DAILY NEWS

Daily News – Daily News 2 July 2021 (Fri)

Singapore Real Estate

Analysts debate cooling measures, as Singapore Q2 flash private home prices up for fifth straight quarter
Property analysts continue to debate the odds of cooling measures and how targeted they would be, with Singapore’s Q2 private home prices rising for the fifth straight quarter, flash estimates showed on Thursday.
https://www.businesstimes.com.sg/real-estate/analysts-debate-cooling-measures-as-singapore-q2-flash-private-home-prices-up-for-fifth
https://www.straitstimes.com/business/property/private-home-prices-up-for-fifth-straight-quarter-but-pace-slows

Developers may seek extension to delivery date of possession
With construction timelines under pressure, developers plagued by construction delays will now get some relief in the form of an extension should they be unable to meet the delivery date of possession in their sale and purchase (S&P) agreements.
https://www.businesstimes.com.sg/real-estate/developers-may-seek-extension-to-delivery-date-of-possession

Commercial properties set for big change post-Covid
Singapore’s commercial property market has seen the ups and downs of changes brought on by Covid-19. Offices in the central business district (CBD) – especially older buildings – need to evolve. Cloud kitchens are expected to serve a wider market. Business parks look resilient.
https://www.businesstimes.com.sg/real-estate/commercial-properties-set-for-big-change-post-covid

Good Class Bungalow market is on a roll
The Good Class Bungalow (GCB) market is on a roll. List Sotheby’s International Realty’s analysis of URA Realis caveats data shows that year to date (with the latest transaction dated June 18), there have been 50 deals in GCB Areas totalling nearly S$1.4 billion.
https://www.businesstimes.com.sg/real-estate/good-class-bungalow-market-is-on-a-roll

HDB resale prices climb for fifth straight quarter but at slower pace: Flash data
Housing Board resale prices climbed for the fifth consecutive quarter but eased from recent highs, flash estimates released on Thursday showed. Resale prices rose 2.8 per cent in the three months to June this year from the previous quarter, compared with a 3 per cent rise in the first quarter.
https://www.businesstimes.com.sg/real-estate/hdb-resale-prices-climb-for-fifth-straight-quarter-but-at-slower-pace-flash-data-0
https://www.straitstimes.com/singapore/housing/hdb-resale-prices-up-for-5th-straight-quarter-but-ease-to-28

Singapore Economy

Singapore tourism could shift into fast gear soon as it steps up vaccinations
Things are looking up for Singapore’s tourism sector – both inbound and outbound – as vaccine roll-outs point the way towards a post-pandemic normal and Health Minister Ong Ye Kung indicated that residents may soon jet-set again.
https://www.businesstimes.com.sg/government-economy/singapore-tourism-could-shift-into-fast-gear-soon-as-it-steps-up-vaccinations

Singapore’s unemployment rates improve further in May
Singapore’s unemployment rates fell further in May, at the overall level as well as for residents and citizens, according to a Manpower Ministry (MOM) release on Thursday. Overall unemployment inched down to 2.8 per cent, after having stalled at 2.9 per cent in April.
https://www.businesstimes.com.sg/government-economy/singapores-unemployment-rates-improve-further-in-may
https://www.straitstimes.com/singapore/jobs/spore-resident-unemployment-down-for-seventh-straight-month

Companies’ Brief

CapitaLand sells 2 malls for 42b yen; to invest 7.5b yen in 2nd Japan logistics asset
CapitaLand has sold two of its retail malls in the Greater Tokyo area, Olinas Mall and Seiyu & Sundrug Higashimatsuyama, for over 42 billion yen (S$520 million). At the same time, the property giant said it will invest about 7.5 billion yen to fully acquire a freehold site in Ibaraki City, Osaka.
https://www.businesstimes.com.sg/companies-markets/capitaland-sells-2-malls-for-42b-yen-to-invest-75b-yen-in-2nd-japan-logistics
https://www.straitstimes.com/business/companies-markets/capitaland-sells-its-last-two-malls-in-japan-for-over-507m

Keppel Reit divests Australian property for A$275m
Keppel Reit: K71U -0.85% has divested its stake in its Brisbane property for A$275 million (S$277.4 million), the real estate investment trust (Reit) said on Thursday. The Reit’s 50 per cent stake in 275 George Street was sold to Charter Hall Prime Office Fund…
https://www.businesstimes.com.sg/companies-markets/keppel-reit-divests-australian-property-for-a275m

ESR-Reit names Stefanie Yuen Thio as chair in place of Ooi Eng Peng from July 1
The manager of ESR-Reit on Thursday announced that it was redesignating its independent non-executive director, Stefanie Yuen Thio, to independent chairperson with effect from July 1. Ms Thio succeeds Ooi Eng Peng, who will be redesignated as non-executive director after close to nine years of service to assume the new role of the Reit (real estate investment trust) manager’s deputy chairman.
https://www.businesstimes.com.sg/real-estate/esr-reit-names-stefanie-yuen-thio-as-chair-in-place-of-ooi-eng-peng-from-july-1

Views, Reviews, Forum & Others

Urban living will flourish post-pandemic, but building design needs a rethink
We keep reading that the Covid-19 pandemic has changed attitudes towards city living, and that the suburbs and the rural areas are in future where people will want to make their home. Remote working has made this possible for many. Property is less expensive.
https://www.businesstimes.com.sg/opinion/urban-living-will-flourish-post-pandemic-but-building-design-needs-a-rethink

Singapore is shipshape for floating cities
The recent announcement by Keppel Corp chief executive Loh Chin Hua that it is exploring how to develop a floating city for Singapore is heartening. Speaking about how the private sector can work with governments to address issues like climate change, Mr Loh told the World Cities Summit on June 22: “We have the technology and capabilities to build floating cities…
https://www.straitstimes.com/opinion/spore-is-shipshape-for-floating-cities

Despite outlook, banks still face headwinds
Although Singapore’s financial sector has been resilient through the Covid-19 pandemic, it could still face headwinds that should give pause to regulators contemplating lifting restrictions such as curbs on bank dividend payments.
https://www.straitstimes.com/opinion/st-editorial/despite-outlook-banks-still-face-headwinds

Asia merger and acquisition bonanza fuelled by South-east Asia, private equity deals
Asian merger and acquisition (M&A) activity surged to its second-highest level ever for a first half as South-east Asian and private equity deals hit records, and bankers expect the strong momentum to be maintained for the rest of the year.
https://www.businesstimes.com.sg/banking-finance/asia-merger-and-acquisition-bonanza-fuelled-by-south-east-asia-private-equity-deals
https://www.straitstimes.com/business/banking/asian-ma-bonanza-fuelled-by-south-east-asia-private-equity-deals

Update on COVID-19 (Coronavirus Disease 2019) Situation

Ong Ye Kung hopes to have close to 90% of seniors vaccinated
To keep the population safe from Covid-19, it is best for 70 per cent to 80 per cent or more of the population here, including close to 90 per cent of the elderly, to be vaccinated against the disease, Health Minister Ong Ye Kung said yesterday.
https://www.straitstimes.com/singapore/health/ong-ye-kung-hopes-to-have-close-to-90-of-seniors-vaccinated

Singapore ‘could ease Covid-19 dine-in rules from July 12’
The next relaxation of Covid-19 measures is expected on July 12, as part of a three-step plan for the country’s further reopening that could potentially see Singapore transitioning to a new normal, as well as leisure travel returning by the end of the year.
https://www.businesstimes.com.sg/government-economy/singapore-could-ease-covid-19-dine-in-rules-from-july-12
https://www.straitstimes.com/singapore/health/singapore-may-ease-more-covid-19-curbs-on-july-12

Wearing of masks still key after transition to new normal
The wearing of masks will still be key after Singapore transitions to a new normal of living with endemic Covid-19, and may well be among the last of the measures that will be shed, Health Minister Ong Ye Kung said yesterday.
https://www.straitstimes.com/singapore/health/wearing-of-masks-still-key-after-transition-to-new-normal

Self-isolation, self-testing could be normal in future
A person who suspects he has Covid-19 could get a medical certificate (MC) from his doctor, who will tell him to isolate and test himself at home. Someone else could get an SMS informing him of exposure to the virus, with instructions to also isolate at home and conduct self-tests.
https://www.straitstimes.com/singapore/health/self-isolation-self-testing-could-be-normal-in-future

Covid-19 cluster at Block 506 Hougang Avenue 8 closed; no unlinked cases reported
[Singapore] The Covid-19 cluster at Block 506 Hougang Avenue 8 was among the four clusters closed on Thursday (July 1) after no new cases were associated with them after 28 days. The other three were clusters linked to Cases 63806, 63941 and 63973.
https://www.businesstimes.com.sg/government-economy/covid-19-cluster-at-block-506-hougang-avenue-8-closed-no-unlinked-cases-reported

Repeated lockdowns leaving South-east Asian businesses on edge
South-East Asia’s “zero-Covid” approach – entailing enforcement of strict lockdowns whenever cases emerge – has cast a heavy pall on business operations across the region, and investors have taken a wait-and-see stance.
https://www.businesstimes.com.sg/government-economy/repeated-lockdowns-leaving-south-east-asian-businesses-on-edge

No pre-event testing exemption for Sinovac Covid-19 vaccine upsets some in Singapore
Singapore – For Mr Liu, 28, finding out that he would not be exempt from pre-event testing after getting the Sinovac Covid-19 vaccine was “not a very pleasant feeling”. The banker and permanent resident, who declined to give his full name, had opted to get his first jab of the Sinovac vaccine on June 21 as he was not eligible to register for the national vaccination programme at the time.
https://www.straitstimes.com/singapore/health/no-pre-event-testing-exemption-for-sinovac-upsets-some

S’pore travellers cautious, deterred by insurance costs, SHN
The resort island of Phuket reopened its doors to international travellers yesterday, but travel agents say would-be tourists from Singapore have not rushed to make bookings. The high costs of numerous Covid-19 tests and travel insurance, as well as potentially lengthy quarantine requirements upon returning to Singapore, are likely to be big deterrents, said several travel agencies in Singapore.
https://www.straitstimes.com/singapore/spore-travellers-cautious-deterred-by-insurance-costs-shn

US, Europe potential holiday destinations as S’pore reopens
Singaporeans keen to travel abroad for leisure may soon get to do so to places such as the United States, Hong Kong and some parts of the European Union, where vaccination rates are rising. This was a possibility sketched out by Health Minister Ong Ye Kung yesterday in an exclusive interview with The Straits Times’ senior health correspondent Salma Khalik, where he shared the hope that travelling for leisure will be a viable option before the end of this year.
https://www.straitstimes.com/singapore/us-europe-potential-holiday-destinations-as-spore-reopens

Don Don Donki, KFC outlets among 16 ordered to shut
A total of 16 food and beverage (F&B) premises have been ordered to close and 1,500 people issued advisories for breaching coronavirus restrictions in the past week, after the authori-ties increased patrols and checks amid the continued flouting of rules.
https://www.straitstimes.com/singapore/don-don-donki-kfc-outlets-among-16-ordered-to-shut

*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