DAILY NEWS

Daily News – 11 August 2021 (Wed)

Singapore Real Estate

Singapore condo resale volumes rebound in July, up 22.5%: SRX
Singapore condominium resale volumes rebounded in July after falling for two consecutive months. Overall prices, meanwhile, continued to climb, according to flash figures from SRX Property on Tuesday. Gains in overall resale volumes and prices were driven by demand for condos in the suburban or outside of central region (OCR).
https://www.businesstimes.com.sg/real-estate/singapore-condo-resale-volumes-rebound-in-july-up-225-srx-0
https://www.straitstimes.com/business/property/condo-resale-prices-advance-1-in-july-srx-flash-data

Good timing separates winners from losers in property deals
Fortune might favour the bold, but good timing doesn’t hurt either. Judging by data from Edmund Tie Research, entering the property market at an opportune time in the cycle can play a key role in deciding whether fortunes are made or lost – as does location.
https://www.businesstimes.com.sg/real-estate/good-timing-separates-winners-from-losers-in-property-deals

Higher share of loss-making deals in resale homes in June after heightened curbs disrupt market
The proportion of loss-making residential transactions in the secondary market declined month-on-month in April and May before rising again in June as a spike in the number of Covid-19 cases prompted the introduction of heightened restrictions.
https://www.businesstimes.com.sg/real-estate/higher-share-of-loss-making-deals-in-resale-homes-in-june-after-heightened-curbs-disrupt

Singapore is fourth-most expensive market to build in Asia due to skills shortage, high materials costs: survey
Singapore is the fourth-most expensive Asian construction market to build in, as the industry deals with a shortage of skilled labour and high materials costs. Against this backdrop, tender prices here are expected to remain volatile for the rest of 2021, the latest Turner & Townsend’s International Construction Market Survey 2021 showed.
https://www.businesstimes.com.sg/real-estate/singapore-is-fourth-most-expensive-market-to-build-in-asia-due-to-skills-shortage-high

Over 4,900 HDB BTO flats launched, including in Queenstown, Jurong East for the first time in about a decade
Singapore – A total of 4,989 Build-To-Order (BTO) flats across seven housing projects in five estates were launched for sale by the Housing Board (HDB) on Wednesday (Aug 11). This was the third sales exercise for the year, with a median waiting time of just over four years for flats to be completed.
https://www.straitstimes.com/singapore/housing/over-4900-hdb-bto-flats-launched-including-in-queenstown-jurong-east-for-the-first

Singapore Economy

Singapore manufacturers staying alert amid China’s Covid-19 wave
Even as China intensifies efforts to control its latest Covid-19 wave, Singapore firms with manufacturing plants or suppliers there have yet to be alarmed – though they are watching the situation closely. As the current spread has been uneven across China, not every firm’s operations will be hit.
https://www.businesstimes.com.sg/government-economy/singapore-manufacturers-staying-alert-amid-chinas-covid-19-wave

Singapore secured S$3.6b in fixed asset investment commitments in Q2
Investment commitments secured for Singapore in the second quarter of 2021 amounted to S$3.6 billion in fixed asset investment (FAI) and S$1.4 billion in total business expenditure (TBE), according to the latest Economic Survey of Singapore released on Wednesday morning.
https://www.businesstimes.com.sg/government-economy/singapore-secured-s36b-in-fixed-asset-investment-commitments-in-q2
https://www.straitstimes.com/business/economy/fixed-asset-investment-commitments-in-singapore-rise-to-36-billion-in-q2-mti

Singapore’s 2021 growth forecast upgraded to between 6-7%
Singapore’s official growth forecast for 2021 has been upgraded to a range of between 6 and 7 per cent, up from the earlier forecast range of 4 to 6 per cent, the Ministry of Trade and Industry (MTI) said on Wednesday.
https://www.businesstimes.com.sg/government-economy/singapores-2021-growth-forecast-upgraded-to-between-6-7
https://www.straitstimes.com/business/economy/singapore-raises-2021-growth-forecast-to-6-7-recovery-largely-on-track-despite

Singapore ups trade forecasts again as Q2 non-oil exports surge by better-than-expected 10.1%
Singapore has upgraded its trade forecasts for the third time this year, on the back of strong second-quarter growth in sectors such as electronics and petrochemicals. Non-oil domestic exports (NODX) could grow by 7 per cent to 8 per cent year on year in 2021…
https://www.businesstimes.com.sg/government-economy/singapore-ups-trade-forecasts-again-as-q2-non-oil-exports-surge-by-better-than
https://www.straitstimes.com/business/economy/singapore-ups-trade-forecasts-again-as-q2-non-oil-exports-surge-by-101

Companies’ Brief

CapitaLand shareholders vote in favour of restructuring plan
CapitaLand shareholders have voted in favour of the real estate group’s proposal to privatise its development arm and to list its fund-management and property-investment business. From September, CapitaLand will operate as two distinct entities: the new, listed unit CapitaLand Investments (CLI) and the privatised CapitaLand Development.
https://www.businesstimes.com.sg/companies-markets/capitaland-shareholders-vote-in-favour-of-restructuring-plan
https://www.straitstimes.com/business/companies-markets/capitaland-shareholders-vote-in-favour-of-restructuring

Centurion H1 net profit falls 58% on decline in student accommodation revenue
Mainboard-listed accommodation provider Centurion Corp on Wednesday announced that net profit fell 58 per cent to S$8.7 million, from S$21 million a year ago for the half year ended June 30, as revenue from the company’s purpose-built student accommodation (PBSA) in the UK and Australia declined.
https://www.businesstimes.com.sg/real-estate/centurion-h1-net-profit-falls-58-on-decline-in-student-accommodation-revenue

PropNex Q2 net profit more than doubles to S$16.5m
Real estate agency PropNex on Wednesday announced net profit of S$16.5 million for the second quarter ended June 30, more than doubling from the S$7.3 million profit for the year-ago period. This brought net profit for the first half to S$31.3 million, up from S$14.8 million a year ago.
https://www.businesstimes.com.sg/real-estate/propnex-q2-net-profit-more-than-doubles-to-s165m

Wee Hur, ISOTeam expect net losses due to pandemic impact
Wee Hur Holdings and ISOTeam separately announced on Tuesday that they would report net losses for, respectively, the six months and full year ended June 30. In a profit guidance released after market close, mainboard-listed property group Wee Hur said that its weaker-than-expected financial performance for H1 2021 was partly due to additional costs required to complete projects for its construction arm in Singapore.
https://www.businesstimes.com.sg/real-estate/wee-hur-isoteam-expect-net-losses-due-to-pandemic-impact

Lendlease Global Reit posts 33% increase in DPU for second-half year amid retail recovery
Lendlease Global Commercial Reit (Lendlease Global Reit) on Tuesday posted a distribution per unit (DPU) of 2.34 Singapore cents for the half-year ended June 30, up 32.8 per cent from 1.76 cents a year ago on the back of recovery in retail activity.
https://www.businesstimes.com.sg/companies-markets/lendlease-global-reit-posts-33-increase-in-dpu-for-second-half-year-amid-retail

Sabana Reit’s dissident unitholders were right to fight its manager, but it’s time to make peace
Quarz Capital Management and Black Crane Capital waged a bruising campaign last year to prevent Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (Sabana Reit) from being merged with ESR-Reit on terms that were plainly unfair.
https://www.businesstimes.com.sg/companies-markets/sabana-reits-dissident-unitholders-were-right-to-fight-its-manager-but-its-time-to

Views, Reviews, Forum & Others

Putting humans at the centre of ‘smart’ and ‘green’
Singapore celebrates its 56th year of independence this month. Much of the nation’s achievements today can be attributed to the astute foresight, prudent planning and painstaking hard work of her people and leaders over several decades.
https://www.businesstimes.com.sg/opinion/putting-humans-at-the-centre-of-smart-and-green

Grim climate report calls for urgent action
The report released this week by the United Nations’ top climate science body – the Intergovernmental Panel on Climate Change (IPCC) – is remarkable for the breadth of the science assessed and for the clarity of the peril humanity is facing.
https://www.straitstimes.com/opinion/st-editorial/grim-climate-report-calls-for-urgent-action
https://www.businesstimes.com.sg/government-economy/bleak-future-feared-for-asias-disaster-prone-poor-after-un-climate-report

Firms relieved by direct payouts as these avoid disputes with landlords
Business at Mr Terence Yow’s shoe stores plunged by up to half in May, when Singapore tightened safe management measures after several Covid-19 clusters emerged. The stores took a clobbering again two months later, when the Republic returned to phase two (heightened alert) to stem a spike in community cases after the discovery of clusters linked to Jurong Fishery Port.
https://www.straitstimes.com/singapore/firms-relieved-by-direct-payouts-as-these-avoid-disputes-with-landlords

Sweat the small stuff
As the market cycle matures past the “peak growth and peak stimulus” phase, investors will need to pay attention to idiosyncratic risks, exogenous factors and what’s at play at the micro level. In 2020, the world shared the common fate brought about by the Covid-19 virus…
https://www.businesstimes.com.sg/wealth-investing/sweat-the-small-stuff

Working from home but burning out
Overworked, exhausted and burning out – these are some of the experiences of the Singapore workforce a year into the pandemic. Working from home might have painted a relaxing picture to many office workers in pre-pandemic days, but now, many are toiling long hours, juggling family responsibilities and…
https://www.straitstimes.com/singapore/jobs/working-from-home-but-burning-out-0

Amazon.sg to impose 0.5% surcharge on Visa payments
E-commerce giant Amazon has announced that it will impose a 0.5 per cent surcharge on Visa credit card transactions on its Singapore website, Amazon.sg, from Sept 15. An Amazon spokesman told The Straits Times that Singapore is the first country where this surcharge will be imposed…
https://www.straitstimes.com/singapore/consumer/amazonsg-to-impose-05-surcharge-on-visa-payments

Update on COVID-19 (Coronavirus Disease 2019) Situation

Covid-19 cases in Singapore fall for sixth day in a row, with 11 in ICU
[Singapore] The total number of Covid-19 cases here has fallen for the sixth day in a row. On Tuesday night (Aug 10), the Ministry of Health (MOH) reported 53 local cases, and one imported case. The last time there were fewer than 53 community cases was on July 15, when there were 42 such cases.
https://www.businesstimes.com.sg/government-economy/covid-19-cases-in-singapore-fall-for-sixth-day-in-a-row-with-11-in-icu
https://www.straitstimes.com/singapore/health/covid-19-cases-in-spore-fall-for-5th-day-in-a-row-11-patients-in-icu

53 new locally transmitted Covid-19 cases; 15 unlinked
[Singapore] There were 53 new locally transmitted coronavirus cases reported at noon on Tuesday (Aug 10). Of the new cases, 31 were linked to previous infections and had already been placed on quarantine. Another seven were not in quarantine when they were tested positive. The remaining 15 were unlinked cases.
https://www.businesstimes.com.sg/government-economy/53-new-locally-transmitted-covid-19-cases-15-unlinked

Restaurants gear up to check diners’ vaccination status
Singapore – Restaurant owners and chefs welcome the clearer rules for dining in, as they gear up to check on customers’ vaccination status before welcoming them. Those The Straits Times spoke to said the new rules are clearer than the ones issued earlier.
https://www.straitstimes.com/singapore/restaurants-gear-up-to-check-diners-vaccination-status
https://www.straitstimes.com/singapore/eateries-welcome-diners-back-as-curbs-ease

Some foodcourts use stickers to identify vaccinated customers
Vaccinated people who wished to eat at air-conditioned foodcourts in malls such as Junction 8, Nex and Plaza Singapura were checked at the entrance and given a sticker to identify them yesterday, the first day the ban on dining in was lifted.
https://www.straitstimes.com/singapore/some-foodcourts-use-stickers-to-identify-vaccinated-customers

*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