DAILY NEWS

Daily News – 21 October 2021 (Thu)

Singapore Real Estate

Most Singaporeans want priority schemes removed, limit resale buyers for HDB flats in prime areas
Removing Housing Board priority schemes and limiting those who can buy prime HDB resale flats on the open market are 2 ideas that the majority of Singaporeans support to keep public housing in prime areas accessible and affordable.
https://www.businesstimes.com.sg/real-estate/most-singaporeans-want-priority-schemes-removed-limit-resale-buyers-for-hdb-flats-in
https://www.straitstimes.com/singapore/housing/most-sporeans-want-priority-schemes-removed-limit-resale-buyers-for-hdb-flats-in

Lakepoint owners seeking S$640m in en bloc tender
Real estate agency PropNex said it will launch the collective sale of a 99-year leasehold residential redevelopment site, Lakepoint Condominium, on Oct 21 through a public sale tender. In a statement on Wednesday (Oct 20), PropNex said that the tender exercise starts with a reserve price of S$640 million, and will end at 2 pm on Dec 22.
https://www.businesstimes.com.sg/real-estate/lakepoint-owners-seeking-s640m-in-en-bloc-tender

HDB flats for seniors in Yew Tee’s ‘vertical kampung’ on sale next month, ready by 2027
Singapore – Close to 70 Housing Board flats for seniors in a second “vertical kampung” in Yew Tee will be launched for sale in next month’s Build-To-Order (BTO) sales exercise. Yew Tee Integrated Development, which is the project’s working name, will also house Choa Chu Kang’s first hawker centre, a polyclinic, a community club, a kidney dialysis centre, a community plaza and retail shops.
https://www.straitstimes.com/singapore/housing/hdb-flats-for-seniors-in-yew-tees-vertical-kampung-on-sale-next-month-ready-by

Singapore Economy

Global tax agreement unlikely to meet ‘ambitious’ time frame: experts
The recent global agreement reached – to set a floor for tax rates and to dismantle digital services tax structures around the world – is not going to happen without much wrangling and unlikely to take place within the “extremely ambitious” time frame set by world leaders, say tax experts here.
https://www.businesstimes.com.sg/government-economy/global-tax-agreement-unlikely-to-meet-ambitious-time-frame-experts

Singapore-Guangdong trade remains strong despite Covid-19
Bilateral trade between Singapore and Guangdong remains robust despite the Covid-19 pandemic, with firms pursuing opportunities in areas such as innovation, intellectual property (IP) and finance. Singapore companies made investments amounting to 8.3 billion yuan (S$1.75 billion) in the Chinese province last year…
https://www.businesstimes.com.sg/government-economy/singapore-guangdong-trade-remains-strong-despite-covid-19
https://www.straitstimes.com/business/trade-between-singapore-and-chinas-guangdong-province-remains-strong-despite-covid-19

Companies urged to tap resources to improve their HR capabilities
Human resources (HR) practices have played a central role in helping firms tackle Covid-19 challenges and are also key to transformation, said Manpower Minister Tan See Leng, urging firms to tap various resources to improve their HR capabilities.
https://www.businesstimes.com.sg/government-economy/companies-urged-to-tap-resources-to-improve-their-hr-capabilities
https://www.straitstimes.com/singapore/jobs/good-hr-systems-key-to-managing-human-capital-which-is-spores-most-precious-resource

Companies’ Brief

From 14 to 37 stores, Decathlon pushing ahead with Singapore expansion plans
At a time when many retailers in Singapore are cutting back on their physical space due to the triple whammy of lower footfall, soaring rentals and higher manpower costs, French sporting goods retailer Decathlon is busy doing the exact opposite.
https://www.businesstimes.com.sg/consumer/from-14-to-37-stores-decathlon-pushing-ahead-with-singapore-expansion-plans

Surbana Jurong joins A$30b Australia-Asia PowerLink project
Surbana Jurong has joined Sun Cable’s A$30 billion (S$30.1 billion) Australia-Asia PowerLink project (AA PowerLink), among partners such as engineering companies Bechtel and Hatch. SMEC, a Surbana Jurong member company specialising in solar generation has joined the project as well.
https://www.businesstimes.com.sg/energy-commodities/surbana-jurong-joins-a30b-australia-asia-powerlink-project

ARA Logos unitholders must weigh pure-play logistics status against being part of a larger entity
The manager of ESR-Reit appears determined that the industrial real estate investment trust (Reit) bulk up via a merger. Less than a year after ESR-Reit’s proposed merger with Sabana Reit failed to secure the 75 per cent approval needed from unitholders of the latter, the managers of ESR-Reit and ARA Logos Logistics Trust proposed a S$1.4 billion merger last week to form ESR-Logos Reit.
https://www.businesstimes.com.sg/companies-markets/ara-logos-unitholders-must-weigh-pure-play-logistics-status-against-being-part-of

Mapletree Logistics Trust to acquire facility in South Korea for 135b won
Mapletree Logistics Trust (MLT) is acquiring a 2-year-old logistics facility in South Korea for 135 billion Korean won (S$153.8 million) to boost its strength in the e-commerce market. The property, Yeoju Logistics Centre, spans over 70,400 square metres in total gross floor area and sits on 56,200 sq m of freehold land.
https://www.businesstimes.com.sg/companies-markets/mapletree-logistics-trust-to-acquire-facility-in-south-korea-for-135b-won

Corporate Digest
https://www.businesstimes.com.sg/companies-markets/corporate-digest-1481

Views, Reviews, Forum & Others

What should investors expect from COP26?
The upcoming 26th UN Climate Change Conference in Glasgow, known as COP26, will mark 5 years since much of the world signed the Paris Agreement and set historic carbon reduction targets. The Paris Agreement signatories agreed to update their targets in 5 years…
https://www.businesstimes.com.sg/opinion/what-should-investors-expect-from-cop26

Here’s a playbook for personal income tax planning
Even as one tackles the challenges in taxation, an eye should be cast on the subject of wealth taxes in Singapore. Tax regimes need to be ‘fit for purpose’.
https://www.businesstimes.com.sg/opinion/heres-a-playbook-for-personal-income-tax-planning

Will Singapore employers be able to keep the Great Resignation at bay?
Over the course of a pandemic-gripped year, the so-called Great Resignation has gathered both momentum and attention in the United States, as employees leave their jobs in droves. The exodus has been occurring across sectors and occupation types…
https://www.businesstimes.com.sg/opinion/will-singapore-employers-be-able-to-keep-the-great-resignation-at-bay

China’s slowdown has regional impact
China’s economic growth continued to slide in the third quarter of this year with likely wide repercussions for the region. China is one of the region’s main engines and any slowdown in this economic powerhouse impacts demand for regional goods and services.
https://www.straitstimes.com/opinion/st-editorial/chinas-slowdown-has-regional-impact

Supply chain poses big risk to a company’s ESG report card, but firms still slow to act: white paper
As corporate operations expand globally and become increasingly more complex, a company’s supply chain is uniquely poised to have a significant impact on its ESG (environmental, social and governance) performance – and yet, it is still not being given the level of consideration it warrants…
https://www.businesstimes.com.sg/companies-markets/supply-chain-poses-big-risk-to-a-companys-esg-report-card-but-firms-still-slow-to

Singapore retirement system ranks top in Asia, but improvements needed
Singapore’s retirement system, comprising the Central Provident Fund (CPF), has been ranked the top system in Asia and 10th in the global ranking by the Mercer CFA Institute Global Pension Index (MCGPI).
https://www.businesstimes.com.sg/wealth-investing/singapore-retirement-system-ranks-top-in-asia-but-improvements-needed

Governments may need to shield consumers and firms from LNG prices
Demand for energy is rising, even as Indonesia, a key supplier of natural gas which Singapore needs to generate electricity, is being hit by upstream gas-supply disruptions. Amid this perfect storm, Singapore has been pushed into sourcing for more liquefied natural gas (LNG) supplies.
https://www.businesstimes.com.sg/energy-commodities/governments-may-need-to-shield-consumers-and-firms-from-lng-prices

Update on COVID-19 (Coronavirus Disease 2019) Situation

18 Singaporeans die from Covid-19 complications; 3,862 new infections
[Singapore] Eighteen Singaporeans, aged 55 to 96, have died from complications linked to Covid-19, taking Singapore’s death toll to 264. Sixteen were men and two were women, the Ministry of Health (MOH) said on Wednesday (Oct 20).
https://www.businesstimes.com.sg/government-economy/18-singaporeans-die-from-covid-19-complications-3862-new-infections
https://www.straitstimes.com/singapore/health/18-singaporeans-die-from-covid-19-complications-3862-new-infections

Singapore’s Covid-19 measures to be extended till Nov 21, to be reviewed at 2-week mark
Singapore – Singapore will extend its Covid-19 restrictions until Nov 21, as the country’s healthcare system is at risk of being overwhelmed. The extended measures – which include capping group sizes for social gatherings and dining in at two – will be reviewed at the two-week mark and adjusted based on the community situation then.
https://www.straitstimes.com/singapore/health/singapores-covid-19-measures-to-be-extended-till-nov-21-to-be-reviewed-at-2-week

Stabilisation Phase extended for a month, S$640m more in aid for firms
Singapore’s Stabilisation Phase, originally meant to end after Oct 24, will be extended by four weeks until Nov 21, with an additional S$640 million support package on the way to help companies and individuals, the multi-ministry taskforce on Covid-19 announced on Wednesday (Oct 20).
https://www.businesstimes.com.sg/government-economy/stabilisation-phase-extended-for-a-month-s640m-more-in-aid-for-firms
https://www.straitstimes.com/singapore/640m-package-of-support-measures-for-sectors-affected-by-one-month-extension-of-tightened

What you need to know: Support measures for sectors affected by extended Covid-19 curbs
Singapore – A $640 million support package will be rolled out for businesses affected by the one-month extension of tighter measures under the stabilisation phase. The package includes wage support and rental waivers from next Monday (Oct 25) to Nov 21.
https://www.straitstimes.com/singapore/what-you-need-to-know-support-measures-for-sectors-affected-by-extended-covid-19-curbs

3 positives and 3 negatives in S’pore’s fight against Covid-19: Ong Ye Kung
Singapore – The stabilisation measures that have been in place in Singapore will be extended for another month amid a growing number of Covid-19 cases in the intensive care unit (ICU) and in hospital.
https://www.straitstimes.com/singapore/health/the-good-and-the-bad-in-spores-fight-against-covid-19-ong-ye-kung

‘Not much scope to triage’ Covid-19 ICU cases, says Ong as healthcare system prepares to step up more beds
More than two-thirds of Singapore’s Covid-19 intensive care unit (ICU) beds are now occupied, as the coronavirus caseload weighs on the healthcare system. “Our hospitals and healthcare workers continue to come under pressure,” Health Minister Ong Ye Kung said at a virtual media interview on Wednesday (Oct 20).
https://www.businesstimes.com.sg/government-economy/not-much-scope-to-triage-covid-19-icu-cases-says-ong-as-healthcare-system
https://www.straitstimes.com/singapore/health/singapore-hospitals-under-significant-pressure-two-thirds-of-covid-19-icu-beds
https://www.straitstimes.com/singapore/health/the-good-and-the-bad-in-spores-fight-against-covid-19-ong-ye-kung

Better to bite bullet and roll back Covid-19 curbs than delay the inevitable
Singapore – Even as Singapore extended its Covid-19 restrictions for a month, Health Minister Ong Ye Kung had some good news to share. Cases have stabilised and infection numbers are no longer doubling every few days the way they were since last month; increasing numbers of infected people suffer from only mild or no symptoms; and there has been a drop in the number of older people getting infected.
https://www.straitstimes.com/singapore/health/better-to-bite-bullet-and-roll-back-covid-19-curbs-than-delay-the-inevitable

All bus interchange Covid-19 clusters closed, 99% of public transport front-line workers vaccinated: LTA
Singapore – All eight bus interchange Covid-19 clusters have been closed, with the last cluster at Tampines Bus Interchange having closed on Oct 15, the Land Transport Authority (LTA) said on Tuesday night (Oct 19).
https://www.straitstimes.com/singapore/health/all-bus-interchange-covid-19-clusters-closed-99-of-public-transport-front-line

10 Covid-19 ART kits to be delivered to every S’pore household from Oct 22
Singapore – From Friday (Oct 22), some 1,000 postmen will be delivering 10 antigen rapid test (ART) kits to every Singapore household. The Ministry of Health (MOH) will mail them via SingPost, making it more convenient for the public to test themselves regularly at home.
https://www.straitstimes.com/singapore/health/10-art-kits-to-be-delivered-to-every-singapore-household-from-oct-22

*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