DAILY NEWS

Daily News – 17 March 2022 (Thu)

Singapore Real Estate

Singapore commercial real estate investment volume bounces back in 2021, sees triple-digit increase: report
Singapore’s commercial real estate investment volume saw a turnaround in 2021 to US$9 billion in total for the year, a triple-digit increase from 2020’s muted activity, according to Real Capital Analytics’ (RCA) Asia Pacific Capital Trends report.
https://www.businesstimes.com.sg/real-estate/singapore-commercial-real-estate-investment-volume-bounces-back-in-2021-sees-triple

Commercial, mixed-use en bloc sales may be unscathed by strata subdivision rule
The new restriction on strata subdivision of some commercial properties in Singapore’s Central Area may not move the needle for future collective sales in general, although it could hinder the plans of existing unit owners, property consultants told The Business Times (BT).
https://www.businesstimes.com.sg/real-estate/commercial-mixed-use-en-bloc-sales-may-be-unscathed-by-strata-subdivision-rule

New strata subdivision rule unlikely to affect commercial, mixed-use en bloc sales
The new restriction on strata subdivision of some commercial properties in Singapore’s Central Area may not move the needle for future collective sales in general, although it could hinder the plans of existing unit owners, property consultants told The Business Times (BT).
https://www.businesstimes.com.sg/real-estate/new-strata-subdivision-rule-unlikely-to-affect-commercial-mixed-use-en-bloc-sales

Condo, HDB rents continue to climb, rising over 1% in Feb: SRX, 99.co
Construction delays resulting from restrictions to curb the spread of the Covid-19 pandemic have continued to push rents higher in both condominiums and Housing and Development Board (HDB) flats.
https://www.businesstimes.com.sg/real-estate/condo-hdb-rents-continue-to-climb-rising-over-1-in-feb-srx-99co
https://www.straitstimes.com/business/property/condo-hdb-rents-rise-in-february-leasing-volume-dips

Vicenta Lodge in Kembangan sold for S$27.2m via private treaty
Freehold residential development Vicenta Lodge, located on Lorong Marzuki in Kembangan, has been sold via a private treaty for S$27.2 million, said PropNex Realty on Wednesday (Mar 16). The 16-unit development had been relaunched for collective sale in February, at a reserve price of S$27.2 million. The latest tender closed on Mar 10.
https://www.businesstimes.com.sg/real-estate/vicenta-lodge-in-kembangan-sold-for-s272m-via-private-treaty

Pair of Jalan Besar shophouses for sale with S$23m guide price
Two freehold adjoining shophouses along Jalan Besar have been put up for sale via expression of interest (EOI) with a guide price of S$23 million, which translates to S$2,520 per square foot on its existing gross floor area.
https://www.businesstimes.com.sg/real-estate/pair-of-jalan-besar-shophouses-for-sale-with-s23m-guide-price-0

Inaugural $1 billion in green bonds to fund new sustainable HDB projects
Singapore – Some $1 billion in green bonds issued by the Housing Board on Tuesday (March 15) will be used to fund public sector residential and non-residential projects, as the nation moves to tap opportunities in green finance and achieve its sustainability targets.
https://www.straitstimes.com/singapore/housing/inaugural-1-billion-in-green-bonds-to-fund-new-sustainable-hdb-projects

Singapore Economy

Firms seeking to profit from GST hike may have actions made public
Errant firms which seek to profit from the upcoming goods and services tax (GST) hike may have their actions made public, but businesses which raise prices due to genuine cost pressures will not face action from the authorities.
https://www.businesstimes.com.sg/government-economy/firms-seeking-to-profit-from-gst-hike-may-have-actions-made-public
https://www.straitstimes.com/singapore/consumer/committee-reconvened-to-address-concerns-that-businesses-could-use-gst-hike-to-raise-prices

S’pore economy would be least affected in South-east Asia if Covid-19 infections spike: ADB
Singapore – In the worst case scenario of a spike in Covid-19 cases, the impact on Singapore’s economy would be limited as compared to other countries in the region, the Asian Development Bank (ADB) said in a new report.
https://www.straitstimes.com/business/economy/spore-economy-projected-to-be-least-affected-in-southeast-asia-if-covid-19-infections-spike-adb

Singapore non-oil exports growth eases to 9.5% in Feb
Singapore’s key exports rose 9.5 per cent year on year in February, easing from the previous month, according to data from Enterprise Singapore (ESG) on Thursday (Mar 17). This came on the back of growth in both electronics and non-electronics shipments…
https://www.businesstimes.com.sg/government-economy/singapore-non-oil-exports-growth-eases-to-95-in-feb
https://www.straitstimes.com/business/economy/singapore-non-oil-export-growth-slows-to-95-in-february-below-forecast

Companies’ Brief

ESR-Reit chief Adrian Chui to be CEO of ESR-Logos manager, Alog Trust chief to be deputy CEO
Adrian Chui, chief executive of ESR-Reit’s manager, will be the chief executive of the manager of the combined entity following the merger of ESR-Reit and ARA Logos Logistics Trust (Alog Trust), the trust said on Wednesday (Mar 16).
https://www.businesstimes.com.sg/companies-markets/esr-reit-chief-adrian-chui-to-be-ceo-of-esr-logos-manager-alog-trust-chief-to-be

Views, Reviews, Forum and Others

Omicron spread could pare S-E Asia growth forecasts by up to 0.8 percentage point: ADB
South-east Asia’s economy is expected to expand by 5.1 per cent in 2022 – but the spread of the Omicron virus variant could shave up to 0.8 percentage point off this estimate, the Asian Development Bank (ADB) warned in a new report.
https://www.businesstimes.com.sg/asean-business/omicron-spread-could-pare-s-e-asia-growth-forecasts-by-up-to-08-percentage-point-adb

Asean analysts favour commodities, financial, telecoms sectors on inflation, rising rates
Beneath the spectre of war and inflation, analysts see potential bright spots in South-east Asian markets, particularly in the commodities, financial and telecoms sectors. Inflation, already on the rise since last year thanks to Covid-related supply restrictions, is likely to be pushed higher thanks to the conflict between Russia and Ukraine.
https://www.businesstimes.com.sg/asean-business/asean-analysts-favour-commodities-financial-telecoms-sectors-on-inflation-rising

Ireland – a great business gateway for Singapore businesses
Think of Ireland and Guinness Stout, Kilkenny beers, rock band U2 and Riverdance come to mind. But there is more to the Emerald Isle (as Ireland is popularly known), especially in terms of Singapore-Ireland business and trade.
https://www.businesstimes.com.sg/hub-projects/st-patrick%E2%80%99s-day-2022/ireland-a-great-business-gateway-for-singapore-businesses

Small in size but giants in influence
Ireland and Singapore are like 2 dots – one green and the other red. Ireland, also known as the Emerald (green) Isle, has large expanses of greenery and pastureland.
https://www.businesstimes.com.sg/hub-projects/st-patrick%E2%80%99s-day-2022/small-in-size-but-giants-in-influence

E-commerce delivery, manufacturing in S’pore may be hit by Shenzhen’s Covid-19 lockdown
Singapore – Consumers who bought goods on e-commerce platforms may have to wait a little longer as the citywide lockdown in Shenzhen could hit deliveries and supply chains across sectors from retail to manufacturing and electronics, experts and industry players said.
https://www.straitstimes.com/business/economy/e-commerce-deliveries-manufacturing-might-be-hit-by-shenzhen-lockdown

Singapore Budget 2022

Support in Budget 2022 anticipated Ukraine fallout: Wong
Anticipating an economic fallout from rising tensions in Ukraine, the Singapore government put more resources and funding into Budget 2022 to help households cope with the possibility of inflation, said Finance Minister Lawrence Wong.
https://www.businesstimes.com.sg/government-economy/support-in-budget-2022-anticipated-ukraine-fallout-wong
https://www.straitstimes.com/singapore/ukraine-war-impact-will-add-to-cost-of-living-pressures-in-singapore-panel

Building for a post-pandemic future
https://www.businesstimes.com.sg/government-economy/building-for-a-post-pandemic-future

Debate on GST hike vs other ways to generate revenue misses the point: Lawrence Wong
Singapore – The debate on relying on the goods and services tax (GST) hike versus counting on other mechanisms to generate revenue misses the point, said Finance Minister Lawrence Wong during a post-Budget roundtable organised by The Straits Times and The Business Times on Monday (March 14).
https://www.straitstimes.com/singapore/politics/debate-on-gst-hike-vs-other-ways-to-generate-revenue-misses-the-point-lawrence-wong

Singapore’s future needs, challenges growing much faster than reserves: Lawrence Wong
Singapore – Singapore is not building up its reserves any faster than required, but at a rate that tries to keep pace with the mounting complexity of its future needs and challenges, said Finance Minister Lawrence Wong.
https://www.straitstimes.com/singapore/singapores-future-needs-challenges-growing-much-faster-than-reserves-lawrence-wong

Carbon tax may cause short-term loss, but most firms share net-zero goals
In the short term, some companies might shift operations to avoid the carbon tax hike announced at this year’s Singapore Budget. But a transition framework will mitigate this, and more importantly, many companies share Singapore’s goal of decarbonising and are aligned on its net-zero vision, said Finance Minister Lawrence Wong.
https://www.businesstimes.com.sg/government-economy/carbon-tax-may-cause-short-term-loss-but-most-firms-share-net-zero-goals

Update on COVID-19 (Coronavirus Disease 2019) Situation

Singapore’s Covid-19 weekly infection rate falls below one for 15th day in a row
[Singapore] The Covid-19 weekly infection growth rate remained below 1 for the 15th consecutive day on Wednesday (Mar 16), dropping to 0.76 from 0.8 the day before. The rate refers to the ratio of community cases for the past week over the week before.
https://www.businesstimes.com.sg/government-economy/singapores-covid-19-weekly-infection-rate-falls-below-one-for-15th-day-in-a-row
https://www.straitstimes.com/singapore/health/spores-covid-19-weekly-infection-rate-falls-below-one-for-15th-day-in-a-row

Walk-ins for Covid-19 jab, booster dose open for all those eligible
Singapore – From Thursday (March 17), anyone who is of eligible age for the Covid-19 vaccine in Singapore can get their shot at a vaccination centre any day of the week without booking an appointment.
https://www.straitstimes.com/singapore/health/anyone-of-eligible-age-can-get-covid-19-vaccine-and-booster-doses-at-centres-without-appointment

Some expatriates in Hong Kong moving to Singapore as Covid-19 situation in territory worsens
Singapore – As Hong Kong battles a worsening Covid-19 outbreak and surge in deaths, some expatriates there who plan to leave the city are moving to Singapore. In the past two months, several immigration service firms based in Singapore and international schools like Dulwich College (Singapore) have seen an uptick in inquiries from expatriates living in Hong Kong wanting to make a transfer.
https://www.straitstimes.com/singapore/some-expatriates-in-hong-kong-moving-to-singapore-as-covid-19-situation-in-territory-worsens

*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