DAILY NEWS

Daily News – 15, 16 & 17 Oct 2022 (Sat, Sun & Mon)

SINGAPORE REAL ESTATE

New Hub Synergy Point emerges, spruces up Anson office locale
Amid the current tight office supply, a new office tower has been completed at the corner of Anson Road and Enggor Street in an old part of the central business district (CBD). Developed by 72-year-old Ho Kian Cheong, a member of the Ho family of Keck Seng Group, the Hub Synergy Point received Temporary Occupation Permit (TOP) in August this year.
https://www.businesstimes.com.sg/real-estate/new-hub-synergy-point-emerges-spruces-up-anson-office-locale

Limited office space, need for flexibility could support demand for co-working market
Co-working demand in Singapore could remain firm as some firms opt to rein in capital expenditure, amid tight vacancies in the office market, rising rents and economic headwinds. Occupancy has recovered from the troughs seen during the pandemic, when safe distancing measures kept employees home-bound, said several co-working operators.
https://www.businesstimes.com.sg/real-estate/limited-office-space-need-for-flexibility-could-support-demand-for-co-working-market

SINGAPORE ECONOMY

Govt to review ‘size, components’ of GST support package due to higher than expected inflation: Lawrence Wong
Singapore — The Government will review the “sizing and components” of the Assurance Package, which comprises cash payouts to help Singaporeans deal with the impending Goods and Services Tax (GST) hike, to account for the higher than expected inflation, Deputy Prime Minister Lawrence Wong said on Friday (Oct 14).
https://www.todayonline.com/singapore/gst-assurance-package-inflation-lawrence-wong-2019996
https://www.straitstimes.com/singapore/gst-assurance-package-to-be-updated-amid-higher-inflation-details-in-budget-2023-dpm-wong

Singaporeans face another year of paying more for goods and services
Singapore – Singaporeans will continue to pay more for goods and services in 2023 than they did before the Covid-19 pandemic. The central bank in its first assessment of the outlook for inflation in 2023 said on Friday that headline inflation, which is relevant to consumers, is expected to be around 5.5 per cent to 6.5 per cent.
https://www.straitstimes.com/business/economy/another-year-of-higher-prices-in-store-for-singaporeans-as-inflation-refuses-to-retreat

Businesses will continue to get help to restructure, Govt to study further help for them in Budget 2023
Singapore – Businesses will continue to get help to restructure and transform their operations to become more energy efficient, and the Government will continue to study what other help it can provide them in the coming Budget, Deputy Prime Minister Lawrence Wong said on Friday.
https://www.straitstimes.com/singapore/businesses-will-continue-to-get-help-to-restructure-govt-to-study-further-help-for-them-in-budget-2023

Upside surprise in Singapore’s Q3 GDP unlikely to last into Q4: economists
Singapore’s third-quarter economic growth turned out to be more robust than expected, prompting several economists to upgrade their full-year growth outlook, even as they continue to warn of headwinds in Q4 and beyond.
https://www.businesstimes.com.sg/government-economy/upside-surprise-in-singapores-q3-gdp-unlikely-to-last-into-q4-economists

Singapore key exports eases to 3.1% in September, missing the mark and dragged by slump in electronics
The growth of Singapore’s key exports eased in September, dragged by a contraction in electronic shipments as well as declining deliveries to most of Republic’s top 10 key markets, including China and Hong Kong, data from Enterprise Singapore (EnterpriseSG) showed on Monday.
https://www.businesstimes.com.sg/government-economy/singapore-key-exports-eases-to-31-in-september-missing-the-mark-and-dragged-by
https://www.straitstimes.com/business/economy/singapore-non-oil-exports-disappoint-with-31-rise-in-september-electronics-shrink-again
https://www.channelnewsasia.com/business/singapores-export-grow-slower-pace-31-september-3010791
https://www.todayonline.com/singapore/singapores-export-grow-slower-pace-31-september-2021481

As central banks tighten, investors should be as selective in Singapore as anywhere else
Inflation was a big market theme this past week, with global investors and Singapore’s economic policymakers behaving in unexpected ways. First, there was the strange market reaction to economic data in the United States that suggested inflation is not abating fast enough to forestall a fourth consecutive 75-basis-point hike in the US federal funds rate next month.
https://www.businesstimes.com.sg/opinion/as-central-banks-tighten-investors-should-be-as-selective-in-singapore-as-anywhere-else

COMPANIES’ BRIEF

Frasers Property to reappoint Siripen Sitasuwan as independent director
Frasers Property will reappoint Siripen Sitasuwan as an independent director from Monday (Oct 17). In a bourse filing on Friday, the company said that it believes Siripen’s appointment will provide further diversity to the core competencies and skill set of the board.
https://www.businesstimes.com.sg/companies-markets/frasers-property-to-reappoint-siripen-sitasuwan-as-independent-director

GuocoLand chairman Moses Lee steps down after 9 years on board
GuocoLand chairman Moses Lee Kim Poo has stepped down after almost nine years on the company’s board. In a bourse filing, GuocoLand said Lee did not seek re-election at the company’s annual general meeting (AGM) on Friday (Oct 14) after having served on the board since Nov 1, 2013.
https://www.businesstimes.com.sg/companies-markets/guocoland-chairman-moses-lee-steps-down-after-9-years-on-board

Pan-United to dispose stake in Indonesian aggregate producer for S$3.5m
Ready-mix concrete provider Pan-United Corporation entered into a sale-and-purchase agreement on Friday (Oct 14) to dispose of its 49 per cent stake in Pacific Granitama (PTPG), a company that mines, produces, sells and exports aggregates and other materials from a Riau Island quarry.
https://www.businesstimes.com.sg/companies-markets/pan-united-to-dispose-stake-in-indonesian-aggregate-producer-for-s35m

Pontiac’s Regent hotel in Cuscaden Rd set to be rebranded Conrad: sources
Pontiac Land Group is expected to appoint Hilton to manage its 440-room Cuscaden Road hotel that currently trades as Regent Singapore. Hilton will operate the hotel under its Conrad brand, sources told The Business Times.
https://www.businesstimes.com.sg/real-estate/pontiacs-regent-hotel-in-cuscaden-rd-set-to-be-rebranded-conrad-sources

PropertyGuru acquires home service technology startup
Singapore-based online real estate firm PropertyGuru has acquired a local home-service technology startup, Sendhelper, for an undisclosed sum. This acquisition signals PropertyGuru’s entry into the home-services industry, said the company in a statement issued Friday (Oct 14).
https://www.businesstimes.com.sg/companies-markets/propertyguru-acquires-home-service-technology-startup

UPDATE ON COVID-19 SITUATION

Lifting of VDS for Mice events reduces manpower cost, brings in foreign attendees
Singapore – The lifting of vaccination-differentiated safe management measures (VDS) for events with more than 500 participants has led to more planning visits and site inspections by Mice event organisers – interactions that should result in more contracts being signed, the Singapore Tourism Board said.
https://www.straitstimes.com/singapore/lifting-of-vds-for-mice-events-reduces-manpower-cost-brings-in-foreign-attendees

Bivalent vaccine gives stronger and broader protection against all Covid-19 strains
Singapore – While the XBB strain of Covid-19 which is fuelling the current wave of infections here might be milder, it is still important for people at higher risk to get their second booster shot, said Health Minister Ong Ye Kung on Saturday.
https://www.straitstimes.com/singapore/health/bivalent-vaccine-gives-stronger-and-broader-protection-against-all-covid-19-strains

Higher risk of infection during XBB wave for those who have never caught Covid-19
People who have never caught Covid-19 or who were infected with the virus before the Delta wave in Singapore in 2021 face a higher chance of catching the new XBB strain of the Omicron variant.
https://www.businesstimes.com.sg/government-economy/higher-risk-of-infection-during-xbb-wave-for-those-who-have-never-caught-covid-19
https://www.straitstimes.com/singapore/higher-risk-of-infection-during-xbb-wave-for-those-who-have-never-caught-covid-19

XBB sub-variant more transmissible but no severe cases linked to it in S’pore so far
Singapore – No deaths or severe cases have been linked to the XBB strain of the Omicron variant so far. The sub-variant has been driving up case numbers in Singapore and other parts of the world, with test samples taken a month ago from Covid-19 patients in intensive care units or in need of oxygen supplementation not showing signs of the new strain.
https://www.straitstimes.com/singapore/xbb-subvariant-more-transmissible-but-may-be-less-virulent

S’pore’s Covid-19 XBB infections to peak in mid-Nov, cannot rule out bringing back mask rules
The current wave of Covid-19 infections is being driven by the XBB sub-variant, and is expected to peak at 15,000 daily cases by about mid-November. Projections based on previous waves of infection show that Singapore has adequate healthcare capacity to cope with the rise in coronavirus cases, the Ministry of Health (MOH) said on Saturday (Oct 15).
https://www.businesstimes.com.sg/government-economy/spores-covid-19-xbb-infections-to-peak-in-mid-nov-cannot-rule-out-bringing-back
https://www.straitstimes.com/singapore/spores-covid-19-xbb-infections-to-peak-in-mid-nov-cannot-rule-out-bringing-back-mask-mandate
https://www.todayonline.com/singapore/xbb-cases-25000-peak-mid-november-2020696
https://www.todayonline.com/singapore/cannot-rule-out-indoor-masks-xbb-wave-2020711

Over 800 hospital beds to be set aside in Covid-19 fight, non-critical operations postponed
Hospitals here will set aside more than 800 beds in the next two weeks for Covid-19 patients, as Singapore grapples with an increase in cases brought on by the XBB strain of the Omicron variant. Non-critical operations will be postponed as public hospitals prioritise their resources to cater to the needs of Covid-19 patients.
https://www.businesstimes.com.sg/government-economy/over-800-hospital-beds-to-be-set-aside-in-covid-19-fight-non-critical-operations
https://www.straitstimes.com/singapore/over-800-hospital-beds-to-be-set-aside-in-covid-19-fight-non-critical-operations-postponed