Weekly News Select - Huttons Asia
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Weekly News Select
May 27, 2022 / Issue 21
Top News for the Week
• Bukit Sembawang’s Liv @ MB sells over 75% of units on launch weekend
• More Singapore developers looking to hike condo launch prices
• Property tax hikes won’t depress new launch prices, may hurt luxe home demand:
NUS poll
• HDB launching some 4,500 BTO flats including 2 PLH projects in May
• Compensation for buyers of Sengkang BTO flats over delay in completion date
• US’ Indo-Pacific economic pact of strategic, economic significance to region: PM
Lee
• Singapore’s full-year growth will depend on how well manufacturing holds up
• External headwinds weigh on Singapore’s export growth despite forecast upgrade
• Singapore services export recovery lagged goods trade rebound as border closures hit
travel
• Singapore core inflation rises in April; more policy moves likely to tackle living costs
• Singapore factory output expands 6.2% in April, led by aerospace production
Residential
Bukit Sembawang’s Liv @ MB sells over 75% of units on launch weekend
Bukit Sembawang Estates' condominium project Liv @ MB in the Mountbatten area has sold more
than 75 per cent of its 298 units, at an average selling price of S$2,387 psf, Bukit Sembawang said
in a press statement.
Over 90 per cent of buyers were Singaporeans residing in the immediate neighbourhood, Bukit
Sembawang said on May 22.
Huttons Asia CEO Mark Yip said: “Another major project launch in 2022 has achieved more than
70 per cent sales on launch day. This is truly remarkable against the backdrop of cooling measures
in December 2021, rising interest rates, rising inflation and global uncertainties.”
Yip noted that the attractive entry price from S$2,080 psf further sweetens the deal for buyers.
“Regardless of government interventions in the housing segment, the market believes that today's
pricing is acceptable as construction costs have risen considerably,” he added.
Lee Sze Teck, senior director of research at Huttons, said: “We foresee the positive sentiments
from Piccadilly Grand and LIV@MB to spillover to other project launches in the months ahead.”
Links to the story:
https://www.businesstimes.com.sg/real-estate/bukit-sembawangs-liv-mb-sells-over-75-of-units-on-launch-weekend
https://www.straitstimes.com/business/property/liv-mb-condo-in-mountbatten-sells-over-75-of-units-on-launch-
weekend
More Singapore developers looking to hike condo launch pricesx
Homebuyers have to brace themselves for higher prices as about 71 per cent of developers expect
unit prices of new launches in the next 6 months to be moderately or substantially higher, the
results of a poll revealed.
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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
May 27, 2022 / Issue 21
The Q1 2022 survey showed that another 24 per cent expect new launch prices to maintain at the
same price level, while only 5 per cent expect prices to be substantially lower.
That’s according to the latest Real Estate Sentiment Index (RESI) published by the National
University of Singapore Real Estate, which represents the university’s Department of Real Estate
and its Institute of Real Estate and Urban Studies (IREUS).
Links to the story:
https://www.businesstimes.com.sg/real-estate/more-singapore-developers-looking-to-hike-condo-launch-prices
https://www.straitstimes.com/business/property/more-singapore-property-developers-expect-prices-of-new-
launches-to-go-up-survey
Property tax hikes won’t depress new launch prices, may hurt luxe home demand:
NUS poll
Real estate honchos generally do not anticipate price cuts for new private home launches as a result
of Singapore’s upcoming property tax increases, though some developers may try to buy more
land in the suburbs, according to a quarterly survey.
The poll findings also indicate that the tax hikes are likely to slow demand for luxury
condominiums and landed properties, especially those in prime locations.
However, the higher property tax rates may prompt developers to shift their land acquisition
strategies, such as by acquiring more sites in the suburbs or outside central region (OCR) and
lowering their price expectations for land bids, respondents said.
By market segment, the higher tax rates are unlikely to significantly affect demand for executive
condominiums (ECs) and mass-market condominiums, based on the majority of the survey
responses.
Link to the story:
https://www.businesstimes.com.sg/real-estate/property-tax-hikes-wont-depress-new-launch-prices-may-hurt-luxe-
home-demand-nus-poll
Wing Tai bags Lakeside Apartments for S$273.9 million, 14% above reserve price
The wholly-owned subsidiary of Wing Tai Holdings, Winville Investment, has won the tender for
the collective purchase of Lakeside Apartments at some S$273.9 million, representing a 14 per
cent premium to the S$240 million reserve price.
Wing Tai announced plans to redevelop the site into an “iconic” residential development of more
than 300 units with unobstructed waterfront views of Jurong Lake and its surroundings.
This is subject to approvals from the Strata Titles Board and the land dealings approval unit of
Singapore Land Authority.
Links to the story:
https://www.businesstimes.com.sg/companies-markets/wing-tai-bags-lakeside-apartments-for-s2739-million-14-
above-reserve-price
https://www.straitstimes.com/business/property/lakeside-apartments-sold-en-bloc-for-27389m-14-above-reserve-
price
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
May 27, 2022 / Issue 21
Chinese developers still active but more cautious in Singapore, weaker yuan may be
a boon
Chinese developers are still active, albeit more cautious, in Singapore’s property development
market, with the weaker yuan against the Singapore dollar a boon when it comes to importing
cheaper building materials from the mainland.
Qingjian Realty, CSC Land Group (whose parent is China State Construction Engineering Corp),
Logan Property and Nanshan Group are among the major Chinese developers in Singapore.
Another property analyst said Chinese developers are still participating in various tenders, but their
bids are not as aggressive as before.
Link to the story:
https://www.businesstimes.com.sg/global-enterprise/chinese-developers-still-active-but-more-cautious-in-singapore-
weaker-yuan-may-be
HDB launching some 4,500 BTO flats including 2 PLH projects in May
Applicants for public housing in the May Build-To-Order (BTO) exercise can look forward to 2
projects under the Prime Location Public Housing (PLH) model as part of 4,500 units to be made
available.
The 2 PLH projects will be in the mature estates of Bukit Merah and Queenstown, said the Housing
and Development Board (HDB) on May 23. There will be 1,660 units in Bukit Merah and 860
units in Queenstown. Both projects will comprise 3-room and 4-room flats.
Flats under the PLH model come with stricter buying and selling conditions, including a 10-year
minimum occupation period and a subsidy clawback at the first resale transaction.
Pointing out that prices for some resale 5-room flats in the vicinity of Bukit Merah and Queenstown
— such as City Vue @ Henderson and Ghim Moh Valley — have exceeded S$1 million, Huttons
Asia’s senior director for research, Lee Sze Teck, said the 2 PLH BTOs send a signal to the market
that there will be affordable BTO flats and “perhaps curb the possibility of more record-breaking
HDB flat prices”.
He estimates the 4-room flats at Bukit Merah could start from S$560,000 while the 4-room flats
at Queenstown could start from S$500,000.
The other 3 towns involved in the May BTO launch are Jurong West, Toa Payoh and Yishun,
wrote Minister for National Development, Desmond Lee, in a Facebook post.
Links to the story:
https://www.businesstimes.com.sg/real-estate/hdb-launching-some-4500-bto-flats-including-2-plh-projects-in-may
https://www.straitstimes.com/singapore/housing/hdb-to-launch-2-bto-projects-in-may-under-prime-location-public-
housing-model-in-bukit-merah-queenstown
https://www.straitstimes.com/singapore/housing/5-bto-projects-including-2-under-prime-location-model-will-be-
launched-on-may-27
Compensation for buyers of Sengkang BTO flats over delay in completion date
Another Build-To-Order (BTO) project - Anchorvale Village in Sengkang - has exceeded the legal
completion date, and buyers will be compensated by the Housing Board (HDB).
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
May 27, 2022 / Issue 21
The project, which has 207 units across two blocks, is now expected to be finished between May
and July in 2023, which is a delay of about four to six months beyond the delivery possession date
- the legal contractual date that HDB is required to hand over the keys.
In response to queries from The Straits Times, the HDB said all buyers will receive the maximum
reimbursement sum that they are eligible for, without needing to submit any claims.
Link to the story:
https://www.straitstimes.com/singapore/housing/compensation-for-buyers-of-sengkang-bto-flats-over-delay-in-
completion-date
58 BTO projects delayed by at least 6 months this year, down from 74 in 2021:
Desmond Lee
The number of Build-To-Order (BTO) projects delayed by six months or longer has dropped to 58
this year from 74 in 2021, said National Development Minister Desmond Lee on May 25.
Mr Lee gave the update on BTO delays during a tour of the Northshore Edge project in Punggol,
which will be completed soon.
This means fewer than 60 per cent of Housing Board BTO projects faced ongoing delays as at
April this year, compared with more than 80 per cent of projects a year ago, he added.
Link to the story:
https://www.straitstimes.com/singapore/housing/bto-projects-delayed-by-6-months-or-longer-reduced-from-74-last-
year-to-58-this-year-desmond-lee
Woodlands Checkpoint to be expanded, 9 HDB blocks in Marsiling will be acquired
The Woodlands Checkpoint will be expanded to meet future traffic demand, and nine Housing
Board blocks nearby will be acquired to make way for the massive redevelopment.
Blocks 210 to 218 at Marsiling Crescent and Marsiling Lane will be acquired, affecting 732 sold
flats, 53 rental flats, one rental kiosk, six rental shops and one rental eating house, said HDB.
The Immigration and Checkpoints Authority (ICA), which announced updated plans for the
checkpoint on May 26, said the expansion will address traffic congestion and meet a projected 40
per cent increase in traffic volumes by 2050.
About 1,100 replacement flats will be built in Woodlands Street 13. Construction will begin in the
third quarter of 2023 and should be completed by the fourth quarter of 2027.
Huttons Asia’s senior director of research Lee Sze Teck estimated that the replacement flats could
start from $160,000 for three-room flats, from $260,000 for four-room flats and from $345,000 for
five-room flats.
Mr Lee added it was a good opportunity for those living in the flats that are about 40 years old to
move to new flats with fresh 99-year leases.
“The location of the replacement flats is much nearer to an MRT station, improving the
accessibility for residents,” he said.
Links to the story:
https://www.straitstimes.com/singapore/9-hdb-blocks-in-marsiling-to-make-way-for-woodlands-checkpoint-
expansion
https://www.businesstimes.com.sg/government-economy/9-marsiling-hdb-blocks-to-make-way-for-woodlands-
checkpoint-expansion
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
May 27, 2022 / Issue 21
Commercial
Asia Green in Tampines up for sale at indicative price of S$470m
Asia Green, a premium Grade A commercial development located at 7 and 9 Tampines Grande
has been put on the market via an expression of interest (EOI) exercise at an indicative price of
S$470 million or S$1,645 per square foot based on its total net lettable area.
Built in 2009, the property comprises 2 blocks of 8-storey office towers linked by a double-volume
entrance lobby with retail and food and beverage units on the ground floor.
Sitting on an 86,110 sq ft site with a total net lettable area of 285,559 sq ft, Asia Green also has an
existing strata subdivision approval with 23 separate strata titles and a total strata area of 319,249
sq ft, providing the buyer with the option of holding the property as a whole or for sale as individual
strata floors.
The EOI exercise for Asia Green will close on Jun 28 at 3 pm.
Link to the story:
https://www.businesstimes.com.sg/real-estate/asia-green-in-tampines-up-for-sale-at-indicative-price-of-s470m
SingLand gets URA provisional nod to redevelop Clifford Centre in Raffles Place
Clifford Centre, an ageing office and retail property in Raffles Place that once housed the Stock
Exchange of Singapore, Bank of America and the Robinson’s Downtown Store, is headed for a
redevelopment.
Its owner, Singapore Land Group, obtained the Urban Redevelopment Authority’s (URA)
provisional permission in February to redevelop the 999-year leasehold site into about 492,000 sq
ft gross floor area (GFA) of offices and 52,000 sq ft of retail space. The combined GFA of 544,000
sq ft will be about 36 per cent more than Clifford Centre’s existing GFA of 401,138 sq ft as stated
in SingLand’s latest annual report.
The total GFA is roughly 15 times the site area of 36,000 sq ft, in line with the 15.0 plot ratio for
the commercial-zoned site stipulated under the URA’s latest Master Plan.
Link to the story:
https://www.businesstimes.com.sg/real-estate/singland-gets-ura-provisional-nod-to-redevelop-clifford-centre-in-
raffles-place
Retail
Outlook for Singapore retail rents favourable
Given sustained economic growth, increasing consumer footfall, the return of tourism spending
and lifting of safe management measures, analysts say the outlook for retail rents appears
favourable - though they are only likely to return to pre-pandemic levels next year.
In terms of geographic segments, most analysts expect the tourist-dependent Orchard submarket
to post a stronger growth in rent.
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
May 27, 2022 / Issue 21
Link to the story:
https://www.businesstimes.com.sg/real-estate/outlook-for-singapore-retail-rents-favourable-analysts
Singapore retail rents and inflation moving in tandem may put retailers in a bind
Some retail businesses, including those selling recreational goods and furniture, are likely to be hit
harder by rising rents coupled with inflationary pressures in Singapore, an analysis by the Institute
of Real Estate and Urban Studies (IREUS) suggests.
On the other hand, retailers of items such as food, toiletries and computers may be better able to
weather higher rents.
As landlords could seek to raise rents to buffer their yields against inflation, the correlation
statistics suggest that retailers in some segments may face narrower margins.
Link to the story:
https://www.businesstimes.com.sg/real-estate/singapore-retail-rents-and-inflation-moving-in-tandem-may-put-
retailers-in-a-bind
Daiso's higher prices are here to stay, but it will offer greater product variety
Japanese retail chain Daiso has no plans to revert to offering all its products at a flat price of $2,
with its new outlet set to follow the 15-tiered pricing system implemented across all stores
islandwide on May 1.
The retail store, which sells household and lifestyle items, will officially open at Jurong Point mall
at 10am on May 25. Prices will range from $2.14 to $25.47.
Daiso's new store in Jurong Point is its second concept store worldwide, with the first in Tokyo.
The concept store houses three brands - Daiso, Standard Products and Threeppy.
Link to the story:
https://www.straitstimes.com/singapore/daisos-higher-prices-are-here-to-stay-but-it-will-offer-greater-product-
variety
Government
US’ Indo-Pacific economic pact of strategic, economic significance to region: PM Lee
The US-led Indo-Pacific Economic Framework for Prosperity (IPEF) is a valuable platform of
both strategic and economic significance in the region, and Singapore welcomes its launch, said
Prime Minister Lee Hsien Loong on May 23.
“Singapore welcomes the IPEF. We have always upheld an open, inclusive and rules-based order
that is stable, secure and prosperous,” he said.
“It can be a valuable platform for the US to exercise economic diplomacy in the region, and it
clearly signals the US’ continued commitment to engage with its partners in Asia, and deepen ties
across the Pacific,” Lee added.
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
May 27, 2022 / Issue 21
Links to the story:
https://www.businesstimes.com.sg/government-economy/us-indo-pacific-economic-pact-of-strategic-economic-
significance-to-region-pm-lee
https://www.straitstimes.com/singapore/us-led-economic-framework-for-indo-pacific-region-should-remain-open-
and-inclusive-pm-lee
Arts cluster Gillman Barracks set for another transformation
The quiet but beloved arts cluster Gillman Barracks is set for another round of transformation
under the Singapore Land Authority (SLA), which promises a broader lifestyle mix of dining,
leisure and arts offerings for all visitors.
SLA made the announcement on May 24, even as it launched 5 tenders for F&B and lifestyle uses.
It hopes that potential tenants will propose novel concepts such as farmers’ markets, farm-to-table
dining, bookshop-cafes, dining-cum-pottery classes and wine-and-painting parties.
Tenders for the 5 blocks are open for 8 weeks from May 24; interested parties can access SLA’s
one-stop property portal State Property Online Information.
Links to the story:
https://www.businesstimes.com.sg/government-economy/arts-cluster-gillman-barracks-set-for-another-
transformation
https://www.straitstimes.com/singapore/gillman-barracks-to-have-farmers-markets-more-fb-options-as-part-of-
rejuvenation-plans
Singapore will boost its contributions on the sustainability front: Iswaran
As an aviation, maritime and business hub, Singapore can contribute in cutting greenhouse gas
emissions well beyond its national carbon footprint.
This is why the Republic is building partnerships with other countries, even as it has set national
targets under the Singapore Green Plan 2030, Minister for Transport S. Iswaran told Singapore
media in a wrap-up interview.
On May 25, Mr Iswaran announced at the World Economic Forum that Singapore has joined the
First Movers Coalition (FMC) alongside Denmark, India, Italy, Japan, Norway, Sweden and the
United Kingdom.
Link to the story:
https://www.straitstimes.com/singapore/environment/singapore-will-boost-its-contributions-on-the-sustainability-
front-iswaran
Economy
Singapore’s full-year growth will depend on how well manufacturing holds up
Even though Singapore’s GDP beat advance estimates to expand by 3.7 per cent year on year in
the first quarter, private analysts were torn on the extent of the impact of a possible Chinese
economic slowdown on Singapore’s manufacturing sector and growth prospects.
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
May 27, 2022 / Issue 21
That’s even as manufacturing led Singapore’s first-quarter growth with an outsized expansion of
7.1 per cent, supported by electronics, transport engineering, general manufacturing and precision
engineering. Services expanded by 4.2 per cent, and construction, 2.1 per cent.
On a seasonally adjusted, quarterly basis, the economy grew by 0.7 per cent in the first quarter.
Links to the story:
https://www.businesstimes.com.sg/government-economy/singapores-full-year-growth-will-depend-on-how-well-
manufacturing-holds-up
https://www.straitstimes.com/business/economy/singapore-gdp-growth-for-2022-likely-to-come-in-at-lower-end-of-
3-5-forecast-mti
External headwinds weigh on Singapore’s export growth despite forecast upgrade
Downside risks are likely to continue weighing on Singapore’s export performance in the months
ahead, even though the authorities on May 25 significantly upgraded their full-year trade forecast,
said economists.
Total merchandise trade is now expected to grow 8-10 per cent, while the outlook for non-oil
domestic exports (NODX) is 3-5 per cent, according to Enterprise Singapore’s quarterly trade
review.
As recently as February, the official forecast for both indicators was maintained at 0-2 per cent,
“considering that the pace of growth is likely to moderate from the high base in 2021, in line with
the global economic and trade outlook”, said EnterpriseSG.
Links to the story:
https://www.businesstimes.com.sg/government-economy/external-headwinds-weigh-on-singapores-export-growth-
despite-forecast-upgrade
https://www.straitstimes.com/business/economy/spore-raises-2022-trade-forecasts-after-q1-outperforms-on-higher-
oil-prices-strong-chip-demand
Singapore services export recovery lagged goods trade rebound as border closures hit
travel
Singapore’s services export recovery is trailing the rebound in merchandise shipments, as the
travel segment has yet to return to pre-pandemic levels, data out on May 25 showed.
That’s as the Covid-19 pandemic prompted a worse drop in services trade than during the earlier
global financial crisis and the severe acute respiratory syndrome (Sars) outbreak.
Services trade was dragged down during the pandemic by the underperformance in travel services,
which used to account for nearly a tenth of all services exports until Covid-19 struck.
Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-services-export-recovery-lagged-goods-trade-
rebound-as-border-closures
https://www.straitstimes.com/business/economy/spore-services-exports-to-continue-growth-in-2022-amid-fewer-
border-restrictions-higher-demand
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
May 27, 2022 / Issue 21
China’s new rich drawn to Singapore
Singapore has seen an influx of wealth from Greater China in recent years, as newly minted
millionaires and billionaires seek to spread their assets across more markets and diversify their
holdings.
A recent tightening of conditions for family offices (FOs) to qualify for tax incentives has also
made Singapore more attractive to some high net worth individuals (HNWIs), and industry
watchers expect continued strong inflows.
The stricter conditions include larger fund sizes, higher assets under management (AUM) growth
targets and higher commitments to business spending.
The proportion originating from China, Hong Kong and Macau, in particular, has been on the rise
of late. In 2019, about 30 per cent of the new FOs here originated from the region. As of April this
year, about 44 per cent, or 63 out of 143 new FOs here, were from Greater China.
Link to the story:
https://www.businesstimes.com.sg/banking-finance/chinas-new-rich-drawn-to-singapore
Singapore core inflation rises in April; more policy moves likely to tackle living costs
The upward creep of core inflation might prompt Singapore to step in with both fiscal and
monetary policy measures, economists said on May 23, as they warned of the risk that consumer
prices could bust the upper end of official forecasts in 2022.
Household necessities such as food and electricity are driving up the cost of living, as core inflation
– which excludes accommodation and private transport costs – jumped to 3.3 per cent in April, up
from 2.9 per cent in March. While below the median estimate of 3.4 per cent in a private
Bloomberg poll, core inflation is still at its highest level since early 2012.
Meanwhile, headline inflation stayed high at 5.4 per cent – unchanged from the month before – as
the inflation in food, retail goods, and utilities was offset by a smaller increase in car prices.
Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-core-inflation-rises-in-april-more-policy-moves-
likely-to-tackle-living
https://www.straitstimes.com/business/singapores-core-inflation-up-33-in-april-fuelled-by-hikes-in-electricity-and-
gas-tariffs
Singapore factory output expands 6.2% in April, led by aerospace production
Singapore’s factory output grew 6.2 per cent year on year in April, led by the transport engineering
sector which continued to see good performance this month, according to data from the Singapore
Economic Development Board (EDB) on May 26.
Excluding the typically volatile biomedical manufacturing sector, industrial production (IP) for
the same period grew 7.7 per cent year on year.
In March, overall manufacturing eased a revised 5.1 per cent year on year, as the steep fall in
biomedical manufacturing could not offset the aerospace segment’s production surge.
On a seasonally adjusted month-on-month basis, manufacturing output rose by 2.2 per cent. It fell
by 1.8 per cent excluding biomedical manufacturing.
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
May 27, 2022 / Issue 21
Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-factory-output-expands-62-in-april-led-by-
aerospace-production
https://www.straitstimes.com/business/economy/singapore-factory-output-growth-picks-up-in-april-on-strong-chip-
aerospace-demand
Hospitality
Changi Airport T2 to reopen in phases from May 29
Changi Airport Terminal 2 will reopen progressively from May 29, as the air hub prepares to meet
the expected increase in passenger traffic in the months ahead.
The terminal has been closed for upgrading works since May 2020.
When completed by 2024, the expansion works will raise the terminal's capacity by 5 million to
28 million passenger movements per year, said Changi Airport Group on May 22.
Links to the story:
https://www.businesstimes.com.sg/transport/changi-airport-t2-to-reopen-in-phases-from-may-29
https://www.straitstimes.com/singapore/transport/changi-airport-terminal-2-to-reopen-in-phases-from-may-29
Long-term growth seen for travel industry despite short-term headwinds: S Iswaran
While ongoing inflationary pressures may dampen the tourism industry’s recovery in the near
term, the long-term growth potential of the industry remains as there is a hunger among consumers
for travel, said Transport Minister S Iswaran on May 23.
In Singapore, passenger traffic at Changi Airport has already picked up to at least 50 per cent of
pre-pandemic volumes — much faster than the authorities had anticipated. “We’re going to have
to recalibrate (our expectations) because we can see that the growth momentum is much stronger,”
he said.
Links to the story:
https://www.businesstimes.com.sg/government-economy/long-term-growth-seen-for-travel-industry-despite-short-
term-headwinds-s-iswaran
https://www.straitstimes.com/world/europe/tackling-manpower-issues-key-to-global-tourism-revival-wef-panel
Jan-April tourist numbers exceed arrivals for whole of 2021, with easing of border
curbs
The number of visitors to Singapore in the first four months of the year has exceeded figures for
the whole of 2021, mainly due to a surge in arrivals in April after Singapore dropped most of its
Covid-19 restrictions.
A total of 540,430 people visited Singapore from January to April, with more than half of them -
294,300 - arriving last month, according to numbers from the Singapore Tourism Board (STB).
In comparison, Singapore welcomed just 329,990 visitors for all 12 months in 2021.
Link to the story:
https://www.straitstimes.com/singapore/jan-april-tourist-numbers-exceed-arrivals-for-whole-of-2021-with-easing-
of-border-curbs
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www.huttonsgroup.comWeekly News Select
May 27, 2022 / Issue 21
Universal Studios’ Minion Land to be first Singapore attraction powered by
renewable energy
Slated to open in 2024, the new Minion Land zone at the Universal Studios Singapore (USS) theme
park is poised to be the first attraction in the country, and possibly the region, to be powered by
renewable energy, said Resorts World Sentosa (RWS).
The zone will be powered by renewable energy and utilise smart energy systems such as digital
twin technology, demand flow controllers and high efficiency motors, RWS said in a press release.
Links to the story:
https://www.businesstimes.com.sg/life-culture/universal-studios-minion-land-to-be-first-singapore-attraction-
powered-by-renewable
https://www.straitstimes.com/singapore/consumer/work-begins-on-new-minion-land-attraction-at-universal-studios-
singapore-set-to-open-in-2024
Sentosa to be rejuvenated, with three projects set for completion next year
After a muted two years, Sentosa is set to be revitalised, with three projects nearing completion.
Raffles Sentosa Resort & Spa Singapore, multi-sensory walkway SensoryScape and lifestyle and
entertainment precinct Palawan Sands are slated to open next year.
The Raffles resort is located adjacent to Sofitel Singapore Sentosa Resort & Spa and will feature
villas, each with a private swimming pool.
SensoryScape, which will be ready at the end of next year, is a project under the Sentosa-Brani
masterplan, and is a linkway which connects Resorts World Sentosa to the island's beaches.
Palawan Sands, owned by the Shangri-La Group, will house facilities such as an electric go-kart
circuit, a mini-golf course and two beach clubs. It is scheduled to open in the second quarter of
next year.
Link to the story:
https://www.straitstimes.com/singapore/sentosa-to-be-rejuvenated-as-three-projects-set-for-completion-next-year
Shophouse
Pair of Chinatown shophouses up on the market with S$53m guide price
A pair of freehold Chinatown shophouses has been put up for sale via public tender with a guide
price of S$53 million.
Located at 79 and 81 Pagoda Street, the shophouses are zoned for commercial use under the Urban
Redevelopment Authority’s Master Plan 2019.
The public tender exercise will close on June 30 at 3 pm.
Link to the story:
https://www.businesstimes.com.sg/real-estate/pair-of-chinatown-shophouses-up-on-the-market-with-s53m-guide-
price
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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
May 27, 2022 / Issue 21
Industrial
World’s No. 1 chipmaker TSMC eyes multibillion-dollar plant in Singapore
Global chipmaker Taiwan Semiconductor Manufacturing Company (TSMC) may build a new
multibillion-dollar factory in Singapore, the Wall Street Journal (WSJ) reported on May 19.
The Singapore government may help fund the construction of the plant, the report said, citing
unnamed sources. Negotiations are underway with the Singapore Economic Development Board
(EDB), WSJ added.
When contacted by The Business Times, a spokesperson said EDB does not disclose details of
project discussions with companies, if any, as they are private and confidential.
Meanwhile, a TSMC spokesperson told WSJ: “TSMC doesn’t rule out any possibility but does not
have any concrete plan at this time.”
Links to the story:
https://www.businesstimes.com.sg/technology/worlds-no-1-chipmaker-tsmc-eyes-multibillion-dollar-plant-in-
singapore
https://www.straitstimes.com/business/companies-markets/tsmc-may-build-multibillion-dollar-chip-plant-in-
singapore-wsj
Two industrial buildings at Ang Mo Kio, Bartley put on the market
Two industrial buildings with redevelopment potential in Ang Mo Kio and Bartley have been put
up for sale.
The Ang Mo Kio industrial building, which will be sold via private treaty, has an indicative price
of S$27 million. The other building, located off Upper Paya Lebar Road, has an indicative price
of S$71 million.
The 3-storey building at 1 Ang Mo Kio Street 63 sits on an 87,340 square feet (sq ft) site that is
zoned “Business 2” for heavier industrial use under the Urban Redevelopment Authority’s (URA)
Master Plan 2019. With a plot ratio of 2.5, there is a potential built-up area of about 218,350 sq ft.
The city-fringe industrial building at 21 New Industrial Road sits on 36,257 sq ft and is zoned for
“Business 1” for light and clean industrial use with a gross plot ratio of 2.5. The GFA is 83,095 sq
ft.
The tender for 21 New Industrial Road will close on Jun 30 at 4 pm.
Link to the story:
https://www.businesstimes.com.sg/real-estate/two-industrial-buildings-at-ang-mo-kio-bartley-put-on-the-market
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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
May 27, 2022 / Issue 21
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.
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