DBSV S'pore Wired Daily 8 January 2014

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Publish date: Wed, 08 Jan 2014, 05:42 PM

Tiger Airways - Enters into strategic alliance with Cebu Pacific

Tigerair and Cebu Pacific, the largest budget carriers based in Singapore and the Philippines respectively, have announced plans to enter into a strategic alliance. Both parties will collaborate commercially and operationally on international and domestic air routes from the Philippines, thereby creating the biggest network of flights to the region. The alliance will enable both parties to leverage their respective strengths and harness synergies to enhance their network coverage, flight frequencies and customer service, and jointly market their routes using interline arrangement. As part of the strategic alliance, Tigerair will divest its 40% stake in Tigerair Philippines to Cebu Pacific.

bwill begin book-building for a commercial real estate investment trust (Reit) listing on Jan 13 that may raise as much as US$355m. This will be the first major Singapore initial public offering (IPO) this year, which could be followed by US$1 billion IPO of South Korea's Lotte Shopping Co Ltd's Reit after the Chinese New Year holiday. The OUE Commercial Reit is targeting a market capitalisation of $700m, and sponsor OUE plans to retain a stake of around 40%.

Chasen has set up its first Facilitised Refurbishment & Testing Centre (FRTC), which will open new opportunities to provide one-stop service to OEMs by merging its new refurbishment facility into its integrated logistics value chain. It has also announced S$10.6m of new contracts including a crossborder relocation works, worth S$7.4m, for a Korean company to Guangzhou, PRC.

A subsidiary of TEE Land has acquired Long House Food Centre, a popular food centre along Upper Thomson Road, for $45.2m. Long House, a family-held asset, sits on a 1,576 square metre freehold site that has been designated for commercial and residential use under the 2008 Master Plan. TEE Land said that it intends to redevelop the property into a commercial-cum-residential development.

Singapore's container throughput hit a record last year, shrugging off another sluggish year for the industry. Advance estimates released by the Maritime and Port Authority of Singapore (MPA) showed that container throughput in 2013 rose 2.9% from the previous year to reach a record 32.6 million TEUs. However, Singapore still failed to steal the No 1 spot from Shanghai Port, which had displaced it from pole position in 2010. Shanghai Port achieved a throughput of 33.6 million TEUs last year, up 3.4% y-o-y. Overall, Singapore's growth in container volume for 2013 was in line with global container volume growth of 3.3%.

In property news, despite last month's rule changes affecting the executive condo market, an EC site in Jurong West has drawn strong interest with 12 bids and a high top bid of $381.81 psf ppr from a Koh Brothers-Heeton Homes partnership. This was near the top end of the range predicted by property consultants when the site was launched in late October. And the top bid was just 0.45% from the next highest offer of $380.08 psf ppr.

US stocks rallied ahead of the December ADP employment change number and the FED minutes scheduled for release later tonight. Sentiment was also underpinned by the lesserthan-expected November trade balance of negative USD34.3bil (consensus negative USD40bil).

Source: DBSV

Chasen (5NV)Amcorp Global (S9B)

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