DAILY NEWS

Daily News – 29 June 2021 (Tue)

Singapore Real Estate

Covid-19 relief measures for property sector extended for 6 months
The Singapore government has extended temporary relief measures for property developers in view of the continued disruptions to construction timelines from the Covid-19 pandemic. Developers will get six-month extensions to the construction timeline-related requirements for the Project Completion Period (PCP), Additional Buyer’s Stamp Duty (ABSD) regime and Qualifying Certificate (QC) regime.
https://www.businesstimes.com.sg/real-estate/covid-19-relief-measures-for-property-sector-extended-for-6-months
https://www.straitstimes.com/singapore/relief-measures-for-property-developers-extended-in-light-of-manpower-shortages

Prime Marina View white site launched for sale, with minimum bid of $1.508 billion
The Urban Redevelopment Authority launched the sale of a plum site in Marina View yesterday, after an unnamed developer undertook to bid at least $1.508 billion for it. The white site – intended for a mixed-use development with residential, hotel, commercial and/or serviced apartments…
https://www.straitstimes.com/business/property/prime-marina-view-white-site-launched-for-sale-with-minimum-bid-of-1508-billion
https://www.businesstimes.com.sg/real-estate/thin-home-supply-in-downtown-area-may-stir-more-interest-for-marina-view-site-triggered

Who will win the Marina View white site?
On Monday, the Urban Redevelopment Authority launched the tender for a white site in Marina View that can generate about 905 private homes and 540 hotel rooms, as well as up to 2,000 square metres (21,528 sq ft) of office space and 2,000 sq m of space for other commercial uses (including retail and F&B).
https://www.businesstimes.com.sg/companies-markets/who-will-win-the-marina-view-white-site

Is there still a premium behind freehold property?
Does a property’s land tenure matter? Judging by the material premiums paid by buyers for freehold units here, it apparently does. A study of private non-landed residential transactions by researchers from the National University of Singapore’s Institute of Real Estate and Urban Studies showed that freehold property in Singapore was sold at 10.4 per cent higher on the average per unit price than comparable leasehold properties.
https://www.businesstimes.com.sg/real-estate/is-there-still-a-premium-behind-freehold-property

Industrial GLS for H2 2021 launched; 4 confirmed sites, 3 on reserve
The Ministry of Trade and Industry on Monday launched its Industrial Government Land Sales programme for the second half of 2021. There will be four sites in the Confirmed List and three sites in the Reserve List, with a total site area of 5.14 ha.
https://www.businesstimes.com.sg/real-estate/industrial-gls-for-h2-2021-launched-4-confirmed-sites-3-on-reserve
https://www.straitstimes.com/business/514ha-of-industrial-land-for-sale-in-second-half-under-govt-programme

Singapore Economy

Strong indications of growth in Asia-Pacific’s business events industry
While the global business events industry continues to suffer from border closures and travel restrictions due to the ongoing coronavirus pandemic, there appears to be some light at the end of the tunnel. A white paper released on Monday, titled “Reimagining business events – Through Covid-19 and beyond”,
https://www.businesstimes.com.sg/government-economy/strong-indications-of-growth-in-asia-pacifics-business-events-industry

Companies’ Brief

CapitaLand to divest partial stakes in China projects
CapitaLand shares jumped yesterday after the property giant said it will divest partial stakes in six of its Raffles City developments in China for 46.7 billion yuan (S$9.7 billion) to Ping An Life Insurance Company of China.
https://www.straitstimes.com/business/companies-markets/capitaland-to-divest-partial-stakes-in-china-projects
https://www.businesstimes.com.sg/companies-markets/capitaland-to-divest-partial-stakes-in-china-projects-to-ping-an-for-467b-yuan

ERA Realty promotes COO Marcus Chu to CEO
ERA Realty, a wholly-owned subsidiary of mainboard-listed APAC Realty, will be promoting its current chief operating officer (COO) Marcus Chu to chief executive officer (CEO) with effect from July 1. Mr Chu will be succeeding current CEO Jack Chua, who will continue to seek out expansion opportunities as APAC Realty’s executive chairman, said the company in a press statement.
https://www.businesstimes.com.sg/real-estate/era-realty-promotes-coo-marcus-chu-to-ceo

Yanlord, Ho Bee to jointly develop Tianjin residential site
Yanlord Land Group and Ho Bee Land have entered an agreement to jointly develop a residential site in Tianjin, China, the real estate developers said on Monday. The land parcel has a total site area of 53,200 square metres (sq m) and was acquired by Yanlord through public land auction for approximately 1.5 billion yuan (S$312.3 million).
https://www.businesstimes.com.sg/companies-markets/yanlord-ho-bee-to-jointly-develop-tianjin-residential-site
https://www.straitstimes.com/business/companies-markets/yanlord-ho-bee-to-jointly-develop-tianjin-residential-site

Sabana Reit rejects EGM requisition to remove director
Hedge fund founder Chan Wai Kheong’s appointment by the manager of Sabana Shari’ah Compliant Reit (Sabana Reit) to be its independent non-executive director has met with objections from Quarz Capital and Black Crane Capital…
https://www.businesstimes.com.sg/companies-markets/sabana-reit-rejects-egm-requisition-to-remove-director

Corporate digest
https://www.businesstimes.com.sg/companies-markets/corporate-digest-1407

Views, Reviews, Forum & Others

Emerging markets are losing the race for green finance
Big questions about how to cushion the harsh economic impact of Covid-19 on developing countries are now at the top of the international policy agenda. While advanced economies rebound, the International Monetary Fund has forecast that, by 2024, output from emerging markets (EMs) outside China will be as much as 8 per cent below pre-pandemic levels.
https://www.businesstimes.com.sg/opinion/emerging-markets-are-losing-the-race-for-green-finance

Scientists hunt for a coronavirus super shot
(Financial Times) – As global vaccination campaigns race to stay ahead of new Covid-19 variants, pioneering scientists have set out to ease fears of another pandemic by developing a single shot to protect against coronaviruses past, present and future.
https://www.straitstimes.com/opinion/scientists-hunt-for-a-coronavirus-super-shot

Update on COVID-19 (Coronavirus Disease 2019) Situation

PUB engineer and television installer among four community cases
A PUB engineer and a television installer employed by Best Denki were among four community cases announced by the Ministry of Health (MOH) on Monday. All cases in the community had been under quarantine when detected. This is the lowest daily number of local cases since June 11, when there were also four cases.
https://www.businesstimes.com.sg/government-economy/pub-engineer-and-television-installer-among-four-community-cases
https://www.straitstimes.com/singapore/four-new-community-cases-lowest-number-since-june-11

Testing begins for residents in Lengkok Bahru, Henderson Crescent
Residents of a Housing Board block of flats in Bukit Merah turned up yesterday to take mandatory Covid-19 tests that began at 9am. This came after the Ministry of Health (MOH) said on Sunday night that four residents from three households in Block 103 Henderson Crescent had tested positive for the coronavirus.
https://www.straitstimes.com/singapore/health/testing-begins-for-residents-in-lengkok-bahru-henderson-crescent

MOH counters claims by docs urging delay in jabs for young
Singapore’s expert committee on Covid-19 vaccination and a senior infectious diseases specialist from the National Centre for Infectious Diseases (NCID) have come out to counter claims by a group of doctors behind an open letter arguing for a halt in the vaccination of young people here.
https://www.straitstimes.com/singapore/moh-counters-claims-by-docs-urging-delay-in-jabs-for-young

*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