DAILY NEWS

Daily News – 15 Mar 2022 (Tue)

Singapore Real Estate

Scammers targeting real estate sector by passing off as agents on platforms
Scammers are hitting potential home renters by impersonating property agents, and soliciting deposits even before viewing. Property agency Huttons Group on Monday (Mar 14) warned of a new type of property scam that has surfaced.
https://www.businesstimes.com.sg/real-estate/scammers-targeting-real-estate-sector-by-passing-off-as-agents-on-platforms
https://www.straitstimes.com/singapore/courts-crime/property-agency-huttons-warns-of-scams-involving-fake-real-estate-agents

Chuan Park relaunched for sale at S$938 million
En-bloc hopeful Chuan Park at Lorong Chuan has been relaunched for sale at the same indicative price-tag of S$938 million. The 99-year leasehold condominium was last put up for tender from Oct 5 to Nov 18, 2021, before the latest cooling measures were rolled out by the government in December. After the tender closed, it reportedly went into private treaty negotiations.
https://www.businesstimes.com.sg/real-estate/chuan-park-relaunched-for-sale-at-s938-million-0
https://www.straitstimes.com/business/property/chuan-park-relaunched-for-en-bloc-sale-at-938-million

Dunman Road mega site up for tender; bids may hit S$1.3 billion
A residential site at Dunman Road has been launched for sale, in a state tender that property watchers say could draw bids of over S$1 billion and up to S$1,400 per square foot per plot ratio (psf ppr).
https://www.businesstimes.com.sg/real-estate/dunman-road-mega-site-up-for-tender-bids-may-hit-s13-billion
https://www.straitstimes.com/business/property/mega-private-housing-site-at-dunman-road-up-for-sale

A buoyant 2021 sees Singapore luxury apartment sales double, GCB deal value soars to new high
The increase in additional buyer’s stamp duty (ABSD) rates for foreigners and property investors could cause Singapore’s luxury residential market to lose some steam this year, following buoyant volumes and prices in 2021, CBRE analysts said.
https://www.businesstimes.com.sg/real-estate/a-buoyant-2021-sees-singapore-luxury-apartment-sales-double-gcb-deal-value-soars-to-new
https://www.straitstimes.com/business/property/good-class-bungalow-sales-prices-soar-to-new-high-in-2021-luxury-condo-sales-double

Will escalating Russia-Ukraine conflict add to headaches for property sector?
As developers, buyers and sellers digest the latest round of property cooling measures as well as the higher property taxes announced during February’s Budget, the Russia-Ukraine conflict adds a layer of uncertainty to the mix.
https://www.businesstimes.com.sg/companies-markets/will-escalating-russia-ukraine-conflict-add-to-headaches-for-property-sector

Property prices can be resilient amid geopolitical tensions
Geopolitical tensions have ratcheted up with Russia’s invasion of Ukraine. Oil prices have skyrocketed and food costs have risen. Equity markets have been hit as investors de-risk. The global economic outlook is much hazier and political leaders are grappling with what a new world order will look like.
https://www.businesstimes.com.sg/real-estate/property-prices-can-be-resilient-amid-geopolitical-tensions

Singapore Economy

Singapore’s non-resident employment up for first time in 2 years in Q4 ’21
Singapore’s non-resident employment rose for the first time in 2 years in the last quarter of 2021 as border measures gradually eased, though it was still down by 30,000 for the full year, the Ministry of Manpower (MOM) revealed in its latest Labour Market Report on Monday (Mar 14).
https://www.businesstimes.com.sg/government-economy/singapores-non-resident-employment-up-for-first-time-in-2-years-in-q4-21
https://www.straitstimes.com/singapore/jobs/singapore-labour-market-recovery-to-continue-at-more-gradual-pace-in-2022-mom

Firms in S’pore assessing impact of Russia sanctions on operations, contractual obligations
Singapore – Companies in Singapore are still assessing the impact of the Ukraine war and how sanctions against Russia could affect their operations and contractual obligations. Several industry and business associations said that it may yet be some time before firms have a fuller picture of how they are impacted by the sanctions imposed by Singapore and other countries on Russia.
https://www.straitstimes.com/business/companies-markets/firms-in-spore-assessing-impact-of-russia-sanctions-on-operations-contractual-obligations

Singapore business sentiment moderates slightly in Q2 on global uncertainty: SCCB
Business confidence among local businesses has dipped slightly in the second quarter of 2022, amid global uncertainties including geopolitical tensions and continued supply chain disruptions, said the Singapore Commercial Credit Bureau (SCCB) on Tuesday (Mar 15).
https://www.businesstimes.com.sg/sme/singapore-business-sentiment-moderates-slightly-in-q2-on-global-uncertainty-sccb

Companies’ Brief

Keppel to divest subsidiary for US$98.6m
Keppel Corporation said on Monday (Mar 14) that Keppel Land is divesting its 100 per cent stake in Flemmington Investments for a total of around US$98.6 million. In a bourse filing, Keppel said the purchaser will acquire Flemmington for US$53.1 million as consideration for the shares, and US$45.5 million as repayment of shareholder’s loans.
https://www.businesstimes.com.sg/companies-markets/keppel-to-divest-subsidiary-for-us986m

Keppel Reit bondholders exercise put option for redemption of S$146.5m in bonds
Bondholders who hold an aggregate of S$146.5 million in principal amount of Keppel Reit convertible bonds have exercised their irrevocable put option for the redemption of the bonds, the manager of the real estate investment trust (Reit) said on Monday.
https://www.businesstimes.com.sg/companies-markets/keppel-reit-bondholders-exercise-put-option-for-redemption-of-s1465m-in-bonds

Brokers’ take: Phillip raises Pan-United TP to S$0.46 on construction sector recovery
Concrete and cement provider Pan-United Corporation PanUnited: P52 0% should see earnings pick up in FY2022 amid a recovery in the construction sector, said Phillip Securities Research. In a report on Monday (Mar 14), senior research analyst Terence Chua raised his target price on the company to S$0.46 from S$0.44, and maintained a “buy” call on the counter.
https://www.businesstimes.com.sg/companies-markets/brokers-take-phillip-raises-pan-united-tp-to-s046-on-construction-sector-recovery

Views, Reviews, Forum and Others

Assessing the impact of Russia-Ukraine tensions on Asean economies
While most of Asean does not have direct exposure to Russia, markets in the region are likely to face headwinds from supply shocks on key manufacturing and agricultural imports, as well as higher energy prices.
https://www.businesstimes.com.sg/asean-business/assessing-the-impact-of-russia-ukraine-tensions-on-asean-economies

How much should you allocate to Bitcoin in your portfolio?
The more bullish you are on an investment, the more of it you’d like to own. After taking into account the risk of things turning out worse than expected, investors with some level of risk aversion would moderate their bullishness, and decide their allocation according to these 2 variables.
https://www.businesstimes.com.sg/wealth-investing/how-much-should-you-allocate-to-bitcoin-in-your-portfolio

Update on COVID-19 (Coronavirus Disease 2019) Situation

Singapore’s new Covid-19 cases continue to fall below 10,000; weekly infection rate lowest since Jan 1
[Singapore] The number of daily Covid-19 cases continued to fall below 10,000 for the second time in about a month, with 9,042 total cases reported on Monday (Mar 14). The Covid-19 weekly infection growth rate also remained below one on Monday, dropping to 0.84, said the Ministry of Health (MOH) in its daily update.
https://www.businesstimes.com.sg/government-economy/singapores-new-covid-19-cases-continue-to-fall-below-10000-weekly-infection-rate
https://www.straitstimes.com/singapore/health/covid-19-cases-continue-to-fall-below-10000-weekly-infection-growth-rate-lowest-since-jan-1

Covid-19 antiviral pill will be rolled out at selected polyclinics and PHPCs in phases
Singapore – Paxlovid, a new antiviral pill to treat Covid-19, will be rolled out at selected polyclinics and Public Health Preparedness Clinics (PHPCs) in phases to patients to reduce their likelihood of hospitalisation.
https://www.straitstimes.com/singapore/covid-19-antiviral-pill-will-be-rolled-out-at-selected-polyclinics-and-phpcs-in-phases-moh

*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