DAILY NEWS

Daily News – 13 May 2022 (Fri)

Singapore Real Estate

Keong Saik conservation market buzzing with deals
The Keong Saik Road locale has been buzzing with conservation shophouse deals this year. The Business Times understands that 3 adjoining freehold shophouses at the prominent corner of Kreta Ayer and Keong Saik roads, have been transacted at slightly above S$44 million. The trio – at 47, 49 and 51 Kreta Ayer Road – are being sold by Straits Construction Co.
https://www.businesstimes.com.sg/real-estate/keong-saik-conservation-market-buzzing-with-deals

Singapore Economy

Online shopping may plateau in short term; growth to lag physical retail sales
Online shopping, which enjoyed a boom during the Covid-19 pandemic, could plateau in the months ahead, said watchers, as Singapore’s borders reopen and measures ease, allowing more shoppers to return to physical stores.
https://www.businesstimes.com.sg/government-economy/online-shopping-may-plateau-in-short-term-growth-to-lag-physical-retail-sales

SBF calls for more nuanced approach in foreign manpower for services, seeks more source countries
The Singapore Business Federation (SBF) is calling for a more nuanced approach in classifying business activities in the wide-ranging services sector, to allow for more differentiation in foreign manpower policy.
https://www.businesstimes.com.sg/government-economy/sbf-calls-for-more-nuanced-approach-in-foreign-manpower-for-services-seeks-more

Higher foreign worker quotas in tourism, aviation only on case-by-case basis
Select tourism-related businesses grappling with a staff crunch will be able to hire more foreign workers temporarily – but only on a case-by-case basis, with the allowances varying across companies, The Business Times has learnt.
https://www.businesstimes.com.sg/government-economy/higher-foreign-worker-quotas-in-tourism-aviation-only-on-case-by-case-basis

Companies’ Brief

OUE Commercial Reit net property income slumps 21.5% in Q1
Net property income for OUE Commercial Reit (OUE C-Reit) fell 21.5 per cent to about S$48 million for the first quarter ended Mar 31, 2022, from S$61.1 million in the year-ago period. This was mainly due to the deconsolidation of OUE Bayfront’s performance after the divestment of a 50 per cent stake in the property on Mar 31, 2021.
https://www.businesstimes.com.sg/companies-markets/oue-commercial-reit-net-property-income-slumps-215-in-q1

Moody’s changes outlook on ART, FHT to stable; affirms Baa3 ratings
Moody’s Investors Service has changed its outlook on Ascott Residence Trust (ART) and Frasers Hospitality Trust (FHT) to “stable” from “negative” while affirming its Baa3 rating for both trusts. The credit rating agency expects both ART and FHT to benefit from the resumption of leisure and business travel, as movement restrictions ease and borders open across most countries.
https://www.businesstimes.com.sg/companies-markets/moodys-changes-outlook-on-art-fht-to-stable-affirms-baa3-ratings

Views, Reviews, Forum and Others

Higher US dollar a net negative for Asia
Having appreciated more than 8 per cent this year, the US dollar is at close to a 20-year high on the dollar index, which measures it against a basket of six major currencies. It has also risen against Asian currencies as well as those of emerging markets.
https://www.straitstimes.com/opinion/st-editorial/higher-us-dollar-a-net-negative-for-asia-0

Update on COVID-19 (Coronavirus Disease 2019) situation

Recent uptick in Covid-19 cases not a new wave, no adjustments to measures needed: Ong Ye Kung
The recent uptick in Covid-19 cases in Singapore is not a new wave, said Minister of Health Ong Ye Kung on Thursday (May 12). As a result, Singaporeans do not have to worry that there will be any adjustments to current safe management measures (SMMs).
https://www.businesstimes.com.sg/government-economy/recent-uptick-in-covid-19-cases-not-a-new-wave-no-adjustments-to-measures-needed
https://www.straitstimes.com/singapore/community/recent-uptick-in-covid-19-cases-is-not-a-new-wave-ong-ye-kung

*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