DAILY NEWS

Daily News – 3 June 2022 (Fri)

Singapore Real Estate

Developers show caution for big sites at URA tender
The latest state tender closing shows developers being cautious about acquiring large private residential development sites, despite running low on unsold inventory and the recent successful launches such as Piccadilly Grand and LIV@MB.
https://www.businesstimes.com.sg/real-estate/developers-show-caution-for-big-sites-at-ura-tender
https://www.straitstimes.com/business/property/dunman-road-mega-site-draws-128-billion-bid-pine-grove-gls-site-draws-6715-million-bid

Chinese national buys 20 units at CanningHill Piers for around S$85m: Lianhe Zaobao
A chinese national is said to have bought 20 units at CanningHill Piers, a condominium along the Singapore River, for more than S$85 million, Lianhe Zaobao reported on Thursday (Jun 2). The buyer, who is from Fujian, China, is also said to be considering 10 more units, which would bring the total transaction to more than S$100 million, according to Zaobao.
https://www.businesstimes.com.sg/real-estate/chinese-national-buys-20-units-at-canninghill-piers-for-around-s85m-lianhe-zaobao
https://www.straitstimes.com/business/property/chinese-national-buys-20-units-at-canninghill-piers-for-around-85m-media-reports

Singapore warehouses likely to fill up more quickly if oil prices keep rising
Further increases in oil prices are expected to push occupancy levels for warehouses higher, according to an analysis by the Institute of Real Estate and Urban Studies (IREUS) at the National University of Singapore.
https://www.businesstimes.com.sg/real-estate/singapore-warehouses-likely-to-fill-up-more-quickly-if-oil-prices-keep-rising

Muted response to PLH projects launched in May
Prime Location Public Housing (PLH) projects at Bukit Merah Ridge and Ghim Moh Ascent launched in the latest Build-To-Order (BTO) round saw lower response rates, according to applications released on June 2, the last day of the exercise.
https://www.businesstimes.com.sg/real-estate/muted-response-to-plh-projects-launched-in-may
https://www.straitstimes.com/singapore/housing/less-demand-for-bukit-merah-queenstown-bto-projects-most-first-timers-to-get-chance-to-book-flats

Singapore Economy

Singapore electronics PMI falls in May despite overall uptick in factory confidence
Growth in Singapore’s linchpin electronics manufacturing industry could be slowing, as cooling global demand adds to the risks from higher supply costs, the Singapore Institute of Purchasing and Materials Management (SIPMM) warned on Thursday (Jun 2).
https://www.businesstimes.com.sg/government-economy/singapore-electronics-pmi-falls-in-may-despite-overall-uptick-in-factory
https://www.straitstimes.com/business/economy/singapore-manufacturing-expands-in-may-but-electronics-shows-signs-of-losing-steam

Despite travel curbs, Greater China still a key tourism market for Singapore: STB
The Singapore Tourism Board (STB) is doubling down on promoting the Republic in the Greater China region, even though planners do not expect a near-term recovery in visitors from there. Earlier this week, the STB launched a tender for public relations (PR) and marketing services in Hong Kong – which The Business Times (BT) understands was part of a standard procurement exercise, after the conclusion of its latest contract with PR agency Sinclair Communications.
https://www.businesstimes.com.sg/government-economy/despite-travel-curbs-greater-china-still-a-key-tourism-market-for-singapore-stb

Companies’ Brief

Knight Frank group MD Wendy Tang to leave after 3 years

Knight Frank Singapore’s group managing director (MD) Wendy Tang will be leaving the company after a little over 3 years, so Knight Frank is expected to start a hunt for a new group MD shortly. In a statement issued on Thursday evening (June 2), Knight Frank said that Tang will be on leave, effective immediately, until her last day of employment on Sep 1.
https://www.businesstimes.com.sg/real-estate/knight-frank-group-md-wendy-tang-to-leave-after-3-years

Views, Reviews, Forum and Others

Crypto assets too risky for retail investors

During the early days of cryptocurrencies, some financial advisers would have counselled that people should invest in this new asset class only if they were prepared to lose their entire investment. It would appear that after more than a decade, this advice is still valid for at least some crypto assets.
https://www.straitstimes.com/opinion/st-editorial/the-straits-times-says-crypto-assets-too-risky-for-retail-investors

MAS, ABS roll out additional digital banking security measures to be implemented by Oct 31
More measures have been introduced by the Monetary of Singapore (MAS) and Association of Banks in Singapore (ABS) to further safeguard customers from digital banking scams, on top of those already announced on Jan 19, 2022.
https://www.businesstimes.com.sg/banking-finance/mas-abs-roll-out-additional-digital-banking-security-measures-to-be-implemented-by

Update on COVID-19 (Coronavirus Disease 2019) situation

Next Covid-19 wave could hit Singapore in July or August: Ong Ye Kung

The next Covid-19 wave could hit Singapore in July or August, and every healthcare setting — from nursing homes to community hospitals — must be prepared to handle such patients, said Health Minister Ong Ye Kung.
https://www.businesstimes.com.sg/government-economy/next-covid-19-wave-could-hit-singapore-in-july-or-august-ong-ye-kung
https://www.straitstimes.com/singapore/health/next-covid-19-wave-could-hit-spore-in-july-or-august-ong-ye-kung

*For more information, please visit the Ministry of Health (MOH) website atwww.moh.gov.sgand refer togo.gov.sg/mohupdatesfor updates on the COVID-19 (Coronavirus Disease 2019) situation