DAILY NEWS

Daily News – 13 October 2021 (Wed)

Singapore Real Estate

Singapore condo resale volumes drop 3.8% in Sep: SRX
Singapore resale condominium volumes dipped in September after rising in August and July, while prices continued to rise for the 14th straight month, according to flash figures from SRX Property on Tuesday. “In the absence of major launches in September, buyers turned to the resale market for their housing needs,” said Huttons Asia chief executive Mark Yip.
https://www.businesstimes.com.sg/real-estate/singapore-condo-resale-volumes-drop-38-in-sep-srx
https://www.straitstimes.com/business/property/condo-resale-prices-up-for-14th-straight-month-as-volume-dips-in-september-srx

Holland Hill Lodge up for collective sale at S$25.8m
Holland Hill Lodge, a freehold residential development site at 5 Holland Hill, has been put up for collective sale via a public tender exercise. Its land price of S$25.8 million works out to be S$1,741 per square foot per plot ratio, inclusive of the additional bonus balcony space, said exclusive marketing agent SRI Capital Market on Tuesday (Oct 12).
https://www.businesstimes.com.sg/real-estate/holland-hill-lodge-up-for-collective-sale-at-s258m

National monument House of Tan Yeok Nee put on the market again for S$92m
The House of Tan Yeok Nee, a gazetted national monument at the junction of Penang Road and Clemenceau Avenue, has been put up for sale via expression of interest with an indicative price of S$92 million.
https://www.businesstimes.com.sg/real-estate/national-monument-house-of-tan-yeok-nee-put-on-the-market-again-for-s92m
https://www.straitstimes.com/business/property/house-of-tan-yeok-nee-singapores-last-traditional-chinese-courtyard-house-up-for

Two-thirds of BTO projects completed during Covid-19 outbreak delayed by 6 months or less: HDB
Singapore – Buyers of flats in 17 Build-To-Order (BTO) projects completed and delivered during the Covid-19 pandemic faced additional waiting time of six months or less, said the Housing Board on Tuesday (Oct 12).
https://www.straitstimes.com/singapore/housing/two-thirds-of-bto-projects-completed-since-covid-19-outbreak-delayed-by-6-months

Property may no longer be pot of gold for retirement, says DBS
Property has been a golden wealth accumulation strategy for earlier generations of homeowners, as many have seen the value of their homes and property investments grow by multiple folds over the years.
https://www.businesstimes.com.sg/banking-finance/property-may-no-longer-be-pot-of-gold-for-retirement-says-dbs
https://www.straitstimes.com/business/invest/property-no-longer-the-best-retirement-investment-dbs-report

Singapore Economy

Employers scramble as economic rebound fuels job-hop spree
Staff turnover is rising as the economy regains steam, with employers willing to hike remuneration to keep company talent on the payroll. But structural challenges – such as pandemic-related travel restrictions and a longtime skills crunch – could leave turnover elevated in the medium term, as throwing money at the problem proves a stopgap solution.
https://www.businesstimes.com.sg/government-economy/employers-scramble-as-economic-rebound-fuels-job-hop-spree

What is the new global minimum tax deal and how will it affect Singapore?
Singapore – A global deal to ensure big companies pay a minimum tax rate of 15 per cent and make it harder for them to avoid taxation was agreed by 136 countries last Friday (Oct 8), with Singapore among them.
https://www.straitstimes.com/business/economy/askst-what-is-the-new-global-minimum-tax-deal-and-how-will-it-affect-singapore

Singapore may not be spared as China’s power crunch bites
China’s decision to allow electricity prices to rise to ease an ongoing power crunch could potentially have a larger impact on the global economy than the Evergrande debt crisis, with the consequences felt in Singapore, too.
https://www.straitstimes.com/business/economy/metal-producers-among-first-casualties-of-china-power-crunch-impact-felt-in

Companies’ Brief

Ascott to manage Sun Group serviced residences in Vietnam
The Ascott Limited is partnering Sun Group, one of Vietnam’s largest real estate developers, to manage 1,905 units across 3 serviced residences within the latter’s Tay Ho View Complex in Hanoi. The trio of serviced residences are expected to open in phases from Q1 of 2023.

Business that makes good sense and instils sense of good
Boustead Projects – which has positioned itself as a leading real estate solution provider for smart, eco-sustainable and future-ready business park and industrial developments across Singapore, China, Malaysia and Vietnam – is not content to rest on its laurels.
https://www.businesstimes.com.sg/companies-markets/green-business/business-that-makes-good-sense-and-instils-sense-of-good

Corporate digest
https://www.businesstimes.com.sg/companies-markets/corporate-digest-1470

Views, Reviews, Forum & Others

Boards can drive more robust climate risk disclosures
Climate risks are moving up the boardroom agenda as companies face increasing pressure to tackle climate change more proactively. Investors are increasingly interested in how organisations plan to contribute to a decarbonised economy and would reconsider or even walk away from investments based on climate risk.
https://www.businesstimes.com.sg/opinion/boards-can-drive-more-robust-climate-risk-disclosures

Employees’ mental health is in the secret sauce for that competitive edge
Covid-19 has exerted unprecedented pressure on individuals’ mental health and well-being across all levels of the community and corporations. What was largely an invisible issue that was seldom talked about is enjoying a moment in the limelight: Mental health and wellness is now a topic that is clearly in the national and corporate consciousness.
https://www.businesstimes.com.sg/opinion/employees-mental-health-is-in-the-secret-sauce-for-that-competitive-edge

How study drew up what makes for basic living standard in Singapore
Is it possible for Singaporeans from diverse socio-economic backgrounds to come together to set a universal baseline for needs? Can people who have different levels of income and wealth, whose social positions and roles differ, and their everyday lives and habits therefore diverge, find consensus about what a basic standard of living should entail?
https://www.straitstimes.com/opinion/how-study-drew-up-what-makes-for-basic-living-standard-in-singapore

Economic Affairs: A Pandora’s Box of hidden assets
It’s no surprise that the world’s super-rich buy palatial mansions, Picassos, luxury yachts and private jets. What is more interesting though is that many of them hide these assets in shell companies that make it difficult to know who the true owners are.
https://www.straitstimes.com/opinion/a-pandoras-box-of-hidden-assets

Can business prosper amid China’s regulatory crackdown and pursuit of common prosperity?
China’s crackdown on its technology giants and other businesses has cost investors dearly. As at Oct 8, shares of tech giants Alibaba Group and Tencent Holdings are down by around 48 per cent from last October and 37 per cent from January, respectively.
https://www.businesstimes.com.sg/wealth-investing/can-business-prosper-amid-chinas-regulatory-crackdown-and-pursuit-of-common

Who should investors ultimately trust to protect their interests?
Last year, CFA Institute issued its biennial global report on trust. In that survey, only 36 per cent of investors had trust in the Singapore financial sector, down from 47 per cent two years earlier. This alarming fall prompted us to delve deeper into the data released by the global body for investment management professionals.
https://www.businesstimes.com.sg/wealth-investing/who-should-investors-ultimately-trust-to-protect-their-interests

S-E Asia is open for business, but tourism recovery seen elusive for now
South-East Asia is back in business again, going by several countries’ apparent zeal to declare a relaxation of border controls, but economists told The Business Times that this may not necessarily translate to a swift recovery for the region just yet.
https://www.businesstimes.com.sg/asean-business/s-e-asia-is-open-for-business-but-tourism-recovery-seen-elusive-for-now

A third of businesses here ‘strongly aligned’ with Singapore Green Plan 2030: Study
Singapore – Only a third of businesses here say they are “strongly aligned” to the Singapore Green Plan 2030, while less than half are currently operating sustainably, a study shows.
https://www.straitstimes.com/singapore/environment/a-third-of-businesses-here-strongly-aligned-with-singapore-green-plan-2030

Update on COVID-19 (Coronavirus Disease 2019) Situation

Singapore reports 11 more Covid-19 deaths, 2,976 new infections
[Singapore] Eleven people aged between 66 and 98 died from complications linked to Covid-19, the Ministry of Health (MOH) said on Tuesday (Oct 12). This takes Singapore’s death toll from the virus to 183.
https://www.businesstimes.com.sg/government-economy/singapore-reports-11-more-covid-19-deaths-2976-new-infections
https://www.straitstimes.com/singapore/singapore-reports-11-more-covid-19-deaths-2976-new-infections

askST: 6 things to know for quarantine-free travel under the Vaccinated Travel Lane scheme
Singapore – People in Singapore can now plan vacations again, with nine new countries being added to the Vaccinated Travel Lane (VTL) scheme. Here are some things to note about the new normal of pandemic leisure travel. The information is correct as of Oct 12.
https://www.straitstimes.com/singapore/askst-6-things-to-know-for-quarantine-free-travel-under-the-vaccinated-travel-lane-scheme

No lack of interest in S’pore for leisure travel under VTL despite higher costs, risk of longer stay if infected
Singapore – Amid the excitement over new destinations under the vaccinated travel lane (VTL) scheme, there are precautions to take and potential pitfalls to avoid in leisure travel during a pandemic, said Mr Steven Ler, president of the National Association of Travel Agents Singapore.
https://www.straitstimes.com/singapore/no-lack-of-interest-in-spore-for-leisure-travel-under-vtl-despite-higher-costs-risk-of

Why do we need Covid-19 booster shots, tighter curbs? Lawrence Wong, Ong Ye Kung answer key questions
Singapore – Unvaccinated people can continue to enter shopping malls for their medical appointments, such as to make visits to general practitioner clinics or to see the dentist even after vaccination-differentiated measures kick in.
https://www.straitstimes.com/singapore/why-we-need-covid-19-booster-shots-tighter-curbs-lawrence-wong-ong-ye-kung-answer-key

More getting Covid-19 shots since VTL news and dine-in ban for unvaccinated
[Singapore] With diabetes and other maladies, 56-year-old Josle Johari had been holding off getting vaccinated against Covid-19 because he was worried about potential side effects. But after the announcement on Saturday (Oct 9) that unvaccinated individuals would not be able to dine in anywhere, including hawker centres, the retired security officer decided to speak to his doctor. “I was worried that taking the shot will lead to side effects, but my family and friends who are vaccinated encouraged me. I also like sitting at hawker centres for lunch but the new rules mean I can’t,” said Josle, who lives in Boon Lay.
https://www.businesstimes.com.sg/government-economy/more-getting-covid-19-shots-since-vtl-news-and-dine-in-ban-for-unvaccinated-0
https://www.straitstimes.com/singapore/health/more-getting-covid-19-shots-since-vtl-news-and-dine-in-ban-for-unvaccinated

Stricter rules for those unvaccinated against Covid-19 take effect in S’pore
Singapore – Unvaccinated people will no longer be able to eat at hawker centres and coffee shops from Wednesday (Oct 13), as Singapore rolls out stricter curbs on those who are not inoculated against Covid-19. Similar restrictions will take effect in malls and large standalone stores – such as Ikea…
https://www.straitstimes.com/singapore/stricter-rules-for-those-unvaccinated-against-covid-19-to-take-effect-from-wednesday
https://www.businesstimes.com.sg/government-economy/stall-owners-in-hawker-centres-coffee-shops-to-check-customers-vaccination-status

Singaporeans increasingly support living with Covid, poll shows
[Singapore] Nearly one-third of Singapore’s residents now support living with Covid-19, a poll showed, after a push by its leader to treat the pathogen as endemic. Some 29 per cent of respondents support such a strategy, according to an online poll conducted by Milieu Insight, a Singapore-based consumer insight and analytics firm, compared to 23 per cent in a prior survey conducted earlier this month after the government tightened some anti-virus measures.
https://www.businesstimes.com.sg/government-economy/singaporeans-increasingly-support-living-with-covid-poll-shows

*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