DAILY NEWS

Daily News – 8 April 2022 (Fri)

Singapore Real Estate

Grand Building relaunched for collective sale at same guide price of S$195m
Grand Building, an office property at Raffles Place has been relaunched for collective sale at the same guide price of S$195 million. The 10-storey development at 17 Phillip Street was first launched for sale by sole marketing agent Edmund Tie & Company on Oct 28 last year, with the tender closing on Dec 7.
https://www.businesstimes.com.sg/real-estate/grand-building-relaunched-for-collective-sale-at-same-guide-price-of-s195m

Kensington Park condo might gun for mega en-bloc sale again
Owners at the 314-unit Kensington Park Condominium in Serangoon Gardens are once again eyeing a collective sale, nearly 4 years after their previous efforts at a billion-dollar price tag, The Business Times (BT) has learnt.
https://www.businesstimes.com.sg/real-estate/kensington-park-condo-might-gun-for-mega-en-bloc-sale-again-1

HDB resale volumes recover in March as prices rise for 21 straight months: SRX, 99.co
Resale volumes for Housing and Development Board (HDB) flats recovered in March this year, as some 2,269 flats were transacted, representing a 19.2 per cent increase from the month before, according to flash estimates from property portal SRX and 99.co.
https://www.businesstimes.com.sg/real-estate/hdb-resale-volumes-recover-in-march-as-prices-rise-for-21-straight-months-srx-99co

Four Ang Mo Kio HDB blocks identified for Sers
Four Housing and Development Board (HDB) blocks in Ang Mo Kio have been identified by the government to undergo the Selective En bloc Redevelopment Scheme (Sers). Under the scheme, residents living in Blocks 562 to 565 at Ang Mo Kio Avenue 3, comprising 606 units of mainly 3-room and 4-room flats…
https://www.businesstimes.com.sg/real-estate/four-ang-mo-kio-hdb-blocks-identified-for-sers-0
https://www.straitstimes.com/singapore/housing/there-were-a-lot-of-rumours-some-residents-in-4-amk-blocks-picked-for-sers-began-speculating-about-it-8-years-ago

Singapore Economy

MAS transfers S$75b of official foreign reserves to government
The Monetary Authority of Singapore (MAS) said it has transferred excess official foreign reserves (OFR) of S$75 billion to the government through a subscription of Reserves Management Government Securities (RMGS).
https://www.businesstimes.com.sg/government-economy/mas-transfers-s75b-of-official-foreign-reserves-to-government

Unemployment rate declines further in Feb
Singapore’s unemployment rate returned to pre-pandemic levels in February and is expected to fluctuate around this level depending on the prevailing economic situation, said the Ministry of Manpower (MOM) on Thursday (Apr 7).
https://www.businesstimes.com.sg/government-economy/unemployment-rate-declines-further-in-feb
https://www.straitstimes.com/singapore/jobs/singapores-unemployment-rates-back-to-pre-pandemic-levels-as-they-continue-to-fall-mom

Companies’ Brief

Analysts keeping faith with pure-play China S-Reits
Singapore-listed real estate investment trusts (S-Reits) with assets in China have suffered a beating as Beijing imposed widespread lockdowns to contain a resurgence of the coronavirus. The Singapore Exchange has 5 S-Reits – CapitaLand China Trust (CLCT), Sasseur Reit, EC World Reit (ECW), BHG Retail Reit and Dasin Retail Trust – with pure exposure to China.
https://www.businesstimes.com.sg/companies-markets/analysts-unfazed-as-pure-play-china-s-reits-underperform-amid-resurgence-of-covid

Corporate digest
https://www.businesstimes.com.sg/companies-markets/corporate-digest-1539

Views, Reviews, Forum and Others

The rebound of tourism in South-east Asia
The travel and tourism industry was among the hardest hit by the Covid-19 pandemic. Border closures, coupled with international travel restrictions and social-distancing measures, were devastating for the industry, and particularly so in South-east Asia.
https://www.businesstimes.com.sg/asean-business/the-rebound-of-tourism-in-south-east-asia

Higher fuel costs will spark change
Like many countries, Singapore is being hit by rising fuel prices, a phenomenon that pre-dates the Russian war on Ukraine, but which the war has intensified. Singapore’s reliance on imported natural gas for about 95 per cent of its electricity needs has led to electricity tariffs rising since April last year.
https://www.straitstimes.com/opinion/st-editorial/the-straits-times-says-higher-fuel-costs-will-spark-change

Hilton eyes growth in APAC, set to open 2 hotels a week in region in 2022
The Asia-Pacific region accounts for just around 10 per cent of Hilton’s global portfolio now, but the hospitality group has its sights set on growing that share of the pie. “Asia-Pacific will continue to be a bigger part of the business,” Hilton president and chief executive officer Chris Nassetta told reporters at a roundtable discussion in Singapore on Thursday (Apr 7).
https://www.businesstimes.com.sg/consumer/hilton-eyes-growth-in-apac-set-to-open-2-hotels-a-week-in-region-in-2022

Crypto players get some clarity on ad curbs; industry task force to address outstanding issues
Singapore’s crypto fraternity has smoothened out some “rough edges” with the Monetary Authority of Singapore (MAS) with regard to advertising curbs that were announced earlier this year and are working on a code of practice for self-regulation.
https://www.businesstimes.com.sg/banking-finance/crypto-players-get-some-clarity-on-ad-curbs-industry-task-force-to-address
https://www.straitstimes.com/business/economy/crypto-industry-given-some-clarity-over-ad-guidelines

Update on COVID-19 (Coronavirus Disease 2019) Situation

Two years after Covid-19 circuit breaker, S’pore in better shape but not out of the woods: PM Lee
Singapore – Two years after the nation entered a circuit breaker period of restrictions, Singapore is now in a much better shape, but still far from being out of the woods, Prime Minister Lee Hsien Loong said on Thursday (April 7).
https://www.straitstimes.com/singapore/health/two-years-after-covid-19-circuit-breaker-spore-in-better-shape-but-not-out-of-the-woods-pm-lee

*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