DAILY NEWS

Daily News – 15 February 2022 (Tue)

Singapore Real Estate

Row of Club Street shophouses put on market for S$28.5m or S$3,945 psf
Five adjoining shophouses at 1, 3, 5, 7 and 9 Club Street, within the Telok Ayer conservation area in the Central Business District, have been offered for sale with a guide price of S$28.5 million, exclusive marketing agent Savills Singapore said.
https://www.businesstimes.com.sg/real-estate/row-of-club-street-shophouses-put-on-market-for-s285m-or-s3945-psf

Food factory at Tuas Link for sale with S$52m indicative price
A 7-storey food factory at 30 Tuas Link 2 has been offered for sale via expression of interest (EOI) with a S$52 million indicative price, said marketing agent Colliers on Monday (Feb 14).
https://www.businesstimes.com.sg/real-estate/food-factory-at-tuas-link-for-sale-with-s52m-indicative-price

Singapore’s young super-rich snap up island’s priciest homes
They’re the pinnacle of Singapore’s real estate market, houses so elusive they’re beyond the budget of even the island’s regular affluent class. Known as good class bungalows, they’re ornate mansions or villas that can date back to colonial times, have plot sizes of at least 15,000 square feet (1,400 square metres), and sit in leafy grounds in the city-state’s primest districts.
https://www.businesstimes.com.sg/real-estate/singapore%E2%80%99s-young-super-rich-snap-up-the-island’s-priciest-homes

Do rising rents make Singapore homes ripe for investment?
On the face of it, the bullish outlook on leasing demand for Singapore residential property has ostensibly strengthened the value proposition for buying an additional home to collect rental income. But the reality is not so straightforward.
https://www.businesstimes.com.sg/real-estate/do-rising-rents-make-singapore-homes-ripe-for-investment

Singapore Economy

Resident employed households’ median monthly work income surpasses pre-Covid levels
Median monthly household income from work grew in 2021, with the resident employed households’ median climbing 3.6 per cent in nominal terms to S$9,520 from S$9,189 in the previous year.
https://www.businesstimes.com.sg/government-economy/resident-employed-households-median-monthly-work-income-surpasses-pre-covid
https://www.straitstimes.com/singapore/household-incomes-grew-in-2021-as-singapore-economy-recovered-from-covid-19

S’pore committed to reopening borders, will open VTLs with more countries when possible: DPM Heng
Singapore is committed to reopening its economy and borders to the rest of the world, said Deputy Prime Minister Heng Swee Keat on Monday (Feb 14). The continued opening of the vaccinated travel lanes (VTLs) for quarantine-free travel with more than 20 countries in spite of the global surge in Covid-19 cases reflects this commitment, he said.
https://www.straitstimes.com/singapore/transport/spore-committed-to-reopening-borders-will-open-vtls-with-more-countries-when-possible-dpm-heng

No easy matter finding right mix of tax tools to achieve S’pore’s objectives
A lot of ink has been spilled discussing the potential taxes in the upcoming Budget and what it could mean to the average Singaporean. Given that inflation is of concern, with rising Electronic Road Pricing rates, utility bills and taxi fees, there is understandable consternation about the inflationary impact of the tax changes that Finance Minister Lawrence Wong is expected to unveil on Friday.
https://www.straitstimes.com/business/economy/no-easy-matter-finding-right-mix-of-tax-tools-to-achieve-spores-objectives

Singapore, EU to accelerate talks on digital partnership to strengthen trade
To strengthen digital connectivity and inter-operability, Singapore and Europe have agreed to accelerate steps towards a digital partnership on Monday (Feb 14), a step further from previous talks in December to boost bilateral digital trade.
https://www.straitstimes.com/business/economy/singapore-eu-to-accelerate-talks-on-digital-partnership-to-strengthen-trade

Gan warns of initial slump in new F1 term but is ‘confident about longer-term appeal’
The latest extension of Singapore’s Formula One (F1) Singapore Grand Prix contract may reap lower economic benefits for the Republic than in previous years, at the start of its new 7-year term, Trade and Industry Minister Gan Kim Yong acknowledged on Monday (Feb 14).
https://www.businesstimes.com.sg/government-economy/gan-warns-of-initial-slump-in-new-f1-term-but-is-confident-about-longer-term

Cash incentives, subsidies for MediShield Life among suggestions by MP to improve preventive health efforts
Cash incentives or subsidies for MediShield Life Premiums can be provided to people who exercise or go for health screenings regularly, to encourage healthy behaviours and lifestyles.
https://www.businesstimes.com.sg/government-economy/cash-incentives-subsidies-for-medishield-life-among-suggestions-by-mp-to-improve
https://www.straitstimes.com/singapore/politics/cash-incentives-subsidies-for-medishield-life-among-suggestions-by-mp-to-improve-preventive-health-efforts

Extension of temporary scheme to support large electricity users brings some relief
The extension of a scheme allowing large electricity users to purchase electricity at fixed prices for three more months will bring some relief to small and medium-sized enterprises (SMEs) hard hit by the global energy crisis.
https://www.straitstimes.com/singapore/extension-of-temporary-scheme-to-support-large-electricity-users-brings-some-relief

Companies’ Brief

Far East Hospitality Trust H2 DPS climbs 10.9% as serviced residences performed above fixed rent
Far East Hospitality Trust’s (FEHT) distribution per stapled security (DPS) for the second half of the financial year ended Dec 31, 2021 increased to S$0.0153, a growth of 10.9 per cent compared to S$0.0138 in the same period last year.
https://www.businesstimes.com.sg/companies-markets/far-east-hospitality-trust-h2-dps-climbs-109-as-serviced-residences-performed

Keppel unit faces civil claim of 1.72t rupiah over ownership of Jakarta land
Keppel Corporation said on Monday (Feb 14) that a wholly-owned subsidiary of Keppel Land, PT Kepland Investama, is in a civil action over ownership rights for land plots in Jakarta, where the International Financial Centre (IFC) Jakarta Tower 2 building complex is situated.
https://www.businesstimes.com.sg/companies-markets/keppel-unit-in-civil-action-over-ownership-of-land-plots-in-jakarta
https://www.straitstimes.com/business/companies-markets/keppel-unit-faces-civil-claim-of-160m-over-ownership-of-jakarta-land

Lendlease Reit to acquire remaining interest in Jem mall at S$2.08b agreed value
Lendlease Global Commercial Reit (LReit), which currently indirectly holds a 31.8 per cent stake in Jem mall, has proposed to acquire the remaining interest in the prime Jurong property at an agreed property value of S$2.079 billion.
https://www.businesstimes.com.sg/companies-markets/lendlease-reit-to-acquire-remaining-interest-in-jem-mall-at-s208b-agreed-value
https://www.straitstimes.com/business/property/lendlease-reit-to-acquire-remaining-stake-in-jem-mall-at-208b-agreed-value

Brokers’ take: DBS positive on S-Reits, says interest rate risk is mispriced
DBS Group Research on Monday (Feb 14) said investors should start to accumulate on Singapore-listed real estate investment trusts (S-Reits) on the back of strengthening fundamental data points noted in recent results and meetings.
https://www.businesstimes.com.sg/companies-markets/brokers-take-dbs-positive-on-s-reits-says-interest-rate-risk-is-mispriced

Court grants SPH permission to convene Cuscaden scheme meeting
Singapore Press Holdings (SPH) said on Monday (Feb 14) that the court has made an order granting it leave to convene the Cuscaden scheme meeting. In the bourse filing, SPH also said that the court has also made an order on Monday granting leave for it to withdraw the application to convene the scheme meeting in relation to the Keppel scheme.
https://www.businesstimes.com.sg/companies-markets/court-grants-sph-permission-to-convene-cuscaden-scheme-meeting

Views, Reviews, Forum & Others

Consider raising the income cap to allow more to buy HDB BTO flats
Meet the eligibility criteria and one has the chance to participate tangibly in the Singapore dream by being able to buy a build-to-order (BTO) Housing Development Board (HDB) flat at a subsidised price.
https://www.businesstimes.com.sg/real-estate/consider-raising-the-income-cap-to-allow-more-to-buy-hdb-bto-flats

Singapore, Malaysia and Indonesia draw closer
Bilateral relations lie at the heart of international politics, and never more so than when they involve two neighbouring states. Friends (and enemies) come and go, but neighbours last. No country can choose its neighbours any more than they can choose it.
https://www.businesstimes.com.sg/opinion/singapore-malaysia-and-indonesia-draw-closer

Slower growth and higher inflation are the hallmarks of a post-Covid world
A hot spurt of global growth is generating breathless headlines. India is on pace to be “the world’s fastest growing large economy”, and France is posting its “strongest growth in 52 years”. US President Joe Biden cites the latest quarterly growth data as evidence that the US economy is growing “faster than China’s” for the first time in 2 decades and is “finally building an American economy for the 21st century”.
https://www.businesstimes.com.sg/opinion/slower-growth-and-higher-inflation-are-the-hallmarks-of-a-post-covid-world

Appraising or remunerating employees based on sick leave goes against guidelines: MOM
Appraising and remunerating employees based on their taking of sick leave goes against existing Tripartite Guidelines on Fair Employment Practices (TGFEP), said Manpower Minister Tan See Leng on Monday (Feb 14).
https://www.businesstimes.com.sg/government-economy/appraising-or-remunerating-employees-based-on-sick-leave-goes-against-guidelines
https://www.straitstimes.com/singapore/jobs/companies-should-not-appraise-or-pay-employees-based-on-their-use-of-sick-leave-tan-see-leng

Singapore, Hong Kong left behind as global travel rebounds
A global travel divide is deepening as some countries ditch Covid-19 restrictions including quarantines, isolation and even mandatory testing for good, while others cling to years-old curbs. Lingering barriers to travel in Asia, in particular, are isolating the region and its tourism-reliant economies, just as the recovery in Europe and the US accelerates.
https://www.businesstimes.com.sg/government-economy/singapore-hong-kong-left-behind-as-global-travel-rebounds
https://www.straitstimes.com/business/economy/singapore-hong-kong-left-behind-as-global-travel-rebounds

Update on COVID-19 (Coronavirus Disease 2019) Situation

S’pore reports 1,332 Covid-19 patients hospitalised, 9,082 new cases
A total of 1,332 patients in Singapore were hospitalised with Covid-19 on Monday (Feb 14), up from 1,272 people the day before. This is the 10th day in a row that hospitalisation numbers have crossed the 1,000 mark.
https://www.straitstimes.com/singapore/health/spore-reports-1332-covid-19-patients-hospitalised-9082-new-cases

Covid-19 restrictions can be eased if infection numbers subside and healthcare system can cope: Ong Ye Kung
The number of deaths caused by the Omicron variant of Covid-19 averaged two to three a day in the past two weeks, down from the 13 deaths a day caused by the Delta variant at its peak, said Health Minister Ong Ye Kung in a written parliamentary reply on Monday (Feb 14).
https://www.straitstimes.com/singapore/politics/number-of-covid-19-omicron-deaths-in-spore-currently-four-times-fewer-than-delta-deaths-at-its-peak

HSA grants interim authorisation for Novavax’s Nuvaxovid Covid-19 vaccine
The Health Sciences Authority (HSA) has granted an interim authorisation for the Nuvaxovid Covid-19 vaccine produced by American biotechnology company Novavax on Feb 3, the authority said on Monday (Feb 14).
https://www.businesstimes.com.sg/government-economy/hsa-grants-interim-authorisation-for-novavaxs-nuvaxovid-covid-19-vaccine
https://www.straitstimes.com/singapore/novavax-covid-19-vaccine-approved-for-those-aged-18-and-above-to-arrive-in-the-next-few-months

New ‘ATM’ can validate self-swabbed ART for Covid-19
A local start-up here has come up with an “ATM” – not for withdrawing cash – but to supervise and validate one’s self-administered antigen rapid test (ART) for detecting Covid-19.
https://www.straitstimes.com/singapore/new-atm-can-validate-self-swabbed-art-for-covid-19

New Covid-19 treatment facility for children, seniors to help hospitals manage amid Omicron wave
A new Covid-19 treatment facility (CTF) at the Singapore Expo for children and the elderly started on Monday (Feb 14) to help hospitals care for the most vulnerable Covid-19 patients amid a steep Omicron wave.
https://www.straitstimes.com/singapore/health/new-covid-19-treatment-facility-for-children-and-elderly-to-help-hospitals-manage-amid-omicron-wave

*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