Daily Briefing: SIA transfers SilkAir planes to Scoot; GIC joins US$400m private placement of US transport startup

And the tender for the mixed-use Sengkang Central site closes with 7 bidders.

From Reuters:

Singapore Airlines (SIA) expects to transfer some jets from its SilkAir regional airline to budget carrier Scoot so that it can compete more effectively against low-cost rivals like AirAsia Group and Lion Group.

"The plan comes after the carrier announced last month it would absorb underperforming SilkAir into the parent brand after 2020 when a program to upgrade cabins at a cost of more than $100m (US$73.5m) gets under way.

Singapore Airlines has been undertaking a three-year transformation program designed to cut costs and boost revenue amid competition from Chinese and Middle Eastern rivals and low-cost carriers."

Read more here.

From Deal Street Asia:

GIC participated in a US$400m private placement round for smart transportation solutions company Verra Mobility, which is awaiting a public listing in the US.

"US-based Verra is set to be publicly listed upon an imminent merger with Gores Holdings II, a special purpose acquisition company sponsored by an affiliate of The Gores Group. According to the statement, the private placement was led by Alec Gores, Chairman and CEO of The Gores Group, and joined by other large institutional investors such as Hamilton Lane and Northwestern Mutual."

Read more here.

From iCompareLoan:

The Urban Redevelopment Authority (URA) closed the public tender for the commercial and residential site at Sengkang Central. The tender received seven bids, indicating "healthy competition."

"The site was launched for sale via the Concept and Price (C&P) revenue tender system on 28 December 2017. Under this system, only the envelopes containing concept proposals were opened today and URA received a total of 7 tender submissions.

URA said that it has received 7 bids for the Sengkang central site from tenderers like Cressida 1 Pte. Ltd. and Callisto 5 Pte. Ltd, Laguna Garden Limited and Far East Commercial Trustee Pte. Ltd. (in its capacity as Trustee-Manager of Far East Commercial Trust), and MCC Land (Singapore) Pte Ltd and Grantral Buangkok Properties Pte Ltd."

Read more here.

Also Read

Singapore to house new air traffic control command center

SIA Group's cargo business marks significant growth in March

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