DAILY NEWS

Daily News – 15 October 2021 (Fri)

Singapore Real Estate

Family of Kopitiam King buys Lornie Road GCB for S$26.8m
The family of Lim Bee Huat of Kopitiam King fame is buying a fairly new bungalow along Lornie Road for S$26.8 million. The price of S$2,545 per square foot, albeit on a relatively small freehold land area of 10,529 sq ft, is seen as being on the high side for the Caldecott Hill Estate Good Class Bungalow (GCB) Area.
https://www.businesstimes.com.sg/real-estate/family-of-kopitiam-king-buys-lornie-road-gcb-for-s268m

Porcelain Hotel in early stage of being sold for about S$90m
In one of the largest deals in the Singapore conservation shophouse market, Porcelain Hotel – comprising 12 contiguous four-storey shophouses along Mosque Street – is in the early stage of being transacted at about S$90 million, The Business Times understands.
https://www.businesstimes.com.sg/real-estate/porcelain-hotel-in-early-stage-of-being-sold-for-about-s90m

HDB’s deficit fell to $2.34b as fewer units completed, dip in upgrading works
Singapore – The Covid-19 pandemic has impacted the Housing Board’s bottom line by reducing the amount of red ink on its balance sheet in the latest financial year. Its deficit fell to $2.34 billion for the 12 months to March 31 from $2.66 billion in the previous year.
https://www.straitstimes.com/singapore/housing/hdbs-deficit-fell-to-234b-as-fewer-units-completed-dip-in-upgrading-works

84-year-old St Theresa’s Home site in Upper Thomson proposed for conservation
Singapore – A cluster of buildings in Upper Thomson Road that has served as a safe haven for the vulnerable for more than eight decades will soon be conserved. On Friday (Oct 15), the Urban Redevelopment Authority (URA) announced its proposal to conserve six buildings and an entrance archway belonging to St Theresa’s Home.
https://www.straitstimes.com/singapore/84-year-old-st-theresas-home-site-in-upper-thomson-proposed-for-conservation

Record year predicted for APAC cross-border real estate investment in 2022
It will be a record year for cross-border real estate investment in 2022 in the Asia Pacific (APAC) region, with investment volumes expected to grow by a third, said Knight Frank on Wednesday (Oct 13). The office sector in particular is forecast to attract over half of all inbound investment into the region, with the most popular locations being Greater China, Japan and Australia.
https://www.businesstimes.com.sg/global-enterprise/record-year-predicted-for-apac-cross-border-real-estate-investment-in-2022

Singapore Economy

Hawkish’ MAS takes action on rising prices
Singapore’s central bank kick-started regional policy normalisation on Thursday (Oct 14), as it moved to “raise slightly the slope” of the Singapore dollar nominal effective exchange rate (S$NEER) policy band, up from a flat or “zero” slope before.
https://www.businesstimes.com.sg/government-economy/hawkish-mas-takes-action-on-rising-prices-0
https://www.straitstimes.com/business/economy/with-economic-recovery-secured-singapore-moves-to-ward-off-the-inflation-threat

Smaller negative output gap likely by 2022
Singapore’s negative output gap could close by mid-2022 at the earliest, as a broad recovery swept across all sectors in the third quarter, according to advance estimates on Thursday (Oct 14). Gross domestic product (GDP) in Q3 grew 6.5 per cent year on year…
https://www.businesstimes.com.sg/government-economy/smaller-negative-output-gap-likely-by-2022

S’pore, China can team up post-Covid-19 to access new opportunities in three areas: Low Yen Ling
Singapore – Singapore and Chinese companies can deepen their collaboration to access new opportunities as the world transits to a post-Covid-19 new normal, Minister of State for Trade and Industry Low Yen Ling said on Thursday (Oct 14).
https://www.straitstimes.com/business/economy/spore-china-can-team-up-to-access-new-opportunities-in-three-areas-post-covid-19

Tighter Singdollar policy helps offset rising costs for local consumers
Singapore – The move by the central bank to tighten monetary policy is a “macro” decision that will have practical effects on the price of goods for a typical Singaporean. A tight policy means a country reduces the so-called money supply…
https://www.straitstimes.com/business/economy/tighter-singdollar-policy-helps-offset-rising-costs-for-local-consumers

Companies’ Brief

Construction firm Keong Hong clarifies increase in pay for former general manager
The increase in the annual aggregate remuneration paid to 2 key management personnel of Keong Hong Holdings, as cited in an article in The Business Times (BT), was primarily due to remuneration paid to its former general manager of operations, Sebastian Loo.
https://www.businesstimes.com.sg/companies-markets/construction-firm-keong-hong-clarifies-increase-in-pay-for-former-general-manager

ESR-Reit, ARA Logos propose S$1.4b merger
The managers of ESR-Reit and ARA Logos Logistics Trust (ARA Logos) have proposed a S$1.4 billion merger, where ESR-Reit will acquire all of ARA Logos’ units in exchange for a combination of cash and new units. The proposed merger, which will result in the merged entity being named ESR-Logos Reit, will be effected by way of a trust scheme of arrangement.
https://www.businesstimes.com.sg/companies-markets/esr-reit-ara-logos-propose-s14b-merger
https://www.straitstimes.com/business/companies-markets/esr-reit-ara-logos-propose-14-billion-merger

Corporate digest
https://www.businesstimes.com.sg/companies-markets/corporate-digest-1474

Views, Reviews, Forum & Others

Broken supply chains spell inflation risks
Amid a cascade of disruptions, global supply chains are reaching crisis levels in many sectors, which could have serious knock-on effects on economies, including the threat of higher and more persistent inflation.
https://www.straitstimes.com/opinion/st-editorial/broken-supply-chains-spell-inflation-risks

Firms quickly adopting climate risk reporting, global task force says
Singapore – A rapidly growing number of companies and regulators this year adopted a global standard for reporting climate-related business risks, helping investors and governments better understand the threats and costs from climate impacts and polluting practices.
https://www.straitstimes.com/world/firms-quickly-adopting-climate-risk-reporting-global-task-force-says

Update on COVID-19 (Coronavirus Disease 2019) Situation

23-year-old and 34-year-old with multiple underlying medical conditions among 15 Covid-19 deaths; 2,932 new cases in Singapore
[Singapore] Singapore’s Covid-19 death toll has crossed the 200 mark, following the Ministry of Health’s (MOH) update on Thursday (Oct 14) that 15 more Singaporeans have died from complications linked to the disease.
https://www.businesstimes.com.sg/government-economy/23-year-old-and-34-year-old-with-multiple-underlying-medical-conditions-among-15
https://www.straitstimes.com/singapore/health/23-year-old-and-34-year-old-with-multiple-underlying-medical-conditions-among-15

VTL likely to see some import of Covid-19, but that will have little impact on Singapore
Singapore – More travellers will be entering Singapore without the need to quarantine as the Vaccinated Travel Lane (VTL) scheme is extended to nine more countries. This also applies to Singaporeans who want to go on an overseas trip.
https://www.straitstimes.com/singapore/health/vtl-likely-to-see-some-import-of-covid-19-but-that-will-have-little-impact-on

Travelling in a world that lives with Covid-19: Who can fly to which countries?
Singapore – As air travel returns gingerly around the world, concerns remain that Covid-19 cases will see an uptick as more people mingle across borders. Here’s a look at the measures and restrictions imposed by various countries that have allowed air travel to resume.
https://www.straitstimes.com/world/travelling-in-a-post-covid-world

*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