Weekly News Select - Huttons Asia
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Weekly News Select
Oct 29, 2021 / Issue 43
Top News for the Week
• Singapore private home prices may jump 6-7% this year, analysts say
• New rules for prime HDB flats not likely to impact private market: analysts
• Median price of 5-room HDB resale flats in Queenstown now S$926,000 in record
year for market
• What's behind the surprise 3.5% drop in URA's office rental index in Q3
• Retail rents could see short-term pressure before recovering in 2022
• From Jan 1, only those fully vaccinated can return to workplace; others must test
negative for Covid-19
• No jab, no job; companies can also let go of unvaccinated staff as last resort
• S'pore to resume travel from South Asia, eases measures for those from Malaysia,
Indonesia
• Singapore to welcome vaccinated travellers from Australia and Switzerland from Nov
8
• Economists raise inflation forecasts after Sep core, headline inflation rates surprise on
upside
• September pharma slump could be a blip, but Singapore factory growth is set to cool
Residential
Singapore private home prices may jump 6-7% this year, analysts say
The private housing market in Singapore may well end this year on a high note, as the economy
continues to recover while the luxury and rental segments could enjoy a boost from foreign
demand, analysts said.
This comes as overall prices of private residential properties islandwide clocked their sixth
consecutive quarterly growth, undeterred by tightened pandemic-related measures during the July-
September period. The latest figures for Q3 2021 are also 6.9 per cent above the previous peak in
Q3 2013.
Property analysts are anticipating a full-year price gain of between 6 per cent and 7 per cent for
2021. If achieved, that will surpass the increases of 2.2 per cent in 2020 and 2.7 per cent in 2019.
Huttons Asia chief executive officer (CEO) Mark Yip said: "The strong global economic recovery,
opening up of borders, high vaccination rate and stable political environment in Singapore are
supportive of a growth environment."
He added that the country's luxury housing market may benefit when more Vaccinated Travel
Lanes (VTLs) are set up and foreigners are able to travel to Singapore.
Developers sold 3,550 private residential units - excluding ECs - in Q3 this year. That is nearly a
fifth more than the 2,966 units moved in the previous quarter.
It also marks the strongest quarterly sales volume since Q2 2013, even as developers launched
fewer projects and units in the latest three months, according to Huttons.
Although there was a smaller number of CCR launches in Q3 2021, sales of these upmarket homes
remained healthy. "The luxury segment was abuzz with activity, as Singapore is widely regarded
as a safe haven in times of uncertainty," Yip noted. For instance, ultra-high-net-worth individuals
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Oct 29, 2021 / Issue 43
scooped up large floor-plate units in projects such as Les Maisons Nassim, Le Nouvel Ardmore
and Eden Residences Capitol.
Links to the story:
https://www.businesstimes.com.sg/real-estate/singapore-private-home-prices-may-jump-6-7-this-year-analysts-say
https://www.straitstimes.com/business/property/singapore-private-home-prices-rise-11-in-q3-led-by-landed-
properties
UOL-SingLand JV to buy Watten Estate Condominium for S$550.8m
UOL Group and Singapore Land Group (SingLand) have clinched a tender to purchase Watten
Estate Condominium (WEC) in what may be the biggest collective sale in Singapore's residential
market so far this year.
At the price tag of S$550.8 million, the deal is a 10.2 per cent premium to the S$500 million
minimum price.
The Business Times understands that the estimated breakeven price of WEC's redevelopment is
around S$2,650 psf.
Links to the story:
https://www.businesstimes.com.sg/companies-markets/uol-singland-jv-to-buy-watten-estate-condominium-for-
s5508m
https://www.straitstimes.com/business/property/watten-estate-condominium-goes-for-5508m-in-biggest-residential-
en-bloc-sale-this
High Point in Orchard Road back on the market with S$550m guide price
High Point, a 22-storey residential property at 30 Mount Elizabeth, is back on the market with a
guide price of S$550 million, two years after its first attempt at a collective sale.
The unchanged guide price of S$550 million translates to S$2,508 per sq ft per plot ratio after
factoring in the 7 per cent bonus gross floor area (GFA) for balconies. More than 80 per cent of
the owners of the building have signed the collective sale agreement.
The freehold site, located on a cul-de-sac plot with a land area of 47,606 sq ft, is zoned for
residential use under the Urban Redevelopment Authority's Master Plan 2019. It also has an
allowable gross plot ratio of 2.8 and height control of up to 36 storeys. The existing GFA is 211,976
sq ft and development baseline is about 213,383 sq ft.
The public tender will close on Dec 8, 3 pm.
Link to the story:
https://www.businesstimes.com.sg/real-estate/high-point-in-orchard-road-back-on-the-market-with-s550m-guide-
price
La Ville at Tanjong Rhu attempts collective sale again at S$148m reserve price
Freehold property La Ville at Tanjong Rhu is up for collective sale again, with a reserve price of
S$148 million.
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Oct 29, 2021 / Issue 43
The 40-unit high-rise development, constructed in the 1980s, has a land area of 47,012 sq ft and is
zoned "residential" with an allowable gross plot ratio of 2.1 under the Urban Redevelopment
Authority's 2019 Master Plan.
Its minimum price reflects a unit land rate of S$1,499 per sq ft per plot ratio (psf ppr). After
factoring in an additional 7 per cent bonus gross floor area and the corresponding development
charge, the unit land rate will be about S$1,439 psf ppr.
The tender for La Ville closes on Nov 30, 2021, at 3 pm.
Links to the story:
https://www.businesstimes.com.sg/real-estate/la-ville-at-tanjong-rhu-attempts-collective-sale-again-at-s148m-
reserve-price
https://www.straitstimes.com/business/property/la-ville-at-tanjong-rhu-attempts-collective-sale-again-at-148m-
reserve-price
New rules for prime HDB flats not likely to impact private market: analysts
The new prime-location public housing (PLH) model is likely to have little impact on private
residential demand, analysts say. This is because the two serve different market segments.
Announced by the Ministry of National Development (MND) and the Housing Development
Board (HDB) in a joint statement on 27 Oct, the model aims at keeping prime HDB flats affordable
and inclusive.
The PLH model will be implemented for selected public housing projects in prime and central
locations, such as the city centre and surrounding areas, including the Greater Southern Waterfront.
It will apply only to future public housing in prime locations, not existing flat owners.
Those looking to buy these flats on the resale market after the 10-year MOP will have to meet the
prevailing eligibility conditions for buying a flat directly from the HDB. These include having at
least one applicant who is a Singapore citizen and meeting the household income ceiling of
$14,000; the applicant must also not be holding a private property or have sold any in the last 30
months.
Lee Sze Teck, senior research director at Huttons Asia, added that the private market gives buyers
more freedom to “sell freely at any time to anyone”.
He said that the subsidy clawback rate, which will be revealed later in the year, could also make
the private market “even more attractive” than the PLH flats.
Links to the story:
https://www.businesstimes.com.sg/real-estate/new-rules-for-prime-hdb-flats-not-likely-to-impact-private-market-
analysts
https://www.straitstimes.com/singapore/housing/subsidy-clawback-10-year-mop-for-new-prime-location-hdb-flats-
to-keep-them
https://www.straitstimes.com/singapore/housing/first-bto-project-in-rochor-under-new-prime-housing-model-to-
launch-in-november
https://www.straitstimes.com/singapore/housing/home-seekers-see-benefits-of-10-year-mop-limitations-on-resale-
buyers-for-new
https://www.todayonline.com/singapore/stricter-criteria-public-housing-prime-areas-could-deter-new-families-say-
property
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3 Bishan Place #05-01, CPF Building, S (579838) | Tel. (65) 6253 0030 | Fax (65) 6253 0090
www.huttonsgroup.comWeekly News Select
Oct 29, 2021 / Issue 43
Median price of 5-room HDB resale flats in Queenstown now S$926,000 in record
year for market
Housing Board resale flat prices hit a record high in the third quarter and saw the fastest 9-month
climb in more than a decade, going by data released on Oct 22.
Resale prices rose 2.9 per cent in the July to September period from the previous 3 months, higher
than HDB's flash estimate of 2.7 per cent, to exceed their previous peak in 2013 by 0.8 per cent.
It brings the price increase for the first 9 months of this year to 9.1 per cent.
Huttons Asia senior director of research Lee Sze Teck noted that prices have increased 14.2 per
cent since the "circuit breaker" in the second quarter of last year and 15.1 per cent since prices hit
bottom in the second quarter of 2019.
However, he believes that prices have reached a peak due to signs of buyer resistance.
Lee predicts that between 29,000 and 30,000 flats will change hands this year, with prices up by
another 2 per cent to 2.5 per cent in the last quarter of the year.
This will bring the price gain for the whole of 2021 to more than 11 per cent, the biggest jump
since 2010.
Links to the story:
https://www.businesstimes.com.sg/real-estate/median-price-of-5-room-hdb-resale-flats-in-queenstown-now-
s926000-in-record-year-for
https://www.straitstimes.com/singapore/housing/hdb-resale-prices-hit-all-time-high-in-q3-steepest-increase-in-a-
decade
Commercial
What's behind the surprise 3.5% drop in URA's office rental index in Q3
Most property consultants were surprised by the 3.5 per cent quarter-on-quarter drop in the Urban
Redevelopment Authority’s (URA) central region office rental index in Q3 2021, which came after
the 1.3 per cent rise in Q2 2021.
Consultants attribute this to a “flight-to-quality” by tenants resulting in a two-tier market, pointing
to URA’s data showing that Category 1 office buildings - covering the better-quality buildings in
the city area - posting the second consecutive q-o-q increase in the per square foot monthly median
rental. In contrast, the monthly median rental fell in Q3 for the remaining office space in Singapore
- or Category 2.
Links to the story:
https://www.businesstimes.com.sg/real-estate/whats-behind-the-surprise-35-drop-in-uras-office-rental-index-in-q3
https://www.straitstimes.com/business/property/singapore-office-retail-rents-fall-in-q3-ura-data
Golden Mile Complex gazetted for conservation with 'refined' incentives for potential
buyers
The Urban Redevelopment Authority (URA) has "refined" the incentives offered to potential
buyers of Golden Mile Complex, which has been gazetted for conservation.
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
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Oct 29, 2021 / Issue 43
The building is the first modern, large-scale strata-title development to be granted conservation
status in Singapore.
The developer will be able to build a tower block about 30-stories high beside the main building.
The site boundary may also be extended to include part of an adjacent plot of state land, for more
design flexibility.
A tax incentive will also be provided, which will lower development costs. This tax will be waived
for the conserved floor area, and partly waived for the new floor area.
Links to the story:
https://www.businesstimes.com.sg/real-estate/golden-mile-complex-gazetted-for-conservation-with-refined-
incentives-for-potential
https://www.straitstimes.com/singapore/golden-mile-complex-gazetted-as-conserved-building-future-developers-to-
get-building
https://www.straitstimes.com/singapore/spore-australia-travel-pact-travellers-businesses-upbeat-but-experts-say-
initial-impact
Retail
Retail rents could see short-term pressure before recovering in 2022
Retail property rents could face further pressure in the near term, following the extension of safe-
management measures, but analysts say that a recovery could be on the cards in 2022 as restrictions
ease and Singapore introduces more vaccinated travel lanes (VTLs).
The Urban Redevelopment Authority’s (URA) retail rental index, released on Oct 22, showed that
rents in the central region continued to retreat in the third quarter, falling by a sharper 2.7 per cent
after chalking up a 0.5 per cent dip in Q2.
This is the seventh consecutive quarter of decline, with dining limited to groups of two vaccinated
individuals and many employees continuing to work from home (WFH).
Links to the story:
https://www.businesstimes.com.sg/real-estate/retail-rents-could-see-short-term-pressure-before-recovering-in-2022
https://www.straitstimes.com/business/property/singapore-office-retail-rents-fall-in-q3-ura-data
Government
From Jan 1, only those fully vaccinated can return to workplace; others must test
negative for Covid-19
From Jan 1 next year, staff who return to the workplace must be fully vaccinated or have recovered
from Covid-19 in the past 270 days.
This expansion of vaccination-differentiated measures means that unvaccinated people will need
to test negative for Covid-19 before they can return to the workplace. They will need to pay for
these antigen rapid tests, which are valid for 24 hours.
Huttons Asia Pte Ltd | L3008899K | ROC No. 200210087C | GST Reg No. 20-0210087-C
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www.huttonsgroup.comWeekly News Select
Oct 29, 2021 / Issue 43
The task force also said that people who are medically ineligible for any Covid-19 vaccines will
be given special concessions to enter premises where vaccination is required, such as malls. More
details will be released by the Ministry of Health (MOH) later.
Link to the story:
https://www.straitstimes.com/singapore/health/from-jan-1-only-those-fully-vaccinated-can-return-to-workplace-
others-must-test
Singapore grants in-principle approval to import 100 MW solar power from
Indonesia
The Energy Market Authority (EMA) has granted in-principle approval on a pilot project to import
100 megawatt (MW) of solar power from Indonesia to Singapore.
The project is part of a collaboration among a consortium of companies including Singapore-based
power generation and electricity retail company PacificLight Power (PLP), Indonesian power
producer Medco Power Indonesia and Gallant Venture.
Links to the story:
https://www.businesstimes.com.sg/energy-commodities/singapore-grants-in-principle-approval-to-import-100-mw-
solar-power-from
https://www.straitstimes.com/singapore/environment/singapore-plans-to-import-30-of-energy-from-low-carbon-
sources-by-2035
https://www.straitstimes.com/business/economy/singapore-companies-ink-two-deals-to-import-solar-power-from-
indonesia
No jab, no job; companies can also let go of unvaccinated staff as last resort
Workers who refuse to disclose their Covid-19 vaccination status can be treated as unvaccinated,
and companies can terminate those who do not comply with workforce vaccination measures as a
last resort, according to the latest tripartite advisory.
Employers can also impose a vaccination requirement upfront when hiring new staff for the
purpose of planning workplace deployment, the Ministry of Manpower (MOM) said in response
to a list of frequently asked questions posted on its website.
Link to the story:
https://www.businesstimes.com.sg/government-economy/no-jab-no-job-companies-can-also-let-go-of-unvaccinated-
staff-as-last-resort
S'pore to resume travel from South Asia, eases measures for those from Malaysia,
Indonesia
Travellers from six countries that Singapore was previously closed off to will be allowed to enter
here from Oct 27, as the nation continues to adjust border measures in response to the global Covid-
19 situation.
All travellers, excluding short-term visitors, with a 14-day travel history to Bangladesh, India,
Myanmar, Nepal, Pakistan and Sri Lanka will be allowed to enter or transit through Singapore,
said the Ministry of Health on Oct 23.
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.comWeekly News Select
Oct 29, 2021 / Issue 43
MOH also said that it will be easing measures for travellers from several other countries, including
Malaysia and Indonesia.
Link to the story:
https://www.straitstimes.com/singapore/health/spore-to-open-to-travellers-from-south-asia-relaxes-measures-for-
travellers-from
Singapore to welcome vaccinated travellers from Australia and Switzerland from Nov
8
From Nov 8, vaccinated travellers from Australia and Switzerland will be welcome in Singapore,
and will not need to serve a quarantine, Transport Minister S Iswaran said on Oct 26.
The two countries join an existing 11 that are part of Singapore's vaccinated travel lanes (VTL),
as the Republic takes "calibrated" steps to reopen its borders.
With the additions, the current VTL quota of 3,000 daily arrivals will go up to 4,000, said Iswaran.
Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-to-welcome-vaccinated-travellers-from-
australia-and-switzerland-from
https://www.straitstimes.com/singapore/transport/vaccinated-travellers-from-australia-and-switzerland-to-be-able-
to-enter
Economy
Economists raise inflation forecasts after Sep core, headline inflation rates surprise
on upside
Singapore’s core and headline inflation rates edged up marginally in September, surprising private-
sector economists who had expected them to hold steady, and prompting some to revise inflation
forecasts upwards.
Headline inflation was 2.5 per cent, up from 2.4 per cent in August, while core inflation was 1.2
per cent, up from 1.1 per cent before, Department of Statistics (Singstat) consumer price index
(CPI) figures showed.
The MAS said that it expected core inflation to come in near the upper -end of the 0-1 per cent
forecast range for 2021 as a whole, and to be 1-2 per cent in 2022. Headline inflation was expected
to be 2 per cent in 2021, and to average 1.5-2.5 per cent in 2022.
Links to the story:
https://www.businesstimes.com.sg/government-economy/economists-raise-inflation-forecasts-after-sep-core-
headline-inflation-rates
https://www.straitstimes.com/business/economy/singapore-inflation-picks-up-in-september-as-food-electricity-and-
gas-prices-see
September pharma slump could be a blip, but Singapore factory growth is set to cool
Lower output in the volatile pharmaceuticals segment sent Singapore's manufacturing sector into
negative territory in September, snapping a 10-month winning streak.
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www.huttonsgroup.comWeekly News Select
Oct 29, 2021 / Issue 43
Industrial production missed private-sector analysts' expectations to shrink by 3.4 per cent year on
year, reversing the 11.0 per cent expansion in August, according to data from the Economic
Development Board (EDB).
Headline growth was dragged down by the volatile biomedical cluster, which lost 35.9 per cent on
a change in the mix of active pharmaceutical ingredients produced. Overall manufacturing output
would have grown by 9.4 per cent otherwise.
The linchpin electronics cluster, while still in the black in September, saw output ease to 4.9 per
cent, down from 15.4 per cent in August.
Links to the story:
https://www.businesstimes.com.sg/government-economy/september-pharma-slump-could-be-a-blip-but-singapore-
factory-growth-is-set-to
https://www.straitstimes.com/business/economy/singapore-factory-output-falls-34-in-september-snapping-10-
months-of-growth
Siltronic's new S$3b wafer manufacturing facility to create 600 jobs in Singapore:
Gan
The new S$3 billion wafer manufacturing facility that German chipmaker Siltronic is building in
Singapore will create “600 good jobs” here when it is ready, said Trade and Industry Minister Gan
Kim Yong on Oct 26.
These positions will be for professionals, engineers, technicians and other skilled workers.
The plant is Munich-based Siltronic’s biggest investment in its history and its second 300mm fab
in Singapore. The Republic is now the company’s largest manufacturing base that accounts for a
major part of its total production, said Gan at the groundbreaking ceremony of the facility at JTC’s
Tampines Wafer Fab Park.
Links to the story:
https://www.businesstimes.com.sg/government-economy/siltronics-new-s3b-wafer-manufacturing-facility-to-create-
600-jobs-in-singapore
https://www.straitstimes.com/business/companies-markets/chipmaker-siltronic-breaks-ground-on-new-3b-
manufacturing-facility-in
Razer plans to boost S'pore staff count to 1,000 by 2023 to support South-east Asia
expansion
Gaming technology company Razer plans to increase its staff strength here from 600 to about
1,000 by 2023, to give it an edge in businesses it is tapping, such as console gaming,
cryptocurrencies and artificial intelligence (AI).
The company's expansion in the region got a lift with the official opening of its $100 million South-
east Asia headquarters in the one-north technology and business hub in Buona Vista.
Link to the story:
https://www.straitstimes.com/tech/tech-news/razer-plans-to-boost-spore-staff-count-to-1000-by-2023-to-support-
south-east-asia
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Oct 29, 2021 / Issue 43
Amazon's new 100,000 sq ft corporate office makes it Asia Square's anchor tenant
Amazon is now the new anchor tenant at Asia Square, with the opening of its 100,000 sq ft
Singapore corporate office in the Marina Bay retail and office development. The multinational
tech company also plans to create over 200 new jobs in Singapore by end-2022.
The new office, which is part of local expansion plans, spans three floors. It will house over 30
teams and up to 700 employees from Amazon's consumer business and corporate functions, it said
in a press statement.
Links to the story:
https://www.businesstimes.com.sg/technology/amazons-new-100000-sq-ft-corporate-office-makes-it-asia-squares-
anchor-tenant
https://www.straitstimes.com/business/companies-markets/amazon-to-create-200-more-jobs-in-singapore-opens-
new-office-over-3
MAS expects slower but 'above-trend' growth in 2022
Singapore’s economic growth in 2022 is expected to be slower than in 2021, but still above trend,
the Monetary Authority of Singapore (MAS) said in its latest Macroeconomic Review.
While the MAS did not put a number to "above-trend growth", private-sector economists' estimates
of Singapore's pre-Covid trend growth tend to land between 2 and 4 per cent. The MAS' full-year
growth expectation for 2021 remains at 6 to 7 per cent.
Recovery in the domestic-oriented cluster "was held back by several rounds of heightened alert
measures", and "stabilisation phase" measures are expected to dampen domestic activity in the
early fourth quarter of 2021. But in line with the strategy of treating the virus as endemic,
restrictions are likely to be gradually relaxed in the latter part of Q4 and into 2022, said the MAS.
Domestic-oriented and travel-related clusters should see a gradual improvement as the economy
reopens, while growth in the trade-related and modern services sectors will be supported by the
global recovery.
However, despite the opening of Vaccinated Travel Lanes, "travel demand is not expected to return
quickly or substantially in the near term", it added. "A stronger rebound in the travel-related sector
may only materialise over the course of next year when border barriers are removed more
substantially, and a recovery to pre-Covid output level is only anticipated after 2022."
In the construction sector, recovery is expected to be hampered by elevated raw material costs and
manpower shortages for the rest of 2021, but the easing of supply-side constraints beyond that
should support higher activity levels.
The outlook for the manufacturing sector remains bright, with ongoing strength in the global
electronics cycle providing support for the rest of 2021 and 2022.
Modern services, which supported growth in the second quarter and Q3, will be further lifted by
the broader economic recovery. As business travel recovers, the outlook for the professional
services sector - which "has been sluggish over the past year" - is expected to improve, with
increased exports of segments such as business consultancy and head offices functions.
Barring major shocks such as the emergence of a vaccine-resistant virus strain, Singapore's
economy should grow at an above-trend pace, said the MAS.
Huttons Asia Pte Ltd | L3008899K | ROC No. 200210087C | GST Reg No. 20-0210087-C
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Oct 29, 2021 / Issue 43
Links to the story:
https://www.businesstimes.com.sg/government-economy/mas-expects-slower-but-above-trend-growth-in-2022
https://www.straitstimes.com/business/economy/spore-economy-to-grow-at-faster-than-usual-pace-with-output-
already-back-to-pre
Jobs may stay below pre-Covid level even as labour market recovers: MAS
While tighter labour market conditions will fuel faster wage growth and the resident
unemployment rate will keep improving, overall employment may remain below its pre-pandemic
level even by end-2022, the Monetary Authority of Singapore said in its Macroeconomic Review.
While the labour market recovery was interrupted by domestic curbs in Q2, remaining slack is
expected to dissipate in 2022. But the MAS noted that sectoral disparities in labour market
outcomes are widening, adding: "For the economy as a whole, labour market mismatch likely
intensified in recent quarters."
Heightened alert measures took a greater toll on labour demand for consumer-facing segments
such as food and beverage services and retail trade, while sectors such as construction and
manufacturing faced labour supply constraints.
Affected workers in the former sector were unlikely to have moved easily to latter ones, said the
MAS. This mismatch led to a rise in the resident unemployment rate in July, and higher job
vacancy rates in Q2.
In 2022, the resident unemployment rate is projected to decline further, approaching its pre-Covid
level within the year.
Wage growth is expected to strengthen as the labour market tightens, confidence recovers, and
government policies result in higher wages at the bottom end.
Links to the story:
https://www.businesstimes.com.sg/government-economy/jobs-may-stay-below-pre-covid-level-even-as-labour-
market-recovers-mas
https://www.straitstimes.com/business/economy/rising-business-costs-import-price-pressures-to-drive-up-
singapores-core-inflation
Singapore's trade 'not materially affected' by global supply chain disruptions: MAS
Singapore’s trade does not seem to have been materially affected by disruptions in global and
regional supply chains, judging by its "relatively resilient performance" in the pandemic, the
Monetary Authority of Singapore (MAS) said in its latest Macroeconomic Review on Oct 28.
"On the whole, domestic manufacturers have not been significantly affected by supply constraints
thus far, although some firms have experienced intermittent delays in the shipments of raw material
supplies and higher freight costs due to port congestions and a global shortage of vessels," it said.
The MAS noted that in Singapore's manufacturing purchasing managers' index, the supplier's
delivery time index has been relatively stable, in contrast to delays seen in other Asian markets.
Links to the story:
https://www.businesstimes.com.sg/government-economy/singapores-trade-not-materially-affected-by-global-
supply-chain-disruptions-mas
https://www.straitstimes.com/business/economy/singapore-trade-not-significantly-affected-by-global-supply-chain-
disruptions-mas
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www.huttonsgroup.comWeekly News Select
Oct 29, 2021 / Issue 43
Hospitality
Upcoming Australia-Singapore quarantine-free travel plan excites businesses,
airlines
Carriers Singapore Airlines and Qantas Airways are increasing flights as a quarantine-free travel
arrangement between Singapore and Australia seems set to launch soon for students and business
travellers.
The Singapore arrangement will be similar to the travel bubble Australia established with the South
Island of New Zealand this week, The Sydney Morning Herald reported. The talks are focused on
allowing vaccinated students and business travellers to travel freely between Australia and
Singapore as the first step, before opening up to tourists.
Links to the story:
https://www.businesstimes.com.sg/companies-markets/upcoming-australia-singapore-quarantine-free-travel-plan-
excites-businesses
https://www.straitstimes.com/asia/australianz/australia-singapore-travel-bubble-could-be-established-within-next-
week-pm-morrison
Despite vaccinated travel lanes, Singapore tourism recovery will be sluggish without
China, India, Asean travel: Watchers
Quarantine-free border reopening to fully vaccinated arrivals from select markets could boost
Singapore visitor numbers in the last quarter of the year - yet the recovery of the tourism sector
will also hinge on openness to travel from nearby countries, watchers told The Business Times.
Hotel occupancy rates and revenue per available room (RevPAR) rebounded to year-to-date highs
in September but visitor arrivals remain low compared with pre-pandemic levels despite broad-
based month-on-month growth, Singapore Tourism Board (STB) figures showed.
As such, all eyes are on the recovery in travel from Asean and India which are not yet included in
Singapore's vaccinated travel lanes (VTLs) with 13 countries in Europe, North America and the
Asia-Pacific region.
Link to the story:
https://www.businesstimes.com.sg/government-economy/despite-vaccinated-travel-lanes-singapore-tourism-
recovery-will-be-sluggish
Industrial
US biotech company that helped in Covid-19 research opens manufacturing facility
in S'pore
American biotech company 10x Genomics officially opened its first manufacturing facility outside
the United States in Singapore on Oct 25, adding to its capacity to produce consumables for
research into diseases such as cancer and Alzheimer's.
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3 Bishan Place #05-01, CPF Building, S (579838) | Tel. (65) 6253 0030 | Fax (65) 6253 0090
www.huttonsgroup.comWeekly News Select
Oct 29, 2021 / Issue 43
10x Genomics' Singapore hub occupies more than 53,000 sq ft of the Solaris @ Kallang 164
complex, including automated production suites for reagent manufacturing, and a fully equipped
lab for training customers and partners in the company's single-cell and spatial technologies.
Currently, 10x Genomics has more than 80 employees in Singapore in manufacturing, corporate
functions and commercial roles, with plans to expand the company.
Link to the story:
https://www.straitstimes.com/business/us-biotech-company-that-helped-in-covid-19-research-opens-first-
manufacturing-facility-in
Upcoming supply of Singapore industrial space may moderate price, rental growth
The significant supply pipeline of industrial properties in Singapore and ongoing economic and
business risks may cap the strength of the sector’s recovery, at least for the rest of the year, analysts
said.
This comes as JTC Corp’s latest market report showed that rents and prices of industrial space
increased again for Q3 2021, marking the fourth straight quarter of marginal growth.
The industrial land and infrastructure agency said in its report that prices and rentals are likely to
remain stable, “with positive upsides in the near future if the economy recovers strongly.”
Links to the story:
https://www.businesstimes.com.sg/real-estate/upcoming-supply-of-singapore-industrial-space-may-moderate-price-
rental-growth
https://www.straitstimes.com/business/property/singapore-industrial-property-rents-prices-extend-rise-in-q3-jtc
Contact:
Lee Sze Teck
Head, Research
szetecklee@huttonsgroup.com
This document has been prepared by Huttons Asia for general information only. Huttons Asia does not guarantee warrant or represent that the
information contained in this document is correct. Any interested party should undertake their own enquiries as to the accuracy of the information.
Huttons Asia excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability
for loss and damage arising directly or indirectly there-from. All rights reserved.
*The Business Times (BT) Online and *The Straits Times (ST) Interactive are a subscribers-only website. As such, you will not be able to access
the URL link to the articles unless you are registered as a subscriber.
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