DAILY NEWS

Daily News – 16 Aug 2022 (Tue)

SINGAPORE REAL ESTATE

New private home sales up in July, driven by AMO Residence transactions
New private home sales rose month on month in July, according to data released by the Urban Redevelopment Authority (URA) on Monday (Aug 15). Developers sold a total of 834 units excluding executive condominiums (ECs), while 402 units were launched. These was up from 488 units sold and 397 units launched in June.
https://www.businesstimes.com.sg/real-estate/new-private-home-sales-up-in-july-driven-by-amo-residence-transactions
https://www.straitstimes.com/business/property/spore-new-private-home-sales-rebound-in-july-on-pent-up-demand-for-suburban-condos

Transacting homes off-plan in Singapore is a win-win proposition
2021 was a good year for housing developers in Singapore. Excluding executive condominiums, developers sold 13,027 private homes in 2021 as private home prices rose 10.6 per cent from a year ago, according to data from the Urban Redevelopment Authority (URA).
https://www.businesstimes.com.sg/opinion/transacting-homes-off-plan-in-singapore-is-a-win-win-proposition

SINGAPORE ECONOMY

PM Lee to deliver National Day Rally speech on Aug 21
Singapore – Prime Minister Lee Hsien Loong will deliver his National Day Rally speech on Sunday evening (Aug 21) at the Institute of Technical Education headquarters in Ang Mo Kio. He will speak in Malay from 6.45pm, Mandarin from 7pm, and in English from 8pm, the Prime Minister’s Office said on Monday.
https://www.straitstimes.com/singapore/pm-lee-to-deliver-national-day-rally-speech-on-aug-21-2022

Lawrence Wong warns US, China may ‘sleepwalk into conflict’
Singapore Deputy Prime Minister Lawrence Wong warned that the US and China may “sleepwalk into conflict” if they don’t engage with each other and deescalate rising tensions over Taiwan.
https://www.businesstimes.com.sg/government-economy/lawrence-wong-warns-us-china-may-sleepwalk-into-conflict

Businesses must be more cost-efficient as salaries rise under Progressive Wage Model: Zaqy
Singapore – Paying workers higher wages does not need to translate into significant price hikes for consumers, said Senior Minister of State for Manpower Zaqy Mohamad.
https://www.straitstimes.com/singapore/jobs/businesses-must-be-more-cost-efficient-as-salaries-rise-under-progressive-wage-model-zaqy

Retail workers to see wages rise up to 8.5% under Progressive Wage Model from Sep 1
Thousands of retail workers in Singapore will see their monthly baseline salaries rise by between 8.4 and 8.5 per cent each year over the next 3 years from Sep 1, after tripartite recommendations were accepted by the government on Monday (Aug 15).
https://www.businesstimes.com.sg/government-economy/retail-workers-to-see-wages-rise-up-to-85-under-progressive-wage-model-from-sep-1
https://www.straitstimes.com/singapore/jobs/retail-workers-to-get-pay-increases-over-next-three-years-under-progressive-wage-model

Business groups welcome move to raise local retail staff’s wages but say added cost a concern
Singapore- Raising the wages of local retail staff is a welcome move, but taking on more costs will likely be a concern amid the challenging business operating environment, business associations said on Monday (Aug 15).
https://www.straitstimes.com/singapore/jobs/business-groups-welcome-move-to-raise-local-retail-staffs-wages-but-say-added-cost-a-concern-in-current-climate

COMPANIES’ BRIEF

Ascott Residence Trust’s private placement closes at S$1.12 per stapled security
Ascott Residence Trust (ART) has closed its private placement at S$1.12 per stapled security to raise S$170 million, the stapled hospitality group’s managers announced on Tuesday (Aug 16) before the market open.
https://www.businesstimes.com.sg/companies-markets/ascott-residence-trusts-private-placement-closes-at-s112-per-stapled-security

ThaiBev, Frasers Property in joint venture for potential 2.2b baht investment
Thai Beverage (ThaiBev) and Frasers Property have established a 50:50 joint venture (JV) company in Thailand with an initial registered capital of 50 million baht (S$1.9 million).
https://www.businesstimes.com.sg/companies-markets/thaibev-frasers-property-in-joint-venture-for-potential-22b-baht-investment

SPH Reit appoints 3 new directors to board
SPH Real Estate Investment Trust (Reit)’s manager has appointed 3 new directors to its board with effect from Aug 15, it said in a bourse filing on Monday (Aug 15). The manager has appointed Jennie Chua as an independent director, where she will be designated as the deputy chairman of the board.
https://www.businesstimes.com.sg/companies-markets/sph-reit-appoints-3-new-directors-to-board