DAILY NEWS

Daily News – 2 Dec 2021 (Thu)

Singapore Real Estate

Chuan Park now in private talks following close of S$938m en bloc tender
Chuan Park Condominium at 240 to 250 Lorong Chuan has closed its tender and is currently “in a private treaty negotiation process”, said appointed marketing agent ERA. An ERA spokesperson told The Business Times that the condo had received some interest from developers. However, he did not confirm whether any bid was received.
https://www.businesstimes.com.sg/real-estate/chuan-park-now-in-private-talks-following-close-of-s938m-en-bloc-tender

Shophouse market rounds off banner year – 217 transactions worth S$1.53b so far
The Singapore shophouse market has had a bumper year, with some 217 transactions totalling S$1.53 billion in the year to date, surpassing the previous high of S$1.46 billion in 2018. The tally for last year was 145 transactions totalling S$913 million.
https://www.businesstimes.com.sg/real-estate/shophouse-market-rounds-off-banner-year-217-transactions-worth-s153b-so-far

Price gains tempt some buyers to flip shophouses
The escalation in prices of conservation shophouses this year amid strong demand and limited stock has tempted some buyers to flip these heritage properties for quick gains. The Business Times understands that a seasoned Singaporean property investor has made at least 3 such flips this year.
https://www.businesstimes.com.sg/real-estate/price-gains-tempt-some-buyers-to-flip-shophouses

La Ville sold for S$152 million in third bid at collective sale
Third time is the charm for freehold development La Ville which was sold via collective sale on its third attempt to Hong Kong-listed ZACD Group for S$152 million – above its reserve price. The high-rise development, which is situated along Tanjong Rhu in District 15, was put up for sale in October this year for S$148 million, but finally went for higher following strong competition among bidders, The Business Times understands.
https://www.businesstimes.com.sg/real-estate/la-ville-sold-for-s152-million-in-third-bid-at-collective-sale

Iras raising HDB property tax in line with spike in rentals
[Singapore] Most owners of Housing Board flats can expect to pay more in property taxes next year, as the Inland Revenue Authority of Singapore (Iras) will be revising the annual value (AV) of HDB flats in line with increase in market rentals.
https://www.businesstimes.com.sg/real-estate/iras-raising-hdb-property-tax-in-line-with-spike-in-rentals
https://www.straitstimes.com/singapore/most-hdb-flat-owners-to-pay-more-in-property-taxes-next-year-iras

Singapore Economy

Singapore’s unemployment rates could return to pre-Covid-19 levels by end-2022: economists
While Singapore’s labour market is making a broad-based recovery from the Covid-19 pandemic, unemployment rates are only likely to return to pre-pandemic levels by end-2022, according to economists.
https://www.businesstimes.com.sg/government-economy/singapores-unemployment-rates-could-return-to-pre-covid-19-levels-by-end-2022-0

Singapore now Asia’s priciest city as inflation adds to Omicron fears
Singapore – Singapore is the most expensive Asian city to live in, with supply chain disruptions and rising fuel costs driving inflation to its highest level in years, noted a report on Wednesday (Dec 1). The new report from the Economist Intelligence Unit (EIU) puts Singapore up two places in its index to joint second with Paris.
https://www.straitstimes.com/business/economy/singapore-now-asias-priciest-city-as-inflation-adds-to-omicron-fears

Companies’ Brief

Mapletree hits record year of private fundraise with US$1.4b US logistics fund

Mapletree Investments has closed its third private fund of the year, Mapletree US Logistics Private Trust (Muslog), at a total fund equity of US$1.4 billion. This brings the total private fund raised in 2021 to US$2.5 billion – the highest it had ever raised in a year, said the group in a press statement on Wednesday (Dec 1).
https://www.businesstimes.com.sg/real-estate/mapletree-hits-record-year-of-private-fundraise-with-us14b-us-logistics-fund
https://www.straitstimes.com/business/companies-markets/mapletree-hits-record-year-of-private-fundraising-with-19b-us-logistics

Views, Reviews, Forum & Others

When businesses do good, they become agents of social change
The Covid-19 pandemic has raised awareness among businesses on the importance of helping their community and brought this to the forefront of many people’s minds. Can businesses be about more than profitability? How can they prioritise giving back to the community in line with profits for shareholders?
https://www.businesstimes.com.sg/opinion/when-businesses-do-good-they-become-agents-of-social-change

Megatrends can present investment opportunities
While the conversation around Covid-19 has segued from managing a pandemic towards living with it as endemic, some of the economic, behavioural and societal changes that the pandemic has wrought are here to stay.
https://www.businesstimes.com.sg/opinion/megatrends-can-present-investment-opportunities

Hybrid working cuts emissions and saves businesses costs: IWG
The global Covid-19 pandemic has accelerated the world’s shift to a hybrid working model – a transformation that is expected to save not just the environment but also money for businesses, while imparting a host of benefits to employees that might lead to a more engaged workforce.
https://www.businesstimes.com.sg/real-estate/hybrid-working-cuts-emissions-and-saves-businesses-costs-iwg

Update on COVID-19 (Coronavirus Disease 2019) Situation

1,324 new Covid-19 cases in Singapore; ICU utilisation rate up at 59.7%
[Singapore] There were 1,324 new Covid-19 infections reported in Singapore on Wednesday (Dec 01), up from 1,239 on Tuesday. The intensive care unit (ICU) utilisation rate was at 59.7 per cent, up from 58.5 per cent on Tuesday, said the Ministry of Health (MOH) in its daily update.
https://www.businesstimes.com.sg/government-economy/1324-new-covid-19-cases-in-singapore-icu-utilisation-rate-up-at-597
https://www.straitstimes.com/singapore/1324-new-covid-19-cases-in-singapore-icu-utilisation-rate-up-at-597

*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