The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 6, 7 & 8 Aug 2022 (Sat, Sun & Mon)



SGTI 2022 shows more S-Reits reporting non-financial metrics
S-Reits and business trusts see an improvement in their Singapore Governance and Transparency Index (SGTI) 2022 scores, increasing marginally to 85.3 points from 85.0 last year.

Colonial-era bungalow about 100 years old to be part of new Yishun housing area
Singapore – A colonial-era bungalow that used to house an executive of a rubber estate in Yishun is set to be preserved as part of a new HDB residential area. The bungalow at 50 Bah Soon Pah Road, which is about 100 years old and is located on top of a slope, currently sits undisturbed amid a flurry of activity as earth works are being carried out at the approximately 40ha site for residential developments.

AMK Sers residents can now apply for BTO flat in same estate under priority scheme
Singapore – Ang Mo Kio residents affected by the Selective En bloc Redevelopment Scheme (Sers) will now have the option of applying for a new flat in the same estate. In an upcoming Build-To-Order (BTO) sales exercise this month (August), up to 10 per cent of the flats offered at Central Weave @ Ang Mo Kio BTO project will be set aside for priority allocation for eligible households. This includes residents affected by Sers.

More inspections, stiffer penalties after four deaths at HDB work sites this year
Singapore – The Housing Board, which is Singapore’s largest housing developer, has imposed harsher punishments for safety lapses through a stricter demerit points system that took effect from July 1, The Straits Times has learnt.



PM Lee to deliver National Day message on Aug 8
Singapore – Prime Minister Lee Hsien Loong will address the country in a televised message on Monday (Aug 8), the eve of National Day. He will deliver his speech in English on CNA at 6.45pm. Deputy Prime Minister and Finance Minister Lawrence Wong will deliver the message in Mandarin on television on Channel 8 and on radio on Capital 95.8 FM at 8.45pm.

Future of Singapore’s social compact rests on the shoulders of the people
Launched in June this year, Forward Singapore is an ongoing initiative led by Deputy Prime Minister Lawrence Wong and his fourth generation (4G) leadership team to review and refresh Singapore’s social compact, and set out a roadmap for the next decade and beyond.

Asean wants US, China to cool tensions, which are hurting global economy: Vivian Balakrishnan
Asean countries want temperatures between the United States and China to come down, especially with military manoeuvres in the region bringing a real risk of accidents and miscalculations, said Foreign Minister Vivian Balakrishnan.

Singapore retail sales grow 14.8% in June from low base in 2021, but slower than previous month
Singapore’s retail sales grew at a slower pace in June, but still logged a double-digit increase owing to the low base last year. Total retail sales expanded 14.8 per cent year on year, easing from the 17.8 per cent increase in May, according to the Department of Statistics Singapore (SingStat) on Friday (Aug 5).

Tackling inequality, cutting carbon emissions: 5 key issues from World Cities Summit
Singapore – More than 2,500 mayors and city leaders, senior government officials, industry experts and trade visitors attended the World Cities Summit 2022 last week to discuss challenges that cities face and how to address them.

Carbon prices in Asia are too cheap to help curb emissions
More Asian governments are putting prices on emissions to try and curb global warming, but the region’s carbon markets and taxes are mostly off to slow and disappointing starts. Carbon prices in China and South Korea are at just fractions of where they are in the European Union and also well below levels estimated to have a meaningful impact on the climate, while taxes in Japan and Singapore have been set at very low levels.



Chip Eng Seng H1 net profit jumps to S$38.5 million on higher revenue
Property developer Chip Eng Seng : C29 +0.8% reported a sharp increase in net profit for the first half ended June 2022, on the back of higher revenue. Net profit for the first 6 months of 2022 climbed to S$38.5 million from S$99,000 in H1 2021, the company reported in a bourse filing on Friday (Aug 5).

FLCT sees over 173,000 sq m of leasing in Q3; expects operating conditions to improve
Frasers Logistics & Commercial Trust (FLCT) recorded 173,087 square metres (sq m) of leasing across its portfolio in Q3 ended June, the real estate investment trust’s (Reit) manager said in a Friday (Aug 5) business update.

Koh Brothers H1 net profit rises 151% to S$5m
Construction, property development and specialist engineering solutions provider Koh Brothers Group has posted a 151 per cent increase in net profit to S$5.0 million for the first half ended June 2022 from a S$2.0 million net profit in the year-ago period.

Lendlease Reit H2 DPU gains 4.9%, revenue up on Jem acquisition
Lendlease Global Commercial Reit (Lendlease Reit) on Monday (Aug 8) posted an improved H2 performance, with distribution per unit (DPU) gaining 4.9 per cent to S$0.0245 from S$0.0234 a year ago.

Singapore Land Group H1 net profit rises 290%, boosted by fair-value gains
Singapore Land Group reported a 290 per cent increase in net profit for the first half ended June 2022, boosted by fair-value gains on subsidiaries’ investment properties. Net profit for the 6-month period rose to S$359.8 million, up from S$92.2 million in the year-ago period, the company said in a bourse filing on Friday (Aug 5).



Sustainable packaging in Singapore: the potential & opportunities
As consumers, many of us are aware that packaging makes up a significant portion of the waste we produce and that, while our attitudes and behaviours play a part, the options available to us – in terms of the type of packaging and recycling options available – are also important.

Mixed hiring sentiments among start-ups as economic worries loom
Singapore – Hiring sentiment in the tech sector has darkened in recent months with global companies tapping the brakes amid recession fears and a slowdown from the pandemic-fuelled boom.

Corporate VC is booming, but is it what your startup needs?
After a decade of easy money, startups are suddenly facing a strange new reality: funding is drying up. Global venture funding fell by 23 per cent to US$108.5 billion in the second quarter of the year – the second-largest drop in a decade. Although the figure is still higher than levels seen before the pandemic, entrepreneurs could be forgiven for feeling more anxious about their venture being starved of financial backing.

How will the Covid-19 pandemic end?
Those old enough to remember the severe acute respiratory syndrome (Sars) outbreak here in 2003 may recall some of the drama that took place during the final days of the epidemic. As cases dwindled and fear of the disease started to fade, public attention turned to maths – specifically, how many days it had been since the last detected case.



US inflation peak in sight but debate rages over what comes next

‘Sizzling’ US jobs data make case for bigger Fed rate increases

US job growth surges, tempering recession fears and pressing Fed

US dollar posts broad gains after unexpectedly strong jobs data

US CEOs blame remote workers for slow sales, earnings shortfalls

The crypto market crashed, but they are still buying Bitcoin

From ‘Tower of Terror’ to brutalist icon: A London landmark abides

UK economy probably entered its worst slump since lockdown

UK facing long winter of soaring inflation and prospect of lengthy recession

UK house prices fall for first time in a year as crisis bites

No recession in Switzerland this year: chief economist

China’s export growth gains steam despite weakening global demand

China’s IPO market trounces the world with record US$57.8b boom

Japan economists forecast biggest inflation gains since 1991

Japan runs first current account deficit in 5 months

Thailand’s tourism industry rebounds as it heads into high season

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