Singapore Real Estate
Eleven of Singapore’s smaller Reits enter FTSE EPRA Nareit Global Real Estate Index
Eleven of Singapore’s smaller Reits have made it into the FTSE EPRA Nareit Global Real Estate Index series, according to the index series’ quarterly review changes announced by FTSE Russell on Sept 1. The entrants into the FTSE EPRA Nareit Global Developed Index are Aims Apac Reit, ARA Logos Logistics Trust, Cromwell European Reit, ESR-Reit, Far East Hospitality Trust, Keppel Pacific Oak US Reit, Lendlease Global Commercial Reit, OUE Commercial Reit, Prime US Reit, SPH Reit and Starhill Global Reit.
S-Reits more leveraged but still cautious in taking up new debt obligations: IREUS
The average debt ratios of Singapore-listed real estate investment trusts (S-Reits) went up amid the Covid-19 pandemic, with those in the hospitality sectors clocking some of the biggest increases. Nonetheless, S-Reits remained disciplined in taking up new debt obligations, and some had already lowered their leverage by Q2 this year, according to the Institute of Real Estate and Urban Studies’ (IREUS) analysis of data from S&P Capital IQ Pro.
Portfolio of 9 villas at Oei Tiong Ham Park for sale at S$100 million guide price
Singapore conglomerate Wywy Group is selling its portfolio of nine villas at Oei Tiong Ham Park Residences with a guide price of between S$8 million and S$13 million per unit, or about S$100 million collectively, said appointed marketing agent CBRE on Thursday. The freehold luxury development comprises three three-storey-plus-rooftop blocks, with an apartment occupying each storey.
Singapore PMI dips alongside weakening manufacturing sentiment in Asia
Singapore’s electronics producers appear upbeat about prospects, with optimism at a seven-month high even as the manufacturing sentiment cooled a notch in August. The purchasing managers’ index (PMI) for the electronics sector rose 0.2 point to post an expansion of 51, marking the 13th month of growth, according to the Singapore Institute of Purchasing and Materials Management (SIPMM) on Thursday. This is the highest reading since January.
Singapore tax collection down 7.3%, first fall in over 15 years
Tax collection in Singapore has fallen for the first time in more than 15 years, dropping 7.3 per cent to S$49.6 billion, due to dampened business activities amid the pandemic. The last time tax collection dipped was in FY2003/04, when collection slipped 0.41 per cent. The collection represents 73.6 per cent of the government’s operating revenue and 10.6 per cent of Singapore’s gross domestic product.
Sim Leisure to raise S$3.6m through sale of new shares
Theme park operator and developer Sim Leisure Group on Wednesday said it plans to sell new ordinary shares to two of its controlling shareholders at a discount of 5.9 per cent, to raise S$3.6 million. One of the subscribers is the company’s non-independent non-executive director Tan Boon Seng. His stake will increase to 26.95 per cent of the enlarged share capital, from 18.18 per cent if the proposed share subscription is completed.
SGX to allow SPAC listings from Friday, with minimum market cap of S$150m
Special purpose acquisitions companies (SPACs) will be able to apply for a listing on the Singapore Exchange (SGX) mainboard from Friday, and market watchers said the much-anticipated introduction of listing rules for these corporate shells could potentially liven up the capital markets here. The new rules, announced on Thursday evening, contain several safeguards first mooted in March – such as minimum equity participation by sponsors at the initial public offering (IPO), to align interests between sponsors and shareholders.
Update on COVID-19 (Coronavirus Disease 2019) Situation
187 new locally transmitted Covid-19 cases in Singapore, 113 are unlinked
There were 187 new locally transmitted coronavirus cases reported on Thursday noon. Of the new cases, 56 were linked to previous cases and have already been quarantined, while another 18 linked cases were detected through surveillance. The remaining 113 were unlinked cases, said the Ministry of Health (MOH) in its daily afternoon update.
341 Covid-19 cases now linked to bus interchanges, with 21 new cases
Singapore – The Covid-19 clusters at eight bus interchanges now have 341 cases, with 21 new cases reported on Thursday (Sept 2). Toa Payoh Bus Interchange has the highest number of cases, standing at 104 cases. In all, there were 187 new locally transmitted cases reported on Thursday and four imported cases for a total of 191 cases.
735 travellers from Germany, 20 from Brunei tap Singapore’s vaccinated travel lane scheme
Singapore – About 750 people received approval to enter Singapore under a new scheme for vaccinated travellers, on the first day after applications opened. The Civil Aviation Authority of Singapore (CAAS) said that as at 11.59pm on Wednesday (Sept 1), 735 travellers from Germany – comprising 301 short-term visitors and 434 long-term pass holders – received travel passes via the Vaccinated Travel Lane (VTL).
Stricter restrictions on staff resting and dining areas at bus interchanges to curb Covid-19 spread
Singapore – Staff resting and dining areas in all public bus interchanges have been segregated, with only one staff member allowed to sit at each table to dine, as part of a range of new measures to minimise Covid-19 spread at these places. The move, announced on Thursday (Sept 2) by the Land Transport Authority (LTA), separates those who want to rest with their masks on from those who are eating, while also limiting the number of those without masks at any point in time.
MOM finalising plans to ease movement curbs on migrant workers
Singapore – More than a year after migrant workers began being confined to their living quarters following massive Covid-19 outbreaks in dormitories, the Ministry of Manpower (MOM) is finalising plans to loosen restrictions on their movements. A series of measures have been worked out, and the only thing left is to find a “safe window”, said Manpower Minister Tan See Leng in an interview on Wednesday (Sept 1).
S’pore scientists create rapid test to measure T-cells’ reaction to Covid-19, boost for vaccine developers
Singapore – Scientists in Singapore have optimised a method for a simple, rapid test that will allow vaccine developers to get a more complete picture of how a vaccinated person’s immune system will respond to the Sars-CoV-2 virus. The novel test zeroes in on how T-cells react to the virus that causes Covid-19.
Global Economy & Global Real Estate
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