DAILY NEWS

Daily News – 6, 7 & 8 November 2021 (Sat, Sun & Mon)

Singapore Real Estate

Property stamp duty collection jumps to S$3.2b; corporate, income taxes race past pre-Covid levels
A robust property market has contributed to a surge in stamp duties collected in the first half of Singapore’s current financial year – a trend that could continue amid expectations of a banner year. Tax revenue for April 2021 to September 2021 totalled S$39.43 billion…
https://www.businesstimes.com.sg/companies-markets/stamp-duty-collections-jump-amid-strong-property-market

Penthouse at Les Maisons Nassim sells for S$75 million
A sprawling penthouse unit at the 14-unit, ultra-luxury freehold condominium Les Maisons Nassim, developed by Shun Tak Holdings, fetched S$75 million in late October, based on caveat data seen by The Business Times (BT).
https://www.businesstimes.com.sg/real-estate/penthouse-at-les-maisons-nassim-sells-for-s75-million

Ampas Apartment owners fail in bid to keep $4.75m deposit after buyer calls off en bloc sale
Singapore – The owners of the 43-unit Ampas Apartment will have to refund a $4.75 million deposit that a unit of Oxley Holdings had paid for in an en bloc sale that it later called off. The High Court on Friday (Nov 5) dismissed a suit brought against Oxley Jasper by 42 of the 43 owners, who contended that they were entitled to keep the deposit.
https://www.straitstimes.com/singapore/courts-crime/ampas-apartment-owners-lose-suit-to-keep-475m-deposit-after-buyer-calls-off

Unique serial number for each property proposed to prevent fake and multiple online listings
Singapore – Home seekers will soon no longer have to sift through dummy and duplicate property listings when looking for homes on property listing portals. A unique serial number may be assigned to each property before it can be published on online portals to prevent multiple listings.
https://www.straitstimes.com/singapore/housing/unique-serial-number-for-each-property-proposed-to-prevent-fake-and-multiple

All HDB blocks in Tanjong Pagar to have solar panels to harness green energy by 2025
Singapore – All 527 eligible Housing Board (HDB) blocks in Tanjong Pagar town will be installed with solar photovoltaic systems to harness solar energy by 2025, the town council set out in a 10-year masterplan to be more energy-efficient.
https://www.straitstimes.com/singapore/community/all-hdb-blocks-in-tanjong-pagar-to-have-solar-panels-to-harness-green-energy-by

Singapore Economy

Singapore retail sales rise 6.6% in September, reversing dip in August
Singapore’s retail sales rose 6.6 per cent year on year in September 2021, reversing the fall in August, following a strong showing from the computer and telecommunications industry, going by data from the Department of Statistics Singapore (SingStat) on Friday (Nov 5).
https://www.businesstimes.com.sg/government-economy/singapore-retail-sales-rise-66-in-september-reversing-dip-in-august
https://www.straitstimes.com/business/economy/singapore-retail-sales-rise-66-in-september-reversing-augusts-drop

Strong Chinese economy presents growth opportunities for Singapore companies: Gan Kim Yong
Singapore – Companies in Singapore are well positioned to cater to consumers in China, especially younger consumers in their 20s and 30s, who are now more discerning and prefer better-quality products, Trade and Industry Minister Gan Kim Yong said on Saturday (Nov 6).
https://www.straitstimes.com/business/strong-chinese-economy-presents-growth-opportunities-for-singapore-companies-gan-kim-yong

Companies’ Brief

Liquidators of Park Hotel Management seek to wind up its subsidiary
Singapore – The liquidators of Park Hotel Management have asked the High Court to wind up its wholly-owned subsidiary – Park Hotel CQ Pte Ltd. The Straits Times understands that the winding up application is an attempt by liquidators of Park Hotel Management, the parent company of Park Hotel CQ, to recover funds allegedly owed, although the specifics are unclear.
https://www.straitstimes.com/business/companies-markets/liquidators-of-park-hotel-management-seek-to-wind-up-former-tenant-of

Nine S-Reits in Yield Focus index based on positive environmental attributes
According to the UN Environmental Programme, the real estate sector has one of the largest carbon footprints, contributing to 30 per cent of global annual greenhouse gas (GHG) emissions and consumes around 40 per cent of the world’s energy.
https://www.businesstimes.com.sg/companies-markets/nine-s-reits-in-yield-focus-index-based-on-positive-environmental-attributes

Disgruntled ARA Logos unitholders should vote
Some readers of The Business Times took umbrage at this column’s suggestion a fortnight ago that minority unitholders of ARA Logos Logistics Trust might choose to support its proposed merger with ESR-Reit.
https://www.businesstimes.com.sg/companies-markets/disgruntled-ara-logos-unitholders-should-vote

Prime US Reit gets a boost in Q3 from new acquisitions as leasing activity gains momentum
Prime US Reit said its leasing activity more than trebled in the third quarter ended September, compared to the preceding quarter, amid “positive signals” in the US office market and wider US economy.
https://www.businesstimes.com.sg/companies-markets/prime-us-reit-gets-a-boost-in-q3-from-new-acquisitions-as-leasing-activity-gains

Corporate digest
https://www.businesstimes.com.sg/companies-markets/corporate-digest-1494

Views, Reviews, Forum & Others

A green planet is good for business
Chia Ngiang Hong, President, Real Estate Developers’ Association of Singapore (REDAS)
Decarbonisation is a long haul requiring substantial financial resources, human capital and relevant expertise. Businesses need deep understanding of carbon footprint to realign their growth strategy with net-zero ESG goals and adapt their operations to support the transformation.
https://www.businesstimes.com.sg/views-from-the-top/a-green-planet-is-good-for-business

In ‘toxic’ workplaces, the rot starts at the top
Early in my career, I crossed paths with a manager who was a little too eager to prove himself. He was an anxious sort of man, who tended to hover. Some colleagues who reported to him felt he micro-managed their work, and made unreasonable demands on their time.
https://www.businesstimes.com.sg/leadership-management/in-toxic-workplaces-the-rot-starts-at-the-top

Risk profile tests – Is there a gap between stated and actual risk appetite?
Claims to sustainability have become commonplace in Singapore’s fund management, distribution and advisory landscape. But a recent piece of research raises some intriguing questions, with wider implications beyond sustainable funds.
https://www.businesstimes.com.sg/wealth-investing/risk-profile-tests-is-there-a-gap-between-stated-and-actual-risk-appetite

Do Bitcoin ETFs matter?
The first Bitcoin-linked ETF (BITO) launched in the United States on Oct 19, 2021. Other Bitcoin-linked or physically-backed exchange-traded funds (ETFs) and exchange-traded notes (ETNs) have been around for some time in other markets, but this new ETF attracted a lot of attention because it is listed in the US.
https://www.businesstimes.com.sg/wealth-investing/do-bitcoin-etfs-matter

Singapore banks face uneven recovery in near term, beat Q3 estimates
Analysts are flagging an uneven recovery for the Singapore banks in the short term, even as the trio posted better-than-expected results in the third quarter of 2021. The concerns reflect the wobbly reopening of economies in this region, as Covid-19 continues to spread.
https://www.businesstimes.com.sg/companies-markets/singapore-banks-face-uneven-recovery-in-near-term-beat-q3-estimates

What to watch out for after Covid-19 infection
With the pandemic sweeping across the globe, millions of people have been infected with the Covid-19 virus and have recovered from the infection. However, it has become apparent that in some patients, symptoms tend to persist despite the absence of any evidence of active infection.
https://www.businesstimes.com.sg/life-culture/health-matters/what-to-watch-out-for-after-covid-19-infection

12.5ha coastal forest in Labrador, along Greater Southern Waterfront, to be restored
Singapore – A 12.5ha coastal forest in Labrador, along the Greater Southern Waterfront, will be restored starting next year as part of Singapore’s ongoing efforts to conserve its biodiversity for future generations. The restoration of the area – which is the size of 17 football fields…
https://www.straitstimes.com/singapore/environment/125-ha-coastal-forest-in-labrador-along-greater-southern-waterfront-to-be

Update on COVID-19 (Coronavirus Disease 2019) Situation

Singapore reports 2,553 new Covid-19 cases and 17 deaths on Sunday
[Singapore] The Ministry of Health (MOH) reported 2,553 new Covid-19 infections on Sunday (Nov 7), down from 3,035 a day earlier. MOH also said that 17 people aged between 45 and 89 have died of complications linked to Covid-19.
https://www.businesstimes.com.sg/government-economy/singapore-reports-2553-new-covid-19-cases-and-17-deaths-on-sunday
https://www.straitstimes.com/singapore/spore-reports-2553-new-covid-19-cases-and-17-deaths-weekly-infection-growth-rate-is-081

4-year-old boy in ICU among 4 children diagnosed with inflammatory syndrome linked to Covid-19
Singapore – A four-year-old boy whose breathing is being supported by mechanical ventilation in the children’s intensive care unit is one of four children in Singapore who developed a rare form of inflammatory syndrome linked to Covid-19.
https://www.straitstimes.com/singapore/health/4-year-old-boy-in-icu-among-4-children-diagnosed-with-inflammatory-syndrome-linked

S’pore doctors were looking out for inflammation linked to Covid-19 in children as early as 2020
Singapore – Paediatricians in Singapore appear to have been tracking a rare and severe inflammatory syndrome that affects children infected with Covid-19 since early 2020. In a letter to the Journal of Paediatrics in November 2020, a group of four doctors from KK Women’s and Children’s Hospital said there was no significant increase in the number of children with symptoms of Kawasaki disease during the early months of the Covid-19 pandemic.
https://www.straitstimes.com/singapore/health/spore-doctors-were-looking-out-for-inflammation-linked-to-covid-19-in-children-as

askST: What is multi-system inflammatory syndrome in children and Covid-19’s role in the illness?
Singapore – Four children here infected with Covid-19 have also come down with a rare and severe inflammatory syndrome, the Ministry of Health (MOH) announced last Saturday (Nov 6). Among those with multi-system inflammatory syndrome in children (MIS-C) is a four-year-old boy who is in the children’s intensive care unit, with his breathing supported by mechanical ventilation.
https://www.straitstimes.com/singapore/health/askst-what-is-multi-system-inflammatory-syndrome-and-covid-19s-role-in-the-illness

What’s behind the recent rise in Covid-19 deaths in S’pore? Here are some facts you may not know
Speaking about death is never easy. Every death means the passing of a loved one – a father, mother, brother or sister – a relative or a friend. Yet, as Singapore transits to treating Covid-19 as an endemic disease, we need to speak frankly about deaths from the disease.
https://www.straitstimes.com/opinion/deaths-in-a-world-where-the-coronavirus-is-endemic

Experts cautiously optimistic as Covid-19 infection growth rate dips below 1
Singapore – As the weekly Covid-19 infection growth rate falls below one for the second day in a row on Thursday (Nov 4), infectious diseases experts are cautiously optimistic about the easing of safe management curbs should the trend continue.
https://www.straitstimes.com/singapore/health/experts-cautiously-optimistic-as-covid-19-infection-growth-rate-dips-below-1

About one imported Covid-19 case detected out of every 1,000 travellers under VTL scheme
Singapore – About one in every 1,000 travellers who entered Singapore under the Vaccinated Travel Lane (VTL) scheme has been an imported Covid-19 case in the eight weeks since the scheme started.
https://www.straitstimes.com/singapore/transport/about-1-imported-covid-19-case-detected-out-of-every-1000-travellers-under-vtl

Returning Singaporeans, PRs and pass holders vaccinated overseas encouraged to upload certificate
Singapore – The Immigration and Checkpoints Authority (ICA) has encouraged returning Singaporeans, permanent residents and long-term pass holders who have been vaccinated overseas to upload their vaccination certificate to their electronic health declaration card before arrival.
https://www.straitstimes.com/singapore/transport/returning-singaporeans-prs-and-pass-holders-vaccinated-overseas-encouraged-to

*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