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Weekly News Select
                                                                                                  May 7, 2021 / Issue 18

Top News for the Week
        •    Cooling measures cited as key risk by Singapore real-estate market, poll finds
        •    Back to phase 2: Cap of 5 people for social gatherings from May 8 amid rising Covid-
             19 cases
        •    Singapore bars non-resident arrivals from four South Asian countries
        •    Compulsory TraceTogether check-ins at venues brought forward to May 17
        •    Singapore's outlook brighter this year, global recession less protracted than initially
             feared: PM Lee
        •    Singapore's April PMI up again for 10th straight month
        •    SingaporeRediscovers Vouchers Scheme to be extended till Dec 31, 2021

Residential
Cooling measures cited as key risk by Singapore real-estate market, poll finds
Cooling measures have been named as the biggest risk faced by Singapore's real-estate market, a
poll among senior executives of real-estate firms has found.
Of the approximately 50 such executives surveyed in March, 87.8 per cent indicated the possibility
of cooling measures as a potential risk which may hit market sentiment in the next six months.
This is almost double the previous quarter's 44.7 per cent.
This finding came from the latest Real Estate Sentiment Index published by the National
University of Singapore Real Estate (NUS+RE), which represents the Department of Real Estate
and the Institute of Real Estate and Urban Studies at the university.
After cooling measures, the second biggest risk cited by the survey participants, who follow the
pulse of the real-estate market, was rising construction costs - a factor named by three-quarters (
77.6 per cent) of the respondents in the Q1 2021 poll. This proportion is slightly down from 85.1
per cent in Q4 2020.
The third biggest risk factor was rising inflation or interest rates. The proportion of respondents
who indicated these in their answers jumped to 65.3 per cent from just 8.5 per cent last December.
This category saw the biggest change in the two quarters.
In terms of future launches and sales, about 70 per cent expected the number of units launched to
be moderately or substantially more in the next six months; 12.5 per cent predicted moderately
fewer launches.
About half the developers surveyed expected moderately or substantially higher prices; 41.7 per
cent predicted that prices of the new launches in the next six months will be at the same level as
prices in Q1 2021.

Links to the story:
https://www.businesstimes.com.sg/real-estate/cooling-measures-cited-as-key-risk-by-singapore-real-estate-market-
poll-finds
https://www.businesstimes.com.sg/real-estate/developers-margins-squeezed-by-higher-land-construction-costs-
survey

                Huttons Asia Pte Ltd | L3008899K | ROC No. 200210087C | GST Reg No. 20-0210087-C
               3 Bishan Place #05-01, CPF Building, S (579838) | Tel. (65) 6253 0030 | Fax (65) 6253 0090
                                              www.huttonsgroup.com

Weekly News Select
May 7, 2021 / Issue 18

Novena Global Healthcare co-founder Nelson Loh's three luxurious Sentosa Cove
homes up for sale
Three Sentosa Cove homes co-owned by Novena Global Healthcare (NGH) co-founder Nelson
Loh, one of two cousins who last year made an audacious bid to buy English Premier League
football club Newcastle United, have been put on the market.
A fourth property that he co-owns, also located in Sentosa, was recently sold at a loss.
Among the properties is a 9,041 sq ft, five-bedroom detached house that comes with a stunning
view of a lake and the Serapong Golf Course.
The 41-year-old failed businessman and his wife co-own the house and have put it up for sale at
$14 million - the same price they paid in 2018.
That year, the couple also paid $4.65 million for a triplex penthouse at The Oceanfront, which is
now on the market for $4 million.
A two-bedroom condominium unit at The Oceanfront which Mr Loh co-owns with three others is
listed under a bank sale at $2.08 million.

Link to the story:
https://www.straitstimes.com/business/property/nelson-lohs-three-luxurious-sentosa-cove-homes-up-for-sale

21 million-dollar HDB resale flats sold in April
The Housing Board resale market remained robust in April as 21 million-dollar flats changed
hands and overall resale prices rose for the 10th straight month. Experts said the return to phase 2
Covid-19 curbs will help underpin demand.
Resale prices climbed 1.2 per cent last month compared to March, flash data from real estate portal
showed.
The 21 million-dollar flats sold last month marked an increase from March, when 17 such flats
were sold. The monthly record so far is 23 million-dollar flats sold in February.
This brings the total of HDB flats that have sold for more than S$1 million to 74 units in the first
four months of this year, compared to 14 of such units sold during the same period last year.
A total of 82 million-dollar flats changed hands in the whole of 2020.

Links to the story:
https://www.businesstimes.com.sg/real-estate/21-million-dollar-hdb-resale-flats-sold-in-april
https://www.straitstimes.com/business/property/21-million-dollar-hdb-resale-flats-sold-in-april-as-overall-prices-
rise-for-10th

Commercial
UOB to trim office premises, but does not expect major cut in real estate space: CEO
UOB is considering downsizing its office space as hybrid work arrangements gain momentum, but
the bank's chief executive officer and deputy chairman Wee Ee Cheong does not expect too
significant a reduction in real estate.

Weekly News Select
                                                                                                  May 7, 2021 / Issue 18

UOB's head of group human resources Dean Tong added that the bank has been looking at paring
office space since early 2020, prior to the Covid-19 pandemic, with an internal property group
weighing options to balance employees' welfare and the economics of space.
"We do expect that there will be some reduction. But the main point we are doing this, is (for)
improving the welfare of employees as well as looking at maintaining productivity with the new
work arrangements," he said.
According to the bank's latest annual report, as at end-2020, some 200,000 square feet (sq ft) of
office space has been transformed into "high-performance workspaces", which provide flexibility
for individual work, group meetings and other creative activities.

Links to the story:
https://www.businesstimes.com.sg/companies-markets/uob-to-trim-office-premises-but-does-not-expect-major-cut-
in-real-estate-space-ceo

DBS to cut office space by 20% in next few years: CEO
DBS Group will cut office space across its markets by 20 per cent in the next four to five years as
it adopts a hybrid work model and redesigns its work spaces to encourage more collaboration,
chief executive Piyush Gupta said on April 30.
South-east Asia's largest lender plans to give up about 2½ floors, or 75,000 sq ft, out of the dozen
floors it occupies in Tower 3 of the Marina Bay Financial Centre in December, Bloomberg reported
earlier this month.

Link to the story:
https://www.straitstimes.com/business/banking/dbs-to-cut-office-space-by-20-in-next-few-years-ceo

Flexible workspace demand rises amid recovering economy in Singapore
Demand for co-working spaces in Singapore has increased markedly in recent months with signs
of economic rebound and more people back at work in the office.
Any tightening of regulations would affect the use of co-working spaces, though it is too early to
say how much they will be affected.
Much of the demand, though, for co-working spaces is driven by business optimism and companies
turning to more flexible work arrangements, observers said.
Demand for co-working space has been higher in sectors such as healthcare, education, e-
commerce, e-sports and financial services.

Link to the story:
https://www.straitstimes.com/business/property/flexible-workspace-demand-rises-amid-recovering-economy-in-
singapore

Two office floors at Malacca Centre up for sale
Two office floors located at levels nine and 16 of Malacca Centre have been put up for public
tender.

                Huttons Asia Pte Ltd | L3008899K | ROC No. 200210087C | GST Reg No. 20-0210087-C
               3 Bishan Place #05-01, CPF Building, S (579838) | Tel. (65) 6253 0030 | Fax (65) 6253 0090
                                              www.huttonsgroup.com

Weekly News Select
May 7, 2021 / Issue 18

Spanning 1,830 sq ft, the level nine office has an indicative price of S$6 million or S$3,278 psf.
Meanwhile, the level 16 office has a gross floor area of 2,142 sq ft and an indicative price of nearly
S$6.9 million or S$3,211 psf.
Collectively, the guide price is about S$12.9 million or S$3,242 psf. Both offices are currently
occupied.
The tender for the two Malacca Centre offices closes at 3pm on June 17.

Link to the story:
https://www.businesstimes.com.sg/real-estate/two-office-floors-at-malacca-centre-up-for-sale

Retail
Ageing buildings take another crack at going en bloc
Some ageing buildings in the Orchard vicinity are hopping on the collective sale bandwagon, with
Tanglin Shopping Centre (TSC) and Orchard Towers among those eyeing a collective sale, The
Business Times understands.
TSC, which is mounting its fourth attempt, is gunning for a reserve price of S$785 million. This
works out to a little over S$2,500 psf ppr based on the gross floor area of approximately 313,000
sq ft.
TSC is zoned commercial under the Urban Redevelopment Authority's (URA) guidelines, with no
less than 60 per cent to be used for commercial use, while 40 per cent could be for other uses such
as luxury residential or a six-star hotel.
With over 360 strata retail and office units, TSC - which is over 50 years old - comprises one 12-
storey office block as well as a six-storey retail podium, with a basement car park and a multi-
storey car park. The strata area is around 230,000 sq ft.
It has a plot ratio of 4.2, with a 20-storey maximum height under the Master Plan.
Not far from TSC, freehold strata-titled Ming Arcade is also said to be looking at a collective sale.
Completed in the 1980s, the seven-storey building with three basement storeys is situated near the
junction of Orchard Road and Cuscaden Road.
For Orchard Towers, the process is understood to be in the early stages, with an extraordinary
general meeting convened recently to form the CSC, sources said.
Orchard Towers, with a plot ratio of 4.9, sits on a site of some 6,130 sq m in area.

Link to the story:
https://www.businesstimes.com.sg/real-estate/ageing-buildings-take-another-crack-at-going-en-bloc

Stores in Novena malls say crowds have thinned since TTSH cluster emerged,
shoppers there unfazed
Lunchtime crowds still thronged two popular malls in Novena on May 3 despite the Covid-19
cluster linked to the nearby Tan Tock Seng Hospital (TTSH), but businesses said footfall has been
impacted.

Weekly News Select
May 7, 2021 / Issue 18

Diners and shoppers at Velocity and Square 2 that The Straits Times spoke to said they were not
overly concerned about the TTSH cluster as they had faith that the authorities were handling the
situation.

Links to the story:
https://www.straitstimes.com/singapore/stores-in-novena-malls-say-crowds-have-thinned-since-ttsh-cluster-
emerged-shoppers-there
https://www.straitstimes.com/singapore/consumer/automated-check-in-gantries-deployed-at-novenas-square-2-and-
other-malls

Restaurants may see spate of cancellations with tighter cap on social gatherings
Restaurants in Singapore are anticipating some cancellations ahead of Mother's Day celebrations
this weekend, as limits on social gatherings will be reduced from groups of eight people to five
from May 8 to May 30.
To mitigate this, some eateries are calling customers to offer takeaways, or to get them to change
the size of their bookings.
Already, some food establishments have experienced a drop in traffic following the government's
call for people to reduce their social interactions.

Link to the story:
https://www.businesstimes.com.sg/government-economy/restaurants-may-see-spate-of-cancellations-with-tighter-
cap-on-social-gatherings

Government
Back to phase 2: Cap of 5 people for social gatherings from May 8 amid rising Covid-
19 cases
Rules on social gatherings will be tightened starting May 8, as Singapore takes stricter measures
to stop the spread of Covid-19 in the wider community.
First, people will be allowed to gather only in groups of five, down from eight currently. These
restrictions also apply to households, which will be able to receive only five distinct visitors a day,
the Ministry of Health (MOH) announced.
In addition, more people will be required to work from home. Under the new rules, no more than
50 per cent of employees who are able to work from home should be in the office at any one time,
down from 75 per cent at present.
Employers should also continue to stagger start times of employees who need to return to the
workplace, and implement flexible working hours. Social gatherings at the office should be
avoided as well.
These measures will be in place until May 30.

Links to the story:
https://www.straitstimes.com/singapore/health/singapore-to-cut-social-gathering-size-from-8-to-5-amid-rising-
covid-19-cases
https://www.businesstimes.com.sg/government-economy/reverting-to-phase-2-unlikely-to-derail-singapores-
recovery

Weekly News Select
                                                                                                  May 7, 2021 / Issue 18

https://www.straitstimes.com/singapore/limit-on-employees-who-can-return-to-workplace-back-at-50-as-covid-19-
measures-are
https://www.straitstimes.com/singapore/health/better-capabilities-and-different-situation-mean-no-need-for-another-
circuit
https://www.businesstimes.com.sg/government-economy/singapore-curbs-social-gatherings-as-virus-outbreak-
spreads
https://www.straitstimes.com/singapore/health/public-urged-to-cap-social-gatherings-at-2-a-day-measures-
tightened-to-curb-covid
https://www.straitstimes.com/singapore/politics/singapore-has-to-tighten-measures-promptly-if-needed-to-clamp-
down-on-spread-of
https://www.straitstimes.com/singapore/singapore-gets-into-gear-for-return-of-phase-2-curbs
https://www.straitstimes.com/business/economy/temporary-curbs-will-not-derail-singapores-recovery-say-
economists

Singapore bars non-resident arrivals from four South Asian countries
Singapore is barring non-resident visitors from four South Asian countries, and requiring visitors
from Thailand to serve their stay-home notice (SHN) in dedicated facilities, the multi-ministry
taskforce on Covid-19 announced, alongside the tightening of safe-management measures in the
community.
From 11.59pm on May 1, all long-term pass holders and short-term visitors with travel history -
including transit - to Bangladesh, Nepal, Pakistan and Sri Lanka in the last 14 days will not be
allowed to enter or transit through Singapore. This also applies to those who had obtained prior
approval for entry.
This is in light of recent sharp increases in cases reported by those countries, said the taskforce.

Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-bars-non-resident-arrivals-from-four-south-
asian-countries
https://www.straitstimes.com/singapore/spore-bars-long-term-pass-holders-and-visitors-from-bangladesh-nepal-
pakistan-and-sri

Industry Transformation Maps to be refreshed, strengthened over next 5 years: DPM
Heng
To seize new opportunities in a post-Covid-19 world, Singapore's 23 Industry Transformation
Maps (ITMs) will be refreshed as part of a new plan over the next five years.
Dubbed ITM 2025, it will be strengthened by three new thrusts: incorporating the
recommendations of the Emerging Stronger Taskforce, closer integration with research and
innovation, and greater focus on jobs and skills.
The ITMs were launched in 2016 under the FEC as road maps to drive transformation for 23
industries across manufacturing, built environment, trade and connectivity, essential domestic
services, modern services and lifestyle.
Mr Heng said that these economic transformation efforts will be integrated more closely with the
national Research, Innovation and Enterprise (RIE) 2025 plans, in which Singapore is investing
$25 billion over the next five years.

                Huttons Asia Pte Ltd | L3008899K | ROC No. 200210087C | GST Reg No. 20-0210087-C
               3 Bishan Place #05-01, CPF Building, S (579838) | Tel. (65) 6253 0030 | Fax (65) 6253 0090
                                              www.huttonsgroup.com

Weekly News Select
                                                                                                  May 7, 2021 / Issue 18

Link to the story:
https://www.straitstimes.com/singapore/politics/industry-transformation-maps-to-be-refreshed-and-strengthened-
over-the-next-five

S'pore and Malaysia to allow cross-border travel on compassionate grounds from
May 17
Travel on compassionate grounds between Singapore and Malaysia will be allowed from May 17,
amid Covid-19 restrictions that ban the bulk of cross-border movement.
The details of such travel arrangements will be released later, but these will include steps like
testing visitors for the coronavirus as well as the need for quarantine, said Foreign Affairs Minister
Vivian Balakrishnan on May 2.
Dr Balakrishnan made the announcement together with his Malaysian counterpart, Datuk Seri
Hishammuddin Hussein, who was on a two-day official visit to Singapore.

Link to the story:
https://www.straitstimes.com/singapore/spore-and-malaysia-to-allow-cross-border-travel-on-compassionate-
grounds-from-may-17

Emergency legislation in the works for battered construction sector
Emergency legislation to address the severe disruption to the construction sector arising from curbs
on the entry of migrant workers is in the works, Prime Minister Lee Hsien Loong said on May 1.
It will be aimed at making the burden shared more fairly between the different parties – the
contractors, the developers, and the buyers, he said, adding that the Government hopes to introduce
the legislation when Parliament next sits on May 10.

Links to the story:
https://www.straitstimes.com/singapore/jobs/emergency-legislation-in-the-works-for-battered-construction-sector
https://www.straitstimes.com/singapore/builders-hoping-for-more-govt-help-amid-worker-crunch

Singapore extends stay-home notice to 21 days for travellers from higher-risk places
The stay-home notice (SHN) period for travellers from higher-risk countries or regions will be
lengthened to 21 days, up from 14 days, said Education Minister Lawrence Wong on May 4.
The extended SHN will apply to travellers arriving from all countries and regions, except
Australia, Brunei, mainland China, New Zealand, Taiwan, Hong Kong and Macau, from Friday at
11.59pm. They will be required to serve their 21-day SHN at dedicated facilities.
In addition, the period of recent travel history being assessed for border measures will also be
increased to 21 days from 14. This excludes bilaterally negotiated travel lanes, such as the
reciprocal green lane or air travel bubble arrangements.

Link to the story:
https://www.straitstimes.com/singapore/singapore-extends-stay-home-notice-to-21-days-for-travellers-from-higher-
risk-places

                Huttons Asia Pte Ltd | L3008899K | ROC No. 200210087C | GST Reg No. 20-0210087-C
               3 Bishan Place #05-01, CPF Building, S (579838) | Tel. (65) 6253 0030 | Fax (65) 6253 0090
                                              www.huttonsgroup.com

Weekly News Select
May 7, 2021 / Issue 18

Compulsory TraceTogether check-ins at venues brought forward to May 17
Visitors to shopping malls, offices, schools, places of worship and other venues with higher footfall
will have to use either the TraceTogether (TT) app or token to check in from May 17.
This is two weeks earlier than the previously announced date of June 1.
Other modes of SafeEntry check-in – such as scanning a SafeEntry QR code with a phone camera
or the Singpass app – will be discontinued from that day.
To ease the transition, the scanning of barcodes on personal identification cards for checking in at
venues will be allowed until May 31.

Link to the story:
https://www.straitstimes.com/singapore/health/compulsory-tracetogether-check-ins-at-venues-brought-forward-to-
may-17

Economy
Singapore's outlook brighter this year, global recession less protracted than initially
feared: PM Lee
Singapore’s outlook has brightened considerably compared to a year ago, with the global recession
turning out to be less protracted than initially feared, said Prime Minister Lee Hsien Loong.
External trends support the Republic's economic recovery and justify confidence in its prospects,
he noted in his May Day message to workers.
While Europe is still struggling with fresh waves of Covid-19 cases, the United States is expected
to make a strong recovery this year on the back of a large stimulus package and good progress in
vaccinating its population. China's economy is also doing well, with hardly any cases in the
country.
Back home, Singapore's unemployment rate is gradually coming down, Mr Lee pointed out, and
gross domestic product growth this year is likely to exceed 6 per cent, barring a setback to the
global economy. This is beyond the 4-6 per cent growth the Ministry of Trade and Industry had
earlier forecast.
"This will bring us back to where we were before Covid-19 struck," he said.

Links to the story:
https://www.businesstimes.com.sg/government-economy/singapores-outlook-brighter-this-year-global-recession-
less-protracted-than-0
https://www.straitstimes.com/singapore/spores-outlook-brighter-this-year-global-recession-less-protracted-than-
initially-feared
https://www.straitstimes.com/singapore/politics/may-day-rally-good-chance-spore-can-achieve-6-per-cent-growth-
this-year-but

Optimism rising in Singapore's manufacturing, services sectors
Business optimism in Singapore's manufacturing and services sectors has continued to rise, with
more firms seeing better conditions in the six months ahead, showed quarterly surveys released.

Weekly News Select
May 7, 2021 / Issue 18

In manufacturing, a net weighted balance of 38 per cent of firms expect favourable business
conditions for the six-month period from April to September, compared to the first quarter of 2021.
This was up from 36 per cent in the previous quarter's survey.
The net weighted balance is the difference between the weighted percentages of positive and
negative responses - in this case, 41 per cent and 3 per cent respectively, in the survey by the
Singapore Economic Development Board (EDB).
As for employment, the majority of manufacturers (77 per cent) expect their employment level in
Q2 to remain similar to that in the first. Overall, a net weighted balance of 9 per cent intend to hire
more workers in the second quarter than in the previous one.
For the next 12 months until March 2022, a weighted 72 per cent of manufacturers plan to invest
in plant and machinery, of which a weighted 65 per cent expect higher or similar levels of capital
expenditure compared to the last 12 months.
For services, expectations for Q2 improved for both operating receipts and employment. A net
weighted balance of 9 per cent expect takings to rise - up from 5 per cent in the last survey.
While most firms (80 per cent) expect no change to employment in Q2, a net weighted balance of
6 per cent expect to hire more, up from zero in the last survey.

Links to the story:
https://www.businesstimes.com.sg/government-economy/optimism-rising-in-singapores-manufacturing-services-
sectors
https://www.straitstimes.com/business/economy/singapore-firms-more-upbeat-on-prospects-with-ongoing-roll-out-
of-covid-19-vaccines

Singapore's April PMI up again for 10th straight month
Singapore’s manufacturers stayed optimistic in April, with the latest Purchasing Managers' Index
(PMI) reading staying in expansion for the 10th straight month.
April's PMI reading rose 0.1 to 50.9, the highest since December 2018, on the index compiled by
the Singapore Institute of Purchasing and Materials Management (SIPMM). A reading of above
50 indicates expansion, and one below that, contraction.
The crucial electronics sector saw an improved PMI of 50.7, up 0.1 point from the previous month,
and marking its ninth month in expansion.
For both overall PMI and the electronics sector PMI, SIPMM attributed April's higher readings to
faster expansion in the indexes of new orders, new exports, and employment.

Links to the story:
https://www.businesstimes.com.sg/government-economy/singapores-april-pmi-up-again-for-10th-straight-month
https://www.straitstimes.com/business/economy/singapore-factory-activity-expands-in-april-at-fastest-pace-since-
december-2018

Singapore retail sales up 6.2% in March
Singapore retail sales rose 6.2 per cent year on year in March, with a low base effect likely to boost
April's figures as well, said economists.
But the trajectory from there depends on whether tighter Covid-19 measures in May persist beyond
their intended duration, they added.

Weekly News Select
                                                                                                  May 7, 2021 / Issue 18

March's figures followed growth of 5.3 per cent in February and -6.1 per cent in January, with the
differing Chinese New Year festive dates accounting for some of the fluctuation.
The total retail sales value was S$3.5 billion, of which 11.8 per cent was from online sales.

Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-retail-sales-up-62-in-march
https://www.straitstimes.com/business/economy/singapore-retail-sales-rise-for-2nd-straight-month-in-march-up-62

Singapore's financial sector to create 6,500 roles in 2021
Singapore’s financial sector has plans to create 6,500 jobs this year, but the "large mismatch"
between demand and supply of technology workers means the industry will continue to depend on
foreign tech talent over the next few years, said Ravi Menon, managing director of the Republic's
central bank.
"There are simply not enough Singaporeans applying for tech roles. The problem is not jobs, it is
skills," said Mr Menon, who delivered a webinar on the employment outlook for the sector in
2021.
Singapore's financial sector has shown that technology creates far more jobs than it displaces, he
added, noting that the Monetary Authority of Singapore (MAS) expects between 2,500 and 3,500
new tech roles to be created for the sector annually, over the medium term.

Links to the story:
https://www.businesstimes.com.sg/banking-finance/singapores-financial-sector-to-create-6500-roles-in-2021
https://www.straitstimes.com/business/6500-new-jobs-in-financial-sector-this-year-with-technology-leading-hiring-
mas-chief-ravi

Cyber protection firm Acronis draws over $333m in funding, to double headcount in
Singapore
Swiss-based cyber protection firm Acronis has drawn more than US$250 million (S$333 million)
in funding, much of which will be channelled to expanding its engineering headcount in offices in
Singapore, Israel, Bulgaria and the United States.
Announcing this on May 4, the Singapore-founded company said the funds will also go towards
marketing efforts and building data centres.
Founder and chief executive Serguei Beloussov, in a virtual interview with The Straits Times, said
that Acronis will look to double its headcount in Singapore, where over 200 people are based.
Most of those employed here are working in research and development (R&D) functions.
Acronis was founded in Singapore in 2003 and later incorporated in Switzerland in 2008, and has
over 1,600 employees across 18 countries.

Links to the story:
https://www.straitstimes.com/business/companies-markets/cyber-protection-firm-acronis-draws-funding-of-over-
333m-to-double
https://www.businesstimes.com.sg/garage/singapores-acronis-doubles-valuation-to-us25b-after-funding-round-eyes-
exit-in-3-years

                Huttons Asia Pte Ltd | L3008899K | ROC No. 200210087C | GST Reg No. 20-0210087-C
               3 Bishan Place #05-01, CPF Building, S (579838) | Tel. (65) 6253 0030 | Fax (65) 6253 0090
                                              www.huttonsgroup.com

Weekly News Select
May 7, 2021 / Issue 18

Hospitality
SingaporeRediscovers Vouchers Scheme to be extended till Dec 31, 2021
Singaporeans will have until Dec 31 this year to make use of their SingapoRediscovers Vouchers
(SRV), with the scheme extended by six months from its original end date, the Singapore Tourism
Board (STB) announced.
The board will be working with the five authorised booking partners - Changi Recommends,
GlobalTix, Klook, Traveloka and Trip.com - to extend the validity of SRV-eligible products.
Products that are valid from July 1 can be purchased from June 1.
Users can also look forward to more monthly deals from the five booking partners, a greater variety
of SRV-eligible tours to various attractions, as well as a smoother process when booking time slots
for activities.

Link to the story:
https://www.businesstimes.com.sg/government-economy/singaporerediscovers-vouchers-scheme-to-be-extended-
till-dec-31-2021

Clearer rules on B2B events welcomed; could tamp down rising anxiety
The move to shrink attendance capacities for live performances and business-to-business (B2B)
events has been generally supported by event organisers, who are keen to avoid sparking Covid-
19 clusters at events.
It could even help tamp down anxiety that had started to rise, when tighter social gathering rules
were announced but no mention was made of B2B events. Companies said that clients felt uneasy
about the new clusters and began cancelling or scaling down events during this period.
The multi-ministry taskforce said that events would be allowed to host a maximum of 100 people
without pre-event testing (PET) and 250 with PET.

Link to the story:
https://www.businesstimes.com.sg/sme/clearer-rules-on-b2b-events-welcomed-could-tamp-down-rising-anxiety

Gym, hotel and tour operators say they'll take the hit in their stride
While most gym operators The Business Times spoke with were sanguine about being forced to
shutter again in view of rising Covid-19 numbers, the president of the newly formed Singapore
Fitness Alliance said the directive feels like the industry is being singled out.
Among the measures unveiled was one requiring all indoor gymnasiums and indoor fitness or
health studios to be closed from May 8-30.
Businesses in the hospitality and tourism industry also took the latest announcement in their stride.
Hotels expect to feel the impact on the events and F&B end.
Tour operators will have the maximum group size cut to 20 attendees from 50 now. And within
these groups, attendees have to keep to group sizes of five, instead of eight currently.

Weekly News Select
                                                                                                  May 7, 2021 / Issue 18

Links to the story:
https://www.businesstimes.com.sg/government-economy/gym-hotel-and-tour-operators-say-theyll-take-the-hit-in-
their-stride
https://www.straitstimes.com/singapore/tighter-covid-19-measures-what-you-can-and-cannot-do-changes-to-shn

Bloomberg New Economy Forum will be held in Singapore in November, Tesla's Elon
Musk to attend
The Bloomberg New Economy Forum will be held in Singapore from Nov 16 to 19 this year, and
gather top businessmen and government leaders to discuss global challenges and solutions.
The elite conference, which went virtual last year because of the Covid-19 pandemic, has Tesla
chief executive Elon Musk on its list of high-profile guests.
Speaking to The Straits Times on May 4 from his office in New York, Bloomberg Media's global
CEO Justin Smith said the good experience when Singapore hosted the inaugural forum three years
ago, coupled with the country's stringent health protocols, made it an easy decision to hold the
event here again.

Links to the story:
https://www.straitstimes.com/singapore/politics/bloomberg-new-economy-forum-will-be-held-in-singapore-in-
november-teslas-elon
https://www.straitstimes.com/singapore/politics/strong-social-compact-evolving-strategy-needed-to-hold-large-
scale-events-in

Industrial
Ascendas Reit to buy remaining 75% stake in Galaxis for S$534m
Ascendas Reit is buying the remaining 75 per cent equity stake in Galaxis, a business park at one-
north for about S$534.4 million.
Including the acquisition fee of about S$5.4 million, stamp duty, professional and other fees and
expenses of S$4 million, the total purchase cost is about S$543.8 million.
Its net property income yield for the first year is about 5.3 per cent post transaction costs. The pro
forma impact on the distribution per unit (DPU) for FY20 is also expected to be an improvement
of 0.059 Singapore cent or 0.4 per cent, assuming the acquisition was completed on Jan 1, 2020.

Links to the story:
https://www.businesstimes.com.sg/companies-markets/ascendas-reit-to-buy-remaining-75-stake-in-galaxis-for-
s534m-0
https://www.straitstimes.com/business/companies-markets/ascendas-reit-to-buy-remaining-75-stake-in-galaxis-for-
534m

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Weekly News Select
                                                                                                                    May 7, 2021 / Issue 18

Contact:
Lee Sze Teck
Head, Research
(65) 6500 6510
szetecklee@huttonsgroup.com

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