DAILY NEWS

Daily News – 4 August 2021 (Wed)

Singapore Real Estate

Singapore property executives flag rising construction costs as top risk
Rising costs of construction is the top potential risk factor that may temper sentiment in the next six months, a poll among senior executives of real-estate firms has found. This finding came from the latest Real Estate Sentiment Index (RESI) published by the National University of Singapore Real Estate (NUS+RE),
https://www.businesstimes.com.sg/real-estate/singapore-property-executives-flag-rising-construction-costs-as-top-risk

Buying activity ticks up at some condo projects ahead of repricing
Market watchers have reported an increase in new sales at some private residential projects over the past fortnight, before developers implemented their planned price hikes. When approached by The Business Times (BT), numerous developers declined to comment on the price increases, while others did not respond as at press time.
https://www.businesstimes.com.sg/real-estate/buying-activity-ticks-up-at-some-condo-projects-ahead-of-repricing

800 more interim rental flats for families awaiting BTO units
An additional 800 interim rental Housing Board flats will be set aside for families waiting for their Build-To-Order (BTO) flats to be completed, including those facing construction delays, but there will be stricter eligibility criteria to apply for these units.
https://www.straitstimes.com/singapore/housing/800-more-interim-rental-flats-for-families-awaiting-bto-units

42 firms granted reprieve from Qualifying Certificate rules since February last year
Forty two companies have been exempted from the Qualifying Certificate (QC) regime since the new framework was first introduced in February last year, while the latest refinements to the criteria for exemption could allow for some additional firms to qualify as well.
https://www.businesstimes.com.sg/real-estate/42-firms-granted-reprieve-from-qualifying-certificate-rules-since-february-last-year

Companies’ Brief

GuocoLand, OCBC and Doxa to pilot digital workflow solution for development projects
GuocoLand, OCBC and local fintech Doxa have formed a strategic partnership to develop and pilot the built environment industry’s first end-to-end digital workflow solution, Doxa Connex for Developers. The platform aims to streamline the procurement-and-payments workflow processes for development projects by digitally connecting property developers with banks, contractors, suppliers and consultants in the built-environment value chain.
https://www.businesstimes.com.sg/technology/guocoland-ocbc-and-doxa-to-pilot-digital-workflow-solution-for-development-projects

SPH ends up, Keppel down after privatisation proposal
Investors appeared to cheer Keppel Corp’s surprise bid to take Singapore Press Holdings (SPH)’s non-media business private, and analysts have been mostly positive on the expected value for both Keppel and SPH shareholders.
https://www.businesstimes.com.sg/companies-markets/sph-ends-up-keppel-down-after-privatisation-proposal
https://www.straitstimes.com/business/companies-markets/sphs-shares-rise-after-keppels-privatisation-offer-valuing-it-at-34b
https://www.straitstimes.com/business/companies-markets/analysts-endorse-keppels-move-upgrade-target-valuations-for-firm

OUE posts S$30.1m H1 net profit, reversing year-ago loss even as revenue is halved
Property developer OUE recorded a S$30.1 million net profit for the six months ended June, reversing the year-ago loss of S$207.2 million. The improvement has been attributed to the absence of the fair-value loss recognised on the US Bank Tower last year.
https://www.businesstimes.com.sg/companies-markets/oue-posts-s301m-h1-net-profit-reversing-year-ago-loss-even-as-revenue-is-halved

Pan-United H1 net profit jumps to S$7.3m as construction activities resume
Pan-United, Singapore’s biggest producer of ready-mix concrete, on Tuesday posted a first-half net profit of S$7.3 million – from just S$138,000 in the same period a year ago – as construction activities pick up in Singapore.
https://www.businesstimes.com.sg/companies-markets/pan-united-h1-net-profit-jumps-to-s73m-as-construction-activities-resume

Cromwell E-Reit acquires logistics property in UK for £10m, 3% below valuation
A wholly-owned subsidiary of Cromwell European Reit (CEReit) has acquired a logistics property in Northwest England for £10.0 million (S$18.8 million), a figure that comes in 3 per cent below its independent valuation of £10.3 million.
https://www.businesstimes.com.sg/companies-markets/cromwell-e-reit-acquires-logistics-property-in-uk-for-%C2%A310m-3-below-valuation

Views, Reviews, Forum & Others

Scenario planning for future challenges
The Institute of Policy Studies’ (IPS) two-year-long scenario-planning project, called Reimagining Singapore 2030, will include hypothetical events down the road and decisions on how to approach them. If, for example, Singapore is battered by another and new pandemic in that year…
https://www.straitstimes.com/opinion/st-editorial/scenario-planning-for-future-challenges-0

Investing in China: The game has changed
The carnage in US-listed Chinese stocks last month – the worst since the global financial crisis of 2008 – has upended many foreign investors’ assumptions about investing in Chinese companies.
https://www.straitstimes.com/opinion/investing-in-china-the-game-has-changed

Apec business leaders call for regionally consistent framework for business travel
Asia Pacific business leaders are calling for a regionally consistent framework to minimise the cost and complexity of resuming business travel when the Covid-19 situation allows. It is part of a set of recommendations endorsed by the Apec Business Advisory Council (ABAC) during a virtual meeting on Tuesday and put forth by the ABAC Reopening Borders for Safe and Seamless Travel Taskforce.
https://www.businesstimes.com.sg/government-economy/apec-business-leaders-call-for-regionally-consistent-framework-for-business

ESG as insurance, not for short-term alpha
Investing along environmental, social and governance (ESG) lines has been found to be beneficial for portfolio performance. But it is worthwhile taking a harder look at the true value behind ESG investments, to keep expectations in check.
https://www.businesstimes.com.sg/banking-finance/futureproof-an-esg-series/esg-as-insurance-not-for-short-term-alpha

Expanding the green conversation
Regulatory support is needed in building Singapore as a green finance hub. Singapore is primed to be the go-to hub in sustainable development with the government accelerating the move in a series of steps. Driving this change requires a common language about what it means to go green in terms of finance.
https://www.businesstimes.com.sg/wealth-investing/expanding-the-green-conversation

Update on COVID-19 (Coronavirus Disease 2019) Situation

98 new locally transmitted Covid-19 cases; 31 unlinked
[Singapore] There were 98 new locally transmitted coronavirus cases as at noon on Tuesday (Aug 3). Of the locally transmitted cases, 46 were linked to previous cases and had already been quarantined, while another 21 linked cases were not quarantined when detected.
https://www.businesstimes.com.sg/government-economy/98-new-locally-transmitted-covid-19-cases-31-unlinked

Eight new Covid-19 clusters including a new one at Changi General Hospital
[Singapore] A new Covid-19 cluster has emerged at Changi Genergal Hospital, the Ministry of Health (MOH) on Tuesday night (Aug 3). A total of three cases are linked to the cluster, with two new cases linked to it on Tuesday. Meanwhile, another cluster comprising six cases was linked to construction firm Kian Hiap Construction.
https://www.businesstimes.com.sg/government-economy/eight-new-covid-19-clusters-including-a-new-one-at-changi-general-hospital
https://www.straitstimes.com/singapore/health/100-active-clusters-including-new-one-at-changi-hospital

All Singaporeans can soon walk in to get Pfizer Covid-19 jabs
Singapore – All Singaporeans will soon be able to walk in to get their Covid-19 jabs at vaccination centres offering the Pfizer-BioNTech/Comirnaty vaccines, as well as in polyclinics, said Ministry of Health’s (MOH) group director of the crisis strategy and operations group, Mr Dinesh Vasu Dash, on Tuesday (Aug 3).
https://www.straitstimes.com/singapore/health/all-singaporeans-can-soon-walk-in-to-get-pfizer-covid-19-jabs

4 in 5 at markets, fishery port vaccinated
Four in five of the tenants and workers at Jurong Fishery Port are now fully vaccinated, and nearly nine in 10 have had at least one jab, as the distribution centre reopened for business on Monday. This figure is similar to that for hawkers and cleaners at more than 110 markets and food centres.
https://www.straitstimes.com/singapore/4-in-5-at-markets-fishery-port-vaccinated
https://www.straitstimes.com/singapore/most-jurong-fishery-port-tenants-and-workers-vaccinated

Vulnerable folk to be first in line for booster shots
If Covid-19 booster shots are needed, the elderly and immunocompromised persons will be first in line to get them, said the Ministry of Health’s group director of the crisis strategy and operations group, Mr Dinesh Vasu Dash, yesterday.
https://www.straitstimes.com/singapore/health/vulnerable-folk-to-be-first-in-line-for-booster-shots

Enforcement officers can enter homes without a warrant: URA
Safe distancing enforcement officers can enter, inspect and search various premises, including residences, without a warrant, to check whether Covid-19 regulations are being complied with, said the Urban Redevelopment Authority (URA) on Monday.
https://www.straitstimes.com/singapore/health/enforcement-officers-can-enter-homes-without-a-warrant-ura

*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