DAILY NEWS

Daily News – 7 April 2022 (Thu)

Singapore Real Estate

No clear correlation yet between Singapore property firms’ ESG, financial success: IREUS
Property companies that score well on environmental, social and governance (ESG) metrics may not necessarily enjoy higher returns, according to an analysis by the Institute of Real Estate and Urban Studies (IREUS) at the National University of Singapore.
https://www.businesstimes.com.sg/real-estate/no-clear-correlation-yet-between-singapore-property-firms-esg-financial-success-ireus

Two office floors of Springleaf Tower for sale at S$54.8m
Two office floors at Springleaf Tower are for sale at S$54.8 million via an expression of interest exercise, said its marketing agent JLL in a media statement on Wednesday (Apr 6). The strata floors on levels 28 and 29 of the Tanjong Pagar office building each have a strata area of 10,627 square feet (sq ft), which brings the total strata area to 21,054 sq ft.
https://www.businesstimes.com.sg/real-estate/two-office-floors-of-springleaf-tower-for-sale-at-s548m

Tampines industrial site on reserve list triggered for tender: JTC
An industrial site in Tampines has been triggered for sale after JTC received an application to bid at a minimum price of S$7 million, it said in a press statement on Wednesday (Apr 6). The minimum price was deemed acceptable to the Singapore government and hence will be released for sale via a public tender to be launched on Apr 26.
https://www.businesstimes.com.sg/real-estate/tampines-industrial-site-on-reserve-list-triggered-for-tender-jtc

Marina Bay Sands granted one more year to start building its S$4.5b extension
Singapore’s Marina Bay Sands (MBS) now has one more year to kickstart its S$4.5 billion expansion plan, with this reprieve being granted by the Singapore Tourism Board (STB).
https://www.businesstimes.com.sg/real-estate/marina-bay-sands-granted-one-more-year-to-start-building-its-s45b-extension

4 property owners fined in 2021 for changing use of parking areas; SCDF says approval needed
Four property owners and occupiers were charged in court last year over changing the use of the vehicle parking areas in their premises without prior approval from the Singapore Civil Defence Force (SCDF).
https://www.straitstimes.com/singapore/courts-crime/4-property-owners-fined-for-changing-use-of-parking-areas-scdf-says-approval-needed-for-such-change

Singapore Economy

MAS likely to do aggressive Singdollar tightening amid inflationary pressures, says Mizuho
A combination of geopolitical shocks, pre-existing inflationary pressures and a tightening wage-price spiral could prompt the Monetary Authority of Singapore (MAS) to adopt a more hawkish tightening policy on the Singapore dollar this month.
https://www.straitstimes.com/business/economy/mas-likely-to-do-aggressive-singdollar-tightening-says-mizuho

STB to focus on business tourism as part of strategy to recapture demand
Singapore will strengthen its position as a global hub for business tourism as part of its strategy to win back international visitors, as S$500 million is set aside to support the sector in the coming years.
https://www.businesstimes.com.sg/government-economy/stb-to-focus-on-business-tourism-as-part-of-strategy-to-recapture-demand

$500m to kick-start S’pore’s tourism recovery; ski and surf facility in Orchard Rd among new plans
Close to half a billion dollars has been set aside to kick-start Singapore’s tourism sector and bring travellers back as the Covid-19 pandemic comes under control and borders reopen.
https://www.straitstimes.com/singapore/consumer/singapore-sets-aside-close-to-500m-to-kickstart-tourism-recovery-from-covid-19

Chocolate factory and electric go-karts among new attractions coming to S’pore
With Singapore relaxing domestic Covid-19 rules and opening up its borders, the Singapore Tourism Board is gearing up for recovery. Several new attractions and experiences are being planned to capture pent-up travel demand.
https://www.straitstimes.com/singapore/consumer/action-sports-and-chocolate-factory-new-experiences-in-spore-from-as-early-as-this-year

Singapore companies’ green efforts gain traction but challenges remain: Survey
A survey of 500 business and sustainability leaders reveals that Singapore’s green efforts – which came into focus in the recent Budget 2022 – are gaining traction.
https://www.straitstimes.com/business/companies-markets/singapores-green-efforts-gaining-traction-among-companies-survey

Banks see spike in credit card applications as Covid-19 restrictions taper off
More people are heading to banks to get their hands on credit cards amid a confluence of factors relating to the easing of Covid-19 measures such as travel restrictions, banks polled by The Business Times said.
https://www.businesstimes.com.sg/banking-finance/banks-see-spike-in-credit-card-applications-as-covid-19-restrictions-taper-off

Embrace volatility and uncertainty as a friend, SCCCI panel tells business leaders
Despite the rising costs and uncertainty, firms should “embrace volatility as a friend”, refine their business models and take the opportunity to scale, panellists told business leaders on Wednesday (Apr 6).
https://www.businesstimes.com.sg/government-economy/embrace-volatility-and-uncertainty-as-a-friend-sccci-panel-tells-business-0?close=true

Singapore pushes to set up ammonia fuel supply chain for maritime sector
The Maritime and Port Authority of Singapore (MPA) signed several agreements with various companies to push for the use of ammonia fuel in the maritime industry.
https://www.businesstimes.com.sg/government-economy/singapore-pushes-to-set-up-ammonia-fuel-supply-chain-for-maritime-sector-0

Companies’ Brief

Strategic benefits for CDL from its in specie distribution of CDLHT units
In late February, when property and hotel group City Developments Ltd (CDL) posted its second-half 2021 financial results, it surprised shareholders by proposing a special distribution in specie (DIS) of 11.7 per cent of the units of its sponsored stapled group, CDL Hospitality Trusts (CDLHT).
https://www.businesstimes.com.sg/companies-markets/cdl-stands-to-reap-strategic-benefits-from-partial-distribution-in-specie-of-its

Zico Holdings subsidiary served writ of summons
Management consulting company Zico Holdings said in a bourse filing on Thursday (Apr 7) that its indirect subsidiary Zico Trust has been served with a writ of summons on Apr 4. The writ, filed by CPS German 1 on Mar 31, claimed that the trust company had received funds amounting to US$5 million and SG$720,000 in two accounts and is liable to return them.
https://www.businesstimes.com.sg/companies-markets/zico-holdings-subsidiary-served-writ-of-summons

Views, Reviews, Forum and Others

Singapore’s global hub ambitions: A Compass to guide the workforce
With both China and the US projected to grow at a more muted pace in the coming decade, South-east Asia (SEA) is being heralded as the next driver of global economic growth, with a 5.1 per cent gross domestic product (GDP) increase forecast for this year alone.
https://www.businesstimes.com.sg/opinion/singapores-global-hub-ambitions-a-compass-to-guide-the-workforce

Four scenarios for business from Ukraine conflict
The Ukraine conflict entered its third month in April with little greater clarity on the likely outcome. It is in this context of uncertainty that scenario planning can potentially help to build corporate preparedness by seeking to illuminate the diverse, possible futures that could emerge in coming months.
https://www.businesstimes.com.sg/opinion/four-scenarios-for-business-from-ukraine-conflict

Singapore leaving no stone unturned in bid to reduce emissions: Chief climate negotiator
Singapore is leaving no stone unturned in its bid to shrink its carbon footprint, which includes looking into the possibility of deploying nuclear energy here, as well as importing clean energy from as far as Australia, the Republic’s chief climate negotiator Joseph Teo said.
https://www.straitstimes.com/singapore/environment/singapore-leaving-no-stone-unturned-in-bid-to-reduce-emissions-chief-climate-negotiator

Unilever, StanChart and Prudential top LinkedIn’s ranking for Singapore’s best workplaces
Unilever has edged out OCBC Bank as the best company to work for in Singapore in 2022, in a ranking compiled by professional networking site LinkedIn. The consumer goods company rose 2 places from last year’s ranking, given its various upskilling schemes and flexible work arrangements, said LinkedIn.
https://www.businesstimes.com.sg/companies-markets/unilever-stanchart-and-prudential-top-linkedins-ranking-for-singapores-best
https://www.straitstimes.com/business/companies-markets/unilever-stanchart-and-prudential-are-the-top-3-companies-to-work-for-in-singapore-linkedin

TraceTogether token maker iWOW Technology to raise S$6.5m in Catalist listing
iWOW Technology, a local technology provider that specialises in Internet of Things (IoT) solutions, launched its initial public offering (IPO) on Wednesday (Apr 6) for a Catalist listing on the Singapore Exchange (SGX).
https://www.businesstimes.com.sg/companies-markets/tracetogether-token-maker-iwow-technology-to-raise-s65m-in-catalist-listing

Update on COVID-19 (Coronavirus Disease 2019) Situation

Eligible seniors can walk in for second Covid-19 booster shot from April 8
From Friday (April 8), any eligible senior aged 80 and up may walk in to any vaccination centre, or participating polyclinic or clinic, to get a second Covid-19 booster dose.
https://www.straitstimes.com/singapore/health/eligible-seniors-can-walk-in-for-second-covid-19-booster-shot-from-april-8

*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