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Weekly News Select
                                                                                                   Sep 3, 2021 / Issue 35

Top News for the Week
         •    S$1.03b bid bags Jalan Anak Bukit site for Far East Organization, Sino Group
         •    The Watergardens at Canberra sells 60% of units at launch
         •    Frasers' Parc Greenwich EC another test of OCR demand
         •    Sales of homes in Sentosa Cove soar to new heights
         •    Development charge rates jump 10.9% for non-landed residential use
         •    With Covid-19 under control, Singapore must now refocus on the future: PM Lee
         •    Singapore hits 80% vaccine threshold seen as key to easing
         •    Government studying roll-out of CAYE Medisave scheme to private sector: Tan See
              Leng
         •    Singapore to tighten border control for travellers from New Zealand, ease rules for
              those from Jiangsu
         •    Singapore's services industries' takings up 16.6% in Q2 to pre-pandemic levels
         •    Private-sector economists raise Singapore's 2021 growth forecast to 6.6%: MAS
              survey
         •    Singapore PMI dips alongside weakening manufacturing sentiment in Asia

Residential
S$1.03b bid bags Jalan Anak Bukit site for Far East Organization, Sino Group
The Urban Redevelopment Authority (URA) has awarded a state tender for the 99-year leasehold
commercial and residential site at Jalan Anak Bukit to Far East Organization and Sino Group, who
jointly submitted the highest bid of around S$1.028 billion among the three shortlisted tenderers.
Based on the maximum gross floor area, this works out to about S$989.4 per sq ft.
Located at the junction of Upper Bukit Timah Road and Jalan Jurong Kechil, the 3.22 ha site next
to Beauty World MRT station can be developed up to a maximum gross floor area (GFA) of 96,555
square metres (sq m).
The URA said in the release that the proposed mixed-use development will have an integrated
transport hub with a bus interchange on the second storey, with civic and commercial spaces across
the first three storeys.
Features include about 20,000 sq m of retail, food & beverage and office space in a podium, which
will be centred around an 1,800 sq m plaza that can be used to host community and special events.
The development will also offer 700 residential units and 150 serviced residences, as well as about
2,000 sq m of community space.
Mark Yip, CEO, Huttons Asia, said lended land cost is in line with market after accounting for
location and market sentiments.
Analysts have said that the Jalan Anak Bukit site would serve as a much-needed catalyst to
rejuvenate the Beauty World precinct, with the new commercial development injecting vibrancy
and fresh concepts.

Link to the story:

                 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
Sep 3, 2021 / Issue 35

https://www.businesstimes.com.sg/real-estate/s103b-bid-bags-jalan-anak-bukit-site-for-far-east-organization-sino-
group
https://www.straitstimes.com/business/property/tender-for-land-parcel-at-jalan-anak-bukit-awarded-to-far-east-
organization-sino
https://www.edgeprop.sg/property-news/feo-and-sino-group-win-jalan-anak-bukit-site-bid-103-bil

The Watergardens at Canberra sells 60% of units at launch
On August 29, UOL Group announced that it has achieved 60% sales at The Watergardens at
Canberra on its launch weekend. Two-bedroom units, with sizes from 646 sq ft, were sold at prices
starting from below $920,000 ($1,424 psf; three-bedroom units from 904 sq ft, were priced from
below $1.3 million ($1,438 psf); while four-bedroom units from 1,302 sq ft were priced from
below $1.8 million ($1,382 psf).
“This is the first private development to come to the market in the northern part of Singapore in
over six years,” says Jesline Goh, UOL chief investment and asset officer. “Based on what we
observed, buyers are particularly attracted to the project’s strong product attributes, lush greenery
as well as its proximity to Canberra MRT station and the future North Coast Innovation Corridor.”
The buyers were mostly homeowners, with the sales well spread across all unit types, adds Goh.
The Watergardens is a joint venture between UOL Group, Singapore Land Group and Kheng
Leong Co.
Lee Sze Teck, head of research at Huttons Asia said, “The response to The Watergardens at
Canberra reflects the strong desire among HDB dwellers to upgrade to private property,” he says.
“Investors took the opportunity to lock in an asset before repricing takes place next year.”

Links to the story:
https://www.edgeprop.sg/property-news/watergardens-canberra-sells-60of-units-launch
https://www.businesstimes.com.sg/real-estate/uols-watergardens-project-sells-60-of-units-at-launch-weekend

Frasers' Parc Greenwich EC another test of OCR demand
Frasers Property's latest executive condominium (EC) project may offer another test of demand
for outside of central region (OCR) properties.
On Sept 11, Frasers will be launching Parc Greenwich at Fernvale Lane. The 99-year leasehold
property that spans 184,385 square feet (sq ft) is in District 28, and is a 10-minute walk from
Fernvale Light Rapid Transit (LRT) station.
Jointly developed with CSC Land Group, Parc Greenwich comprises nine residential towers of 14
storeys each, a public park, and a low-rise landed enclave.
Its 496 units comprise two- to five-bedroom apartments, with a starting price of S$895,000 for
two-bedroom units. Ranging from 786 sq ft (for a two-bedroom unit) to 1,679 sq ft (five-bedroom
penthouse), each unit type also has a penthouse option.
Frasers told The Business Times (BT) that prices go up to a starting price of S$1.055 million for
a three-bedroom unit, and S$1.375 million for four-bedroom units.
Prices of five-bedroom units start from S$1.695 million.
The EC is due to achieve its Temporary Occupation Permit in 2024, Frasers said.
Lee Sze Teck, senior director and head of research at Huttons, said Parc Greenwich is the first EC
launch in District 28 in eight years and the only EC launch in the third quarter of 2021.

Weekly News Select
                                                                                                  Sep 3, 2021 / Issue 35

Among all the districts where ECs are built, Districts 20 and 28 have the lowest supply of ECs, he
said.
He noted that unsold EC units, which are a public-private housing hybrid, have been trending down
since Q1 2020; demand for the asset class has been "stable".

Link to the story:
https://www.businesstimes.com.sg/real-estate/frasers-parc-greenwich-ec-another-test-of-ocr-demand

Executive condos: a winning proposition?
As of July, new EC projects such as Parc Central Residences and Piermont Grand have sold over
90 per cent of their units. Real estate agency Huttons estimates that there are about 300 unsold
units from launched EC projects as at Aug 23 this year.
The appetite from developers and buyers for ECs, which were introduced in the later part of the
1990s, appears strong.
The EC is a hybrid of public and private housing. Built and sold by private developers, ECs offer
features of condominiums. A typical EC sits within a gated compound with security, and has
amenities such as swimming pools, clubhouses, gyms and playgrounds.
The new EC project, Parc Greenwich, which is located near Seletar Hills, boasts two clubhouses.
It will have 52 wellness and lifestyle facilities spread across eight recreational zones.
The draw of ECs probably lies in their more affordable pricing relative to condos. A new EC unit
is priced at around 20 per cent below that of a comparable new condo unit.
Owners of earlier EC projects, who bought at the time of launch, sit on healthy profits. Units of
The Floravale at Jurong West fetched a median price of S$695 psf based on resale transactions in
Q2 2021.
Transacted prices in Q2 2021 are nearly double the prices when this EC was first launched for sale
in Q2 1999, broadly in line with the performance of the price index of private non-landed homes
tracked by the Urban Redevelopment Authority (URA).
Perhaps buyers who are eligible to buy HDB Build-To-Order (BTO) flats would be weighing the
choice of getting a new EC unit instead.
One may not succeed in these times in balloting for a HDB BTO unit of one's liking.
In this month's BTO exercise, the 459 four-room flats offered in Hougang attracted 11,400
applicants, with more than 18 first-time applicants per four-room unit.
HDB resale prices are also rising, with more resale units being transacted for over a million dollars
each.
As long as many people yearn to own a private home, be it for the chance to enjoy capital gains
over time or to fulfil personal aspirations, ECs can offer a viable entry route at a discounted price.
Underpinned by buy-in from developers and purchasers, the uniquely Singaporean concoction
called the EC looks to have staying power. Policy-wise, there should be support for ECs as this
hybrid helps aspiring young Singaporeans towards owning a private home.

Link to the story:
https://www.businesstimes.com.sg/real-estate/executive-condos-a-winning-proposition

                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
Sep 3, 2021 / Issue 35

Sales of homes in Sentosa Cove soar to new heights
Sales of apartments and houses in Sentosa Cove hit record heights in the first eight months of the
year, racking up multimillion-dollar takings in the process.
There have been 103 transactions this year until Aug 16 - for 85 condominiums and 18 landed
homes - a new benchmark and 84 per cent up on the 43 condos and 13 landed homes sold for all
of last year, according to data from the Urban Redevelopment Authority (URA).
Those sales amounted to $610 million, 72 per cent more than last year.
Sentosa Cove, which began as a residential zone in 2006, is the only enclave where foreigners can
buy landed property, subject to approval.
The area has 2,160 homes ranging from high-rise condominiums to luxury bungalows with
adjoining private berths for boats, all aimed at the ultra-rich with its resort-living lifestyle.

Link to the story:
https://www.straitstimes.com/business/property/sales-of-homes-in-sentosa-cove-soar-to-new-heights

Development charge rates jump 10.9% for non-landed residential use
Singapore has again increased the development charge (DC) rates for landed and non-landed
residential use groups, with significant increases for some locations, as the private housing market
remains buoyant.
However, the government is lowering DC rates for commercial use for the third consecutive time.
The latest revisions in rates apply to the six months from Sept 1, 2021 to Feb 28, 2022.
Developers pay DC to the state for the right to enhance the use of some sites or to build bigger
projects on them.
On average, rates are going up by 10.9 per cent for non-landed residential use and by 6.3 per cent
for landed residential use.
According to Lee Sze Teck, Huttons Asia senior director (research), the latest increase in non-
landed rates is the steepest since March 2018, and the jump in landed rates is the largest since
September 2013.
As for commercial use, DC rates will be trimmed by 0.7 per cent on average starting this
September.
DC rates remain unchanged for all the other use groups: hotel/hospital, industrial, place of
worship/civic and community institution, open space, agriculture, and roads/railways.
For non-landed residential use, DC rates will be upped in 116 sectors by 2 to 19 per cent, and stay
the same for the remaining two sectors.
The biggest surge of about 19 per cent is for Sectors 16 and 107, which include Chinatown,
Duxton, Cantonment Road, Upper Thomson Road, Lornie Road, and Ang Mo Kio Avenue 6.
Mr Lee from Huttons said the higher DC rates will also affect the collective-sale market, as it now
costs developers more to intensify land use. “For example, Sector 9, which includes International
Plaza in Tanjong Pagar, will see non-landed DC rates increasing 9.4 per cent.”
Landed residential rates are going up in 116 sectors by 4 to 18 per cent, and left unchanged in the
other two sectors.
The 18 per cent increase applies to Sector 67, which includes Cluny Road, Napier Road, Tanglin
Road, and Stevens Road.

Weekly News Select
                                                                                                  Sep 3, 2021 / Issue 35

Specifically, the higher rates also come amid active buying in the Good Class Bungalow (GCB)
market. Mr Lee said: “A GCB in the Nassim area was sold for a record S$4,005 per square foot
(psf), and DC rates there have been adjusted upwards by 18 per cent."

Links to the story:
https://www.businesstimes.com.sg/real-estate/development-charge-rates-jump-109-for-non-landed-residential-use
https://www.straitstimes.com/business/property/development-charge-rates-up-109-for-non-landed-residential-use-
07-cut-for

Fortune Park makes second attempt at collective sale with S$115m indicative price
Fortune Park, a freehold residential block at 109 Tampines Road, has been put up for collective
sale via a second public tender with an indicative price of S$115 million.
The 10-storey building was previously put up for sale in March with an indicative price of between
S$115 million and S$118 million.
Spanning 44,878 sq ft, the site has a gross plot ratio of 2:1 and an achievable proposed gross floor
area (GFA) of 94,244 sq ft, which works out to about S$1,140 per square foot after factoring a 7
per cent bonus GFA scheme incentive.
Its tender will close on Sept 30, at 3.30pm.

Link to the story:
https://www.businesstimes.com.sg/real-estate/fortune-park-makes-second-attempt-at-collective-sale-with-s115m-
indicative-price

More Housing Board projects to integrate rental flats, improving inclusivity
More integrated Housing Board blocks that mix rental and purchased flats are in the pipeline, as
they provide the opportunity to enhance inclusiveness within housing estates, said Minister of State
for National Development Muhammad Faishal Ibrahim.
Around 1,300 public rental flats now under construction across Singapore will be progressively
completed by 2025, said Associate Professor Faishal, who is also Minister of State for Home
Affairs, in an interview with The Straits Times.
Some of these will be in four integrated blocks spread across three Build-To-Order (BTO) projects,
the latest being McNair Heights in Kallang/Whampoa launched in February this year.
Two integrated blocks are in Costa Grove in Pasir Ris, launched in August last year, while one is
in Fernvale Glades in Sengkang, launched in November 2017.

Link to the story:
https://www.straitstimes.com/singapore/housing/more-integrated-housing-board-blocks-that-mix-rental-and-
purchased-flats-being

                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
                                                                                                  Sep 3, 2021 / Issue 35

Commercial
Sri Trang Gloves sets up S'pore office to increase focus on R&D, regional expansion
Sri Trang Gloves Thailand (STGT), one of the world's top rubber glove makers, said it has opened
an office in Singapore to help with plans to boost its production capacity and increase focus on
research and innovation.
Its Singapore subsidiary - Sri Trang Gloves Singapore - will oversee the distribution of latex gloves
to international markets and have direct oversight of the group's research and development, as well
as product innovation, STGT said in a statement on Aug 30.
The new office will push forward its ambitions for regional expansion, aimed at increased
marketing activities, sales and production capacities in the Asean region, with plans to set up
branch offices in Vietnam, Indonesia and the Philippines.

Link to the story:
https://www.straitstimes.com/business/companies-markets/thailands-sri-trang-gloves-sets-up-office-in-singapore-to-
boost

London Stock Exchange Group sets up innovation unit in Singapore
London Stock Exchange Group (LSEG) has launched a dedicated sustainable finance innovation
unit in Singapore - its first such offering anywhere in the world - which is expected to enhance the
capabilities and offerings of both LSEG and Singapore.
Supported by the Monetary Authority of Singapore (MAS), the unit will be focused on creating
sustainable finance capabilities, with LSEG's team working closely with key players in the
Singapore and global ecosystem such as financial institutions, corporates, universities and industry
associations.
The unit is part of LSEG's new LSEG Labs network, which works with LSEG's customers and
partners worldwide in applying strategic analysis, emerging technology, data science and design
thinking to solving pressing problems faced by the financial industry.

Link to the story:
https://www.businesstimes.com.sg/companies-markets/london-stock-exchange-group-sets-up-innovation-unit-in-
singapore

International Plaza launches record $2.7b en-bloc tender in S'pore's largest collective
sale
International Plaza in Tanjong Pagar has been launched for sale by public tender at a record reserve
price of $2.7 billion.
The sale could be Singapore's largest en-bloc deal in terms of number of units and value and comes
after the owners gave the green light on July 7 to put the 50-storey leasehold building on the
market.
The reserve price of the commercial and residential block works out to a land rate of $2,448 per
sq ft per plot ratio. If the 25 per cent intensification in gross plot ratio is approved, the land rate
will work out to about $2,170 per sq ft per plot ratio.

                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
Sep 3, 2021 / Issue 35

The tender closes at 3pm on Nov 30.

Links to the story:
https://www.straitstimes.com/business/property/international-plaza-to-go-en-bloc-at-reserve-price-of-27b-in-spores-
largest
https://www.businesstimes.com.sg/real-estate/international-plaza-collective-sale-makes-history-with-s27b-reserve-
price

Government
With Covid-19 under control, Singapore must now refocus on the future: PM Lee
While this year's National Day Rally was shorn of bumper packages, it was nonetheless a blueprint
for the future, with announcements that reflect what Singapore aspires to be - a society that values
lower-wage workers, remains open to foreigners, and prizes racial and religious harmony.
Even hard policy measures were tied to principles. For instance, firms that hire foreign workers
will have to pay a minimum salary to local employees - with the cost to be borne not just by firms,
but consumers too, said Prime Minister Lee Hsien Loong.
Meanwhile, two new laws will give greater legal and symbolic force to Singapore's commitment
to fair employment and racial harmony.
"With Covid-19 under control, we must now refocus on the future," said Mr Lee. Having survived
its worst economic crisis since independence, the country must now change gears for longer-term
growth, he noted, adding: "It is no longer about drawing down reserves to keep ourselves on life
support. It is about generating new growth, jobs and prosperity for the future."
First, Singapore must preserve its status as a business hub. Borders cannot stay closed for too long,
as travel is crucial for multinational corporations (MNCs) that use Singapore as a regional base, as
well as for local businessmen.
Second, Singapore must remain attractive to investors, as it has managed to do during the
pandemic, with projects secured from major companies such as vaccine firm BioNTech and
semiconductor manufacturer GlobalFoundries.
Third, local entrepreneurs need to venture abroad, seize opportunities, and grow, with Enterprise
Singapore supporting them in these efforts.
But growth must be inclusive, said the prime minister. Lower-wage workers, who received extra
help in the pandemic, also need longer-term support.
In two years' time, the government's annual spending on the Workfare Income Supplement will be
raised to S$1.1 billion, allowing higher payouts and a lower eligibility age of 30, down from 35
today.
In another move to shape social attitudes, a new Maintenance of Racial Harmony Act will bring
together the government's existing powers to tackle racial offences and include measures to
promote reconciliation.
Concluding his speech, Mr Lee acknowledged this year's focus on society and people - as people
are, after all, Singapore's greatest strength.
"In ordinary times, we may not realise how strong Singaporeans can be. Now, in the crisis of a
generation, we have shown ourselves and the world what Singaporeans can do," he said.

Weekly News Select
                                                                                                  Sep 3, 2021 / Issue 35

Link to the story:
https://www.businesstimes.com.sg/government-economy/with-covid-19-under-control-singapore-must-now-refocus-
on-the-future-pm-lee
https://www.straitstimes.com/singapore/politics/ndr-2021-spore-to-focus-on-new-growth-no-longer-about-keeping-
ourselves-on-life
https://www.straitstimes.com/singapore/politics/national-day-rally-2021-new-law-on-racial-harmony-to-encourage-
moderation-send
https://www.straitstimes.com/singapore/politics/ndr-2021-ep-s-pass-criteria-to-tighten-over-time-foreigners-must-
accept-ethos

8 in 10 lower-wage workers to see income boost
Recommendations by a tripartite workgroup to raise wages for eight in 10 lower-wage workers in
the next two years could have a ripple effect in increasing the incomes of the remaining workers,
said economists.
The income growth for lower-wage workers will draw on extensions to three existing schemes -
the Progressive Wage Model (PWM), the Local Qualifying Salary (LQS) and the Workfare
Income Supplement (WIS), Prime Minister Lee Hsien Loong announced at the National Day Rally.
These changes are based on recommendations by the workgroup chaired by Senior Minister of
State for Manpower Zaqy Mohamad and which have all been accepted by the government, said
Mr Lee.
The qualifying age for WIS, aimed at workers in the bottom 20 per cent, will be lowered to 30,
from 35 today, with the government budget for the scheme raised to S$1.1 billion, up from S$850
million currently, in two years' time.
Meanwhile, firms that hire foreigners will soon be required to pay all their local employees at least
a LQS of S$1,400, rather than just a portion of them depending on the number of foreigners they
hire.

Links to the story:
https://www.businesstimes.com.sg/government-economy/8-in-10-lower-wage-workers-to-see-income-boost
https://www.businesstimes.com.sg/government-economy/tech-firms-ponder-impact-of-tighter-work-pass-rules
https://www.straitstimes.com/singapore/politics/ndr-2021-firms-hiring-foreigners-to-pay-all-local-staff-at-least-
1400-per-month
https://www.straitstimes.com/singapore/politics/ndr-2021-fair-employment-guidelines-to-become-law-new-tribunal-
to-deal-with
https://www.businesstimes.com.sg/government-economy/transitional-support-cost-sharing-key-to-pwms-success
https://www.businesstimes.com.sg/government-economy/raising-low-income-wages-external-factors-seen-having-
bigger-role-on-long-term
https://www.businesstimes.com.sg/government-economy/efforts-to-uplift-283000-lower-wage-workers-on-
accelerated-timeline
https://www.straitstimes.com/singapore/politics/efforts-to-increase-wages-are-aimed-at-bridging-the-gap-between-
bottom-20-per
https://www.straitstimes.com/singapore/jobs/employers-support-measures-to-uplift-lower-wage-workers-but-some-
concerned-about

Singapore hits 80% vaccine threshold seen as key to easing
Singapore has outpaced most advanced economies to fully vaccinate 80 per cent of its population
against Covid-19, paving the way for the small but wealthy city-state to forge ahead with reopening

                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
                                                                                                 Sep 3, 2021 / Issue 35

in an approach that's closely watched by the rest of the world still figuring out how to live with the
virus.
"We have crossed another milestone, where 80 per cent of our population has received their full
regimen of two doses," Health Minister Ong Ye Kung said in a Facebook post. "It means Singapore
has taken another step forward in making ourselves more resilient to Covid-19."
Senior officials have pegged the vaccination milestone to the government's cautious strategy,
pledging to use the high rate to gradually open up more economic and social activities, as well as
quarantine-free travel. As it does, Singapore is hoping to do something few places with open
borders have been able to manage: keep serious infection and death rates under control, and in so
doing prevent the sort of outbreak that would put the healthcare system at risk and lead to new
restrictions.

Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-hits-80-vaccine-threshold-seen-as-key-to-easing
https://www.straitstimes.com/singapore/health/covid-19-vaccination-milestone-of-80-may-see-further-easing-of-
restrictions-experts

Government studying roll-out of CAYE Medisave scheme to private sector: Tan See
Leng
The Singapore government is studying if its Contribute-As-You-Earn (CAYE) scheme can be
extended to the private sector, following an "encouraging take-up" in the public sector, according
to Minister for Manpower Tan See Leng.
The scheme, which was rolled out in the public sector last year, allows freelancers or self-
employed persons (SEPs) to make small and regular contributions to their Medisave accounts from
the work they are contracted.
Rolling out the initiative to freelance professions such as property agents can prove to be
challenging administratively, according to property agency chiefs The Business Times spoke to.
Huttons Group chief executive Mark Yip said that the scheme would likely be an attractive one
for active property agents who are able to make a living from the profession. "However, the market
is flush with different agents who vary in terms of activity, with some only managing transactions
on a moonlighting basis," he noted.

Link to the story:
https://www.businesstimes.com.sg/government-economy/government-studying-roll-out-of-caye-medisave-scheme-
to-private-sector-tan-see

Singapore to tighten border control for travellers from New Zealand, ease rules for
those from Jiangsu
With Covid-19 cases rising in New Zealand, Singapore will be tightening border control measures
for travellers who were there recently.
From 11.59pm on Aug 30, those entering Singapore with travel history to New Zealand within 21
days before departure will have to take a polymerase chain reaction (PCR) test for the coronavirus
on arrival, remain under a week-long stay-home notice (SHN) at their place of residence, and take
another PCR test before the end of their SHN.

               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
Sep 3, 2021 / Issue 35

This applies to Singapore citizens, permanent residents, and long-term pass holders.
Short-term travellers holding an Air Travel Pass with travel history to New Zealand over the
previous 21 days will not be allowed to enter Singapore, the Health Ministry (MOH) said in a
statement on Aug 28.
Meanwhile, with the Covid-19 situation in China's Jiangsu province improving, travellers from
there will not need to serve SHN. From 11.59pm on Aug 30, they will need only a PCR test on
arrival. If they test negative, they will not be under further restrictions.
Travellers from Jiangsu province now have to take a PCR test on arrival, serve the SHN, and take
another PCR test before the end of their SHN.

Link to the story:
https://www.straitstimes.com/singapore/health/singapore-to-tighten-border-control-for-travellers-from-new-zealand

Economy
Singapore's services industries' takings up 16.6% in Q2 to pre-pandemic levels
Singapore’s services industries saw business receipts grow 16.6 per cent year on year in the second
quarter, with the index recovering to pre-pandemic levels, according to Department of Statistics
(Singstat) figures.
On a quarter-to-quarter non-seasonally adjusted basis, business receipts were up 1.9 per cent.
But the index excludes wholesale trade, retail trade, and accommodation and food services. There
are separate indices for retail sales and food and beverage services.
Singstat noted that the double-digit year-on-year growth was partly due to the "circuit breaker" in
2020, which disrupted activities in industries such as recreation and personal services, as well as
health and social services.
All services industries in the index saw year-on-year gains in Q2. Seeing the biggest increases
were recreation and personal services (+135 per cent), information and communications (+38.2
per cent), health and social services (+24.6 per cent), and real estate (+24.4 per cent).

Links to the story:
https://www.businesstimes.com.sg/government-economy/singapores-services-industries-takings-up-166-in-q2-to-
pre-pandemic-levels
https://www.straitstimes.com/business/economy/singapores-service-sector-revenue-up-166-in-second-quarter

Private-sector economists raise Singapore's 2021 growth forecast to 6.6%: MAS
survey
Private-sector analysts have raised their forecast for Singapore's economic growth in 2021 for the
third time this year, according to the latest quarterly survey released by the Monetary Authority of
Singapore (MAS) on Sept 1.
They expect Singapore's gross domestic product (GDP) to expand 6.6 per cent this year, slightly
higher than the 6.5 per cent estimated in June.
The prospect of reopening borders to international travel was the main driver for optimism and
was cited as an upside risk by 70 per cent of analysts surveyed, up from 44.4 per cent in the June
survey.

Weekly News Select
Sep 3, 2021 / Issue 35

At the same time, a further deterioration in the Covid-19 situation and associated re-tightening of
public health measures remains the most-cited downside risk to Singapore's growth outlook, with
90 per cent of those surveyed identifying it as the biggest threat.
In the latest MAS survey, the economists' predictions for overall unemployment rate remained the
same as in June at 2.7 per cent.
Inflation, measured by the consumer price index for all items, is expected to come in at 1.7 per
cent for the year, higher than the median forecast of 1.4 per cent in June.

Links to the story:
https://www.straitstimes.com/business/economy/private-sector-economists-raise-singapores-2021-growth-forecast-
to-66-mas-survey
https://www.businesstimes.com.sg/government-economy/chinas-private-sector-crackdown-is-of-concern-for-
singapore-economy-analysts-say

Singapore PMI dips alongside weakening manufacturing sentiment in Asia
Singapore’s electronics producers appear upbeat about prospects, with optimism at a seven-month
high even as the manufacturing sentiment cooled a notch in August.
The purchasing managers' index (PMI) for the electronics sector rose 0.2 point to post an expansion
of 51, marking the 13th month of growth, according to the Singapore Institute of Purchasing and
Materials Management (SIPMM). This is the highest reading since January.
SIPMM attributed the latest reading to faster expansion rates for the key indices of new orders,
new exports, factory output and employment.
Overall manufacturing PMI dipped 0.1 point to a reading of 51. Still, this is its 14th month of
expansion.
The slower momentum came as no surprise to economists, who point to the slower momentum in
China and the rest of the region.

Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-pmi-dips-alongside-weakening-manufacturing-
sentiment-in-asia
https://www.straitstimes.com/business/economy/spore-factory-activity-records-slower-expansion-amid-covid-19-
supply-chain

Hospitality
Singapore visitor arrivals, hotel performance pick up in July
Visitor arrivals to Singapore rose to 18,520 in July, the highest since April, while hotel
performance also improved, Singapore Tourism Board figures showed.
Visitor arrivals in July were up from 10,030 in June, and more than two-and-a-half times the 6,840
figure a year ago - though of course still a far cry from the pre-pandemic level of 1.8 million in
July 2019.
The vast majority of visitors in July continued to be from mainland China, with 12,670 such
arrivals, up from 6,900 in June. At a distant second was Hong Kong, with 750 arrivals, and the
United States with 685.

Weekly News Select
Sep 3, 2021 / Issue 35

Hotel performance improved in July, with revenue per available room rising to S$87.50, the
highest amount this year. This was up from S$75.40 in June, and 57.6 per cent more than the year-
ago figure - though still less than half the pre-pandemic figure of S$205.33 in July 2019.
July's average room rate was S$170.90, up from S$143.70 in June. Occupancy dipped slightly to
51 per cent, from 52 per cent the month before, as available room nights grew to 868,490, up from
852,390.

Link to the story:
https://www.businesstimes.com.sg/government-economy/singapore-visitor-arrivals-hotel-performance-pick-up-in-
july

Industrial
Secretlab plans S$50m investment in R&D, hopes to hire 100 staff in Singapore
Singapore gaming-chair maker Secretlab is planning to invest S$50 million in research and
development (R&D) over the next few years, and also expand its headcount by 50 per cent, the
company's co-founders have said.
The investment, which will boost the company's product development and innovation capabilities,
comes on top of a S$10 million upfront investment into the company's new 44,000-sq ft global
headquarters and R&D centre, which the company moved into in May.
While they are filling new positions across the board, they are especially on the hunt for engineers
and designers, such as mechanical engineers and industrial designers who specialise in colour
materials and finishes. These 80 new positions will more than double its product team, now at 30
strong.

Links to the story:
https://www.businesstimes.com.sg/government-economy/secretlab-plans-s50m-investment-in-rd-hopes-to-hire-100-
staff-in-singapore
https://www.straitstimes.com/business/companies-markets/singapore-gaming-chair-company-secretlab-to-create-
about-80-new-jobs

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

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