DAILY NEWS

Daily News – 11 May 2022 (Wed)

Singapore Real Estate

Thomson View set for en bloc relaunch at unchanged S$950m guide price
Thomson View Condominium is up for collective sale again via public tender, with a guide price of S$950 million, said exclusive marketing agent OrangeTee Advisory on Wednesday (May 11). The condominium was put up for sale at the same price in November 2021, but the relaunch was unsuccessful amid market cooling measures announced in December.
https://www.businesstimes.com.sg/real-estate/thomson-view-set-for-en-bloc-relaunch-at-unchanged-s950m-guide-price
https://www.straitstimes.com/business/property/thomson-view-en-bloc-set-for-relaunch-with-950m-guide-price

Row of Geylang Road shophouses up for sale with S$50m reserve price
A row of shophouses located at 284 to 296 Geylang Road has been put up for sale via expression of interest with a reserve price of S$50 million. This translates to about S$2,767 per square feet (psf) on the existing estimated total built-up floor area of 18,072 sq ft, sole marketing agent PropNex Realty said on Wednesday (May 11).
https://www.businesstimes.com.sg/real-estate/row-of-geylang-road-shophouses-up-for-sale-with-s50m-reserve-price

Condo rents reach new high in April: SRX, 99.co
Condominium rents have reached new heights in April after it rose 2.3 per cent during the month, beating the previous peak in January 2013 by 1.8 per cent. This also marks its 16th consecutive month of growth, according to flash figures from SRX Property and 99.co on Wednesday (May 11).
https://www.businesstimes.com.sg/real-estate/condo-rents-reach-new-high-in-april-srx-99co
https://www.straitstimes.com/business/property/condo-hdb-rental-prices-hit-record-highs-in-april-fewer-units-leased

Singapore Economy

Hoteliers look to H2 with frisson amid deluge of wedding and event bookings
With the major easing of Singapore’s Covid-19 restrictions on Mar 29 and Apr 26, the events, hospitality, and travel sectors are springing back into action – and hotel operators are facing a surge in demand for venue bookings, with increases ranging from 35 per cent to almost doubling.
https://www.businesstimes.com.sg/government-economy/hoteliers-look-to-h2-with-frisson-amid-deluge-of-wedding-and-event-bookings

Companies’ Brief

PropNex Q1 net profit dips 6.1% on higher staff costs
Real estate agency PropNex on Wednesday (May 11) posted a 6.1 per cent dip in net profit to S$13.9 million for the first quarter ended Mar 31, 2022, compared to net profit of S$14.8 million the previous year.
https://www.businesstimes.com.sg/companies-markets/propnex-q1-net-profit-dips-61-on-higher-staff-costs
https://www.straitstimes.com/business/companies-markets/propnex-q1-net-profit-dips-61-on-higher-staff-costs

Views, Reviews, Forum and Others

Connected construction is the sector’s future
After the storm comes the calm, and the construction sector may soon be getting their day in the sun. The past two years had been particularly tumultuous for the engineering and construction (E&C) industry, which is heavily reliant on labour workers. Lockdowns and border closures had stalled plenty of construction work, and many of these workers were forced to leave the industry due to income insecurity.
https://www.businesstimes.com.sg/opinion/connected-construction-is-the-sectors-future

Keeping succession planning simple and sustainable
Succession planning in these uncertain times has become more complex than ever. Wealthy families who are becoming more globally mobile, now have to deal with higher taxes internationally and increasing geopolitical and economic volatility.
https://www.businesstimes.com.sg/wealth-investing/keeping-succession-planning-simple-and-sustainable

S’pore led South-east Asia’s private equity investment rebound in 2021: Report
Singapore – Singapore had another strong year for private equity (PE) deals in 2021 as the rest of South-east Asia also emerged out of the Covid-19-induced lull in 2020, said a report by global consultant Bain & Company.
https://www.straitstimes.com/business/companies-markets/spore-leads-south-east-asias-private-equity-investment-rebound-in-2021-report

Update on COVID-19 (Coronavirus Disease 2019) situation

Singapore Covid-19 cases spike to 4,831, more than double previous day’s figure
The number of new Covid-19 cases reported in Singapore rose to 4,831 on Tuesday (May 10), more than double the 2,271 cases on Monday. The number of cases reported on Tuesday were also more than triple that of last Tuesday’s (May 3) numbers, which stood at 1,570.
https://www.businesstimes.com.sg/government-economy/singapore-covid-19-cases-spike-to-4831-more-than-double-previous-days-figure
https://www.straitstimes.com/singapore/community/spore-covid-19-cases-spike-to-4831-more-than-double-previous-days-figure

*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