DAILY NEWS

Daily News – 20, 21 & 22 Aug 2022 (Sat, Sun & Mon)

SINGAPORE REAL ESTATE

Serangoon Garden shophouse up for sale with S$9.68m guide price
A 2-storey inner terrace shophouse at Serangoon Garden Way has been launched for sale at a guide price of S$9.68 million, the property’s marketing agent JKL Consultants announced on Friday (Aug 19).
https://www.businesstimes.com.sg/real-estate/serangoon-garden-shophouse-up-for-sale-with-s968m-guide-price

Latest S-Reit acquisitions in industrial and hospitality sectors
S-Reit acquisitions have started to pick up in the year to date despite rising rates, with over 18 deals announced exceeding S$4 billion in total purchase consideration. A number of acquisitions announced were in sectors such as industrial/logistics, office properties, data centres, and hospitality sectors.
https://www.businesstimes.com.sg/companies-markets/latest-s-reit-acquisitions-in-industrial-and-hospitality-sectors

Opportunity for S-Reits as student accommodation sector tops the class
Purpose-built student accommodation (PBSA) is gaining traction as a resilient asset class among property players. There are currently no pure-play PBSA property groups and real estate investment trusts (Reits) listed in Singapore.
https://www.businesstimes.com.sg/companies-markets/opportunity-for-s-reits-as-student-accommodation-sector-tops-the-class

Paya Lebar Air Base move will allow redevelopment of nearby towns
Besides freeing up land for 150,000 new homes in Paya Lebar, the relocation of Paya Lebar Air Base will mean the lifting of some building height restrictions around it, allowing for the redevelopment of towns such as Hougang, Marine Parade and Punggol, said Prime Minister Lee Hsien Loong at the National Day Rally on Sunday (Aug 21).
https://www.businesstimes.com.sg/government-economy/paya-lebar-air-base-move-will-allow-redevelopment-of-nearby-towns
https://www.straitstimes.com/singapore/politics/ndr-2022-150000-homes-can-be-built-in-future-town-at-paya-lebar-air-base-says-pm-lee

Higher interest rates aren’t deterring property buyers, but a lower borrowing cap could
Price is a function of supply and demand. Economic theory dictates that higher prices should negatively affect demand, which in turn boosts supply. For months however, Singapore’s red-hot property market has been defying such expectations.
https://www.businesstimes.com.sg/brunch/higher-interest-rates-arent-deterring-property-buyers-but-a-lower-borrowing-cap-could
https://www.straitstimes.com/business/invest/how-rate-hikes-will-impact-property-buyers

SINGAPORE ECONOMY

Good leadership non-negotiable for S’pore, says PM Lee in calling for full support for successor Lawrence Wong
Singapore – As a small country, Singapore’s continued success and survival depends on having the right leaders, Prime Minister Lee Hsien Loong said as he called on Singaporeans to back his successor – Deputy Prime Minister Lawrence Wong.
https://www.straitstimes.com/singapore/politics/ndr-2022-good-leadership-non-negotiable-for-spore-says-pm-lee-in-calling-for-full-support-for-successor-lawrence-wong
https://www.channelnewsasia.com/singapore/ndr-2022-leadership-succession-lee-hsien-loong-lawrence-wong-zero-margin-error-2891326

Unity and trust essential to Singapore’s success amid geopolitical tensions: PM
With geopolitical contestation in the Asia-Pacific more likely amid rising tensions, and the era of widespread globalisation and low prices having ended, Singapore faces a “very troubled” external environment, said Prime Minister Lee Hsien Loong.
https://www.businesstimes.com.sg/government-economy/unity-and-trust-essential-to-singapores-success-amid-geopolitical-tensions-pm
https://www.straitstimes.com/singapore/politics/ndr-2022-better-get-real-and-be-prepared-should-things-go-wrong-in-the-region-says-pm-lee

The era of low prices is over with global economic conditions ‘fundamentally changed’: PM Lee
The era of highly competitive prices and enthusiasm for globalisation is over, with international economic conditions having “fundamentally changed”, said Prime Minister Lee Hsien Loong, adding that maintaining supply chain resilience also means higher costs.
https://www.businesstimes.com.sg/government-economy/the-era-of-low-prices-is-over-with-global-economic-conditions-fundamentally
https://www.straitstimes.com/singapore/politics/ndr-2022-changes-in-global-economic-conditions-have-led-to-new-era-of-rising-costs-says-pm-lee

Search for silver linings but don’t underestimate the reality of the storm
Being a small nation-state with an open economy has never been easy, and this will only become more difficult amid current trends. Geopolitical risks are worsening and economic realities have become harsher, as Prime Minister Lee Hsien Loong warned in his National Day Rally speech on Sunday (Aug 21).
https://www.businesstimes.com.sg/opinion/search-for-silver-linings-but-dont-underestimate-the-reality-of-the-storm

‘Irresponsible’ not to raise GST as spending needs rise sharply: PM Lee
It would be irresponsible for the government not to raise the Goods and Services Tax (GST) even though that would be a politically expedient move, because Singapore’s healthcare and social spending is increasing sharply, said Prime Minister Lee Hsien Loong in his National Day Rally speech on Sunday (Aug 21).
https://www.businesstimes.com.sg/government-economy/irresponsible-not-to-raise-gst-as-spending-needs-rise-sharply-pm-lee
https://www.straitstimes.com/singapore/politics/ndr-2022-pm-lee-says-gst-increase-needed-for-healthcare-social-spending

Singapore to soon announce new initiatives to attract top foreign talent
Singapore will launch new initiatives to attract top foreign talent, particularly for key sectors, as it ramps up efforts to build a world-class talent pool, Prime Minister Lee Hsien Loong said in his National Day Rally speech on Sunday (Aug 21).
https://www.businesstimes.com.sg/government-economy/singapore-to-soon-announce-new-initiatives-to-attract-top-foreign-talent
https://www.straitstimes.com/singapore/politics/ndr-2022-singapore-to-attract-and-retain-top-talent-with-new-initiatives

NDR 2022: Tuas Port will be world’s largest fully automated port when completed in 20 years
Singapore: Tuas Port will be the world’s largest fully automated port when it is fully completed in about 20 years, said Prime Minister Lee Hsien Loong on Sunday (Aug 21). Speaking during this year’s National Day Rally, the Prime Minister shared an update on the progress at Tuas Port, 10 years after it was first announced.
https://www.channelnewsasia.com/singapore/tuas-port-worlds-largest-fully-automated-port-20-years-ndr-2022-greater-southern-waterfront-2891291

Changi Airport T5 to be more pandemic-proof, able to operate as smaller sub-terminals when needed
Singapore – The new Changi Airport Terminal 5 will be designed so that it can be split and operated as smaller sub-terminals when needed, with spaces that can be converted into quarantine or testing facilities during pandemic times.
https://www.straitstimes.com/singapore/politics/ndr-2022-changi-airport-t5-to-be-more-pandemic-proof-able-to-operate-as-smaller-sub-terminals-when-needed
https://www.straitstimes.com/multimedia/graphics/2022/08/singapore-key-projects-changi-airport-t5/index.html?shell

NDR 2022: Prime Minister Lee Hsien Loong’s English speech in full
Singapore: Prime Minister Lee Hsien Loong spoke about a range of issues in his National Day Rally speeches on Sunday (Aug 21). Read his English speech in full.
https://www.channelnewsasia.com/singapore/prime-minister-lee-hsien-loong-national-day-rally-2022-english-full-speech-2891461
https://www.straitstimes.com/ndr-2022-live-coverage

Weathering challenges ahead: High inflation – a tale of two cities?
Headline inflation in Singapore breached 6.7 per cent in June, and looks set to continue rising at least till the year end. According to Deputy Prime Minister Lawrence Wong, inflation may well settle at a higher rate, especially since geopolitical uncertainty, persistent supply chain difficulties and rising costs of the green transition do not look to be dissipating any time in the near future.
https://www.straitstimes.com/singapore/weathering-the-challenges-ahead-high-inflation-a-tale-of-two-cities

COMPANIES’ BRIEF

Tuan Sing proposes to privatise SP Corp via scheme of arrangement
Real estate-focused investment holding company Tuan Sing Holdings has proposed to acquire and privatise commodities trading group SP Corporation via a scheme of arrangement. Tuan Sing currently holds about 80.2 per cent of SP’s total issued share capital, or about 28.1 million shares.
https://www.businesstimes.com.sg/companies-markets/tuan-sing-proposes-to-privatise-sp-corp-via-scheme-of-arrangement
https://www.straitstimes.com/business/companies-markets/tuan-sing-proposes-to-privatise-sp-corp-via-scheme-of-arrangement

First Reit makes cash offer for S$60m in perpetual securities
First Real Estate Investment Trust on Monday (Aug 22) launched a tender offer to buy back S$60 million in Series 002 subordinated perpetual securities in cash, at 70 per cent of the purchase price.
https://www.businesstimes.com.sg/companies-markets/first-reit-makes-cash-offer-for-s60m-in-perpetual-securities

VIEWS, REVIEWS, FORUM AND OTHERS

Mask-wearing to be optional indoors, except on public transport and in healthcare settings
With Singapore’s Covid-19 situation stabilising, the wearing of masks indoors will soon be made optional, except when travelling on public transport and in healthcare settings, Prime Minister Lee Hsien Loong said in his National Day Rally speech on Sunday (Aug 21) evening.
https://www.businesstimes.com.sg/government-economy/mask-wearing-to-be-optional-indoors-except-on-public-transport-and-in-healthcare
https://www.straitstimes.com/singapore/politics/masks-will-soon-be-optional-except-on-public-transport-and-in-clinics-hospitals

Poor memory, can’t focus: Why do some people experience brain fog after COVID-19?
No, you’re not imagining the sluggishness that affects your memory, concentration and mental clarity after recovering from COVID-19. Find out how the virus might affect your brain and how to lift the brain fog.
https://cnalifestyle.channelnewsasia.com/wellness/brain-fog-long-covid-19-symptoms-memory-focus-325886

Extended grace period at HDB, URA car parks to be cut to 15 minutes from Sept 1
Singapore — The grace period for short-term parking in all Housing and Development Board (HDB) and Urban Redevelopment Authority (URA) car parks with electronic parking systems will be revised to 15 minutes from Sept 1, down from the current 20 minutes.
https://www.todayonline.com/singapore/car-park-grace-period-15-minutes-1974516