DAILY NEWS

Daily News – 8 October 2021 (Fri)

Singapore Real Estate

En bloc buzz is back; but some projects have cut asking prices
As developers grapple with headwinds such as higher construction costs, some owners have been taking another crack at going en bloc – this time putting their projects on the market at a lower price. Data from real estate consultancy JLL shows at least five projects that have been put up for tender this year have reduced their asking price vis-a-vis the last en bloc cycle.
https://www.businesstimes.com.sg/real-estate/some-en-bloc-projects-back-on-the-market-at-reduced-price-tags

GCB market may be entering consolidation phase after stellar run-up
After a strong performance so far this year, the Good Class Bungalow (GCB) market may be entering a consolidation phase as the buyer-seller price gap starts to widen, say observers. Bruce Lye, co-founder of property agency SRI, said: “The buying euphoria in the GCB market seems to have cooled a little.
https://www.businesstimes.com.sg/real-estate/gcb-market-may-be-entering-consolidation-phase-after-stellar-run-up
https://www.straitstimes.com/business/property/landed-property-sales-in-coveted-gcb-areas-in-spore-gaining-cachet

Lendlease to build large-scale Singapore vaccine facility in late-2021
Sydney-based Lendlease, which manages Singapore-listed Lendlease Global Commercial Reit, is commencing construction on a large-scale, greenfield vaccine facility in late-2021. It did not disclose the identity of the client.
https://www.businesstimes.com.sg/real-estate/lendlease-to-build-large-scale-singapore-vaccine-facility-in-late-2021-0

HDB resale volume slows in September; buyer resistance seen as prices hit new peak
Resale Housing Board flat transactions slowed in September, with signs of resistance setting in as flat prices hit a record high. There were a total of 2,518 HDB resale transactions last month, an 8.4 per cent drop from August, according to flash data from real estate portal SRX released on Thursday (Oct 7).
https://www.businesstimes.com.sg/real-estate/hdb-resale-volume-slows-in-september-buyer-resistance-seen-as-prices-hit-new-peak-0
https://www.straitstimes.com/singapore/housing/hdb-resale-volume-slows-in-september-buyer-resistance-seen-as-prices-hit-new-peak

Singapore Economy

Singapore, US working to open travel lane soon: Gan Kim Yong
Singapore is working on establishing a vaccinated travel lane (VTL) with the United States and wants to conclude it as soon as possible, certainly before the end of the year, said Minister for Trade and Industry Gan Kim Yong.
https://www.businesstimes.com.sg/government-economy/singapore-us-working-to-open-travel-lane-soon-gan-kim-yong
https://www.straitstimes.com/world/united-states/singapore-us-working-on-vaccinated-travel-lane-gan-kim-yong

MAS’ approach of ‘caution with creativity’, industry cooperation key to 50 years of success: PM Lee
Emerging disruptive technologies, new business models and climate change present both challenges and opportunities for Singapore’s financial sector and economy, and the Monetary Authority of Singapore (MAS) will again need an “optimal blend of creativity and caution” as it deals with these, Prime Minister Lee Hsien Loong said on Thursday.
https://www.businesstimes.com.sg/government-economy/mas-approach-of-caution-with-creativity-industry-cooperation-key-to-50-years-of
https://www.straitstimes.com/business/banking/disruptive-technologies-climate-change-among-challenges-faced-by-mas-pm-lee

Companies’ Brief

PropNex sets up platform for agents to raise issues, ensure fair employment practices
Singapore – Singapore’s largest property agency is setting up a new platform to promote the welfare of its sales agents and enable their issues and grievances to be heard. PropNex, which has close to 10,000 agents, on Thursday (Oct 7) signed a memorandum of understanding with the Singapore Industrial and Services Employees’ Union (Siseu) to set up the platform, dubbed PropNex Real Estate Salespersons Chapter – Agents’ Voice Matters.
https://www.straitstimes.com/business/property/propnex-sets-up-platform-for-agents-to-raise-issues-ensure-fair-employment

ST Telemedia Global Data Centres reveals plans for two new data centres in Tokyo
Data centre provider ST Telemedia Global Data Centres (STT GDC) has announced plans for two new data centres in Tokyo, to be developed by and leased from Goodman, an integrated property group. In a press statement on Thursday (Oct 7), STT GDC noted that the new data centres will comprise 60,000 square metres of gross floor area, resulting in a development potential of 60 megawatts of IT power across the two buildings.
https://www.businesstimes.com.sg/real-estate/st-telemedia-global-data-centres-reveals-plans-for-two-new-data-centres-in-tokyo
https://www.straitstimes.com/business/companies-markets/singapore-firms-expand-data-center-investments-overseas-as-demand-grows

Corporate Digest
https://www.businesstimes.com.sg/companies-markets/corporate-digest-1466

Views, Reviews, Forum & Others

Living with uncertainty amid Covid-19 pandemic: Why we need a change in mindsets
A recent slew of reports about the Covid-19 situation has painted a picture of confused Singaporeans unsure about how to respond to constantly changing rules, or worse, suggesting Singaporeans are taking fright and panicking over loosening restrictions.
https://www.straitstimes.com/opinion/living-with-uncertainty-requires-us-to-update-our-2020-playbook

Challenges and opportunities in ESG reporting
There is near unanimous agreement that environmental, social and governance (ESG) disclosures are necessary for companies, but there is still a lot of inconsistency in how those disclosures are made. Some of the key standards and frameworks include:
https://www.businesstimes.com.sg/companies-markets/challenges-and-opportunities-in-esg-reporting

Iras simplifies tax treatment for qualifying telecommuting assets
The Inland Revenue Authority of Singapore (Iras) has rolled out various initiatives to simplify corporate income tax (CIT) filing for companies this year, including a simplified tax treatment for qualifying telecommuting assets.
https://www.businesstimes.com.sg/government-economy/iras-simplifies-tax-treatment-for-qualifying-telecommuting-assets
https://www.straitstimes.com/business/over-260000-firms-to-benefit-from-simpler-corporate-tax-filing-this-year

Update on COVID-19 (Coronavirus Disease 2019) Situation

Three more die of Covid-19 complications; 3,483 daily infections
[Singapore] Three people aged between 57 and 90 are the latest to die from complications linked to Covid-19, the Ministry of Health (MOH) said on Thursday (Oct 7). Two were men and one was a woman. Two of them were vaccinated and the third, unvaccinated.
https://www.businesstimes.com.sg/government-economy/three-more-die-of-covid-19-complications-3483-daily-infections
https://www.straitstimes.com/singapore/health/three-more-die-of-covid-19-complications-3483-daily-infections

First floor of Tekka Centre closed for deep cleaning after Covid-19 cases are found
Singapore – The first floor of Tekka Centre in Little India, where its hawker centre and wet market are, will be closed for deep cleaning from Friday (Oct 8) to Sunday after several Covid-19 infections were detected there.
https://www.straitstimes.com/singapore/health/first-floor-of-tekka-centre-where-hawker-centre-and-market-is-closed-for-deep

Covid-19 boosters only for small groups, not time for all yet: WHO chief scientist
Singapore – A Covid-19 vaccine booster dose is not yet required for all, although it can restore vaccine effectiveness for some people such as the elderly, says the World Health Organisation’s (WHO) chief scientist.
https://www.straitstimes.com/singapore/health/covid-19-boosters-only-for-small-groups-not-time-for-all-yet-who-chief-scientist

WHO set to vaccinate 40 per cent of every country against Covid-19 by end 2021
Geneva (Xinhua) – The World Health Organization (WHO) announced on Thursday (Oct 7) an initiative to vaccinate 40 per cent of the population of every country against Covid-19 by the end of 2021 and 70 percent by mid-2022, by prioritizing vaccine delivery to low-income countries, particularly those in Africa.
https://www.straitstimes.com/world/who-set-to-vaccinate-40-per-cent-of-every-country-against-covid-19-by-end-2021

Build better regional and multilateral partnerships to prepare for future pandemics: Lawrence Wong
Singapore – Building adequate buffers for future pandemics, right-siting resources, and ensuring good outcomes are essential to making good investments in, and financing public healthcare, said Finance Minister Lawrence Wong.
https://www.straitstimes.com/singapore/health/build-better-regional-and-multialteral-partnerships-to-prepare-for-future-pandemics

*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