Singapore Real Estate
99% of units launched for sale at Jervois Mansion in District 10 snapped up by buyers
Singapore – Kimen Group has sold 104 of the 105 units launched for sale at its Jervois Mansion condominium project, with Singaporeans making up the majority of buyers. Twenty-five of the 130 units in the freehold project in Jervois Close in the River Valley area have been retained by the niche property developer for long-term investment.
https://www.straitstimes.com/business/property/99-per-cent-of-units-launched-for-sale-at-jervois-mansion-in-district-10-snapped
New attraction to be developed in Somerset; part of broader plan to rejuvenate Orchard Road
Singapore – A new attraction in Somerset will be developed on a vacant plot of land next to the existing skate park opposite Orchard Gateway. The authorities are seeking proposals from developers to offer “an attraction concept with differentiated and immersive experiences” for the site, as part of plans announced in 2019 to rejuvenate Orchard Road – Singapore’s prime shopping belt.
https://www.straitstimes.com/singapore/new-attraction-to-be-developed-in-somerset-part-of-broader-plan-to-rejuvenate-orchard-road
Living with birds and bees: 16 HDB projects lauded for good design, construction
Singapore – A Housing Board project in Queenstown is also home to peaceful solitary bees and small birds such as the oriental magpie-robin, thanks to insect hotels, hanging drilled wood logs and nest boxes that recreate habitats for a thriving local biodiversity.
https://www.straitstimes.com/singapore/housing/living-with-birds-and-bees-16-hdb-projects-lauded-for-good-design-construction
Singapore Economy
Businesses may be forced to raise consumer prices amid continued surge in costs
Subdued sentiment has kept retailers as well as food and beverage (F&B) players reluctant to raise prices, but this might change if mounting cost pressures do not ease, firms told The Business Times. Food ingredients, labour and freight are major areas where firms are feeling the sting, with freight costs in particular having multiplied amid a global cargo crunch.
https://www.businesstimes.com.sg/government-economy/firms-may-be-forced-to-transfer-rising-cost-to-consumers
Singapore exports up 12.3% in September to extend 10-month winning streak
Singapore exports rose for the 10th straight month in September, beating private-sector analysts’ expectations to expand by 12.3 per cent year on year. Non-oil domestic exports (NODX) growth picked up from the 2.7 per cent expansion in August and also came in ahead of the estimate of 8.7 per cent in a Bloomberg poll, data from government agency Enterprise Singapore (ESG) showed on Monday (Oct 18).
https://www.businesstimes.com.sg/government-economy/singapore-exports-up-123-in-september-to-extend-10-month-winning-streak
Raising tax revenue the ‘sustainable and responsible’ way to fund Singapore’s expenditures: Lawrence Wong
The sustainable and responsible way to fund Singapore’s recurrent expenditures is to raise tax revenue and to do so with a fair and progressive tax system, Finance Minister Lawrence Wong said on Friday (Oct 15). “Healthcare alone will demand an additional 3 per cent of gross domestic product (GDP) in spending over the next 10 years.
https://www.businesstimes.com.sg/government-economy/raising-tax-revenue-the-sustainable-and-responsible-way-to-fund-singapores-0
https://www.straitstimes.com/singapore/politics/timing-for-gst-hike-will-take-into-consideration-economic-conditions-including
https://www.straitstimes.com/singapore/politics/revised-carbon-tax-rate-for-2024-what-to-expect-till-2030-to-be-announced-in
Construction to outstrip growth in manufacturing globally over the next 10 years: report
The construction industry is set to lead global economic recovery from the Covid-19 pandemic, overtaking growth in the manufacturing sector in the decade to 2030. According to Future of Construction, a forecast produced by Oxford Economics and Marsh McLennan companies Marsh and Guy Carpenter…
https://www.businesstimes.com.sg/asean-business/construction-to-outstrip-growth-in-manufacturing-globally-over-the-next-10-years
Companies’ Brief
Chip Eng Seng chair builds stake, CLI conducts buybacks
For the five trading sessions that spanned Oct 8 to 14, the Straits Times Index (STI) gained 2.1 per cent, with the FTSE China A50 Index rising 2.3 per cent, the Hang Seng Index adding 1.0 per cent and FTSE Bursa Malaysia KLCI gaining 1.7 per cent.
https://www.businesstimes.com.sg/companies-markets/chip-eng-seng-chair-builds-stake-cli-conducts-buybacks
Hong Lai Huat enters JV to explore, mine mineral resources in Cambodia
Property developer Hong Lai Huat Group has inked a joint venture (JV) agreement with HSC Group to explore and mine mineral resources at the former’s mixed-use agricultural hub in Cambodia.
https://www.businesstimes.com.sg/companies-markets/hong-lai-huat-enters-jv-to-explore-mine-mineral-resources-in-cambodia
Eagle Hospitality Trust’s US units file liquidation plan, bulk of proceeds to go to bank lenders
Units of the beleaguered Eagle Hospitality Trust (EHT) in the US have filed for liquidation, with the trust’s bank lenders set to mop up the bulk of the proceeds, court documents lodged on Oct 14 showed. The documents said that proceeds of US$481.9 million were raised.
https://www.businesstimes.com.sg/companies-markets/eagle-hospitality-trusts-us-units-file-liquidation-plan-bulk-of-proceeds-to-go-to
Hospitality S-Reits taking off with more travel lanes
Singapore continues to pursue a “Living with Covid-19” strategy, with anticipation to transit to a “new normal” in three to six months. In the move to reopen borders and re-establish the country’s status as a global hub, Singapore has extended its Vaccinated Travel Lane (VTL) scheme to eight more countries.
https://www.businesstimes.com.sg/companies-markets/hospitality-s-reits-taking-off-with-more-travel-lanes
Views, Reviews, Forum & Others
Blending purpose and profit (This is Part 2 of the responses)
Chia Ngiang Hong, President, Real Estate Developers’ Association of Singapore (REDAS)
Relentless focus on good corporate governance demonstrates a company’s direction and business integrity and helps businesses build trust with investors and the community as well as to ensure sustainability. Financial resilience with a social mission is critical to keep business going, maintaining operations while protecting employees and growing value.
https://www.businesstimes.com.sg/views-from-the-top/blending-purpose-and-profit
Reality check for Singapore property as retirement asset
It is often said that Singaporeans have an enduring love affair with property, with many looking to sell or downsize their homes to enhance their retirement kitties in their golden years. But that passion for property is in for a reality check – and this is a good thing.
https://www.businesstimes.com.sg/opinion/reality-check-for-singapore-property-as-retirement-asset
Why all roads lead to home, even in VTL season
Much has been written on travel bubbles, green lanes, rapid antigen tests and vaccine passports. The English language has been greatly enriched by terms like PCR and PPE, both among the latest acronyms now resolutely lodged in our befuddled vocabulary.
https://www.businesstimes.com.sg/opinion/why-all-roads-lead-to-home-even-in-vtl-season
Digitalisation continues to transform lives
Widespread recognition of the crucial role of digitalisation for economic recovery has emerged as one of the key findings of one of the largest surveys of Asean youth conducted by the World Economic Forum and Singapore-based Sea, which owns e-commerce platform Shopee and digital financial services firm SeaMoney.
https://www.straitstimes.com/opinion/st-editorial/digitalisation-continues-to-transform-lives
Optimism for approval of first Bitcoin ETF hits fever pitch in industry
Optimism is sky-high in the US$6.7 trillion exchange-traded fund (ETF) industry that after nearly a decade, the first US Bitcoin fund could begin trading next week. The Securities and Exchange Commission (SEC) is poised to allow the first US Bitcoin futures exchange-traded fund to begin trading in a watershed moment for the cryptocurrency industry, according to people familiar with the matter.
https://www.businesstimes.com.sg/wealth-investing/optimism-for-approval-of-first-bitcoin-etf-hits-fever-pitch-in-industry
S’pore property agents go big on YouTube, TikTok to get eyeballs as Covid-19 curtailed viewings
Singapore – Property agent Jen Tan needed seven hours to shoot her first video that featured a new condominium project she was marketing. Memorising the script was the main hurdle but Ms Tan got her lines down eventually.
https://www.straitstimes.com/singapore/housing/property-agents-go-big-on-youtube-tiktok-to-get-eyeballs-as-covid-19-curtailed
How a 31-year-old in Singapore uses social media to earn $2 million
Singapore – Selling property is a tried and true process honed over many decades but entrepreneur Nick Tan is using his digital savvy, creative juices and slick delivery skills to add a Hollywood-style twist to the old formula – but it doesn’t come cheap.
https://www.straitstimes.com/business/invest/how-a-31-year-old-uses-social-media-to-earn-2-million
Tips to help sell your properties
Singapore – You may have a good property for sale, but you are unlikely to find a buyer if your asking price is way off the charts. Of course, that doesn’t deter some owners from asking for prices hundreds of thousands more than similar properties in the same location.
https://www.straitstimes.com/business/invest/tips-to-help-sell-your-properties
Singapore households wealthiest per capita in Asia: Allianz report
Singapore has overtaken Japan to be the richest Asian economy in financial assets on per capita terms, according to a global wealth report by financial services provider Allianz.
https://www.businesstimes.com.sg/banking-finance/singapore-households-wealthiest-per-capita-in-asia-allianz-report
Update on COVID-19 (Coronavirus Disease 2019) Situation
9 more Singaporeans die of Covid-19; 3,058 new infections
[Singapore] Nine Singaporeans aged between 57 and 100 have died from complications linked to Covid-19, taking Singapore’s virus death toll to 233. Six were men and three were women, said the Ministry of Health (MOH) on Sunday (Oct 17).
https://www.businesstimes.com.sg/government-economy/9-more-singaporeans-die-of-covid-19-3058-new-infections
https://www.straitstimes.com/singapore/health/9-more-singaporeans-die-of-covid-19-3058-new-infections
S’pore’s Covid-19 strategy not a ‘flip-flop’, helps prevent massive number of deaths: Ong Ye Kung
Singapore – In managing the Covid-19 pandemic, Singapore did not take a purist “zero-Covid” or “living with Covid” approach, but adopted an eradication strategy when the population was vulnerable before opening up progressively after vaccination had given Singaporeans a protective shield.
https://www.straitstimes.com/singapore/spores-covid-19-strategy-not-a-flip-flop-helps-prevent-massive-number-of-deaths-ong-ye
What we know about the Covid-19 deaths in S’pore among adults under 60 years old
Singapore – The 23-year-old and 34-year-old Singaporeans reported on Thursday (Oct 14) to have died of Covid-19 complications were among the youngest deaths in Singapore. Neither was fully vaccinated, and both had multiple pre-existing health conditions, the Ministry of Health (MOH) said.
https://www.straitstimes.com/singapore/health/everything-we-know-about-covid-19-deaths-in-singapore-among-adults-under-60
Young adults should not delay Covid-19 vaccination, especially if they have underlying medical conditions: Experts
Singapore – Young adults with underlying health conditions such as obesity, heart disease, diabetes, high blood pressure and high cholesterol should get vaccinated against Covid-19, experts said. This is to reduce their risk of severe illness and death if they get infected.
https://www.straitstimes.com/singapore/health/young-people-should-not-delay-covid-19-vaccination-especially-if-they-have
*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
Global Economy & Global Real Estate
Global economy caught in perfect storm as prices soar
https://www.straitstimes.com/business/economy/price-pinch-global-economy-caught-in-perfect-storm
Secret listing fever amid US property boom
https://www.straitstimes.com/business/invest/secret-listing-fever-amid-us-property-boom
US to lift curbs from Nov 8 for vaccinated foreign travellers: White House
https://www.straitstimes.com/world/united-states/us-to-lift-curbs-from-nov-8-for-vaccinated-foreign-travelers-white-house
Back-to-office plans collide with shortage of supplies
https://www.businesstimes.com.sg/real-estate/back-to-office-plans-collide-with-shortage-of-supplies
https://www.straitstimes.com/world/united-states/return-to-office-plans-are-colliding-with-a-shortage-of-key-supplies
Economists split on global growth amid Covid, energy crisis and supply logjams
https://www.businesstimes.com.sg/government-economy/economists-split-on-global-growth-amid-covid-energy-crisis-and-supply-logjams
Fallout from the energy crisis: dirtier trains, less newsprint and production cuts for metals
https://www.businesstimes.com.sg/government-economy/fallout-from-the-energy-crisis-dirtier-trains-less-newsprint-and-production-cuts
ECB’s Lagarde says inflation spike is ‘largely transitory’
https://www.businesstimes.com.sg/government-economy/ecbs-lagarde-says-inflation-spike-is-largely-transitory
Cities might be back, but Aspen real estate is still booming
https://www.businesstimes.com.sg/real-estate/cities-might-be-back-but-aspen-real-estate-is-still-booming
UK finance chiefs fear supply chain drag for at least another year
https://www.businesstimes.com.sg/government-economy/uk-finance-chiefs-fear-supply-chain-drag-for-at-least-another-year
Less product, same price: companies use ‘shrinkflation’ to hide price increases
https://www.businesstimes.com.sg/consumer/less-product-same-price-companies-use-shrinkflation-to-hide-price-increases
More solo travellers in US joining group tours after months of isolation due to Covid-19
https://www.straitstimes.com/world/united-states/more-solo-travellers-in-us-joining-group-tours-after-months-of-isolation-due-to
New Zealand Q3 inflation rises to highest in over a decade
https://www.businesstimes.com.sg/government-economy/new-zealand-q3-inflation-rises-to-highest-in-over-a-decade
https://www.straitstimes.com/business/economy/new-zealand-inflation-surges-to-fastest-pace-in-10-years
Canada’s tight housing market posts first sales gain in 6 months
https://www.businesstimes.com.sg/real-estate/canadas-tight-housing-market-posts-first-sales-gain-in-6-months
Australia’s Qantas to sell land for A$802m to cushion pandemic blow
https://www.businesstimes.com.sg/real-estate/australias-qantas-to-sell-land-for-a802m-to-cushion-pandemic-blow
World’s toughest travel curbs falling to reopening pressure
https://www.straitstimes.com/world/worlds-toughest-travel-curbs-falling-to-reopening-pressure
Russian billionaire eyes modular housing take-off
https://www.straitstimes.com/business/invest/russian-billionaire-eyes-modular-housing-take-off
These homes are built with big 3D printers
https://www.straitstimes.com/business/invest/these-homes-are-built-with-big-3d-printers
China eases mortgages for rest of year on Evergrande contagion worries
https://www.businesstimes.com.sg/real-estate/china-eases-mortgages-for-rest-of-year-on-evergrande-contagion-worries
China Q3 GDP growth seen hitting 1-year low, raising heat on policymakers
https://www.businesstimes.com.sg/government-economy/china-q3-gdp-growth-seen-hitting-1-year-low-raising-heat-on-policymakers
https://www.straitstimes.com/business/economy/china-q3-gdp-growth-seen-hitting-one-year-low-raising-heat-on-policymakers
China could widen property tax trial: official media outlet
https://www.businesstimes.com.sg/real-estate/china-could-widen-property-tax-trial-official-media-outlet
China developers seek steps to ease sector’s trouble
https://www.businesstimes.com.sg/real-estate/china-developers-seek-steps-to-ease-sectors-troubles
Behind the sizzle of Dubai home boom, key vulnerability persists
https://www.businesstimes.com.sg/real-estate/behind-the-sizzle-of-dubai-home-boom-key-vulnerability-persists
Most Thais against reopening country, fear tourists will bring in new Covid-19 cases
https://www.straitstimes.com/asia/se-asia/most-thais-against-reopening-country-poll
Quarantine for fully vaccinated travellers entering Malaysia cut to 7 days from Monday
https://www.straitstimes.com/asia/se-asia/quarantine-for-fully-vaccinated-travellers-entering-malaysia-cut-to-7-days-from-monday