DAILY NEWS

Daily News – 31 August 2021 (Tue)

Singapore Real Estate

Executive condos: a winning proposition?
It took a then-record top bid of S$603 per square foot per plot ratio (psf ppr) for an executive condominium (EC) site in Tengah for the tie-up between City Developments and MCL Land to be awarded the site in early June.
https://www.businesstimes.com.sg/real-estate/executive-condos-a-winning-proposition
S$1.03b bid bags Jalan Anak Bukit site for Far East Organization, Sino Group

The Urban Redevelopment Authority (URA) has awarded a state tender for the 99-year leasehold commercial and residential site at Jalan Anak Bukit to Far East Organization and Sino Group, who jointly submitted the highest bid of around S$1.028 billion among the three shortlisted tenderers.
https://www.businesstimes.com.sg/real-estate/s103b-bid-bags-jalan-anak-bukit-site-for-far-east-organization-sino-group
https://www.straitstimes.com/business/property/tender-for-land-parcel-at-jalan-anak-bukit-awarded-to-far-east-organization-sino

Singapore Economy

Singapore visitor arrivals, hotel performance pick up in July
Visitor arrivals to Singapore rose to 18,520 in July, the highest since April, while hotel performance also improved, Singapore Tourism Board figures showed on Monday. Visitor arrivals in July were up from 10,030 in June, and more than two-and-a-half times the 6,840 figure a year ago – though of course still a far cry from the pre-pandemic level of 1.8 million in July 2019.
https://www.businesstimes.com.sg/government-economy/singapore-visitor-arrivals-hotel-performance-pick-up-in-july

Raising low-income wages: external factors seen having bigger role on long-term inflation
The latest moves to raise wages in Singapore might come with teething pains in the short-term but the impact on inflation will still be largely dependent on external factors, say economists. Mohamed Faiz Nagutha, Asean economist at BofA Securities, said that he does not expect the policy changes to have much impact on inflation in the near-term given the gradual and targeted approach being adopted.
https://www.businesstimes.com.sg/government-economy/raising-low-income-wages-external-factors-seen-having-bigger-role-on-long-term

Companies’ Brief

Mapletree Investments to evaluate options to monetise student housing assets
Mapletree Investments will evaluate various options to monetise its portfolio of student accommodation assets over the next few months. These options include a public Reit or private fund, it said. This comes after it acquired four purpose-built student accommodation (PBSA) assets in the United Kingdom from Vita Group for over £165 million (about S$306 million), further expanding its student housing footprint in the UK.
https://www.businesstimes.com.sg/real-estate/mapletree-investments-to-evaluate-options-to-monetise-student-housing-assets

Park Hotel Group loses management contract for Clarke Quay hotel
Singapore – Park Hotel Group has lost its management contract for Park Hotel Clarke Quay, the second contract it has lost out of the six hotels it managed here. This comes after the winding up of a firm that used to own the Singapore-based hospitality group.
https://www.straitstimes.com/business/property/park-hotel-group-loses-management-contract-for-clarke-quay-hotel

Soilbuild stays grounded to core values as it expands in Singapore, overseas
Ask Lim Chap Huat, executive chairman of Soilbuild Group Holdings Ltd, what his guiding principle in business is and he will tell you: “If you want to earn money, you have to do it in an honest way and through hard work; (because) in doing business, there is no such thing as a shortcut.”
https://www.businesstimes.com.sg/sme/soilbuild-stays-grounded-to-core-values-as-it-expands-in-singapore-overseas

UOL’s Watergardens project sells 60% of units at launch weekend
The Watergardens at Canberra moved about 60 per cent of its 448 units – which works out to roughly 268 units – over its launch weekend on Aug 28 and 29. Prices started from below S$920,000 or S$1,424 per square foot (psf) for the two-bedroom units, below S$1.3 million or S$1,438 psf for the three-bedroom units, and below S$1.8 million or S$1,382 psf for four-bedroom units.
https://www.businesstimes.com.sg/real-estate/uols-watergardens-project-sells-60-of-units-at-launch-weekend

Restructuring plans, trading suspension a result of poor property market conditions: Capital World
Property developer Capital World said “acute oversupply conditions in the property market in Malaysia”, together with the Covid-19 pandemic, pushed its decision to propose a restructuring and suspend the trading of its shares in February 2020.
https://www.businesstimes.com.sg/real-estate/restructuring-plans-trading-suspension-a-result-of-poor-property-market-conditions

Overseas industrial, office properties lead rental reversions recovery for S-Reits
Singapore-listed real estate investment trusts (S-Reits) with exposure to industrial and office assets – especially outside the Republic – might offer the best rental recovery prospects as the Covid-19 pandemic wanes.
https://www.businesstimes.com.sg/real-estate/overseas-industrial-office-properties-lead-rental-reversions-recovery-for-s-reits

Corporate digest
https://www.businesstimes.com.sg/companies-markets/corporate-digest-1439

Views, Reviews, Forum & Others

Board diversity vital for long-term success
The Covid-19 pandemic has prompted stakeholders to pay close attention to companies’ sustainability and resilience. Companies would therefore need to assure stakeholders about their ability to navigate constant change and uncertainty, anticipate risks and capture new opportunities.
https://www.businesstimes.com.sg/opinion/board-diversity-vital-for-long-term-success

Investors must grasp full scope of decarbonisation
Decarbonisation is at the top of the agenda for many governments and corporates, and the pandemic has accelerated global efforts. A world with significantly lower carbon intensity will upend global macro dynamics, particularly in global exchange rates and commodity prices, and impact how geopolitical risk is priced.
https://www.businesstimes.com.sg/opinion/investors-must-grasp-full-scope-of-decarbonisation

Where Temasek, GIC and other institutional investors are putting their money
Singapore (Bloomberg) – As if the pandemic wasn’t warping global markets enough, China’s regulatory crackdown is suddenly adding new unpredictability. So how best to invest in these strange times? Bloomberg News spoke with institutional investors with US$3 trillion in combined assets under management to ask how they’re navigating economic turmoil caused by unpredictable recoveries and China’s shifting rules, which have frozen US listings and almost erased the online education sector.
https://www.straitstimes.com/business/economy/where-temasek-gic-and-other-institutional-investors-are-putting-their-money

Update on COVID-19 (Coronavirus Disease 2019) Situation

2 new Covid-19 clusters at Tampines Bus Interchange and Institute of Mental Health
Singapore – Two new Covid-19 clusters linked to Tampines Bus Interchange and the Institute of Mental Health emerged on Monday (Aug 30). The cluster at Tampines Bus Interchange has a total of 11 cases – all members of staff – after four new cases were added on Monday…
https://www.straitstimes.com/singapore/community/2-new-covid-19-clusters-at-tampines-bus-interchange-and-institute-of-mental

120 bus captains across seven interchanges infected with Covid-19 so far: LTA
A total of 120 bus captains have been infected with Covid-19 so far, said the Land Transport Authority (LTA), which is working with public transport operators to minimise the impact on services. The number of clusters involving bus interchanges has grown to seven after the first two – at Bishan and Sengkang – were announced on Aug 14.
https://www.businesstimes.com.sg/government-economy/120-bus-captains-across-seven-interchanges-infected-with-covid-19-so-far-lta
https://www.straitstimes.com/singapore/health/120-bus-captains-across-seven-interchanges-infected-with-covid-19-so-far-lta

askST: Are people who encounter Covid-19 cases on public transport ‘transient contacts’?
Singapore – The number of Covid-19 clusters involving bus interchanges has grown in the last few weeks, from two on Aug 14 to seven last Sunday (Aug 29). By then, a total of 120 bus captains were infected as well. The Straits Times addresses some concerns that have been raised over the recent spate of cases.
https://www.straitstimes.com/singapore/health/askst-are-people-who-encounter-covid-19-cases-on-public-transport-transient

Private healthcare firms see big demand as Sinopharm Covid-19 vaccine is rolled out
Singapore – Mr Javier Chua, 20, has a low blood platelet count and health conditions that often make him feel breathless. For that reason, his mother Wini Thng, 52 – was worried about side effects if he took any of the two mRNA vaccines used in Singapore’s national Covid-19 inoculation drive.
https://www.straitstimes.com/singapore/health/private-healthcare-players-see-big-demand-as-sinopharm-covid-19-vaccine-is-rolled
https://www.businesstimes.com.sg/government-economy/private-healthcare-players-see-big-demand-as-sinopharm-vaccine-is-rolled-out

Covid vaccines – delivering booster shots at expense of rest of the world
As some countries – including Singapore – consider rolling out Covid-19 vaccine booster shots, others are racing to even vaccinate a significant proportion of their population. It is perhaps natural for self-preservation to skew towards selfishness.
https://www.businesstimes.com.sg/opinion/covid-vaccines-delivering-booster-shots-at-expense-of-rest-of-the-world

*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