DAILY NEWS

Daily News – 1 June 2022 (Wed)

Singapore Real Estate

Conservation hotel in Little India put on the market with S$62-66m guide price
A heritage hotel in Little India has been put up for sale via expression of interest (EOI) with a guide price ranging between S$62 million and S$66 million, said joint marketing agents Savills Singapore and CBRE on Tuesday (May 31).
https://www.businesstimes.com.sg/real-estate/conservation-hotel-in-little-india-put-on-the-market-with-s62-66m-guide-price

Prices of mass market property launches could hit record high as developers face cost contraints
Elevated costs and limited inventory could result in new benchmark prices in the private residential market this year, with the average price of some suburban project launches seen trending close to, or crossing, the S$2,000 per square foot (psf) mark.
https://www.businesstimes.com.sg/real-estate/prices-of-mass-market-property-launches-could-hit-record-high-as-developers-face-cost

Why are HDB BTO application rates so high? What does your queue number say about your chances?
Singapore – Around 20 per cent of applicants in each Build-To-Order (BTO) sales exercise had applied for previous launches, said the Housing Board. That is one factor that contributed to higher BTO application rates in recent years, HDB said in response to queries from The Straits Times.
https://www.straitstimes.com/singapore/housing/why-are-bto-application-rates-so-high-hdb-cites-repeat-applicants-longer-booking-period-attractive-projects

Singapore Economy

S’pore benefiting from flight to safety, regionalisation of supply chains
Singapore (Bloomberg) – Singapore is benefiting from a “flight to safety” in uncertain times and a “regionalisation” of supply chains, according to the Economic Development Board (EDB).
https://www.straitstimes.com/business/economy/singapore-benefiting-from-flight-to-safety-regionalisation-of-supply-chains-edb-chairman

MAS to pilot project in financial asset tokenisation: DPM Heng
The Monetary Authority of Singapore (MAS) will pilot an industry project to explore tokenisation of financial assets and develop finance infrastructure, signalling that while the crypto asset space is highly risky, it should be approached with an open mind, Deputy Prime Minister Heng Swee Keat said on Tuesday (May 31).
https://www.businesstimes.com.sg/government-economy/mas-to-pilot-project-in-financial-asset-tokenisation-dpm-heng
https://www.straitstimes.com/tech/mas-launches-blockchain-project-to-study-decentralised-finance-potential-and-how-to-regulate-it

Companies’ Brief

Chip Eng Seng unit bags S$174m HDB contract
Property developer Chip Eng Seng Corporation announced Tuesday (May 31) that wholly-owned subsidiary CES Engineering & Construction has been awarded a S$173.5 million contract by the Housing and Development Board (HDB).
https://www.businesstimes.com.sg/companies-markets/chip-eng-seng-unit-bags-s174m-hdb-contract

Keppel unit begins arbitration proceedings to claim S$173 million in Qatar project spat
Keppel Corporation announced Tuesday (May 31) that wholly-owned subsidiary Keppel Seghers Engineering Singapore (KSES) has commenced arbitration proceedings against the Qatar Public Works Authority (PWA).
https://www.businesstimes.com.sg/companies-markets/keppel-unit-begins-arbitration-proceedings-to-claim-s173-million-in-qatar-project
https://www.straitstimes.com/business/companies-markets/keppel-unit-begins-arbitration-proceedings-to-claim-173m-in-qatar-project-spat

Mapletree posts 6.2% rise in FY22 profit to S$1.96b
Mapletree Investments’ net profit for the financial year ended March 31, 2022 grew 6.2 per cent year on year to S$1.96 billion on the back of a record year of recurring earnings as well as higher revenue.
https://www.businesstimes.com.sg/real-estate/mapletree-posts-62-rise-in-fy22-profit-to-s196b

Views, Reviews, Forum and Others

After delay, IOI Properties’ Central Boulevard office project may be coming to market at opportune time

IOI Properties Group’s long-awaited office project along Central Boulevard in Singapore’s Central Business District (CBD) is scheduled to receive Temporary Occupation Permit in the third quarter of 2023, more than 6 years after it was awarded the site in November 2016 by the Urban Redevelopment Authority (URA).
https://www.businesstimes.com.sg/opinion/after-delay-ioi-properties-central-boulevard-office-project-may-be-coming-to-market-at

Companies should set measurable, practical targets in their sustainability reports: KPMG
Much like their financial statements, companies in Singapore should set measurable and practical targets in their sustainability reports, instead of lofty and aspirational ones, said Ian Hong, partner of sustainability advisory and assurance at professional services firm KPMG.
https://www.businesstimes.com.sg/companies-markets/companies-should-set-measurable-practical-targets-in-their-sustainability-reports

South-east Asia may have to reduce food, fuel subsidies to save public purses
Regional fuel and food subsidy schemes are headed for reform, as higher prices and pandemic expenses make it harder for South-east Asian governments to afford to maintain them at current levels, economists told The Business Times.
https://www.businesstimes.com.sg/asean-business/south-east-asia-may-have-to-reduce-food-fuel-subsidies-to-save-public-purses

SBF pilots ‘Landing Pad’ programme to introduce more Singapore firms to Indonesia
The Singapore Business Federation (SBF) has launched a new initiative called the Landing Pad Programme for Singapore firms keen to do business in Indonesia. “It is designed to offer an immersion programme for interested Singapore-based companies to be introduced to the Indonesian market by providing networking opportunities with local business communities…
https://www.businesstimes.com.sg/asean-business/sbf-pilots-landing-pad-programme-to-introduce-more-singapore-firms-to-indonesia

Update on COVID-19 (Coronavirus Disease 2019) situation

4,985 new Covid-19 cases reported in Singapore, up from 2,389 cases on May 30
The number of new Covid-19 cases reported in Singapore surged on Tuesday (May 31) to 4,985 said the Ministry of Health (MOH) in an update on its website. This was more than double the 2,389 cases reported on Monday (May 30), but lower than last Tuesday’s (May 24 cases, where 5,727 were reported).
https://www.businesstimes.com.sg/government-economy/4985-new-covid-19-cases-reported-in-singapore-up-from-2389-cases-on-may-30
https://www.straitstimes.com/singapore/4985-new-covid-19-cases-reported-in-spore-up-from-2389-cases-on-may-30

*For more information, please visit the Ministry of Health (MOH) website atwww.moh.gov.sgand refer togo.gov.sg/mohupdatesfor updates on the COVID-19 (Coronavirus Disease 2019) situation