DAILY NEWS

Daily News – 21 July 2022 (Thu)

SINGAPORE REAL ESTATE

Singapore property players turn cautious as economic outlook darkens
Property players are more cautious about market outlook in the next 6 months to a year ahead in anticipation of various global economic uncertainties, according to a survey by the National University of Singapore’s Institute of Real Estate and Urban Studies (IREUS).
https://www.businesstimes.com.sg/real-estate/singapore-property-players-turn-cautious-as-economic-outlook-darkens
https://www.straitstimes.com/business/property/singapore-property-players-turn-cautious-as-economic-outlook-darkens

Are rising rates and inflation cooling hot real estate in the region?
With rising interest rates, inflationary pressures and much hand-wringing over the health of economies, some heat is coming off red-hot property markets, many of which have seen double digit price growths since the last quarter of 2019.
https://www.businesstimes.com.sg/real-estate/are-rising-rates-and-inflation-cooling-hot-real-estate-in-the-region

Property investment sales fall in Q2 but expected to end 2022 stronger: Colliers
Total property investment sales in Singapore dropped 36.9 per cent in the second quarter to S$6.8 billion as sales fell for all asset classes from a high base in Q1, according to a report from real estate consultancy Colliers.
https://www.businesstimes.com.sg/real-estate/property-investment-sales-fall-in-q2-but-expected-to-end-2022-stronger-colliers

The rise of ESG in real estate: How digitising buildings can decarbonise the built environment
Sustainability has been a focal point of businesses for more than a decade, but often companies consider it as a nice to have measure and for years it did not foster any major change to business practices.
https://www.businesstimes.com.sg/opinion/the-rise-of-esg-in-real-estate-how-digitising-buildings-can-decarbonise-the-built

More green spaces to be added to Keppel Club redevelopment site: Desmond Lee
More green spaces will be added along the eastern part of the Keppel Club redevelopment site to provide an alternative connection for birds, said National Development Minister Desmond Lee in a Facebook post on Wednesday (Jul 20).
https://www.businesstimes.com.sg/real-estate/more-green-spaces-to-be-added-to-keppel-club-redevelopment-site-desmond-lee
https://www.straitstimes.com/singapore/archaeological-study-of-keppel-club-site-to-begin-this-year

SINGAPORE ECONOMY

Slowing economic growth to contain inflation is easier said than done
Singapore – A global economic slowdown is not just a risk anymore, with policymakers expecting tighter financial conditions to dampen growth. In his remarks made during the Monetary Authority of Singapore’s (MAS) 2021/2022 annual report press conference on Wednesday (July 20), managing director Ravi Menon said that a good scenario as a result of the slowdown is a mild and short-lived global technical recession: Two consecutive quarters of negative growth that tames inflation.
https://www.straitstimes.com/business/economy/slowing-economic-growth-to-contain-inflation-is-easier-said-than-done

S’pore top destination in South-east Asia for start-up investment: KPMG, HSBC report
Singapore – Start-up ventures in Singapore raised more than US$8.02 billion ($11.2 billion) last year, making it the top destination in South-east Asia for such investments, a report by KPMG and HSBC released on Monday (July 18) showed.
https://www.straitstimes.com/business/spore-top-destination-in-south-east-asia-for-start-up-investment-kpmg-hsbc-report

Singapore holds position as Apac air hub as travel restrictions lift globally
Singapore has retained its coveted status as Asia-Pacific’s transit hub, with transit passengers in roughly the same proportion as rival hub Doha in the Middle East, according to bookings data for year-end travel from ForwardKeys.
https://www.businesstimes.com.sg/transport/singapore-holds-position-as-apac-air-hub-as-travel-restrictions-lift-globally

COMPANIES’ BRIEF

CapitaLand Investment’s bet on return of travel to pay off
CapitaLand Investment (CLI) is banking on the resurgence of the hospitality sector, with its lodging arm The Ascott announcing this month that it is acquiring serviced apartment provider Oakwood Worldwide from Mapletree Investments for an undisclosed amount.
https://www.businesstimes.com.sg/opinion/capitaland-investments-bet-on-return-of-travel-to-pay-off

Chip Eng Seng scraps mixed-use project in Perth, citing rising costs
Property developer Chip Eng Seng is terminating its sale contracts with purchasers of units in 28 Lyall South Perth, a proposed mixed-use development in Western Australia by the group’s 70 per cent-owned joint venture (JV) subsidiary.
https://www.businesstimes.com.sg/companies-markets/chip-eng-seng-scraps-mixed-use-project-in-perth-citing-rising-costs

Strong recovery at MBS props up Las Vegas Sands’ earnings in Q2
The easing of Covid-19 restrictions in Singapore has helped to accelerate the recovery at Marina Bay Sands (MBS), a bright spot in Las Vegas Sands’ financials for the second quarter ended Jun 30.
https://www.businesstimes.com.sg/companies-markets/strong-recovery-at-mbs-props-up-las-vegas-sands-earnings-in-q2

Sabana Reit H1 DPU up 7.4% to S$0.0159 amid ‘improved’ portfolio value
Sabana Industrial Real Estate Investment Trust (Sabana Reit) on Wednesday (Jul 20) posted a distribution per unit (DPU) of S$0.0159 for the first half of its fiscal year ended June, up 7.4 per cent from S$0.0148 in the corresponding year-ago period.
https://www.businesstimes.com.sg/companies-markets/sabana-reit-h1-dpu-up-74-to-s00159-amid-improved-portfolio-value

VIEWS, REVIEWS, FORUM AND OTHERS

Singapore’s Big Four accounting firms offer higher pay to keep talent
Singapore (Bloomberg) – The Big Four accounting firms are showering staff with pay increases in Singapore, where an acute labour shortage is driving a fierce contest for talent. PricewaterhouseCoopers and Deloitte lifted base salaries starting from July 1, according to internal documents from the two firms reviewed by Bloomberg News.
https://www.straitstimes.com/business/economy/singapores-big-four-accounting-firms-offer-higher-pay-to-keep-talent

Three govt agencies make police reports over irregular bids flagged in AGO report
Singapore – Three government agencies have lodged police reports over irregular quotations by companies that submitted bids for contracts, some of which had passed checks and were awarded using public funds.
https://www.straitstimes.com/singapore/mha-sla-and-nea-make-police-reports-over-irregular-bids-flagged-in-ago-report