DAILY NEWS

Daily News – 16 February 2022 (Wed)

Singapore Real Estate

Resale condo prices rise for 18th straight month
Cooling measures, combined with the lull period leading up to Chinese New Year, likely led to resale condominium demand slipping in January, noted property analysts on Tuesday (Feb 15). Flash figures from SRX Property and 99.co showed resale volumes falling for the fifth consecutive month to 1,118 units resold – 23.8 per cent lower than the 1,468 units resold in December 2021.
https://www.businesstimes.com.sg/real-estate/resale-condo-prices-rise-for-18th-straight-month
https://www.straitstimes.com/business/property/condo-resale-volume-falls-238-in-january-prices-up-04-amid-property-cooling-measures

New private home sales up 3.5% in January amid resilience, fewer launches
New private home sales were stable in January despite fewer launches during the month, latest data from the Urban Revelopment Authority shows. Developers in Singapore sold 673 new private homes in January, inching upwards by 3.5 per cent from 650 in December, when new cooling measures kicked in.
https://www.businesstimes.com.sg/real-estate/new-private-home-sales-up-35-in-january-amid-resilience-fewer-launches
https://www.straitstimes.com/business/property/singapore-new-private-home-sales-hold-steady-in-january-amid-cooling-measures-drop-in-launches

CBD Grade A buildings to lead Singapore office market recovery in 2022: Colliers
The growth in Central Business District (CBD) Grade A office rents in the last quarter of 2021 is likely to continue in 2022 and build traction for Singapore’s office market, said investment management firm Colliers on Tuesday (Feb 15).
https://www.businesstimes.com.sg/real-estate/cbd-grade-a-buildings-to-lead-office-market-recovery-in-2022-colliers

JV company comprising TE Capital, LaSalle buys PIL Building for undisclosed amount
Dragon Peak Limited, a joint-venture (JV) company that consists of 2 funds which are each managed by TE Capital Partners and LaSalle Investment Management, has completed the acquisition of PIL Building along Cecil Street for an undisclosed amount.
https://www.businesstimes.com.sg/real-estate/jv-company-comprising-te-capital-lasalle-buys-pil-building-for-undisclosed-amount

Singapore Economy

Inflation partially erodes Singaporeans’ wage gains, but recovery still ongoing
The median household income from work is now higher than pre-pandemic levels, as wages bounced back in 2021 from the previous year’s decline, according to the latest figures from the Department of Statistics (SingStat).
https://www.businesstimes.com.sg/government-economy/inflation-partially-erodes-singaporeans-wage-gains-but-recovery-still-ongoing
https://www.straitstimes.com/business/economy/wage-growth-expected-to-continue-experts

Construction firms to lose some relief measures amid green shoots for sector
With the built environment sector seeing signs of recovery, relief measures supporting firms who cannot perform their contracts and relating to co-sharing of non-labour costs in construction contracts will not be extended, barring any unforeseen circumstances, said Minister of State for National Development Tan Kiat How.
https://www.businesstimes.com.sg/government-economy/some-relief-measures-supporting-construction-firms-will-not-be-extended-as-sector

Delaying GST increase high on wish list for SMEs in community and personal, professional services industries: UOB
A significantly higher percentage of small and medium-sized enterprises (SMEs) in the community and personal, and professional services industries are hoping for a delay in the implementation of the Goods and Services Tax (GST) increase, according to UOB’s SME Outlook Study 2022.
https://www.businesstimes.com.sg/sme/delaying-gst-increase-high-on-wish-list-for-smes-in-community-and-personal-professional-services

Safe border reopening needed to boost economic recovery in Asia-Pacific region: Gan Kim Yong
Singapore – The safe reopening of borders is needed in the Asia-Pacific region for businesses to reconnect with the world and underpin economic recovery from the Covid-19 pandemic, said Singapore’s Minister of Trade and Industry Gan Kim Yong.
https://www.straitstimes.com/business/economy/safe-border-reopening-needed-to-boost-economic-recovery-in-asia-pacific-region-gan-kim-yong

Companies’ Brief

Frasers Hospitality expands to Cambodia with launch of 3 properties
Frasers Hospitality, a member of Singapore-listed Frasers Property, has entered the Cambodia market with the launch of 3 new properties in key commercial districts. The first property – the 88-room Capri by Fraser located in Phnom Penh – will open in October 2022. Another Capri by Fraser property located 5-minutes away in the city centre, which has 78 rooms, will be completed in 2024.
https://www.businesstimes.com.sg/real-estate/frasers-hospitality-expands-to-cambodia-with-launch-of-3-properties

Mapletree Logistics Trust to acquire 2 prime land parcels in Malaysia for RM65.6m
Mapletree Logistics Trust (MLT) on Tuesday (Feb 15) announced that it will acquire 2 parcels of leasehold industrial properties in Subang Jaya in the Malaysian state of Selangor for a total price of RM65.6 million (S$21.0 million).
https://www.businesstimes.com.sg/companies-markets/mapletree-logistics-trust-to-acquire-2-prime-land-parcels-in-malaysia-for-rm656m

PropertyGuru expects to list in New York by Q1, says CEO
Real estate marketplace PropertyGuru expects to complete its listing on the New York Stock Exchange within the first quarter despite signs of waning investor interest in special purpose acquisition companies (SPACs).
https://www.businesstimes.com.sg/garage/propertyguru-expects-to-list-in-new-york-by-q1-says-ceo
https://www.straitstimes.com/business/companies-markets/propertyguru-set-for-us-listing-by-q1-says-ceo

Views, Reviews, Forum & Others

Championing collaboration in the construction industry
A traditional construction contract, typically in the form of a fixed-price contract, clearly sets out each party’s roles, responsibilities and risks. But this clear delegation can also lead to a “blame and claim” culture, especially in building and construction projects, where claims, disputes and adversarial behaviour are commonplace.
https://www.businesstimes.com.sg/opinion/championing-collaboration-in-the-construction-industry

The true cost of empty offices
Cities have often bounced back from crises. From pandemics and earthquakes to floods and fires, the world’s urban powerhouses have emerged stronger when faced with adversity. After the Great Fire of London destroyed most of the city in 1666, a raft of fire safety regulations were ushered in.
https://www.businesstimes.com.sg/opinion/the-true-cost-of-empty-offices

The great inflation debate
After years of mostly stable prices, the scourge of inflation is now hitting Singapore, as recent news reports attest. It may not be fully reflected in the consumer price index, but companies are feeling it.
https://www.straitstimes.com/opinion/economicaffairs-the-great-inflation-debate-0

Update on COVID-19 (Coronavirus Disease 2019) Situation

19,420 new cases in Singapore, 1,355 Covid-19 patients hospitalised
[Singapore] There were 19,420 new Covid-19 cases on Tuesday (Feb 15), up from 9,082 on Monday, said the Ministry of Health in its daily update. Of the 19,179 cases reported on Tuesday, 16,102 of them were detected through antigen rapid tests (ART), which means the patients displayed no symptoms or their symptoms were mild.
https://www.businesstimes.com.sg/government-economy/19420-new-cases-in-singapore-1355-covid-19-patients-hospitalised
https://www.straitstimes.com/singapore/health/19420-new-cases-in-singapore-1355-covid-19-patients-hospitalised

MOH working to bring in more non-mRNA Covid-19 vaccines, studying use of Novavax for under-18s
The Ministry of Health (MOH) aims to bring in more non-mRNA Covid-19 vaccine options for those who are medically ineligible for mRNA vaccines, and is working with the Health Sciences Authority (HSA) to evaluate Novavax use for those aged 12-17, said Senior Minister of State for Health Janil Puthucheary in Parliament on Tuesday (Feb 15).
https://www.businesstimes.com.sg/government-economy/moh-working-to-bring-in-more-non-mrna-covid-19-vaccines-studying-use-of-novavax

About 21,800 people had their Covid-19 vaccination status lapse for not taking booster shots in time
Singapore – About 21,800 people aged 18 and above had their Covid-19 vaccination status lapse on Monday (Feb 14) for failing to take the booster shot. The Ministry of Health (MOH) told The Straits Times on Tuesday (Feb 15) that these individuals had yet to make their booster shot appointments as of Sunday (Feb 13)…
https://www.straitstimes.com/singapore/health/about-21800-people-had-their-covid-19-vaccination-status-lapse-for-not-taking-booster-shots-in-time

Online platform to offer employees simpler way of sharing Covid-19 test results, vaccination records
Singapore – Organisations seeking a hassle-free method of collecting Covid-19 swab test results and records from their workers can now use an online platform developed by the Government to do so.
https://www.straitstimes.com/tech/tech-news/online-platform-to-offer-employees-simpler-way-of-sharing-covid-19-test-results-vaccination-records

*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