DAILY NEWS

Daily News – 6 January 2022 (Thu)

Singapore Real Estate

More project details, simpler payment schedule for homebuyers among URA’s proposed changes
The Urban Redevelopment Authority (URA) is seeking public feedback on key proposed amendments to the Housing Developers Rules (HDR) in Singapore. Among the suggested changes are a simplified schedule for homebuyers to pay the final 15 per cent of the purchase price, a requirement for developers to provide more information on their housing projects, prior approval for advertising the features of a project, and a reduced threshold for claims for any shortfall in the area of a unit.
https://www.businesstimes.com.sg/real-estate/more-project-details-simpler-payment-schedule-for-homebuyers-among-uras-proposed-changes
https://www.straitstimes.com/business/property/home-buyers-to-get-more-accurate-information-from-developers-better-protection-under-proposed-changes

Singapore Economy

Priorities for Singapore in 2022: pandemic, politics, presidency, patriarchy, and planet
By all accounts, 2021 was a challenging year. It was the second year of the raging pandemic. Its dominance and unpredictable arc means that governments and people around the world have had to constantly adapt to the ever-changing normality.
https://www.businesstimes.com.sg/government-economy/priorities-for-singapore-in-2022-pandemic-politics-presidency-patriarchy-and

Singapore’s retail sales up 1.9% in November, slowing from October’s phone-boosted pace
Singapore retail sales rose 1.9 per cent year on year in November, slowing from the previous month’s 7.5 per cent rise, according to a Department of Statistics (Singstat) release on Wednesday (Jan 5). But October’s high figure had been partly driven by increased mobile phone sales due to new launches, noted Singstat.
https://www.businesstimes.com.sg/government-economy/singapores-retail-sales-up-19-in-november-slowing-from-octobers-phone-boosted
https://www.straitstimes.com/business/economy/singapore-retail-sales-up-19-in-november-slowing-after-octobers-iphone-13-boost

Companies’ Brief

Pan-United to power concrete mixer trucks with electricity, hydrogen fuel cells
Concrete and cement provider Pan-United Corporation PanUnited: P52 0% is studying the feasibility of using electric and hydrogen fuel cells to power a fleet of more than 1,000 trucks. The company announced on Wednesday (Jan 5) a partnership between its subsidiary Pan-United Concrete and consultancy Surbana Jurong to study the possibilities of decarbonising Pan-United’s diesel-powered trucking fleet.
https://www.businesstimes.com.sg/companies-markets/pan-united-to-power-concrete-mixer-trucks-with-electricity-hydrogen-fuel-cells

A closer look at the ESR-Sabana deal
The world’s largest investors are doling out more and more capital. But these funds are gravitating towards fewer managers as investors seek size and scale. In light of this trend, real estate investment trusts (Reits) have eyed mergers and acquisitions (M&A) in an attempt to upsize themselves and capture a bigger bite of the market.
https://www.businesstimes.com.sg/hub-projects/corporate-matters/a-closer-look-at-the-esr-sabana-deal

Mapletree merger: Moody’s reviews MCT for downgrade, MNACT for upgrade
Moody’s Investors Service has placed the Baa1 issuer rating of Mapletree Commercial Trust (MCT) on review for downgrade, ahead of its planned merger with Mapletree North Asia Commercial Trust (MNACT) in a S$4.2 billion deal.
https://www.businesstimes.com.sg/companies-markets/mapletree-merger-moodys-reviews-mct-for-downgrade-mnact-for-upgrade

BT Explains: What you need to know about the ALog Trust-ESR-Reit merger
Unitholders of ESR-Reit and Ara Logos Logistics Trust (ALog Trust) will soon need to make a decision on the merger of the 2 real estate investment trusts (Reits). The proposed S$1.4 billion merger will be effected by way of a trust scheme of arrangement and will see ESR-Reit acquiring all of ALog Trust’s units in exchange for a combination of cash and new units.
https://www.businesstimes.com.sg/companies-markets/bt-explains-what-you-need-to-know-about-the-alog-trust-esr-reit-merger

Reits raising funds should allow retail investors a bigger bite for both IPOs and placements
Last year began as a fairly quiet year for new listings of real estate investment trusts (Reits) on the local bourse. But it ended with a bang as Digital Core Reit (DC Reit) made its trading debut on Dec 6, 2021. On its first day of trading, the pure play data centre trust…
https://www.businesstimes.com.sg/companies-markets/reits-raising-funds-should-allow-retail-investors-a-bigger-bite-for-both-ipos-and

SPACs and Reits could be bright spots for local IPO activity in 2022, but risks remain
The Singapore Exchange (SGX) turned in a relatively flat performance year on year in terms of initial public offering (IPO) activity in 2021, with factors including Covid-19 continuing to influence listing activity. Market watchers The Business Times spoke to were optimistic of local equity capital market prospects for this year.
https://www.businesstimes.com.sg/companies-markets/spacs-and-reits-could-be-bright-spots-for-local-ipo-activity-in-2022-but-risks

Views, Reviews, Forum & Others

Seize opportunities from RCEP
Ten years after it was conceived at the 2011 Asean Summit in Bali, the world’s largest trade pact – covering some 30 per cent or US$26 trillion (S$35 trillion) of global gross domestic product and 30 per cent of the world’s population…
https://www.straitstimes.com/opinion/st-editorial/the-straits-times-says-seize-opportunities-from-rcep

Update on COVID-19 (Coronavirus Disease 2019) Situation

805 new Covid-19 cases in Singapore, weekly infection growth rate rises to 1.28
[Singapore] The weekly Covid-19 infection growth rate on Wednesday (Jan 5) was 1.28, up from Tuesday’s 1.09, said the Ministry of Health (MOH). This is the 12th consecutive day it has increased. The rate refers to the ratio of community cases for the past week over the week before.
https://www.businesstimes.com.sg/government-economy/805-new-covid-19-cases-in-singapore-weekly-infection-growth-rate-rises-to-128
https://www.straitstimes.com/singapore/health/805-new-covid-19-cases-in-spore-weekly-infection-growth-rate-rises-to-128

Booster shot will be required within 270 days after last dose
Singapore will require its population to take a booster shot within 270 days after the last dose of their primary Covid-19 vaccination series, to still be considered fully vaccinated beyond this period. The requirement will apply from Feb 14 and is based on recommendations by the expert committee on Covid-19 vaccination (EC19V), the multi-ministry taskforce said in a briefing on Wednesday (Jan 5).
https://www.businesstimes.com.sg/government-economy/booster-shot-will-be-required-within-270-days-after-last-dose
https://www.straitstimes.com/singapore/health/booster-shot-must-be-taken-within-270-days-after-2nd-dose-to-remain-fully-vaccinated

Closing VTLs now will not stop spread of Omicron: Covid taskforce
Not only may barring visitors from countries with high Covid-19 cases affect Singapore’s reputation, the more important question is “Does it help?”, said Ong Ye Kung, co-chair of the multi-ministry taskforce on Covid-19.
https://www.businesstimes.com.sg/government-economy/closing-vtls-now-will-not-stop-spread-of-omicron-covid-taskforce

Tightened border measures helped buy time to prepare healthcare system for Omicron: Lawrence Wong
Singapore – Singapore could have seen a surge in Omicron cases last month, but the tightened testing protocols put in place helped buy time to prepare for the Covid-19 variant, said Finance Minister Lawrence Wong on Wednesday (Jan 5).
https://www.straitstimes.com/singapore/health/tightened-border-measures-helped-buy-time-to-prepare-healthcare-system-for-covid-19-omicron-variant-lawrence-wong

US unaware of S’pore’s Covid-19 data when it advised against travel here: Ong Ye Kung
Singapore – The United States Centres for Disease Control and Prevention (CDC) advised Americans against travelling to Singapore because it is not aware of the city-state’s Covid-19 surveillance test numbers, said Health Minister Ong Ye Kung on Wednesday (Jan 5).
https://www.straitstimes.com/singapore/health/us-unaware-of-spores-covid-19-data-when-it-advised-against-travel-here-ong-ye-kung

Covid-19 curbs likely to stay through Chinese New Year
Singaporeans may have to celebrate Chinese New Year (CNY) in groups of no more than 5, as the highly mutated Omicron variant of the coronavirus threatens to spark a new wave of Covid-19 infections. Finance Minister Lawrence Wong, a co-chair of the multi-ministry taskforce on Covid-19, said on Wednesday (Jan 5) that “we don’t intend to relax further at this time, and we will try not to have to tighten” social restrictions until the Omicron wave passes, which is unlikely to happen before the CNY holiday in February.
https://www.businesstimes.com.sg/government-economy/covid-19-curbs-likely-to-stay-through-chinese-new-year

GPs to play bigger role in deciding which Omicron patients need closer supervision
Singapore – General practitioners will, from Thursday (Jan 6), play a bigger role in deciding which Covid-19 patients require closer supervision, and which ones can safely recover at home. These changes are part of a “broader shift towards personal responsibility and self-management”, said the Ministry of Health (MOH) in a statement on Wednesday.
https://www.straitstimes.com/singapore/health/omicron-less-severe-gps-key-in-deciding-which-covid-19-patients-require-closer-supervision

Omicron versus Delta: What we know so far about the Covid-19 variants
Singapore – The Omicron variant is becoming a better known enemy, with more data available now. So far, Singapore has seen 2,252 Covid-19 cases caused by Omicron. In the past week, the incidence of Omicron has risen sharply, with the Ministry of Health (MOH) detecting 1,281 cases comprising 1,048 imported cases and 233 local ones, director of medical services Kenneth Mak said at a virtual press conference by the multi-ministry task force tackling Covid-19 on Wednesday (Jan 5).
https://www.straitstimes.com/singapore/health/omicron-versus-delta-what-we-know-so-far

S’pore hospitals well able to deal with increase in Covid-19 cases, ICU occupancy at 7%
Singapore – The bed occupancy for severely ill Covid-19 patients in intensive care units (ICU) is at about 7 per cent, allowing hospitals here to be well able to deal with the Covid-19 cases that have been detected over the last few weeks.
https://www.straitstimes.com/singapore/health/hospitals-well-able-to-deal-with-increase-in-covid-19-cases-icu-occupancy-at-7-per-cent

*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