DAILY NEWS

Daily News – 15 Sep 2022 (Thu)

SINGAPORE REAL ESTATE

Pasir Panjang redevelopment site for sale with guide price of over S$18m
A freehold residential redevelopment site at 303/305 Pasir Panjang Road has been put up for sale by tender at an indicative guide price in excess of S$18 million.
https://www.businesstimes.com.sg/real-estate/pasir-panjang-redevelopment-site-for-sale-with-guide-price-of-over-s18m

Chuan Park en bloc sale dissenters file objection with Strata Titles Board
Dissenting owners of the Chuan Park en bloc sale have filed their objections to the Strata Titles Board (STB), alleging that its Collective Sale Committee (CSC) and marketing agent ERA Realty failed to disclose material facts relating to a higher development baseline for the condominium – which translates into a “deep discount” for the buyers – among other issues.
https://www.businesstimes.com.sg/real-estate/chuan-park-en-bloc-sale-dissenters-file-objection-with-strata-titles-board

Private home sales slowed in first half of 2022 as cooling measures tamped down demand
The number of private property transactions in the first six months of this year has slowed after cooling measures were introduced in December last year. A total of 13,311 units were sold between January and June this year, which is about one-third that of the 37,433 units sold in the whole of last year.
https://www.straitstimes.com/singapore/housing/private-home-sales-slowed-in-first-half-of-2022-as-cooling-measures-tamped-down-demand

Condo, HDB rents rise again in August; volumes remain lower on-year
Both condominium and HDB (Housing Board) rentals rose in August to achieve the 20th and 26th straight month of growth, respectively, although volumes continued to fall short on a year-on-year comparison.
https://www.businesstimes.com.sg/real-estate/condo-hdb-rents-rise-again-in-august-volumes-remain-lower-on-year
https://www.straitstimes.com/business/property/condo-and-hdb-rentals-in-august-continue-growth-trend-with-more-units-leased

Manpower woes: Increased foreign labour brings some relief but employers in construction, F&B sectors still face problems
Total employment has recovered to pre-Covid-19 levels mostly due to the increase in foreign labour as border controls eased, but those in the manufacturing and construction industry, the largest beneficiaries of the foreign labour boost, said that the increase in numbers is only half the battle won.
https://www.todayonline.com/singapore/manpower-foreign-labour-employers-construction-fb-manufacturing-1993196

SINGAPORE ECONOMY

Fostering local talent key to achieve goals of updated industry plan for financial services: DPM Wong
Efforts to develop local talent for financial services will get a shot in the arm from a new $400 million grant, announced Deputy Prime Minister and Finance Minister Lawrence Wong.
https://www.straitstimes.com/business/banking/fostering-local-talent-key-to-achieve-goals-of-updated-industry-plan-for-financial-services-dpm-wong

MAS unveils financial sector roadmap; projects over 3,000 net jobs created per year
The Monetary Authority of Singapore (MAS) has unveiled a roadmap of growth strategies for the financial sector, with projections for over 3,000 net jobs being created per year and for the sector to grow faster than the broader economy.
https://www.businesstimes.com.sg/government-economy/mas-unveils-financial-sector-roadmap-projects-over-3000-net-jobs-created-per-year
https://www.straitstimes.com/business/banking/refreshed-financial-sector-plan-aims-to-create-3000-net-jobs-a-year
https://www.todayonline.com/singapore/mas-financial-services-jobs-4000-blueprint-1993071

Retrenchments fall to a record low in Q2 while job vacancies ease: MOM
Retrenchments in Singapore fell to a record low in the second quarter of 2022, but the number of job vacancies decreased slightly as companies filled more positions, according to the Ministry of Manpower (MOM)‘s Labour Market Report on Wednesday (Sep 14).
https://www.businesstimes.com.sg/government-economy/retrenchments-fall-to-a-record-low-in-q2-while-job-vacancies-ease-mom

Singapore tourist arrivals grow for 7th straight month in August to 728,744
Singapore’s international visitor arrivals grew for the 7th straight month in August, once again setting a record from the beginning of the Covid-19 pandemic, based on the latest figures from the Singapore Tourism Board (STB) on Wednesday (Sep 14).
https://www.businesstimes.com.sg/government-economy/singapore-tourist-arrivals-grow-for-7th-straight-month-in-august-to-728744

Employers ramp up hiring while retaining workers in tourism-related sectors
As global travel resumes, domestic Covid-19 restrictions ease and demand for consumer-facing services rise in Singapore, more people are being hired in the aviation, food and beverage, and accommodation sectors.
https://www.straitstimes.com/singapore/jobs/employers-ramp-up-hiring-while-retaining-workers-in-tourism-related-sectors

Tapping into payments insights for retail revival
By all indications, a great revival is on the cards for the retail sector. In Singapore, we’re nearing the peak shopping season, with the Great Singapore Sale back in full force this month (September) and ecommerce shopping festivals abound. However, brands need to ensure they have the right approach to ride the recovery wave.
https://www.businesstimes.com.sg/opinion/tapping-into-payments-insights-for-retail-revival

COMPANIES’ BRIEF

Brokers’ take: DBS calls MPACT’s valuations attractive, reinstates coverage with ‘buy’
DBS Group Research on Wednesday (Sep 14) called Mapletree Pan Asia Commercial Trust (MPACT) an “opportunity not to be missed” as it expects the real estate investment trust (Reit) to be a beneficiary of further recovery when Hong Kong and China reopen.
https://www.businesstimes.com.sg/companies-markets/brokers-take-dbs-calls-mpacts-valuations-attractive-reinstates-coverage-with-buy

FHT’s failed privatisation not a complete surprise as unitholders bet on tourism recovery
The failed attempt by Frasers Hospitality Trust (FHT) to go private came as a surprise to some market observers. Opposition to the cash offering of S$0.70 per stapled security – at a 7 per cent premium to net asset value (NAV) – by sponsor Frasers Property (FPL) was generally muted.
https://www.businesstimes.com.sg/opinion/fhts-failed-privatisation-not-a-complete-surprise-as-unitholders-bet-on-tourism-recovery

Low Keng Huat sinks into red with H1 loss on slower project sales, disposal loss
Mainboard-listed property firm Low Keng Huat (Singapore) has sunk into the red with a S$24.1 million loss for the half year to July, from a S$25.1 million net profit in the year-ago period.
https://www.businesstimes.com.sg/companies-markets/low-keng-huat-sinks-into-red-with-h1-loss-on-slower-project-sales-disposal-loss

Straits Trading to pay special dividend early, ratify shareholder approval at a later date
Straits Trading has decided it is in the interest of shareholders to first proceed with its proposed special dividend, before formally garnering shareholder approval at an extraordinary general meeting.
https://www.businesstimes.com.sg/companies-markets/straits-trading-to-pay-special-dividend-early-ratify-shareholder-approval-at-a

UOB says physical presence will help it compete in digital age
As digital banks make a grab for its customers, UOB says it will focus on transforming its physical engagement to give it a competitive edge in the region.
https://www.businesstimes.com.sg/banking-finance/uob-says-physical-presence-will-help-it-compete-in-digital-age

UPDATE ON COVID-19 (CORONAVIRUS DISEASE 2019) SITUATION

Singapore approves Moderna’s booster vaccine that targets original Covid-19 virus, Omicron variant
The Health Sciences Authority (HSA) on Wednesday (Sep 14) granted interim authorisation for the use of Moderna’s Spikevax bivalent Covid-19 vaccine, which targets both the original Sars-CoV-2 strain and the Omicron BA.1 variant.
https://www.businesstimes.com.sg/government-economy/singapore-approves-modernas-booster-vaccine-that-targets-original-covid-19-virus
https://www.straitstimes.com/singapore/health/singapore-approves-moderna-booster-vaccine-that-targets-original-covid-19-virus-omicron-variant

End of the Covid-19 pandemic is in sight: WHO chief
The world has never been in a better position to end the Covid-19 pandemic, the head of the World Health Organisation (WHO) said on Wednesday (Sep 14), urging nations to keep up their efforts against the virus that has killed over 6 million people.
https://www.businesstimes.com.sg/government-economy/end-of-the-covid-19-pandemic-is-in-sight-who-chief
https://www.straitstimes.com/world/europe/end-of-covid-19-pandemic-is-in-sight-says-who-chief

*For more information, please visit the Ministry of Health (MOH) website at www.moh.gov.sg and refer to go.gov.sg/mohupdates for updates on the COVID-19 (Coronavirus Disease 2019) situation