DAILY NEWS

Daily News – 2, 3 & 4 July 2022 (Sat, Sun & Mon)

Singapore Real Estate

Prices of new leasehold condos in suburbs set to rise
Singapore – New 99-year leasehold condominiums in the suburbs – a segment buttressed by HDB upgraders – are about to get even pricier. Two upcoming large projects in the suburbs – the 372-unit AMO Residence in Ang Mo Kio Avenue 1 and the 605-unit mixed development Lentor Modern – are likely to be launched at a median price of around $2,000 per sq ft…
https://www.straitstimes.com/singapore/prices-of-new-leasehold-condos-in-suburbs-set-to-rise

Bright Ruby Resources buys Income At Raffles for slightly over S$1 billion
Singapore-based Bright Ruby Resources group has emerged as the buyer of Income At Raffles at 16 Collyer Quay. The price is understood to have crossed S$1billion, reflecting slightly over S$3,600 per square foot on the net lettable area of 276,451 sq ft.
https://www.businesstimes.com.sg/real-estate/bright-ruby-resources-buys-income-at-raffles-for-slightly-over-s1-billion

S-Reits – shelter from the storm in H1 2022
The iEdge S-Reit Index held resilient for the first half of 2022, generating flat total returns compared to the FTSE EPRA Nareit Developed Index (a benchmark for global Reits) which declined 18 per cent.
https://www.businesstimes.com.sg/companies-markets/s-reits-shelter-from-the-storm-in-h1-2022

Owners of Sers flats in Ang Mo Kio to get option of replacement flats with shorter 50-year lease
Two new rehousing options under the Selective En bloc Redevelopment Scheme (Sers) will be introduced to provide more choices that meet the different needs of residents. The first to be able to use these options will be the owners of Sers flats in Ang Mo Kio, in a move which addresses their concerns about having to fork out cash for similar-sized replacement units.
https://www.businesstimes.com.sg/real-estate/owners-of-sers-flats-in-ang-mo-kio-to-get-option-of-replacement-flats-with-shorter-50
https://www.straitstimes.com/singapore/housing/sers-flat-owners-in-ang-mo-kio-welcome-new-50-year-lease-option-for-replacement-units

With workplace deaths on the rise again, S’pore could do with a fresh look on safety
Singapore – A review of current workplace safety and health (WSH) personnel requirements is under way after 27 workers, both local and foreign, died in the first six months of this year – double that of the same period in 2019 and the most since 2016.
https://www.straitstimes.com/singapore/on-the-ground-with-workplace-deaths-on-the-rise-again-spore-could-do-with-a-fresh-look-on-safety

Singapore Economy

Ukraine war will hurt Singapore’s economic growth but not all is lost
Singapore – The fallout from the Ukraine war is boosting inflation and bleeding economies worldwide, which in turn has dampened trade-driven Singapore’s growth outlook while threatening to send living costs sky high.
https://www.straitstimes.com/business/economy/ukraine-war-will-hurt-singapores-economic-growth-but-not-all-is-lost

How S’pore has responded as consumer prices reach 13-year high
Singapore – After consumer prices here reached a 13-year high in May, Singapore initiated several measures to help people and businesses cope with inflation. Disruptions to supply chain, among other factors, pushed May’s core inflation to 3.6 per cent – the highest rate that Singapore has faced since December 2008, when it hit 4.2 per cent.
https://www.straitstimes.com/singapore/13-year-high-core-inflation-how-singapore-is-coping-with-rising-prices

Electricity, petrol prices in S’pore to keep rising as global supply outlook worsens
Singapore – Singaporeans must brace themselves for high electricity and petrol prices over a protracted period as the global supply of motor fuels such as petroleum and diesel remains tight due to limited production capacity, while Europe scrambles to replace energy imports from Russia.
https://www.straitstimes.com/singapore/consumer/electricity-petrol-prices-in-spore-to-keep-rising-as-global-supply-outlook-worsens

Delay in global minimum corporate tax will give policymakers time for more orderly execution
A 1-year delay in the implementation of the global minimum corporate tax of 15 per cent, to 2024, will be welcomed by industry players as it allows for a more orderly execution of very complex rules and gives policymakers time to assess how different countries plan to fulfil the requirements.
https://www.businesstimes.com.sg/global-enterprise/delay-in-global-minimum-corporate-tax-will-give-policymakers-time-for-more-orderly

Temasek tops best practices leaderboard for state-owned investors
Singapore’s state investor Temasek has overtaken Australia’s Future Fund as the world’s largest state-owned investment fund with best practices in governance, sustainability and resilience.
https://www.businesstimes.com.sg/government-economy/temasek-tops-best-practices-leaderboard-for-state-owned-investors

Companies’ Brief

Aims Apac Reit’s plan to acquire Sime Darby Business Centre falls through
Aims Apac Reit’s manager announced on Monday (Jul 4) in a bourse filing that its plan to acquire the property along 315 Alexandra Road — Sime Darby Business Centre — has fallen through. Both the purchaser and vendor will not be going through with the deal as “renegotiation of the principal terms and conditions of the acquisition were not concluded”, said the real estate investment trust’s (Reit) manager, hence necessary regulatory approvals were not obtained by the target date of Jul 1.
https://www.businesstimes.com.sg/companies-markets/aims-apac-reits-plan-to-acquire-sime-darby-business-centre-falls-through
https://www.straitstimes.com/business/companies-markets/aims-apac-reits-plan-to-acquire-sime-darby-business-centre-falls-through

Ascott to acquire Oakwood Worldwide from Mapletree Investments
CapitaLand Investment Limited : 9CI +0.79% (CLI) on Monday (Jul 4) announced its wholly-owned lodging business unit The Ascott is acquiring serviced apartment provider Oakwood Worldwide from Mapletree Investments.
https://www.businesstimes.com.sg/companies-markets/ascott-to-acquire-oakwood-worldwide-from-mapletree-investments
https://www.straitstimes.com/business/companies-markets/ascott-to-acquire-oakwood-worldwide-from-mapletree-investments

CapitaLand Integrated Commercial Trust sets sights on scaling global ranks
Tony Tan, chief executive officer of CapitaLand Integrated Commercial Trust (CICT), has big ambitions for the Singapore-listed real estate investment trust (S-Reit). CICT’s S$14.3 billion market capitalisation as at Jul 1 ranks it as the biggest S-Reit, and one of the 15 biggest counters listed on the Singapore Exchange (SGX).
https://www.businesstimes.com.sg/companies-markets/capitaland-integrated-commercial-trust-sets-sights-on-scaling-global-ranks

Cuscaden Peak should focus on growing SPH’s retail and student housing Reits
It has been just over 8 months since Cuscaden Peak submitted a proposal to the board of directors of Singapore Press Holdings (SPH) to acquire all the shares of SPH. Cuscaden has since prevailed over Keppel Corp in the fight for SPH, which was delisted in May. Resulting from acquiring SPH, Cuscaden made a mandatory chain offer for (real estate investment trust).
https://www.businesstimes.com.sg/opinion/cuscaden-peak-should-focus-on-growing-sphs-retail-and-student-housing-reits

Park Hotel Management, liquidators sue director over disposal of assets
Park Hotel Management (PHMPL) and its liquidators have filed a lawsuit against PHMPL’s sole director and shareholder Allen Law Ching Hung and 3 other companies over matters relating to assets sold to entities related to Law before PHMPL was placed into winding up.
https://www.businesstimes.com.sg/real-estate/park-hotel-management-liquidators-sue-director-over-disposal-of-assets

PropertyGuru’s chief guru keeps things real
There you are, running LinkedIn’s Asia-Pacific operations from Singapore, having earlier grown the professional network’s members more than fivefold to 18 million in the four years you ran its India operations out of Mumbai.
https://www.straitstimes.com/business/invest/propertygurus-chief-guru-keeps-things-real

Tiong Seng to purchase majority stake in loss-making engineering company for S$3.3m
Tiong Seng has agreed to acquire 51 per cent of electrical and mechanical engineering works provider, AMP Systems, for a consideration of S$3.3 million. While the acquisition will result in a S$140,000 net loss attributable to Tiong Seng, the construction group said its board believes the transaction will benefit the group by allowing it to capitalise upon AMP’s existing business.
https://www.businesstimes.com.sg/companies-markets/tiong-seng-to-purchase-majority-stake-in-loss-making-engineering-company-for-s33m

Views, Reviews, Forum and Others

Investing in a crisis: How to keep calm and carry on
Market crises bring out the worst in an investor. Today’s environment has the feel of a crisis to it. Stock and bond markets are still down in double digits for the year; inflation is persistent; war drags on; and the Federal Reserve is resolutely hawkish.
https://www.businesstimes.com.sg/wealth-investing/investing-in-a-crisis-how-to-keep-calm-and-carry-on

Future of hybrid work in S’pore: Finding room for flexibility in remote working rules
Singapore – The stage of discourse on remote working in Singapore is lagging behind some countries and rules that protect both workers and employers still need to be set, say lawyers.
https://www.straitstimes.com/singapore/jobs/future-of-hybrid-work-in-spore-finding-room-for-flexibility-in-remote-working-rules

Commentary: Why is sunny Singapore not covered with rooftop solar panels?
Singapore: Rising fuel prices and other costs of living have delivered a stark reminder of how reliant we are on oil and gas, making the transition to renewable energy even more urgent.
https://www.channelnewsasia.com/commentary/singapore-renewable-energy-rooftop-buildings-solar-electricity-costs-2782796

China’s Big Tech firms drive talent war in Singapore
At the start of the year, former civil servant Ye Jiahui (pseudonym) left the government agency where she had worked for 9 years for the private sector, joining one of China’s tech giants.
https://www.businesstimes.com.sg/asean-business/chinas-big-tech-firms-drive-talent-war-in-singapore

Crypto firms feel the heat as sell-off continues, prices fall
Singapore – Promises of outsized returns by some of the biggest names in digital currencies have helped trigger the carnage now roiling the cryptocurrency market. Beleaguered United States-based exchanges Celsius Network and BlockFi and the troubled hedge funds Three Arrows Capital and Babel Finance have all felt the heat in recent weeks as the crypto market sell-off continues and prices fall.
https://www.straitstimes.com/business/invest/crypto-firms-feel-the-heat-as-sell-off-continues-prices-fall-0

Fate of crypto investor Su Zhu’s bungalows hangs in the balance after Three Arrows implosion
The market is abuzz with speculation over the personal assets of Three Arrows Capital (3AC) founder Su Zhu, following news of the crypto hedge fund’s liquidation order by a British Virgin Islands court on Monday (Jun 27).
https://www.businesstimes.com.sg/garage/fate-of-crypto-investor-su-zhus-bungalows-hangs-in-the-balance-after-three-arrows-implosion
https://www.straitstimes.com/business/property/crypto-billionaire-zhu-sus-good-class-bungalows-may-be-up-for-sale-after-collapse-of-three-arrows

Insuring yourself before the rain comes
When the 2008 global financial crisis hit, the biggest challenge in my life then was the Primary School Leaving Examination. I remember rushing to do mock math papers in a bid to master every “tricky question” examiners could throw at us.
https://www.businesstimes.com.sg/companies-markets/insuring-yourself-before-the-rain-comes

Update on COVID-19 (Coronavirus Disease 2019) situation

Workplaces in S’pore not reinstating mandatory regular testing yet despite Covid-19 wave
Singapore – Companies here are not resuming mandatory regular Covid-19 testing yet, despite a new wave of coronavirus cases. Nevertheless, employers The Straits Times spoke to, including the Public Service Division (PSD) and Singapore’s three healthcare clusters, said they are keeping a close eye on the situation and urging their staff to remain vigilant.
https://www.straitstimes.com/singapore/health/workplaces-not-reinstating-mandatory-regular-testing-yet-despite-covid-19-wave

Bukit Merah tuberculosis cluster: Is the disease more contagious than Covid-19?
Singapore – The Ministry of Health (MOH) announced on June 24 that about 170 people at 2 Jalan Bukit Merah tested positive for tuberculosis (TB). The tests were offered to residents and workers at the block after seven people there were diagnosed with the disease between February 2021 and March this year.
https://www.straitstimes.com/singapore/askst-is-tuberculosis-more-contagious-than-covid-19

Covid-19 pandemic report card: Did Singapore pass?
The review of the Government’s response to the pandemic is ongoing. Insight takes its own look at how well Singapore fared in saving lives and livelihoods.
https://www.straitstimes.com/singapore/covid-19-pandemic-report-card-did-singapore-pass

Demand for Covid-19-related products rise amid spike in cases, but supplies are adequate
Singapore – The demand for Covid-19-related products has increased amid the recent spike in infections in Singapore, but retailers assure consumers that there is no shortage in supply.
https://www.straitstimes.com/singapore/demand-for-covid-19-related-products-rise-amid-spike-in-cases-but-supplies-are-adequate

S’poreans still travelling despite global resurgence of Covid-19 cases, missing luggage at airports worldwide
Singapore – It has been more than two years since Ms Siti Nur Iman ventured abroad in January 2020 to spend 12 days in South Korea for her honeymoon. Now that a relaxation of Covid-19 measures has provided the passport to travel again, the 28-year-old designer has made plans for Sept 15 to 30.
https://www.straitstimes.com/singapore/consumer/sporeans-still-travelling-despite-global-resurgence-of-covid-19-cases-missing-luggage-at-airports-worldwide

*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