DAILY NEWS

Daily News – 19 April 2022 (Tue)

Singapore Real Estate

Lakepoint up for en bloc again at same S$640m reserve price
En bloc hopeful Lakepoint Condominium will be relaunched for collective sale again on Apr 19, exclusive marketing agency PropNex Realty said on Monday (Apr 18). The last tender had closed without a bid on Dec 22, 2021. Owners of the Jurong condominium development then entered into a “private treaty negotiation process”.
https://www.businesstimes.com.sg/real-estate/lakepoint-up-for-en-bloc-again-at-same-s640m-reserve-price
https://www.straitstimes.com/business/property/lakepoint-condo-up-for-en-bloc-sale-again-with-same-640m-reserve-price

Sixth Avenue Centre relaunched for collective sale at S$85m reserve price
Sixth Avenue Centre, a mixed-use boutique site located at 805 Bukit Timah Road, will be relaunched for collective sale via a tender on Apr 19. The freehold site will be launched at a reserve price of S$85 million, which is unchanged from the reserve price in its previous tender in 2021, said Cushman & Wakefield on Monday (Apr 18).
https://www.businesstimes.com.sg/real-estate/sixth-avenue-centre-relaunched-for-collective-sale-at-s85m-reserve-price-0
https://www.straitstimes.com/business/property/sixth-avenue-centre-relaunched-for-en-bloc-sale-at-unchanged-85m-reserve-price

More new private homes sold in March despite no major launches
Singapore – Even with no major launches, developers sold more new private homes last month than in February, thanks to the easing of safe management measures and restrictions on viewing show-flats.
https://www.straitstimes.com/business/property/more-new-private-homes-sold-in-march-despite-no-new-launches

Price gap between RCR and CCR homes narrows in March
The price gap between new homes in the prime areas of Singapore and those outside of them continued to narrow in March, suggesting that there could be buying opportunities for those seeking properties in Districts 9, 10 and 11.
https://www.businesstimes.com.sg/real-estate/price-gap-between-rcr-and-ccr-homes-narrows-in-march

With Sers and Vers, HDB homes can trump private leasehold homes
Many HDB flats, private homes and commercial buildings in Singapore are built on land parcels with initial lease tenures of 99 years. Having properties sit on leasehold land allows the government to recover land upon lease expiry to reallocate it to meet fast changing socio-economic needs.
https://www.businesstimes.com.sg/real-estate/with-sers-and-vers-hdb-homes-can-trump-private-leasehold-homes

Singapore Economy

Countries must work together to drive inclusive, sustainable growth: Lawrence Wong
Governments and societies today face immense uncertainty and the deep structural challenges of growth, inclusion and sustainability, said Finance Minister Lawrence Wong on Monday (Apr 18).
https://www.businesstimes.com.sg/top-stories/countries-must-work-together-to-drive-inclusive-sustainable-growth-lawrence-wong
https://www.straitstimes.com/business/govts-must-drive-inclusive-sustainable-growth-in-face-of-global-uncertainties-lawrence-wong

China slowdown threatens Singapore trade as exports ease again in March
Singapore’s non-oil domestic export (NODX) growth slowed for the fourth month in March, despite pulling ahead of private-sector economists’ forecasts with a fillip from non-monetary gold shipments.
https://www.businesstimes.com.sg/government-economy/china-slowdown-threatens-singapore-trade-as-exports-ease-again-in-march

Challenges remain for construction sector as Ukraine war and lockdowns in China push costs up
Singapore – The lifting of Covid-19 border restrictions and safe management measures may have thrown a lifeline to the beleaguered construction sector, but it is still not out of the woods as cost pressures have continued to rise off the back of the war in Ukraine and lockdowns in China.
https://www.straitstimes.com/singapore/challenges-remain-for-construction-sector-as-ukraine-war-and-lockdowns-in-china-push-costs-up

Views, Reviews, Forum and Others

Time to double down on S-Reit investments amid MAS ‘double barrel’ policy tightening
Inflation is poised to continue rising, as signalled by the Monetary Authority of Singapore (MAS)’s decision last week to tighten its monetary policy for the third time in 6 months. Investors seeking a hedge against inflation should take yet another look at Singapore-listed real estate investment trusts (S-Reits).
https://www.businesstimes.com.sg/opinion/time-to-double-down-on-s-reit-investments-amid-mas-double-barrel-policy-tightening

Storm clouds over the global economy
This was supposed to be the year of post-Covid normalisation, labour-market healing, and a revival of economic growth. Yet it is turning out to be a fraught period of geopolitical realignments, persistent supply disruptions, and financial-market volatility, all of which are playing out in a context of surging inflationary pressures and limited policymaking space.
https://www.businesstimes.com.sg/opinion/storm-clouds-over-the-global-economy-0

Migrant worker labour issues mean S-E Asia’s companies risk losing business, investments
The reliance of South-east Asia companies on migrant workers means companies in the region need to be prepared for greater scrutiny on their labour practices, or risk losing their ability to attract investments from investors, observers told The Business Times.
https://www.businesstimes.com.sg/companies-markets/migrant-worker-labour-issues-mean-s-e-asias-companies-risk-losing-business

Update on COVID-19 (Coronavirus Disease 2019) Situation

S’pore yet to detect any Covid-19 cases due to XE recombinant strain: MOH
Singapore – Singapore has yet to detect any Covid-19 cases associated with the XE recombinant strain as at last Tuesday (April 12), the Ministry of Health (MOH) said. This strain is a hybrid of the two predominant Omicron sub-variants or strains: BA.1, otherwise known as the original Omicron strain, and BA.2.
https://www.straitstimes.com/singapore/spore-yet-to-detect-any-covid-19-cases-due-to-xe-recombinant-strain-moh

askST: What patrons, operators need to know about nightlife businesses reopening on Tuesday
After a two-year hiatus due to the pandemic, all nightlife businesses will fully reopen from Tuesday (April 19), with Covid-19 safety measures in place. Operators of bars, pubs, karaoke establishments, discotheques and nightclubs must adhere to all prevailing safe management measures.
https://www.straitstimes.com/singapore/consumer/askst-what-patrons-operators-need-to-know-about-nightlife-businesses-reopening-on-tuesday

Not all nightclubs in Singapore ready to let hair down
Singapore – It is looking to be a quiet start for nightclubs, despite nightlife businesses being allowed to resume operations on Tuesday (April 19). Most nightclubs The Straits Times spoke to said they will be reopening their doors on Wednesday (April 20), and some without a dance floor.
https://www.straitstimes.com/singapore/consumer/a-muted-start-expected-for-some-nightclubs-even-as-nightlife-businesses-reopen-on-tuesday

Planning a holiday? Here’s your guide to travel rules around the world
Getting ready to travel again after more than two years of the Covid-19 pandemic? As borders open around the world, travellers now have many more options. Still, travel is not quite the same as we knew it pre-pandemic. Different places may have different requirements and rules.
https://www.straitstimes.com/multimedia/graphics/2022/04/covid19-travel-restrictions/index.html

*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