DAILY NEWS

Daily News – 13 July 2022 (Wed)

SINGAPORE REAL ESTATE

Condo resale prices rise for 23rd straight month; volume slides 17.2%: SRX, 99.co
Condominium resale prices have gone up yet again for the 23rd month in a row, rising by 0.8 per cent in Jun 2022, though volume transacted fell 17.2 per cent as compared to May 2022. Flash estimates from SRX and 99.co published on Wednesday (Jul 13) showed that overall prices had gone up 9.4 per cent as compared to a year ago.
https://www.businesstimes.com.sg/real-estate/condo-resale-prices-rise-for-23rd-straight-month-volume-slides-172-srx-99co
https://www.straitstimes.com/business/property/condo-resale-prices-rise-for-23rd-straight-month-in-june-volume-falls-172

Four adjoining units at Peninsula Plaza put on the market with S$60m guide price
Four adjoining commercial units at Peninsula Plaza will go up for sale via tender on Thursday (Jul 14), marketing agent PropNex Realty said on Wednesday. The strata units, which have a combined floor area of 16,038 square feet (sq ft), will be put on the market with a guide price of S$60 million. This works out to S$3,750 per sq ft, PropNex noted.
https://www.businesstimes.com.sg/real-estate/four-adjoining-units-at-peninsula-plaza-put-on-the-market-with-s60m-guide-price

People’s Park Centre up for collective sale: Shop owners hope to retire, home owners say units are rundown
Singapore – When Mrs Lee Qing Qing heard about plans for the collective sale of People’s Park Centre, she saw it as a good opportunity to retire. The 68-year-old owner of two shops has been selling clothes and shoes at the mixed-use development in Chinatown since 1974.
https://www.straitstimes.com/singapore/housing/peoples-park-centre-sale-en-bloc-shop-owners-hope-to-retire-home-owners-say-units-are-rundown

CK Holdings selling Tampines HQ building at guided price of S$32m
CK Holdings is putting up its light industrial building in Tampines for sale by expression of interest at a guided selling price of S$32 million, said a statement. Sitting on a site of 51,724 square feet, the 6-storey building has a gross floor area of 128,518 square feet, and 32 years left on its lease.
https://www.businesstimes.com.sg/real-estate/ck-holdings-selling-tampines-hq-building-at-guided-price-of-s32m

Another entire floor at Suntec City Tower 2 for sale at S$36m
Following the sale of an entire floor at Suntec City Tower 2 last month, another floor is on the market at an indicative guide price of about S$36 million or S$3,600 per square foot (psf). Exclusively marketed by Knight Frank, its total area, comprising four strata titles, measures approximately 9,989 square feet (sq ft).
https://www.businesstimes.com.sg/real-estate/another-entire-floor-at-suntec-city-tower-2-for-sale-at-s36m
https://www.straitstimes.com/business/property/entire-floor-in-suntec-city-tower-2-up-for-sale-at-36m

SINGAPORE ECONOMY

S’pore ranked top shipping hub for 9th year in a row by global maritime index
Singapore – For the ninth consecutive year, Singapore has been ranked the top shipping centre by the Xinhua-Baltic International Shipping Centre Development (ISCD) Index. The ISCD index is published by the Baltic Exchange, a global maritime data provider, in collaboration with Chinese state news agency Xinhua.
https://www.straitstimes.com/singapore/transport/singapore-ranked-top-shipping-hub-for-9th-year-in-a-row-by-global-maritime-index

Temasek sees stagflation risk rising as growth slows and inflation remains high
Singapore – Temasek believes the fragile state of the global economy flags the risks of stagflation, where growth slows while inflation remains elevated. Mr Lim Boon Heng, chairman of the state investor, said: “Today we face rising inflation, higher interest rates, a lower growth trajectory and a potentially recessionary environment in key developed markets, which brings heightened risks of stagflation.”
https://www.straitstimes.com/business/economy/temasek-sees-stagflation-risk-rising-as-growth-slows-and-inflation-remains-high
https://www.businesstimes.com.sg/companies-markets/temasek-sees-slower-pace-of-investment-in-current-fy-further-downside-in-markets

When will the Fed declare victory?
The defining feature of the first half of 2022, from a financial market perspective, has been the dramatic change to US interest rate expectations. This has led to both bond and equity markets posting significant losses across the board.
https://www.businesstimes.com.sg/wealth-investing/when-will-the-fed-declare-victory

COMPANIES’ BRIEF

Keppel, KIT to jointly invest 160m euros in European onshore wind energy portfolio
Keppel Corp and Keppel Infrastructure Trust (KIT) will jointly commit 160 million euros (S$226 million) to secure a 33.33 per cent stake in a joint investment vehicle, FundCo, which will co-invest in a European onshore wind energy portfolio, Keppel and KIT’s manager said on Wednesday (Jul 13).
https://www.businesstimes.com.sg/companies-markets/keppel-kit-to-jointly-invest-160m-euros-in-european-onshore-wind-energy-portfolio
https://www.straitstimes.com/business/companies-markets/keppel-kit-to-jointly-invest-226m-in-european-onshore-wind-energy-portfolio

Ambiguous statements by Hwa Hong directors not helpful for investors
Shareholders of Hwa Hong Corporation have been very poorly served by the property player’s disclosures. An entity called Sanjuro United in May launched an offer to privatise Hwa Hong at S$0.37 per share, and upped the offer to S$0.40 in June.
https://www.businesstimes.com.sg/opinion/ambiguous-statements-by-hwa-hong-directors-not-helpful-for-investors

Temasek’s portfolio crosses S$400b for first time, with unlisted assets at more than half of total value
Temasek’s net portfolio value has increased to S$403 billion as at end-March 2022, crossing the S$400 billion threshold for the first time, according to its portfolio performance numbers released on Tuesday (Jul 12).
https://www.businesstimes.com.sg/banking-finance/temaseks-portfolio-crosses-s400b-for-first-time-with-unlisted-assets-at-more-than
https://www.straitstimes.com/business/companies-markets/temasek-portfolio-surges-to-record-high-driven-by-singapore-investments

Temasek increases internal carbon price to US$50 per tonne of emissions amid net-zero push
Temasek will be increasing its internal carbon price from US$42 per tonne of carbon dioxide to US$50 this year to inform its investment decisions, with plans to raise it to US$100 per tonne by the end of this decade.
https://www.businesstimes.com.sg/companies-markets/temasek-increases-internal-carbon-price-to-us50-per-tonne-of-emissions-amid-net
https://www.straitstimes.com/business/companies-markets/temasek-raises-internal-carbon-price-to-us50-this-year

VIEWS, REVIEWS, FORUM AND OTHERS

A smart return to the office
If the office is to endure as a hive of in-person collaboration and productivity, it must become more than just a workplace, it needs to be a destination. And crucially, that destination must be a smart-enabled space; one that is efficient and personalised, that is able to adapt to the wants and needs of those working within it, and that makes environmental sustainability a priority.
https://www.businesstimes.com.sg/opinion/a-smart-return-to-the-office

Phishing scams : Bank users should also take responsibility
I refer to the article, “Banks should bear all phishing scam losses” by Ben Paul (BT, July 11, 2022). It is not a well thought through article, bordering on encouraging irresponsibility. One should understand both perspectives and make a sound recommendation.
https://www.businesstimes.com.sg/opinion/phishing-scams-bank-users-should-also-take-responsibility