DAILY NEWS

Daily News – 14 Sep 2022 (Wed)

SINGAPORE REAL ESTATE

State land tenders for private housing, EC plots draw fewer-than-expected bids
State tenders for 2 private housing sites near Lentor MRT station and an executive condominium (EC) site along Bukit Batok West Avenue 5 have fetched fewer bids than had been forecast by most property consultants.
https://www.businesstimes.com.sg/real-estate/state-land-tenders-for-private-housing-ec-plots-draw-fewer-than-expected-bids
https://www.straitstimes.com/business/property/3-sites-in-lentor-bukit-batok-draw-tepid-bids

Fewer condo deals in Aug as rising interest rates, Hungry Ghost bite: SRX, 99.co
The number of condominiums changing hands in the resale market continued to fall for the fourth consecutive month, with 1,135 units resold in August, according to flash figures from SRX and 99.co published on Tuesday (Sep 13).
https://www.businesstimes.com.sg/real-estate/fewer-condo-deals-in-aug-as-rising-interest-rates-hungry-ghost-bite-srx-99co
https://www.straitstimes.com/business/property/condo-resale-volume-falls-for-4th-straight-month-in-august-prices-continue-to-rise

Strong take-up at recent launches could whet developers’ appetite for suburban sites
Condominium projects such as Sky Eden@Bedok and Lentor Modern are setting new benchmarks in Singapore’s property market, amid elevated land and construction costs, yet buyers appear unfazed.
https://www.businesstimes.com.sg/opinion/strong-take-up-at-recent-launches-could-whet-developers-appetite-for-suburban-sites

Allow singles to apply for BTO flats from age 28 instead of 35: WP’s Louis Chua
Workers’ Party MP Louis Chua on Tuesday called for singles to be allowed to apply for a Build-To-Order (BTO) Housing Board flat from the age of 28, instead of 35 now.
https://www.businesstimes.com.sg/real-estate/allow-singles-to-apply-for-bto-flats-from-age-28-instead-of-35
https://www.straitstimes.com/singapore/politics/allow-singles-to-apply-for-a-bto-flat-from-age-28-instead-of-35-wps-louis-chua

SINGAPORE ECONOMY

Singapore spent S$72.3 billion on Covid-19 in FY2020 and FY2021, less than budgeted
Singapore’s government spent S$72.3 billion on Covid-19 in FY 2020 and 2021, less than the S$100 billion committed in its budgets for those years, said Second Minister for Finance Indranee Rajah in Parliament on Tuesday (Sep 13).
https://www.businesstimes.com.sg/government-economy/singapore-spent-s723-billion-on-covid-19-in-fy2020-and-fy2021-less-than-budgeted
https://www.straitstimes.com/singapore/723-billion-spent-on-fight-against-covid-19-over-fy2020-and-fy2021-indranee

Businesses in Singapore seeing rising costs but are still profitable: Low Yen Ling
Rising costs of utilities, fuel and other costs have contributed to rising costs for businesses in Singapore, but businesses are still profitable, said Minister of State for Trade and Industry Low Yen Ling in Parliament on Tuesday.
https://www.straitstimes.com/singapore/politics/businesses-in-singapore-seeing-rising-costs-but-are-still-profitable-low-yen-ling

Vacancies shrink as more jobs filled; total employment in Q2 near pre-pandemic level
Job vacancies in Singapore shrunk to 126,100 in June this year after seven straight quarters of increase. Although the figure is down from a record high of 128,100 vacancies in March, it remains higher than 117,100 in December last year.
https://www.straitstimes.com/singapore/jobs/vacancies-shrink-as-more-jobs-filled-total-employment-in-q2-near-pre-pandemic-level
https://www.todayonline.com/singapore/total-employment-rises-recovery-uneven-1992451

Local business sentiment moderates further for Q4: SCCB
Local business sentiment continued to decline for the third consecutive quarter as the outlook for services and wholesale sectors deteriorated slightly in the fourth quarter of 2022.
https://www.businesstimes.com.sg/sme/local-business-sentiment-moderates-further-for-q4-sccb
https://www.straitstimes.com/business/economy/spore-business-sentiment-moderates-further-for-q4

A more divisive world could impact collaborations in science: Vivian Balakrishnan
Beyond Covid-19, climate change is the most pressing long-term global challenge confronting humanity, but a more divisive world could get in the way of the global response.
https://www.straitstimes.com/singapore/a-more-divisive-world-could-impact-collaborations-in-science-vivian

Shipping new products, attracting foreign traders among Singapore’s routes to Trade 2030 goals
Nurturing homegrown global traders and getting more foreign traders to base themselves here – even if their goods never pass through the port – are among Singapore’s strategies to achieve its Trade 2030 goals: increasing exports to at least S$1 trillion, up from S$805 billion now, and doubling offshore trade to US$2 trillion.
https://www.businesstimes.com.sg/government-economy/shipping-new-products-attracting-foreign-traders-among-singapores-routes-to-trade

Singdollar emerges as Asia’s best performer: Will it continue to stay strong amid USD rise?
As this year’s US dollar rally crushes Asian currencies, foreign exchange traders are seeking refuge in the region’s best outperformer – the Singapore dollar.
https://www.straitstimes.com/business/economy/singdollar-emerges-as-asias-best-outperformer-against-greenbacks-relentless-rise

COMPANIES’ BRIEF

Ascendas Reit to buy cold storage logistics facility in Singapore for S$191.9m
The manager of Ascendas Real Estate Investment Trust (Ascendas Reit) has proposed to acquire a cold storage logistics facility for S$191.9 million, it said on Wednesday (Sep 14).
https://www.businesstimes.com.sg/companies-markets/ascendas-reit-to-buy-cold-storage-logistics-facility-in-singapore-for-s1919m

DBS sets sector-specific decarbonisation targets; O&G to cut emissions by 28%
DBS on Tuesday (Sep 13) announced specific, science-based decarbonisation targets for 7 sectors, including oil & gas (O&G), power, automotive, aviation, shipping, steel and real estate.
https://www.businesstimes.com.sg/banking-finance/dbs-sets-sector-specific-decarbonisation-targets-og-to-cut-emissions-by-28
https://www.straitstimes.com/singapore/global-energy-crisis-could-lead-to-faster-shift-away-from-fossil-fuels-says-dbs-chief

Parkway Life Reit to acquire 3 Hokkaido nursing homes for 2.6 billion yen
The trustee of Parkway Life Reit (PLife Reit) has entered an agreement to acquire 3 nursing homes in Hokkaido for a sum of 2.56 billion yen (S$26.1 million), in a move to further expand the healthcare Reit’s Japan portfolio.
https://www.businesstimes.com.sg/companies-markets/parkway-life-reit-to-acquire-3-hokkaido-nursing-homes-for-26-billion-yen