DAILY NEWS

Daily News – 2 Mar 2022 (Wed)

Singapore Real Estate

Baode Building sold for S$27m in collective sale
Freehold property Baode Building has been sold via a private treaty for S$27 million, after a relaunch of tender on Dec 14, 2021, real estate agency Colliers announced on Tuesday (Mar 1). The 8-storey residential building at 8 Lorong 35 Geylang, which comprises 14 apartment units on a site area of 1,031.4 square metres (sq m) (around 11,102 square feet)…
https://www.businesstimes.com.sg/real-estate/baode-building-sold-for-s27m-in-collective-sale-0

Long-term plans will accommodate uncertain future of trends such as work from home: URA chief planner
Singapore – Working from home may be the most dramatic change to our lifestyles recently, but Singapore’s planners, working on a 50-year horizon and beyond, are not taking it as a given that hybrid home-office arrangements are here to stay.
https://www.straitstimes.com/singapore/spores-long-term-plans-will-accommodate-uncertain-future-of-trends-such-as-work-from-home-ura-chief-planner

New town centred on Paya Lebar Air Base site to be developed in stages, allowing for flexibility
Singapore – The Paya Lebar Air Base and its surrounding industrial areas will yield a space five times the size of Toa Payoh that will be developed progressively, instead of all at once, to allow for future flexibility.
https://www.straitstimes.com/singapore/new-town-centred-on-paya-lebar-air-base-site-to-be-developed-in-stages-allowing-for-flexibility

Decades-old plan to reclaim island for housing could be updated to tackle rising sea levels
Singapore – A plan more than three decades ago envisioning a reclaimed island along the length of East Coast for beachfront housing and leisure may morph into one that also takes on the task of protecting Singapore from rising sea levels.
https://www.straitstimes.com/singapore/decades-old-plan-to-reclaim-island-off-east-coast-for-housing-could-be-updated-to-also-tackle-rising-sea-levels

Companies’ Brief

CBRE appoints Luke Moffat as new Asia-Pacific head of advisory and transaction services
Commercial real estate services firm CBRE has announced the appointment of Luke Moffat as its new Asia-Pacific head of advisory and transaction services (A&T), effective immediately, it said in a press statement on Tuesday (Mar 1).
https://www.businesstimes.com.sg/real-estate/cbre-appoints-luke-moffat-as-new-asia-pacific-head-of-advisory-and-transaction-services

PropertyGuru grows FY2021 revenue by 22.7% to S$100.7m
Singapore-based real estate firm PropertyGuru Group posted a 22.7 per cent increase in its total revenue to S$100.7 million for FY2021, up from S$82.1 million in the year-ago period. In a press release on Monday (Feb 28), the group said the reported revenue exceeded its FY2021 forecast of S$97.5 million by 3.3 per cent and believes it reflects the rising confidence in the property market.
https://www.businesstimes.com.sg/companies-markets/propertyguru-grows-fy2021-revenue-by-227-to-s1007m

Temasek says exposure to Russia ‘insignificant’, will comply with government sanctions
Singapore investment firm Temasek said its underlying exposure to Russia and Ukraine is “insignificant”, but added that it will comply with legal and regulatory obligations – including sanctions – under the jurisdictions it invests and operates in.
https://www.businesstimes.com.sg/companies-markets/temasek-says-exposure-to-russia-insignificant-will-comply-with-government-0

Views, Reviews, Forum & Others

Reits have appeal despite triple whammy from rising interest rates
Various real estate investment trusts (Reits) posted resilient financial results for 2021. Trusts that own malls, offices and hotels can look to brighter days if pandemic-related restrictions are relaxed. But Reits face rising interest rates, especially as inflation may worsen amid the Russia-Ukraine conflict.
https://www.businesstimes.com.sg/opinion/reits-have-appeal-despite-triple-whammy-from-rising-interest-rates

All eyes on how Opec+ will play its cards on oil supply at crucial meeting
As crude prices hit the roof over fears of a supply crunch amid the escalating Russia-Ukraine crisis, all eyes are on the ministerial meeting of the oil cartel on Wednesday (Mar 2). The big question – will the influential grouping of petro nations stick to the pre-agreed gradual output hike or will they decide to pump even more oil as pressure from the West to do so builds up?
https://www.businesstimes.com.sg/energy-commodities/all-eyes-on-how-opec-will-play-its-cards-on-oil-supply-at-crucial-meeting

Positioning for South-east Asia’s green transition
South-East Asia, rich in natural resources and valuable natural biodiversity, plays a pivotal role in the world’s net zero transition. However, it is also extremely vulnerable to global warming – Asia is home to 99 of the world’s 100 most environmentally at-risk cities.
https://www.businesstimes.com.sg/hub/whos-who-in-private-banking-2022/positioning-for-south-east-asias-green-transition

Planning for family succession: open communication is key
At the heart of any healthy relationship is communication. Yet, we seldom find families making a concerted effort to create a safe space for honest and open communication. This issue is not confined to Asian families, but it is arguably more pronounced given our cultural inclinations and the patriarchal nature of our family construct.
https://www.businesstimes.com.sg/hub/whos-who-in-private-banking-2022/planning-for-family-succession-open-communication-is-key

Singapore Budget 2022

Taxes, labour policies and social issues raised in Budget debate
Singapore – Ahead of Finance Minister Lawrence Wong’s Budget round-up speech on Wednesday (March 2), MPs on Tuesday raised a host of questions and made proposals. There were three broad themes: taxes, labour issues ranging from better wages to work prospects for local workers, and social issues such as eldercare and education.
https://www.straitstimes.com/singapore/politics/taxes-labour-policy-and-social-issues-raised-in-budget-debate

Update on COVID-19 (Coronavirus Disease 2019) Situation

Singapore reports 24,080 new Covid-19 cases, 1,726 patients hospitalised
[Singapore] A total of 24,080 new Covid-19 cases were reported on Tuesday (March 1), up from 13,554 infections on Monday. This figure is the highest since the record high of 26,032 cases reported last Tuesday.
https://www.businesstimes.com.sg/government-economy/singapore-reports-24080-new-covid-19-cases-1726-patients-hospitalised
https://www.straitstimes.com/singapore/health/spore-reports-24080-new-covid-19-cases-1726-patients-hospitalised

Malaysia drops six-day Covid-19 test procedure for Singapore VTL and others
[Kuala Lumpur] Malaysia has dropped a requirement for inbound travellers to undergo Covid-19 RTK-Ag tests within six days of arrival under three programmes, which include the air and land Vaccinated Travel Lane (VTL) with Singapore.
https://www.businesstimes.com.sg/government-economy/malaysia-drops-six-day-covid-19-test-procedure-for-singapore-vtl-and-others

Pfizer, Moderna race to roll out new boosters as Covid-19 becomes endemic
Singapore – While US drugmakers like Pfizer and Moderna made a killing from Covid-19 mRNA vaccine sales last year, sustaining similar volumes this year will be a challenge as more parts of the world become fully vaccinated.
https://www.straitstimes.com/business/companies-markets/pfizer-moderna-race-to-roll-out-new-boosters-as-covid-19-becomes-endemic

Employers who insist on medical certificates from workers with mild COVID-19 should be reported: MOM
Singapore : Employers who continue to insist on obtaining medical certificates from employees who test positive for COVID-19 with mild symptoms should be reported to the Ministry of Manpower (MOM), Manpower Minister Tan See Leng said on Tuesday (Mar 1).
https://www.channelnewsasia.com/singapore/covid-19-mild-no-symptoms-workers-mc-employers-report-mom-2528816

*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