DAILY NEWS

Daily News – 3 August 2021 (Tue)

Singapore Real Estate

Incentives needed to spur developers, buyers to go for greener homes: NUS poll
Building residential properties that are more environmentally friendly is expected to deliver paltry returns for real estate developers in Singapore, according to the findings of a survey. This will make it difficult to incentivise the private sector to strive for higher tiers of the Green Mark certification…
https://www.businesstimes.com.sg/real-estate/incentives-needed-to-spur-developers-buyers-to-go-for-greener-homes-nus-poll

Three strata units in GB Building sold for S$52m
Three strata-titled commercial units in GB Building at 143 Cecil Street have been transacted for a total S$52.06 million. The transaction involves a total strata area of 31,086 sq ft comprising the retail podium on the first and second levels (13,067 sq ft) and two full-floor office units: the third level (12,594 sq ft) and eighth level (5,425 sq ft)
https://www.businesstimes.com.sg/real-estate/three-strata-units-in-gb-building-sold-for-s52m

Rising HDB resale prices to pose tough questions
A five-room Housing Board (HDB) flat in Bishan in July smashed the record for the most expensive HDB that has changed hands – a record that was hit just in June. A 120 square metre unit at Block 273A Bishan Street 24 in a Design, Build and Sell Scheme project called Natura Loft was sold for S$1.295 million just last month, beating the last – and short-lived – record of S$1.268 million.
https://www.businesstimes.com.sg/opinion/rising-hdb-resale-prices-to-pose-tough-questions

Singapore Economy

Singapore Purchasing Managers’ Index picks up to 51.0 in July on rosy factory sentiment, but Delta variant hammers regional sector
Singapore’s factory sector is at its most positive level in two and a half years, as a monthly sentiment gauge reflected faster growth in July. The Purchasing Managers’ Index (PMI) reading picked up to 51.0 points for the month, from 50.8 in June, the Singapore Institute of Purchasing and Materials Management (SIPMM) announced on Monday. This is the highest overall score since December 2018.
https://www.businesstimes.com.sg/government-economy/singapore-purchasing-managers-index-picks-up-to-510-in-july-on-rosy-factory
https://www.straitstimes.com/business/economy/singapore-manufacturing-activity-beats-expectations-to-expand-for-13th-straight

Companies’ Brief

Offer to privatise SPH’s non-media assets reasonable, say analysts
Keppel Corporation’s S$2.2 billion bid to privatise Singapore Press Holdings’ (SPH) non-media business is reasonable, analysts said, although there is some uncertainty as to whether SPH shareholders will be able to realise the full value of their shares given that the consideration is not fully in cash.
https://www.businesstimes.com.sg/companies-markets/offer-to-privatise-sphs-non-media-assets-reasonable-say-analysts
https://www.businesstimes.com.sg/companies-markets/synergies-in-keppels-sph-buyout-win-analysts-favour
https://www.straitstimes.com/business/companies-markets/investors-watchdog-analysts-positive-on-proposed-deal
https://www.straitstimes.com/business/for-sph-shareholders-offer-is-best-available-option-on-the-table
https://www.businesstimes.com.sg/companies-markets/landmark-s34b-deal-paves-way-for-sph-restructuring-enlarges-keppels-footprint
https://www.straitstimes.com/business/companies-markets/keppel-offers-to-take-sph-private-in-34-billion-deal
https://www.straitstimes.com/business/companies-markets/keppel-sees-sufficient-firepower-for-other-growth-areas-after-sph

Ascendas Reit H1 DPU rises 5.4% to S$0.0766; manager eyes redevelopment of TÜV SÜD PSB building
Ascendas Real Estate Investment Trust (Ascendas Reit) has bumped up its distribution per unit (DPU) to 7.66 Singapore cents for the first-half ended June 30, up 5.4 per cent from 7.27 cents a year ago. Distributable income rose 18.2 per cent to S$311.0 million, which the manager attributed mainly to contributions from its newly acquired properties.
https://www.businesstimes.com.sg/companies-markets/ascendas-reit-h1-dpu-rises-54-to-s00766-manager-eyes-redevelopment-of-t%C3%BCv-s%C3%BCd-psb

What do EHT securityholders have to look forward to after expected delisting?
It has been clear for some time that stapled securityholders of Eagle Hospitality Trust (EHT) would have to write their investment off. But for any still holding on to some hope, a recent announcement has put their plight in no uncertain terms.
https://www.businesstimes.com.sg/companies-markets/what-do-eht-securityholders-have-to-look-forward-to-after-expected-delisting

Quarz, Black Crane again requisition Sabana Reit EGM over appointment of director
Quarz Capital and Black Crane Capital have sent a requisition letter to the manager of Sabana Shari’ah Compliant Real Estate Investment Trust (Sabana Reit), asking to convene an extraordinary general meeting (EGM) to endorse the appointment of hedge fund founder Chan Wai Kheong as the Reit’s independent non-executive director.
https://www.businesstimes.com.sg/real-estate/quarz-black-crane-again-requisition-sabana-reit-egm-over-appointment-of-director

Views, Reviews, Forum & Others

The taxing problem of implementing wealth tax in Singapore
Last month, Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), said there might be a need for a property gains tax or an inheritance tax to address wealth inequality in the city-state. The problem, the central bank chief noted, will worsen over time if price increases in private housing consistently outstrip that in public housing.
https://www.businesstimes.com.sg/opinion/the-taxing-problem-of-implementing-wealth-tax-in-singapore

Time to relax global travel restrictions in a responsible manner
Anyone who risks a visit to Canada these days needs to take care. Canadians are threatening six months in jail, and up to US$750,000 in fines, for disobeying testing and quarantine rules upon arrival. In the United Kingdom, the Health Secretary warned that travellers arriving from outside the UK could face 10 years in prison for inaccurately recording their previous whereabouts on entry forms.
https://www.businesstimes.com.sg/opinion/time-to-relax-global-travel-restrictions-in-a-responsible-manner

Shops at Changi Business Park area forced to shut amid low footfall due to work-from-home measures
Shops at the Changi Business Park area, dubbed as “the east’s central business district (CBD)”, have been forced to shut amid a lack of crowds due to work-from-home measures, reported Lianhe Zaobao. Many shops said they have seen business fall by 70-80 per cent as employees stay at home due to safe distancing measures. Merchants who are unable to withstand the rental pressure have been forced to shut.
https://www.businesstimes.com.sg/consumer/shops-at-changi-business-park-area-forced-to-shut-amid-low-footfall-due-to-work-from-home

Update on COVID-19 (Coronavirus Disease 2019) Situation

106 new locally transmitted Covid-19 cases in Singapore, 25 unlinked
[Singapore] There were 106 new locally transmitted coronavirus cases as at Monday noon. Of the local cases, 65 were linked to previous cases and had already been quarantined; another 16 linked cases were detected through surveillance. The remaining 25 were unlinked cases.
https://www.businesstimes.com.sg/government-economy/106-new-locally-transmitted-covid-19-cases-in-singapore-25-unlinked

34-year-old seaman from Ukraine dies of Covid-19; 10 new clusters emerge
A seaman with Covid-19 died of complications from the virus on Sunday, the Ministry of Health (MOH) said in its update last night. The 34-year-old man from Ukraine was a sea crew member who arrived in Singapore on board a vessel last Wednesday.
https://www.straitstimes.com/singapore/34-year-old-seaman-from-ukraine-dies-of-covid-19-10-new-clusters-emerge

Yishun Community Hospital cluster emerged in ward where most patients are over 60
Yishun Community Hospital, where a new Covid-19 cluster was reported on Sunday, said yesterday that the infections broke out in a ward with 32 patients who are mostly above 60 years old. A hospital spokesman said the ward’s patients comprised those who have received one or both shots of the vaccine and others who are unvaccinated.
https://www.straitstimes.com/singapore/yishun-community-hospital-cluster-emerged-in-ward-where-most-patients-are-over-60

Children under 12 have had only mild infection: Chan Chun Sing
Children under 12 in Singapore infected with Covid-19 have had only a mild infection and none has needed intensive care or oxygen support, said Education Minister Chan Chun Sing yesterday. As for inoculation against the coronavirus, he said the expert committee on Covid-19 vaccination is monitoring ongoing vaccination trials for children under 12, and will make recommendations when it is ready.
https://www.straitstimes.com/singapore/politics/children-under-12-have-had-only-mild-infection-chan-chun-sing

No booking required at 11 vaccination centres offering Moderna jab
Singaporeans aged 18 and above can now walk in to 11 community vaccination centres to receive the Moderna Covid-19 vaccine without an appointment. Announcing this yesterday, the Ministry of Health (MOH) said the walk-in vaccinations also apply to permanent residents and long-term pass holders aged 18 and above.
https://www.straitstimes.com/singapore/health/no-booking-required-at-11-vaccination-centres-offering-moderna-jab

Jurong Fishery Port reopens with stricter measures
The wholesale market at Jurong Fishery Port – the epicentre of the largest active Covid-19 cluster here – reopened for business last night after a two-week closure. Enhanced safe management measures (SMMs) were strictly enforced as workers and lorries carrying large plastic boxes and bins made their way to the site when The Straits Times visited at 8.30pm.
https://www.straitstimes.com/singapore/jurong-fishery-port-reopens-with-stricter-measures

MOH apologises for slow conveyance in quarantine orders
The Ministry of Health (MOH) has ramped up quarantine operations to handle the increased load brought about by the outbreak of the KTV and Jurong Fishery Port with most of the backlog cleared over the weekend, a spokesperson told The Business Times (BT) on Monday.
https://www.businesstimes.com.sg/government-economy/moh-apologises-for-slow-conveyance-in-quarantine-orders
https://www.straitstimes.com/singapore/health/moh-apologises-for-lapses-delays-in-processing-quarantine-orders

MOH studying how short-term pass holders in S’pore can get Covid-19 vaccinations: Janil
Singapore – The Ministry of Health (MOH) is studying how short-term pass holders can get Covid-19 vaccinations, said Senior Minister of State for Health Janil Puthucheary on Monday (Aug 2). These could include people who have been in Singapore for an extended period of time due to pandemic travel restrictions, as well as the more vulnerable.
https://www.straitstimes.com/singapore/politics/health-ministry-to-study-how-short-term-pass-holders-here-can-get-covid-19

*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