DAILY NEWS

Daily News – 22 June 2022 (Wed)

Singapore Real Estate

Mixed residential, commercial building on Bukit Timah Road on sale with S$20m guide price
A 5-storey mixed commercial and residential building, 200 Bukit Timah Road, has been put up for sale at a guide price of S$20 million, said exclusive marketing agent CBRE on Wednesday (Jun 22). The freehold property, located in the Newton precinct, sits on a land area of 2,083 square feet (sq ft) and has a total gross floor area of 8,715 sq ft.
https://www.businesstimes.com.sg/real-estate/mixed-residential-commercial-building-on-bukit-timah-road-on-sale-with-s20m-guide-price

Tender for High Point en bloc sale to close on Jul 28 as interest from developers perks up
Freehold condominium High Point in the prime Orchard Road area will close its en bloc tender on Jul 28 after the interest level in “super prime residential sites” picked up, said sole marketing agent, Savills.
https://www.businesstimes.com.sg/real-estate/tender-for-high-point-en-bloc-sale-to-close-on-jul-28-as-interest-from-developers-perks
https://www.straitstimes.com/business/property/en-bloc-tender-close-for-high-point-set-for-july-28-as-interest-in-super-prime-sites-pick-up

Are property valuations too conservative?
A big winner from the sale of the strata-held freehold Tanglin Shopping Centre for S$868 million that was announced early this year is City Developments (CDL), which owns 34.6 per cent of the share value and 60.2 per cent of the strata area of the property.
https://www.businesstimes.com.sg/opinion/are-property-valuations-too-conservative

Singapore Economy

Inflation and rising cost of living not the only challenges facing Singapore: Lawrence Wong
Singapore – Inflation is not the only challenge Singapore is facing, and the country must press on with economic reform because of structural changes in the wider world, said Deputy Prime Minister and Finance Minister Lawrence Wong on Tuesday (June 21).
https://www.straitstimes.com/singapore/inflation-and-rising-cost-of-living-not-the-only-challenges-facing-singapore-lawrence-wong

Economists not ruling out further government support if inflation persists; GST hike likely to stay
Singapore’s inflation appears on track to peak in the third quarter, but economists told The Business Times that further government support should not be ruled out if prices continue to stay elevated beyond that.
https://www.businesstimes.com.sg/government-economy/economists-not-ruling-out-further-government-support-if-inflation-persists-gst
https://www.straitstimes.com/singapore/gst-increase-to-proceed-as-planned-no-delay-lawrence-wong

Singapore’s support package won’t solve inflation, but it’ll still help, analysts say
Singapore’s latest S$1.5 billion raft of relief measures will go some way to defray the impact of rising costs on businesses and households, even though it does not address the underlying drivers of inflation, economy watchers have told The Business Times.
https://www.businesstimes.com.sg/government-economy/singapores-support-package-wont-solve-inflation-but-itll-still-help-analysts-say

Singaporeans ready to rein in spending as they see high inflation persisting: Survey
Singapore – With prices of goods and services rising at their fastest pace in a decade, consumers in Singapore are ready to rein in spending of their hard-earned cash, a survey conducted by DBS Bank found.
https://www.straitstimes.com/business/economy/singaporeans-to-spend-less-opt-for-cheaper-alternatives-as-they-see-high-inflation-persisting-survey

BT Explains: What is cost-push inflation and how can governments address it?
The US Federal Reserve’s 75-basis-point hike last week – the largest interest rate increase since 1994 – aimed to curb soaring inflation, which has hit decade-highs in the US and the European Union.
https://www.businesstimes.com.sg/government-economy/bt-explains-what-is-cost-push-inflation-and-how-can-governments-address-it

Inflation and recession: A reality check
“Inflation” and “recession” dominate world economic headlines today. In the United States, the world’s largest and most influential economy, recent surveys show the general public is markedly more pessimistic about both than are professional economists.
https://www.straitstimes.com/opinion/inflation-and-recession-a-reality-check

Companies’ Brief

CapitaLand Investment establishes first onshore renminbi fund in China
CapitaLand Investment (CLI) has established its first onshore renminbi fund in China as part of its asset-light strategy to grow its funds under management. The property player holds a 12 per cent stake in the 700 million yuan (S$144 million) fund, in partnership with a domestic asset management company, CLI said on Wednesday (Jun 22).
https://www.businesstimes.com.sg/companies-markets/capitaland-investment-establishes-first-onshore-renminbi-fund-in-china
https://www.straitstimes.com/business/companies-markets/capitaland-investment-sets-up-its-first-onshore-renminbi-fund-in-china

GIC obtains A$295m green loan from DBS to refinance Chifley Tower Sydney
Singapore state investor GIC has obtained a A$295 million (S$284.1 million) green loan from DBS to refinance Chifley Tower Sydney in Australia. The facility is DBS’s first Australian dollar-denominated green loan, and is also one of the largest green loans extended by a Singapore lender in the Australia market, DBS said in a press statement on Wednesday (Jun 22).
https://www.businesstimes.com.sg/banking-finance/gic-obtains-a295m-green-loan-from-dbs-to-refinance-chifley-tower-sydney
https://www.straitstimes.com/business/banking/gic-gets-2847m-green-loan-from-dbs-to-refinance-chifley-tower-sydney

Update on COVID-19 (Coronavirus Disease 2019) situation / Monkeypox

23% week-on-week increase in Covid-19 infections, spike driven by Omicron subvariants: MOH
Singapore has witnessed a 23 per cent week-on-week increase in Covid-19 community infections, with the rise largely driven by an increased spread of the newer Omicron subvariants BA.4 and BA.5.
https://www.businesstimes.com.sg/government-economy/23-week-on-week-increase-in-covid-19-infections-spike-driven-by-omicron
https://www.straitstimes.com/singapore/23-week-on-week-increase-in-covid-19-infections-spike-driven-by-omicron-subvariants-moh

S’pore’s new Covid-19 cases jump to 7,109, weekly infection rate up slightly at 1.23
Singapore – There were 7,109 new Covid-19 cases recorded in Singapore on Tuesday (June 21), more than double the 3,220 cases on Monday. The number of new cases is more than last Tuesday’s figure, which stood at 5,130.
https://www.straitstimes.com/singapore/health/spores-covid-19-cases-jumps-to-7109-weekly-infection-rate-up-slightly-at-123

Singapore confirms imported case of monkeypox; 13 close contacts identified
The Ministry of Health (MOH) has confirmed an imported case of monkeypox. The 42-year-old British man works as a flight attendant and was in Singapore between June 15 and 17 and again on June 19 as he flew in and out of the country, said MOH on Tuesday night (June 21).
https://www.businesstimes.com.sg/government-economy/singapore-confirms-imported-case-of-monkeypox-13-close-contacts-identified
https://www.straitstimes.com/singapore/spore-confirms-imported-case-of-monkeypox-13-close-contacts-identified

*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