DAILY NEWS

Daily News – 13 Sep 2022 (Tue)

SINGAPORE REAL ESTATE

‘Bulk purchases’ of private property uncommon, unlikely to impact market: MND
Instances of “bulk purchases” of private property are uncommon; and among all private residential property units transacted so far this year, units involved in such multiple-unit purchases accounted for about 1 per cent, Minister for National Development Desmond Lee disclosed on Monday (Sep 12).
https://www.businesstimes.com.sg/real-estate/bulk-purchases-of-private-property-uncommon-unlikely-to-impact-market-mnd

Euro-Asia Park up for en bloc sale at S$500m
District 13 freehold condominium Euro-Asia Park will be put up for collective sale via public tender on Tuesday (Sep 13) with a guide price of S$500 million, said exclusive marketing agent OrangeTee Advisory on Monday.
https://www.businesstimes.com.sg/real-estate/euro-asia-park-up-for-en-bloc-sale-at-s500m
https://www.straitstimes.com/business/property/euro-asia-park-condo-up-for-en-bloc-sale-at-500m

No need to stop decoupling and minors buying private homes
In the July episode of the podcast PropertyBT, I discussed with analysts the lure and pitfalls of investing in homes overseas. In our discussions, I was reminded why some locals invest in overseas homes because of a push factor in the form of Additional Buyer’s Stamp Duty (ABSD). A Singapore citizen buying a second home here pays ABSD of 17 per cent.
https://www.businesstimes.com.sg/opinion/no-need-to-stop-decoupling-and-minors-buying-private-homes

SINGAPORE ECONOMY

Surge in Singapore’s tax revenue in FY2021 driven by ‘sentiment-based revenue’: DPM Wong
The sharp rise in Singapore’s tax revenue in financial year 2021 was partly driven by the higher-than-expected collection of “sentiment-based revenue”, which cannot be relied on to meet the city-state’s rising recurrent expenditure needs, said Deputy Prime Minister Lawrence Wong on Monday (Sep 12).
https://www.businesstimes.com.sg/government-economy/surge-in-singapores-tax-revenue-in-fy2021-driven-by-sentiment-based-revenue-dpm
https://www.straitstimes.com/singapore/politics/gst-hike-will-go-ahead-but-support-measures-will-offset-impact-even-amid-inflation-says-lawrence-wong

DPM Heng calls on Vietnam PM, commits to deepen ties in digital and green economy
Singapore – Deputy Prime Minister Heng Swee Keat and Vietnam Prime Minister Pham Minh Chinh on Monday reaffirmed their countries’ commitment to further deepen cooperation, especially in new areas of growth such as the digital economy, green economy and innovation.
https://www.straitstimes.com/singapore/dpm-heng-calls-on-vietnam-pm-commits-to-deepen-ties-in-digital-and-green-economy

MOM to carefully vet, keep tabs on One Pass holders to prevent abuse: Tan See Leng
While holders of the upcoming pass for top talent will not need to stay employed for a specified period of time, the government will be in touch to keep up to date with their professional activities, said Minister for Manpower Tan See Leng in Parliament on Monday (Sep 12).
https://www.businesstimes.com.sg/government-economy/mom-to-carefully-vet-keep-tabs-on-one-pass-holders-to-prevent-abuse-tan-see-leng
https://www.straitstimes.com/singapore/politics/mom-to-carefully-vet-applicants-for-new-one-pass-put-in-place-safeguards-against-abuse-tan-see-leng

Half of Singapore employers plan to hire in Q4: ManpowerGroup survey
Half, or 205 out of 510 companies surveyed, are planning to increase headcount come the fourth quarter of this year despite economic and geopolitical headwinds, according to a survey by staffing firm ManpowerGroup published on Tuesday (Sept 13).
https://www.businesstimes.com.sg/government-economy/half-of-singapore-employers-plan-to-hire-in-q4-manpowergroup-survey
https://www.straitstimes.com/singapore/jobs/half-of-singapore-employers-plan-to-hire-in-q4-survey

COMPANIES’ BRIEF

Frasers Centrepoint Trust to acquire additional 10% interest in Waterway Point
The trustee of Frasers Centrepoint Trust (FCT) has entered into 2 agreements to acquire an additional 10 per cent interest in Waterway Point, a 4-storey suburban mall in Punggol, for S$132.3 million.
https://www.businesstimes.com.sg/companies-markets/frasers-centrepoint-trust-to-acquire-additional-10-interest-in-waterway-point

Frasers Hospitality Trust privatisation deal fails to gain shareholder approval
Singapore – Frasers Hospitality Trust said on Monday a proposal to take the trust private in a $1.35 billion deal had fallen through due to the failure to get enough shareholder vote in favour of the deal.
https://www.straitstimes.com/business/companies-markets/frasers-hospitality-trust-privatisation-deal-fails-to-gain-shareholder-approval
https://www.businesstimes.com.sg/companies-markets/frasers-hospitality-trust-privatisation-bid-falls-shy-of-required-75-approval-in

Logistics, student housing assets a boon for Mapletree amid rising inflation, interest rates
Singapore – Deepening its exposure to resilient asset classes such as the logistics and student accommodation sectors has paid dividends for Mapletree Investments amid rising inflation and interest rates, persistent supply chain disruptions and geopolitical instability.
https://www.straitstimes.com/business/companies-markets/logistics-student-accommodation-assets-a-boon-for-mapletree-amid-rising-inflation-interest-rates

Leaving out AMK Hub makes Mercatus’ retail portfolio a more digestible acquisition target
Almost 3 months have passed since Mercatus Co-operative – substantially owned by NTUC Enterprise – was said to have bundled 4 of its retail assets in Singapore for a potential sale “in excess of S$4 billion”. Yet, there are no signs of a deal close to being done.
https://www.businesstimes.com.sg/opinion/leaving-out-amk-hub-makes-mercatus-retail-portfolio-a-more-digestible-acquisition-target