DAILY NEWS

Daily News – 19 October 2021 (Tue)

Singapore Real Estate

Jervois Mansion’s good takeup shows growing interest in CCR projects, say analysts
Buyers are eyeing the core central region (CCR) as suburban prices catch up, according to analysts. The sentiment was seen after low-rise residential enclave Jervois Mansion moved 104 apartments out of the 105 put up for sale at a median price of S$2,548 per square foot (psf) by the end of its launch weekend on Oct 16 and 17.
https://www.businesstimes.com.sg/real-estate/jervois-mansions-good-takeup-shows-growing-interest-in-ccr-projects-say-analysts

Singapore Economy

Firms most worried about rising costs, including for manpower: SCCCI survey
Some 57.3 per cent of businesses saw their costs rise this year, said an annual survey by the Singapore Chinese Chamber of Commerce & Industry (SCCCI) released on Monday (Oct 18). This is near double the 28.8 per cent of respondents who saw costs increase last year.
https://www.businesstimes.com.sg/government-economy/firms-most-worried-about-rising-costs-including-for-manpower-sccci-survey
https://www.straitstimes.com/business/economy/singapore-firms-worry-most-about-rising-costs-40-see-losses-this-year-sccci-survey

Companies’ Brief

GuocoLand prices S$300m notes due 2026 at 3.29%
GuocoLand has priced its offering of S$300 million notes due 2026, to be issued at par on or about Oct 26. The notes will bear a coupon of 3.29 per cent per annum, payable semi-annually in arrear on Apr 26 and Oct 26 in each year. They also fall under the property developer’s S$3 billion multicurrency medium-term note programme.
https://www.businesstimes.com.sg/companies-markets/guocoland-prices-s300m-notes-due-2026-at-329

Hatten Land eyes the metaverse but struggles to meet prosaic deadlines for results, AGM
HATTEN Land has faced difficulty this year putting together its financial statements, because of Malaysia’s “movement control orders” to curb the spread of Covid-19. On Aug 3, the Catalist-listed Malaysian property developer said it had applied to the Singapore Exchange (SGX) for 60-day extensions of deadlines to announce its financial statements for FY2021 ended Jun 30 and to hold its annual general meeting (AGM).
https://www.businesstimes.com.sg/companies-markets/hatten-land-eyes-the-metaverse-but-struggles-to-meet-prosaic-deadlines-for-results

Lian Beng unit secures S$118m contract for Ang Mo Kio residential project
United Tec Construction, a 60 per cent-owned subsidiary of Lian Beng Group, has bagged a contract worth about S$118 million to build a residential flat development at Ang Mo Kio Avenue 1, the mainboard-listed company announced on Monday.
https://www.businesstimes.com.sg/companies-markets/lian-beng-unit-secures-s118m-contract-for-ang-mo-kio-residential-project

Analysts recommend ARA Logos unitholders accept ESR-Reit offer
Analysts are recommending that unitholders of ARA Logos Logistics Trust accept ESR-Reit’s S$0.95 per unit offer as part of a S$1.4 billion merger deal of both real estate investment trusts (Reits).
https://www.businesstimes.com.sg/companies-markets/analysts-recommend-ara-logos-unitholders-accept-esr-reit-offer

Corporate digest
https://www.businesstimes.com.sg/companies-markets/corporate-digest-1478

Views, Reviews, Forum & Others

G20’s 2023 target for global minimum corporate tax may not be realistic
If all goes well, leaders at the upcoming G20 summit in Rome will endorse the new global minimum tax deal. The new rules are to ensure that multinational enterprises pay their fair share of tax – at least 15 per cent – in the places where they operate.
https://www.businesstimes.com.sg/opinion/g20s-2023-target-for-global-minimum-corporate-tax-may-not-be-realistic

Renting can be a viable alternative to owning a private home in Singapore
Home ownership is deeply ingrained in the minds of Singaporeans. Around 88 per cent of resident households own their homes as at 2020. Subsidies and grants help locals to own HDB flats and have a direct stake in the country’s prosperity.
https://www.businesstimes.com.sg/opinion/renting-can-be-a-viable-alternative-to-owning-a-private-home-in-singapore

Evergrande and China: A Lehman moment – or less ‘grande’ than that?
China has seen rapid urbanisation; as at 2020, 61 per cent of its population lived in urban areas. In 1960, that number was a mere 16 per cent. Evergrande benefited from – and helped fuel – this change by borrowing funds to sell property to the Chinese public long before these projects were complete.
https://www.businesstimes.com.sg/opinion/evergrande-and-china-a-lehman-moment-or-less-grande-than-that

Singapore-based operator to launch maiden data centre in Batam
Singapore – Data Center First, a Singapore-based company, announced on Monday (Oct 18) that it would launch its maiden data centre in the Indonesian island of Batam in order to strengthen connectivity and digital links between Singapore and the area.
https://www.straitstimes.com/business/singapore-based-operator-to-launch-maiden-data-centre-in-batam

Update on COVID-19 (Coronavirus Disease 2019) Situation

Six seniors die from Covid-19 complications; 2,553 new infections
[Singapore] Six Singaporeans, aged 78 to 93, have died from complications linked to Covid-19, taking Singapore’s virus death toll to 239. Four were men and two were women, the Ministry of Health (MOH) said on Monday (Oct 18).
https://www.businesstimes.com.sg/government-economy/six-seniors-die-from-covid-19-complications-2553-new-infections
https://www.straitstimes.com/singapore/health/six-seniors-die-from-covid-19-complications-2553-new-infections

People getting first Covid-19 shot surge to over 17,000 after new vaccine-differentiated measures announced
Singapore – The week after new vaccination-differentiated measures were announced saw a rise in people getting their booster shots and first doses of the Covid-19 vaccine. The Ministry of Health (MOH) said on Monday night (Oct 18) that from Oct 9 to 15, about 17,000 people received their first dose of the Covid-19 vaccine under the national vaccination programme, while another 162,000 took their booster shots.
https://www.straitstimes.com/singapore/health/over-17000-get-first-dose-of-covid-19-vaccine-after-new-vaccine-differentiated

Some travellers face issues getting VTL pass to enter S’pore due to differences in vaccine certification
Singapore – A lack of standardisation among vaccination certificate issuers overseas has caused issues for some travellers when applying for a pass to enter Singapore under the Vaccinated Travel Lane (VTL) scheme.
https://www.straitstimes.com/singapore/transport/some-travellers-face-issues-getting-vtl-pass-to-enter-spore-due-to-differences

First flight under expanded Vaccinated Travel Lane scheme to touch down at Changi Airport on Wednesday
Singapore – The first flight under the expanded quarantine-free travel scheme for travellers vaccinated against Covid-19 will touch down in Singapore on Wednesday morning (Oct 20), in the next step of Singapore’s border reopening.
https://www.straitstimes.com/singapore/transport/first-flight-under-expanded-vaccinated-travel-lane-scheme-to-touch-down-at

*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