DAILY NEWS

Daily News – 3, 4 & 5 Sep 2022 (Sat, Sun & Mon)

SINGAPORE REAL ESTATE

Singapore hotels rake in highest average room rate in 10 years in July
Singapore hotels’ average room rate (ARR) rose to a near-decade high in July, extending growth for the sixth straight month, latest data from the Singapore Tourism Board (STB) showed. The ARR in July was S$259 – the highest since September 2012, when it was S$261.66. The on-year jump was 69.2 per cent; on the month, the growth rate was 7.7 per cent.
https://www.businesstimes.com.sg/government-economy/singapore-hotels-rake-in-highest-average-room-rate-in-10-years-in-july
https://www.straitstimes.com/business/economy/singapore-hotels-rake-in-highest-average-room-rate-in-10-years-as-visitors-return

Shipping containers get new lease of life as hotel suites in Singapore
Singapore – This high-end boutique hotel, which sits in the picturesque Gardens by the Bay, can relocate to any location in Singapore or even abroad. The Garden Pod, a retreat with four duplex suites, is housed in repurposed shipping containers that are about 12.2m long each.
https://www.straitstimes.com/singapore/garden-pods-opening-expands-efforts-here-to-build-hotels-with-repurposed-materials

S-Reits with Malaysia assets record stronger operating results
Malaysia’s economy recorded stronger GDP growth of 8.9 per cent year on year (yoy) in Q2 2022, following its 5.0 per cent growth in Q1 2022 driven by stronger domestic demand, normalising of economic activity and the reopening of its international borders. Singapore lists 6 S-Reits with exposure to Malaysia assets…
https://www.businesstimes.com.sg/companies-markets/s-reits-with-malaysia-assets-record-stronger-operating-results

Pofma correction direction to be issued to The Alternative View for implying HDB profits from Ang Mo Kio BTO flats
Facebook page The Alternative View will be issued a correction direction under the Protection from Online Falsehoods and Manipulation Act (Pofma) for implying that the Housing and Development Board (HDB) will profit from the sale of Build-To-Order (BTO) flats at Central Weave @ Ang Mo Kio.
https://www.businesstimes.com.sg/real-estate/pofma-correction-direction-to-be-issued-to-the-alternative-view-for-implying-hdb-profits
https://www.straitstimes.com/singapore/politics/facebook-page-to-get-correction-order-after-implying-hdb-will-profit-from-ang-mo-kio-bto-flats

Recovery, construction efforts after Clementi landslide ‘may take a few months’: Desmond Lee
Singapore: The recovery and construction efforts to repair the damage caused by the recent landslide in Clementi “may take a few months”, said National Development Minister Desmond Lee said on Sunday (Sep 4).
https://www.channelnewsasia.com/singapore/recovery-construction-work-clementi-northarc-bto-landslide-months-desmond-lee-2920331

SINGAPORE ECONOMY

S’pore needs to build new growth engines to remain competitive and continue investing in its people: Gan Kim Yong
Singapore – New engines of growth are needed to strengthen Singapore’s economic resilience, even as it continues to invest in its people so the workforce remains relevant. Trade and Industry Minister Gan Kim Yong said there is a need to identify new opportunities for Singapore to remain competitive amid headwinds in the global economy.
https://www.straitstimes.com/business/economy/spore-needs-to-build-new-growth-engines-to-remain-competitive-and-continue-investing-in-its-people-gan-kim-yong

Singapore electronics PMI contracts for the first time in 2 years amid region-wide slump
Singapore’s manufacturing sentiment fell in August to its lowest point in 2 years, with the Purchasing Managers’ Index (PMI) for the electronics sector clocking the sharpest contraction since the start of the Covid-19 pandemic.
https://www.businesstimes.com.sg/government-economy/singapore-electronics-pmi-contracts-for-the-first-time-in-2-years-amid-region
https://www.straitstimes.com/business/economy/electronics-sector-falls-into-contraction-overall-factory-activity-expands-at-slower-pace

VIEWS, REVIEWS, FORUM AND OTHERS

Deconstructing the air-conditioned nation
Singapore-based architect Ling Hao grew up in a stilted compound house in Sarawak, Malaysia. Keeping a cool home back then meant using building features like ventilation panels at the top of windows to maintain a flow of air through the space.
https://www.businesstimes.com.sg/brunch/deconstructing-the-air-conditioned-nation

Singapore’s first digital bank Trust Bank launches
The Standard Chartered Bank and FairPrice Group’s digital bank, Trust Bank launched with savings accounts and credit card offerings for retail customers. Unlike GXS Bank and Sea’s MariBank, which require approval from the Monetary Authority of Singapore to expand beyond savings accounts, Trust is able to offer a full suite of banking products having acquired a full bank licence. (*see amendment note)
https://www.businesstimes.com.sg/garage/singapores-first-digital-bank-trust-bank-launches

Are the recent digital bank offerings in the interest of consumers?
Singapore – The race for market share in the digital banking space has begun with Trust Bank getting a headstart, GXS Bank following closely and MariBank, which has yet to launch, left in a cloud of dust.
https://www.straitstimes.com/business/economy/are-the-recent-digital-bank-offerings-in-the-interest-of-consumers