DAILY NEWS

Daily News – 5 January 2022 (Wed)

Singapore Real Estate

Collective sale market faces rougher terrain in 2022
The collective sale market had started to pick up in 2021 before the property cooling measures hit, a development which will turn developers more cautious. While deals should still be concluded this year as diminishing unsold supply prompts developers to replenish their land banks, over-priced sites are unlikely to find buyers amid heightened risk.
https://www.businesstimes.com.sg/real-estate/collective-sale-market-faces-rougher-terrain-in-2022

Kwee’s new Nassim luxury project aims at the super wealthy, with an eye on S$6,000 psf
An ultra-luxurious 4-unit complex in the Nassim enclave, originally developed for motoring tycoon Peter Kwee’s family use, has been put on the market with target asking prices of around S$6,000 per square foot (psf) on average.
https://www.businesstimes.com.sg/real-estate/kwees-new-nassim-luxury-project-aims-at-the-super-wealthy-with-an-eye-on-s6000-psf

Singapore Economy

Singapore PMI ends 2021 on higher note amid overall improving sentiment in Asia
Singapore manufacturing sentiment ended 2021 on a hopeful note amid improving economic conditions, echoing the rising optimism elsewhere in Asia. The Purchasing Managers’ Index (PMI) inched up 0.1 point to 50.7 in December, following a brief dip in the previous month and marking 18 straight months of expansion, said the Singapore Institute of Purchasing and Materials Management (SIPMM) on Tuesday (Jan 4).
https://www.businesstimes.com.sg/government-economy/singapore-pmi-ends-2021-on-higher-note-amid-overall-improving-sentiment-in-asia
https://www.straitstimes.com/business/economy/singapore-manufacturing-activity-expands-at-faster-pace-in-december

EY calls for loss carry-back relief cap to be raised tenfold to S$1m in Budget 2022 wishlist
Professional services firm Ernst & Young Solutions (EY) is calling for a temporary liberalisation of loss carry-back rules and for the cap to be raised tenfold to S$1 million which would increase the cash flow relief to companies in its Budget 2022 wishlist released on Tuesday (Jan 4).
https://www.businesstimes.com.sg/government-economy/ey-calls-for-loss-carry-back-relief-cap-to-be-raised-tenfold-to-s1m-in-budget
https://www.straitstimes.com/business/supporting-firms-enabling-workforce-transformation-among-ey-budget-wishlist

Payment performance of local firms improves slightly in Q4: SCCB
The payment performance of firms in Singapore has improved slightly after 2 consecutive quarters of deterioration, with all sectors recording a decline in slow payments on a quarter-on-quarter basis, said the Singapore Commercial Credit Bureau (SCCB) on Tuesday (Jan 4).
https://www.businesstimes.com.sg/government-economy/payment-performance-of-local-firms-improves-slightly-in-q4-sccb
https://www.straitstimes.com/business/economy/payment-performance-of-local-firms-improves-slightly-in-q4-sccb

S-Reits pivot to ‘new economy’ in tough 2021; look forward to brighter year ahead
Singapore-listed real estate investment trusts (S-Reits) underperformed in 2021, weighed down by prolonged pandemic-related restrictions and growing fears of inflation and rising interest rates. The iEdge S-Reit Index edged up 0.9 per cent in 2021 and chalked up a total return of 5.2 per cent.
https://www.businesstimes.com.sg/companies-markets/wealth-investing/s-reits-pivot-to-new-economy-in-tough-2021-look-forward-to

Companies’ Brief

Brokers’ take: UOBKH upgrades CDL Hospitality Trusts to ‘buy’, positive on global Covid recovery
Though the United Kingdom is currently in the eye of an Omicron variant storm, UOB Kay Hian (UOBKH) is positive that the country will see recovery resume in the second quarter of 2022, driven by domestic and intra-regional corporate and leisure travel.
https://www.businesstimes.com.sg/companies-markets/brokers-take-uobkh-upgrades-cdl-hospitality-trusts-to-buy-positive-on-global-covid

Centurion’s newly formed exco will boost its decision-making process: experts
While there are several governance risks associated with delegating board functions to an executive committee (exco), corporate governance experts The Business Times (BT) spoke to said that Centurion Corporation’s newly formed exco could help strengthen the group’s decision-making processes.
https://www.businesstimes.com.sg/companies-markets/centurions-newly-formed-exco-will-boost-its-decision-making-process-experts

Sharpened focus on sustainability brings opportunities for future growth
Keppel Corporation’s focus on sustainability is nothing new, as the group had been in the business of green buildings, water treatment and waste-to-energy plants several years before the topic of climate change began garnering global attention.
https://www.businesstimes.com.sg/energy-commodities/green-business/sharpened-focus-on-sustainability-brings-opportunities-for-future

Knight Frank hires Chia Mein Mein to helm en bloc, land sales
Chia Mein Mein has joined Knight Frank Singapore as its head of capital markets (land and collective sale), the property consultancy announced on Tuesday (Jan 4). Meanwhile, Ian Loh has left the firm, where he was most recently the head of capital markets (land and building, collective and strata sales).
https://www.businesstimes.com.sg/real-estate/knight-frank-hires-chia-mein-mein-to-helm-en-bloc-land-sales

Hatten Land associate ECXX gets recognised market operator status
Fintech company ECXX Global, an associate of Hatten Land, has been granted a recognised market operator (RMO) licence by the Monetary Authority of Singapore (MAS). The licence recognises ECXX, which Hatten Land has a 19.3 per cent equity interest in, as a RMO in respect of operating an organised market for securities and collective investment schemes relating solely to capital markets products.
https://www.businesstimes.com.sg/companies-markets/hatten-land-associate-ecxx-gets-recognised-market-operator-status

Views, Reviews, Forum & Others

The golden thread running through sustainability
Environmental, social and governance (ESG) issues have become mainstream considerations for businesses today. With much of the attention paid to the environmental aspects (such as climate change and pollution) and increasingly the social aspects (such as workplace health and safety), it may appear to the casual observer that the governance aspects (such as board structure and accountability) are neglected.
https://www.businesstimes.com.sg/opinion/the-golden-thread-running-through-sustainability

Companies finding ways to keep long-tenured IDs on their boards even as 9-year rule comes into effect
The 9-year term limit for independent directors (IDs) of locally listed companies – which only came into effect on Jan 1 – is already at risk of becoming a joke in the market. The rule is supposed to encourage board renewal and empower shareholders to assess the independence of long-tenured IDs.
https://www.businesstimes.com.sg/opinion/companies-finding-ways-to-keep-long-tenured-ids-on-their-boards-even-as-9-year-rule-comes

Bad news, London and NYC: finance hubs are becoming obsolete
Stand on the steps of The Royal Exchange in the heart of the City of London and you can picture the churn of people 200 years ago or more in what was becoming the world’s preeminent financial hub. Stock jobbers, traders and financiers would stream between its great limestone columns with the Bank of England to one side and all surrounded by offices of bankers or trading houses and alleyways to the ever-busy coffee shops.
https://www.businesstimes.com.sg/opinion/bad-news-london-and-nyc-finance-hubs-are-becoming-obsolete

10 economic trends that could define 2022
(Financial Times) – For the second year running, the pandemic has reshaped the world – not changing everything, but accelerating many things, from population decline to digital revolution. Here is how these trends could define 2022.
https://www.straitstimes.com/opinion/10-economic-trends-that-could-define-2022

Update on COVID-19 (Coronavirus Disease 2019) Situation

842 new Covid-19 cases in Singapore,weekly infection growth rate rises to 1.09
[Singapore] There were 842 new Covid-19 cases as at noon on Tuesday (Jan 4), including 502 imported infections, the Ministry of Health reported in its daily update. The weekly infection growth rate on Tuesday was 1.09, up from up from Monday’s 0.95.
https://www.businesstimes.com.sg/government-economy/842-new-covid-19-cases-in-singaporeweekly-infection-growth-rate-rises-to-109
https://www.straitstimes.com/singapore/health/842-new-covid-19-cases-reported-in-sporeweekly-infection-growth-rate-rises-to-109

Omicron could be dominant Covid-19 strain in S’pore in 2 months: Expert
Singapore – The highly contagious Omicron variant could completely replace the Delta variant in the next two months as the dominant Covid-19 strain in Singapore, infectious diseases expert Dale Fisher said on Tuesday (Jan 4).
https://www.straitstimes.com/singapore/health/omicron-could-be-dominant-covid-19-strain-in-spore-in-2-months-expert

Some Covid-19 patients ineligible for recovery at home can now do so, with roll-out of ‘virtual wards’
Singapore – Some hospitals here have been setting up Covid-19 “virtual wards” so that those whose conditions are stable, but are ineligible for the home recovery programme, will also be allowed to recover from the comfort of their homes.
https://www.straitstimes.com/singapore/health/hospitals-set-up-covid-19-virtual-wards-for-those-who-are-stable-but-ineligible-for-home-recovery

*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