DAILY NEWS

Daily News – 1 Dec 2021 (Wed)

Singapore Real Estate

Two prime Pine Grove sites launched for sale; plots can yield over 1,000 condo units
The Urban Redevelopment Authority (URA) has released for sale 2 residential sites at Pine Grove (Parcels A & B), it said in a statement on Tuesday (Nov 30). The sites are released under the reserve list of the second half 2021 government land sales (GLS) programme.
https://www.businesstimes.com.sg/real-estate/two-prime-pine-grove-sites-launched-for-sale-plots-can-yield-over-1000-condo-units
https://www.straitstimes.com/business/property/two-choice-condo-sites-at-pine-grove-released-for-sale

Golden Mile Complex in second collective sale attempt at S$800m reserve price
Golden Mile Complex has been put up for sale in its second collective sale attempt at a reserve price of S$800 million, said sole marketing agent Edmund Tie & Company on Tuesday (Nov 30). The last sale attempt of the property…
https://www.businesstimes.com.sg/real-estate/golden-mile-complex-in-second-collective-sale-attempt-at-s800m-reserve-price
https://www.straitstimes.com/business/property/conserved-landmark-golden-mile-complex-up-for-en-bloc-sale-again-at-800m

Singapore Economy

Singapore overtakes Netherlands as world’s most globally connected country
Singapore has supplanted the Netherlands as the world’s most globally connected country, showed a preliminary assessment in DHL’s latest Global Connectedness Index (GCI) report released on Tuesday (Nov 30).
https://www.businesstimes.com.sg/government-economy/singapore-overtakes-netherlands-as-worlds-most-globally-connected-country

Companies’ Brief

ERA Singapore appoints new deputy chief executive
ERA Singapore has appointed Doris Ong, its chief operating officer for project marketing, to the role of deputy chief executive, effective Nov 11. Ong will continue to oversee the project marketing business, ERA Singapore said on Tuesday (Nov 30) in a press statement.
https://www.businesstimes.com.sg/real-estate/era-singapore-appoints-new-deputy-chief-executive

Keppel says waiving its walk-away rights an extra plus for its SPH offer
Keppel Corporation on Tuesday (Nov 30) addressed fresh queries on the attractiveness of its final offer for Singapore Press Holdings (SPH) as the day for shareholders to vote on the offer draws closer. In response to questions fielded by the Securities Investors Association (Singapore)…
https://www.businesstimes.com.sg/companies-markets/keppel-says-waiving-its-walk-away-rights-an-extra-plus-for-its-sph-offer
https://www.straitstimes.com/business/companies-markets/keppel-says-waiver-of-walk-away-rights-in-sph-offer-uncommon

Keppel Reit to acquire Grade A office building in Sydney for A$327.7m
Keppel Reit’s wholly-owned subsidiary has entered into an agreement to acquire and develop a Grade A freehold office building in Sydney, Australia for A$327.7 million (S$322.2 million). The acquisition is targeted to be completed by the end of 2021, with practical completion of the development estimated in mid-2023.
https://www.businesstimes.com.sg/companies-markets/keppel-reit-to-acquire-grade-a-office-building-in-sydney-for-a3277m

Manulife US Reit to acquire properties in Arizona and Oregon for US$201.6m; proposes private placement to raise US$80m
Manulife US Real Estate Investment Trust (Manulife US Reit) announced on Tuesday (Nov 30) that it is acquiring 3 properties in the United States for US$201.6 million, as it increases its exposure to high-growth markets and tenants to drive returns.
https://www.businesstimes.com.sg/companies-markets/manulife-us-reit-to-acquire-properties-in-arizona-and-oregon-for-us2016m-proposes
https://www.straitstimes.com/business/companies-markets/manulife-us-reit-to-acquire-properties-in-arizona-and-oregon-for-276m

Views, Reviews, Forum & Others

Investors awaken to life-sciences real estate’s recession-proof status
The life-sciences sector remains in the global spotlight due to ongoing healthcare challenges brought on by the pandemic. The development of new vaccines and effective treatments for Covid-19 are also creating more demand for life-sciences properties among investors.
https://www.businesstimes.com.sg/opinion/investors-awaken-to-life-sciences-real-estates-recession-proof-status

3 questions we must answer about the Omicron variant
Every few months, the world learns of a new variant of the coronavirus. While most of these variants turn out to be inconsequential, some, such as the Delta variant, are immensely consequential. The latest, B.1.1.529, now known as the Omicron variant, bears very close watching because of concerns that it may spread more quickly than Delta, possibly even among the vaccinated.
https://www.businesstimes.com.sg/opinion/3-questions-we-must-answer-about-the-omicron-variant

Time to rethink directorial duties
On Apr 14, 2021, a group of independent legal counsels issued a legal opinion. They concluded that company directors in Singapore were obliged to consider climate change risks as part of their duties to act in the company’s best interests. Singapore has also committed to reviewing its climate change targets following the recent 2021 United Nations Climate Change Conference (COP26) on cutting greenhouse-gas emissions.
https://www.businesstimes.com.sg/opinion/time-to-rethink-directorial-duties

Omicron poses near-term risks to Asia as it comes amidst stretched supply chains, inflation
Just as many countries are reopening their borders, the emergence of Omicron is threatening to derail global recovery from a two-year pandemic, but economists are sanguine that the downside risk to Asia’s growth may be limited due to high vaccination rates.
https://www.businesstimes.com.sg/global-enterprise/omicron-poses-near-term-risks-to-asia-as-it-comes-amidst-stretched-supply-chains

Future-proofing your family office
Against the backdrop of significant wealth creation, Single Family Offices (SFO) have become a hot topic among ultra-high-net-worth (UHNW) individuals in Asia in recent years. As this enthusiasm cascades down the ecosystem, service providers catering to family office set-ups have made progressive refinements to their products by focusing on efficiency and incentives.
https://www.businesstimes.com.sg/wealth-investing/future-proofing-your-family-office

Update on COVID-19 (Coronavirus Disease 2019) Situation

1,239 new Covid-19 cases in Singapore; ICU utilisation rate up at 58.5%
[Singapore] There were 1,239 new Covid-19 infections reported in Singapore on Tuesday (Nov 30), up from 1,103 on Monday. The intensive care unit (ICU) utilisation rate was at 58.5 per cent, up from 51.2 per cent on Monday, said the Ministry of Health (MOH) in its daily update.
https://www.businesstimes.com.sg/government-economy/1239-new-covid-19-cases-in-singapore-icu-utilisation-rate-up-at-585
https://www.straitstimes.com/singapore/health/1239-new-covid-19-cases-in-singapore-icu-utilisation-rate-up-at-585

Singapore facing ‘snakes and ladders’ situation over Omicron variant: Ong Ye Kung
Singapore – The Covid-19 situation in Singapore can be compared to a game of snakes and ladders with the Omicron variant determining if the country remains on track to living with the virus, said Health Minister Ong Ye Kung on Tuesday (Nov 30).
https://www.straitstimes.com/singapore/health/singapore-facing-snakes-and-ladders-situation-ong-ye-kung

Mutations in Omicron’s spike protein may affect ability to detect and counter it: Kenneth Mak
Singapore – The Covid-19 Omicron variant has a large number of gene mutations that has not been reported in a single viral variant before. So far, scientists have seen 32 mutations out of 5,000 genes on the spike protein, and this gives them reason to believe that Omicron may have fairly different characteristics from previous Covid-19 variants…https://www.straitstimes.com/singapore/mutations-in-omicrons-spike-protein-may-affect-ability-to-detect-and-counter-it-kenneth

Singapore’s response to Covid-19 variant Omicron: Too much, too little or just right?
Singapore – When the stakes are very high, it is always better to take possibly unnecessary precautions than to be caught off guard and end up with needless suffering and deaths. This is what Singapore and the rest of the world are doing with the emergence of Omicron, the latest Covid-19 variant of concern (VOC).
https://www.straitstimes.com/singapore/health/singapores-response-to-covid-19-variant-omicron-too-much-too-little-or-just-right

Do Covid-19 vaccines work against Omicron? 5 things to know about the new variant
Singapore – Singapore has made “good progress” in living with the Covid-19 Delta variant, but the new Omicron variant, being an “unknown enemy”, is throwing a spanner in the works, said Health Minister Ong Ye Kung on Tuesday (Nov 30).
https://www.straitstimes.com/singapore/do-covid-19-vaccines-work-against-omicron-5-things-to-know-about-the-new-variant

No change to Singapore’s local Covid-19 community restrictions for now
While Singapore will not change its domestic Covid-19 restrictions just yet, the country will tighten its border measures in a bid to “buy time” before the new Omicron variant makes its way here. “While we have not detected this new variant among local cases yet, it is only a matter of time before it will arrive in Singapore,” said Trade and Industry Minister Gan Kim Yong…https://www.businesstimes.com.sg/government-economy/no-change-to-singapores-local-covid-19-community-restrictions-for-now
https://tnp.straitstimes.com/news/singapore/no-changes-covid-19-local-measures-now-too-early-tell-if-tightening-needed-lawrence

Suspected Omicron Covid-19 cases to be taken to NCID, no home recovery allowed
Singapore – People suspected of having the new Omicron coronavirus variant will be isolated at the National Centre for Infectious Diseases until doctors are confident they are no longer infectious through repeat testing.
https://www.straitstimes.com/singapore/health/those-suspected-of-having-omicron-covid-19-variant-to-be-sent-to-ncid-no-home

Omicron puts a halt to VTL expansion, social measures easing
Singapore is tightening border controls and returning to stricter protocols for confirmed and suspected Omicron-variant cases, policymakers announced on Tuesday (Nov 30). Besides stricter testing requirements for air travellers, the Republic is freezing all new vaccinated travel lanes (VTLs) and halting the relaxation of domestic social measures, in the face of the new, highly mutated strain of the Covid-19 virus.
https://www.businesstimes.com.sg/government-economy/omicron-puts-a-halt-to-vtl-expansion-social-measures-easing
https://www.straitstimes.com/singapore/transport/spore-to-pause-relaxation-of-social-measures-tighten-border-restrictions-to-buy
https://www.straitstimes.com/singapore/stricter-testing-for-air-travellers-what-you-need-to-know-about-singapores-border-measures

WHO warns against blanket travel bans over Omicron but urges those vulnerable to defer overseas trips
Geneva (AFP) – The World Health Organisation (WHO) said on Tuesday (Nov 30) that while blanket travel bans would not stop the spread of the Omicron variant, Covid-19 vulnerable people, including the over-60s, should postpone plans to travel abroad.
https://www.straitstimes.com/world/europe/who-warns-against-blanket-travel-bans-over-omicron-coronavirus-variant
https://www.businesstimes.com.sg/government-economy/unvaccinated-vulnerable-should-postpone-travel-to-areas-with-community

*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