ECONOMY | Staff Reporter, Singapore

Daily Briefing: Singapore opens new airport terminal; Sheng Siong challenged by online retailers

And here's why sales of high-rise homes will still grow further.

From AFP News via Yahoo! Finance:

Singapore's Changi Airport opened a cutting-edge terminal Tuesday with a fully automated check-in system including facial scanning and computerised baggage drop points, but some passengers struggled with the new technology.

Terminal 4, built at a cost of Sg$985 million (US$723 million), will have an annual capacity of 16 million people and is aimed at coping with an expected increase in passenger numbers through one of Asia's top travel hubs.

It is packed with new technology, meaning passengers should, in theory, be able to check in and board without having to talk to airport staff.

Read more here.

From The Motley Fool:

Firstly, a 41,500 square feet store in Woodlands will be permanently closed in November 2017 as the area will be redeveloped by the Housing Development Board. The store accounted for 4.5% of Sheng Siong’s total revenue in the first nine months of 2017. Fortunately, the company’s other stores have fared well; Sheng Siong’s overall comparable store sales growth would have been 2.7% (instead of the reported 1.7%) if the Woodlands store was excluded.

Secondly, Sheng Siong expects competition in the supermarket industry to remain keen, mainly because of an influx of large online retailers. In addition, competition for retail space, particularly for new HDB shops is expected to remain high; this could result in higher expansion costs for Sheng Siong in the future.

Read more here.

From PropertyGuru:

Demand for upscale apartments located in high-rise buildings in prime locations here have risen over the past three and a half years, according to Leong Boon Hoe, CEO of List Sotheby’s International Realty (LSIR), Singapore.

Citing URA and LSIR data, he pointed out that sales of non-landed homes costing over $5 million have increased from 135 units in 2014 to 161 units and 244 units in 2015 and 2016 respectively. For 2017, 203 units have been purchased during the first seven months, with the overall figure expected to surpass last year’s.

During the period, about 50 percent of such upscale dwellings in Singapore were purchased by foreigners, with those from China accounting for the largest share at around 20 percent, followed by Malaysians and Indonesians.

Read more here.

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