Singapore Real Estate
International Plaza fails to get URA’s nod for CBD Incentive Scheme
The Urban Redevelopment Authority (URA) has turned down an outline application for the proposed redevelopment of International Plaza in Tanjong Pagar under the Central Business District (CBD) Incentive Scheme.
https://www.businesstimes.com.sg/real-estate/international-plaza-fails-to-get-uras-nod-for-cbd-incentive-scheme
Five-room Bishan HDB flat sold for record $1.36m in 3 days, multiple offers received
Singapore – A five-room Housing Board (HDB) flat in Bishan changed hands for an all-time record $1.36 million this month, three days after it was put up for sale. The unit at Block 273B Bishan Street 24 – in a Design, Build and Sell Scheme (DBSS) project called Natura Loft…
https://www.straitstimes.com/singapore/housing/five-room-bishan-hdb-flat-sold-for-record-136m-in-3-days-multiple-offers-received
Will new rules for prime area HDB flats be effective in making S’pore accessible to all?
Singapore – At a forum some years ago, a student highlighted Marina Bay Sands as a Singapore icon that is “not really a place for all Singaporeans” because of the high cost involved in enjoying it.
https://www.straitstimes.com/singapore/housing/tighter-measures-for-prime-area-hdb-flats-will-they-be-effective-in-making-spore
Sell back to Govt, shorter lease: Six proposals that were not adopted in prime location HDB model
Singapore – Over the course of almost a year, more than 7,500 Singaporeans weighed in with ideas and suggestions on how to make prime location Housing Board flats affordable and inclusive. These are six proposals that were considered but not factored into the new prime location public housing (PLH) model announced earlier this week.
https://www.straitstimes.com/singapore/housing/sell-back-to-govt-shorter-lease-six-proposals-that-were-not-adopted-in-prime
‘I live in a prime area HDB flat and I think the new measures are fair’
Singapore – I have been told, time and again, that owning my HDB flat located right outside the CBD is like striking the lottery. I live in Pinnacle @ Duxton, the “poster child” of HDB estates located in prime areas. Every day, I get fliers on my doorstep and in my post box telling me that many flats in the estate have been sold for more than $1 million.
https://www.straitstimes.com/singapore/housing/i-live-in-a-prime-area-hdb-flat-and-i-think-the-new-measures-are-fair
Singapore Economy
Singapore to support manufacturing’s pivot to advanced technology, digitalisation: Gan
Business in Singapore seeking to use cutting-edge technologies to improve their manufacturing processes and produce high-value products will continue to be nurtured, Minister for Trade and Industry Gan Kim Yong said on Friday (Oct 29).
https://www.businesstimes.com.sg/government-economy/singapore-to-support-manufacturings-pivot-to-advanced-technology-digitalisation
https://www.straitstimes.com/business/economy/spore-to-support-manufacturings-pivot-to-advanced-technology-digitalisation-gan-kim
Building collective resilience is essential as global economy recovers: PM Lee
Rome – The Covid-19 pandemic cast a long shadow at the opening of this year’s Group of 20 (G-20) Summit, with Prime Minister Lee Hsien Loong joining other leaders in a call to shore up global cooperation in the face of an unequal recovery.
https://www.straitstimes.com/singapore/politics/building-collective-resilience-is-essential-as-global-economy-recovers-pm-lee
https://www.straitstimes.com/singapore/politics/the-two-cs-of-the-g-20-summit
G-20 leadership needed to manage climate crisis: PM Lee
Climate change and sustainability were the focus of the Group of 20 (G-20) talks on Sunday (Oct 31), at which Prime Minister Lee Hsien Loong pledged that Singapore is committed to do its part on these issues.
https://www.businesstimes.com.sg/government-economy/g-20-leadership-needed-to-manage-climate-crisis-pm-lee-0
https://www.straitstimes.com/singapore/politics/g-20-leadership-needed-to-manage-climate-crisis-pm-lee
Leaders in Rome strike climate deal that leaves COP26 a lot to do
THE Group of 20 (G-20) countries struck a climate deal that fell well short of what some nations were pushing for in a compromise accord that gave leaders little to take to the COP26 summit in Glasgow this week.
https://www.businesstimes.com.sg/government-economy/leaders-in-rome-strike-climate-deal-that-leaves-cop26-a-lot-to-do
https://www.straitstimes.com/world/europe/g-20-leaders-final-statement-offers-few-commitments-on-climate
Retrenchments fall in Q3, resident employment grows faster: MOM
Singapore – Singapore’s labour market improved in the third quarter of this year, compared with the second quarter, despite the continuing heightened Covid-19 restrictions, the Manpower Ministry (MOM) said in advanced estimates released on Friday (Oct 29).
https://www.straitstimes.com/singapore/jobs/retrenchments-fall-in-q3-resident-employment-grows-faster-mom
Companies’ Brief
Ascott Residence Trust to acquire student housing asset in US for US$83.3m
Ascott Residence Trust (ART) will acquire a freehold 548-bed student accommodation asset in Champaign, Illinois for US$83.3 million, its managers said in a bourse filing on Monday (Nov 1). The managers expect the US acquisition will increase ART’s pro forma FY2020 distribution per stapled security by around 1.2 per cent.
https://www.businesstimes.com.sg/companies-markets/ascott-residence-trust-to-acquire-student-housing-asset-in-us-for-us833m
Retail and hospitality sector S-Reits outperform in October
In the year to date, Singapore-listed Reits and property trusts averaged total returns of close to 11 per cent. The 10 best-performing trusts were mostly mid-caps, which averaged 32 per cent total returns and own assets across industrial, retail, healthcare, office and hospitality sub-segments.
https://www.businesstimes.com.sg/companies-markets/retail-and-hospitality-sector-s-reits-outperform-in-october
Views, Reviews, Forum & Others
Good for the planet, good for business
This week’s topic: What challenges – and opportunities – are there for businesses as they decarbonise their operations?
This is Part 1 of the responses. Part 2 will be published on Nov 8.
https://www.businesstimes.com.sg/views-from-the-top/good-for-the-planet-good-for-business
Inclusive and affordable public housing
The announcement, that future Housing Board flats built in prime, central locations will be subjected to a 10-year minimum occupation period (MOP) and that additional subsidies will be clawed back by the Government upon their resale…
https://www.straitstimes.com/opinion/st-editorial/inclusive-and-affordable-public-housing
The workforce disruption few are talking about
As the world slowly emerges from the pandemic and with travel rebounding, individuals, companies and governments will have to confront with greater urgency questions about remote work.
https://www.straitstimes.com/opinion/the-workforce-disruption-few-are-talking-about
Let’s embrace trial and error, chance in career journeys
Unplanned events can lead to good careers. That’s not just a claim I’m making but the big idea in a bona fide career theory called Planned Happenstance, developed by the late Stanford professor John D. Krumboltz and two others in the late 1990s.
https://www.straitstimes.com/opinion/lets-embrace-trial-and-error-chance-in-career-journeys
Singapore firms making efforts to transition to hybrid work
Singapore – A hybrid work model, under which employees work partly from home and partly at the office, has increasingly become the standard for many companies in Singapore and around the world. In the first few months of the Covid-19 pandemic, many companies scrambled to have their employees work from home.
https://www.straitstimes.com/business/companies-markets/singapore-firms-making-efforts-to-transition-to-hybrid-work
How a S’pore employee got a $200K windfall for giving a customer good service
Singapore – What is good customer service worth? It’s a bit like asking how long is a piece of string, but one real estate agent who went the extra mile for a customer found an answer: around $200,000 for an hour’s work.
https://www.straitstimes.com/business/invest/how-a-spore-employee-got-a-200k-windfall-for-giving-a-customer-good-service
Will business travel be the same again?
(Reuters) – The unprecedented halt to air travel during the Covid-19 pandemic cut planet-warming emissions, saved companies billions of dollars in tickets, and benefited staff who can lose weeks of their lives on planes.
https://www.straitstimes.com/business/invest/will-business-travel-be-the-same-again
Investors can steer companies to be more sustainable
Although Covid-19 has proven to be the most wide-reaching public health crisis that has severely damaged the world economy, it has nonetheless highlighted a few important considerations that businesses need to bear in mind if they are to successfully compete in a post-virus world.
https://www.straitstimes.com/business/invest/investors-can-steer-companies-to-be-more-sustainable
COP26: a make-or-break moment for cutting emissions at speed
COP26 presents governments with an urgent opportunity to accelerate the transition to a lower carbon world and find better, faster ways to mitigate human impact on the climate and nature.
https://www.businesstimes.com.sg/wealth-investing/cop26-a-make-or-break-moment-for-cutting-emissions-at-speed
Capital markets still not fully pricing in climate risks, even as COP26 kicks off
The year’s biggest climate summit, COP26, is in full swing; yet, the ability of capital markets to understand and process climate-related information continues to lag the growing demands that investors have of such data.
https://www.businesstimes.com.sg/companies-markets/capital-markets-still-not-fully-pricing-in-climate-risks-even-as-cop26-kicks-off
https://www.businesstimes.com.sg/banking-finance/72-of-hnw-singapore-investors-view-sustainable-investing-as-highly-important-survey
Update on COVID-19 (Coronavirus Disease 2019) Situation
Singapore reports 3,163 new Covid-19 cases and 13 deaths
[Singapore] Thirteen people aged between 57 and 89 have died of complications linked to Covid-19, the Ministry of Health (MOH) said on Sunday (Oct 31). Eleven had various underlying medical conditions, while 2 people were either unvaccinated or partially vaccinated individuals who had no known medical conditions, said MOH in its daily virus update.
https://www.businesstimes.com.sg/government-economy/singapore-reports-3163-new-covid-19-cases-and-13-deaths
https://www.straitstimes.com/singapore/health/singapore-reports-3163-new-covid-19-cases-and-13-deaths
Geylang Serai Market to close for three days after detection of Covid-19 cases
Singapore – The Geylang Serai Market will be closed for three days from Monday (Nov 1) till Wednesday, after Covid-19 cases were detected there over the past seven days. Fliers posted at the market by the National Environment Agency (NEA) said the venue would be closed to facilitate deep cleaning and disinfection of the premises.
https://www.straitstimes.com/singapore/health/geylang-serai-market-to-close-for-three-days-after-detection-of-covid-19-cases
Singapore began preparing early in 2020 for surge in Covid-19 cases in ICU
Singapore – Public hospitals in Singapore began preparing for a surge in seriously ill Covid-19 patients requiring intensive care early in 2020, about the time when the first Covid-19 patient was identified here. Professor Philip Choo, group chief executive officer of the National Healthcare Group, told The Sunday Times…
https://www.straitstimes.com/singapore/health/singapore-began-preparing-early-in-2020-for-surge-in-covid-19-cases-in-icu
Vaccinated individuals infected with Covid-19 showed immune response boost: S’pore study
Singapore – Individuals vaccinated against Covid-19 but who still caught the virus showed an “excellent boost” in their immune response, a study by local researchers has found. The findings are based on researchers checking the antibody levels of 150 people from Singapore who had breakthrough infections.
https://www.straitstimes.com/singapore/vaccinated-individuals-infected-with-covid-19-showed-immune-response-boost-spore-study
Vaccinated Singaporeans can fly to Australia and back without quarantine from Nov 21
[Singapore] Vaccinated Singaporeans will be able to travel to parts of Australia and back without quarantine in either country from Nov 21. Australian media reported on Sunday (Oct 31) that tourists, workers and students will be allowed to visit New South Wales and Victoria without spending 14 days in hotel quarantine.
https://www.businesstimes.com.sg/government-economy/vaccinated-singaporeans-can-fly-to-australia-and-back-without-quarantine-from-nov
https://www.straitstimes.com/singapore/transport/vaccinated-singaporeans-can-fly-to-australia-and-back-without-quarantine-from
Case of terminally ill Covid-19 patient who asked to die at home raises important protocol questions: Doctor
Singapore – Questions have been raised about the protocol for terminally ill patients who catch Covid-19 and die at home, following the case of a 99-year-old man who told his family not to send him to the hospital.
https://www.straitstimes.com/singapore/health/case-of-terminally-ill-covid-19-patient-who-asked-to-die-at-home-raises-important
*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
Global Economy & Global Real Estate
US authorises Pfizer Covid-19 vaccine for children aged 5-11 years
https://www.straitstimes.com/world/united-states/us-authorises-pfizer-covid-19-vaccine-for-children-aged-5-11-years
Needle-free Covid-19 vaccine patches coming soon, say researchers and makers
https://www.straitstimes.com/world/united-states/needle-free-vaccine-patches-coming-soon-say-researchers-and-makers
UK mortgage approvals hit 14-month low as tax break ends
https://www.businesstimes.com.sg/real-estate/uk-mortgage-approvals-hit-14-month-low-as-tax-break-ends
Saudi Arabia starts moving earth for its futuristic linear city
https://www.businesstimes.com.sg/real-estate/saudi-arabia-starts-moving-earth-for-its-futuristic-linear-city
Australia home prices keep climbing in October, new listings surge
https://www.businesstimes.com.sg/real-estate/australia-home-prices-keep-climbing-in-october-new-listings-surge
Australian billionaire Packer admits to ‘many oversights’ in Crown’s governance
https://www.businesstimes.com.sg/real-estate/australian-billionaire-packer-admits-to-many-oversights-in-crowns-governance
China moves to make homes more affordable with pilot tax programme
https://www.straitstimes.com/world/china-moves-to-make-homes-more-affordable-with-pilot-tax-programme
China’s Yango Group seeks debt forbearance over repayment concerns
https://www.businesstimes.com.sg/real-estate/chinas-yango-group-seeks-debt-forbearance-over-repayment-concerns
Two-thirds of China’s top developers breach a ‘red line’ on debt
https://www.businesstimes.com.sg/real-estate/two-thirds-of-chinas-top-developers-breach-a-red-line-on-debt
China’s factory activity shrinks in October for second month
https://www.businesstimes.com.sg/government-economy/chinas-factory-activity-shrinks-in-october-for-second-month
https://www.straitstimes.com/business/economy/chinas-factory-activity-shrinks-for-2nd-month-in-sign-of-economic-woes-ahead
China to apply to join Digital Economy Partnership Agreement
https://www.businesstimes.com.sg/government-economy/china-to-apply-to-join-digital-economy-partnership-agreement
Japan’s Oct factory activity growth picks up: PMI
https://www.businesstimes.com.sg/government-economy/japans-oct-factory-activity-growth-picks-up-pmi
South Korea factory activity growth hits 13-month-low on supply crunch
https://www.businesstimes.com.sg/government-economy/south-korea-factory-activity-growth-hits-13-month-low-on-supply-crunch
Kaisa plans to sell property management unit, 2 Hong Kong residential sites
https://www.businesstimes.com.sg/real-estate/kaisa-plans-to-sell-property-management-unit-2-hong-kong-residential-sites
Chinese Estates to book HK$1.7b loss from sale of all its Kaisa bonds
https://www.businesstimes.com.sg/real-estate/chinese-estates-to-book-hk17b-loss-from-sale-of-all-its-kaisa-bonds
Malaysia unveils biggest budget to spur post-Covid recovery
https://www.businesstimes.com.sg/government-economy/malaysia-unveils-biggest-budget-to-spur-post-covid-recovery
Racing to reopen borders: Tourism reboot in Asean as peak season approaches
https://www.straitstimes.com/asia/se-asia/tourism-reboot-in-asean-as-peak-season-approaches-despite-covid-19-pandemic