DAILY NEWS

Daily News – 24 Nov 2021 (Wed)

Singapore Real Estate

Tan Chong to sell 2 properties in Upper Bukit Timah Road to CDL for S$126.3m
Tan Chong International’s indirect wholly-owned subsidiary has granted a call option to a unit of City Developments (CDL) to purchase its property, plant and equipment for S$126.3 million. Based on an Acra filing seen by The Business Times on Tuesday (Nov 23), the potential buyer, CDL Aries, is owned by CDL’s subsidiary, CDL Constellation.
https://www.businesstimes.com.sg/real-estate/tan-chong-to-sell-2-properties-in-upper-bukit-timah-road-to-cdl-for-s1263m

New HDB estate in Mt Pleasant may come under prime location model: analysts
The Prime Location Public Housing (PLH) model, which comes with stricter buying and selling conditions such as a longer minimum occupation period, could potentially be applied to the new Housing Board (HDB) estate that will be developed in Mount Pleasant, property analysts said.
https://www.businesstimes.com.sg/real-estate/new-hdb-estate-in-mt-pleasant-may-come-under-prime-location-model-analysts
https://www.straitstimes.com/singapore/housing/planned-road-alignment-for-mt-pleasant-housing-estate-changed-following

9 applicants vying for each 4-room BTO flat in Rochor under prime location model
Singapore – Four-room flats in Rochor were oversubscribed in the first Build-To-Order (BTO) project under a new prime location public housing model that proved popular among home buyers. As at 5pm on Tuesday (Nov 23), there were 4.8 first-time applicants and 92.6 second-time applicants signing up for each of the 680 four-room flats in the River Peaks I and II housing projects.
https://www.straitstimes.com/business/property/stiff-competition-for-4-room-bto-flats-in-rochor-under-prime-location-public

Six police buildings in and around Old Police Academy to be proposed for conservation
Six police buildings in and around the Old Police Academy will be proposed for conservation and integrated with future developments in the Mount Pleasant area. The decision to retain the buildings was made after a first-of-its-kind heritage impact study was undertaken for the roughly 33ha Old Police Academy site, said National Development Minister Desmond Lee on Tuesday (Nov 23).
https://www.businesstimes.com.sg/real-estate/six-police-buildings-in-and-around-old-police-academy-to-be-proposed-for-conservation

Singapore Economy

Singapore overall inflation rises to 3.2% in October, highest in more than 8 years
Singapore – Singapore’s overall inflation rose to a more than eight-year high in October, helped by higher car prices and housing rents, while core inflation climbed to its highest in nearly three years. Both benchmarks rose faster than economists had predicted.
https://www.straitstimes.com/business/economy/singapore-overall-inflation-rises-to-32-in-october-highest-in-more-than-8-years

Singapore’s growth forecast at ‘around 7%’ for 2021, 3-5% for 2022
Singapore’s official full-year growth forecast for 2021 has been narrowed to “around 7 per cent”, at the high end of the previous forecast range of between 6 and 7 per cent. Growth for 2022 is forecast at 3 per cent to 5 per cent, the Ministry of Trade and Industry (MTI) said on Wednesday (Nov 24) in its release of updated third quarter gross domestic product (GDP) figures.
https://www.businesstimes.com.sg/government-economy/singapores-growth-forecast-at-around-7-for-2021-3-5-for-2022
https://www.straitstimes.com/business/economy/singapore-gdp-growth-to-slow-to-3-5-in-2022-after-7-gain-this-year

Singapore exports tipped to grow 9.5-10% in 2021 in latest forecast upgrade
Singapore has upgraded trade forecasts for the fourth time running, even as non-oil domestic export (NODX) growth will ease in the year ahead. NODX is now expected to grow by between 9.5 per cent and 10 per cent year on year in 2021, from 7 per cent to 8 per cent projected in August.
https://www.businesstimes.com.sg/government-economy/singapore-exports-tipped-to-grow-95-10-in-2021-in-latest-forecast-upgrade

Economists expect further monetary policy tightening in April, 6 months after last round
A further tightening of monetary policy just 6 months after the last round should not be discounted, with Singapore’s inflation in October appearing to accelerate, economists have said. Headline inflation rose to 3.2 per cent last month, compared with 2.5 per cent in September, going by data from the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) on Tuesday (Nov 23).
https://www.businesstimes.com.sg/government-economy/economists-expect-further-monetary-policy-tightening-in-april-6-months-after-0

Industry Digital Plan for precision engineering sector launched by Enterprise Singapore, IMDA
The government has introduced a 3-stage digital roadmap for the precision engineering sector to help companies identify gaps and the digital solutions that apply at different stages of their growth. Launched by Enterprise Singapore and the Infocomm Media Development Authority, the Industry Digital Plan (IDP) for the precision engineering (PE) sector was unveiled at the Industrial Transformation Asia-Pacific 2021 trade show.
https://www.businesstimes.com.sg/government-economy/industry-digital-plan-for-precision-engineering-sector-launched-by-enterprise-0
https://www.straitstimes.com/business/step-by-step-guide-launched-to-help-precision-engineering-firms-go-digital

Deloitte calls for GST timing certainty, tax incentives review in Budget 2022
Budget 2022 should make clear exactly when the upcoming Goods and Services Tax (GST) hike will occur, so that businesses can plan accordingly, said Deloitte in a list of recommendations released on Tuesday (Nov 23). Amid global tax developments in the area of base erosion and profit shifting (BEPS), Singapore should also review its tax incentives, it added.
https://www.businesstimes.com.sg/government-economy/deloitte-calls-for-gst-timing-certainty-tax-incentives-review-in-budget-2022

Companies’ Brief

Frasers Property scraps plan to acquire Vietnam property development company
Multinational property company Frasers Property announced that it has cancelled plans to acquire a majority stake in Vietnam property development company Phu An Dien Real Estate Joint Stock Company (PAD).
https://www.businesstimes.com.sg/companies-markets/frasers-property-scraps-plan-to-acquire-vietnam-property-development-company

Urgent need for stricter rules to discourage buyout of property stocks at a severely undervalued offer
Singapore’s private home market is buoyant and investor appetite for investment properties here is strong, amid low interest rates and the nation’s safe haven status. But listed property groups sitting on valuable real estate portfolios are trading at a substantial discount, and present regulations are insufficient to prevent controlling shareholders from squeezing minorities out at discount rates.
https://www.businesstimes.com.sg/companies-markets/urgent-need-for-stricter-rules-to-discourage-buyout-of-property-stocks-at-a

Mapletree Logistics Trust to acquire logistics assets worth S$1.4b in China, Vietnam and Japan
Mapletree Logistics Trust (MLT) is acquiring a portfolio of 17 grade-A logistics assets with an average age of 1.6 years in China, Vietnam and Japan for a combined total value of S$1.4 billion. The acquisitions are expected to be accretive to distribution per unit (DPU) and net asset value (NAV) per unit on a historical pro forma basis.
https://www.businesstimes.com.sg/companies-markets/mapletree-logistics-trust-to-acquire-logistics-assets-worth-s14b-in-china-vietnam

Sias questions Cuscaden and Keppel on SPH bid following investors’ feedback
Following investors’ feedback, the Securities Investors Association (Singapore) (Sias) has posed questions to Cuscaden Peak and Keppel Corporation on their competing offers for Singapore Press Holdings (SPH). Among other things, Sias, via a letter from its president and chief executive David Gerald, asked Cuscaden Peak to spell out its long-term plans for SPH Reit, should its bid succeed.
https://www.businesstimes.com.sg/companies-markets/sias-questions-cuscaden-and-keppel-on-sph-bid-following-investors-feedback

Views, Reviews, Forum & Others

Financing pandemic and climate readiness
At the recent 26th United Nations Climate Change Conference (COP26), climate finance emerged as a key area of focus. During the summit, India’s Prime Minister Narendra Modi specifically called for developed countries to provide US$1 trillion worth of climate finance to developing countries.
https://www.businesstimes.com.sg/opinion/financing-pandemic-and-climate-readiness

Delicate balancing act for Singapore, Malaysia as borders finally reopen
Singapore currently allows quarantine-free travel for fully-vaccinated people from nearly 2 dozen countries under its growing Vaccinated Travel Lane (VTL) scheme, as the Republic looks to gradually reopen itself to the rest of the world amid the pandemic and reclaim its status as an international aviation hub.
https://www.businesstimes.com.sg/opinion/delicate-balancing-act-for-singapore-malaysia-as-borders-finally-reopen

Key global trends from inflation to crypto assets: A view from the top
Inflation will run hot well into next year, but will be brought under control without much collateral damage. China’s economic slowdown will prove temporary and will be more a dent in its overall growth path rather than an enduring problem.
https://www.straitstimes.com/opinion/key-global-trends-a-view-from-the-top
https://www.businesstimes.com.sg/banking-finance/ubs-ceo-brings-tech-iteration-to-world-of-wealth-management

Update on COVID-19 (Coronavirus Disease 2019) Situation

1,782 new cases, weekly infection growth rate up slightly at 0.83
[Singapore] There were 1,782 new Covid-19 infections reported in Singapore on Tuesday (Nov 23), up from 1,461 on Monday. The Covid-19 weekly infection growth rate was at 0.83, slightly up from 0.79 on Monday, said the Ministry of Health (MOH) in its nightly update.
https://www.businesstimes.com.sg/government-economy/1782-new-cases-weekly-infection-growth-rate-up-slightly-at-083
https://www.straitstimes.com/singapore/singapore-reports-1782-new-cases-weekly-infection-growth-rate-up-slightly-at-083

*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