Daily Briefing: Singapore welcomes Alipay; Are Genting stocks getting expensive?
And check out who won the bid for Toh Tuck Road site.
From CNBC via Yahoo!: The helloPay payment platform on Southeast Asian e-commerce site Lazada will be rebranded in each country it operates as a version of Alipay. This comes as Alibaba -affiliate Ant Financial merges with helloPay Group, according to a joint statement from the two companies. Alipay is the payments service from Ant Financial, and it has over 450 million active users, according to the company.
From Motley Fool Singapore: In Genting Singapore’s latest earnings for the year ended 31 December 2016, there are signs that a turnaround in its business may be happening. For instance, in the fourth quarter of 2016, the company’s revenue inched up by 2% year-on-year. As a likely result, Genting Singapore’s share price today is 24% higher than what it was 12 months ago. Given this rally, some investors may be wondering: Is Genting Singapore’s current valuation cheap, fair or expensive?
From PropertyGuru: The Urban Redevelopment Authority (URA) announced that a 18,721 sq m. (201,511 sq ft.) residential site at Toh Tuck Road in Singapore has been awarded to a subsidiary of Malaysian developer SP Setia after it submitted the highest bid of about $265 million. SP Setia International (S) Pte Ltd’s offer translates to $10,111 psm ($939 psf) based on the plot’s maximum permissible gross floor area (GFA) of 26,210 sq m. (282,122 sq ft.).