DAILY NEWS

Daily News – 14 July 2022 (Thu)

SINGAPORE REAL ESTATE

Retail, office spaces set to recover but residential demand will slide: Moody’s
The significant easing of Covid restrictions in Singapore means commercial property owners will stand to benefit from a boost in earnings on the back of strong pent-up demand, according to Moody’s Investors Service.
https://www.businesstimes.com.sg/real-estate/retail-office-spaces-set-to-recover-but-residential-demand-will-slide-moodys
https://www.straitstimes.com/business/property/spore-retail-office-properties-set-to-recover-but-residential-demand-will-drop-moodys

Asia-Pacific hotel investment climbs 33% in H1 as recovery continues: JLL
Hotel investment in Asia-Pacific continued to show signs of recovery, totalling US$6.8 billion in the first half of 2022. Singapore, particularly, was one of the countries which bounced back the quickest as it was one of the first to lift most travel restrictions in the region, according to real estate professional services firm JLL’s report released on Wednesday (Jul 13).
https://www.businesstimes.com.sg/real-estate/asia-pacific-hotel-investment-climbs-33-in-h1-as-recovery-continues-jll

Thomson Plaza townhouses up for bulk sale at S$158m
A total of 19 townhouses in the residential block of Thomson Plaza have been put up for bulk sale via expression of interest at a price of S$158 million. The townhouse units in the development, known as Marigold Mews, have a strata area ranging from 2,411 square feet to 4,133 square feet, or approximately 60,805 square feet in total, said sole marketing agent Brilliance Capital in a statement.
https://www.businesstimes.com.sg/real-estate/thomson-plaza-townhouses-up-for-bulk-sale-at-s158m

Two Joo Chiat Road shophouses up for joint sale at S$16.88m guide price
Two freehold commercial shophouses along Katong’s Joo Chiat Road have been put up for sale with an indicative guide price of S$16.88 million, announced their exclusive marketing agent in a Tuesday (Jul 12) press release.
https://www.businesstimes.com.sg/real-estate/two-joo-chiat-road-shophouses-up-for-joint-sale-at-s1688m-guide-price

Lakepoint condo receives approval to relax height controls
The marketing agent for Lakepoint Condominium, which closed its collective sale tender on June 8 without bids, has announced updates to the site’s land planning parameters on Wednesday (July 13).
https://www.businesstimes.com.sg/real-estate/lakepoint-condo-receives-approval-to-relax-height-controls

SINGAPORE ECONOMY

DPM Wong to attend G20 meetings in Bali from Thursday
Deputy Prime Minister and Minister for Finance Lawrence Wong will be in Bali from Jul 14 to Jul 16 to attend events under the 2022 G20 Summit, according to a Wednesday (Jul 13) press statement.
https://www.businesstimes.com.sg/government-economy/dpm-wong-to-attend-g20-meetings-in-bali-from-thursday
https://www.straitstimes.com/singapore/dpm-lawrence-wong-to-visit-bali-from-thursday-for-g-20-meetings

Singapore and Japan to enhance cooperation in digital economy
Singapore – Singapore and Japan have agreed to enhance their cooperation in the field of digital economy, including 5G networks and other emerging technologies. The Ministry of Internal Affairs and Communications of Japan and Singapore’s Ministry of Communications and Information also agreed to deepen collaboration on artificial intelligence, as well as to continue developing secure, resilient and open 5G networks, they said in a joint statement on Wednesday (July 13).
https://www.straitstimes.com/singapore/politics/singapore-and-japan-to-enhance-cooperation-in-digital-economy

Singapore’s economy grows 4.8% year on year in Q2 but flat sequentially: flash estimates
The Singapore economy grew by 4.8 per cent year on year in the second quarter of 2022, picking up from 4 per cent in the 3 months prior, according to flash data out on Thursday (Jul 14). But on a seasonally adjusted, quarterly basis, gross domestic product (GDP) was flat on the quarter before, compared with the growth of 0.9 per cent seen in the first quarter, said the Ministry of Trade and Industry (MTI).
https://www.businesstimes.com.sg/government-economy/singapores-economy-grows-48-year-on-year-in-q2-but-flat-sequentially-flash
https://www.straitstimes.com/business/economy/singapore-economy-grew-48-in-second-quarter-flash-estimates

MAS tightens monetary policy in surprise off-cycle move; core inflation forecast at 3-4%
The Monetary Authority of Singapore (MAS) on Thursday (Jul 14) announced it would re-centre the mid-point of the Singapore dollar nominal effective exchange rate policy band “up to its prevailing level”, with no changes to the slope and width of the band.
https://www.businesstimes.com.sg/government-economy/mas-tightens-monetary-policy-in-surprise-off-cycle-move-core-inflation-forecast
https://www.straitstimes.com/business/economy/mas-tightens-singdollar-policy-again-in-off-cycle-move-to-slow-inflation-momentum

Singapore clinches 6.4% of Q2 fintech deal value despite funding winter: KPMG
Singapore has captured a bigger slice of global investments into fintech. The city-state grew its market share by deal value to 6.4 per cent in Q2 2022, up from 3.1 per cent in 2021, according to an analysis by KPMG.
https://www.businesstimes.com.sg/garage/singapore-clinches-64-of-q2-fintech-deal-value-despite-funding-winter-kpmg

COMPANIES’ BRIEF

CapitaLand Development acquires mixed-used site in Ho Chi Minh City
CapitaLand Development (CLD) is acquiring a prime mixed-used site in Thu Duc City in Ho Chi Minh City with an estimated total gross development value of about S$1 billion, announced the development arm of CapitaLand Group on Thursday (Jul 14).
https://www.businesstimes.com.sg/real-estate/capitaland-development-acquires-mixed-used-site-in-ho-chi-minh-city

This is the only brand-new next-gen biomedical sciences hub in Singapore
Future-ready labs and office spaces, a prime location and vibrant community areas: Elementum by Ho Bee Land pushes for work-live-play integration among innovative talents and companies.
https://www.businesstimes.com.sg/companies-markets/this-is-the-only-brand-new-next-gen-biomedical-sciences-hub-in-singapore

Sinarmas Land selling London freehold property at £247.5 million, expects to book ‘attractive’ investment return
Sinarmas Land is selling a wholly-owned subsidiary that owns a freehold commercial property in London for an estimated price of £247.5 million (S$414.2 million). The property company stated in its statement filed to the Singapore Exchange on Wednesday (Jul 13) that its wholly-owned subsidiary SML Victoria has entered into a sale and purchase agreement with LTH Property Holdings 3 for the divestment of Horseferry Property.
https://www.businesstimes.com.sg/companies-markets/sinarmas-land-selling-london-freehold-property-at-2475-million-expects-to-book

Keppel Infrastructure Trust consortium in last lap to buy South Korean waste management firm
A Keppel consortium comprising Singapore-listed Keppel Infrastructure Trust, Keppel Infrastructure Holdings and Keppel Asia Infrastructure Fund has been selected as the preferred bidder to acquire a major integrated waste management player in South Korea.
https://www.businesstimes.com.sg/companies-markets/keppel-infrastructure-trust-consortium-in-last-lap-to-buy-south-korean-waste

Pressure is on new Mapletree Reit to shine, given financial hit for its sponsor in the merger
Backed by its strength in managing listed real-estate investment trusts (Reits) and private real-estate equity funds, Temasek’s privately held Mapletree Investments has consistently achieved return on equity (ROE) in excess of 10 per cent — outperforming many listed property groups.
https://www.businesstimes.com.sg/opinion/pressure-is-on-new-mapletree-reit-to-shine-given-financial-hit-for-its-sponsor-in-the-merger

VIEWS, REVIEWS, FORUM AND OTHERS

Talent hunt goes global as Singapore employers contend with remote hiring
Vying for talent in Singapore has now become a global matter, as local companies contend with offshore companies looking to hire remote workers. According to payroll and compliance startup Deel, talent in Singapore is being scouted and hired by companies elsewhere in the world.
https://www.businesstimes.com.sg/garage/talent-hunt-goes-global-as-singapore-employers-contend-with-remote-hiring

16,870 new Covid-19 cases in Singapore, increase due to spike after long weekend: MOH
There were 16,870 new Covid-19 cases recorded in Singapore on Wednesday (July 13), almost triple the 5,979 cases on Tuesday. The Ministry of Health (MOH) said on its website that this increase was due to the spike normally seen after a long weekend.
https://www.businesstimes.com.sg/government-economy/16870-new-covid-19-cases-in-singapore-increase-due-to-spike-after-long-weekend
https://www.straitstimes.com/singapore/health/16870-new-covid-19-cases-in-singapore-increase-due-to-spike-typically-seen-after-a-long-weekend-moh