DAILY NEWS

Daily News – 10 December 2021 (Fri)

Singapore Real Estate

Philips seen as selling last of its Toa Payoh properties
Health technology company Philips is in the process of selling its remaining industrial property in Singapore. The Business Timesunderstands that discussions to sell the property, at 622 Lorong 1 Toa Payoh, are in advanced stages.
https://www.businesstimes.com.sg/real-estate/philips-seen-as-selling-last-of-its-toa-payoh-properties

Big-ticket industrial property sales nearly double to S$4b YTD
Industrial properties have been in high demand this year, with a total of S$4 billion in big-ticket transactions (of at least S$10 million each) year to date (with the latest transaction dated Nov 19), based on Cushman & Wakefield Research’s analysis.
https://www.businesstimes.com.sg/real-estate/big-ticket-industrial-property-sales-nearly-double-to-s4b-ytd

Freehold Orchard condo The Beaumont up for collective sale at S$478m guide price
The Beaumont at 145 and 147 Devonshire Road, Somerset, will be launched for collective sale via public tender with a guide price of S$478 million on Dec 10, sole marketing agent Savills said. Spanning 74,739 square feet (sq ft), the freehold boutique development consists of 64 units spread across a 5-storey and a 10-storey tower.
https://www.businesstimes.com.sg/real-estate/freehold-orchard-condo-the-beaumont-up-for-collective-sale-at-s478m-guide-price

Billion-dollar en bloc sites: the flops, the dogged and the successful
Juggernaut developments in Singapore have continued to gun for collective sales with billion-dollar price tags, undaunted by the hurdles in the path of large en bloc candidates. Just this week, the 1,017-unit Mandarin Gardens kickstarted the process again by forming a new collective sales committee (CSC), following its unsuccessful S$2.93 billion attempt some 3 years ago.
https://www.businesstimes.com.sg/real-estate/billion-dollar-en-bloc-sites-the-flops-the-dogged-and-the-successful

Mixed reactions from shopkeepers on upcoming closure of Tanjong Katong Complex for upgrading
Singapore – Mr Reza Fotohi supports the decision to upgrade Tanjong Katong Complex where he owns a shop, given how it will likely increase the mall’s footfall. “There is a lack of important (anchors) like restaurants and supermarkets.
https://www.straitstimes.com/singapore/mixed-reactions-from-shopkeepers-on-upcoming-closure-of-tanjong-katong-complex-for

HDB resale prices, transaction volumes see continued growth in November: SRX
Prices of HDB resale flats climbed for the 17th straight month in November 2021 while transaction volumes continued to see a steady uptrend, according to flash data released by real estate portal SRX on Thursday (Dec 9).
https://www.businesstimes.com.sg/real-estate/hdb-resale-prices-transaction-volumes-see-continued-growth-in-november-srx
https://www.straitstimes.com/singapore/housing/record-29-million-dollar-hdb-flats-sold-in-november-resale-prices-rise-at-faster

5-room HDB loft unit in Punggol sells for $970,000
Singapore – A five-room Housing Board loft unit in Treelodge @ Punggol changed hands for $970,000 last month, the sixth flat in Punggol that has fetched more than $900,000 since 2019. However, while million-dollar HDB resale deals now regularly make headlines, these flats are in mature estates, and analysts say it may take some time before a similar transaction surfaces in a non-mature estate.
https://www.straitstimes.com/singapore/housing/5-room-hdb-loft-unit-in-punggol-sells-for-970000

Singapore Economy

Slight improvement in Singapore business sentiment for Q1 2022 despite Covid uncertainties: SCCB
Business confidence among local businesses has increased marginally for the first quarter of 2022, reaching a 2-year high despite continued uncertainties in the Covid-19 trajectory, the Singapore Commercial Credit Bureau (SCCB) said on Tuesday (Dec 7).
https://www.businesstimes.com.sg/sme/slight-improvement-in-singapore-business-sentiment-for-q1-2022-despite-covid-uncertainties-sccb
https://www.straitstimes.com/business/economy/singapore-firms-slightly-more-upbeat-for-q1-2022-amid-omicron-uncertainties-survey

Companies’ Brief

Keppel shareholders vote in favour of SPH acquisition
Shareholders of Keppel Corporation Keppel Corp: BN4 0% have voted in favour of the proposal to acquire Singapore Press Holdings (SPH) SPH: T39 0%. Its final offer for SPH is S$2.351 per share, consisting of S$0.868 per share in cash, 0.596 of a Keppel Reit unit and 0.782 of an SPH Reit unit.
https://www.businesstimes.com.sg/companies-markets/keppel-shareholders-vote-in-favour-of-sph-acquisition
https://www.straitstimes.com/business/companies-markets/keppel-shareholders-vote-overwhelmingly-for-proposed-acquisition-of-sph

Keppel, UOB and Banyan Tree Group win award for sustainable business practices
Singapore – Keppel Corp, United Overseas Bank (UOB) and Banyan Tree Group are among local companies recognised by a United Nations-linked entity for their sustainable business practices.
https://www.straitstimes.com/singapore/environment/keppel-uob-and-banyan-tree-group-win-award-for-sustainable-business-practices

High Point sold en bloc for S$556.7m to Hong Kong’s Shun Tak Holdings
Hong Kong-listed Shun Tak Holdings has bagged District 9 condominium High Point for close to S$556.7 million, the conglomerate said on Thursday (Dec 9). The land price for the 47,606 square foot freehold parcel worked out to about S$2,537 per square foot per plot ratio (psf ppr) when the development charge of S$18 million is taken into account, according to marketing agent Savills.
https://www.businesstimes.com.sg/real-estate/high-point-sold-en-bloc-for-s5567m-to-hong-kongs-shun-tak-holdings
https://www.straitstimes.com/business/property/high-point-condo-sold-en-bloc-for-5567-million-to-hong-kong-conglomerate

Corporate digest
https://www.businesstimes.com.sg/companies-markets/corporate-digest-1510

Views, Reviews, Forum & Others

The future of sustainability: Learning from the past to transform the future
November 2021 – would it not be amazing if this moment in time we were all living through was still talked about in 100 years, taught in schools, passed down from generation to generation? Not as the moment when we sealed our own fate as a species, but as the moment we woke up, realised what we needed to do to transform our relationship with each other and with the planet, and got on with the job?
https://www.businesstimes.com.sg/opinion/the-future-of-sustainability-learning-from-the-past-to-transform-the-future

Covid-19, interest rate risks weigh on debt
In its latest Financial Stability Review released this week, the Monetary Authority of Singapore (MAS) cautioned against the further build-up of household debt, which has risen during the pandemic even as the economy has slowed.
https://www.straitstimes.com/opinion/st-editorial/covid-19-interest-rate-risks-weigh-on-debt

Singapore companies opening up to giving staff more mental well-being support: Study
Singapore – Singapore employers appear to be changing their attitude towards supporting initiatives that deal with mental well-being issues in the workplace. A recent local study by Oracle showed that 77 per cent of respondents felt their companies were more concerned about their mental well-being now, compared with before the pandemic, said Senior Minister of State Zaqy Mohamad on Thursday (Dec 9).
https://www.straitstimes.com/singapore/health/singapore-companies-opening-up-to-giving-staff-more-mental-well-being-support

Update on COVID-19 (Coronavirus Disease 2019) Situation

Singapore gets first local Omicron infection; Changi Airport staff among 2 new cases
[Singapore] Two Covid-19 cases who tested preliminarily positive for the Omicron variant have been detected. One of them is a front-line worker at Changi Airport- the first local case – and the other is an imported case, said the Ministry of Health (MOH) on Thursday (Dec 9).
https://www.businesstimes.com.sg/government-economy/singapore-gets-first-local-omicron-infection-changi-airport-staff-among-2-new
https://www.straitstimes.com/singapore/health/2-new-omicron-cases-detected-including-first-local-case-of-changi-airport-worker

$1.4b used from contingency fund to pay for Covid-19 stabilisation phase support schemes: Lawrence Wong
Singapore – The Ministry of Finance has taken an advance from a contingency fund to pay for $1.4 billion worth of measures rolled out to help workers and businesses from Sept 27 to Nov 21 as Singapore worked to bring down Covid-19 cases.
https://www.straitstimes.com/singapore/politics/advance-from-contingencies-fund-taken-to-pay-for-covid-19-stabilisation-phase

Flying during Covid-19: When will Singapore’s air travel take off again?
Some of Singapore’s favoured destinations pre-pandemic are slowly beginning to reopen their borders. Find out which ones and how soon we can all begin to cure our wanderlust.
https://www.straitstimes.com/multimedia/graphics/2021/12/covid19-travel-flights/index.html

VTL travellers may face problems showing vaccination status as South Korea tightens Covid-19 rules
Seoul – Singaporean Jannah Monjiat and her husband landed in Seoul on a vaccinated travel lane (VTL) flight last Sunday (Dec 5), eager to revisit familiar sights and enjoy what they love most about South Korea – the food and culture.
https://www.straitstimes.com/asia/east-asia/vtl-travellers-may-face-problems-showing-vaccination-status-as-south-korea-tightens

*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