DAILY NEWS

Daily News – 10 November 2021 (Wed)

Singapore Real Estate

October condo resale prices surge for 15th straight month; volumes fall further: 99.co, SRX
Singapore condo resale prices in October continued to rise for the 15 straight month, with month-on-month prices rising 0.7 per cent, and year-on-year, 9 per cent according to flash figures by 99.co and SRX Property.
https://www.businesstimes.com.sg/real-estate/october-condo-resale-prices-surge-for-15th-straight-month-volumes-fall-further-99co-srx
https://www.straitstimes.com/business/property/condo-resale-prices-up-for-15th-straight-month-but-volume-shrinks-again-in-october

OK Lim’s wife claiming half-share of S$33.4m GCB sale proceeds
The wife of Lim Oon Kuin has taken out legal proceedings against the liquidators of the oil trader Hin Leong Trading founded by her husband, claiming that she is entitled to a 50 per cent interest in a Good Class Bungalow (GCB) recently sold for S$33.39 million.
https://www.businesstimes.com.sg/real-estate/ok-lims-wife-claiming-half-share-of-s334m-gcb-sale-proceeds

Companies’ Brief

Far East Orchard posts bigger net loss of S$12.6m for 9M FY21
Far East Orchard has reported that its net loss for the nine months ended Sep 30 has widened to S$12.6 million from S$6.3 million a year ago. Revenue slid by 10.2 per cent year on year to S$75.4 million as the pandemic continued to weigh on its hospitality business, in particular in Australia.
https://www.businesstimes.com.sg/companies-markets/far-east-orchard-posts-bigger-net-loss-of-s126m-for-9m-fy21

Ho Bee Land names new CEO, redesignates Chua Thian Poh as executive chairman
Ho Bee Land has named Nicholas Chua as its new chief executive officer (CEO) and executive director with effect from January next year. His father, Chua Thian Poh, who is currently chairman and CEO, will be redesignated executive chairman, the real estate developer said in a press statement on Tuesday.
https://www.businesstimes.com.sg/companies-markets/ho-bee-land-names-new-ceo-redesignates-chua-thian-poh-as-executive-chairman
https://www.straitstimes.com/business/companies-markets/ho-bee-lands-chua-thian-poh-turns-executive-chairman-as-son-nicholas

Hock Lian Seng wins S$320m contract to build Aviation Park MRT station, tunnels
Construction firm Hock Lian Seng Holdings has snagged a S$320 million contract from the Land Transport Authority, it said in a filing to the Singapore Exchange on Tuesday (Nov 9). The contract, won by its wholly-owned subsidiary Hock Lian Seng Infrastructure, is for the design and construction of the Aviation Park MRT station and tunnels.
https://www.businesstimes.com.sg/companies-markets/hock-lian-seng-wins-s320m-contract-to-build-aviation-park-mrt-station-tunnels

Keppel raises SPH bid to S$2.351 a share, cash component up by 20 cents; says price is final
Keppel Corp has upped its privatisation offer for Singapore Press Holdings (SPH) with a “compelling” final offer of S$2.351 per share, which includes additional cash of S$0.20 per share. This comes after Cuscaden Peak…
https://www.businesstimes.com.sg/companies-markets/keppel-raises-sph-bid-to-s2351-a-share-cash-component-up-by-20-cents-says-price-is
https://www.straitstimes.com/business/companies-markets/keppel-raises-bid-for-sph-by-12-says-offer-is-final-and-irrevocable

PropNex net profit rises 113.2% in Q3
Real estate agency PropNex reported a 113.2 per cent improvement in its bottom line for its fiscal third quarter together with a doubling of its revenue, it said in an exchange filing on Wednesday (Nov 10) morning.
https://www.businesstimes.com.sg/companies-markets/propnex-net-profit-rises-1132-in-q3

Singhaiyi owners offer to privatise company at significant discount to NAV
Mainboard-listed SingHaiyi Group has received a voluntary conditional cash offer from an investment holding company owned by Gordon Tang and his wife Celine Tang for all the issued ordinary shares in the company for S$0.117 per offer share in cash, with a view to delist
https://www.businesstimes.com.sg/companies-markets/singhaiyi-owners-offer-to-privatise-company-at-significant-discount-to-nav

Corporate Digest
https://www.businesstimes.com.sg/companies-markets/corporate-digest-1497

Views, Reviews, Forum & Others

Singapore amid great power rivalry
While the immediate and urgent concern on the minds of all policy makers is overcoming and recovering from the Covid-19 pandemic, the most important concern in the next two decades must be if our countries can continue to enjoy peace and progress.
https://www.straitstimes.com/opinion/singapore-amid-great-power-rivalry

Easing the Covid-19 brakes just a touch
The slew of measures announced on Monday reflects an attempt by the authorities to further ease curbs on social activities but to balance that with a tougher stance towards those whose actions are not helping in the fight against the coronavirus pandemic.
https://www.straitstimes.com/opinion/st-editorial/easing-the-covid-19-brakes-just-a-touch?login=true

Why the inflation outlook matters
The news media is awash with concerns about inflation. Why does it matter for investors? There are 2 main reasons: First, different inflation scenarios typically lead to very different outcomes for equity markets. Second, developed market government bonds significantly lose their status as safe-havens in a diversified investment allocation if inflation remains elevated.
https://www.businesstimes.com.sg/wealth-investing/why-the-inflation-outlook-matters

As we live longer, yield-fixated investors need to watch out for inflation
Singaporeans are living longer. Within a 5-year period, the number of Singapore residents aged 90 and over rose by 38 per cent from 15,157 in 2016 to 20,875 in 2020. Over a decade, the number of those aged 90 and over was up 84 per cent from 11,366 in 2011. In 2021, there were 22,090 residents aged 90 and over, up a further 6 per cent year on year.
https://www.businesstimes.com.sg/wealth-investing/as-we-live-longer-yield-fixated-investors-need-to-watch-out-for-inflation

New platforms to tackle ESG data gaps in Singapore
Climate-change fears in an increasingly digital world have opened up fresh opportunities to marry tech and sustainability to address challenges in green finance.
https://www.businesstimes.com.sg/banking-finance/new-platforms-to-tackle-esg-data-gaps-in-singapore

Overcoming barriers and capturing opportunities in sustainable investing
The looming climate crisis has spurred investors and fund managers to shift their focus towards investments that can address climate-related risks. But Liew Tzu Mi, GIC chief investment officer for fixed income and chair of the sovereign wealth fund’s sustainability committee, said there is still much to learn and improve upon in this fast-evolving space.
https://www.businesstimes.com.sg/companies-markets/green-business/overcoming-barriers-and-capturing-opportunities-in-sustainable

Update on COVID-19 (Coronavirus Disease 2019) Situation

3,397 new Covid-19 cases and 12 deaths; weekly infection growth rate at 0.82
[Singapore] There were 3,397 new Covid-19 infections on Tuesday (Nov 9), up from 2,470 a day earlier, said the Ministry of Health (MOH) in its daily report. The Covid-19 weekly infection growth rate slightly dipped to 0.82, down from 0.84 on Monday.
https://www.businesstimes.com.sg/government-economy/3397-new-covid-19-cases-and-12-deaths-weekly-infection-growth-rate-at-082
https://www.straitstimes.com/singapore/singapore-reports-3397-new-covid-19-cases-and-12-deaths-weekly-infection-growth-rate-at

Some restaurants to call diners to confirm they are from same household as Covid-19 dining curbs ease
Singapore – Shortly after it was announced that households can dine out in groups of up to five at restaurants from Wednesday (Nov 10), Ms Goh Wen Tyng immediately made a booking for a meal at Keria Japanese Restaurant in Cuppage Plaza with her family.
https://www.straitstimes.com/singapore/consumer/some-restaurants-to-call-diners-to-confirm-they-are-from-same-household-as-covid

Travellers may face tighter curbs in Europe with S’pore taken off EU list
Singapore – Thinking of heading to Europe for a year-end vacation? Singaporeans could now face stricter border restrictions after the Republic was removed from a list of countries for which travel curbs should be lifted.
https://www.straitstimes.com/singapore/transport/spore-removed-from-list-of-countries-for-which-eu-member-states-should-lift

Bookings for Singapore-KL flights spike despite lack of VTL flight details
Singapore – Bookings for flights between Singapore and Kuala Lumpur have spiked in the past day, even though details such as the designated Vaccinated Travel Lane (VTL) flights are yet to be announced.
https://www.straitstimes.com/singapore/transport/bookings-for-singapore-malaysia-flights-spike-even-before-vtl-flight-details
https://www.straitstimes.com/asia/se-asia/malaysia-expects-vtl-with-singapore-to-boost-aviation-sector

*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