DAILY NEWS

Daily News – 20 January 2022 (Thu)

Singapore Real Estate

Gloria Mansion at Pasir Panjang sold en bloc for S$70.3m
Freehold condominium Gloria Mansion has been sold en bloc for S$70.3 million to Fraxtor Capital and a group led by the family offices of real estate veterans Daniel Teo and his brother Teo Teck Weng.
https://www.businesstimes.com.sg/real-estate/gloria-mansion-at-pasir-panjang-sold-en-bloc-for-s703m
https://www.straitstimes.com/business/property/gloria-mansion-at-pasir-panjang-sold-en-bloc-for-703-million

Tenders withdrawn for Hillview residential sites, ‘for other development plans’
Shortly before their scheduled closing date, 2 sale tenders for a total of 25 factories, all zoned for residential use and spanning more than 132,000 square feet (sq ft) of land in Hillview, have been taken off the table, The Business Times (BT) has learnt.
https://www.businesstimes.com.sg/real-estate/wealth-investing/tenders-withdrawn-for-hillview-residential-sites-for-other-development

Companies’ Brief

CapitaLand Development sells Hanoi office building for S$751m
CapitaLand Development (CLD) is divesting its Grade A office building in Hanoi, Vietnam, for S$751 million to an unrelated third party. Named Capital Place, the building is held under the CapitaLand Vietnam Commercial Value-Added Fund (CVCVF) which is managed by CapitaLand Investment Limited (CLI).
https://www.businesstimes.com.sg/real-estate/capitaland-development-sells-hanoi-office-building-for-s751m

Roxy-Pacific offer ‘not fair but reasonable’, says independent financial adviser; shareholders advised to accept deal
The buyout offer for property group Roxy-Pacific Holdings is “not fair but reasonable”, the independent financial adviser (IFA) in the deal said in a letter dated Wednesday (Jan 19). On the advice of the IFA, the independent directors recommended that shareholders accept the offer of S$0.485 in cash for each share, which values the company at S$630.5 million.
https://www.businesstimes.com.sg/companies-markets/roxy-pacific-offer-not-fair-but-reasonable-says-independent-financial-adviser

Sabana Reit posts 31.4% drop in H2 2021 DPU to S$0.0157 due to higher base in 2020
Sabana Industrial Real Estate Investment Trust’s (Sabana Reit) distribution per unit (DPU) fell by 31.4 per cent to S$0.0157 for its second half ended Dec 31, 2021, from a higher base of S$0.0229 in the year-ago period.
https://www.businesstimes.com.sg/companies-markets/sabana-reit-posts-314-drop-in-h2-2021-dpu-to-s00157-due-to-higher-base-in-2020

Views, Reviews, Forum & Others

Will digital economy pacts create spaghetti bowl effect?
Digital economy agreements (DEAs), sometimes called digital trade agreements, seem to be the rage these days, and Singapore is taking an active role in driving the establishment of digital trade rules and digital economy collaborations with other like-minded economies.
https://www.businesstimes.com.sg/opinion/will-digital-economy-pacts-create-spaghetti-bowl-effect

The transformation of video communications
The world is now witnessing the rise of a new group of consumers driving Asia’s economy – digital natives who contribute to over 30 per cent of Asia’s total consumption. Following the mass migration to digital channels amid the pandemic, this growing consumer segment favours quality and carries heightened expectations for immersive, personalised and connected experiences.
https://www.businesstimes.com.sg/opinion/the-transformation-of-video-communications

Covid has made us all Gen Z
The arrival of Generation Z (or Gen Z, for short) in the workplace has brought much intrigue and excitement. While the prior 3 generational cohorts of Baby Boomers, Gen X and Millennials have generally integrated themselves seamlessly into the corporate and decision-making hierarchy, Gen Z’s embrace of candour and purpose, alongside a high degree of digital savviness, has led to fresh thinking about their business and consumption behaviours.
https://www.businesstimes.com.sg/opinion/covid-has-made-us-all-gen-z

MAS and ABS introduce new measures to bolster digital-banking security
Cooling-off periods for account detail changes and a minimum 12-hour delay for activating mobile tokens are among the security controls that Singapore banks will have to put in place within the next fortnight.
https://www.businesstimes.com.sg/government-economy/mas-and-abs-introduce-new-measures-to-bolster-digital-banking-security
https://www.straitstimes.com/business/banking/new-measures-introduced-to-beef-up-digital-banking-security-in-spore
https://www.straitstimes.com/tech/tech-news/say-no-to-some-acceptable-practices-to-stem-fraud-scams

Update on COVID-19 (Coronavirus Disease 2019) Situation

New Omicron infections in Singapore more than double to 1,185
[Singapore] There were 1,185 new cases of those infected with the Covid-19 Omicron variant on Wednesday (Jan 19), almost double the 589 cases a day earlier, said the Ministry of Health (MOH). Of these, 965 were local cases and 220 were imported, MOH said in its daily update on Wednesday.
https://www.businesstimes.com.sg/government-economy/new-omicron-infections-in-singapore-more-than-double-to-1185
https://www.straitstimes.com/singapore/health/new-omicron-infections-in-spore-more-than-double-to-1185

Has the Omicron wave hit Singapore yet?
Singapore – A month after Singapore reported its first Omicron Covid-19 case in early December, Health Minister Ong Ye Kung warned that a wave of infections driven by the new variant was imminent.
https://www.straitstimes.com/singapore/health/has-the-omicron-wave-hit-singapore-yet

*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