Jarjis
be reached immediately.
hiring practices, the paper said.
Goldman is working with an outside law
Leissner was entangled in a sprawling investigation
firm to conduct an internal examination and is reviewing its
own role in helping 1MDB raise capital, people familiar with
into 1MDB after US authorities issued the German national
the matter told Bloomberg earlier this week. There is no ina subpoena about the Malaysian matter in late February,
dication that Goldman engaged in any wrongdoing, and the
people briefed on the matter said earlier this week. Invesbank is cooperating with the Justice Department’s efforts to
tigators have been trying to trace whether money might
have flowed out of the fund and illegally into personal acgather information, they said. Goldman received above-avercounts. Leissner left Goldman last month and hasn’t been
age commissions for arranging a series of bond sales for 1MDB
available to comment.
in 2012 and 2013. — Bloomberg LP
F RI DAY M ARCH 11, 20 16 • THEEDGE SINGAPORE MARKET REPORT
11 PROPE RTY
Below $1 million: Freehold
apartment in district 9
BY TA N C H EE Y U EN
SINGAPORE (March 10): A 560 sq ft unit apartment at Wilkie
80 in district 9 is listed on TheEdgeProperty.com for $999,999,
or $1,786 psf.
Wilkie 80 is a freehold apartment located at Wilkie Road.
The 50-unit development is within 500m of Rochor MRT station of the Downtown Line. Its immediate vicinity comprises
Mt Emily Park and Parklane Shopping Mall. Schools within 1
km from the property include Anglo-Chinese School (Junior)
and St Margaret’s Primary School.
The latest comparable transaction from the development
took place in July 2015 when a 398 sq ft shoebox unit was resold for $760,000, or $1,908 psf. Monthly rent of 400 to 500 sq
ft apartments from Wilkie 80 averaged $2,500, or $5.55 psf in
4Q2015. This translates to a potential gross rental yield of 3%.
Just sold: Three flats sold above $900,000
BY TAN C H EE Y U EN
SINGAPORE (March 10): Three HDB flats were sold above
$900,000 within a span of three days in February according to recent caveats lodged. These made up a total of nine
transactions above $900,000 for flats in February.
A 1,011 sq ft four-room flat at Pinnacle @ Duxton fetched
$938,000 on Feb 26, 2016. The high-floor unit is located
at 1B Cantonment Road that was completed in 2011. The
most expensive transaction involving a four-room flat in
Singapore was that of a high-floor unit at 1D Cantonment
Road which was transacted at $990,000 in Sep 2015.
Separately, a 1,571 sq ft executive flat at in Bedok changed
hands for $935,000 on Feb 26, 2016. This deal marks the
most expensive flat transaction in Bedok. It is located at
108 Lengkong Tiga that was completed in 1989.
In Kallang/Whampoa, a 1,259 sq ft five-room DBSS flat
at 9 Boon Keng Road was sold for $928,000 on Feb 24, 2016.
This transaction is the most expensive flat transaction in
Kallang/Whampoa after excluding terrace flat type. Completed in 2011, the property is located within 400m from
Boon Keng MRT station of the North-East Line.