DAILY NEWS

Daily News – 12 August 2021 (Thu)

Singapore Real Estate

Singapore is top destination for overseas real estate investments in H1: RCA
Investment activity in Singapore’s real estate market almost doubled in the first half of 2021 to US$4.7 billion worth of acquisitions, up 97 per cent from a year ago. This is according to the latest Q2 Asia Pacific Capital Trends report released by Real Capital Analytics (RCA) on Wednesday…
https://www.businesstimes.com.sg/real-estate/singapore-is-top-destination-for-overseas-real-estate-investments-in-h1-rca
https://www.straitstimes.com/business/property/singapore-is-top-overseas-property-investment-destination-report

Straco’s office units in International Plaza, set for collective sale, valued above book
Tourism attractions operator Straco Corp has received a notice from the collective sale committee (CSC) of International Plaza Singapore, where the company owns two office units. In a bourse filing on Wednesday, Straco said that the units, which are for its own use, span about 4,218 square feet in total.
https://www.businesstimes.com.sg/real-estate/stracos-office-units-in-international-plaza-set-for-collective-sale-valued-above-book

Construction recovery uneven amid manpower, supply constraints
While companies within the local construction sector have begun to recover from the effects of Covid-19 “circuit breaker” measures last year, it seems that the rising tide within the industry has not lifted all boats equally.
https://www.businesstimes.com.sg/companies-markets/construction-recovery-uneven-amid-manpower-supply-constraints

JTC awards Gul Avenue tender for S$3.47m to Sing Teck Leong Marketing & Resources
JTC has awarded the tender for the industrial site at Gul Avenue (Plot D) to Sing Teck Leong Marketing & Resources Pte Ltd, at a tendered sum of S$3.47 million. Launched on April 27, 2021, the tender closed on June 22, 2021, with two bids received, JTC said on Wednesday.
https://www.businesstimes.com.sg/real-estate/jtc-awards-gul-avenue-tender-for-s347m-to-sing-teck-leong-marketing-resources

Over 4,900 BTO flats launched for sale in five estates
A total of 4,989 Build-To-Order (BTO) flats across seven housing projects in five estates were launched for sale by the Housing Board yesterday. This was the third sales exercise for the year, with a median waiting time of just over four years for flats to be completed.
https://www.straitstimes.com/singapore/housing/over-4900-bto-flats-launched-for-sale-in-five-estates
https://www.businesstimes.com.sg/real-estate/over-4900-hdb-bto-flats-launched-across-five-estates

Current BTO exercise has more flats in mature estates
More than half of the 4,989 Build-To-Order (BTO) flats launched yesterday are located in mature estates. This is a departure from the previous two BTO sales exercises in February and May, during which the Housing Board launched more flats in non-mature than in mature estates.
https://www.straitstimes.com/singapore/housing/current-bto-exercise-has-more-flats-in-mature-estates

HDB rents rise, condo rents stay flat in July: SRX
Rents for private apartments remained flat last month compared with June, while those for Housing Board flats continued to climb, according to flash data from real estate portal SRX released yesterday. More condominium units and HDB flats were leased last month compared with June, SRX data also showed.
https://www.straitstimes.com/business/property/hdb-rents-rise-condo-rents-stay-flat-in-july-srx

New heritage group on mission to save modern buildings here
A new heritage non-profit is looking to shift Singapore’s conservation focus towards modern buildings – many of which were designed by local architects and tell of the country’s urban renewal in its early independence years.
https://www.straitstimes.com/singapore/new-heritage-group-on-mission-to-save-modern-buildings-here

Singapore Economy

Economists’ forecasts for Singapore’s 2021 growth fall within upgraded official range
Economists were unsurprised by the upward revision of Singapore’s official full-year growth forecast on Wednesday, with most of their own maintained forecasts falling within the new 6 to 7 per cent range announced by the Ministry of Trade and Industry (MTI), up from 4 to 6 per cent previously.
https://www.businesstimes.com.sg/government-economy/economists-forecasts-for-singapores-2021-growth-fall-within-upgraded-official
https://www.straitstimes.com/business/economy/spore-raises-growth-forecast-as-vaccination-rates-gain-pace

S’pore’s Q2 figures raise hopes for faster economic recovery
A smaller-than-expected quarter-on-quarter contraction in the April to June period, plans for a gradual reopening of borders and easing of Covid-19 curbs have raised hopes of a faster economic recovery for Singapore.
https://www.straitstimes.com/business/economy/spores-q2-figures-raise-hopes-for-faster-economic-recovery

India urged to increase economic integration with S-E Asia
India should consider greater economic integration with South-east Asia to unlock the country’s vast potential, Deputy Prime Minister Heng Swee Keat said yesterday. He highlighted that the region and India have many complementary strengths, adding that the jurisdictions should build on these to restore connectivity and enhance supply chains in the post-pandemic era.
https://www.straitstimes.com/singapore/india-urged-to-increase-economic-integration-with-s-e-asia
https://www.businesstimes.com.sg/government-economy/india-urged-to-beef-up-economic-integration-with-south-east-asia-dpm

Companies’ Brief

CDL reverses into S$32.1m loss for H1 on higher tax expenses, Covid-19 impact
Property giant City Developments Limited (CDL) sank into the red for the first half of 2021 from a year ago, due to higher tax expenses and the prolonged impact of the ongoing Covid-19 pandemic, the company said on Thursday.
https://www.businesstimes.com.sg/real-estate/cdl-reverses-into-s321m-loss-for-h1-on-higher-tax-expenses-covid-19-impact
https://www.straitstimes.com/business/companies-markets/cdl-posts-321m-first-half-loss-on-higher-tax-expenses-sees-stronger

Temasek’s ultra-long tenured bonds unlikely to kick-start corporate trend
Temasek Holdings’ latest offering of 50-year Singapore dollar (SGD) bonds may signal demand for longer-dated SGD bonds, but it is unlikely to kick-start a trend among corporate companies, analysts said.
https://www.businesstimes.com.sg/companies-markets/temaseks-ultra-long-tenured-bonds-unlikely-to-kick-start-corporate-trend

Global state-owned investors’ AUM hits US$30t; GIC and Temasek lead growth
A rally in global stocks and bond prices have driven the assets under management (AUM) of state-owned investors (SOIs) to an all-time high of US$30 trillion, says Global SWF, a data platform that tracks sovereign wealth funds and public pension funds.
https://www.businesstimes.com.sg/government-economy/global-state-owned-investors-aum-hits-us30t-gic-and-temasek-lead-growth

Keppel DC Reit to raise around S$200m through issue of 81m new units
Keppel DC Reit’s manager announced on Thursday that it has proposed a private placement of 81 million new units in the Reit (real estate investment trust) at an issue price of between S$2.47 and S$2.522 per new unit to raise gross proceeds of between approximately S$200.1 million and S$204.3 million.
https://www.businesstimes.com.sg/real-estate/keppel-dc-reit-to-raise-around-s200m-through-issue-of-81m-new-units

Views, Reviews, Forum & Others

Moving the discussion away from a personal wealth tax
In Views from the Top last week (“Wealth tax – use ‘shock therapy’ cautiously”, Aug 2), BT featured the opinions of business leaders on the thorny issue of whether Singapore should enhance its wealth taxes to narrow the wealth gap here. The general sentiment of the business leaders was one of caution.
https://www.businesstimes.com.sg/opinion/moving-the-discussion-away-from-a-personal-wealth-tax

Regional recovery hopes could be further dampened by China curbs
The so-called unfettered recovery party that Southeast Asia was expected to chart in 2021 is increasingly becoming a no-show amid a fresh coronavirus wave sweeping across the region. While the regional rebound after a devastating recession last year was expected to be bumpy…
https://www.businesstimes.com.sg/opinion/regional-recovery-hopes-could-be-further-dampened-by-china-curbs

Climate crisis: Focus on methane, not just carbon dioxide
In conversations around the climate crisis, there’s often a focus on carbon dioxide. It is trapping heat and warming our atmosphere, fuelling deadlier climate disasters than normal and costing billions year after year.
https://www.businesstimes.com.sg/opinion/climate-crisis-focus-on-methane-not-just-carbon-dioxide

Moving forward a task for all Singaporeans
n his National Day message this year, Prime Minister Lee Hsien Loong surfaced an important reason for the underlying sense of hope with which Singaporeans are dealing with the coronavirus pandemic. It is that citizens appreciate that the Government’s goal has been always to protect both lives and livelihoods.
https://www.straitstimes.com/opinion/st-editorial/moving-forward-a-task-for-all-singaporeans

Update on COVID-19 (Coronavirus Disease 2019) Situation

61 new locally transmitted Covid-19 cases; 17 unlinked
[Singapore] There were 61 new locally transmitted coronavirus cases reported on Wednesday (Aug 11) afternoon. Of the new cases, 33 were linked to previous infections and had already been placed under quarantine. Another 11 were not in quarantine when they were tested positive.
https://www.businesstimes.com.sg/government-economy/61-new-locally-transmitted-covid-19-cases-17-unlinked

69-year-old unvaccinated Singaporean dies from Covid-19; three new clusters
[Singapore] A 69-year-old Singaporean died from complications due to Covid-19 on Wednesday (Aug 11). The man, who was not vaccinated, developed symptoms on July 28 and was admitted to Tan Tock Seng Hospital the next day, where he tested positive for the coronavrius, the Ministry of Health (MOH) said on Wednesday night in its daily update.
https://www.businesstimes.com.sg/government-economy/69-year-old-unvaccinated-singaporean-dies-from-covid-19-three-new-clusters
https://www.straitstimes.com/singapore/health/unvaccinated-69-year-old-man-dies-pre-school-among-three-new-clusters

Severe penalty for using someone else’s vaccine cert
Health Minister Ong Ye Kung has warned against using another person’s vaccination certificate in order to be allowed to dine at restaurants, saying the authorities are aware this is happening. In a Facebook post yesterday, Mr Ong said: “The authorities will enforce against this, and offenders will face (a) severe penalty. It is not worth it. Take a PET if you have to attend a dinner or event.”
https://www.straitstimes.com/singapore/health/severe-penalty-for-using-someone-elses-vaccine-cert

Covid-19 patients can spread virus by breathing: Study
A new study by a National University of Singapore (NUS) team has found that an infected person can spread Covid-19 by exhaling fine aerosol particles when breathing, talking and singing, not just through droplets when coughing or sneezing.
https://www.straitstimes.com/singapore/covid-19-patients-can-spread-virus-by-breathing-study

*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