DAILY NEWS

Daily News – 14, 15, 16 & 17 May 2022 (Sat, Sun, Mon & Tue)

Singapore Real Estate

URA releases 3 residential sale sites at Lentor Hill Estate
Three 99-year leasehold residential sites were released by the Urban Redevelopment Authority (URA) on Tuesday (May 17) under the H1 2022 Government Land Sales (GLS) Programme. Lentor Central, Lentor Gardens, and Lentor Hills Road (Parcel B) are located within the new Lentor Hill Estate near Lentor MRT Station along the Thomson-East Coast Line.
https://www.businesstimes.com.sg/real-estate/ura-releases-3-residential-sale-sites-at-lentor-hill-estate

Property stamp duty collection leaps to S$6.8b; corporate, personal tax payments rise above pre-Covid levels
A red-hot property market fuelled a 73.6 per cent surge in stamp duties collected in Singapore’s financial year ended March 2022, although it slipped year-on-year in the first 3 months of 2022.
https://www.businesstimes.com.sg/real-estate/property-stamp-duty-collection-leaps-to-s68b-corporate-personal-tax-payments-rise-above

Shophouse at 93 Tanjong Pagar Rd sold for S$13.25m
A three-and-a-half-storey shophouse at 93 Tanjong Pagar Road was sold for S$13.25 million last week, PropNex Realty has announced. The 99-year tenure property sits on a land area of 1,297 sq ft and has an estimated floor area of 4,180 sq ft.
https://www.businesstimes.com.sg/real-estate/shophouse-at-93-tanjong-pagar-rd-sold-for-s1325m

Freehold boutique project Baywind Residences to launch with prices starting under S$2 million
Freehold boutique development Baywind Residences at Telok Kurau is slated to start showflat previews on Saturday (May 14), with guide prices from below S$2 million. Developed by Baywind Properties, a consortium comprising construction group Lim Wen Heng (LWH) Holdings and mainboard-listed ABR Holdings, the 5-storey development comprises a total of 24 units.
https://www.businesstimes.com.sg/real-estate/freehold-boutique-project-baywind-residences-to-launch-with-prices-starting-under-s2

Surge in industrial property supply could slow price and rental growth: Colliers
An anticipated surge in supply could slow price and rental growth in the industrial property sector, after 6 straight quarters of price and rental rises. “With the robust supply pipeline, occupiers not in urgent need of space could wait for more options to come to market,” Colliers said in its Industrial Q1 2022 Report on Friday (May 13).
https://www.businesstimes.com.sg/real-estate/surge-in-industrial-property-supply-could-slow-price-and-rental-growth-colliers

Commercial buildings may have more co-working spaces in coming years
Singapore – Co-working offices could command a greater share of commercial buildings here in coming years as demand continues to grow for more flexible working arrangements. That increased demand will also allow the major providers such as IWG and JustCo to reap benefits as they grow their market share.
https://www.straitstimes.com/business/companies-markets/co-working-spaces-could-grow-amid-increased-demand-for-flexi-work
https://www.straitstimes.com/business/companies-markets/demand-for-co-working-spaces-rising-as-firms-explore-hybrid-work

High cost of hurrying: Manpower shortage, rush to deliver behind spate of deaths
Singapore – Work. That is all Hasan (not his real name) has known since the company where he labours, loading and unloading goods, was allowed to reopen following Covid-19 lockdowns two years ago.
https://www.straitstimes.com/singapore/high-cost-of-hurrying-manpower-shortage-rush-to-deliver-behind-spate-of-deaths

Singapore Economy

Singapore non-oil exports eases to 6.4% in April
Singapore’s key exports in April eased slightly from the previous month, although shipments to the Republic’s top 10 markets rose as a whole, according to data from Enterprise Singapore (Enterprise SG) on Tuesday (May 17).
https://www.businesstimes.com.sg/government-economy/singapore-non-oil-exports-eases-to-64-in-april
https://www.straitstimes.com/business/economy/singapore-non-oil-exports-cool-again-in-april-with-below-forecast-growth-of-64

Firms more optimistic about prospects in Singapore than overseas for next 6 months: BT-SUSS poll
Businesses are more bullish about prospects in Singapore than overseas in the next 6 months, although firms are on the whole less optimistic than they were a quarter ago, according to the latest Business Times-Singapore University of Social Sciences (BT-SUSS) Business Climate Survey.
https://www.businesstimes.com.sg/government-economy/firms-more-optimistic-about-prospects-in-singapore-than-overseas-for-next-6

Cabinet reshuffle likely in early June, says PM Lee
Singapore’s upcoming Cabinet reshuffle is likely to take place in early June, Prime Minister Lee Hsien Loong said on Friday (May 13). The move is likely to see Finance Minister Lawrence Wong, PM Lee’s successor, promoted to deputy prime minister.
https://www.businesstimes.com.sg/government-economy/cabinet-reshuffle-likely-in-early-june-says-pm-lee
https://www.straitstimes.com/singapore/politics/cabinet-reshuffle-likely-in-early-june-says-pm-lee

Companies’ Brief

Singapore Press Holdings officially delisted, Gerald Yong to take over as CEO from Ng Yat Chung
Singapore – After 38 years on the Singapore Exchange, Singapore Press Holdings (SPH) was officially delisted on Friday (May 13) to become wholly owned by investment vehicle Cuscaden Peak.
https://www.straitstimes.com/singapore/singapore-press-holdings-officially-delisted-gerald-yong-to-take-over-as-ceo

Hatten Land Q3 net loss narrows to RM32.5 million
Catalist-listed developer Hatten Land : PH0 0%, which is diversifying into digital businesses such as cryptocurrency mining, saw its third-quarter net loss narrow on stronger revenue. Losses came to RM32.5 million (S$10.3 million) for the 3 months to Mar 31, 2022, compared with RM36.8 million in the year-ago period, according to results last Saturday (May 14).
https://www.businesstimes.com.sg/companies-markets/hatten-land-q3-net-loss-narrows-to-rm325-million
https://www.straitstimes.com/business/companies-markets/hatten-land-q3-loss-narrows-to-103-million-on-higher-revenue

Hwa Hong substantial shareholders make S$0.37 per share cash offer to privatise company
Substantial shareholders of property player Hwa Hong Corporation : H19 0% have made a voluntary conditional cash offer of S$0.37 per share to take the company private. The offeror Sanjuro United is the bid vehicle of a consortium formed by shareholders of the company that collectively hold around 20 per cent of its shares.
https://www.businesstimes.com.sg/companies-markets/hwa-hong-substantial-shareholders-make-s037-per-share-cash-offer-to-privatise
https://www.straitstimes.com/business/companies-markets/hwa-hong-shareholders-make-37-cents-per-share-offer-to-take-company-private

Singapore-based office S-Reits report improved metrics and higher rents
Singapore focused office S-Reits remain poised to benefit as more employees return to the office. The Urban Redevelopment Authority (URA) office rental index in the Central Region grew 1.6 per cent and for a second consecutive quarter in Q1 2022 driven by limited supply.
https://www.businesstimes.com.sg/companies-markets/singapore-based-office-s-reits-report-improved-metrics-and-higher-rents

IReit secures 6-year lease extension at Bonn Campus; sets up US$1b debt issuance programme
Europe-focused real estate investment trust IReit Global has secured a lease extension of 6 years from its sole tenant at Bonn Campus in Germany, for 100 per cent of the property starting from May 2023.
https://www.businesstimes.com.sg/companies-markets/ireit-secures-6-year-lease-extension-at-bonn-campus-sets-up-us1b-debt-issuance
https://www.straitstimes.com/business/companies-markets/ireit-secures-6-year-key-lease-extension-at-bonn-campus-property-in-germany

Views, Reviews, Forum and Others

It’s a good time to think about stagflation havens
Risk assets are falling, and have ample reasons to fall. What to do about this? In the short term there are decent arguments that it’s time for a rally within the bear market. But how best to deploy assets for the longer term?
https://www.businesstimes.com.sg/opinion/its-a-good-time-to-think-about-stagflation-havens

What happens in crypto may not stay in crypto this time around
Crypto is creaking. Unfortunately, even those fund managers in normal markets like stocks and bonds who have studiously avoided focusing on this freewheeling asset class, need to pay attention.
https://www.businesstimes.com.sg/opinion/what-happens-in-crypto-may-not-stay-in-crypto-this-time-around

Singapore’s energy transition promises both opportunities and challenges ahead
What do the Industrial Bank of Japan, Exxon, IBM and Toyota have in common? They were all among the most valuable companies in the world – 30 years ago. While the heydays of each of them have long passed, it is not because they were in sunset industries.
https://www.businesstimes.com.sg/opinion/singapores-energy-transition-promises-both-opportunities-and-challenges-ahead

More funds for private markets as family offices expand in Singapore
Singapore – The opening of more family offices in Singapore will ramp up investment in the private market, said analysts. With a new generation of family office leaders proactively exploring alternative investments to grow and manage their wealth, analysts have observed a marked shift in family office investment strategies…
https://www.straitstimes.com/business/companies-markets/more-funds-for-private-markets-as-family-offices-expand-in-singapore

Asian inflation could hit highs seen elsewhere; central banks to step up in H2 2022: analysts
Inflation in Asia has largely trailed the recent highs seen in other markets, but could climb to similar levels this year on surging commodity prices, prompting firmer central bank action, some analysts warn.
https://www.businesstimes.com.sg/asean-business/asian-inflation-could-hit-highs-seen-elsewhere-central-banks-to-step-up-in-h2-2022

Regional consumer prices held down by government subsidies, stable rice prices
Consumer prices in Asia have been shielded from the worst inflationary pressures by factors such as government subsidies and restrained demand, though this could change as spending rebounds and commodity prices soar, said economists.
https://www.businesstimes.com.sg/asean-business/regional-consumer-prices-held-down-by-government-subsidies-stable-rice-prices

A recession won’t be as scary as it sounds
Inflation like this can’t last forever. How it will end is now the more salient question. Often it takes a recession to break inflation. Economist Lawrence Summers observed that this has been the case every other time inflation was this high and the labour market was this tight.
https://www.businesstimes.com.sg/weekend/a-recession-wont-be-as-scary-as-it-sounds

Terra’s US$45b faceplant creates a crowd of crypto losers
Last week’s undoing of the TerraUSD algorithmic stablecoin and its sister token Luna has ramifications for all of crypto. First, there is the immediate impact: The rapid collapse of a once-popular pair of cryptocurrencies sent a ripple effect across the industry…
https://www.businesstimes.com.sg/wealth-investing/terras-us45b-faceplant-creates-a-crowd-of-crypto-losers
https://www.straitstimes.com/business/banking/better-regulations-needed-to-shape-growth-and-adoption-of-crypto

Some Singaporeans choosing to hold off travel till year end
Singapore – Pent-up demand or not, some Singaporeans here are choosing to hold off travelling till the year-end holidays, when Covid-19 cases may have subsided even further worldwide.
https://www.straitstimes.com/singapore/consumer/some-sporeans-choosing-to-hold-off-travel-till-year-end

International air travel may return to pre-pandemic levels by 2023, a year earlier than forecast
Singapore – International air travel is likely to return to pre-pandemic levels sooner than expected, with most of Asia opening up quickly and international passenger numbers rebounding to 42per cent of 2019 levels in the first quarter of this year.
https://www.straitstimes.com/singapore/international-air-travel-may-return-to-pre-pandemic-levels-by-2023-a-year-earlier-than-forecast

More people flying premium class now that they can travel again, says IATA chief
More people are flying in premium cabins for leisure trips despite airfares rising on surging oil prices and demand, and that’s helped offset a slower recovery in business travel, a senior official of the International Air Transport Association (IATA) has said.
https://www.businesstimes.com.sg/government-economy/more-people-flying-premium-class-now-that-they-can-travel-again-says-iata-chief
https://www.straitstimes.com/singapore/more-people-flying-premium-class-for-leisure-now-they-can-travel-again-iata

Update on COVID-19 (Coronavirus Disease 2019) situation

Singapore detects first cases of Omicron BA.4 and B.5 in the community
Singapore has detected 3 locally transmitted cases involving new Covid-19 variants of concern, the Ministry of Health (MOH) announced on Sunday (May 15) night. Of these, 2 cases were infected with the Omicron BA.4 variant…
https://www.businesstimes.com.sg/government-economy/singapore-detects-first-cases-of-omicron-ba4-and-b5-in-the-community
https://www.straitstimes.com/singapore/health/singapore-detects-first-three-local-cases-of-new-omicron-sub-variants

Covid-19 is not the biggest enemy today, it’s complacency: Ong Ye Kung
Singapore – The biggest enemy today is not the Covid-19 virus but complacency and letting one’s guard down because life seems back to normal, said Health Minister Ong Ye Kung.
https://www.straitstimes.com/singapore/covid-19-is-not-the-biggest-enemy-today-its-complacency-ong-ye-kung

*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