Daily Briefing: Finance minister says VCs will have ‘significant role' amidst age of distraction; Orchard Road revamp in the works

And St. Francis Court up for en bloc sale with owners expecting offers above $95m.

From Deal Street Asia:

Finance minister Heng Swee Keat called on venture capital (VC) firms to embrace disruption and take risks as the will play ‘a very significant role’ in the coming years.

“If you look at economic development, different enterprises will need different types of funding and risk profiles. I think VCs in all series will need to play that role in investing in the riskiest part of venture, and being able to take risks,” he said.

There is already a slight bump in VC numbers. MAS said it has licensed 34 venture capital fund management (VCFM) companies as at 24 August 2018.

“Of these, 25 VCFM companies were new entrants, whilst 9 were existing licensed or registered fund managers that switched their regulatory status to VCFMs,” it explained in a statement.

“The line across different trade sectors are blurring today and the ability to connect these different dots will be quite important. I hope that VCs will play that role in connecting those dots…Your (VCs) ability to bring in that skillset and the right mentors to be able to coach and mentor a startup will be very important for the success of startups,” Heng said on Tuesday.

Read more here.

From Channel News Asia:

Plans have been rolled out to reinvent Orchard Road which is Singapore’s main shopping belt to become more than just boutiques and malls, senior minister of state for trade and industry Chee Hong Tat said.

These plans could include turning Orchard Road into an innovation district, where start-ups and social entrepreneurs use the precinct as a "living lab" to test out ideas for new retail concepts, urban logistics and environmental sustainability.

"It can be more than a shopping district to include a range of exciting activities and unique attractions that appeal to visitors, both tourists and locals,” he added.

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From Property Guru:

St. Francis Court which is an 11-storey residential tower with 71 units is up for collective sales with its owners expecting offers above $95m, ERA Realty revealed.

Located in Saint Francis Road, the 71-unit development sits on a 34,111.12 sqft site with a plot ratio of 2.8 under the 2014 Master Plan. With 73 years left on its 99-year lease, the site could yield 100 to 120 housing units once redeveloped.

Whilst no differential premium is payable, the intensification and top up premium for the site stands at between $9 million and $15 million. With this, owners can expect to receive sales proceeds of over $1 million to $1.5 million each, depending on the size of their units.

Located within the central region and close to City Square Mall and Boon Keng MRT station, St Francis Court is a short drive away from the Orchard Road shopping belt and central business district.

Read more here

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