Daily Briefing: PM Lee says economy to keep growing amidst challenges; Australian real estate firm LOGOS buys Tuas South industrial property for $585m

And 200,000 childcare places await young families by 2023.

From Channel News Asia:

Prime minister Lee Hsien Loong said that Singapore’s economy will see continued growth in 2019 but might not be as strong as the 3% growth achieved in 2018.

“It may be not quite as vibrant as before, but we work hard, and even if this year is slower, the year after we can make it better," Lee said on the sidelines of an appreciation visit to SATS workers.

Against the backdrop of the general economy, he likened the challenges that Singapore will face with those of the aviation industry, saying competition will come not just domestically, but also from abroad and especially the region.

With economies around the world slowing down due to the ongoing trade spat between the United States and China, Prime Minister Lee Hsien Loong said Singapore and the region would be affected.

Read more here.

From Deal Street Asia:

Sydney-based real estate firm LOGOS inked a new investment partnership to buy the 25-hectare REC site in Tuas South, Singapore for $585m.

According to an official statement, the new partnership comprises the Ivanhoe Cambridge and Canada Pension Plan Investment Board (CPPIB)-backed LOGOS Singapore Logistics Venture (LSLV) and new investors, Bouwinvest Real Estate Investors and LaSalle Global Partner Solutions (LaSalle GPS).

The Tuas South property is located next to the future Tuas Mega-Port, which when completed will house all of Singapore’s future container activities and handle up to 65 million standard-sized containers; up from around 40 million today. The property, which was built in 2010, includes a 151,810 sq m integrated industrial and warehouse facility 100 per cent leased to REC for the conversion of polysilicon into wafers, solar cells and solar panels.

Read more here.

From Channel News Asia:

Singapore aims to lend a hand to young families particularly in areas such as childcare provision manpower minister Josephine Teo revealed.

The minister noted that the Government has been working on strengthening the availability of childcare, ensuring accessibility and quality, and keeping fees affordable. Compared to 2012, she added that childcare places have more than doubled. By 2023, the total number of places available will grow to 200,000, she said.

"If you look at the rate at which the childcare sector has expanded, I think it has made a definite difference," she added.

Read more here.

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