DAILY NEWS

Daily News – 1 July 2022 (Fri)

Singapore Real Estate

Singapore office rents hit hard in previous recessions: IREUS
Office rents in Singapore’s Central Region were hit hard during the last 3 recessions, with market declines lasting longer than the overall economic downturn and rents falling about 30 per cent from pre-recession rates, a new report shows.
https://www.businesstimes.com.sg/real-estate/singapore-office-rents-hit-hard-in-previous-recessions-ireus

Singapore Q2 private home prices up 3.2% from Q1, led by 6% jump in city-fringe condos: URA flash estimate
The Urban Redevelopment Authority’s (URA) flash estimate for the second quarter of 2022 shows that the overall price index for private homes rose 3.2 per cent over the preceding quarter. This follows a 0.7 per cent gain in Q1 this year.
https://www.businesstimes.com.sg/real-estate/singapore-q2-private-home-prices-up-32-from-q1-led-by-6-jump-in-city-fringe-condos-ura
https://www.straitstimes.com/singapore/hdb-resale-and-private-property-prices-increased-in-q2-flash-estimates

HDB resale prices climb 2.6% in Q2: flash estimates
Housing Board (HDB) resale prices rose 2.6 per cent in Q2 2022 to mark a ninth consecutive month of quarterly growth, according to HDB’s flash estimates of the Resale Price Index (RPI) released on Friday (Jul 1).
https://www.businesstimes.com.sg/real-estate/hdb-resale-prices-climb-26-in-q2-flash-estimates

No need to panic but exercise care as home loan interest rates rise
Singapore – For those used to sub-2 per cent interest rates, DBS Bank’s move to hike rates for home loans and drop its five-year fixed-rate package is as stark a sign as any that the era of cheap financing is over.
https://www.straitstimes.com/business/property/no-need-for-panic-but-exercise-care-as-home-loan-interest-rates-rise

Singapore home loan rates hit new high of 3.08% with latest move by UOB
Singapore – Home loan rates in Singapore have gone past 3 per cent to a new high with the latest move by UOB. The previous high in recent times was 2.88 per cent in mid-2019. UOB on Wednesday night (June 29) raised the rate on its three-year fixed rate package to 3.08 per cent per annum, from 2.8 per cent previously.
https://www.straitstimes.com/business/property/singapore-home-loan-rates-hit-new-high-of-308-with-latest-move-by-uob

Singapore Economy

A tale of three cities
The battle between Asia’s financial centres is heating up. Hong Kong, Singapore and Shanghai each bring different advantages—and costs.
https://www.businesstimes.com.sg/opinion/a-tale-of-three-cities

S’pore electricity tariffs to rise by about 8% for Q3 amid global oil, gas crunch
Singapore – About half the households in Singapore will pay higher electricity bills for the next three months, with the electricity tariff for the next quarter going up by about 8 per cent compared with the previous quarter.
https://www.straitstimes.com/singapore/consumer/spore-electricity-tariffs-to-rise-by-about-8-for-q3-amid-global-oil-gas-crunch

Singapore and Malaysia to deepen cooperation in digital and green economies
Singapore’s Ministry of Trade and Industry (MTI) and Malaysia’s Ministry of International Trade and Industry (MITI) have agreed to begin discussions on Frameworks of Cooperation in the digital economy and green economy, with a view to concluding the Frameworks this year, both ministries said in a joint release on Thursday (Jun 30).
https://www.businesstimes.com.sg/government-economy/singapore-and-malaysia-to-deepen-cooperation-in-digital-and-green-economies
https://www.straitstimes.com/singapore/malaysia-singapore-agree-to-further-cooperate-in-digital-and-green-economy

Minister of State Desmond Tan appointed NTUC deputy secretary-general
The National Trades Union Congress (NTUC) on Thursday (Jun 30) named Desmond Tan, Minister of State in the Prime Minister’s Office, as deputy secretary-general at its meeting. The appointment follows Tan’s secondment to the labour movement on Jun 13, as part of the latest Cabinet reshuffle.
https://www.businesstimes.com.sg/government-economy/minister-of-state-desmond-tan-appointed-ntuc-deputy-secretary-general
https://www.straitstimes.com/singapore/desmond-tan-appointed-ntuc-deputy-secretary-general

Companies’ Brief

CEO of Ascott Residence Trust’s managers to be redesignated in leadership renewal
Beh Siew Kim, chief executive and executive director of the managers of Ascott Residence Trust (ART), will relinquish her position from Jul 1 (Friday) to assume another senior management role within CapitaLand Investment or its subsidiaries
https://www.businesstimes.com.sg/companies-markets/ceo-of-ascott-residence-trusts-managers-to-be-redesignated-in-leadership-renewal

Keppel Land unit ends joint venture for Chennai residential project
Orizona, a wholly-owned unit of Keppel Land, has terminated a joint venture announced in 2020 with Emerald Haven Realty to develop a residential project in Chennai in south-eastern India.
https://www.businesstimes.com.sg/companies-markets/keppel-land-unit-ends-joint-venture-for-chennai-residential-project

ARA H-Trust to divest 4 Hyatt Place hotels for US$32.5m
ARA US Hospitality Trust (ARA H-Trust) has agreed to sell a 4-property portfolio of Hyatt Place hotels for US$32.5 million to US-based real estate investment firm Three Wall Capital. The consideration represents a 3.2 per cent premium above the portfolio’s independent market valuation of US$31.5 million as at end-2021, said the stapled group’s managers in a bourse filing on Thursday (Jun 30).
https://www.businesstimes.com.sg/companies-markets/ara-h-trust-to-divest-4-hyatt-place-hotels-for-us325m

Real estate certification company WiredScore raises US$15m in Series B funding
Real estate certification company WiredScore announced on Thursday (Jun 30) that it has raised a total of US$15 million (S$20.9 million) in its Series B funding round, led by Beringea, Cushman & Wakefield, Crow Holdings and Taronga Ventures.
https://www.businesstimes.com.sg/garage/real-estate-certification-company-wiredscore-raises-us15m-in-series-b-funding

Views, Reviews, Forum and Others

No smoking in all public parks, retirement age raised to 63: Changes from July 1 you need to know
Singapore – From July 1, charges for some Covid-19 care will rise, the retirement age will be 63 and there will be fewer spots for smokers to light up. Here’s what you need to know.
https://www.straitstimes.com/singapore/no-smoking-in-all-public-parks-retirement-age-raised-to-63-changes-from-july-1-you-need-to-know

MOM launches gallery featuring efforts to improve migrant worker welfare
Singapore: Manpower Minister Tan See Leng on Thursday (Jun 30) urged companies to “leave no stone unturned” on workplace safety at the opening of a gallery showcasing the Ministry of Manpower’s (MOM) efforts to transform the migrant worker ecosystem.
https://www.channelnewsasia.com/singapore/manpower-ministry-launch-gallery-migrant-worker-welfare-efforts-2783126