Weekly News Select - Huttons Asia
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Weekly News Select
Oct 15, 2021 / Issue 41
Top News for the Week
• Four Navis Living Group managing partners join Huttons Asia
• Singapore new private home sales down 32.3% to 823 in September
• HDB to compensate Punggol BTO flat buyers after completion delay of over a year
• Travel restrictions eased, health processes simplified, as Singapore stays the course
on living with Covid-19: PM Lee
• Singapore, US ink deal to implement new Partnership for Growth and Innovation
• S'pore to allow quarantine-free travel to 9 more countries, including US, UK
• Singapore unemployment rate dips to 2.7% in August after brief uptick in July: MOM
• Singapore and Japan passports tied for most powerful in the world
• Smaller negative output gap likely by 2022
Residential
Four Navis Living Group managing partners join Huttons Asia
Four managing partners of Navis Living Group, a network of real estate agents, have joined
Huttons Asia's team, the company announced on Oct 8.
The four - Jay Ong, Stuart Chng, Gary Chua and Jackie Mang - were also the co-founders of Navis.
Lee Sze Teck, senior director of research (Singapore) at Huttons, told The Business Times that
some brokers in the Navis team are also expected to follow the transition. However, the number
of agents doing so is not yet finalised.
As part of the move, Navis, which was formerly an associate team of OrangeTee & Tie, will also
become an associate of Huttons.
Mark Yip, chief executive officer of Huttons Asia, said: "One of the cornerstones of our three-year
strategic plan is to expand our agency numbers close to 8,000 brokers. Today represents a
significant milestone."
The Navis managing partners said in a joint statement: "We are delighted to be joining Huttons as
we share their vision to develop the most efficient agency platform and significantly grow agency
numbers. Combining our strong presence in the resale market with Huttons' far greater access to
newbuild projects in both Singapore and overseas will power the combined team to greater
heights."
They added: "Whilst it is never easy to move, we would like to express our gratitude to our
previous agency for their support in our growth."
Link to the story:
https://www.businesstimes.com.sg/real-estate/four-navis-living-group-managing-partners-join-huttons-asia
Singapore new private home sales down 32.3% to 823 in September
New private home sales continued to ease in September following August's drop. Based on caveats
lodged, analysts estimated that developers in Singapore sold 823 new private homes in September,
down 32.3 per cent from August's 1,215 units.
Huttons Asia Pte Ltd | L3008899K | ROC No. 200210087C | GST Reg No. 20-0210087-C
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Oct 15, 2021 / Issue 41
Comparing year on year, the estimates are 38.1 per cent lower than the 1,329 new private homes
sold in September 2020.
Analysts said the decline was within expectations, with developers holding off major launches last
month.
Lee Sze Teck, senior director of research at Huttons Asia, said that the numbers are "within
expectations" as there were no major launches in the month.
Despite the lower numbers, he noted that sales in the CCR were "remarkably strong" given the
lack of launches in the area.
According to Lee, this could be due to changes in home-school distance calculations for Primary
1 registrations in 2022.
"As a result of the change, all blocks in Fourth Avenue Residence are now within 1km of Raffles
Girls Primary while 5 out of 7 blocks at Leedon Green are within 1km of Nanyang Primary. These
two projects are the top 2 selling projects in CCR in September," Lee said.
Link to the story:
https://www.businesstimes.com.sg/real-estate/singapore-new-private-home-sales-down-323-to-823-in-september
Singapore condo resale volumes drop 3.8% in Sep
Singapore resale condominium volumes dipped in September after rising in August and July, while
prices continued to rise for the 14th straight month, according to flash figures from a real estate
portal.
"In the absence of major launches in September, buyers turned to the resale market for their
housing needs," said Huttons Asia chief executive Mark Yip.
Yip noted that with price resistance in the HDB resale market setting in, there will be a "knock-on
effect" on prices and transaction volume of private homes in the OCR in the months ahead.
Links to the story:
https://www.businesstimes.com.sg/real-estate/singapore-condo-resale-volumes-drop-38-in-sep-srx
https://www.straitstimes.com/business/property/condo-resale-prices-up-for-14th-straight-month-as-volume-dips-in-
september-srx
Condo, HDB rents edge up in September while leasing volumes dip
Rents for both Housing Board flats and private apartments rose in September compared with
August, while leasing volume in both markets dipped for the fourth consecutive month, according
to flash data from real estate portals.
Rents for condominium units in September increased by 0.7 per cent over August, after remaining
flat for the past three months.
Conversely, rents for HDB flats rose for the 15th consecutive month in September, climbing by
0.6 per cent over August.
Huttons Asia chief executive Mark Yip said that the rental volume for both markets appeared to
have peaked in September, with " little incremental demand" in the number of tenants.
However, he said that the setting up of Vaccinated Travel Lanes (VTLs) will provide a "much
needed salve" for the rental market as travellers can come to Singapore without the need for
lengthy quarantine period.
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 15, 2021 / Issue 41
"This will increase the attractiveness of Singapore as a key global business hub, create more jobs
and boost demand for homes," he said.
Link to the story:
https://www.straitstimes.com/business/property/condo-hdb-rents-edge-up-in-september-while-leasing-volumes-dip
Family of Kopitiam King buys Lornie Road GCB for S$26.8m
The family of Lim Bee Huat of Kopitiam King fame is buying a fairly new bungalow along Lornie
Road for S$26.8 million.
The price of S$2,545 per sq ft, albeit on a relatively small freehold land area of 10,529 sq ft, is
seen as being on the high side for the Caldecott Hill Estate Good Class Bungalow (GCB) Area.
The built-in area is about 16,500 sq ft.
Link to the story:
https://www.businesstimes.com.sg/real-estate/family-of-kopitiam-king-buys-lornie-road-gcb-for-s268m
HDB to compensate Punggol BTO flat buyers after completion delay of over a year
Buyers of flats in a Build-To-Order (BTO) project in Punggol will be compensated as its
completion date has been delayed for more than a year, said the Housing Board (HDB) on Oct 9.
Waterway Sunrise II, which comprises seven blocks with 1,014 units, is the only project, among
the current 94 BTO ones, where the hold-up has exceeded one year.
HDB told The Straits Times that reimbursement will depend on the selling price of the flat and
length of delay beyond the delivery possession date (DPD). This is the legal contractual date by
which HDB is required to hand over the keys.
The reimbursement range is projected to be between $700 and $10,500, with the average sum at
$5,000. Flat delivery is likely between the fourth quarter of next year and the first quarter of 2023,
taking the waiting time to about 5½ years.
Links to the story:
https://www.straitstimes.com/singapore/housing/hdb-to-compensate-punggol-bto-flat-buyers-after-completion-
delay-of-over-a-year
https://www.straitstimes.com/singapore/housing/number-of-bto-projects-completed-this-year-set-to-exceed-pre-
pandemic-levels
https://www.straitstimes.com/singapore/housing/two-thirds-of-bto-projects-completed-since-covid-19-outbreak-
delayed-by-6-months
Commercial
Indonesian tycoon Tahir enters into nearly S$260m purchase of strata units in
freehold Robinson Road building
Indonesian tycoon Tahir is in the early stage of buying some 70,700 sq ft of freehold strata space
- mostly offices - at Crown At Robinson for nearly S$260 million, The Business Times
understands.
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 15, 2021 / Issue 41
The price reflects about S$3,650 per sq ft on the strata space - comprising 65 strata office units
and 8 F&B/shop units.
The space being bought is equivalent to about 80 per cent of the total strata area as well as share
value in the 19-storey building at 140 Robinson Road.
Link to the story:
https://www.businesstimes.com.sg/real-estate/indonesian-tycoon-tahir-enters-into-nearly-s260m-purchase-of-strata-
units-in-freehold
National monument House of Tan Yeok Nee put on the market again for S$92m
The House of Tan Yeok Nee, a gazetted national monument at the junction of Penang Road and
Clemenceau Avenue, has been put up for sale via expression of interest with an indicative price of
S$92 million.
This translates to about S$1,573 per sq ft, based on a strata floor area of about 58,480 sq ft.
The two-storey building sits on a freehold plot spanning 26,321 sq ft which is zoned for
commercial use. It is also tenanted to an international educational institution, which provides an
immediate stable income yield.
The expression of interest exercise will close at 3pm on Dec 3.
Links to the story:
https://www.businesstimes.com.sg/real-estate/national-monument-house-of-tan-yeok-nee-put-on-the-market-again-
for-s92m
https://www.straitstimes.com/business/property/house-of-tan-yeok-nee-singapores-last-traditional-chinese-
courtyard-house-up-for
Singapore's CBD office rental market set to improve amid positive economic outlook
Even as many people continue to work from home, the office rental market in Singapore's central
business district (CBD) is expected to improve, although vacancies climbed in the last quarter.
This year, as at the third quarter, net demand hit 283,000 sq ft, compared with 183,000 sq ft over
the same period in 2020.
But the net supply of available space also remained high, contributing to a vacancy rate of 5.8 per
cent in the third quarter, up from 4.6 per cent in the previous quarter.
Rents for Grade A office space in the CBD grew for the second consecutive quarter, rising by 0.5
per cent quarter on quarter in the third quarter.
Link to the story:
https://www.straitstimes.com/business/property/singapores-cbd-office-rental-market-set-to-improve-amid-positive-
economic-outlook
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 15, 2021 / Issue 41
Retail
Kee Wah Bakery from Hong Kong to open at Ion Orchard in mid-November
Fans of the famous Kee Wah Bakery from Hong Kong will no longer have to wait for the
Takashimaya Chinese New Year fair to enjoy its popular egg rolls and cookies. The family-owned
brand is opening its first Singapore store at basement four of Ion Orchard in mid-November.
The Ion Orchard store will stock about 100 of its full range of about 150 items, but Kee Wah's
popular wife cake will not be one of them. For a start, everything will be flown in from Hong Kong
about once a month and items with a short shelf life - such as the traditional flaky pastry with
winter melon filling as well as egg tarts and char siew puffs - will not be included.
Link to the story:
https://www.straitstimes.com/life/food/kee-wah-bakery-from-hong-kong-to-open-at-ion-orchard-in-mid-november
Government
Travel restrictions eased, health processes simplified, as Singapore stays the course
on living with Covid-19: PM Lee
Travel restrictions will be eased and health processes simplified as Singapore stays the course on
living with Covid-19, said Prime Minister Lee Hsien Loong.
The Republic will press on with its strategy of living with the virus, with a "new normal" expected
to be between three and six months away. Right now, the crucial step is to update mindsets on the
virus, PM Lee said in his ninth address to the nation since the pandemic began.
This means treating Covid-19 as a serious adversary without living in fear of it, and adjusting
healthcare and recovery measures to prioritise those at greatest risk of severe illness, he told the
nation in an address on Oct 9.
Singapore will also "drastically simplify" its healthcare protocols, said Mr Lee, who acknowledged
people's concerns and frustrations about keeping up with new policies and changes to measures.
Links to the story:
https://www.straitstimes.com/singapore/health/travel-restrictions-eased-health-processes-simplified-as-singapore-
stays-the-course
https://www.straitstimes.com/singapore/politics/spore-must-press-on-with-strategy-of-living-with-covid-19-and-not-
be-paralysed-by
https://www.straitstimes.com/singapore/politics/pm-lee-expects-singapores-covid-19-new-normal-is-three-to-six-
months-away
https://www.straitstimes.com/singapore/politics/covid-19-deaths-likely-to-go-up-but-booster-shots-can-cut-risk-of-
severe
https://www.straitstimes.com/singapore/covid-19-booster-shots-for-healthcare-workers-frontline-workers-and-those-
30-and-above
https://www.straitstimes.com/singapore/health/those-unvaccinated-against-covid-19-will-no-longer-be-allowed-to-
dine-in-enter
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 15, 2021 / Issue 41
Singapore, US ink deal to implement new Partnership for Growth and Innovation
Singapore and the United States have signed an agreement to implement the US-Singapore
Partnership for Growth and Innovation, which looks to strengthen collaboration on trade and
investment between the two countries.
The memorandum of understanding (MOU) was inked in Washington by Singapore's Trade and
Industry Minister Gan Kim Yong and US Commerce Secretary Gina Raimondo.
The Ministry of Trade and Industry said in a news release that the Partnership expands and elevates
the work done under the US-Singapore Infrastructure Collaboration Platform MOU, which was
launched in 2016 and renewed in 2018.
Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-us-ink-deal-to-implement-new-partnership-for-
growth-and-innovation
https://www.straitstimes.com/world/united-states/us-singapore-to-promote-commercial-partnerships-and-exchanges-
in-four-key-areas
https://www.straitstimes.com/world/united-states/details-of-spore-us-travel-lane-coming-soon-fta-to-be-upgraded-
gan-kim-yong
https://www.businesstimes.com.sg/government-economy/singapore-us-to-deepen-trade-and-business-ties-will-
upgrade-fta-gan-kim-yong
S'pore to allow quarantine-free travel to 9 more countries, including US, UK
Travellers vaccinated against Covid-19 will be able to fly to nine more countries and return without
quarantine in the coming weeks, in the Republic’s biggest move to reopen its borders so far.
Travel to Singapore will also be made easier, with visitors under the Vaccinated Travel Lane
(VTL) scheme only needing two Covid-19 swab test in order to enter Singapore, down from the
current four.
The two are: a pre-departure and on-arrival polymerase chain reaction (PCR) test.
From Oct 19, vaccinated travellers be able to fly to Canada, Denmark, France, Italy, the
Netherlands, Spain, Britain and the United States.
The scheme will be extended to South Korea from Nov 15, the Ministry of Transport had said Oct
8. Travellers from the nine countries will be able to enter Singapore without quarantine under the
VTL scheme.
Links to the story:
https://www.straitstimes.com/singapore/transport/spore-to-allow-quarantine-free-travel-to-9-more-countries-
including-us-uk
https://www.businesstimes.com.sg/government-economy/singapore-south-korea-vaccinated-travel-lane-starts-on-
nov-15
https://www.straitstimes.com/singapore/transport/spore-south-korea-to-allow-quarantine-free-travel-from-nov-15-
for-those-fully
https://www.straitstimes.com/singapore/new-vaccinated-travel-lanes-will-put-wind-in-the-sails-of-travel-industry-
say-agents
https://www.straitstimes.com/singapore/children-under-12-to-be-allowed-to-travel-under-vaccinated-travel-scheme-
caas
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 15, 2021 / Issue 41
Shorter stay-home notice period for travellers from 18 countries with lower Covid-19
risk assessment
Travellers from 18 countries who are not entering Singapore via the Vaccinated Travel Lane (VTL)
scheme will serve a shorter stay-home notice period after arrival from Oct 12, 11.59pm.
The countries are Austria, Bahrain, Belgium, Bhutan, Croatia, Cyprus, Egypt, Fiji, Greece,
Iceland, Ireland, Liechtenstein, Norway, Slovakia, Switzerland, Turkey, Britain, and the United
States.
They have been shifted into Category II of the Ministry of Health's Covid-19 risk assessment
framework for countries and regions.
Travellers from places within Category II will be able to serve a seven-day stay-home notice at a
declared place of accommodation and undergo three Covid-19 polymerase chain reaction (PCR)
swab tests.
Link to the story:
https://www.straitstimes.com/singapore/transport/shorter-stay-home-notice-period-for-travellers-from-18-countries-
with-lower
Economy
Singapore unemployment rate dips to 2.7% in August after brief uptick in July:
MOM
Singapore’s unemployment figure dipped slightly in August after a brief uptick in the previous
month, the Ministry of Manpower (MOM) said.
Overall unemployment rate in August fell to 2.7 per cent from July's 2.8 per cent; resident
unemployment was at 3.6 per cent, down from 3.7 per cent; while citizen unemployment slipped
to 3.8 per cent, from 3.9 per cent, according to MOM's monthly unemployment data.
Link to the story:
https://www.businesstimes.com.sg/government-economy/singapore-unemployment-rate-dips-to-27-in-august-after-
brief-uptick-in-july-mom
Singapore and Japan passports tied for most powerful in the world
Singapore and Japan have the most powerful passports in the world, according to the latest update
of a global index.
Holders of passports from the two countries can travel without a prior visa to 192 destinations, it
noted last week.
This is a change from April, when Japan outstripped Singapore in having the world's most
powerful passport, with Japanese passport holders able to travel to 193 destinations without a prior
visa, while Singaporean passport holders had such access to 192 destinations.
Link to the story:
https://www.straitstimes.com/singapore/singapore-and-japan-passports-tied-for-most-powerful-in-the-world
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 15, 2021 / Issue 41
Semiconductor firms in S'pore step up talent development amid global demand for
chips
Semiconductor firms in Singapore are stepping up their talent development amid a rampant global
demand for chips that shows no sign of slowing down.
Industry players have been focusing on two strategies - upskilling existing workers and attracting
new employees.
French-based semiconductor firm Soitec is among firms here that are doubling down on their
investment in talent and resources.
Semiconductor giant Micron Technology, which has committed to hiring 1,500 people in
Singapore over the next few years, has been working with local universities to boost talent
development through initiatives such as internships and supporting research.
Link to the story:
https://www.straitstimes.com/business/companies-markets/semiconductor-firms-in-spore-step-up-talent-
development-amid-global
Singapore aerospace sector looking to fill 1,000 jobs in next 2 years: Tan See Leng
Aerospace companies in Singapore are looking to fill around 1,000 positions over the next 2 years,
Second Minister for Trade and Industry Tan See Leng said.
These roles include data analysts, robotics and automation engineers, and aircraft technicians, JTC
said in a separate press statement. The industry is looking to seize growth opportunities in digital
services, autonomous technologies and sustainability, it added.
Mainboard-listed Singapore Technologies Engineering (ST Engineering) aims to hire up to 200
aviation professionals by next year, while Singapore Aero Engine Services - a joint venture
between Rolls-Royce and SIA Engineering - is hiring for 170 vacancies, 100 for technicians and
70 vacancies for new trainees.
US aerospace giant Pratt & Whitney also embarked on a recruitment drive recently to fill 250
positions for its maintenance, repair and overhaul (MRO) operations in Singapore. GE Aviation,
which provides aircraft engines and components, is also looking to hire for 200 positions and
further recruit workers in 2022 as the sector recovers. Business jet manufacturer Bombardier
intends to fill over 90 positions as it quadruples its existing footprint in Singapore.
Links to the story:
https://www.businesstimes.com.sg/transport/singapore-aerospace-sector-looking-to-fill-1000-jobs-in-next-2-years-
tan-see-leng
https://www.businesstimes.com.sg/transport/pratt-whitney-to-hire-250-people-in-singapore-over-a-year-after-covid-
19-layoffs
https://www.straitstimes.com/singapore/jobs/1000-jobs-in-aerospace-over-the-next-2-years
https://www.straitstimes.com/singapore/transport/aircraft-engine-manufacturer-pratt-whitney-to-hire-250-people-in-
spore-over-a
Smaller negative output gap likely by 2022
Singapore’s negative output gap could close by mid-2022 at the earliest, as a broad recovery swept
across all sectors in the third quarter, according to advance estimates on Oct 14.
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 15, 2021 / Issue 41
Gross domestic product (GDP) in Q3 grew 6.5 per cent year on year, data from the Ministry of
Trade and Industry (MTI) showed, coming in just a notch below the 6.6 per cent growth that private
sector economists' polled by Bloomberg had predicted.
Meanwhile, the second quarter's final print has been revised to 15.2 per cent, from 14.7 per cent,
while the first quarter is now at 1.5 per cent rather than 1.3 per cent. The jump in Q2 was due to
low base effects, as the country during the same period last year was in the middle of a 8-week
circuit breaker, or partial lockdown.
Links to the story:
https://www.businesstimes.com.sg/government-economy/smaller-negative-output-gap-likely-by-2022
https://www.businesstimes.com.sg/government-economy/hawkish-mas-takes-action-on-rising-prices-0
https://www.straitstimes.com/business/economy/singapore-economy-grows-65-in-q3-flash-data
https://www.straitstimes.com/business/economy/mas-tightens-singdollar-policy-earlier-than-expected-amid-rising-
inflation
S'pore slips 3 places in global rule of law rankings amid Covid-19 impact on justice
systems
Singapore has slipped three places in a global ranking of rule of law and fallen outside the top
three spots in the region for the first time since 2015.
This is based on an index compiled by the World Justice Project (WJP), an independent advocacy
group founded in the United States.
The Republic's 17th position out of 139 territories worldwide - and fourth out of 15 in East Asia
and the Pacific - comes amid declining rule of law scores across most of the globe, with the Covid-
19 situation accentuating trends in weakening institutional checks and diminishing civic space.
Link to the story:
https://www.straitstimes.com/singapore/politics/spore-slips-3-places-in-global-rule-of-law-rankings-amid-covid-19-
impact-on
Hospitality
Early Christmas for VTL travellers? Daily arrivals cap could be the Scrooge
Airlines are seeing a surge in demand and interest as travel-starved consumers rush to lock in their
travel plans, lured by the beguiling prospect of quarantine-free travel.
However, in the face of pent-up demand and the upcoming festive season, capacity may be
insufficient, given the daily cap of 3,000 arrivals across the Vaccinated Travel Lane (VTL)
scheme.
Links to the story:
https://www.businesstimes.com.sg/transport/daily-arrivals-cap-threatens-to-spoil-early-christmas-for-vtl-travellers
https://www.straitstimes.com/singapore/travel-agencies-in-spore-asked-to-recommend-safer-destinations-amid-
easing-of-travel
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 15, 2021 / Issue 41
2,409 travellers from 8 countries approved to enter S'pore under Vaccinated Travel
Lane scheme
More than 2,000 travellers have been granted a pass to enter Singapore under a quarantine-free
travel scheme, after the first day of applications opening for visitors from eight countries.
The 2,409 successful applicants under the Vaccinated Travel Lane (VTL) scheme comprise 724
short-term visitors and 1,685 long-term pass holders.
Among these vaccinated travellers, those from Britain were the largest group, with 976 successful
applicants as at 11.59pm on Oct 12.
There were 537 successful applicants from France and 440 successful applicants from the United
States, said the Civil Aviation Authority of Singapore (CAAS).
CAAS said the passes issued will let travellers enter Singapore between Oct 19 and Nov 17.
Link to the story:
https://www.straitstimes.com/singapore/transport/2409-travellers-from-eight-countries-approved-to-enter-spore-
under-vaccinated
PM Lee, US commerce secretary, TikTok CEO and others to attend Bloomberg New
Economy Forum in S'pore
Prime Minister Lee Hsien Loong, US Commerce Secretary Gina Raimondo and TikTok chief
executive officer Chew Shou Zi are just some of the high-profile guests who will attend the
Bloomberg New Economy Forum in person in Singapore from Nov 16 to 19.
The elite forum, which gathers top businessmen and government leaders to discuss global
challenges, went virtual last year because of the Covid-19 pandemic.
Link to the story:
https://www.straitstimes.com/singapore/politics/pm-lee-us-commerce-secretary-tiktok-ceo-and-others-to-attend-
bloomberg-new
Mice recovery spurred by border reopenings but impact limited for now
Business event organisers and venue operators in Singapore are cautiously optimistic about a
gradual recovery in the coming months, as the country takes steps to reopen, although they feel
the expanded number of vaccinated travel lanes (VTLs) may not be sufficient to move the needle
for now.
Economists told BT that the VTLs would have to be broadened to cover more countries for there
to be a meaningful impact, particularly since there is currently a daily cap of 3,000 arrivals. In
response to media queries, the Civil Aviation Authority of Singapore said that it will monitor the
demand and adjust the quota of VTL travellers entering Singapore if needed.
Link to the story:
https://www.businesstimes.com.sg/government-economy/mice-recovery-spurred-by-border-reopenings-but-impact-
limited-for-now
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www.huttonsgroup.comWeekly News Select
Oct 15, 2021 / Issue 41
Shophouse
Porcelain Hotel in early stage of being sold for about S$90m
In one of the largest deals in the Singapore conservation shophouse market, Porcelain Hotel -
comprising 12 contiguous four-storey shophouses along Mosque Street - is in the early stage of
being transacted at about S$90 million, The Business Times understands.
The property, which bears 5 addresses - 46, 47, 48, 49 and 50 Mosque Street - is on two land lots
with a total site area of 10,143 sq ft. Both lots have land tenures of 99 years starting August 2002,
leaving balance lease terms of about 80 years.
The property is owned by entities controlled by Jason Lee Boon Leng of JForte Group of
Companies, who is expected to reposition the asset through a refurbishment that may cost S$5
million to S$10 million; the intending buyer is seen as paying for the asset enhancement works up
to a certain amount, with the vendor bearing the remainder, if any.
Signs point to the intending buyer being an entity of RB Family Office - controlled by Raj Kumar
of Royal Holdings and his son, Kishin, the founder of Singapore-based property group RB Capital.
Link to the story:
https://www.businesstimes.com.sg/real-estate/porcelain-hotel-in-early-stage-of-being-sold-for-about-s90m
Contact:
Lee Sze Teck
Head, Research
(65) 6500 6510
szetecklee@huttonsgroup.com
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