DAILY NEWS

Daily News – 24 December 2021 (Fri)

Singapore Real Estate

Pansy Ho’s Shun Tak walks away from S$556m High Point deal amid latest property cooling measures
Hong Kong-listed Shun Tak Holdings is said to have called off the en-bloc deal for High Point condominium, possibly making it the first casualty of the latest property cooling measures announced by the government last week.
https://www.businesstimes.com.sg/real-estate/shun-tak-said-to-have-pulled-out-of-en-bloc-purchase-of-high-point

Mixed-use newbuild on former Thong Sia Building site on the market for S$600m
A newly completed 18-storey freehold luxury mixed-use development, 30 Bideford Road, along the Orchard shopping belt, has been put on the market with an indicative price of S$600 million, said marketing agents Colliers and Knight Frank in a press statement on Thursday (Dec 23).
https://www.businesstimes.com.sg/real-estate/mixed-use-newbuild-on-former-thong-sia-building-site-on-the-market-for-s600m

Bt Batok EC site launched; bids unlikely to top record for Tampines plot
The Housing & Development Board (HDB) on Thursday (Dec 23) launched an executive condominium (EC) site at Bukit Batok West Avenue 8 for sale by public tender. This is the second EC site launched in 2021, after the Tampines Street 62 parcel’s tender in April, which closed in July with a fresh price record.
https://www.businesstimes.com.sg/real-estate/bt-batok-ec-site-launched-bids-unlikely-to-top-record-for-tampines-plot
https://www.straitstimes.com/business/property/hdb-calls-tender-for-ec-site-in-bukit-batok-west

Co-working spaces in the CBD to continue expansion in 2022: Cushman & Wakefield
Co-working spaces in the Central Business District (CBD) will expand substantially in 2022, with these spaces having reached 5.5 per cent of Grade A office spaces within the CBD, according to Cushman & Wakefield in a new report on Dec 23.
https://www.businesstimes.com.sg/real-estate/co-working-spaces-in-the-cbd-to-continue-expansion-in-2022-cushman-wakefield

Property trends here still bear watching
During the five years after the global financial crisis of 2008, Singapore’s property prices surged more than 60 per cent. With interest rates at close to zero, it took 10 rounds of periodic property cooling measures stretching from 2009 to 2013 before prices finally stabilised.
https://www.straitstimes.com/opinion/st-editorial/property-trends-here-still-bear-watching

Singapore Economy

Tighter labour market due not just to recovery, but also constraints
As Singapore’s growth stabilises, its labour market recovery – which traditionally lags that of the former – is set to continue in 2022. Yet even as slack dissipates, not all of this will be for the “right” reasons. Manpower demand is indeed improving as Covid-19 curbs ease and businesses seek growth.
https://www.businesstimes.com.sg/government-economy/tighter-labour-market-due-not-just-to-recovery-but-also-constraints

Singapore’s surprise 3.8% headline inflation in Nov prompts higher full-year forecasts
Singapore’s higher-than-expected headline inflation in November has prompted both economists and the authorities to raise their 2021 forecasts, but has not changed the 2022 outlook significantly. The 3.8 per cent figure exceeded economists’ expectations of 3.4 per cent and beat October’s previous high of 3.2 per cent, Department of Statistics (Singstat) consumer price index (CPI) figures showed on Thursday (Dec 23).
https://www.businesstimes.com.sg/government-economy/singapores-surprise-38-headline-inflation-in-nov-prompts-higher-full-year
https://www.straitstimes.com/business/economy/inflation-in-spore-continues-to-rise-surpasses-oct-highs

Companies’ Brief

Frasers Property scraps plans for JV involving investment, bridging loan
Frasers Property on Thursday (Dec 23) said that its joint-venture (JV) for a potential investment in a land has fallen through. Last month, the multinational property company said its wholly-owned unit had entered a framework agreement with an unnamed JV partner to participate in a potential investment in land.
https://www.businesstimes.com.sg/companies-markets/frasers-property-scraps-plans-for-jv-involving-investment-bridging-loan

CICT acquires 3rd Sydney property for A$422m
CapitaLand Integrated Commercial Trust’s (CICT) manager has entered into an agreement to acquire a 50 per cent interest in an integrated development in Sydney, Australia for A$422 million (S$409.3 million). The move comes shortly after CICT acquired 2 office buildings for A$330.7 million earlier this month, as it looks to make further inroads into Australia.
https://www.businesstimes.com.sg/companies-markets/cict-acquires-3rd-sydney-property-for-a422m-0
https://www.straitstimes.com/business/companies-markets/cict-acquires-third-sydney-property-for-4148m

Mapletree Industrial Trust unit to divest Changi industrial building for S$13m
The manager of Mapletree Industrial Trust (MIT) announced in a filing to the Singapore Exchange (SGX) that the real estate investment trust (Reit) has agreed to sell an industrial building at 19 Changi South Street 1 to Esco Micro at a proposed price of S$13 million in cash.
https://www.businesstimes.com.sg/companies-markets/mapletree-industrial-trust-unit-to-divest-changi-industrial-building-for-s13m

Views, Reviews, Forum & Others

Endemic Covid-19: Can S-E Asia stay on track despite Omicron?Prior to the Omicron variant’s emergence, several South-east Asian countries, including Singapore, announced strategies to treat Covid-19 as an endemic disease on the back of rising vaccination rates and stabilising case numbers in recent months.
https://www.straitstimes.com/opinion/endemic-covid-19-can-s-e-asia-stay-on-track-despite-omicron

At least 10 major Singapore companies have new chiefs this year
This year saw a bumper crop of at least 10 major companies in Singapore shaking up their top leadership with changes to their chief executive officer (CEO) postings. The list of companies includes Temasek Holdings, Singapore Telecommunications (Singtel), OCBC, Singapore Post (SingPost), Sats, StarHub, Venture Corporation, Nanofilm Technologies International, Ho Bee Land, as well as Keppel DC Reit’s manager.
https://www.businesstimes.com.sg/companies-markets/at-least-10-major-singapore-companies-have-new-chiefs-this-year
https://www.straitstimes.com/business/companies-markets/at-least-10-major-singapore-companies-have-new-chiefs-this-year

Update on COVID-19 (Coronavirus Disease 2019) Situation

53 of 65 Omicron cases detected in Singapore as at Monday arrived via VTL
[Singapore] Fifty-three of the 65 imported Omicron cases detected in Singapore as at Monday (Dec 20) had arrived via the vaccinated travel lanes (VTL), said the Ministry of Health (MOH). Of these cases, 41 were detected through on-arrival polymerase chain reaction (PCR) tests while the remaining 12 were detected through the Republic’s enhanced testing regime.
https://www.businesstimes.com.sg/government-economy/53-of-65-omicron-cases-detected-in-singapore-as-at-monday-arrived-via-vtl
https://www.straitstimes.com/singapore/53-of-singapores-65-imported-omicron-cases-arrived-via-vtl

What do VTL curbs mean for travel plans?
The Ministry of Health (MOH) on Wednesday said that airlines will no longer be allowed to sell new vaccinated travel lane (VTL) flight tickets for travel into Singapore until Jan 20. The Straits Times looks at why this is happening and what it means for your travel arrangements.
https://www.straitstimes.com/singapore/what-do-vtl-curbs-mean-for-travel-plans

*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