DAILY NEWS

Daily News – 25 January 2022 (Tue)

Singapore Real Estate

Singapore shophouse sales hit record S$1.9b in 2021
Shophouse sales in Singapore hit an all-time high value of S$1.9 billion in 2021, up by approximately S$1 billion from the year before, according to Knight Frank’s latest market update on Jan 24.
https://www.businesstimes.com.sg/real-estate/singapore-shophouse-sales-hit-record-s19b-in-2021
https://www.straitstimes.com/business/property/sales-of-shophouses-soared-to-record-19-billion-last-year

Thorny issues around parental help in buying homes
Rising HDB resale prices and more million dollar resale HDB flats being transacted hogged the headlines in Singapore property in 2021. Much buzz was generated in the luxury end of the home market too with the purchase of coveted homes in Good Class Bungalow (GCB) areas by technology titans and all the units at luxury condo development Eden at 2 Draycott Park by the Tsai family of Taiwan, who is behind snack food giant Want Want China Holdings.
https://www.businesstimes.com.sg/real-estate/thorny-issues-around-parental-help-in-buying-homes

Singapore Economy

FLASH: MAS to ‘raise slightly’ rate of appreciation of policy band
The Monetary Authority of Singapore (MAS) said it is raising slightly the rate of appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) policy band, after it raised its inflation forecasts for 2022.
https://www.businesstimes.com.sg/government-economy/flash-mas-to-raise-slightly-rate-of-appreciation-of-policy-band
https://www.straitstimes.com/business/economy/mas-tightens-singdollar-policy-to-counter-rising-inflation

Economists expect ‘double tightening’ of monetary policy after headline inflation surprises at 4% in Dec
More aggressive tightening of monetary policy could be in the cards in April, said private-sector economists, after Singapore’s higher-than-expected headline inflation in December prompted the authorities to review their 2022 forecasts.
https://www.businesstimes.com.sg/government-economy/economists-expect-double-tightening-of-monetary-policy-after-headline-inflation
https://www.straitstimes.com/business/economy/singapore-to-review-2022-inflation-forecasts-as-consumer-prices-rise-to-new-highs-in-december

Return to surplus expected for Singapore Budget in FY2022
With government revenues staying strong and Covid-19 support winding up, the new financial year may be one of building the public coffers back up. This builds on progress made in soon-to-end FY2021, with a much smaller expected shortfall than FY2020’s record S$64.9 billion deficit, and some economists even seeing the chance of a surplus.
https://www.businesstimes.com.sg/government-economy/return-to-surplus-expected-for-singapore-budget-in-fy2022

Singapore hotel revenues down 20.9% year on year to S$979.6m in 2021 despite Dec bump
Hotel industry room revenues fell by 20.9 per cent year on year in 2021, easing from the 70.5 per cent drop in the year before, according to the latest figures from the Singapore Tourism Board (STB).
https://www.businesstimes.com.sg/government-economy/singapore-hotel-revenues-down-209-year-on-year-to-s9796m-in-2021-despite-dec-bump

Companies’ Brief

Frasers Property Singapore appoints new CEO, effective Apr 1
Mainboard-listed Frasers Property has appointed Soon Su Lin as the new chief executive officer (CEO) of its Singapore unit with effect from Apr 1, 2022, it said in a bourse filing on Monday (Jan 24).
https://www.businesstimes.com.sg/companies-markets/frasers-property-singapore-appoints-new-ceo-effective-apr-1
https://www.straitstimes.com/business/companies-markets/frasers-property-singapore-names-soon-su-lin-as-new-ceo

Yanlord sells all units at Shanghai Poetic Villa inaugural launch, bags 3.2b yuan in pre-sales
Real estate developer Yanlord Land Group Yanlord Land: Z25 0% on Monday (Jan 24) announced that it has sold all 514 apartment units during the inaugural launch of its Poetic Villa project in Shanghai.
https://www.businesstimes.com.sg/companies-markets/yanlord-sells-all-units-at-shanghai-poetic-villa-inaugural-launch-bags-32b-yuan-in

CICT to divest JCube for S$340m
CapitaLand Integrated Commercial Trust (CICT) is divesting leisure and edutainment mall JCube for a consideration of S$340 million, its manager announced in a bourse filing on Monday night (Jan 24).
https://www.businesstimes.com.sg/companies-markets/cict-to-divest-jcube-for-s340m

ESR-Reit, ALog Trust object to proxy advisors’ criticism of process in proposed merger
The managers of ESR-Reit and Ara Logos Logistics Trust (ALog Trust) have hit back at criticism over the lack of transparency in their processes leading up to the proposed merger of the 2 real estate investment trusts (Reits).
https://www.businesstimes.com.sg/companies-markets/esr-reit-alog-trust-object-to-proxy-advisors-criticism-of-process-in-proposed

FLCT to divest Cross Street Exchange for S$810.8 million
Frasers Logistics and Commercial Trust (FLCT) through its sub-trust Frasers Commercial Trust, will be divesting its remaining leasehold interest in its freehold mall asset, Cross Street Exchange, for S$810.8 million
https://www.businesstimes.com.sg/companies-markets/flct-to-divest-cross-street-exchange-for-s8108-million

Keppel DC Reit H2 DPU up 2.8% to S$0.04927; potential lifting of moratorium ‘not a concern’
The manager of Keppel DC Reit has brushed aside concerns over the potential impact of new supply of data centres in Singapore, as the government mulls the lifting of a moratorium on the development of new data centre facilities that has been in place since 2019.
https://www.businesstimes.com.sg/companies-markets/keppel-dc-reit-h2-dpu-up-28-to-s004927-potential-lifting-of-moratorium-not-a

Views, Reviews, Forum & Others

Placing Asean on stronger footing in a net-zero future
With the dust settled from the 2021 United Nations Climate Change Conference (COP26), efforts in 2022 must turn to the hard work of implementing pledges made by countries and corporations at that meeting.
https://www.businesstimes.com.sg/opinion/placing-asean-on-stronger-footing-in-a-net-zero-future

Iras warns of tax reimbursement phishing scam website
Singapore – The Inland Revenue Authority of Singapore (Iras) on Monday (Jan 24) warned of a scam involving a fake website that invites users to submit personal data to get a tax reimbursement.
https://www.straitstimes.com/singapore/iras-warns-of-tax-reimbursement-phishing-scam-website

Trust, stewardship and collective action necessary to build future Singapore, says Desmond Lee
Singapore – Singapore faces foreseeable challenges such as climate change and the possible fragmentation of society, as well as unpredictable challenges like future pandemics in the years ahead, and will need to plan for greater flexibility in the city, said Minister for National Development Desmond Lee.
https://www.straitstimes.com/singapore/politics/trust-stewardship-and-collective-action-necessary-to-build-future-singapore-says-desmond-lee

Leasehold concept in S’pore allows for land to be recycled for future generations, say IPS panellists
Singapore – Selling land on limited leases is necessary for a small country like Singapore as it allows for the land to be recycled for future generations, said panellists at the Institute of Policy Studies’ Singapore Perspectives conference.
https://www.straitstimes.com/singapore/politics/leasehold-concept-in-spore-allows-for-land-to-be-recycled-for-future-generations-say-ips-panellists

Mixing rental and sold flats allows for integration amid increasing economic inequality: Desmond Lee
Singapore – When policymakers were mulling over whether to include rental flats in new projects under the prime location housing model, there were some who strongly advised against doing so, said National Development Minister Desmond Lee.
https://www.straitstimes.com/singapore/housing/mixing-rental-and-sold-flats-allows-for-integration-amid-increasing-economic-inequality-desmond-lee

Public housing should be protected as heritage for future generations: DP Architects CEO
Singapore – Singapore’s public housing started as “a very efficient machine” to house the population, but has grown to become something that emotionally connects many generations of Singaporeans, making aspects of it a suitable candidate for conservation, said DP Architects chief executive Seah Chee Huang.
https://www.straitstimes.com/singapore/public-housing-should-be-protected-as-heritage-for-future-generations-dp-architects-ceo

Update on COVID-19 (Coronavirus Disease 2019) Situation

478 people in hospitals with Covid-19 in Singapore; 32 need oxygen support, 11 in ICU
[Singapore] A total of 478 people are now hospitalised with Covid-19, of whom 32 require oxygen support and 11 are in the intensive care unit. Ministry of Health’s (MOH) statistics as at noon on Monday (Jan 24) show that 45 more people are now in hospitals than on Sunday.
https://www.businesstimes.com.sg/government-economy/478-people-in-hospitals-with-covid-19-in-singapore-32-need-oxygen-support-11-in
https://www.straitstimes.com/singapore/478-people-in-hospital-with-covid-19-32-need-oxygen-support-11-in-icu

Three areas to watch as Singapore battles Omicron: Ong Ye Kung
Singapore – As Singapore tackles the Omicron wave, three areas loom large in the Health Ministry’s assessment of the situation, said Health Minister Ong Ye Kung. These are: the country’s intensive care unit (ICU) capacity, hospitalisation rates and the impact of the highly infectious variant on the country’s manpower resources.
https://www.straitstimes.com/singapore/health/three-areas-to-watch-as-singapore-battles-omicron-ong-ye-kung

Indonesia to reopen Batam, Bintan to fully vaccinated Singapore travellers
[Bintan] After 2 years of lull in tourism due to the coronavirus pandemic, the popular Indonesian holiday islands of Bintan and Batam are finalising plans to reopen their shores to leisure travellers from Singapore.
https://www.businesstimes.com.sg/government-economy/indonesia-to-reopen-batam-bintan-to-fully-vaccinated-singapore-travellers
https://www.straitstimes.com/asia/se-asia/indonesia-to-reopen-batam-bintan-to-fully-vaccinated-singapore-travellers

*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