Daily Briefing: Singapore firms among UEL's shortlisted bidders; Review property tax, urges Redas

Singapore warns of a growth in online scams.

The major stakeholders of United Engineers Ltd (UEL) have narrowed down their list of potential bidders to five companies, including Ascendas-Singbridge and Perennial Real Estate Holdings, reported Bloomberg, citing sources privy to the matter. American private equity firm KKR & Co., Malaysia’s Samling Group and Mulpha International Bhd were also shortlisted, and the five were invited to begin due diligence. Read more here.

The Real Estate Developers’ Association of Singapore (Redas) has called on the government to review the property tax for vacant private land, and to grant property tax exemption for land slated for, or under development, and also buildings undergoing renovations. Under the Property Tax Act, the annual value of vacant land is assessed at five percent of its capital value, on the assumption that the land is freehold. Redas, however, noted that a freehold site’s annual value tends to be 10 percent higher compared to that of a 99-year leasehold site. Click here for the full story.

Love may be in the air on Saint Valentine's Day but authorities in Australia, Malaysia and Singapore warned Monday of a growth in online scams cheating lonely people out of their savings. Romance scams cost Australians more money than any other form of cheating, with those aged over 45 more likely to be stung, the Australian Competition and Consumer Commission (ACCC) said. Get to know the full story here.