DAILY NEWS

Daily News – 7 June 2022 (Tue)

Top Story

Singapore’s new Cabinet at a glance
These changes to the Cabinet line-up and other political appointments will take effect from June 13.
https://www.businesstimes.com.sg/infographics/singapores-new-cabinet-at-a-glance
https://www.straitstimes.com/multimedia/graphics/2022/06/singapore-new-cabinet-changes/index.html?shell

Lawrence Wong to be promoted to Deputy PM from Jun 13
Finance Minister Lawrence Wong has been promoted to Deputy Prime Minister with effect from Jun 13, the Prime Minister’s Office (PMO) announced in a statement on Monday afternoon (Jun 6). Wong, 49, will continue in his role at the Ministry of Finance and will also serve as the Acting Prime Minister in Prime Minister Lee Hsien Loong’s absence.
https://www.businesstimes.com.sg/government-economy/lawrence-wong-to-be-promoted-to-deputy-pm-from-jun-13
https://www.straitstimes.com/singapore/politics/lawrence-wong-promoted-to-deputy-prime-minister-in-singapore-cabinet-reshuffle

A workmanlike Cabinet reshuffle focusing on immediate priorities
It is not surprising that there was no comprehensive reshuffle this time when Prime Minister Lee Hsien Loong announced the latest set of changes to his Cabinet line-up on Monday (Jun 6). The spotlight naturally fell on Finance Minister Lawrence Wong who was promoted to Deputy Prime Minister from Jun 13, while continuing in the finance portfolio.
https://www.businesstimes.com.sg/government-economy/a-workmanlike-cabinet-reshuffle-focusing-on-immediate-priorities
https://www.straitstimes.com/singapore/politics/lawrence-wongs-move-to-become-dpm-is-an-unambiguous-promotion-but-challenges-lie-ahead

Singapore Real Estate

H2 government land sales programme to have more private housing supply, first sale site in Marina South
The government land sales (GLS) programme for the second half of 2022 will continue to have a larger supply of private housing, amid a resilient demand and declining inventory. The programme comprises 6 confirmed list sites and 8 reserve list sites, which are expected to yield around 7,310 private residential units, 94,750 square metres (sq m) gross floor area (GFA) of commercial space, and 530 hotel rooms, the Ministry of National Development (MND) said on Tuesday (Jun 7).
https://www.businesstimes.com.sg/real-estate/h2-government-land-sales-programme-to-have-more-private-housing-supply-first-sale-site

Bayshore, Upper Changi to have public, private housing; URA’s new plan unveils future housing towns
Singapore – Public housing will be built at the residential estates of Bayshore and around Upper Changi MRT station, as part of a broader plan to add homes closer to jobs and have a better mix of public and private housing islandwide.
https://www.straitstimes.com/singapore/bayshore-upper-changi-to-have-public-private-housing-uras-new-plan-unveils-future-housing-towns

Flexibility underpins Singapore’s long-term urban development plans
The Urban Redevelopment Authority (URA) has launched a public exhibition for the Long-Term Plan Review (LTPR) titled “Spaces For Our Dreams” on Monday (Jun 6), showcasing planning concepts and strategies for Singapore’s development over the next 50 years and beyond.
https://www.businesstimes.com.sg/real-estate/flexibility-underpins-singapores-long-term-urban-development-plans
https://www.straitstimes.com/singapore/from-new-homes-to-a-new-island-7-things-about-singapores-long-term-plan-for-next-50-years

City centre to be refreshed, commercial nodes built up across Singapore in long term: URA
The government will continue to develop polycentres across the island and refresh the city centre in the long term to create more jobs closer to homes and to ensure the Republic’s competitiveness.
https://www.businesstimes.com.sg/real-estate/city-centre-to-be-refreshed-commercial-nodes-built-up-across-singapore-in-long-term-ura

Redevelopment plans for Paya Lebar Air Base met with enthusiasm
Industry observers are enthusiastic about the ideas and concepts for the redevelopment of the Paya Lebar Air Base (PLAB) and its surrounding areas, with some wondering about the possibility of a plot ratio revision in the vicinity when height restrictions there are lifted.
https://www.businesstimes.com.sg/real-estate/redevelopment-plans-for-paya-lebar-air-base-met-with-enthusiasm
https://www.straitstimes.com/singapore/housing/fancy-a-jog-down-the-runway-paya-lebar-air-base-plans-may-see-runway-kept-as-part-of-new-town

Singapore Economy

Companies should assess carefully before moving business out of China: Gan Kim Yong
Companies with businesses in China that are thinking of relocating to South-east Asia due to the Covid-19 situation there should carefully assess whether the move will benefit them in the long-term, said Minister for Trade and Industry Gan Kim Yong on Monday (Jun 6).
https://www.businesstimes.com.sg/government-economy/companies-should-assess-carefully-before-moving-business-out-of-china-gan-kim

MAS tightens guidelines for financial institutions to better manage service disruptions
To strengthen financial institutions’ (FIs) responses to service disruptions, the Monetary Authority of Singapore (MAS) has tightened its guidelines for the sector. It now requires FIs to set out recovery times and strategies for critical services…
https://www.businesstimes.com.sg/banking-finance/mas-tightens-guidelines-for-financial-institutions-to-better-manage-service
https://www.straitstimes.com/business/mas-tightens-rules-to-avoid-protracted-financial-service-outages-amid-rapid-digitalisation

Companies’ Brief

CapitaLand Investment acquires Melbourne CBD office tower for regional fund
CapitaLand Investment (CLI) has acquired a freehold office tower in Melbourne, Australia for its regional core-plus fund, CapitaLand Open End Real Estate Fund (Coref). While the deal value was undisclosed, CLI in its press statement on Tuesday (Jun 7) said the acquisition brings Coref’s total investment to about US$900 million since the fund was established in August 2021.
https://www.businesstimes.com.sg/companies-markets/capitaland-investment-acquires-melbourne-cbd-office-tower-for-regional-fund

Yanlord’s contracted pre-sales down 70% to 1.1 billion yuan in May 2022
Chinese property developer Yanlord Land Group logged 1.1 billion yuan (S$227.2 million) in total contracted pre-sales in May 2022, down 70 per cent from the 3.8 billion yuan it recorded a year ago.
https://www.businesstimes.com.sg/companies-markets/yanlords-contracted-pre-sales-down-70-to-11-billion-yuan-in-may-2022

Views, Reviews, Forum and Others

Strata ownership of commercial property may be slowly dying
The landscape has improved substantially for Singapore’s commercial property landlords in the year to date. For much of 2020 and 2021, many office buildings were largely empty as workers mainly worked from home.
https://www.businesstimes.com.sg/opinion/strata-ownership-of-commercial-property-may-be-slowly-dying

As S-Reits leave behind pandemic woes, other headwinds could temper optimism
A quick glance of headlines surrounding the latest quarterly business updates of Singapore-listed real estate investment trusts (S-Reits) for the period ended March would likely imbue investors with much confidence.
https://www.businesstimes.com.sg/opinion/as-s-reits-leave-behind-pandemic-woes-other-headwinds-could-temper-optimism

Rising appeal of S-Reits as near-term defensive play amid inflation
The regional and global reopening of international borders and domestic economies looks likely to bode well for business and tourism. But market watchers say there are still more headwinds ahead for Singapore stocks.
https://www.businesstimes.com.sg/companies-markets/rising-appeal-of-s-reits-as-near-term-defensive-play-amid-inflation

One monkeypox case transited through S’pore; 13 people in casual contact told to monitor health: MOH
Singapore – A traveller from Barcelona, who transited at Changi Airport on June 2, tested positive for monkeypox after arriving in Sydney the next day. The Ministry of Health (MOH) said on Monday (June 6) it was informed of the development last Saturday by its New South Wales counterpart.
https://www.straitstimes.com/singapore/man-who-transited-at-changi-airport-confirmed-to-have-monkeypox