DAILY NEWS

Daily News – 5 Feb 2021 (Fri)

Singapore Real Estate

URA looking into property agents’ commissions, say sources
The Urban Redevelopment Authority (URA) is sussing out the latest commission rates that developers pay to agents to sell new private residential properties in Singapore, The Business Times (BT) understands. Industry participants told BT that URA recently queried housing developers on how much they are offering property agents to market their new launches.
https://www.businesstimes.com.sg/real-estate/ura-looking-into-property-agents-commissions-say-sources

13 HDB resale flats sold for over S$1m in Jan
The Housing Board resale market started the year on a strong footing as prices rose for the seventh consecutive month in January, according to flash data from real estate portal SRX released on Thursday. Resale prices rose by 1.7 per cent last month, compared with December 2020. The overall price increase was 7.7 per cent compared to 2020, but still 7 per cent lower than the peak in April 2013.
https://www.businesstimes.com.sg/real-estate/13-hdb-resale-flats-sold-for-over-s1m-in-jan
https://www.straitstimes.com/singapore/housing/13-hdb-resale-flats-sold-for-at-least-1m-last-month

Assisted living units among 3,740 BTO flats for sale
A total of 3,740 Build-To-Order (BTO) flats, including Singapore’s first assisted living public housing project for seniors, were launched for sale by the Housing Board yesterday in the first sales exercise of the year. The flats are spread across seven housing projects in the mature towns of Kallang/Whampoa and Toa Payoh (Bidadari), and the non-mature towns of Bukit Batok and Tengah.
https://www.straitstimes.com/singapore/housing/assisted-living-units-among-3740-bto-flats-for-sale

First BTO launch in years for Queenstown, Jurong East soon
For the first time in almost a decade, about 610 Build-To-Order (BTO) flats will be launched for sale in Queenstown, Singapore’s oldest town and one of the most sought-after mature housing estates. Another 560 BTO flats will be launched in Jurong East, which will be getting its first new units in 10 years. The two housing projects are among seven BTO sites offering about 4,900 flats that will be launched by the Housing Board in August
https://www.straitstimes.com/singapore/housing/first-bto-launch-in-years-for-queenstown-jurong-east-soon

Singapore Economy

Panel mulls extending progressive wages to food-services sector
Consumers may have to pay more to eat out so low-wage workers, including cooks, waiters and kitchen assistants can earn higher wages. This could be the impact of a move to raise the income of low-wage workers in the food-services sector, said Senior Minister of State for Manpower Zaqy Mohamad on Thursday.
https://www.businesstimes.com.sg/government-economy/panel-mulls-extending-progressive-wages-to-food-services-sector
https://www.straitstimes.com/singapore/jobs/progressive-wages-in-food-service-sector-under-study

F&B, retail firms hope for continued government support this year
With the waning of government support measures that kept many local companies afloat over the past year, firms in the retail and food and beverage (F&B) sector are bracing for things to get tougher before they get better in 2021. Companies told The Business Times that they hope Budget 2021 will maintain some level of support for the sector, as revenues are still below pre-Covid levels while costs of business continue to rise.
https://www.businesstimes.com.sg/sme/singapore-budget-2021/fb-retail-firms-hope-for-continued-government-support-this-year

Canadian minister calls for closer ties, more collaboration with S’pore
It is in the mutual interest of Singapore and Canada to grow their trade and economic relations while working together on strengthening a global rules-based trading system, said Ms Mary Ng, Canada’s Minister of Small Business, Export Promotion and International Trade. “There is both an immense interest and an opportunity in strengthening the economic and cultural ties between our countries, from working together to bolster rules-based trade to working on collaborations like our (memorandum of understanding) on infrastructure in building smart cities,” she said yesterday at a webinar organised by the Singapore Manufacturing Federation.
https://www.straitstimes.com/business/economy/canadian-minister-calls-for-closer-ties-more-collaboration-with-spore

Companies’ Brief

GuocoLand’s half-year net profit falls 69% to S$22.9m on lower revenue
GuocoLand’s half-year net profit has more than halved year-on-year to S$22.9 million, due to lower revenue and higher tax expenses on its project in Shanghai, China. On Thursday, Guocoland reported that its net profit fell 69 per cent from S$74.5 million for the six months ended Dec 31, 2020. Topline dropped 44 per cent to S$319.6 million, from S$572.1 million a year ago.
https://www.businesstimes.com.sg/companies-markets/guocolands-half-year-net-profit-falls-69-to-s229m-on-lower-revenue

Singapore’s fourth desalination plant underscores Keppel’s Vision 2030
The development of Singapore’s fourth desalination plant, the Keppel Marina East Desalination Plant (KMEDP), underscores the Keppel group’s new direction to pivot to sustainable solutions. Ong Tiong Guan, chief executive of Keppel Infrastructure, said: “The development and operation of the KMEDP is very much in line with Keppel’s Vision 2030, which envisages the group providing environmental solutions to contribute to sustainable urbanisation.”
https://www.businesstimes.com.sg/companies-markets/singapore%E2%80%99s-fourth-desalination-plant-underscores-keppel%E2%80%99s-vision-2030
https://www.straitstimes.com/singapore/environment/opening-of-4th-desalination-plant-a-boost-to-water-security

Strong demand for Surbana Jurong’s public sustainability-linked bond
Surbana Jurong Group has priced a $250 million sustainability-linked bond due in 2031. The urban, infrastructure and managed services consulting firm said the facility – more than six times oversubscribed – is the first Singapore dollar-denominated sustainability-linked bond. It is also the first public sustainability-linked bond issuance from a South-east Asia-based company.
https://www.straitstimes.com/business/companies-markets/strong-demand-for-surbana-jurongs-public-sustainability-linked-bond

Yanlord’s contracted pre-sales more than double to 5.2b yuan in January
Chinese property developer Yanlord Land Group recorded 5.2 billion yuan (S$1.1 billion) in total contracted pre-sales from residential units, commercial units and car parks in January, more than twice the 2.1 billion it recorded in the previous year. The pre-sales were for a contracted gross floor area (GFA) of 159,718 square metres (sq m), a 161.8 per cent increase from the year before. The figures are from the company’s unaudited key operating figures it released on Thursday.
https://www.businesstimes.com.sg/companies-markets/yanlords-contracted-pre-sales-more-than-double-to-52b-yuan-in-january

Views, Reviews, Forum & Others

Towards a city-state of infinite possibilities
The maxim “opportunities in a crisis” has often been used in the context of the pandemic. It might be applied to Singapore’s Budget 2021, albeit with one small twist: The Budget will also need to address opportunities beyond the immediate crisis. As the fallout from the pandemic continues to reverberate around the world, Budget 2021 can lay the groundwork for Singapore’s long-term success in the post-crisis world.
https://www.businesstimes.com.sg/opinion/singapore-budget-2021/towards-a-city-state-of-infinite-possibilities

Will fewer foreign workers help low-wage Singaporeans?
Policies restricting number of foreign workers lead businesses to adjust in several ways.
https://www.straitstimes.com/opinion/will-fewer-foreign-workers-help-low-wage-singaporeans

Business travel faces hit even post-pandemic; ESG is another factor
As corporates become accustomed to video-conferencing and appreciate its benefits, market watchers expect this to hit the demand for business travel when it is safe to fly again. Also, climate concern could be a broader impetus for organisations to reduce business travel as part of their environment, social and governance (ESG) initiatives. However, observers are unable to project the quantum of decline in business travel.
https://www.businesstimes.com.sg/transport/business-travel-faces-hit-even-post-pandemic-esg-is-another-factor

Work on transport hub in Jurong East to start this year
The contract for the design and building of the Jurong East integrated transport hub has been awarded, 12 years after it was first mentioned by then Transport Minister Raymond Lim. The Land Transport Authority (LTA) yesterday announced the decision to contract the works to the Singapore branch of China Communications Construction Company for $477.4 million. Building works should start as early as the second quarter of this year, in time for its previously set completion year of 2027.
https://www.straitstimes.com/singapore/transport/work-on-transport-hub-in-jurong-east-to-start-this-year

More can be done to boost spending under tourism voucher scheme
In August last year, the Government announced that $320 million in the form of SingapoRediscovers vouchers would be set aside to save the tourism industry. These vouchers take the form of $100 credits that Singaporeans can spend on hotel stays, entry to attractions and tours. Redemption of the vouchers started last December and will last until June 30, a period covering the December, March and June school holidays.
https://www.straitstimes.com/singapore/consumer/more-can-be-done-to-boost-spending-under-tourism-voucher-scheme

Update on COVID-19 (Coronavirus Disease 2019) Situation

Woman who tested positive for Covid-19 reclassified as an imported case: MOH
[Singapore] A 35-year-old long-term visit pass holder reported as an unlinked community case on Wednesday (Feb 3) has been reclassified as an imported case, said the Ministry of Health (MOH) on Thursday night. A serology test for the woman came back positive, indicating a likely past infection, it added.”Given her serology status and recent travel history to India between Nov 30 and Jan 6, we have re-classified this case as imported,” said MOH.
https://www.businesstimes.com.sg/government-economy/woman-who-tested-positive-for-covid-19-reclassified-as-an-imported-case-moh
https://www.straitstimes.com/singapore/community-case-reported-earlier-reclassified-as-imported
*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