Daily Briefing: SIAS questions Hyflux CEO's remuneration amidst financial troubles; Elderly to reap benefits from Singapore's budget

And Spanish Village relaunched for collective sale at $882m.

From Channel News Asia:

The Securities Investors’ Association (Singapore) (SIAS) noted that Hyflux CEO Olivia Lum received more than$60m in dividends from her 34% ordinary shareholding in the company in 2017, significant salary, benefits, and bonuses. With this, the watchdog body questioned why the CEO did not contributed her gains to the restructuring process and if she would have any role in the Hyflux group after the firm’s restructuring.

"SIAS, representing the interests of the numerous stakeholders of various securities, is seriously concerned that many questions regarding the operations, valuation and accountability of the board of directors of Hyflux have not been addressed, so as to help securities holders make an informed decision, with respect to the restructuring," SIAS president and CEO David Gerald said.

The role of the Hyflux Group Remuneration Committee was also under scrutiny, as SIAS questioned its responsibilities and the basis as to how it established the remuneration paid to Hyflux executives in 2017 as “appropriate”.

Read more here.

From Reuters:

The elderly population will benefit from a generous budget which will be unveiled on 18 February as the government prioritizes Singapore’s fast-ageing population needs ahead of an election expected in 2019, analysts said.

As pressure grows on more of the elderly to stay in the workforce beyond retirement age, the low-tax finance hub is set to try and assuage rising social angst over the welfare of a generation born near the end of British colonial rule when Singapore was a basic port town.

“Expectations are for a spending spree ahead of a reported early election later this year,” said Bank of America Merrill Lynch’s ASEAN economist Mohamed Faiz Nagutha.

Read more here.

From iCompare Loan:

The Spanish Village along Farrer Road is once again launched for collective sale at $882m or a land rate of $1,721 psf ppr, Edmund Tie & Company (ETCo) revealed.

Sitting on sprawling grounds of 30,793.4 square metres (sq m) or 331,457 square foot (sq ft), the elevated site presents an opportunity to create a landmark development amidst a prestigious enclave.

The property enjoys seamless connectivity. It is well-served by major roads and expressways such as Farrer Road, Holland Road, Pan Island Expressway (PIE) and Ayer Rajah Expressway (AYE). It is a mere 10 minutes’ drive to the Orchard Road shopping belt and one-north, a research and development hub which will be designated as Singapore’s first drone estate. The CBD is just a 15-minute drive away. Farrer Road MRT station is approximately 275 metres from its doorstep as well.

Read more here.

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