Daily Briefing: Jetstar could raise fares 20% after airport levy; Hollandia sold for $183.38m

And here are the positives and negatives in Sheng Siong’s 2017 results.

From Reuters from Yahoo! Finance:

Qantas Airways' budget arm Jetstar said Singapore's move to raise passenger fees at its Changi Airport will compel the carrier to "shift flights around" to cope with changes in demand and may impact the city-state's aviation hub status.

The Civil Aviation Authority of Singapore (CAAS) said earlier this week it would introduce a new airport development levy effective July 1 of$10.80 (US$8.17) for passengers who begin their trips from Changi and $3.00 for those transiting.

Changi Airport is also raising a passenger service and security fee, currently at $27.90, by $2.50 from July 2018. The fees will also be increased by $2.50 annually over the next six years from April 2019. The measures are to help fund the city-state's airport expansion plans, which include a fifth terminal that is to be completed around 2030.

Read more here.

From The Motley Fool:

Sheng Siong Group Ltd (SGX: OV8) is one of the largest supermarket chains in Singapore, with a network of 47 stores primarily located in the heartlands of the island. The company recently announced its 2017 fourth quarter (4Q2017) financial results.

First of all, full-year revenue was up by 4.2% year-on-year, mainly due to opening of new stores and same store sales growth, partially offset by closure of stores.

Secondly, full-year gross profit grew 6.2% year-on-year, mainly on the back of lower input costs. This came about largely due to better pricing, higher rebates and volume discounts.

Moreover, the company’s balance sheet remained strong with zero debt and S$73.4 million in cash. Such a strong balance sheet puts Sheng Siong in a good position to further expand its store count.

Read more here.

From PropertyGuru:

The 48-unit Hollandia development at the junction of Holland Road and Queensway has been sold through a collective sale to FEC Properties for $183.38 million, or a unit land rate of about $1,703 psf per plot ratio (psf ppr).

FEC Properties is an indirect wholly-owned subsidiary of Hong Kong-listed Far East Consortium International.

The sale price is about 11 percent higher than the reserve price of $163.15 million ($1,515 psf ppr) when the property was launched for sale in January this year.

Read more here.

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