DAILY NEWS

Daily News – 11, 12 & 13 September 2021 (Sat, Sun & Mon)

Singapore Real Estate

61 Robinson purchased by homegrown private equity group
A 20-storey office building at 61 Robinson Road that is nearing the completion of a revamp, is changing hands at S$422 million. A fund managed by ARA Private Funds, part of ARA Asset Management, is selling the property, previously known as Robinson Centre and now known as 61 Robinson.
https://www.businesstimes.com.sg/real-estate/61-robinson-purchased-by-homegrown-private-equity-group

Flynn Park in Pasir Panjang sold en bloc for $371 million
Flynn Park in Pasir Panjang has been sold for S$371 million to a joint venture between Hoi Hup Realty and Sunway Developments, property consulting group Savills Singapore announced on Friday. The sale price works out to approximately S$1,355 per plot ratio (ppr)…
https://www.businesstimes.com.sg/real-estate/flynn-park-sold-en-bloc-for-s371m-to-hoi-hup-sunway-joint-venture
https://www.straitstimes.com/business/property/flynn-park-in-pasir-panjang-sold-en-bloc-for-371-million

Value of good class bungalow deals may be heading for 10-year high
Singapore – The total value of good class bungalow (GCB) deals is heading for a 10-year high if sales continue at the blistering pace they have set so far this year. There have been 68 sales totalling $2.05 billion from Jan 1 to Aug 20, up 392 per cent from the 21 deals worth $415.8 million in the same period last year…
https://www.straitstimes.com/business/property/value-of-good-class-bungalow-deals-may-be-heading-for-10-year-high

CBD offices filling back up, but hybrid work may be here to stay
As Singapore treads lightly in its transit to endemic Covid-19, the Republic’s central business district is starting to show signs of life once again. Companies are embracing a hybrid working arrangement – albeit cautiously.
https://www.businesstimes.com.sg/government-economy/cbd-offices-filling-back-up-but-hybrid-work-may-be-here-to-stay

Singaporeans prioritise green spaces, affordable housing in URA poll on long-term land use plans
Singapore – Eight in 10 of those who responded to a poll on long-term land use plans felt that parks, nature spaces and greenery are key to making Singapore a good place to live, work and play. A similar number said affordable housing was critical in the poll by the Urban Redevelopment Authority (URA), which gathered Singaporeans’ views as part of a year-long consultation on the long-term plan review.
https://www.straitstimes.com/singapore/singaporeans-prioritise-green-spaces-affordable-housing-in-ura-poll-on-long-term-land-use

Singapore Economy

Asean, China will benefit from closer economic links: DPM Heng
Trade between Asean and China grew last year in spite of the Covid-19 pandemic, and both sides would benefit from building closer economic links, Singapore Deputy Prime Minister Heng Swee Keat said on Friday.
https://www.businesstimes.com.sg/government-economy/asean-china-will-benefit-from-closer-economic-links-dpm-heng
https://www.straitstimes.com/asia/east-asia/asean-china-will-benefit-from-closer-economic-links-dpm-heng-swee-keat
https://www.straitstimes.com/business/economy/asean-ministers-to-start-talks-on-regional-digital-economy-agreement-by-2025

Mitigating risks that will emerge from OECD’s global tax plan
Singapore – Unprecedented worldwide stimulus support in 2020 has dramatically inflated public debt and governments are now determining how to pay this down by adjusting their tax collection regimes. An Aon study this year noted that among tax-related anxieties, the greatest concerns identified include increased rates (34 per cent) and a proliferation of anti-abuse rules (26 per cent).
https://www.straitstimes.com/business/economy/mitigating-risks-that-will-emerge-from-oecds-global-tax-plan

Companies’ Brief

Analysts sanguine on CDL’s decision to sell Sincere Property for US$1
Market observers generally view as mildly positive City Developments Limited’s (CDL’s) move to exit its ill-fated investment in China-based Sincere Property Group for US$1 while increasing its stake in a Shenzhen tech park from about 55 per cent to 65 per cent.
https://www.businesstimes.com.sg/real-estate/analysts-sanguine-on-cdls-decision-to-sell-sincere-property-for-us1
https://www.straitstimes.com/business/companies-markets/cdl-sells-sincere-stake-for-us1-after-hefty-write-off

SPH plan to hive off media business gets 97.5% shareholder approval
Singapore – Shareholders of Singapore Press Holdings (SPH) have overwhelmingly backed its plan to hive off its media business, paving the way for the formation of a new company limited by guarantee (CLG), while potentially unlocking shareholder value for the mainboard-listed company.
https://www.straitstimes.com/singapore/sph-shareholders-vote-in-favour-of-hiving-off-media-business

SPH media demerger vote not a surprise, but vote on Keppel’s privatisation offer keenly watched
Singapore – That Singapore Press Holdings (SPH) shareholders voted in favour for the demerger of the media business was not a big surprise, but the upcoming vote for Keppel Corp’s $2.2 billion takeover-cum-privatisation offer may not be as straightforward, some market observers say.
https://www.straitstimes.com/singapore/sph-media-demerger-vote-not-a-surprise-but-vote-on-keppels-privatisation-offer-keenly

Tuan Sing banks on building ecosystems
The Covid-19 pandemic is reshaping where people live, work and play, raising the profile of mixed-used developments and the ecosystems they create. For mainboard-listed real estate firm Tuan Sing fostering ecosystems is a recurring theme at its development projects at home and abroad…
https://www.businesstimes.com.sg/companies-markets/tuan-sing-banks-on-building-ecosystems

Ascott joins trend of hospitality Reits pivoting to student housing
Ascott Residence Trust (ART) announced last week that it will acquire a student accommodation property in Texas, in the United States, which will be its third student accommodation asset investment this year. While ART may be the first Singapore-listed trust to venture into student housing as S-Reits continue to diversify across property sub-segments…
https://www.businesstimes.com.sg/companies-markets/ascott-joins-trend-of-hospitality-reits-pivoting-to-student-housing

Views, Reviews, Forum & Others

A regulatory blizzard
Chia Ngiang Hong, President, Real Estate Developers’ Association of Singapore (REDAS)
China’s wide-ranging crackdown is likely to slow its economy. This could have a knock-on effect on regional trades and lead to reduced demand for Singapore’s exports and services. The sharp sell-off in Chinese equity markets and stocks would inadvertently affect investors’ confidence and dampen sentiments, but the impact on Singapore’s businesses exposed to China is likely to be mixed.
https://www.businesstimes.com.sg/views-from-the-top/a-regulatory-blizzard

Revealing more of the math behind Covid-19 action plans can help allay public fear, uncertainty
Friday brought a literal insight into the calculations of the multi-ministry taskforce on Covid-19, as taskforce co-chair and Health Minister Ong Ye Kung laid out what this exponential phase of cases may mean.
https://www.businesstimes.com.sg/opinion/revealing-more-of-the-math-behind-covid-19-action-plans-can-help-allay-public-fear

No through road to exit from Covid-19
Singapore has decided to hit the pause button on its reopening plans, in keeping with the need to adapt flexible measures quickly to deal with the evolving nature of the coronavirus pandemic. Covid-19 cases are surging despite the high vaccination rates, and may exceed 1,000 cases a day.
https://www.straitstimes.com/opinion/st-editorial/no-through-road-to-exit-from-covid-19

Singapore firms encouraged to invest in Africa amid tech growth
Singapore – Companies here have long been encouraged to expand into Asia’s fast-growing market, but they are now being urged to take advantage of the immense opportunities opening up in Africa. The region has received far less attention from global firms, but the potential is vast in areas like healthcare and technology.
https://www.straitstimes.com/business/economy/spore-firms-encouraged-to-invest-in-africa-amid-tech-growth

Be careful whose China investment advice you take
There’s a big debate going on about China as Xi Jinping’s “common prosperity” campaign shakes up sector after sector: How does this affect foreign capital keen to piggyback on the second-largest nation’s rising middle-class wealth?
https://www.businesstimes.com.sg/wealth-investing/be-careful-whose-china-investment-advice-you-take

Singapore SPACs need to go hunting in bigger markets
Poor man’s private equity or private equity’s poor cousin? Blank-cheque companies, which will soon be arriving in Singapore, could easily fall in one or the other group, depending on the quality of their early sponsors.
https://www.businesstimes.com.sg/wealth-investing/singapore-spacs-need-to-go-hunting-in-bigger-markets

20 years after 9/11, fight against terrorism is far from over
Twenty years ago today, Professor S Jayakumar called me at home to tell me about a major terrorist attack on the World Trade Center in New York. Prof Jayakumar was then Minister for Foreign Affairs (and concurrently for Law), and I happened to be Acting Prime Minister in Mr Goh Chok Tong’s absence.
https://www.businesstimes.com.sg/opinion/20-years-after-911-fight-against-terrorism-is-far-from-over

Why 9/11 matters to Singapore
The United States military involvement in Afghanistan has come full circle. Its messy withdrawal, bookended by the Taliban being in control, has brought terrorism back into public consciousness 20 years after the Sept 11, 2001 terrorist attacks on American soil.
https://www.businesstimes.com.sg/opinion/why-911-matters-to-singapore
https://www.straitstimes.com/opinion/the-lessons-from-911-for-singapore

Update on COVID-19 (Coronavirus Disease 2019) Situation

520 new Covid-19 cases in Singapore; new cluster with 28 cases at DHL centre in Greenwich Drive
[Singapore] The number of serious Covid-19 cases requiring oxygen supplementation in hospitals has increased from 35 to 54 cases in a day, of whom 44 are seniors above 60 years old. The Ministry of Health (MOH) also reported a new cluster with 28 cases at DHL Supply Chain Advanced Regional Centre at 1 Greenwich Drive, three of which were added on Sunday.
https://www.businesstimes.com.sg/government-economy/520-new-covid-19-cases-in-singapore-new-cluster-with-28-cases-at-dhl-centre-in

PCF Sparkletots centre in Serangoon closed till Sept 21 after Covid-19 cluster emerges
[Singapore] A PCF Sparkletots centre in Serangoon has been closed after a Covid-19 cluster emerged there, and will reopen on Sept 21 after deep cleaning. The centre, PCF Sparkletots @ Braddell Heights at Block 335 Serangoon Avenue 3, engaged a National Environment Agency-certified vendor for deep cleaning and disinfection of its premises and equipment before it closed.
https://www.businesstimes.com.sg/government-economy/pcf-sparkletots-centre-in-serangoon-closed-till-sept-21-after-covid-19-cluster
https://www.straitstimes.com/singapore/pcf-sparkletots-centre-in-serangoon-closed-till-sept-21-after-covid-19-cluster-emerges

Chinatown Complex closed after Covid-19 cluster with 66 cases; S’pore reports 555 new infections
Singapore – Chinatown Complex will be closed to all members of the public from 3pm on Sunday (Sept 12) to 11.59pm on Wednesday, as the Ministry of Health (MOH) reported a total of 66 Covid-19 cases linked to the cluster there.
https://www.straitstimes.com/singapore/health/chinatown-complex-closed-testing-for-visitors-and-staff-as-spore-reports-555-new

Singapore’s new Covid-19 wave ‘happening faster than expected’: Lawrence Wong
Singapore’s new wave of Covid-19 cases has yet to peak, and all countries that have opened up have also had to deal with such fresh waves, the government’s Covid-19 multi-ministry taskforce (MTF) said on Friday.
https://www.businesstimes.com.sg/government-economy/singapores-new-covid-19-wave-happening-faster-than-expected-lawrence-wong

People need to act to avoid Covid-19 cases rising to 3,200 cases daily: Ong Ye Kung
Singapore – The number of Covid-19 cases here has doubled twice since Aug 23 and could double three more times before falling and stabilising, Health Minister Ong Ye Kung said on Friday (Sept 10). He noted that around 100 cases were reported on Aug 23.
https://www.straitstimes.com/singapore/health/people-need-to-act-to-avoid-covid-19-cases-doubling-to-3200-cases-daily-ong-ye-kung

From 7 to 1,155 cases: How did S’pore contain the Jurong Fishery Port Covid-19 cluster?
Singapore – The Jurong Fishery Port cluster started small, with seven Covid-19 cases on July 16. But even then, the huge potential impact was not lost on the authorities. The port served about 100 merchants who spent long hours handling heavy loads of wet fish and interacting with the 3,000 or so daily customers…
https://www.straitstimes.com/singapore/how-the-covid-19-cluster-linked-to-jurong-fishery-port-was-contained

Seniors to be invited to register for Covid-19 booster shots from Sept 14
Singapore – Singapore’s Covid-19 vaccine booster shot programme will begin next Tuesday (Sept 14). This is for seniors aged 60 years and above, as well as residents of aged-care facilities, said the Ministry of Health (MOH) on Friday. Those who are moderately to severely immunocompromised are also included, added the ministry, which announced the programme on Sept 3.
https://www.straitstimes.com/singapore/seniors-to-be-invited-to-register-for-covid-19-vaccine-booster-shots-from-sept-14-moh

S’pore opens Covid-19 vaccination channels for overseas-based citizens to get jabbed upon arrival
Singapore – Singapore citizens who are based overseas will find it more convenient to be vaccinated in Singapore, with two new channels to allow them to receive the first Covid-19 vaccine dose upon arrival. The Ministry of Foreign Affairs (MFA) and Ministry of Health (MOH) said on Saturday (Sept 11) that the current high local vaccination rates allow them to introduce two vaccination channels for overseas Singaporeans arriving via Changi Airport and Tanah Merah Ferry Terminal.
https://www.straitstimes.com/singapore/health/overseas-based-spore-citizens-can-receive-covid-19-vaccine-upon-arrival

*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