DAILY NEWS

Daily News – 22 April 2022 (Fri)

Singapore Real Estate

CDL, MCL launch this weekend to kick off batch of upcoming projects
City Developments Ltd (CDL) and MCL Land will start marketing a 407-unit condominium – Piccadilly Grand – this weekend, in the first of a batch of upcoming launches that will be closely watched to gauge sentiment and demand.
https://www.businesstimes.com.sg/real-estate/cdl-mcl-launch-this-weekend-to-kick-off-batch-of-upcoming-projects

Price growth of private homes moderates to 0.7% in Q1 after cooling measures: URA
Prices of private homes grew by 0.7 per cent in the first quarter of the year after December’s cooling measures, slowing from 5 per cent in Q4 2021 but marginally higher than the flash estimate of 0.4 per cent released by the Urban Redevelopment Authority (URA) earlier this month.
https://www.businesstimes.com.sg/real-estate/price-growth-of-private-homes-moderates-to-07-in-q1-after-cooling-measures-ura
https://www.straitstimes.com/business/property/singapore-private-home-price-growth-sales-slow-sharply-in-q1-on-cooling-measures

Non-landed private homes in the suburbs reap big percentage gains in resale market in Q1
Some buyers who snapped up non-landed private homes in the Outside Central Region (OCR) walked away with solid gains as they divested them in the first quarter of this year, in line with the 36 per cent jump in prices in the OCR over the last decade.
https://www.businesstimes.com.sg/real-estate/non-landed-private-homes-in-the-suburbs-reap-big-percentage-gains-in-resale-market-in-q1

Singapore office rents rise 1.6% in Q1, prices climb 4.4%: URA
Rents of office space in Singapore’s central region increased 1.6 per cent quarter on quarter, speeding up from the 0.9 per cent uptick in Q4 2021, the Urban Redevelopment Authority’s (URA) latest data showed.
https://www.businesstimes.com.sg/real-estate/singapore-office-rents-rise-16-in-q1-prices-climb-44-ura

Retail rents drop in Q1, vacancies inch up to 8.3%: URA
Rents of retail space in Singapore’s central region edged down by 0.4 per cent quarter on quarter in Q1 this year, contrasting with the 0.6 per cent growth in Q4 last year. Figures from the Urban Redevelopment Authority (URA) released on Friday (Apr 22) also showed that prices of retail space in the central region fell 1.4 per cent, versus the 1.9 per cent rise in the previous quarter.
https://www.businesstimes.com.sg/real-estate/retail-rents-drop-in-q1-vacancies-inch-up-to-83-ura

Companies’ Brief

Keppel Corp reports higher Q1 profit as 3 out of 4 key segments fare better
Mainboard-listed Keppel Corporation logged higher net profit for the first quarter ended March from a year ago with three key segments putting up a better showing except for urban development.
https://www.businesstimes.com.sg/companies-markets/keppel-corp-reports-higher-q1-profit-as-3-out-of-4-key-segments-fare-better
https://www.straitstimes.com/business/companies-markets/keppel-says-restructuring-on-track-quarterly-profits-on-the-rise

Wee Hur sells 9.9% stake in student accommodation fund for A$112.7m in deal 2.8 times book value
Wee Hur Holdings will be selling its 9.9 per cent stake in Wee Hur PBSA Master Trust (WHPMT), an Australian focused purpose-built student accommodation fund, for A$112.7 million (S$113.3 million), said the property developer and builder in a bourse filing on Friday (Apr 22).
https://www.businesstimes.com.sg/companies-markets/wee-hur-sells-99-stake-in-student-accommodation-fund-for-a1127m-in-deal-28-times

Sabana Reit posts slightly lower portfolio occupancy of 85.2% in Q1
Sabana Industrial Real Estate Investment Trust (Reit) clocked a portfolio occupancy of 85.2 per cent for the first quarter of 2022, just slightly lower than the 85.4 per cent occupancy rate in the previous quarter, said the company in an interim business update provided through a bourse filing on Thursday (Apr 21).
https://www.businesstimes.com.sg/companies-markets/sabana-reit-posts-slightly-lower-portfolio-occupancy-of-852-in-q1

Views, Reviews, Forum and Others

Six ways to win digital growth in South-east Asia
The digital economy is booming in Southeast Asia (SEA). With 350 million digital consumers, SEA is set to leapfrog China, outpacing that country at a 1.6x growth rate and becoming the fastest-growing digital economy in Asia-Pacific.
https://www.businesstimes.com.sg/opinion/six-ways-to-win-digital-growth-in-south-east-asia-0

Easing back into economic normalcy
The past week has had a decidedly different feel about it, much of it reminiscent of pre-Covid-19 days. The rush of Singaporeans visiting Malaysia during the long weekend, the cautious but discernible buzz over the opening up of the nightclub and KTV scene, and the sell-out of tickets for the Formula One Singapore Grand Prix…
https://www.straitstimes.com/opinion/st-editorial/the-straits-times-says-easing-back-into-economic-normalcy

Some banks in Singapore suspend fixed-rate home loans as cost of funds rises
Some banks in Singapore have suspended fixed-rate home loan packages amid rising interest rates. While the lenders said they made these moves as fixed-rate packages have become less attractive for clients, mortgage brokers explained that the rising cost of funds may also have prompted these suspensions, especially among the foreign banks.
https://www.businesstimes.com.sg/banking-finance/some-banks-in-singapore-suspend-fixed-rate-home-loans-as-cost-of-funds-rises-0

Expat bankers fleeing Hong Kong see no easy escape to Singapore
Singapore should be the obvious winner from the gradual demise of Hong Kong as Asia’s top finance hub. It’s not quite working out that way so far. Stricter visa requirements, hiring restrictions and other bureaucratic road blocks mean that the influx of bankers into Singapore from Hong Kong in recent months has been more of a trickle than a flood.
https://www.businesstimes.com.sg/banking-finance/expat-bankers-fleeing-hong-kong-see-no-easy-escape-to-singapore

Update on COVID-19 (Coronavirus Disease 2019) Situation

S’pore in good place in Covid-19 fight with no spike in numbers despite easing of curbs: Expert
Singapore – Singapore is in a good place in its battle against Covid-19, experts say. The number of patients hospitalised with Covid-19 has fallen steadily over the past month, from about 700 a month ago to 223 as at Wednesday (April 20).
https://www.straitstimes.com/singapore/spore-covid-19-situation-favourable-no-spike-in-numbers-despite-relaxation-of-measures

Up to each country to make the best choice on how to fight Covid-19: Ong Ye Kung
Singapore – It is up to each country to make the best choice for its people on how to fight the Covid-19 pandemic, and this must be based on the information available and a combination of both natural and social sciences, said Health Minister Ong Ye Kung on Thursday (April 21).
https://www.straitstimes.com/singapore/up-to-each-country-to-make-the-best-choice-on-how-to-fight-covid-19-ong-ye-kung

Masks a must while riding public transport for top infectious diseases expert
Singapore – One of the world’s top infectious diseases experts says he will continue to wear masks in planes, buses and the Tube, London’s subway system, in the foreseeable future.
https://www.straitstimes.com/singapore/health/mask-a-must-while-riding-public-transport-for-top-infectious-diseases-expert

askST: Are masks still needed? It depends on the setting
Singapore – With the United States no longer enforcing a mask mandate on public transport, the relevance of mask wearing has been thrown into the spotlight. As Covid-19 cases continue on a downward trend in Singapore, The Straits Times looks at how useful mask wearing is now.
https://www.straitstimes.com/singapore/health/askst-are-masks-still-relevant

WHO ‘strongly recommends’ Pfizer’s Covid-19 pill
The World Health Organization said on Friday it “strongly recommended” Pfizer’s Covid-19 antiviral pill Paxlovid for patients with milder forms of the disease who were still at a high risk of hospitalisation.
https://www.businesstimes.com.sg/government-economy/who-strongly-recommends-pfizers-covid-19-pill

*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