DAILY NEWS

Daily News – 1, 2 & 3 February 2022 (Tue, Wed & Thu)

Singapore Real Estate

Surge in Singapore retail properties put up for auction in 2021: Knight Frank
More Singapore retail properties went under the hammer last year, as the growth of the consumer-facing sector was stunted by recurring Covid-19 restrictions, Knight Frank wrote in a quarterly research report on Monday (Jan 31).
https://www.businesstimes.com.sg/real-estate/surge-in-singapore-retail-properties-put-up-for-auction-in-2021-knight-frank
https://www.straitstimes.com/business/property/singapore-retail-properties-put-up-for-auction-surge-last-year-due-to-covid-19-hit

The death of offices may have been greatly exaggerated
While there’s no denying that the pandemic has turned working from home (WFH) into a permanent fixture, the death of the office – and Central Business District (CBD) Grade A offices, in particular – may have been greatly exaggerated.
https://www.businesstimes.com.sg/companies-markets/the-death-of-offices-may-have-been-greatly-exaggerated

Why frenemies can work together in property projects
Partnerships proliferate in the property space here. Over the past 12 months, several partnerships won land tenders, such as the tie-up of City Developments (CDL) and MCL Land, a consortium comprising a Qingjian Realty and Octava Pte Ltd joint venture, and Santarli Realty, and a tie-up comprising entities of Hong Leong Group Singapore and GuocoLand.
https://www.businesstimes.com.sg/real-estate/why-frenemies-can-work-together-in-property-projects

Singapore Economy

Labour experts split on whether Singapore will introduce unemployment benefits for PMEs
Most of the recommendations by a taskforce on professionals, managers and executives (PMEs) are expected to be adopted as early as Budget 2022. But labour experts’ opinions are split on the feasibility of one of them: unemployment benefits.
https://www.businesstimes.com.sg/government-economy/labour-experts-split-on-whether-singapore-will-introduce-unemployment-benefits-0

Business confidence for Singapore manufacturing, services firms ease for next 6 months
Singapore business optimism remained positive into the new year, although both manufacturers’ and services firms’ optimism for the next 6 months have receded from the previous poll.
https://www.businesstimes.com.sg/government-economy/business-confidence-for-singapore-manufacturing-services-firms-ease-for-next-6
https://www.straitstimes.com/business/economy/singapore-manufacturers-services-firms-less-optimistic-about-next-6-months-surveys

PM Lee cautiously optimistic about S’pore economy despite uncertainty over Omicron, China
Singapore – While the wave of Omicron infections around the world remains an uncertainty, Prime Minister Lee Hsien Loong said he is cautiously optimistic about Singapore’s economic recovery in the year ahead.
https://www.straitstimes.com/singapore/cautious-optimism-about-singapores-economy-in-2022-despite-uncertainty-over-omicron-china-pm-lee

Trade associations, chambers can help industries transform as economy recovers: DPM Heng
Singapore – Singapore can be cautiously optimistic this year, given how it now has one of the highest vaccination rates against Covid-19 in the world and how it has been gradually reopening its borders.
https://www.straitstimes.com/singapore/trade-associations-chambers-can-help-industries-transform-as-economy-recovers-dpm-heng
https://www.straitstimes.com/singapore/jobs/longer-work-hours-may-be-unavoidable-for-business-continuity-amid-covid-19-employers

Companies’ Brief

Ascott buys US student accommodation asset via US$150m joint venture
CapitaLand Investment Limited’s (CLI) wholly-owned lodging business unit, The Ascott Limited, is acquiring a freehold student accommodation asset in Nebraska, US, through a joint venture with total US$150 million in committed equity between Ascott and Riyad Capital.
https://www.businesstimes.com.sg/companies-markets/ascott-buys-us-student-accommodation-asset-via-us150m-joint-venture
https://www.straitstimes.com/business/companies-markets/ascott-buys-us-student-accommodation-property-via-2048m-joint-venture

Brokers’ take: Analysts positive on MLT’s stable results, increased distribution yield
Analysts are positive on Mapletree Logistics Trust’s (MLT) ability to deliver stable results and maintain healthy debt levels. The real estate investment trust (Reit) had on Friday (Jan 28) posted a 5.8 per cent on-year increase in distribution per unit (DPU) to 2.185 Singapore cents for its third quarter ended Dec 31, 2021, from 2.065 cents a year ago.
https://www.businesstimes.com.sg/companies-markets/brokers-take-analysts-positive-on-mlts-stable-results-increased-distribution-yield

Marina Bay Sands expansion to complete in 2026, $1.35b hotel renovation also under way
Singapore – Las Vegas Sands (LVS) said its US$3.3 billion (S$4.45 billion) expansion of Marina Bay Sands (MBS) is on track to complete in 2026, a year after its 2025 deadline, as the casino giant bets on a recovery in tourism.
https://www.straitstimes.com/business/companies-markets/marina-bay-sands-expansion-to-complete-in-2026-135b-hotel-renovation-also-under-way

Views, Reviews, Forum & Others

Fed unwind will impact Asia differently this time
The Federal Reserve has said it is ready to start raising rates and withdrawing liquidity. Rates remain near zero for now, but when the tightening begins, we expect it to be swift. The Fed will likely raise rates 8 times over the next 2 years and reduce their bond holdings by US$1.5 trillion by the end of next year.
https://www.businesstimes.com.sg/opinion/fed-unwind-will-impact-asia-differently-this-time-0

Why supply-chain problems aren’t going away
Supply chains have seldom featured in companies’ earnings reports over the 3 decades since globalisation took off in earnest, save for the occasional mention of the benefits of low costs and lean inventories.
https://www.businesstimes.com.sg/opinion/why-supply-chain-problems-arent-going-away
https://www.straitstimes.com/business/economy/a-normal-supply-chain-its-unlikely-in-2022

Amid multi models, the one consensus in tackling Covid: Vaccines work
In the early days of the coronavirus pandemic, it was said that Covid-19 was transmitted through surfaces and that one can get infected after handling the mail or even pamphlets. We were instructed not only to wash our hands every hour…
https://www.businesstimes.com.sg/opinion/amid-multi-models-the-one-consensus-in-tackling-covid-vaccines-work-0

What we can learn from how the 1918 pandemic ended
Most histories of the 1918 influenza pandemic that killed at least 50 million people worldwide say it ended in the summer of 1919 when a third wave of the respiratory contagion finally subsided. Yet the virus continued to kill.
https://www.straitstimes.com/opinion/what-we-can-learn-from-how-the-1918-pandemic-ended

Singapore and Silicon Valley tie for second place in ranking of top data centre markets
Singapore – Singapore has climbed up in the league of top markets for data centres, tying with the United States’ Silicon Valley region for second place, out of 55 markets.
https://www.straitstimes.com/tech/tech-news/singapore-and-silicon-valley-tie-for-second-place-in-ranking-of-top-data-centre-markets

Complaints against renovation contractors rose by almost 50% last year from 2020: Case
Singapore – Complaints against renovation contractors spiked by almost half in 2021, with close to one in two of the complaints about projects not completed on time and unsatisfactory workmanship.
https://www.straitstimes.com/singapore/consumer/Complaints-against-renovation-contractors-spike-by-almost-half

Update on COVID-19 (Coronavirus Disease 2019) Situation

3,101 new Covid-19 cases in Singapore, 819 patients hospitalised
[Singapore] There were 3,101 new Covid-19 cases recorded in Singapore as at noon on Wednesday (Feb 2), with 2,919 local and 182 imported infections, the Ministry of Health (MOH) reported in its daily update.
https://www.businesstimes.com.sg/government-economy/3101-new-covid-19-cases-in-singapore-819-patients-hospitalised
https://www.straitstimes.com/singapore/3101-new-covid-19-cases-in-singapore-819-patients-hospitalised

*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