Daily Briefing: NTUC chief urges employers to raise retirement age; GIC to buy minority stake in a Spanish telco

And Tre Ver condo prices will be discounted amidst property curbs.

From Yahoo! News Singapore:

National Trades Union Congress (NTUC) chief Ng Chee Meng called on raise the mandatory retirement age amidst Singapore’s aging and manpower shortage concerns.

Ng was speaking at the signing of a memorandum of understanding (MOU) between Gardens by the Bay and the Attractions and Resorts & Entertainment Union (AREU) to raise the retirement age beyond the mandatory age of 62 to 65 for employees in Gardens, effective 1 January next year.

The official described the Gardens’ initiative as a “triple win situation” for Gardens, its workers, and the larger society as well as “a right move” in Singapore.

He added that NTUC will meet with the Ministry of Manpower and Singapore National Employers’ Federation next week to set clearer guidelines for retirement and re-employment ages in Singapore.

Read more here.

From Deal Street Asia

GIC and Abu Dhabi wealth fund ADIA will buy minority stakes in Spanish telco firm Cellnex.

Sources said said the two sovereign wealth funds are expected to pay up to €600m (US$700m) for a stake of between 30% and 40% in ConnecT – the vehicle that holds the Cellnex shareholding.

GIC and ADIA will also commit to inject the same amount of money to fund future growth opportunities, one of the sources said.

Read more here.

From Property Guru:

Prospective buyers of The Tre Ver condo could get units with “significant” discounts amidst property cooling measures.

Set to be completed by 2022, the 729-unit private residential project located near Potong Pasir MRT station will feature one- to four-bedroom units spread across nine blocks. Unit sizes range from 484 sq ft to 1,378 sq ft, while prices are between $738,000 and $2.08 million.

In comparison, the average unit price in the first phase of the nearby Park Colonial is between $1,600 and $1,700 psf, with the entire project averaging around $1,700 to $1,800 psf. The 805-unit condominium is being developed by a consortium led by Chip Eng Seng’s property arm CEL Development.

Read more here.