DAILY NEWS

Daily News – 11 Mar 2021 (Thu)

Singapore Real Estate

Indranee encourages real estate agencies to build trust and professionalism
Trust and professionalism are of importance to the real estate agency industry, said Second Minister for Finance and National Development Indranee Rajah, encouraging property agencies and agents to raise professionalism in the sector. Speaking at the ERA Asia Pacific Business Conference 2021 on Wednesday, she pointed out the importance of strengthening consumer confidence in property transactions, which make up one of people’s biggest financial commitments.
https://www.businesstimes.com.sg/real-estate/indranee-encourages-real-estate-agencies-to-build-trust-and-professionalism

Do internal estimates of property values have a place in calculating RNAV?
Investors should not be too quick to dismiss a company’s revalued net asset value (RNAV) even if it was calculated using internal estimates of asset values. While greater disclosure of the details and basis of these estimates will certainly make them more meaningful for shareholders, such figures may still be worth a second look, depending on the rationale and assumptions behind them.
https://www.businesstimes.com.sg/real-estate/do-internal-estimates-of-property-values-have-a-place-in-calculating-rnav

Office rents may stay lower for longer
The recovery in office rents could be a protracted one as companies review their office space needs, while rents at older buildings are expected to remain under pressure amid a flight to quality. In the past, the finance and insurance as well as the real estate, professional services and administrative and support services (FIRE) sectors have been seen as a key driver for office demand in the Central Business District (CBD), highlighted NUS’ Institute of Real Estate and Urban Studies (IREUS) deputy director, Lee Nai Jia.
https://www.businesstimes.com.sg/real-estate/office-rents-may-stay-lower-for-longer

Condo resale prices in Singapore rise for seventh straight month; up 1% in Feb: SRX
New condominium launches continued to drive demand in the secondary market in February. Resale prices rose by 1 per cent in the month, climbing for the seventh straight month in Singapore. Year on year, overall resale prices advanced 4.4 per cent, flash figures from real estate portal SRX Property showed on Wednesday.
https://www.businesstimes.com.sg/real-estate/condo-resale-prices-in-singapore-rise-for-seventh-straight-month-up-1-in-feb-srx
https://www.straitstimes.com/singapore/housing/condo-resale-prices-rise-for-7th-consecutive-month-in-february

Pair of shophouses in Tanjong Pagar up for sale with S$15m guide price
A pair of shophouses at 16 and 18 Tanjong Pagar Road has been put up for sale via an expression of interest (EOI) exercise with a guide price of S$15 million, exclusive marketing agent PropNex Realty said on Wednesday. The shophouse pair spans a land area of 1,976 square feet (sq ft) and a gross floor area (GFA) of about 4,090 sq ft, which includes an outdoor refreshment area.
https://www.businesstimes.com.sg/real-estate/pair-of-shophouses-in-tanjong-pagar-up-for-sale-with-s15m-guide-price
https://www.straitstimes.com/business/property/2-tanjong-pagar-shophouses-up-for-sale

Singapore Economy

Private analysts raise GDP hopes to 5.8% for 2021, up by 0.3 point on earlier forecast
Private-sector watchers have raised estimates for full-year growth, even though the economy is still expected to stay underwater in the first quarter. Singapore’s gross domestic product (GDP) may grow by 5.8 per cent in 2021, before cooling to 3.8 per cent in 2022, according to the results of the latest quarterly survey from the Monetary Authority of Singapore (MAS).
https://www.businesstimes.com.sg/government-economy/private-analysts-raise-gdp-hopes-to-58-for-2021-up-by-03-point-on-earlier
https://www.straitstimes.com/business/economy/singapore-economy-could-grow-58-in-2021-mas-survey

Views, Reviews, Forum & Others

Swallowing bitter pill of GST hike for the collective good
It has been 14 years since Singapore last raised its GST rate from 5 to 7 per cent. Arguably, any hike in taxes will be a bitter pill to swallow for those affected. For a consumption tax like GST, it is important that people and business have adequate time to adapt to the changes, while the lower-income and vulnerable are extended targeted support. The introduction of GST vouchers in 2012, which is now a permanent feature, bears testimony to this principle.
https://www.businesstimes.com.sg/opinion/swallowing-bitter-pill-of-gst-hike-for-the-collective-good

Can there be a green bitcoin?
“The bitcoin uses more electricity per transaction than any other method known to mankind, and so it’s not a great climate thing.” That’s what Bill Gates recently told me. At a time when companies and investors increasingly say they are focused on climate and sustainability issues, some of them may be about to collide with the reality of another financial trend, one currently worth about US$1 trillion (S$1.34 trillion): the bitcoin.
https://www.straitstimes.com/opinion/can-there-be-a-green-bitcoin-0

Personal travel will return from 2nd half of 2021: Iata chief
Singapore – Personal and leisure travel will return from the second half of this year as borders reopen to tourists hungry to be free again and to reunite with families and friends, the director of the International Air Transport Association (Iata) said in an interview with The Straits Times. Mr Alexandre de Juniac said the recovery in business travel will be slower, and the actual volume of travel by the year end will still be low compared with the pre-Covid-19 period in 2019.
https://www.straitstimes.com/business/economy/personal-travel-will-return-from-2nd-half-of-2021-iata-chief

Hotels stay resilient by catering to new demands
Even with Singapore’s visitor arrivals plummeting to their lowest in about four decades due to the Covid-19 pandemic, hotels have remained resilient, taking on new roles and catering to new demands. Operating as venues for those serving stay-home notices (SHNs), offering staycations and work-from-hotel packages, and redeploying staff to other roles were some of the ways that hotels have adapted to adversity, said Minister of State for Trade and Industry Alvin Tan yesterday.
https://www.straitstimes.com/singapore/consumer/hotels-stay-resilient-by-catering-to-new-demands

Singapore Budget 2021

Collaborate with workers, Govt and labour movement, DPM tells firms
Firms must collaborate with workers, the Government and the labour movement to emerge stronger in a complex, volatile post-Covid world, said Deputy Prime Minister Heng Swee Keat. He told a webinar on the Budget: “More than ever before, recovering from this crisis and growing our economy will have to be a tripartite effort.
https://www.straitstimes.com/business/economy/collaborate-with-workers-govt-and-labour-movement-dpm-tells-firms