DAILY NEWS

Daily News – 4 June 2021 (Fri)

Singapore Real Estate

Global home prices rise most since 2006, fuelling bubble concerns
[Singapore] Housing prices worldwide are rising the most since before the global financial crisis, following a market frenzy seen in places from New Zealand to Canada to Singapore during the pandemic. Average prices jumped 7.3 per cent in the 12 months to March, the fastest pace since the fourth quarter of 2006…
https://www.businesstimes.com.sg/real-estate/global-home-prices-rise-most-since-2006-fuelling-bubble-concerns
https://www.straitstimes.com/business/property/global-home-prices-rising-at-fastest-pace-since-2006-report

HDB resale prices climb for 11th straight month in May: SRX
HDB resale prices rose 1.2 per cent in May 2021 from the previous month to remain on their upward trajectory for the eleventh straight month, according to flash data from real estate portal SRX Property released Thursday.
https://www.businesstimes.com.sg/real-estate/hdb-resale-prices-climb-for-11th-straight-month-in-may-srx
https://www.straitstimes.com/business/hdb-resale-flat-prices-rise-for-11th-straight-month

Tengah EC plot tender awarded to Taurus Properties for S$400.3m
The Housing and Development Board (HDB) has awarded the tender for a land parcel at Tengah Garden Walk to Taurus Properties for S$400.3 million. Sitting on a plot area of 22,020.8 square metre (sq m), the maiden executive condominium (EC) housing site has a maximum gross floor area of 61,659 sq m and is estimated to accommodate 615 units.
https://www.businesstimes.com.sg/real-estate/tengah-ec-plot-tender-awarded-to-taurus-properties-for-s4003m
https://www.straitstimes.com/singapore/housing/record-400m-for-first-ec-site-in-tengah-forest-town

Singapore Economy

S’pore resident unemployment rate declines for sixth straight month
Singapore’s labour market continued its recovery in April this year, latest statistics from the Ministry of Manpower showed yesterday. The resident unemployment rate, which covers Singapore citizens and permanent residents, declined for the sixth consecutive month.
https://www.straitstimes.com/business/spore-resident-unemployment-rate-declines-for-sixth-straight-month
https://www.businesstimes.com.sg/government-economy/singapore-unemployment-situation-keeps-improving-in-april-for-citizens-residents

Companies’ Brief

CDL reported to have filed for S$940m S-Reit IPO
City Developments Limited (CDL) has applied for an initial public offering (IPO) of a real estate investment trust (Reit), which could raise some £500 million (S$940 million) on the Singapore Exchange, Bloomberg has reported. The Reit, which aims to list in Q3, will have a portfolio size of about £1.8 billion, sources told Bloomberg on Thursday.
https://www.businesstimes.com.sg/companies-markets/cdl-reported-to-have-filed-for-s940m-s-reit-ipo

CDL confirms applications have been made for S-Reit IPO
City Developments Limited (CDL) has confirmed an earlier Bloomberg report that it had applied for an initial public offering (IPO) of a Reit with commercial assets located in the UK, to be listed on the mainboard of the Singapore Exchange (SGX).
https://www.businesstimes.com.sg/companies-markets/cdl-confirms-applications-have-been-made-for-s-reit-ipo
https://www.straitstimes.com/business/companies-markets/cdl-said-to-have-filed-for-940-million-reit-ipo-on-sgx

HPL ropes in IHG to rebrand Hilton hotel as voco Orchard Singapore
The 51-year-old Hilton Singapore, a landmark Orchard Road hotel belonging to Hotel Properties Limited (HPL), will be rebranded as a fairly new brand under IHG Hotels & Resorts. The 423-room voco Orchard Singapore will open its doors in January next year.
https://www.businesstimes.com.sg/real-estate/hpl-ropes-in-ihg-to-rebrand-hilton-hotel-as-voco-orchard-singapore
https://www.straitstimes.com/business/companies-markets/hilton-singapore-to-be-rebranded-as-voco-orchard-singapore-under-ihg

Mapletree Investments’ FY2021 net profit grows 4% to $1.85b
Property developer and manager Mapletree Investments on Wednesday posted a net profit of $1.85 billion for the financial year ended March 31, a 4 per cent increase from the previous year. It said this was underpinned by significant investments in global logistics and data centres.
https://www.straitstimes.com/business/companies-markets/mapletree-investments-fy2021-net-profit-grows-4-to-185b

Ascendas Reit to divest three properties in Australia for S$128.7m
Ascendas real estate investment trust (Reit) will divest three logistics properties in Australia for a total of A$125.1 million (S$128.7 million). The sale price is around 16.8 per cent higher than the total market valuations of the properties of A$107.1 million as at Dec 31, 2020.
https://www.businesstimes.com.sg/companies-markets/ascendas-reit-to-divest-three-properties-in-australia-for-s1287m

Views, Reviews, Forum & Others

Shots for students ahead of some adults a sensible strategy
Singapore’s latest decision to offer Covid-19 vaccines first to students – and then to adults under 40 years old – has been panned by some on the grounds of unfairness. But the move, criticised by some, makes economic sense when its implications are taken into account: prioritising today’s students protects the continuity of tomorrow’s workforce.
https://www.businesstimes.com.sg/opinion/shots-for-students-ahead-of-some-adults-a-sensible-strategy

Singapore firms in Taiwan hit by Covid-19 surge, drought, power cuts, chip shortages
Some Singapore businesses with a presence in Taiwan are feeling the ripples from a partial lockdown in the territory, which was previously a haven from Covid-19 but is now threatened by a surge in cases, a drought and power shortages.
https://www.businesstimes.com.sg/sme/singapore-firms-in-taiwan-hit-by-covid-19-surge-drought-power-cuts-chip-shortages

Global tourism could recover to pre-pandemic levels by 2024: Experts
Global tourism could recover to pre-pandemic levels only by 2024, with some countries expected to recover faster than others. Management consulting firm McKinsey & Company made this prediction based on various global tourism recovery scenarios which examine the impact of virus containment…
https://www.straitstimes.com/singapore/consumer/global-tourism-could-recover-to-pre-pandemic-levels-by-2024-experts

Update on COVID-19 (Coronavirus Disease 2019) Situation

Hidden community cases remain a concern: Wong
Hidden Covid-19 cases in the community remain a source of concern, said Finance Minister Lawrence Wong yesterday, adding that the recent outbreak in a home for intellectually disabled adults is a “stark reminder” of this fact.
https://www.straitstimes.com/singapore/health/hidden-community-cases-remain-a-concern-wong

New Covid-19 cluster of 13 cases at Block 506 in Hougang Avenue 8
A new Covid-19 cluster of 13 cases at Block 506 in Hougang Avenue 8 has been announced by the Ministry of Health (MOH) on Thursday. Whole genome sequencing and phylogenetic analysis conducted by the National Public Health Laboratory revealed links among previous cases to the cluster, said MOH.
https://www.businesstimes.com.sg/government-economy/new-covid-19-cluster-of-13-cases-at-block-506-in-hougang-avenue-8-0
https://www.straitstimes.com/singapore/35-new-community-cases-fresh-cluster-at-hougang-hdb-block

Covid-19 tests for residents, visitors at 8 Hougang blocks
Residents, visitors and staff at eight Housing Board blocks in Hougang will undergo Covid-19 swab tests, after new cases of infection were reported in their vicinity. The tests will be mandatory for residents and visitors of Block 506 Hougang Avenue 8, as well as shop staff in neighbouring blocks, the Ministry of Health (MOH) said yesterday.
https://www.straitstimes.com/singapore/health/covid-19-tests-for-residents-visitors-at-8-hougang-blocks

No outings since May 7 for residents of Minds home with 27 infections
All residents of MINDSville@Napiri Adult Disability Home have had their outings and home leave suspended since May 7, but they were allowed to keep their medical appointments outside of the premises. A spokesman for the Movement for the Intellectually Disabled of Singapore (Minds) said staff members who live in the home have also not been allowed to leave the premises since May 7…
https://www.straitstimes.com/singapore/no-outings-since-may-7-for-residents-of-minds-home-with-27-infections

No further cases at community hospital after student nurse tests positive
No additional Covid-19 cases from Ang Mo Kio-Thye Hua Kwan Hospital have been detected so far after a 17-year-old nursing student from the community hospital tested positive for the virus on Monday. The ward she worked in has been locked down, with non-essential services there suspended, the hospital’s chief executive, Mr Ardi S. Hardjoe, said yesterday.
https://www.straitstimes.com/singapore/health/no-further-cases-at-community-hospital-after-student-nurse-tests-positive

Covid-19 vaccination drive for over 400,000 students kicks off
The national Covid-19 vaccination drive for more than 400,000 students kicked off yesterday, with over 9,000 students registered to receive their jabs on that day. Since Tuesday, students taking their N-, O-and A-level examinations as well as those in polytechnics or their first year of junior college have been invited to take the vaccine.
https://www.straitstimes.com/singapore/health/covid-19-vaccination-drive-for-over-400000-students-kicks-off

S’pore, S. Korea in talks on air travel bubble since March
Singapore is said to be one of the top choices for South Korea to launch a travel bubble with. The Straits Times understands that the two countries started “very preliminary, exploratory talks at the working level” in March.
https://www.straitstimes.com/asia/east-asia/spore-s-korea-in-talks-on-air-travel-bubble-since-march

*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