Commercial two-storey shophouse at Serangoon Garden Way up for sale
A commercial two-storey shophouse at Serangoon Garden Way has been put up for sale by CBRE at an indicative prce of S$11.8 million. Located at 67/67A Serangoon Garden Way, the property sits on a 999-year site of approximately 2,782 square feet; the built-up area is 4,165 square feet.
https://www.businesstimes.com.sg/real-estate/commercial-two-storey-shophouse-at-serangoon-garden-way-up-for-sale
Pharma slows Feb’s key exports growth to 4.2%, but analysts not worried
Chinese New Year festivities and a plunge in pharmaceutical exports are the two reasons identified for Singapore’s underwhelming performance in key exports in February. On the other hand, gold and technology glittered. Though the figures came in below expectations, analysts remain confident in growth prospects for the year. Non-oil domestic exports (NODX) grew by a slower 4.2 per cent year-on-year last month, compared to January’s flying start of 12.7 per cent, according to data from trade agency Enterprise Singapore on Wednesday.
https://www.businesstimes.com.sg/government-economy/pharma-slows-febs-key-exports-growth-to-42-but-analysts-not-worried
https://www.straitstimes.com/business/economy/non-oil-exports-grow-at-slower-42-pace-in-feb
S’pore is 8th best country to relocate for work
Singapore is the eighth-most attractive country to relocate to for work – the first time it has broken into the top 10 in a global study that started in 2014. The report also noted yesterday that fewer Singaporeans desire to work abroad. The study, which polled around 208,800 respondents across 190 economies, found that the pandemic has changed people’s views on the top work destinations as virus containment measures become a priority.
https://www.straitstimes.com/singapore/jobs/spore-is-8th-best-country-to-relocate-for-work
Indranee: S’pore can rebuild better, like The Six Million Dollar Man
The Six Million Dollar Man, a TV classic, opens with these lines: “Gentlemen, we can rebuild him. We have the technology. We have the capability… Better than he was before.” These words – originally referring to an astronaut who is rebuilt with superhuman capabilities following an accident – encapsulate Singapore’s position now as it works to recover from the impact of the Covid-19 pandemic, said Minister in the Prime Minister’s Office Indranee Rajah yesterday.
https://www.straitstimes.com/singapore/indranee-spore-can-rebuild-better-like-the-six-million-dollar-man
Convergence of standards among challenges to fund green economy
The debate on vulnerability to climate change is more or less settled. But who will finance the transition to a net-zero carbon economy, and how? The answers are still a work in progress. Singapore and other Asian nations appreciate the opportunity to set the course out of a pandemic-induced downturn towards a greener, more sustainable and resilient economy. But few recognise how challenging sustainable investing can be without clarity on the definition of what green and sustainable is.
https://www.straitstimes.com/business/economy/convergence-of-standards-among-challenges-to-fund-green-economy
Ho Bee Land’s units buy 3 sites in Australia and expects to build about 1,200 residences
Ho Bee Land’s units have acquired three residential development sites in Australia for A$103.73 million (S$107.83 million), with these plots expecting to yield about 1,200 residential lots in total. HB QLD has acquired a 27.15 hectare (ha) site 30 km from Brisbane’s central business district (CBD), and expects to build 323 lots there. The site is near Springfield Town Centre and well served by schools and train lines, the Singapore-based property developer said in a regulatory filing on Wednesday.
https://www.businesstimes.com.sg/companies-markets/ho-bee-lands-units-buy-3-sites-in-australia-and-expects-to-build-about-1200
https://www.straitstimes.com/business/companies-markets/ho-bee-lands-units-buy-3-sites-in-australia-and-expects-to-build-about
Ascendas Reit acquires 11 data centres in Europe for S$904.6m
Ascendas Real Estate Investment Trust (Ascendas Reit) has acquired 11 data centres in Europe for S$904.6 million. The purchase will boost the Reit’s exposure to data centres to 10 per cent of its total investment properties, from 4 per cent as at Dec 31, 2020. The purchase consideration comprises £250.3 million (S$460.4 million) for four data centres in the United Kingdom and 276.9 million euros (S$444.3 million) for the remaining data centres: three in the Netherlands, three in France and one in Switzerland.
https://www.businesstimes.com.sg/companies-markets/ascendas-reit-acquires-11-data-centres-in-europe-for-s9046m
Eagle Hospitality Trust units get court nod to investigate Urban Commons founders
Units of Eagle Hospitality Trust (EHT) have received the go-ahead from a US court to investigate Howard Wu and Taylor Woods – the co-founders of the trust’s sponsor Urban Commons – on the grounds that the duo allegedly bear the most responsibility for the trust’s financial troubles. According to court documents, the EHT units, as debtors, have been authorised to take examination of Mr Wu and Mr Woods, as well as other related persons and entities. Among other things, the debtors may conduct depositions as well as issue subpoenas.
https://www.businesstimes.com.sg/companies-markets/eagle-hospitality-trust-units-get-court-nod-to-investigate-urban-commons-founders
Mapletree Logistics Trust to buy two warehouses in India’s Maharashtra state
Mapletree Logistics Trust intends to acquire two yield-accretive warehouses in Maharashtra, India for 4.55 billion rupees (S$84.4 million). Its manager, Mapletree Logistics Trust Management (MLTM), announced in a regulatory filing on Wednesday the proposed acquisition – its first in India – of a four-block, single-storey ambient warehouse and a two-block, single-storey ambient warehouse in Pune, both purpose-built with modern logistics specifications.
https://www.businesstimes.com.sg/companies-markets/mapletree-logistics-trust-to-buy-two-warehouses-in-indias-maharashtra-state
https://www.straitstimes.com/business/companies-markets/mapletree-logistics-trust-to-buy-two-warehouses-in-indias-maharashtra
Corporate digest
https://www.businesstimes.com.sg/companies-markets/corporate-digest-1339
Sharing good practices in green energy
As the global economy deals with the dual challenges of recovering from Covid-19 and the need to transition towards low-carbon growth, European and South-east Asian nations will face similar pressures in the coming years. Multilateral cooperation between the European Union (EU) and Asean to achieve global climate goals is needed, but there is also potential for bilateral cooperation between countries such as Italy and Singapore.
https://www.businesstimes.com.sg/opinion/sharing-good-practices-in-green-energy
Onslaught of shareholder activism may loom over SPACs
What will be the long-term impact of market enthusiasm for special-purpose acquisition companies (SPACs)? The immediate effect is an overwhelming number of so-called de-SPAC transactions – meaning sales to US-listed SPACs of every kind of privately-held entity imaginable, ranging from startups across the globe to divisions being carved out from multinational corporations. But once all these entities are publicly traded on exchanges, what can we expect? One possibility is a wave of shareholder activism.
https://www.businesstimes.com.sg/opinion/onslaught-of-shareholder-activism-may-loom-over-spacs
Robinsons’ downfall forces rethink of digital innovation strategies for businesses
Before it closed, department store operator Robinsons Singapore had tried to set up its own retail app. The company also attempted to go digital by selling its products on e-commerce platform Lazada. But, as many other companies have also found out, digital innovation is not easy. “Companies sometimes think that they can digitise just by investing lots of money and rolling out apps,” said Daniel Flynn, director for Asia-Pacific and the Middle East at Roberts Group Consulting.
https://www.businesstimes.com.sg/garage/robinsons-downfall-forces-rethink-of-digital-innovation-strategies-for-businesses
https://www.straitstimes.com/business/economy/robinsons-did-not-survive-but-heres-why-heartland-malls-might
Family offices may drive SPAC growth in Singapore
The rising number of family offices in Singapore may well drive issuances of special-purpose acquisition companies (SPACs) in Singapore. This may be one differentiator for the Republic, with the Singapore Exchange (SGX) planning to consult on SPAC listings this quarter, said Gaurav Maria, JPMorgan head of equity-linked and private capital markets for the Asia-Pacific.
https://www.businesstimes.com.sg/banking-finance/family-offices-may-drive-spac-growth-in-singapore
Why I decided to be vaccinated
A physician reflects on the moral, ethical and personal reasons for getting the Covid-19 jab, even as US and UK surveys find some healthcare workers are reluctant vaxxers.
https://www.straitstimes.com/opinion/why-i-decided-to-be-vaccinated-0
Pharma is riding a vaccine high, but reputational risks loom
Pharmaceutical companies have never had it so good. The rapid roll-out of Covid-19 vaccines has made household names of Pfizer and AstraZeneca and the whole industry is winning praise for cooperation. But the decision this week by some governments to suspend use of the Oxford/AstraZeneca vaccine over fears of possible blood clots shows just how fragile public trust can be. What has been a public relations triumph could, if handled badly, turn out to be a trap.
https://www.straitstimes.com/opinion/pharma-is-riding-a-vaccine-high-but-reputational-risks-loom-0
S’pore could soon make freeze-dried Covid-19 PCR test kits
The technique used to preserve food could prove to be a game changer in Singapore’s fight against Covid-19 through the development of freeze-dried Covid-19 polymerase chain reaction (PCR) test kits, which would simplify storage and transportation requirements. Local biotech company BioAcumen Global said the key benefit of lyophilisation, as the technique is called, is that it removes the need for refrigeration currently required for Covid-19 PCR test kits.
https://www.straitstimes.com/singapore/spore-could-soon-make-freeze-dried-covid-19-pcr-test-kits
*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
US homebuilder sentiment falls to 7-month low on higher costs
https://www.businesstimes.com.sg/real-estate/us-homebuilder-sentiment-falls-to-7-month-low-on-higher-costs
https://www.businesstimes.com.sg/real-estate/us-housing-starts-fall-to-six-month-low-building-permits-tumble
Restaurateurs with cash are ready to seize the post-pandemic moment
https://www.businesstimes.com.sg/real-estate/restaurateurs-with-cash-are-ready-to-seize-the-post-pandemic-moment
Goldman veteran buys Jeffrey Epstein’s mansion
https://www.businesstimes.com.sg/real-estate/goldman-veteran-buys-jeffrey-epsteins-mansion
German inflation could top 2%, first time since 2012: economists
https://www.businesstimes.com.sg/government-economy/german-inflation-could-top-2-first-time-since-2012-economists
Double-dip recession beckons for star Covid-19 performer New Zealand
https://www.straitstimes.com/business/economy/double-dip-recession-beckons-for-star-covid-19-performer-new-zealand
China’s Ke builds hope for hard-up developers
https://www.businesstimes.com.sg/real-estate/chinas-ke-builds-hope-for-hard-up-developers
Japan Inc offering lowest pay rises in 8 years as pandemic bites
https://www.businesstimes.com.sg/government-economy/japan-inc-offering-lowest-pay-rises-in-8-years-as-pandemic-bites
Berjaya hires outsider to revamp its Covid-hit businesses
https://www.businesstimes.com.sg/real-estate/berjaya-hires-outsider-to-revamp-its-covid-hit-businesses