DAILY NEWS

Daily News – 27 October 2021 (Wed)

Singapore Real Estate

La Ville at Tanjong Rhu attempts collective sale again at S$148m reserve price
Freehold property La Ville at Tanjong Rhu is up for collective sale again, with a reserve price of S$148 million, said sole marketing agent JLL on Tuesday (Oct 26). The property was previously launched for tender in June 2018 with an asking price of S$152 million, but it was halted amid government residential market cooling measures announced in July 2018.
https://www.businesstimes.com.sg/real-estate/la-ville-at-tanjong-rhu-attempts-collective-sale-again-at-s148m-reserve-price
https://www.straitstimes.com/business/property/la-ville-at-tanjong-rhu-attempts-collective-sale-again-at-148m-reserve-price

High Point in Orchard Road back on the market with S$550m guide price
High Point, a 22-storey residential property at 30 Mount Elizabeth, is back on the market with a guide price of S$550 million, two years after its first attempt at a collective sale. The unchanged guide price of S$550 million translates to S$2,508 per square foot per plot ratio after factoring in the 7 per cent bonus gross floor area (GFA) for balconies, according to exclusive marketing agent Savills Singapore in a press statement on Tuesday (Oct 26).
https://www.businesstimes.com.sg/real-estate/high-point-in-orchard-road-back-on-the-market-with-s550m-guide-price

Why insurers are delving deeper into real estate as low interest rates linger
The prospect of higher and stable returns from real estate continues to woo insurance firms globally in the face of persistently low interest rates. Insurers and their property arms have been snapping up stakes in physical assets, pumping capital into real estate funds, acquiring equity interests in property investment firms and developers, and providing real estate-linked loans.
https://www.businesstimes.com.sg/real-estate/why-insurers-are-delving-deeper-into-real-estate-as-low-interest-rates-linger

Singapore Economy

September pharma slump could be a blip, but Singapore factory growth is set to cool
Lower output in the volatile pharmaceuticals segment sent Singapore’s manufacturing sector into negative territory in September, snapping a 10-month winning streak. But the factory output decline is unlikely to persist in the coming months, even as growth cools on a high base and supply constraints, watchers said on Tuesday (Oct 26).
https://www.businesstimes.com.sg/government-economy/september-pharma-slump-could-be-a-blip-but-singapore-factory-growth-is-set-to
https://www.straitstimes.com/business/economy/singapore-factory-output-falls-34-in-september-snapping-10-months-of-growth

Companies’ Brief

Frasers Centrepoint Trust posts 39.3% rise in H2 DPU at S$0.06089
Frasers Centrepoint Trust’s (FCT) distribution per unit (DPU) rose by 39.3 per cent to 6.089 Singapore cents for the second half of the year ended September, from 4.372 cents for the same period a year ago. Gross revenue was up 159.9 per cent to S$167.5 million for the half-year period, from S$64.5 million in the previous year.
https://www.businesstimes.com.sg/companies-markets/frasers-centrepoint-trust-posts-393-rise-in-h2-dpu-at-s006089
https://www.straitstimes.com/business/companies-markets/frasers-centrepoint-trust-posts-393-jump-in-h2-dpu

ESR-Reit Q3 DPU rises 1.7% to S$0.00712 on enlarged unit base
ESR-Reit’s distribution per unit (DPU) was up 1.7 per cent year on year to S$0.00712 for Q3 2021 from S$0.007, while distributable income increased by 15.1 per cent to S$28.6 million from S$24.8 million, its manager announced in a bourse filing on Wednesday (Oct 27).
https://www.businesstimes.com.sg/companies-markets/esr-reit-q3-dpu-rises-17-to-s000712-on-enlarged-unit-base
https://www.straitstimes.com/business/companies-markets/esr-reit-q3-dpu-rises-17-on-enlarged-unit-base

Corporate Digest
https://www.businesstimes.com.sg/companies-markets/corporate-digest-1487

Views, Reviews, Forum & Others

The go-go property market doesn’t have legs
One of the strange side effects of some economic crises is that property prices rise in their aftermath. This was true in Singapore after the 2008 global financial crisis – which prompted the Monetary Authority of Singapore (MAS) to impose repeated rounds of property cooling measures, starting in 2010.
https://www.straitstimes.com/opinion/the-go-go-property-market-doesnt-have-legs

Why targeted lockdowns could be better for everyone
As the optimism of summer begins to fade, rising Covid-19 cases in specific regions and outbreaks in countries that previously seemed to have the virus under control have led to a realisation that the global fight against the pandemic is far from over.
https://www.businesstimes.com.sg/opinion/why-targeted-lockdowns-could-be-better-for-everyone

Wealthy investors in Singapore thinking of relocating their families: Survey
Singapore – More wealthy Singapore-based investors are thinking of relocating their family members – either to the Republic or elsewhere – than their peers in the region, according to a report out on Tuesday (Oct 26) by Swiss private bank Lombard Odier.
https://www.straitstimes.com/business/invest/wealthy-singapore-investors-thinking-of-relocating-family-members-survey

The right thing to do: Leading the charge on building sustainable supply chains
For businesses, building a sustainable and resilient supply chain is no longer optional. Instead, it is necessary and a vital part of creating a business model that enables a company and its ecosystem to thrive for the long term.
https://www.businesstimes.com.sg/global-enterprise/the-right-thing-to-do-leading-the-charge-on-building-sustainable-supply-chains

Wellington launches 4 funds for Singapore retail investors
US-based Wellington Management has launched 4 funds focusing on income and growth, in its first foray into the Singapore retail investment market. Scott Geary, partner and head of client group (Asia Pacific), said the firm’s funds have been distributed through private banks to high-net-worth individuals over the past 10 years.
https://www.businesstimes.com.sg/wealth-investing/wellington-launches-4-funds-for-singapore-retail-investors

Investment outlook for China amid tightening policies
China, a rising superpower, has seen some road bumps recently. Despite initial success in taming the Covid-19 pandemic and attaining growth of 6.5 per cent in 2020, China’s economy has begun to slow this year.
https://www.businesstimes.com.sg/wealth-investing/investment-outlook-for-china-amid-tightening-policies

Update on COVID-19 (Coronavirus Disease 2019) Situation

3,277 new Covid-19 cases here; 10 seniors die
[Singapore] Ten people between the ages of 66 and 98 have died of complications linked to Covid-19, the Ministry of Health (MOH) said on Tuesday (Oct 26). All of them except one who was unvaccinated had various underlying medical conditions, said MOH in its daily virus update. It gave no further details.
https://www.businesstimes.com.sg/government-economy/3277-new-covid-19-cases-here-10-seniors-die
https://www.straitstimes.com/singapore/3277-new-covid-19-cases-in-spore-10-seniors-die

Chinatown Food Street closes, business hit badly by lack of customers amid Covid-19 pandemic
Singapore – Chinatown Food Street has closed for good after 20 years, the latest business victim of the Covid-19 pandemic. Opened in 2001 as part of the Singapore Tourism Board’s (STB) efforts to revitalise Chinatown, it boasted a cluster of popular hawker food carts along a 100m stretch of Smith Street that was closed to vehicular traffic.
https://www.straitstimes.com/singapore/chinatown-food-street-closes-business-hit-badly-by-lack-of-customers-amid-pandemic

askST: Must employers pay for tests for unvaccinated staff who have to report to the workplace?
Singapore – Staff who return to the workplace must be fully vaccinated or have recovered from Covid-19 in the past 270 days, from Jan 1 next year (2022). There are some 113,000 unvaccinated workers in Singapore. Only a small proportion are medically ineligible for the Covid-19 vaccination.
https://www.straitstimes.com/singapore/askst-must-employers-pay-for-tests-for-unvaccinated-staff-who-have-to-report-to-the

Commentary: Tackle factors causing Covid-19 deaths in Singapore
Singapore – It is easy to miss the forest for the trees. This is not surprising, given the amount of data thrown at us – daily infections, deaths, the numbers of the seriously ill and unvaccinated people, the use of the intensive care unit (ICU), seniors who fall ill and those who need oxygen, and so on.
https://www.straitstimes.com/singapore/health/commentary-covid-19-tackle-factors-causing-covid-19-deaths

5 imported Covid-19 cases among 5,134 travellers who have entered S’pore under Vaccinated Travel Lane scheme
Singapore – Of the 5,134 travellers who have entered Singapore under the Vaccinated Travel Lane (VTL) scheme so far, only five have tested positive for Covid-19. Transport Minister S. Iswaran revealed these figures during a virtual media interview on Tuesday (Oct 26) as he announced plans to further expand the scheme to Australia and Switzerland from Nov 8.
https://www.straitstimes.com/singapore/transport/5-imported-covid-19-cases-among-5134-travellers-who-have-entered-spore-under

Singapore to welcome vaccinated travellers from Australia and Switzerland from Nov 8
From Nov 8, vaccinated travellers from Australia and Switzerland will be welcome in Singapore, and will not need to serve a quarantine, Transport Minister S Iswaran said on Tuesday (Oct 26). The two countries join an existing 11 that are part of Singapore’s vaccinated travel lanes (VTL), as the Republic takes “calibrated” steps to reopen its borders.
https://www.businesstimes.com.sg/government-economy/singapore-to-welcome-vaccinated-travellers-from-australia-and-switzerland-from
https://www.straitstimes.com/singapore/transport/vaccinated-travellers-from-australia-and-switzerland-to-be-able-to-enter

*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