DAILY NEWS

Daily News – 9 & 10 Aug 2022 (Tue & Wed)

SINGAPORE REAL ESTATE

En bloc market picking up momentum, but developers seen remaining selective
The residential en bloc market has been gathering momentum in recent months as developers seek to replenish their land banks amid dwindling unsold inventory, a relative lack of supply under the Government Land Sales (GLS) programme and buoyant sales at new launches.
https://www.businesstimes.com.sg/real-estate/en-bloc-market-picking-up-momentum-but-developers-seen-remaining-selective

Jalan Besar shophouses up for sale with S$17.5m guide price
A pair of commercial shophouses in Jalan Besar has been put up for sale via expression of interest with a guide price of S$17.5 million, marketing agent Huttons said on Wednesday (Aug 10). The 2-storey shophouses, which come with attics, sit on a land plot spanning 2,617 square feet (sq ft), with an existing built-up area of around 7,036 sq ft.
https://www.businesstimes.com.sg/real-estate/jalan-besar-shophouses-up-for-sale-with-s175m-guide-price

US office S-Reits will need to diversify tenant mix in response to work-from-home trend
Real estate investment trusts (Reits) that own office properties in the United States are going through a rough patch that could be a precursor to monumental change. Most Singapore-listed real estate investment trusts (S-Reits) are riding on the reopening of economies post-pandemic, while bracing for higher interest rates and higher inflation.
https://www.businesstimes.com.sg/opinion/us-office-s-reits-will-need-to-diversify-tenant-mix-in-response-to-work-from-home-trend

SINGAPORE ECONOMY

Prime Minister Lee Hsien Loong’s National Day message 2022: Read his speech in full
My fellow Singaporeans, We have battled Covid-19 for 2½ years now. After many ups and downs, we have come through as one united people. We are now in a much better position. Our population is highly vaccinated, and well protected.
https://www.straitstimes.com/singapore/politics/prime-minister-lee-hsien-loongs-national-day-message-2022-read-his-speech-in-full

Singapore’s deeper response to inflation must be to transform: PM Lee
Beyond immediate measures such as a tighter exchange rate policy, Singapore’s deeper response to the global economic challenges that have emerged following the Covid-19 pandemic and the war in Europe must be to transform and be more productive, said Prime Minister Lee Hsien Loong on Monday (Aug 8).
https://www.businesstimes.com.sg/government-economy/singapores-deeper-response-to-inflation-must-be-to-transform-pm-lee
https://www.straitstimes.com/singapore/politics/brace-for-a-less-peaceful-region-period-of-high-inflation-pm-lee

S’pore must plan for next 50 years and after, beyond immediate issues: PM Lee
Singapore – The Republic has to look to the long term, beyond addressing immediate issues such as inflation and the cost of living, said Prime Minister Lee Hsien Loong in his National Day message on Monday (Aug 8).
https://www.straitstimes.com/singapore/politics/singapore-must-plan-for-next-50-years-and-after-beyond-immediate-issues-pm-lee

What national unity might mean
In this year’s National Day Message, Prime Minister Lee Hsien Loong stressed how unity is crucial as Singapore moves beyond Covid-19. But unity in the face of a specific enemy, such as a virus, is fairly straightforward. It is less obvious what might be required for less clear-cut threats.
https://www.businesstimes.com.sg/opinion/what-national-unity-might-mean

Roadbump ahead for S’pore retail sales as consumers seen to be turning cautious amid inflation
Singapore – Singapore’s retail sales may have expanded at a double-digit pace in the past few months after pandemic curbs were relaxed, but consumers are now watching their spending because of inflation.
https://www.straitstimes.com/business/economy/consumers-cautious-amid-inflation-firms-wary-about-higher-costs-amex-study

Singapore’s safe haven status amplified as geopolitical risks rise
In a post-pandemic world that is seeing increasing geopolitical tensions and uncertainties, Singapore has solidified its status as a safe harbour for wealthy investors navigating turbulent seas.
https://www.businesstimes.com.sg/global-enterprise/singapores-safe-haven-status-amplified-as-geopolitical-risks-rise

Firms turn less optimistic in Q2 as business activity weakens: survey
Singapore firms have turned much less optimistic about business prospects for the next 6 months, as overall activity weakened in the second quarter, the latest quarterly Business Times-Singapore University of Social Sciences (BT-SUSS) Business Climate Survey has found.
https://www.businesstimes.com.sg/government-economy/firms-turn-less-optimistic-in-q2-as-business-activity-weakens-survey

Three public service veterans top this year’s National Day Awards list
Singapore – Three Singaporeans with a long record of public service have been conferred the Distinguished Service Order, one of the Republic’s top national honours, for their contributions to the country over the years.
https://www.straitstimes.com/singapore/three-public-service-veterans-top-this-years-national-day-awards-list
https://www.pmo.gov.sg/National-Day-Awards/Recipients

COMPANIES’ BRIEF

Apac Realty posts 2.1% dip in H1 earnings to S$16.7 million
Real estate services provider Apac Realty reported earnings of S$16.7 million for the first half ended June, some 2.1 per cent lower than earnings of S$17 million in the year-ago period. Earnings per share (EPS) fell in tandem to S$0.047 as at Jun 30, from S$0.048 a year ago.
https://www.businesstimes.com.sg/companies-markets/apac-realty-posts-21-dip-in-h1-earnings-to-s167-million

Banyan Tree reverses H1 loss as travel resumption boosts revenue
Resorts operator Banyan Tree Group on Tuesday (Aug 9) posted a S$514,000 net profit for H1 ended June, reversing the year-ago S$42.6 million loss, as the rising tide of travel lifted all its business segments.
https://www.businesstimes.com.sg/companies-markets/banyan-tree-reverses-h1-loss-as-travel-resumption-boosts-revenue
https://www.straitstimes.com/business/companies-markets/banyan-tree-swings-back-to-profit-as-travel-resumption-boosts-revenue

Property groups can champion sustainability, but may do little to build an inclusive society
Focusing on sustainability issues is nothing new for property groups such as City Developments Limited (CDL). CDL is the first and only Singapore company to be included in the Global 100 Most Sustainable Corporations index in the world for 13 consecutive years.
https://www.businesstimes.com.sg/opinion/property-groups-can-champion-sustainability-but-may-do-little-to-build-an-inclusive-society

Frasers Property snags S$2.3b in pre-sold revenue for residential projects in 9M FY22
Frasers Property has achieved pre-sold revenue of S$2.3 billion so far in FY2022 for its residential projects across Singapore, Australia, China and Thailand, the real estate group said on Monday (Aug 8) in a business update for the third quarter ended June.
https://www.businesstimes.com.sg/companies-markets/frasers-property-snags-s23b-in-pre-sold-revenue-for-residential-projects-in-9m
https://www.straitstimes.com/business/companies-markets/frasers-property-snags-23b-in-pre-sold-revenue-for-residential-projects

Gallant Venture stays in the red with S$16.8m loss in H1
Gallant Venture, a developer, master planner and manager for industrial parks and resorts in Batam and Bintan, remained in the red in the first half of the 2022 financial year ended Jun 30, recording a net loss of S$16.8 million, according to a Monday (Aug 8) bourse filing.
https://www.businesstimes.com.sg/companies-markets/gallant-venture-stays-in-the-red-with-s168m-loss-in-h1

PropNex Q2 profit falls 20.7% to S$13.1m
Real estate agency PropNex on Wednesday (Aug 10) posted a 20.7 per cent drop in net profit for the second quarter, as revenue fell due to fewer marketing launches. Net profit for the 3 months ended Jun 30 stood at S$13.1 million, compared with a net profit of S$16.5 million posted the same period a year ago.
https://www.businesstimes.com.sg/companies-markets/propnex-q2-profit-falls-207-to-s131m
https://www.straitstimes.com/business/companies-markets/propnex-q2-profit-falls-207-to-131m-after-fewer-marketing-launches