DAILY NEWS

Daily News – 30 Aug 2022 (Tue)

SINGAPORE REAL ESTATE

Hotel G, lyf Funan floated as possible asset sales
The improving performance of the Singapore hotel sector aided by the reopening of Singapore’s borders since April is expected to spark investment interest in hospitality assets here. The owners of at least 2 such properties have roped in agents to suss out buying interest.
https://www.businesstimes.com.sg/real-estate/hotel-g-lyf-funan-floated-as-possible-asset-sales

Be alert to Reits using leverage and paying fees in units to prop up distribution per unit
Numerous Singapore-listed real estate investment trusts (Reits) posted growth in distribution per unit (DPU) from a year ago for the latest quarter or half-year ended June 2022. Some trusts are benefiting from Singapore’s opening up amid living with Covid.
https://www.businesstimes.com.sg/opinion/be-alert-to-reits-using-leverage-and-paying-fees-in-units-to-prop-up-distribution-per-unit

Asian landlords must do more to pursue green initiatives
Over the past decade, the building and construction sector has come under increasing pressure to reduce carbon emissions. Estimates by the United Nations Environment Programme show the sector accounts for 38 per cent of all energy-related carbon dioxide emissions.
https://www.businesstimes.com.sg/opinion/asian-landlords-must-do-more-to-pursue-green-initiatives

HDB launches nearly 5,000 BTO flats in August exercise, including 2 projects under prime area model
Singapore: The Housing and Development Board (HDB) on Tuesday (Aug 30) launched 4,993 flats under its August Build-to-Order (BTO) exercise. The flats will be spread across seven towns in both mature and non-mature estates – namely Ang Mo Kio, Bukit Merah, Choa Chu Kang, Jurong East, Tampines and Woodlands.
https://www.channelnewsasia.com/singapore/hdb-august-2022-bto-exercise-flats-plh-bukit-merah-2908611

SINGAPORE ECONOMY

4 things to know about Singapore’s work pass framework enhancements
Singapore – In his National Day Rally speech on Aug 21, Prime Minister Lee Hsien Loong spoke about the importance of building a world-class talent pool in Singapore and the need to develop, attract and retain top talent here.
https://www.straitstimes.com/business/economy/4-things-to-know-about-singapores-work-pass-framework-enhancements

Pass for top talent, 5-year EP for talent-scarce tech roles among Singapore’s new foreign talent moves
A new pass for top foreign talent across all sectors and a longer 5-year Employment Pass (EP) option for specific tech occupations are among several upcoming moves to strengthen Singapore’s position as a global hub for talent, said Manpower Minister Tan See Leng said on Monday (Aug 29).
https://www.businesstimes.com.sg/government-economy/pass-for-top-talent-5-year-ep-for-talent-scarce-tech-roles-among-singapores-new
https://www.straitstimes.com/singapore/jobs/work-pass-changes-will-also-benefit-local-talent-says-tan-see-leng

Singapore to launch new work pass to attract global top talent; $30k monthly pay among criteria
Singapore – A new work pass – the Overseas Networks and Expertise Pass – will be open for applications from Jan 1 next year, to attract top talent across all sectors. Applicants will need to earn a fixed monthly salary of $30,000 and above, which is comparable to the top 5 per cent of Employment Pass (EP) holders.
https://www.straitstimes.com/singapore/jobs/singapore-to-launch-new-work-pass-to-attract-global-top-talent-30k-monthly-pay-among-criteria
https://www.businesstimes.com.sg/government-economy/minimum-s30000-monthly-salary-for-applicants-of-new-one-pass

With One Pass, it’s less about giving firms access to talent, but more about attracting them
Whether as part of tax breaks or eased rules, pandemic packages or Budget bonanzas, any sufficiently targeted measure will elicit a common reaction: “This does not help me.” That refrain is likely to be heard too, in response to the new Overseas Networks and Expertise (One) Pass for top foreign talent.
https://www.businesstimes.com.sg/opinion/with-one-pass-its-less-about-giving-firms-access-to-talent-but-more-about-attracting-them
https://www.straitstimes.com/singapore/jobs/new-work-pass-likely-to-attract-top-talent-with-niche-tech-skills-to-work-on-projects

Singapore is exploring restricting retail access to cryptocurrencies: MAS chief Ravi Menon
Singapore – The city’s regulators are looking at making it harder for the public to buy cryptocurrencies, but will not ban such trading activities. The Monetary Authority of Singapore (MAS) is contemplating having customer suitability tests and restricting the use of leverage and credit facilities for crypto trading, its chief Ravi Menon said at a seminar on Monday (Aug 29).
https://www.straitstimes.com/business/economy/mas-will-explore-restricting-retail-access-to-cryptocurrencies-ravi-menon

Commentary: Inflation expectations can be a self-fulfilling prophecy
Singapore: When it comes to inflation, how we expect prices to rise matters. Inflation expectations influence how households and businesses invest and consume, which in turn can affect actual inflation and policymakers’ decisions.
https://www.channelnewsasia.com/commentary/inflation-price-cost-increase-consumer-expectations-2903846

COMPANIES’ BRIEF

GuocoLand’s half-year profit up 122% to S$325.2m
Property developer GuocoLand on Tuesday (Aug 30) posted a 122 per cent rise in net profit for the six months ended Jun 30, 2022. Although revenue was down 4 per cent to S$512.8 million, the group narrowed its cost of sales to S$287.3 million, bringing its gross profit for the half-year period to S$225.5 million, which was 30 per cent higher than the year-ago period.
https://www.businesstimes.com.sg/companies-markets/guocolands-half-year-profit-up-122-to-s3252m
https://www.straitstimes.com/business/companies-markets/guocoland-second-half-profit-up-122-to-3252-million

Hatten Land swings back to black with Q4 net profit
Catalist-listed developer Hatten Land swung into the black for the fourth quarter ended June 30 with a net profit of RM26.45 million (S$8.22 million), versus a loss of RM90.81 million a year ago.
https://www.businesstimes.com.sg/companies-markets/hatten-land-swings-back-to-black-with-q4-net-profit

MBS, Las Vegas Sands commit US$1m for bond-free hospitality scholarships
Marina Bay Sands (MBS) and its parent company Las Vegas Sands have jointly pledged US$1 million to a new bond-free scholarship programme that is set to benefit more than 100 Singaporean students pursuing hospitality or tourism-related courses.
https://www.businesstimes.com.sg/government-economy/mbs-las-vegas-sands-commit-us1m-for-bond-free-hospitality-scholarships
https://www.straitstimes.com/singapore/consumer/hospitality-and-tourism-students-can-tap-14m-scholarship-by-mbs-and-las-vegas-sands

ESR-Logos Reit proposes acquisition of logistics asset in Tokyo for S$183.5m
ESR-Logos Reit (E-LOG) is planning to acquire a 5-storey modern logistics asset in Tokyo for 17.8 billion yen or S$183.5 million (inclusive of rental support), which is expected to be distribution per unit (DPU) accretive to unitholders.
https://www.businesstimes.com.sg/companies-markets/esr-logos-reit-proposes-acquisition-of-logistics-asset-in-tokyo-for-s1835m

VIEWS, REVIEWS, FORUM AND OTHERS

Indonesia’s tech billionaires eye Singapore for family offices
Indonesia’s newly-minted tech billionaires are beginning to diversify their wealth and are increasingly looking to Singapore to set up family offices and seek new investment opportunities.
https://www.businesstimes.com.sg/asean-business/indonesias-tech-billionaires-eye-singapore-for-family-offices

Recent physical AGMs draw low attendance; preference for hybrid, electronic meetings
Physical annual general meetings (AGMs) are back, after the easing of Covid-19 restrictions on large gatherings, but companies and shareholders are lukewarm to the idea of in-person meetings after a 2-year hiatus.
https://www.businesstimes.com.sg/companies-markets/recent-physical-agms-draw-low-attendance-preference-for-hybrid-electronic-meetings

Many Singaporeans not quite ready to stop wearing masks indoors despite easing of rules
Singapore – On Monday (Aug 29), for the first time in more than two years, Singaporeans were not required to wear a mask indoors – but not everyone was keen to ditch it. In shopping malls and schools across Singapore, many people were seen still wearing their masks. When asked, two reasons stood out.
https://www.straitstimes.com/singapore/health/many-singaporeans-not-quite-ready-to-stop-wearing-masks-indoors-despite-easing-of-rules