DAILY NEWS

Daily News – 26 August 2021 (Thu)

Singapore Real Estate

Verdun House for sale at S$55m reserve price
Verdun House in Farrer Park has been put up for en bloc sale via tender with a reserve price of S$55 million, announced marketing agent Delasa (formerly known as Showsuite Consultancy) on Wednesday. The four-storey freehold building stands at the corner of Verdun Road and Sam Leong Road, some 370 metres away from Farrer Park MRT station.
https://www.businesstimes.com.sg/real-estate/verdun-house-for-sale-at-s55m-reserve-price

F&B units occupying one floor at Oxley Tower up for sale with S$26m guide price
Two strata retail units occupying an entire floor in Oxley Tower have been put up for sale with a guide price of S$26 million, joint marketing agents CBRE and SRI said on Wednesday. The guide price translates to S$1,775 per square foot (sq ft) on a combined strata floor area of about 14,650 sq ft.
https://www.businesstimes.com.sg/real-estate/fb-units-occupying-one-floor-at-oxley-tower-up-for-sale-with-s26m-guide-price

Lee & Lee moving from Raffles Place to High Street area
Law firm Lee & Lee is relocating from Singapore Land Tower in the Raffles Place financial district to the former EFG Bank Building at the corner of North Bridge Road and High Street. Lee & Lee has signed a lease for about 30,000 sq ft on levels four to seven of the nine-storey building, now known as 25 NorthBridge, with a right of first refusal for more space when available.
https://www.businesstimes.com.sg/real-estate/lee-lee-moving-from-raffles-place-to-high-street-area

Companies’ Brief

Time for CDL to unlock value of Swiss Club Road GCB site
At City Developments (CDL)’s recent results briefing for the first half of FY2021, its group chief executive officer, Sherman Kwek, said the group will find ways to increase its exposure to Singapore’s high-end residential market given the strength of this sector.
https://www.businesstimes.com.sg/companies-markets/time-for-cdl-to-unlock-value-of-swiss-club-road-gcb-site

Destination S’pore hotel owner ends management contract
Park Hotel Group is no longer in charge of the management and operation of Destination Singapore Beach Road hotel at 700 Beach Road, the hospitality group confirmed to The Straits Times. This follows the winding up of Park Hotel Management (PHM), a firm that until recently owned Park Hotel Group.
https://www.straitstimes.com/business/property/destination-spore-hotel-owner-ends-management-contract

UOL’s S$400m fixed-rate notes due 2028 priced at 2.33%
UOL Group’s wholly-owned subsidiary, UOL Treasury Services, has priced S$400 million in fixed-rate notes due 2028 at 2.33 per cent per annum, the property group said in a bourse filing on Tuesday evening. Order book for the seven-year, fixed-rate notes stood at S$700 million across 47 accounts, with 97 per cent of investors from Singapore, according to deal statistics seen by The Business Times.
https://www.businesstimes.com.sg/real-estate/uols-s400m-fixed-rate-notes-due-2028-priced-at-233

Corporate digest
https://www.businesstimes.com.sg/companies-markets/corporate-digest-1436

Views, Reviews, Forum & Others

Pandemics and progress
No one would want to repeat the past 18 months. Covid-19, climate change, and global political developments have left tens of millions of people worse off physically and financially. The news has been filled with accounts of horrifying death rates, viral mutations, pandemic restrictions, extreme weather, economic hardship, political conflict, and – now – the fall of the Western-backed Afghan government.
https://www.businesstimes.com.sg/opinion/pandemics-and-progress

Adopt a long-term view when investing in Asia
Asia – with immense global trade flow, flourishing economies, and access to a burgeoning talent pool – is now the epicentre of global mergers and acquisitions (M&A) transactions. According to Aon’s 2021 Risk in Review report, 68 per cent of investors rank Asia-Pacific (excluding Japan) among the top two most active regions for M&A activity.
https://www.businesstimes.com.sg/opinion/adopt-a-long-term-view-when-investing-in-asia

China’s crackdown is a boost for ESG. Really.
For investors sent scurrying for the exits in recent weeks and months by regulatory actions in mainland China, the temptation is to view events through the lens of political risk, and conclude that investing in China is off-limits except for those with a high risk tolerance.
https://www.businesstimes.com.sg/opinion/chinas-crackdown-is-a-boost-for-esg-really

Pandemic-hit tourism, lifestyle firms in Singapore still hiring for in-demand digital skills
Though the pandemic has hit the tourism and lifestyle services sector hard, companies are still hiring for in-demand digital roles, with new training programmes to cater to demand for such skills.
https://www.businesstimes.com.sg/government-economy/pandemic-hit-tourism-lifestyle-firms-in-singapore-still-hiring-for-in-demand

Supply-chain shocks push firms to tweak long-term strategies in Asia-Pacific
Covid-induced supply chain shocks have nudged companies into rejigging their longer-term strategies in the Asia-Pacific, although the region’s supply chains have been more resilient than expected amid the pandemic.
https://www.businesstimes.com.sg/banking-finance/supply-chain-shocks-push-firms-to-tweak-long-term-strategies-in-asia-pacific

Points-based system may help to woo global talent to Singapore: watchers
A points-based approach to the hiring of skilled foreign labour may be needed to keep Singapore competitive, especially as the global economy reopens, some industry watchers have suggested. They pointed out that, with the rise of the “work-from-anywhere” trend, a switch to awarding potential S Pass and Employment Pass (EP) holders points according to set criteria could help firms here to attract skilled workers from abroad.
https://www.businesstimes.com.sg/government-economy/points-based-system-may-help-to-woo-global-talent-to-singapore-watchers

Fall in value of expat pay packages in S’pore in 2020
Companies in Singapore spent less to employ expatriate middle managers last year, with overall pay packages marked by reduced benefits and a dip in salaries. But cash salaries for expatriates here remain the fifth highest globally, according to a survey published by data and knowledge provider ECA International yesterday.
https://www.straitstimes.com/singapore/jobs/fall-in-value-of-expat-pay-packages-in-spore-in-2020

Update on COVID-19 (Coronavirus Disease 2019) Situation

118 new locally transmitted Covid-19 cases; 26 linked to North Coast Lodge cluster
[Singapore] There were 118 new locally transmitted Covid-19 cases on Wednesday (Aug 25). Of these, 29 were unlinked. The remaining 89 cases are linked to previous cases, the Ministry of Health (MOH). Of these, 26 are linked to the North Coast Lodge dormitory cluster, of which 25 cases have been placed on quarantine earlier, said MOH in its daily afternoon update.
https://www.businesstimes.com.sg/government-economy/118-new-locally-transmitted-covid-19-cases-26-linked-to-north-coast-lodge-cluster

Two Singaporeans aged 86 and 95 die from Covid-19 complications
[Singapore] A partially vaccinated 86-year-old man and an unvaccinated 95-year-old woman have died from Covid-19 complications, said the Ministry of Health (MOH) on Wednesday night (Aug 25). The man, who died on Tuesday, tested positive for Covid-19 infection on July 28.
https://www.businesstimes.com.sg/government-economy/two-singaporeans-aged-86-and-95-die-from-covid-19-complications
https://www.straitstimes.com/singapore/community/unvaccinated-woman-95-and-partially-vaccinated-man-86-die

BHG at Bugis Junction to remain closed till next week
The BHG department store in Bugis Junction will be closed to the public until Monday to break the chain of transmission and enable deep cleaning, the Ministry of Health (MOH) said yesterday. The store was first closed for a day on Tuesday after a member of its staff tested positive for Covid-19. The extension comes after another 38 cases were added to the cluster yesterday, taking the total to 61.
https://www.straitstimes.com/singapore/community/bhg-at-bugis-junction-to-remain-closed-till-next-week

Connect@Changi converted into Covid-19 community care facility
[Singapore] A pilot facility to allow for international business meetings amid the pandemic has been converted into a facility to house Covid-19 patients instead, as Singapore steps up preparations for the coronavirus to become endemic here.
https://www.businesstimes.com.sg/government-economy/connectchangi-converted-into-covid-19-community-care-facility

Free home delivery of tokens for contact tracing
People requesting a TraceTogether token for the first time can now get one delivered to their homes for free, under a new delivery service announced by the Smart Nation and Digital Government Group (SNDGG) yesterday.
https://www.straitstimes.com/singapore/health/free-home-delivery-of-tokens-for-contact-tracing

*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