Singapore Real Estate
Singapore property agencies offering cash incentives for agents to jump ship amid hot market
Singapore – The hot property market has sparked a recruitment war between real estate agencies, with all manner of inducements rolled out to entice agents to jump ship. Agencies are offering hefty cash incentives for agents to sign on with them, as well as training and technology subsidies, and penalty support schemes to reimburse agents who incur fees for changing firms.
https://www.straitstimes.com/business/property/spore-property-agencies-offering-cash-incentives-for-agents-to-jump-ship-amid-hot
Luxury properties in S’pore selling like hot cakes
Singapore may have leapfrogged many advanced cities, including Hong Kong, to be one of the most popular investment destinations for the rich and famous. Over the past decade, efforts to build the country’s economic infrastructure and financial hub have raised its global profile and allure to wealthy investors.
https://www.straitstimes.com/business/invest/luxury-properties-in-spore-selling-like-hot-cakes
2nd round of Rental Support Scheme payouts for owners, tenants to start Sept 22
Singapore – More than 35,800 tenants and owner-occupiers will receive their second Rental Support Scheme (RSS) payouts from Sept 22. In a joint statement on Friday (Sept 17), the Inland Revenue Authority of Singapore (Iras) and the Ministry of Finance (MOF) said the payouts, totalling more than $200 million, will be disbursed ahead of schedule by about a month.
https://www.straitstimes.com/singapore/politics/2nd-round-of-rental-support-scheme-payouts-for-owners-tenants-to-start-sept-22
Companies’ Brief
CDL’s New Zealand units in judicial review over acquisition in Havelock North
CDL Investments New Zealand (CDI) and its wholly-owned subsidiary CDL Land New Zealand (CDLL), have been named as respondents in a High Court judicial review over its acquisition of land in Havelock North, New Zealand.
https://www.businesstimes.com.sg/real-estate/cdls-new-zealand-units-in-judicial-review-over-acquisition-in-havelock-north
HK’s Far East Consortium inks deal to sell 21 Anderson for S$213m
Hongkong-listed Far East Consortium International Limited (FEC) announced on Friday night that it has entered into a sale and purchase agreement to sell 21 Anderson, a 10-storey freehold condominium block of 34 units, for S$213 million.
https://www.businesstimes.com.sg/real-estate/hks-far-east-consortium-inks-deal-to-sell-21-anderson-for-s213m
GuocoLand opts for innovation
For Singapore developers without a legacy landbank, the concept of buying land at a low price and selling the project on it at a high price is no longer relevant given the surfeit of liquidity fuelling competition for land.
https://www.businesstimes.com.sg/companies-markets/guocoland-opts-for-innovation
Ho Bee Land chairman continues to build stake
For the five trading sessions that spanned Sept 10 to 16, the Straits Times Index (STI) declined 0.2 per cent, with the FTSE China A50 Index, Hang Seng Index and FTSE Bursa Malaysia KLCI averaging a 3.2 per cent decline.
https://www.businesstimes.com.sg/companies-markets/ho-bee-land-chairman-continues-to-build-stake
Hatten Land yet to receive US$60m for Gold Mart divestment despite deadline extension
Property developer Hatten Land said it has not received the US$60 million payment from Singapore-based Tayrona Capital Group Corp for the proposed divestment of wholly owned Malaysian unit Gold Mart, a transaction that was approved by shareholders in November last year.
https://www.businesstimes.com.sg/companies-markets/hatten-land-yet-to-receive-us60m-for-gold-mart-divestment-despite-deadline
Governance and transparency scores of S-Reits hit all-time high
The annual Singapore Governance and Transparency Index (SGTI) assesses Singapore-listed companies on their corporate governance disclosure and practices, as well as the timeliness, accessibility and transparency of their financial results announcement, so as to provide investors with greater transparency and accountability.
https://www.businesstimes.com.sg/companies-markets/governance-and-transparency-scores-of-s-reits-hit-all-time-high
Views, Reviews, Forum & Others
Public good vs personal choice
Chia Ngiang Hong, President, Real Estate Developers’ Association of Singapore (REDAS)
Numerous medical studies have verified that vaccines provide significant protection against contracting Covid-19 or suffering from serious complications, and with very low incidence of serious side effects. With more than 80 per cent of the population already vaccinated and with an increased range of vaccine options – including non-mRNA types – now readily available, making vaccination mandatory for all who are medically eligible seems a prudent step in Singapore’s efforts to move towards endemic Covid-19.
https://www.businesstimes.com.sg/views-from-the-top/public-good-vs-personal-choice
Time to prepare for endemic phase
Asia News Network commentators urge measures to prepare societies to live with the pandemic. Here are excerpts.
https://www.straitstimes.com/opinion/time-to-prepare-for-endemic-phase
An honest take on ESG investing
There has been a lot of talk about ESG investing recently. Financial institutions have been marketing ESG investments aggressively to attract funds, and there are expectations that ESG investing is the future and will do well.
https://www.businesstimes.com.sg/wealth-investing/an-honest-take-on-esg-investing
Investing in the future of vaccines
When investors try to identify the next exciting frontier for mankind, they may think of conquering outer space. But there’s a more vital one here on earth. The vaccine industry and the vast ecosystem surrounding it had areas of rapid growth before the pandemic…
https://www.businesstimes.com.sg/wealth-investing/investing-in-the-future-of-vaccines
New migrant-worker dorms in Singapore to be built to higher standards
New migrant dormitories in Singapore will have to provide for improved access to amenities such as toilets as well as a maximum occupancy rate per room, going by the new standards unveiled on Friday. Two new purpose-built dormitories (PBDs) with a total of at least 12,500 beds were also announced, one in Kranji and the other, in Jalan Tukang in Jurong.
https://www.businesstimes.com.sg/government-economy/new-migrant-worker-dorms-in-singapore-to-be-built-to-higher-standards
https://www.straitstimes.com/singapore/improved-standards-for-new-migrant-worker-dormitories
Dorm operators raise concerns about higher costs due to improved standards for new dorms in S’pore
Singapore – Dormitory operators raised concerns about higher costs from improved standards for new migrant worker dormitories announced Friday (Sept 17), while employers expressed uncertainty about the impact on their bottom line.
https://www.straitstimes.com/singapore/concerns-about-costs-and-uncertainty-about-impact-of-improved-dorm-standards
Update on COVID-19 (Coronavirus Disease 2019) Situation
Pace of reopening amid Covid-19 depends on price Singapore is willing to pay, say experts
Singapore – How Singapore moves forward in dealing and living with Covid-19 depends on the price the country is willing to pay to achieve this. There is no perfect option and it is a matter of choosing “the best set of trade-offs that we would wish to have”…
https://www.straitstimes.com/singapore/health/pace-of-reopening-amid-covid-19-depends-on-price-singapore-is-willing-to-pay-say
1,012 new Covid-19 cases in Singapore on Sunday; second day in a row new infections cross 1,000 mark
[Singapore] More than 1,000 new Covid-19 infections were reported in Singapore for the second day in a row on Sunday (Sept 19). There were a total of 1,012 new Covid-19 cases, the highest daily number since April 23 last year when there were 1,037 new cases.
https://www.businesstimes.com.sg/government-economy/1012-new-covid-19-cases-in-singapore-on-sunday-second-day-in-a-row-new-infections
https://www.straitstimes.com/singapore/health/1012-new-covid-19-cases-in-spore-second-day-in-a-row-new-infections-cross-1000-mark
S’pore’s daily Covid-19 cases to hit 1,000 soon in ‘rite of passage’ before situation stabilises: Ong Ye Kung
Singapore – The majority of Covid-19 patients will now recover at home, rather than in hospitals or designated facilities, as Singapore braces itself for an exponential surge in cases over the coming weeks.
https://www.straitstimes.com/singapore/health/spores-daily-covid-19-cases-to-hit-1000-soon-in-rite-of-passage-before-situation
Covid-19 cases in S’pore rising faster than expected, but serious infections rising at slower rate
Singapore – The number of Covid-19 cases here has risen faster than expected, but a high vaccination rate has prevented the healthcare system from being overwhelmed, Singapore’s director of medical services Kenneth Mak said on Friday (Sept 17).
https://www.straitstimes.com/singapore/health/covid-19-cases-rising-faster-than-expected-but-serious-infections-rising-at-slower
Singaporeans still out and about but more cautious as daily Covid-19 cases rise
Singapore – Although Singaporeans continue to go out, many are taking more precautions like avoiding crowded areas as daily Covid-19 cases rise. Mr Edward Pang, 64, retired from being a taxi driver in March last year, fearing he would catch Covid-19 and infect his children.
https://www.straitstimes.com/singapore/community/singaporeans-still-out-and-about-but-more-cautious-as-daily-cases-rise
F&B outlets in CBD hardest hit as people avoid social gatherings
Singapore – Eateries have seen a drop in business over the last two weeks, following the Government’s advisory on Sept 6 for the public to cut down on social gatherings. The impact was felt most among food and beverage outlets in the Central Business District (CBD), especially on weekdays with workers working from home.
https://www.straitstimes.com/singapore/eateries-see-a-drop-in-business-as-covid-19-cases-go-up-some-undaunted-diners-say-life
More Covid-19 patients to recover at home as the default from Sep 18; 100 vending machines dispensing ART kits rolled out
Recovering at home will be the default care management model for a wider group of infected Covid-19 patients from Saturday. They can begin Home Recovery immediately, without having to be first conveyed to a hospital or Community Care Facility, the Health Ministry (MOH) said in a statement on Friday.
https://www.businesstimes.com.sg/government-economy/more-covid-19-patients-to-recover-at-home-as-the-default-from-sep-18-100-vending
https://www.straitstimes.com/singapore/100-vending-machines-to-be-deployed-for-collection-of-self-test-kits-moh
Over 15% of unvaccinated seniors above 80 land in ICU, compared with 1.8% of vaccinated ones
While Singapore has seen a near-five fold increase in daily Covid-19 cases compared with a fortnight ago, the number of serious cases remains low for now, with unvaccinated seniors most at risk of developing severe illness, according to data from the Ministry of Health (MOH) on Friday.
https://www.businesstimes.com.sg/government-economy/over-15-of-unvaccinated-seniors-above-80-land-in-icu-compared-with-18-of
Younger, fully vaccinated Covid-19 patients should recover at home amid strained hospitals: Ong Ye Kung
Singapore – While the overall intensive care unit (ICU) capacity is holding up, the Singapore healthcare system’s accident and emergency (A&E) departments, as well as general wards, are “coming under pressure”, Health Minister Ong Ye Kung said on Sunday (Sept 19).
https://www.straitstimes.com/singapore/health/hospitals-under-pressure-so-younger-vaccinated-covid-19-patients-should-recover-at
Home recovery to cover Covid-19 patients up to age 69; 7 in 10 infected will be eligible
Singapore – Seven in 10 of those who are infected with Covid-19 should be eligible for home recovery in the coming week, up from one-third currently. This care management model for Covid-19 recovery has been the default recovery setting for suitable patients from Aug 30…
https://www.straitstimes.com/singapore/covid-19-home-recovery-model-expanded-to-include-those-below-69
S’pore expert committee to make decision soon on mixing of Covid-19 vaccines for booster shot
Singapore – The 14-member Expert Committee on Covid-19 Vaccination (EC19V) will be making a decision soon on whether people can use a different Covid-19 vaccine for their booster shot. At a virtual conference on Friday (Sept 17), the multi-ministry task force on Covid-19 said the expert committee has been studying the issue and will present its recommendations.
https://www.straitstimes.com/singapore/decision-soon-on-mixing-of-covid-19-vaccines-for-booster-shot
Who should get Covid-19 booster shots next in Singapore?
Singapore – Thousands of older people around the world have begun receiving Covid-19 booster shots to further protect them against infection and severe illness – especially as immunity has been shown to wane over time.
https://www.straitstimes.com/singapore/health/who-should-get-booster-shots-next
Getting a mild infection after Covid-19 vaccination gives best protection against future variants: Expert
Singapore – Getting infected but not sick is the best thing that could happen to someone who has been vaccinated, as this could protect him against any coronavirus variants that might emerge in the future, said Professor Ooi Eng Eong of the Duke-NUS Medical School.
https://www.straitstimes.com/singapore/health/getting-a-mild-infection-after-covid-19-vaccination-gives-best-protection-against
What you need to do if you test positive for Covid-19 using ART kit and have no symptoms
Singapore – Asymptomatic individuals who test positive for Covid-19 using do-it-yourself antigen rapid tests (ART) are being urged to self-isolate at home for 72 hours. If they are unwell during the period of self-isolation, they should visit a general practitioner (GP) as soon as possible.
https://www.straitstimes.com/singapore/health/how-the-new-self-isolation-recovery-regime-works-for-asymptomatic-covid-19-patients
Passengers with 21-day travel history to Indonesia can transit through Singapore: MOH
All passengers with a 21-day travel history to Indonesia will be allowed to transit through Singapore from Sept 22 at 2359 hours, the Health Ministry (MOH) said on Friday. In addition, travellers from Indonesia entering Singapore will only need to undergo an on-arrival polymerase chain reaction (PCR) test, instead of both a PCR and an Antigen Rapid Test.
https://www.businesstimes.com.sg/government-economy/passengers-with-21-day-travel-history-to-indonesia-can-transit-through-singapore
https://www.straitstimes.com/singapore/health/singapore-eases-border-restrictions-for-travellers-from-countries-such-as-poland
2,322 travellers from Germany, Brunei approved to enter S’pore on Vaccinated Travel Lane scheme
Singapore – More than 2,300 travellers vaccinated against Covid-19 have received approval to enter Singapore in the 16 days since the application window for a new travel arrangement opened. As at 11.59pm on Thursday (Sept 16), 2,241 travellers from Germany and 81 travellers from Brunei have received approval to enter Singapore via the Vaccinated Travel Lane (VTL) between Sept 8 and Oct 22.
https://www.straitstimes.com/singapore/transport/2322-travellers-from-germany-brunei-approved-to-enter-spore-on-vaccinated-travel
*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
World leaders return to UN with focus on Covid-19 pandemic, climate change
https://www.businesstimes.com.sg/government-economy/world-leaders-return-to-un-with-focus-on-covid-19-pandemic-climate-change
https://www.straitstimes.com/world/world-leaders-return-to-un-with-focus-on-covid-19-pandemic-climate
Americans haven’t been this down on housing market since 1982
https://www.businesstimes.com.sg/real-estate/americans-havent-been-this-down-on-housing-market-since-1982
England’s Covid-19 travel rules simplified in boost to industry
https://www.straitstimes.com/world/europe/england-eases-covid-19-rules-for-international-travellers
The global housing market is broken, and it’s dividing entire countries
https://www.businesstimes.com.sg/real-estate/the-global-housing-market-is-broken-and-its-dividing-entire-countries
All Storage working with CBRE on US$1b sale
https://www.businesstimes.com.sg/real-estate/all-storage-working-with-cbre-on-us1b-sale
Rising rents spark Berlin housing seizure referendum
https://www.businesstimes.com.sg/real-estate/rising-rents-spark-berlin-housing-seizure-referendum
Central banks tiptoe towards tapering
https://www.businesstimes.com.sg/banking-finance/central-banks-tiptoe-towards-tapering
Governments face tough call on risky reopenings as Covid-19 persists
https://www.straitstimes.com/asia/governments-face-tough-call-on-risky-reopenings-as-covid-19-persists
With tighter grip, Beijing sends message to Hong Kong property tycoons to fall in line
https://www.businesstimes.com.sg/real-estate/with-tighter-grip-beijing-sends-message-to-hong-kong-property-tycoons-to-fall-in-line
Six Evergrande executives redeemed investment products in advance
https://www.channelnewsasia.com/business/six-evergrande-executives-redeemed-investment-products-advance-2186756
https://www.businesstimes.com.sg/real-estate/evergrande-says-six-executives-redeemed-investment-products-in-advance
All eyes on Evergrande’s bond payment
https://www.businesstimes.com.sg/real-estate/all-eyes-on-evergrandes-bond-payment
https://www.straitstimes.com/business/property/evergrande-moment-of-truth-arrives-with-bond-payment-deadlines
Hong Kong won’t open up before Covid-19 vaccine rate hits at least 80%: Top adviser
https://www.straitstimes.com/asia/east-asia/hong-kong-wont-open-up-before-covid-19-vaccine-rate-hits-at-least-80-top-advisor
Talent, funds continue to exit Hong Kong amid Covid-19 pandemic
https://www.straitstimes.com/asia/east-asia/talent-funds-continue-to-exit-hong-kong-creating-costly-headache