DAILY NEWS

Daily News – 3 Aug 2022 (Wed)

SINGAPORE REAL ESTATE

Alibaba, Perennial-led group to build Singapore’s tallest building, at 305 metres
Alibaba and a Perennial Holdings-led consortium’s proposed mixed-use project on the former AXA Tower site opposite Tanjong Pagar MRT station is poised to overtake Guoco Tower as Singapore’s tallest development.
https://www.businesstimes.com.sg/real-estate/alibaba-perennial-led-group-to-build-singapores-tallest-building-at-305-metres

Strata office deals fall 21% in H1; retail up 8.8%: Knight Frank
The total transacted value of strata office units slid 21 per cent to S$365.1 million in the first half of 2022, from S$461.9 million in H2 2021. Year on year, deals for this segment declined by 48.1 per cent, as the supply of strata office units shrunk, said Knight Frank in a report on Tuesday (Aug 2).
https://www.businesstimes.com.sg/real-estate/strata-office-deals-fall-21-in-h1-retail-up-88-knight-frank

Landlords get creative with new ‘fees and charges’ as leasing code set to become law
Mandatory compliance with a new code of conduct for leasing is welcomed by tenants, but several retailers who spoke to The Business Times also flagged that landlords are finding new ways to increase the amounts that tenants have to pay.
https://www.businesstimes.com.sg/sme/landlords-get-creative-with-new-fees-and-charges-as-leasing-code-set-to-become-law

SINGAPORE ECONOMY

Singapore launches online marketplace for infrastructure projects
An online portal that links up governments, developers and financiers has been launched by Infrastructure Asia, a government facilitation office set up by Enterprise Singapore and the Monetary Authority of Singapore to support infrastructure development.
https://www.businesstimes.com.sg/government-economy/singapore-launches-online-marketplace-for-infrastructure-projects
https://www.straitstimes.com/singapore/online-portal-to-link-up-partners-for-regional-infrastructure-projects-launched

Changi Airport leads regional recovery; weekly passenger traffic at 55% of pre-Covid levels in July
Changi Airport is leading the regional travel recovery, compared with other major East Asia Pacific air hubs such as Incheon, Hong Kong and Bangkok, said Transport Minister S Iswaran in Parliament on Aug 2.
https://www.businesstimes.com.sg/government-economy/changi-airport-leads-regional-recovery-weekly-passenger-traffic-at-55-of-pre
https://www.straitstimes.com/singapore/politics/changi-airport-leading-recovery-within-asia-pacific-focus-now-on-ramping-up-capacity-iswaran

3,000 SMEs have engaged with Centres of Innovation, yielding 300 projects
From 2016 to 2020, about 3,000 small and medium enterprises (SMEs) in Singapore engaged with Centres of Innovation (COI) in local institutes of higher learning and A*Star research institutes, said Minister of State for Trade and Industry Low Yen Ling in Parliament on Tuesday (Aug 2).
https://www.businesstimes.com.sg/sme/3000-smes-have-engaged-with-centres-of-innovation-yielding-300-projects

CPF interest rate floors being maintained: Tan See Leng
Asked if Central Provident Fund (CPF) interest rates would be increased to make up for high inflation, Minister for Manpower Tan See Leng on Tuesday (Aug 2) said that the rates for Ordinary Account (OA) and Special, Medisave and Retirement Account (SMRA) savings are currently being maintained at the respective floor rates of 2.5 per cent and 4 per cent.
https://www.businesstimes.com.sg/government-economy/cpf-interest-rate-floors-being-maintained-tan-see-leng
https://www.straitstimes.com/singapore/politics/no-changes-to-cpf-interest-rates-tan-see-leng

Singapore PMI slips to 50.1 in July as global demand softens
Singapore manufacturing sentiment started the second half of the year on a gloomy note, as the sector continues to be weighed down by global supply chain disruptions and high inflation, according to the latest figures from the Singapore Institute of Purchasing and Materials Management (SIPMM) on Tuesday (Aug 2).
https://www.businesstimes.com.sg/government-economy/singapore-pmi-slips-to-501-in-july-as-global-demand-softens
https://www.straitstimes.com/business/economy/singapore-manufacturing-growth-slows-in-july-as-electronics-cools

Singapore state investors face headwinds but they possess the heft to deal with them
In the world of investments, size matters, as it allows for greater diversification and higher allocation to alternatives that are less vulnerable to market gyrations.
https://www.straitstimes.com/business/economy/singapore-state-investors-face-headwinds-but-they-possess-the-heft-to-deal-with-them

Use tech for city planning but leave room for innovation: World Cities Summit panel
In Singapore, citizens are able to use the LifeSG application to register a child’s birth and apply for the Baby Bonus. This app is one way that the country harnesses digital technology to help citizens with their day-to-day administrative tasks, said Mr Chng Kai Fong, Second Permanent Secretary of the Smart Nation and Digital Government Office.
https://www.straitstimes.com/singapore/use-tech-for-city-planning-but-leave-room-for-innovation-world-cities-summit-panel

Cities can tap nature for solutions as they seek to develop without harming the environment
In China, Hainan province built interlocking fingers of land that channel sea tides into the island’s 10ha mangrove park. These fingers help to reduce the impact of strong storm currents on Sanya Mangrove Park’s mangroves, in an area that had previously been damaged by years of tourism development.
https://www.straitstimes.com/singapore/environment/cities-can-tap-nature-for-solutions-as-they-seek-to-develop-without-harming-the-environment

COMPANIES’ BRIEF

Ascendas Reit H1 DPU rises 2.8% to 7.873 Singapore cents
Ascendas Real Estate Investment Trust (A-Reit) on Tuesday (Aug 2) posted a distribution per unit (DPU) of 7.873 cents for its first half ended Jun 30, 2022, up 2.8 per cent from a DPU of 7.66 cents a year ago.
https://www.businesstimes.com.sg/companies-markets/ascendas-reit-h1-dpu-rises-28-to-7873-singapore-cents

Brokers’ take: Maybank raises Ascott Residence Trust target price on revenue recovery
Maybank has raised its target price for Ascott Residence Trust (ART) to S$1.40, from S$1.30, on expectations of strong revenue recovery in the second half of the year. It has a ‘buy’ call on the counter.
https://www.businesstimes.com.sg/companies-markets/brokers-take-maybank-raises-ascott-residence-trust-target-price-on-revenue

Competition regulator invites feedback on proposed Sembmarine, Keppel O&M merger
The Competition and Consumer Commission of Singapore (CCCS) is seeking public feedback on the proposed merger of Sembcorp Marine (Sembmarine) and Keppel Offshore & Marine (Keppel O&M).
https://www.businesstimes.com.sg/companies-markets/competition-regulator-invites-feedback-on-proposed-sembmarine-keppel-om-merger
https://www.straitstimes.com/business/companies-markets/competition-regulator-invites-feedback-on-proposed-sembmarine-keppel-om-merger

OCBC Q2 profit beats forecasts to rise 28% to S$1.48b; S$0.28 interim dividend declared
OCBC’s net profit for its second quarter rose 28 per cent, underpinned by robust performance across its banking, wealth management and insurance businesses, it said on Wednesday (Aug 3). Net profit for the 3 months ended Jun 30, 2022 stood at S$1.48 billion, compared with S$1.16 billion last year.
https://www.businesstimes.com.sg/companies-markets/ocbc-q2-profit-beats-forecasts-to-rise-28-to-s148b-s028-interim-dividend-declared
https://www.straitstimes.com/business/banking/ocbc-q2-profit-jumps-28-to-148-billion-beating-forecasts

VIEWS, REVIEWS, FORUM AND OTHERS

UBS, Ho Bee Land launch campaign using art to spread sustainability message
A sculpture of the endangered Sumatran Tiger made entirely out of trash was unveiled at Gardens by the Bay on Monday (Aug 1) as part of Trash-Sure, a new campaign that uses art to narrate sustainability.
https://www.businesstimes.com.sg/life-culture/ubs-ho-bee-land-launch-campaign-using-art-to-spread-sustainability-message
https://www.straitstimes.com/singapore/environment/7m-tall-tiger-made-of-trash-at-gardens-by-the-bay-underscores-global-wastage-crisis

Forward Singapore: 6 wishes for the future
When the Forward Singapore initiative was announced this June, there was the predictable range of reactions. Some people stayed apathetic while others expressed cynicism along the lines of “We’ve been here before”, referencing previous conversation initiatives.
https://www.businesstimes.com.sg/opinion/forward-singapore-6-wishes-for-the-future

Rising rates intensify Asean’s debt burdens, but financial crisis remains unlikely
ASEAN economies whose public debt levels rose during the pandemic may feel squeezed by rising interest rates, but they are now more resilient against the risk of a financial crisis compared to the past, say analysts.
https://www.businesstimes.com.sg/asean-business/rising-rates-intensify-aseans-debt-burdens-but-financial-crisis-remains-unlikely

The 3 keys that financial institutions need for a green future
The appetite for sustainable financing has accelerated in recent years, driven by global initiatives to tackle climate change and promote sustainable development. Institutional and retail investors alike are increasingly putting money into responsible financing structures, such as green bonds and sustainability loans.
https://www.businesstimes.com.sg/opinion/the-3-keys-that-financial-institutions-need-for-a-green-future

Some of the best-argued uses of crypto have a common denominator: scams
Crypto has come up frequently in dinner-table conversations of late, as the market continues reeling from recent sell-offs and a spate of bankruptcy filings. Since the stablecoin TerraUSD collapsed in May, several large exchanges and lending firms have filed for bankruptcy protection, leaving clients’ assets trapped in their platforms.
https://www.businesstimes.com.sg/opinion/some-of-the-best-argued-uses-of-crypto-have-a-common-denominator-scams

S’pore temperatures could hit 40 deg C by 2045: Take urgent steps to avert killer heat
Around the world, extreme temperature events are increasing in frequency, duration and magnitude due to climate change. As temperatures soar, people living in cities are particularly at risk: concrete and other materials that make up buildings and streets cause the air to heat up more than in leafier areas.
https://www.straitstimes.com/singapore/politics/take-urgent-steps-to-avert-killer-heat

UPDATE ON COVID-19 (CORONAVIRUS DISEASE 2019) SITUATION

Tighter Covid-19 curbs at hospitals and care homes extended till Aug 31
Safe management measures for visitors to hospital wards and residential care homes will be extended for another four weeks, till Aug 31.
https://www.straitstimes.com/singapore/health/tighter-covid-19-curbs-at-hospitals-and-care-homes-extended-till-aug-31

Is the current Covid-19 wave in Singapore over? 15 things you need to know
Health Minister Ong Ye Kung gave a round-up of Singapore’s latest Covid-19 situation in Parliament on Monday (Aug 1).
https://www.straitstimes.com/singapore/health/is-the-current-covid-19-wave-in-singapore-over-15-things-you-need-to-know

*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