DAILY NEWS

Daily News 6 October 2021 (Wed)

Singapore Real Estate

Chuan Park condo at Lorong Chuan up for collective sale at S$938m indicative price
Chuan Park Condominium at 240 to 250 Lorong Chuan has been put up for collective sale via public tender at an indicative price of S$938 million, said marketing agent ERA. Spanning 400,588.72 square feet (sq ft), the property has a gross plot ratio of 2.1 and an achievable proposed gross floor area (GFA) of 841,236.3 sq ft. This amounts to about S$1,042 per square foot per plot ratio, including the 7 per cent bonus GFA.
https://www.businesstimes.com.sg/real-estate/chuan-park-condo-at-lorong-chuan-up-for-collective-sale-at-s938m-indicative-price
https://www.straitstimes.com/business/property/chuan-park-condo-in-serangoon-gardens-up-for-en-bloc-sale-at-938m-indicative-price

Singapore outbound real estate investment deals reach S$5.2b in Q3: Knight Frank
Singapore recorded S$5.2 billion in outbound real estate investment deals in Q3 of 2021, representing a 53.9 per cent growth from the S$3.4 billion transacted in the same period last year, according to Real Capital Analytics data.
https://www.businesstimes.com.sg/real-estate/singapore-outbound-real-estate-investment-deals-reach-s52b-in-q3-knight-frank
https://www.straitstimes.com/business/property/singapore-overseas-property-investments-reach-52b-in-q3-knight-frank

Singapore condo managing bodies under strain as disputes, ‘abuse’ on the rise
Condominium management corporations and managing agents (MAs) are grappling with heavier workloads, higher costs, more frequent disputes, and “cabin fever” among residents, as more individuals stay home due to the pandemic, and amid manpower shortages.
https://www.businesstimes.com.sg/real-estate/singapore-condo-managing-bodies-under-strain-as-disputes-abuse-on-the-rise

Increase in hotel investment reflects growing optimism in APAC: CBRE
Investor sentiment towards hotels has improved in recent months following a challenging 12 months after the onset of the pandemic, said CBRE in an update on investment figures for Asia Pacific hotels for the first half of this year.
https://www.businesstimes.com.sg/global-enterprise/increase-in-hotel-investment-reflects-growing-optimism-in-apac-cbre

BTO flat waiting times between 4 and 5 years, even with Covid-19 delays: Desmond Lee
Singapore – The average waiting time for ongoing Build-to-Order (BTO) flats is between four and five years, even after taking into account delays brought about by the pandemic, said National Development Minister Desmond Lee.
https://www.straitstimes.com/singapore/housing/bto-flat-waiting-times-between-4-and-5-years-even-with-covid-19-delays-desmond-lee

SME, non-profit tenants in commercial properties to get notice of rental waiver from Oct 6
Singapore – Some small and medium-sized enterprise (SME) and non-profit organisation tenants in privately owned commercial properties will receive a notice of rental waiver from the Ministry of Law (MinLaw) from Wednesday (Oct 6).
https://www.straitstimes.com/singapore/sme-non-profit-tenants-in-commercial-properties-to-get-notice-of-rental-waiver-from-oct-6

Singapore Economy

Slower Q4 retail sales seen for Singapore, but still room for optimism: economists
Singapore’s retail sales in August unexpectedly snapped its six-month expansion streak, and while economists believe business will be slow in the months ahead, some remain cautiously optimistic of a full-year growth of up to 10 per cent.
https://www.businesstimes.com.sg/government-economy/slower-q4-retail-sales-seen-for-singapore-but-still-room-for-optimism-economists
https://www.straitstimes.com/business/economy/singapore-retail-sales-fall-28-in-august-snapping-six-months-of-growth

South Korea seeking to join digital economy pact between Singapore, New Zealand and Chile
South Korea has expressed interest in joining Singapore, New Zealand and Chile in their partnership to cooperate on key emerging issues in the digital economy. Ministers and senior officials from the three member states, which inked the Digital Economy Partnership Agreement (Depa) last year, have agreed to commence negotiations for South Korea to accede to the pact.
https://www.businesstimes.com.sg/government-economy/south-korea-seeking-to-join-digital-economy-pact-between-singapore-new-zealand
https://www.straitstimes.com/business/economy/south-korea-seeking-to-join-digital-economy-pact-between-singapore-new-zealand-and

Plan for GST hike between 2022 and 2025 unchanged: Lawrence Wong
Singapore – The plan to raise the goods and services tax (GST) between next year and 2025 remains unchanged, Finance Minister Lawrence Wong told Parliament on Tuesday (Oct 5). Speaking during the debate on the Income Tax (Amendment) Bill, he also stressed that the Government continues to “consider all options” to address income and wealth inequalities and support small and medium-sized enterprises (SMEs).
https://www.straitstimes.com/singapore/politics/plan-for-gst-hike-between-2022-and-2025-remains-unchanged-all-options-being

Iata projects travel recovery in 2022, calls for border restrictions to be eased
There is little evidence to support ongoing strict border restrictions, said the International Air Transport Association (Iata), as it projected a recovery for the long-suffering global commercial aviation industry. International travel demand is expected to double next year and reach 44 per cent of the 2019 level…
https://www.straitstimes.com/business/economy/iata-projects-travel-recovery-in-2022-calls-for-border-restrictions-to-be-eased

Companies’ Brief

SPH returns to the black with S$92.9m net profit; proposes 3 cents a share final dividend for FY21
Singapore Press Holdings (SPH) has swung into the black, with a net profit of S$92.9 million for the financial year ended Aug 31, 2021 (FY21), amid a slight increase in total revenue from continuing operations, and fair value gains on investment properties.
https://www.businesstimes.com.sg/companies-markets/sph-returns-to-the-black-with-s929m-net-profit-proposes-3-cents-a-share-final
https://www.straitstimes.com/business/companies-markets/sph-back-in-the-black-with-929m-net-profit-for-fy2021

United Hampshire US Reit to acquire grocery-anchored assets for US$78.3m; proposes private placement to raise US$30m
United Hampshire US Real Estate Investment Trust (UHReit) has proposed to acquire two grocery-anchored freehold assets in Pennsylvania and Virginia, United States, for US$78.3 million.
https://www.businesstimes.com.sg/companies-markets/united-hampshire-us-reit-to-acquire-grocery-anchored-assets-for-us783m-proposes

Views, Reviews, Forum & Others

Surviving the war of narratives about Singapore
An international battle of narratives has erupted over Singapore. How citizens read those narratives and act on them will have a profound effect on this country’s economic and political future.
https://www.businesstimes.com.sg/opinion/surviving-the-war-of-narratives-about-singapore

Finding balance in building corporate ventures to spur growth
Covid-19 has accelerated the already rapid pace of transformation happening across businesses worldwide, as companies search for new ways to adapt and ignite growth.
https://www.businesstimes.com.sg/opinion/finding-balance-in-building-corporate-ventures-to-spur-growth

ESG investment and greenwashing: Myth and reality
Given the complex interlocking issues surrounding sustainability, combined with a “green rush” of funds moving into the space, it is inevitable that there will be questions raised about the quality and transparency of some of the products that are labelled “green” or “ESG (environmental, social and governance)”.
https://www.businesstimes.com.sg/opinion/esg-investment-and-greenwashing-myth-and-reality

As Singapore’s demographics change, so too must mindsets
Singapore’s Population In Brief report, released last month, revealed a record 4.1 per cent fall in total population. Foreigners accounted for much of this fall, as the Covid-19 pandemic exerted a toll on foreign employment.
https://www.straitstimes.com/opinion/as-singapores-demographics-change-so-too-must-mindsets

Asean – more than just a market
Calls to re-emphasise the importance of Asean have been made as Singapore looks to reopen its economy progressively and re-establish itself as a key regional hub. This would seem timely given positive sentiments about Singapore’s recovery…
https://www.straitstimes.com/opinion/asean-more-than-just-a-market

Short supply, burgeoning demand: a recipe for inflation
A wall of worry is pressuring markets at the moment. Global equities slumped 4.1 per cent in September, the first monthly decline since January and the largest fall since the pandemic reached US shores in March 2020.
https://www.businesstimes.com.sg/wealth-investing/short-supply-burgeoning-demand-a-recipe-for-inflation

China investment opportunities amid uncertain times
Things seem to be worsening for China. Having been embroiled in a regulatory storm for much of 2021, the focus has since shifted to the looming default of China Evergrande, with its well-publicised debt woes dominating headlines.
https://www.businesstimes.com.sg/wealth-investing/china-investment-opportunities-amid-uncertain-times

Singapore banking system has ‘insignificant’ exposure to Evergrande: MAS
Singapore’s banking system has “insignificant” exposure to China Evergrande Group, and less than 1 per cent of its non-bank direct lending is exposed to China’s property sector, a Parliamentary reply this week showed.
https://www.businesstimes.com.sg/banking-finance/singapore-banking-system-has-insignificant-exposure-to-evergrande-mas
https://www.straitstimes.com/business/banking/singapore-banking-system-has-insignificant-exposure-to-evergrande-mas

Update on COVID-19 (Coronavirus Disease 2019) Situation

Record 3,486 new Covid-19 cases in Singapore on Tuesday; 9 more deaths brings tally to 130
[Singapore] Nine more seniors, aged between 64 and 90, have died from complications linked to Covid-19, the Ministry of Health (MOH) said in its daily update on Tuesday (Oct 5). They include six men and three women, all of whom were Singaporeans or permanent residents.
https://www.businesstimes.com.sg/government-economy/record-3486-new-covid-19-cases-in-singapore-on-tuesday-9-more-deaths-brings-tally
https://www.straitstimes.com/singapore/community/nine-people-aged-between-64-and-90-die-of-complications-linked-to-covid-19-in

Private clinics in S’pore seeing demand for Sinovac and Sinopharm as Covid-19 vaccine boosters
Singapore – Several private clinics here have been seeing a demand for Sinovac and Sinopharm vaccines as booster shots, owing largely to a fear of side effects from the third dose of an mRNA jab. Vaccines like Sinovac and Sinopharm use inactivated viral particles to teach one’s immune system to make antibodies.
https://www.straitstimes.com/singapore/private-clinics-in-spore-seeing-demand-for-sinovac-and-sinopharm-as-covid-19-vaccine

Over 11,000 firms sign up for antigen rapid test kits from Government
Singapore – More than 11,000 companies have applied to receive antigen rapid test (ART) kits from the Government, the Ministry of Health (MOH) told The Straits Times. Of these companies, 4,200 have already received the kits and the rest will get theirs later this week as Singapore transits to being a Covid-19 resilient nation, amid a high vaccination rate.
https://www.straitstimes.com/singapore/health/over-11000-firms-sign-up-for-antigen-rapid-test-kits-from-government

*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