DAILY NEWS

Daily News – 24 June 2021 (Thu)

Singapore Real Estate

Group led by Daniel Teo buys Mount Rosie bungalow for S$43.8m
A group of investors led by veteran property developer Daniel Teo of Hong How Group is buying an old bungalow at 21 Mount Rosie Road, near Barker Road, for S$43.8 million with a view to redeveloping it into several landed homes for sale.
https://www.businesstimes.com.sg/real-estate/group-led-by-daniel-teo-buys-mount-rosie-bungalow-for-s438m

Family offices driving a few car park deals; Chinatown offers latest million-dollar lot
A car park at People’s Park Complex has joined the mix of such assets up for purchase, with a few recent sales of other car parks closed by family offices. This week, a multi-storey car park with a restaurant unit at People’s Park Complex was put up for public tender at a guide price of S$42 million.
https://www.businesstimes.com.sg/real-estate/family-offices-driving-a-few-car-park-deals-chinatown-offers-latest-million-dollar-lot

Two new accreditation schemes for managing agents recognised by BCA
More training is now available to lift the standards of managing agents (MAs) who handle the day-to-day running of estates managed by more than 3,500 management corporations (MCSTs) in Singapore. The Building and Construction Authority (BCA) has recognised two new accreditation schemes introduced by the Association of Property and Facility Managers (APFM) and the Association of Strata Managers (ASM), according to a joint press statement on Wednesday.
https://www.businesstimes.com.sg/real-estate/two-new-accreditation-schemes-for-managing-agents-recognised-by-bca

Singapore Economy

Spike in Singapore inflation not yet cause for alarm; MAS unlikely to normalise currency settings before next year: analysts
Consumer prices spiked in May, with all-items inflation at its highest point since end-2013, according to official figures released on Wednesday. Still, watchers stressed that core inflation – which strips out private road transport and accommodation costs – is still at manageable levels.
https://www.businesstimes.com.sg/government-economy/spike-in-singapore-inflation-not-yet-cause-for-alarm-mas-unlikely-to-normalise

Singapore consumer prices post 2.4% rise in May, a seven-year high
Singapore consumer prices rose at a faster clip in May, up by 2.4 per cent year on year, with a boost from the low base of a pandemic-related downturn the year prior. Headline inflation has now registered its highest level since Nov 2013. It was a pick-up from 2.1 per cent the month before…
https://www.businesstimes.com.sg/government-economy/singapore-consumer-prices-post-24-rise-in-may-a-seven-year-high

S’pore’s core inflation rises for 4th month
Core inflation in Singapore continued its upward climb last month, driven by higher services inflation and a smaller decline in the cost of retail and other goods. Core inflation, which excludes accommodation and private road transport costs, rose to 0.8 per cent on a year-on-year basis last month….
https://www.straitstimes.com/business/economy/spores-core-inflation-rises-for-4th-month

‘Common language’ and risk data critical to mobilise private capital, close sustainable infrastructure financing gap: Indranee
The lack of a common language on green finance and incomplete data on climate risk characteristics of infrastructure assets are among the key barriers standing in the way of unlocking private capital to support Asia’s future infrastructure needs, said Second Minister for Finance and National Development Indranee Rajah.
https://www.businesstimes.com.sg/government-economy/common-language-and-risk-data-critical-to-mobilise-private-capital-close
https://www.straitstimes.com/singapore/govt-private-tie-ups-key-to-sustainable-infrastructure

More intervention, support needed for Singapore infrastructure sector: report
For Singapore’s infrastructure sector to grow at home and succeed overseas, more intervention and support are needed, a joint report by the Singapore Business Federation (SBF) Infrastructure Committee and KPMG has recommended.
https://www.businesstimes.com.sg/government-economy/more-intervention-support-needed-for-singapore-infrastructure-sector-report

Much ado about Modern Monetary Theory
As governments dig deep to fund Covid-19 support, the alternative macroeconomic approach known as “modern monetary theory” (MMT) has captured the public imagination in places such as the United States
https://www.businesstimes.com.sg/infographics/much-ado-about-modern-monetary-theory

S’pore, Vietnam looking at easing travel curbs for business, leisure
Singapore and Vietnam are looking at gradually relaxing curbs on business travel and trips to selected tourist sites in the next few months, Foreign Minister Vivian Balakrishnan said yesterday. Such plans will depend on how fast Vietnam can vaccinate its population.
https://www.straitstimes.com/asia/se-asia/spore-vietnam-looking-at-easing-travel-curbs-for-business-leisure

Companies’ Brief

CapitaLand obtains PE fund manager status in China, to launch first RMB fund in Q4
CapitaLand on Thursday announced its registration as a private equity (PE) fund manager with the Asset Management Association of China (AMAC). In a bourse filing before markets opened, the property giant said it was “one of a select few” wholly foreign-owned enterprises to do so.
https://www.businesstimes.com.sg/companies-markets/capitaland-obtains-pe-fund-manager-status-in-china-to-launch-first-rmb-fund-in-q4
https://www.straitstimes.com/business/companies-markets/capitaland-gets-pe-fund-manager-status-in-china-to-launch-first-rmb-fund

Keppel, Sembcorp Marine call for trading halts pending announcements
Keppel Corporation called for a halt in the trading of its shares pending the release of an announcement. The halt was called at 7.34am before the market opened for trading. Shares in Keppel closed at S$5.11 on Wednesday, up S$0.06 or 1.2 per cent.
https://www.businesstimes.com.sg/companies-markets/keppel-sembcorp-marine-call-for-trading-halts-pending-announcements

3,000 sensors at Temasek Poly can soon alert on frigid indoor sweater weather, energy waste
Temasek Polytechnic is looking at a solution to ensure its temperatures are not too cool for school – it will deploy a platform with more than 3,000 sensors at its 30-hectare campus to monitor energy use, and also find avenues to reduce costs and carbon emissions. Developed by Surbana Jurong…
https://www.businesstimes.com.sg/real-estate/3000-sensors-at-temasek-poly-can-soon-alert-on-frigid-indoor-sweater-weather-energy

Undervalued Tuan Sing set to get major IPO boost
Singapore – The Singapore Exchange is full of companies that are unappreciated, under-researched and undervalued, including property player Tuan Sing Holdings. Despite decent results, strong management and a ground-breaking deal in China, the stock trades at half its net tangible asset (NTA) value.
https://www.straitstimes.com/business/companies-markets/undervalued-tuan-sing-set-to-get-major-ipo-boost

Corporate digest
https://www.businesstimes.com.sg/companies-markets/corporate-digest-1404

Views, Reviews, Forum & Others

Living normally, with Covid-19
With vaccination, testing, treatment and social responsibility, in the near future, when someone gets Covid-19, our response can be very different from now. We are drawing up a road map to transit to this new normal.
https://www.straitstimes.com/opinion/living-normally-with-covid-19

Regional outbreaks remain a worry
In contrast to some regions, South-east Asia did quite a commendable job in protecting lives and livelihoods during the first wave of the coronavirus pandemic last year. But the region is now in danger of becoming a hot spot. Indonesia,
https://www.straitstimes.com/opinion/st-editorial/regional-outbreaks-remain-a-worry

Reimagining the workspace of tomorrow
The agglomeration economy has long shaped today’s central business districts (CBDs), which have the highest concentration of skyscrapers and the most expensive office space in a city. Like-minded people meet and interact in the city centre…
https://www.businesstimes.com.sg/opinion/reimagining-the-workspace-of-tomorrow

Why 50% of businesses won’t survive the sustainability push
With investors’, MNCs’ and governments’ sustainability standards growing ever more stringent, businesses can no longer view climate change initiatives as a “nice to have”. Today, effective corporate environmental, social and governance (ESG) policies are imperative – and if companies hope to survive…
https://www.businesstimes.com.sg/opinion/why-50-of-businesses-wont-survive-the-sustainability-push

Digital services taxes – consensus approach from all nations needed
Conspicuously missing from the recent G-7 finance ministers meetings, which participants boasted had yielded a “historic tax deal”, was an agreement on how the group would handle taxes on digital services. With the increasing digitalisation of the world economy, the challenges of ring-fencing tax revenues arising from such services are growing;
https://www.businesstimes.com.sg/global-enterprise/digital-services-taxes-consensus-approach-from-all-nations-needed

Update on COVID-19 (Coronavirus Disease 2019) Situation

Singapore preparing road map for living with Covid-19
Singapore – Singapore will prepare its population to deal with Covid-19 as part of their daily lives and people will be able to work, travel and shop without quarantines and lockdowns, even with the coronavirus in their midst.
https://www.straitstimes.com/singapore/singapore-preparing-road-map-for-living-with-covid-19
https://www.businesstimes.com.sg/government-economy/singapore-preparing-road-map-for-living-with-covid-19

NCID nurse among three unlinked Covid-19 cases; four new clusters declared
A nurse at the National Centre for Infectious Diseases (NCID) who interacted with Covid-19 patients tested positive for the coronavirus on Tuesday, said the Ministry of Health (MOH) on Wednesday night. The woman was one of three unlinked cases announced and developed a runny nose and sore throat on Monday night, MOH said.
https://www.businesstimes.com.sg/government-economy/ncid-nurse-among-three-unlinked-covid-19-cases-four-new-clusters-declared
https://www.straitstimes.com/singapore/health/ncid-nurse-amongst-3-unlinked-covid-19-cases-4-new-clusters-declared

Seniors comprise almost half of cases in Bt Merah, Redhill clusters
Seniors make up almost half of the Covid-19 cases in the four clusters in Bukit Merah and Redhill, raising concerns about the risk of severe illness among unvaccinated older patients in the ageing estate. According to an analysis by The Straits Times, 46.9 per cent of the 98 cases linked to clusters in the area comprise patients aged 60 and above.
https://www.straitstimes.com/singapore/seniors-comprise-almost-half-of-cases-in-bt-merah-redhill-clusters

More clusters likely, but testing, jabs help containment: Experts
As Singapore continues to open up in the months to come, more clusters like the ones in the Bukit Merah View area could emerge from time to time, accompanied by intensive testing operations to keep the spread contained, said infectious diseases experts.
https://www.straitstimes.com/singapore/more-clusters-likely-but-testing-jabs-help-containment-experts

Stay-home notice cut to 14 days for travellers from high-risk areas, but they must take additional Covid-19 rapid tests
All new travellers arriving from high-risk countries and regions must be placed on a 14-day stay-home notice (SHN) from June 24 instead of serving 21 days at dedicated facilities. However, they must take an antigen rapid test using self-test kits on the third, seventh and eleventh day after arriving in Singapore.
https://www.businesstimes.com.sg/government-economy/stay-home-notice-cut-to-14-days-for-travellers-from-high-risk-areas-but-they-must
https://www.straitstimes.com/singapore/shn-cut-to-14-days-for-travellers-from-higher-risk-regions
https://www.straitstimes.com/singapore/some-serving-shn-have-been-told-they-can-check-out-earlier

Singapore to receive batch of Covid-19 vaccines, called Comirnaty, that are same as Pfizer’s: MOH
Singapore – Singapore is set to receive a batch of Covid-19 vaccines called Comirnaty, as the Republic ramps up supplies to get as many people inoculated as possible. In a statement on Wednesday (June 23), the Ministry of Health (MOH) said that the vaccines are the same as the Pfizer-BioNTech vaccines that are now used in the national vaccination programme.
https://www.straitstimes.com/singapore/singapore-to-receive-new-batch-of-vaccines-called-comirnaty-same-as-pfizer-moh

‘Delta Plus’ is a variant of concern, says New Delhi
A new variant of the Delta strain of the coronavirus – named “Delta Plus” because of an additional mutation – has been labelled a variant of concern (VOC) by the Indian government. This was announced on Tuesday after scientists from a consortium of genomic sequencing laboratories told the government they had found evidence suggesting that the new variant is highly transmissible…
https://www.straitstimes.com/asia/se-asia/delta-plus-is-a-variant-of-concern-says-new-delhi

Israel’s Covid-19 vaccine success gives hope to Singapore
Tel Aviv – Alarm bells were ringing in Israel on Jan 20, when the number of Covid-19 deaths crossed the 100 mark for the first time. The country had just begun its vaccination programme a month before, on Dec 19, and policymakers had been forced to impose and then extend unpopular lockdowns, in a bid to curb the spread of the disease.
https://www.straitstimes.com/world/middle-east/israels-covid-19-vaccine-success-gives-hope-to-singapore

*For more information, please visit the Ministry of Health (MOH) website at www.moh.gov.sg and refer to go.gov.sg/mohupdates for updates on the COVID-19 (Coronavirus Disease 2019) situation