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Weekly News Select
                                                                                                Mar 19, 2021 / Issue 11

Top News for the Week
        •   New private home sales plunge 60.5% in February
        •   In a Covid year, new condos' price-income ratio widens
        •   En bloc fever making cautious comeback in Singapore
        •   Property agents, condo buyers charged with intent to evade higher ABSD
        •   Enhanced CNY curbs worked, but cannot let guard down yet: Experts
        •   Bilateral travel corridors could open for vaccinated passengers in the second half of
            2021: Ong Ye Kung
        •   S'pore discussing air travel bubble with Australia but no talks on quarantine centre:
            MFA
        •   Singapore business sentiment positive for Q2 on improved outlook, recovery for
            SMEs
        •   Labour market 'turned the corner' in Q4 2020, but risks remain
        •   Pharma slows Feb's key exports growth to 4.2%, but analysts not worried
        •   S'pore is 8th best country to relocate for work

Residential
New private home sales plunge 60.5% in February
Developers in Singapore sold 645 new private homes in February, down 60.5 per cent over
January's 1,632 units amid a paucity of new launches.
Developers launched 167 units for sale in February against 2,600 in January. Including ECs, a total
of 3,300 units were launched for sale in January.
The sharp drop in sales can be attributed to Chinese New Year, a period when developers usually
hold back launches, said Lee Sze Teck, Huttons Asia director of research.
Sales in the primary market are very much supply-led, he said.
"When there are new project launches to excite the market, sales volume will be higher. Take for
example in February 2020, The M was launched for sale, pushing monthly sales close to 1,000
units," he said.
"If The M was not launched in February 2020, sales will be around 600 units. After adjusting for
project launches, developers' sales in February 2021 are on par with a year ago. Demand for homes
is still healthy in the market," Mr Lee added.

Links to the story:
https://www.businesstimes.com.sg/real-estate/new-private-home-sales-plunge-605-in-february
https://www.straitstimes.com/business/property/new-home-sales-plunge-as-launches-held-back-over-cny

In a Covid year, new condos' price-income ratio widens
Like several countries across the world, Singapore has seen private housing prices move higher in
spite of a global pandemic.

               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
Mar 19, 2021 / Issue 11

Given this, fresh data shows that the gap between incomes and prices of private non-landed homes
continued to widen in 2020.
Specifically, the gap - known as an "affordability ratio" - between prices of new condominiums
sold and household income continues to be at its widest in a decade.
The availability of cheap debt, demand from HDB upgraders and Covid-19's uneven impact are
some factors spurring on the private housing market. This is even as consumers are meeting
existing regulations to deter over-leverage.
The price-to-income ratio for new sales of non-landed private residential properties grew to 15.4
in 2020 from 14.7 in 2019, assuming a 1,000 sq ft unit. That means a household, without spending
on anything else, has to save minimally for 15.4 years to buy a new condo unit. In 2010 - the last
decade-high - the ratio was 15.9. (To be clear, in 2019, the 14.7 ratio already hit levels set at 2010.)
The same data shows the price-to-income ratio staying largely stable for resales, creeping up to
11.2, from 11.1 in 2019. It comes as median prices last year rose for new condos but fell for resale
condos.

Link to the story:
https://www.businesstimes.com.sg/real-estate/in-a-covid-year-new-condos-price-income-ratio-widens

En bloc fever making cautious comeback in Singapore
En bloc fever last swept Singapore in 2016 before the 2018 cooling measures effectively doused
it, but the heat is building up again, with at least 10 projects launched for sale since the start of the
year.
More than 20 other developments, including Golden Mile Complex and Thomson View, have also
started the collective sale process, industry players say.
Some have just held their first extraordinary general meeting to form a collective sale committee,
some are selecting marketing agents and lawyers, while others are signing sale agreements.
The same factors that drove collective sales in 2016 are still evident now - rising optimism in the
property market, still-low interest rates, brisk new-home sales and the limited supply of
development land.

Links to the story:
https://www.straitstimes.com/business/property/en-bloc-fever-making-cautious-comeback-in-singapore-0
https://www.straitstimes.com/business/property/5-projects-granted-extensions-for-collective-sale-deadlines

Sales of distressed homes take off as demand and prices converge
Sales of distressed residential properties may be moving at glacial speed but some are getting sold
as buyers pay near the opening prices, either at auction, or by negotiation after the auction.
A mortgagee property at The Ladyhill was sold above the opening price of S$7.055 million after
the Jan 7 auction. It was transacted at S$7.1 million, The Business Times understands.
A landed home in Lorong Pisang Raja was sold at S$3.018 million, above its S$2.62 million guide
price while a Parc Olympia condo received an offer of S$635,000, same as the guide price.
Potential buyers continue making their rounds at property auctions hoping to pick up bargains but
auctioneers say fire sales are not typical. Some of these buyers then try their luck after the auction
and make their offers to the auction houses.

Weekly News Select
                                                                                                 Mar 19, 2021 / Issue 11

Link to the story:
https://www.businesstimes.com.sg/companies-markets/sales-of-distressed-homes-take-off-as-demand-and-prices-
converge

Four sites to be cleared for housing projects
Four sites in Balestier, Toa Payoh, Bedok and Jurong East will be cleared to make way for
residential projects, according to tender documents put out by the Housing Board and seen by The
Straits Times.
The sites - 51 Jalan Rajah, 1 Lorong 6 Toa Payoh, 58 Bedok North Street 3 and 571 Jurong East
Street 24 - are zoned residential in the Urban Redevelopment Authority masterplan, which guides
development in the next 10 to 15 years. This means either HDB flats or private homes can be built
on the land.
HDB did not specify if the sites are earmarked for public or private housing, but said more details
will be announced eventually.

Link to the story:
https://www.straitstimes.com/singapore/housing/four-sites-to-be-cleared-for-housing-projects

Property agents, condo buyers charged with intent to evade higher ABSD
Four Singaporeans have been accused of exercising a backdated option to purchase (OTP) so that
the buyers may avoid paying higher additional buyer's stamp duty (ABSD) on their third private
residential property.
Two licensed property agents, Mu Shen and Loy Thye Wei, as well as two individuals, Daniel
Halim and Lee Liu Ying, were charged in court under Section 62 of Singapore's Stamp Duties Act.
The alleged offences took place in July 2018, after the government announced a round of cooling
measures for the housing market, and involved a fourth-storey unit at 163 Jalan Loyang Besar.
Halim and Lee were allegedly trying to avoid paying S$69,000 more in stamp duty, Today
reported. That works out to about S$1.38 million on a 100 per cent basis, representing the unit's
purchase price or market value, whichever is higher.
The seller's agent Loy was charged with the intent to avoid payment of duty by omitting to set
forth truly, in the OTP, the facts and circumstances required by Section 5 of the Stamp Duties Act.
Mu was charged with abetting her to commit an offence under Section 62(b) of the Act.
The Council for Estate Agencies' public register shows that Loy has been with ERA Realty
Network since 2017, while Mu has been registered under PropNex Realty since 2019.

Link to the story:
https://www.businesstimes.com.sg/real-estate/property-agents-condo-buyers-charged-with-intent-to-evade-higher-
absd

                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
Mar 19, 2021 / Issue 11

Commercial
WeWork to launch at 21 Collyer Quay within next year
WeWork is set to launch its largest location yet in Singapore - at the 21-storey former HSBC
building at Collyer Quay - in the next nine to 12 months, Samit Chopra, the company's managing
director for international strategy and operations, told The Business Times.
WeWork's takeover of 21 Collyer Quay was previously announced in July 2019 by landlord
CapitaLand Commercial Trust. CCT had then said that WeWork's lease for the property, which
has a net lettable area of 200,000 sq ft, would start in Q2 2021 and last seven years.
Covid-19 continues to spur growth, as SMEs and corporates shift to coworking spaces, he said. In
June last year, WeWork enjoyed its best sales month with over 300 deals signed in the Pacific
region, where it has over 70 locations in South-east Asia, South Korea and Australia.
This momentum is set to continue as WeWork rolls out more offerings, Mr Chopra said. In the
next few months, for instance, it will launch On Demand, a pay-as-you-go service, in Singapore
and Australia. "In 2021, we are looking to further consolidate our market position in Singapore
and South-east Asia," Mr Chopra added.

Link to the story:
https://www.businesstimes.com.sg/garage/wework-to-launch-at-21-collyer-quay-within-next-year

Retail
Suburban malls can still thrive despite retail disruption from online shopping
Retail operators with physical outlets are struggling due to the relentless rise of online shopping
both in Singapore and overseas.
Vacancy rate of retail space in the fourth quarter of 2020 was 11.6 per cent in the Orchard area,
10.7 per cent in the Central Area outside Orchard and 7.5 per cent in the Outside Central Area.
Perhaps it will be a tale of two cities in Singapore's retail scene. Orchard Road, city centre and
destination malls may struggle while suburban malls thrive.
In the wake of the Covid-19 pandemic, suburban malls are showing their resilience.
Suburban malls are often centrally located within HDB townships with good connectivity to MRT
lines and bus interchanges. What this translates into is a ready catchment population for the mall.
With the trend for a higher work-from-home component, suburban malls benefit from residents,
who are living nearby, spending more time in the neighbourhood. An office worker who previously
patronised food and retail outlets in the Central Business District during lunch hour may now be
doing the very same activities at the suburban mall near home.

Link to the story:
https://www.businesstimes.com.sg/real-estate/suburban-malls-can-still-thrive-despite-retail-disruption-from-online-
shopping

Weekly News Select
Mar 19, 2021 / Issue 11

Government
Enhanced CNY curbs worked, but cannot let guard down yet: Experts
The enhanced restrictions put in place for Chinese New Year last month may have helped control
the spread of Covid-19 here during the festive period, but experts stressed that people must remain
vigilant.
In contrast, there was a slight bump in cases here after Singapore moved into phase three on Dec
28, which remained under control.
An expert said that about 70 per cent to 80 per cent of the population here should be vaccinated
first before Singapore rethinks its current measures, adding that this may not happen for some
time.
As at Mar 15, more than 549,000 people in Singapore had received the first dose of the vaccine.
About 243,000 of them had also received their second dose.

Link to the story:
https://www.straitstimes.com/singapore/health/enhanced-cny-curbs-worked-but-cannot-let-guard-down-yet-experts

Bilateral travel corridors could open for vaccinated passengers in the second half of
2021: Ong Ye Kung
Bilateral travel corridors for vaccinated passengers from places with low to moderate infection
rates may well happen in the second half of this year, said Transport Minister Ong Ye Kung as
Singapore continues to explore ways to open up its borders and revive air travel.
In an interview with Money FM 89.3, Mr Ong said stay-home notices (SHNs) and other quarantine
measures will kill travel. Singapore, he added, needs to find ways to get rid of such requirements,
a point he also made last week during the debate on his ministry's budget.
While vaccinations are changing the game, this needs to work in tandem with other measures such
as testing, movement restrictions and identifying countries that are "safe" and have successfully
controlled the virus, Mr Ong said.
For example, Singapore could open up to travellers from places with moderate Covid-19 infection
rates but have ongoing vaccination programmes. "(Combine that) with testing, and you can
possibly open up a safe travel corridor," he added.
He said he shared the same view as International Air Transport Association (Iata) director
Alexandre de Juniac, who told The Straits Times (ST) this week that personal and leisure travel
will return from the second half of this year.

Links to the story:
https://www.businesstimes.com.sg/government-economy/bilateral-travel-corridors-could-open-for-vaccinated-
passengers-in-the-second
https://www.straitstimes.com/singapore/travel-corridors-for-vaccinated-passengers-could-open-in-the-second-half-
of-2021-ong-ye

Weekly News Select
Mar 19, 2021 / Issue 11

S'pore discussing air travel bubble with Australia but no talks on quarantine centre:
MFA
Singapore is discussing a possible air travel bubble that will allow those living here and in Australia
to travel between the two countries without any quarantine, the Ministry of Foreign Affairs (MFA)
said. It also made clear that the two countries are not in any discussion on a quarantine centre or
vaccination hub.
It was responding to media queries following a report in The Sydney Morning Herald, which said
the Australian government was working on a plan to establish Singapore as a quarantine gateway,
holiday destination and potential vaccination hub for returning Australians, international students
and business travellers.
But the resumption of travel between Singapore and Australia, with priority for students and
business travellers, is in the works. Talks on mutual recognition of vaccination certificates are also
in progress.
This is the latest of Singapore's efforts to reopen its borders amid the coronavirus pandemic, which
has ravaged the aviation and tourism industries.

Links to the story:
https://www.straitstimes.com/singapore/transport/spore-discussing-air-travel-bubble-with-australia-but-no-talks-on-
quarantine
https://www.businesstimes.com.sg/transport/caution-to-reign-amid-singapore-australia-air-travel-bubble-talks-
analysts

Not possible for S'pore, many nations, to choose between US and China: PM
It will not be possible for Singapore to choose between the United States and China, given the
extensive ties the Republic has with both superpowers, said Prime Minister Lee Hsien Loong.
Many other countries are in a similar situation, he added in an interview with the BBC, saying they
would be hard-pressed if forced to pick a side.
"I hope the time does not come," he said when asked which one Singapore will choose when the
time comes. "I do not think this is a dilemma only for Singapore. It is a problem for many countries,
which is why we are all hoping and encouraging the two large powers to think very carefully before
deciding that the other one is an adversary which has to be kept down, if not put down."

Links to the story:
https://www.straitstimes.com/singapore/politics/not-possible-for-spore-many-nations-to-choose-between-us-and-
china-pm
https://www.businesstimes.com.sg/government-economy/its-not-possible-for-many-nations-including-singapore-to-
pick-between-us-and

S'pore will use any Covid-19 vaccine so long as it is safe and effective: PM
Singapore will use Covid-19 vaccines no matter where they are made, as long as they are safe and
effective, said Prime Minister Lee Hsien Loong in an interview with the BBC.
"We will use vaccines from any source. Vaccines do not carry a nationality. Is it good or is it no
good? Does it work? If it does, then we will use it," he added.

Weekly News Select
                                                                                                 Mar 19, 2021 / Issue 11

Since Singapore's Covid-19 vaccination drive kicked off last December, more than 500,000 people
have received at least their first dose of the vaccine.
On why Singapore was not moving faster despite having got the vaccines quite early, PM Lee said
the Government wanted to persuade people to come on board.
"But we hope to do it with due dispatch, and certainly by the end of the year and sooner."

Link to the story:
https://www.straitstimes.com/singapore/politics/spore-will-use-any-covid-19-vaccine-so-long-as-it-is-safe-and-
effective-pm

Singapore won't take investors for granted, say economic leaders
Singapore will never take its investment partners for granted, key economic leaders said, while
pledging to keep the country connected and open to the world.
"In a time of global uncertainty, we will distinguish ourselves by being a trusted partner, providing
a safe harbour for capital, talent and intellectual property, while offering long-term policy
coherence and consistency," Trade and Industry Ministry Chan Chun Sing told a forum organised
by media group Nikkei.
While arguing that the Covid-19 pandemic has accelerated trends such as protectionism over
supply chains, he decried such behaviour and called instead for "the opposite - open and connected
trade".
Mr Chan touted Singapore's approach to business - such as its network of free trade and digital-
economy agreements, its pledge not to restrict commercial exports for its own benefit, and its
access to young, middle-income regional markets.
Mr Chan, who had courted US business leaders at a summit last week, told the Nikkei Forum
attendees that Singapore "will never take for granted" and "will seek to repay many times over"
companies' investments.

Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-wont-take-investors-for-granted-say-economic-
leaders
https://www.straitstimes.com/business/economy/singapore-remains-trusted-partner-to-global-firms-says-chan

Construction begins on $640m three-track train testing centre
When it becomes fully operational in end-2024, the new Integrated Train Testing Centre (ITTC)
in Tuas will be among the first in the world that can test different trains and rail systems at the
same time, without disrupting regular passenger services.
The centre - the first in South-east Asia - is on a 50ha site at the former Raffles Country Club,
which was acquired for the terminated Kuala Lumpur-Singapore high-speed rail project.
The ITTC is set to be completed in two phases. The first phase is expected to be ready by late next
year, in time to receive two new Circle Line Stage 6 trains that will be delivered in early 2023.

Link to the story:
https://www.straitstimes.com/singapore/transport/construction-begins-on-640m-three-track-train-testing-centre

                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
                                                                                                 Mar 19, 2021 / Issue 11

S$940m in wage credits to be given to employers by end-March
BY the end of this month, S$940 million in Wage Credit Scheme (WCS) payouts will be disbursed
to more than 98,000 employers here, bringing the total amount in wage credits paid out during the
pandemic to over S$2 billion.
The WCS co-funds wage increases. It was introduced in 2013 as a three-year scheme and then
extended to 2020, to support businesses in their transformation efforts and encourage sharing of
productivity gains with workers.

Links to the story:
https://www.businesstimes.com.sg/government-economy/s940m-in-wage-credits-to-be-given-to-employers-by-end-
march
https://www.straitstimes.com/singapore/politics/98000-employers-to-get-940m-in-wage-credit-payouts-by-end-
march

Economy
Births here hit decade low as deaths climb to historic peak
The number of babies born in Singapore fell to a 10-year low last year, while total deaths were the
highest in almost a century.
The recession and massive uncertainties due to the Covid-19 pandemic may be leading some
couples to put off expanding their families, experts say, even though most newborns last year were
conceived before the pandemic.
The double whammy of falling births and steadily rising deaths due to an ageing population has
serious implications for society, from slower economic growth to fewer people supporting seniors.
Last year, 38,705 babies were born, a 1.5 per cent dip from the 39,279 born in 2019. It was the
lowest figure since 2010, when there were 37,967 births.
Meanwhile, 22,000 people died last year, a 2.6 per cent increase from the 21,446 deaths in 2019.
The data was contained in the Singapore Demographic Bulletin Fourth Quarter 2020 report posted
on the Immigration and Checkpoints Authority website at the end of last month. The figures for
last year are provisional.

Links to the story:
https://www.straitstimes.com/singapore/births-here-hit-decade-low-as-deaths-climb-to-historic-peak-0
https://www.straitstimes.com/singapore/more-babies-yes-please-0

Singapore business sentiment positive for Q2 on improved outlook, recovery for
SMEs
Business sentiment in Singapore has turned expansionary for the second quarter of 2021, following
four quarters of negative sentiment, with improved expectations for profits and hiring as well.
On Monday, the Singapore Commercial Credit Bureau's (SCCB) latest quarterly survey of 200
business owners and senior executives showed the indicator for overall business sentiment at +3.94
percentage points for Q2, versus -1.03 percentage points in the previous quarter, and -7.88
percentage points in Q2 2020.

                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
Mar 19, 2021 / Issue 11

Quarter on quarter, all of the six indicators SCCB studies - volume of sales, net profits, selling
price, new orders, inventory levels and employment levels - also improved.
In particular, businesses' expectations for net profits, employment and selling price improved the
most. The indicator for net profits is up at +9.92 percentage points for Q2, from +3.85 percentage
points a quarter ago.
Similarly, employment sentiment has improved to zero percentage point for Q2, from -7.69
percentage points a quarter ago. Expectations for selling price have also recovered to +1.53
percentage points for Q2, from -8.46 percentage points in the previous quarter.

Links to the story:
https://www.businesstimes.com.sg/sme/singapore-business-sentiment-positive-for-q2-on-improved-outlook-
recovery-for-smes
https://www.straitstimes.com/business/economy/business-sentiment-in-singapore-turning-positive-poll

Labour market 'turned the corner' in Q4 2020, but risks remain
Updated figures confirm that the labour market "turned the corner" in the fourth quarter of 2020,
though risk factors remain, said Manpower Minister Josephine Teo.
In the fourth quarter, total employment excluding foreign domestic workers declined by 7,900,
slowing from the third quarter's 29,100 fall.
The decline was due solely to non-residents, with resident employment continuing to rise, up
34,500.
For the full year, total employment was down 166,600, again solely due to non-residents. Resident
employment had rebounded back above pre-Covid-19 levels by the end of the year, up 14,900
from the year before.
Moving on from last year's priority of keeping workers in jobs, this year will focus more on helping
them find roles that are a good fit, she said.

Links to the story:
https://www.businesstimes.com.sg/government-economy/labour-market-turned-the-corner-in-q4-2020-but-risks-
remain
https://www.businesstimes.com.sg/government-economy/non-pmets-more-vulnerable-to-retrenchment-in-2020
https://www.straitstimes.com/singapore/jobs/steepest-decline-in-employment-with-foreigners-most-affected
https://www.straitstimes.com/singapore/jobs/retrenchments-hit-smaller-proportion-of-workers-but-more-than-
doubled-from-last-year

Pharma slows Feb's key exports growth to 4.2%, but analysts not worried
Chinese New Year festivities and a plunge in pharmaceutical exports are the two reasons identified
for Singapore's underwhelming performance in key exports in February. On the other hand, gold
and technology glittered. Though the figures came in below expectations, analysts remain
confident in growth prospects for the year.
Non-oil domestic exports (NODX) grew by a slower 4.2 per cent year-on-year last month,
compared to January's flying start of 12.7 per cent, according to data from trade agency Enterprise
Singapore.
The sag in pharmaceuticals led to an overall contraction in NODX to Singapore's top 10 markets
as a whole, led by declines in exports to the European Union (EU-27), Japan and the United States.

Weekly News Select
Mar 19, 2021 / Issue 11

Exports to Malaysia, Thailand and Indonesia also fell, but exports to the remaining markets of
China, Hong Kong, South Korea and Taiwan grew.

Links to the story:
https://www.businesstimes.com.sg/government-economy/pharma-slows-febs-key-exports-growth-to-42-but-
analysts-not-worried
https://www.straitstimes.com/business/economy/non-oil-exports-grow-at-slower-42-pace-in-feb

S'pore is 8th best country to relocate for work
Singapore is the eighth-most attractive country to relocate to for work - the first time it has broken
into the top 10 in a global study that started in 2014.
The report also noted that fewer Singaporeans desire to work abroad.
The study, which polled around 208,800 respondents across 190 economies, found that the
pandemic has changed people's views on the top work destinations as virus containment measures
become a priority.
Singapore jumped to eighth place, from 24th in 2014. Canada topped the list, followed by the
United States, Australia, Germany and Britain.
The report noted that professionals, managers, executives and technicians from China, United Arab
Emirates and Switzerland, for instance, are keen to work here as the standard of living is
comparable to that of their home countries.

Link to the story:
https://www.straitstimes.com/singapore/jobs/spore-is-8th-best-country-to-relocate-for-work

China's ByteDance embarks on hiring spree in Singapore
ByteDance, the owner of viral video app TikTok, has embarked on a hiring spree in Singapore, as
the Chinese group deepens its operations outside the mainland to satisfy global regulators.
The Beijing-based company controlled by billionaire Zhang Yiming is hiring hundreds of
engineers and senior management positions in Singapore for TikTok, as well as its enterprise
software business Lark and other products.
A job analytics database showed that ByteDance had posted 338 jobs in Singapore in the past six
months.
The hiring spree in Singapore will also support ByteDance's push into South-east Asia.

Link to the story:
https://www.straitstimes.com/business/companies-markets/chinas-bytedance-embarks-on-hiring-spree-in-singapore

Hospitality
Families flock to hotels for March holiday staycations amid Covid-19
Before the pandemic, project manager Muhammad Atik, 34, and his family would travel abroad
three times a year.

Weekly News Select
Mar 19, 2021 / Issue 11

While overseas vacations are now a pipe dream, Mr Atik and his family of four are determined to
keep that spirit alive: They have combined two back-to-back staycations to make a four-day-long
break this March holidays.
Mr Atik’s family is one of many here flocking to hotels with their families during the school break.
Hotels and travel websites contacted by The Straits Times reported a spike in the number of
bookings for this week.
The flurry of hotel bookings come as Singaporeans have only until June 30 to redeem their
vouchers via the five booking platforms - Changi Recommends, GlobalTix, Traveloka, Trip.com
and Klook.

Link to the story:
https://www.straitstimes.com/singapore/consumer/flurry-of-bookings-for-staycations-during-march-school-
holidays-hotels-say-covid

LV to hold fashion show in S'pore
Fashion is returning to the catwalk at Louis Vuitton on Mar 23.
Even though recent fashion weeks in Paris, London and Milan have gone completely digital due
to the Covid-19 pandemic, the French fashion house will stage a fashion show in Singapore,
complete with masked guests seated 1m apart.
To be held at ArtScience Museum, the Louis Vuitton Women's Spring/Summer 2021 Spin-Off
show will be the first full-fledged physical fashion show in Singapore in the new normal.
There will be three shows - at noon and 4 and 7.30pm - with just 112 guests each and a slew of
safe management measures in place, such as temperature checks and SafeEntry scans on arrival.
All surfaces will be sanitised between each show.

Link to the story:
https://www.straitstimes.com/life/style/lv-to-hold-fashion-show-in-spore

Shophouse
Commercial two-storey shophouse at Serangoon Garden Way up for sale
A commercial two-storey shophouse at Serangoon Garden Way has been put up for sale at an
indicative prce of S$11.8 million.
Located at 67/67A Serangoon Garden Way, the property sits on a 999-year site of approximately
2,782 sq ft; the built-up area is 4,165 sq ft.
The indicative pricing translates to about S$4,241 per sq ft based on the land area. With the
property zoned for commercial use, there would be no Additional Buyers' Stamp Duty or Sellers'
Stamp Duty. Both foreigners and companies are eligible to buy it.
The property is available via public tender exercise, which will close at 3pm on May 7.

Link to the story:
https://www.businesstimes.com.sg/real-estate/commercial-two-storey-shophouse-at-serangoon-garden-way-up-for-
sale

Weekly News Select
Mar 19, 2021 / Issue 11

Industrial
Select Group to invest S$10m to open 20 cloud kitchens in Singapore
Singapore-based Select Group, which operates various food and catering concepts, announced
plans to invest S$10 million to open 20 cloud kitchens here over the next five years, as it expects
demand for food delivery to remain even after the Covid-19 pandemic.
The cloud kitchens will be leased out, but some of Select's brands will also take up units within
the cloud kitchens, said Vincent Tan, Select's managing director.
A cloud kitchen is a centralised kitchen where food operators can rent space to prepare food
specifically for delivery. Such operators typically generate sales through online channels and do
not have a physical storefront.

Link to the story:
https://www.businesstimes.com.sg/sme/select-group-to-invest-s10m-to-open-20-cloud-kitchens-in-singapore

S'pore could soon make freeze-dried Covid-19 PCR test kits
BioAcumen Global officially opened its new lyophilisation facility. It has the capacity to freeze-
dry 2,400 PCR tests a day and hopes to double this capacity soon. Currently, the lab freeze-dries
PCR kits which detect the African swine fever virus.
BioAcumen Global also produces about 20,000 "wet" Covid-19 PCR test kits a day, obtaining
approval from the Health Sciences Authority in September last year.
It is currently developing its freeze-dried version of Covid-19 PCR kits. They are expected to be
ready in around two months' time.

Link to the story:
https://www.straitstimes.com/singapore/spore-could-soon-make-freeze-dried-covid-19-pcr-test-kits

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

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