DAILY NEWS

Daily News – 23 December 2021 (Thu)

Singapore Real Estate

AM alpha buys Robinson 112 for S$269.7m
Munich-based AM alpha, a privately-owned real estate family office, is buying Robinson 112, a 14-storey freehold office building in Singapore’s central business district (CBD), for nearly S$269.7 million. This works out to S$2,925 per square foot based on a net lettable area (NLA) of 92,205 sq ft.
https://www.businesstimes.com.sg/real-estate/am-alpha-buys-robinson-112-for-s2697m

En-bloc sale offers for Lakepoint Condo below reserve price
Offers for en-bloc hopeful Lakepoint Condominium fell short of its reserve price as developers start to move more cautiously in light of new cooling measures. It has closed its tender and is now in a “private treaty negotiation process”, PropNex Realty said in a statement on Wednesday (Dec 22) night.
https://www.businesstimes.com.sg/real-estate/en-bloc-sale-offers-for-lakepoint-condo-below-reserve-price
https://www.straitstimes.com/business/property/en-bloc-hopeful-lakepoint-condominium-now-in-private-talks-after-offers-fall-short-of-reserve-price

Singapore Economy

As lagging sectors close recovery gap in 2022, inflation could be new risk
If 2021 was a tale of 2-speed recovery for Singapore, then 2022 should see the laggards finally catching up – assuming that Covid-19 complications do not derail this. But as growth stabilises, inflation is emerging as a new risk.
https://www.businesstimes.com.sg/government-economy/sectoral-catch-up-inflation-pressures-as-2-sides-of-demand-recovery-in-2022

Singapore invested over US$950m in manufacturing projects in Iskandar since 2019: joint ministerial committee
Investments from Singapore-based companies still went to Iskandar Malaysia despite the Covid-19 pandemic, with 104 manufacturing projects amounting to US$847 million approved in 2019 and 2020. Fifty-two projects amounting to US$371 million were approved in 2019, while another 52 projects amounting to US$476 million were approved in 2020…
https://www.businesstimes.com.sg/government-economy/singapore-invested-over-us950m-in-manufacturing-projects-in-iskandar-since-2019
https://www.straitstimes.com/singapore/politics/first-spore-malaysia-meeting-on-iskandar-zone-held-since-2017

Companies’ Brief

Chuan Hup in JV with Siera associate to buy and develop Queensland site
Chuan Hup Holdings on Wednesday (Dec 22) said its subsidiary will enter a joint venture (JV) to acquire a 964 square metre land site located in Queensland for A$7.6 million (S$7.4 million) and develop it. The wholly-owned subsidiary, Ventrade Australia, will take a 50 per cent stake in the JV company SG15 Pty Ltd, making the JV company an associate of Chuan Hup, the group said in a statement.
https://www.businesstimes.com.sg/companies-markets/chuan-hup-in-jv-with-siera-associate-to-buy-and-develop-queensland-site

SIC says Keppel’s 8-week restriction on SPH shall be ‘disregarded’
The Securities Industry Council (SIC) has thrown out a clause in Keppel Corp’s offer that restricts Singapore Press Holdings (SPH) from holding a scheme meeting for a rival offer within 8 weeks from the Keppel scheme meeting.
https://www.businesstimes.com.sg/companies-markets/sic-says-keppels-8-week-restriction-on-sph-shall-be-disregarded
https://www.straitstimes.com/business/companies-markets/regulator-clears-way-for-sph-shareholders-to-vote-on-keppel-cuscaden-bids-on-same-day

Views, Reviews, Forum & Others

Companies must align digitalisation, sustainability plans
With the pervasive automation accelerated by the Covid-19 pandemic and the growing urgency in addressing climate change, digitalisation and sustainability have both crept up the corporate agenda in recent years.
https://www.businesstimes.com.sg/opinion/companies-must-align-digitalisation-sustainability-plans

Wealth management a bright spot for finance industry
Singapore – The Covid-19 pandemic has battered economies across the world, but the well-heeled in Asia are continuing to grow their assets and look for wealth management avenues in the region. Wealth management has indeed emerged as one of the bright spots in Singapore, with the banks keen to grow this segment of their business and keep the good times rolling.
https://www.straitstimes.com/business/banking/wealth-management-a-bright-spot-for-finance-industry

As ESG awareness grows, experts weigh in on where to put your cash
Thanks to the recent global climate summit, COP26, the world’s focus on climate change mitigation and sustainability has intensified. For investors, the ambitious pledges by governments to avert a looming climate crisis mean a burgeoning of green finance and investing.
https://www.businesstimes.com.sg/companies-markets/as-esg-awareness-grows-experts-weigh-in-on-where-to-put-your-cash

Update on COVID-19 (Coronavirus Disease 2019) Situation

How Singapore leapt back up in Covid Resilience Ranking
[Singapore] Singapore jumped 19 spots to No 18 in Bloomberg’s Covid Resilience Ranking in December as it moved past the most harrowing stage of its transition to living with the virus, though Omicron remains a key threat on the horizon.
https://www.businesstimes.com.sg/government-economy/how-singapore-leapt-back-up-in-covid-resilience-ranking
https://www.straitstimes.com/world/spore-leaps-back-up-list-of-best-places-to-be-during-pandemic

More Omicron cases picked up in S’pore, says MOH
More Omicron cases have been picked up in Singapore as the Covid-19 variant spreads across many countries and regions, the Ministry of Health (MOH) said yesterday, in announcing a freeze on vaccinated travel lane (VTL) ticket sales.
https://www.straitstimes.com/singapore/health/more-omicron-cases-picked-up-in-spore-says-moh

Singapore freezes new ticket sales for VTL entry before Jan 21
New ticket sales for Vaccinated Travel Lane (VTL) flights and buses entering Singapore from Thursday (Dec 23) to Jan 20 next year will be frozen, with quotas and sales to be temporarily reduced after that. While this will mainly affect last-minute travellers, longer-term uncertainty could disrupt firms’ manpower plans, said industry players.
https://www.businesstimes.com.sg/government-economy/singapore-freezes-new-ticket-sales-for-vtl-entry-before-jan-21-0
https://www.straitstimes.com/singapore/transport/sale-of-vtl-tickets-for-entry-into-singapore-suspended

VTL travellers face enforcement action if they do not follow rules on testing
Travellers, including returning Singaporeans, entering the Republic under the Vaccinated Travel Lane (VTL) scheme will face stricter enforcement amid the growing threat of the Omicron variant. The Ministry of Health (MOH) yesterday reiterated that all VTL travellers must test negative on their self-administered antigen rapid tests (ARTs) before going out for activities each day.
https://www.straitstimes.com/singapore/vtl-travellers-face-enforcement-action-if-they-do-not-follow-rules-on-testing

Long line at SIA centre, more calls to tour agents due to VTL worries
Singapore’s newly announced restrictions on quarantine-free travel left some would-be travellers scrambling to confirm their flights or bus trips. Long queues formed at the Singapore Airlines (SIA) service centre in Orchard Road yesterday, shortly after the announcement that airlines will no longer be allowed to sell new tickets for vaccinated travel lane (VTL) flights into Singapore from today until Jan 20.
https://www.straitstimes.com/singapore/long-line-at-sia-centre-more-calls-to-tour-agents-due-to-vtl-worries

Land VTL capacity to be halved to 48 bus trips daily from Jan 21: MTI
Singapore – The number of travellers allowed to cross the Causeway under the land Vaccinated Travel Lane (VTL) scheme between Singapore and Malaysia will be halved from Jan 21 next year. This temporary reduction in capacity will follow the suspension of new land VTL bus ticket sales for travel from 11.59pm on Dec 22 to 11.59pm on Jan 20 next year amid fears over the spread of the Omicron variant across many countries and regions.
https://www.straitstimes.com/singapore/land-vtl-capacity-to-be-halved-to-48-bus-trips-daily-from-jan-21-mti

*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