Weekly News Select - Huttons Asia Pte Ltd

Page created by Janet Duran

Buildings

English

Like
Share
Embed
Fullscreen
Slides
Download HTML
Download PDF
Abuse

←

→

Page content transcription

If your browser does not render page correctly, please read the page content below

Weekly News Select
                                                                                                 Apr 16, 2021 / Issue 15

Top News for the Week
        •   New private home sales double in March as buyers snap up luxe condos
        •   CDL sells over 50% of units at Irwell Hill Residences on launch weekend
        •   Million dollars for a coveted HDB unit not an aberration
        •   DBS to cut office space in Marina Bay Financial Centre Tower 3
        •   Singapore becomes first participating country to complete RCEP ratification
        •   Economists raise 2021 GDP forecast on better-than-expected Q1 data
        •   More job vacancies last year were new roles; 35% for work that can be done
            remotely: MOM
        •   15,000 traineeships and company attachment opportunities in pipeline
        •   Sanofi plans to invest 400m euros to manufacture vaccines in Singapore
        •   Dyson to hire 250 more engineers, scientists in Singapore over five years
        •   Over 18,200 visitors from low-risk regions entered Singapore under travel pass
            scheme since September

Residential
New private home sales double in March as buyers snap up luxe condos
Developers in Singapore sold 1,296 new private homes in March, double that of February's 645,
with buyers snapping up luxury condos after a break during Chinese New Year.
Wealthy buyers are expected to continue to be in the focus as half of the new projects slated to
launch this year are in the expensive core central region (CCR).
March's strong volume brings first-quarter 2021 sales to 3,574 units, the highest quarterly figure
since the second quarter of 2013 where 4,538 units were sold, noted Lee Sze Teck, Huttons Asia
director of research. With Q1 data out, some consultants have revised upwards full-year 2021 sales
to between 9,000 to 10,000 units from 8,000 to 9,000.
This year's Q1 sales of 3,574 units "is even higher than the third quarter of 2020 when Singapore
exited a 'circuit breaker' and saw pent-up demand driving sales to 3,517 units. Buyers flush with
cash and seeking stability are investing in stable assets like properties," said Mr Lee.
Mr Lee said 44 per cent of the transactions in March were priced below S$1.5 million, 32.9 per
cent were between S$1.5 million and S$2 million and 23.1 per cent were above S$2 million. Some
82.2 per cent of purchases were by Singaporeans, with permanent residents and foreigners making
up 13.4 per cent and 4.3 per cent, respectively. There were 10 purchases by Singaporeans for
properties priced S$5 million and above. In contrast, there were only two such purchases by
foreigners.

Links to the story:
https://www.businesstimes.com.sg/real-estate/new-private-home-sales-double-in-march-as-buyers-snap-up-luxe-
condos
https://www.businesstimes.com.sg/real-estate/high-end-condo-sales-surge-as-march-new-home-purchases-double
https://www.straitstimes.com/business/property/new-private-home-sales-in-spore-hit-4-year-high-for-march-as-
buyers-flocked-to

                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
Apr 16, 2021 / Issue 15

CDL sells over 50% of units at Irwell Hill Residences on launch weekend
On April 11, Singapore-listed City Developments Ltd (CDL) announced that 278 units (about
51.5%) of its 540-unit Irwell Hill Residences condo project were snapped up on its launch
weekend. The average price of units sold in the luxury development was $2,700 psf.
About 80% of the buyers are Singaporeans, while the remaining are made up 20% are Permanent
Residents (PRs) and foreigners from China, Malaysia, Indonesia, Australia, South Korea, UK and
other nationalities.
The most popular unit types were one-bedroom-plus-study and two-bedroom units. The smallest
of just three sky penthouses, the four-bedroom unit of 2,185 sq ft was sold for over $9 million
($4,123 psf).
Irwell Hill Residences’ launch weekend performance is the latest proof that “investors and
homeowners are looking for attractively priced projects in prime District 9,” says Mark Yip, CEO
of Huttons Asia. “They are on the hunt for stable assets and yield.”
Besides the Great World MRT station, Irwell Hill Residences is easily accessible to the CBD,
Orchard Road shopping belt and Orchard MRT station, the Singapore Botanic Gardens and East
Coast via the upcoming MRT station or by car, adds Yip. “The unique eco-inspired, pixel-
patterned façade designed by Dutch architectural practice MVRDV was another draw.”

Links to the story:
https://www.edgeprop.sg/property-news/cdl-sells-over-50-units-irwell-hill-residences-launch-weekend
https://www.straitstimes.com/business/property/over-50-of-units-at-irwell-hill-residences-sold-on-launch-weekend

HK's Shun Tak to launch debut Singapore residential project
Shun Tak Holdings' maiden residential development in Singapore, Park Nova, could gain traction
with well-heeled buyers - especially from North Asia - as the project readies for launch amid
improving sentiment.
Located in prime District 10, the super luxury freehold development at 18 Tomlinson Road has 54
units in the 21-storey residential tower. The units range in size from 1,432 square feet (sq ft) for a
two-bedroom plus study to 5,899 sq ft for a penthouse.
The showflat will be open for preview on May 1, and is by appointment only, the developer said.
Park Nova, slated for completion in 2023, is within walking distance of Orchard Boulevard MRT
station on the Thomson-East Coast line, and close to Orchard Road and the Botanic Gardens.
Facilities include a clubhouse, swimming pools, a gym and a sky terrace.
Not far from Park Nova, Shun Tak is developing the 14-unit luxury Les Maisons Nassim in the
posh Nassim Road area as well as developing No 9 Cuscaden Road into a five-star hotel with at
least 142 rooms.

Link to the story:
https://www.businesstimes.com.sg/real-estate/hks-shun-tak-to-launch-debut-singapore-residential-project

URA, HDB launch Lentor Central, Tampines Street 62 GLS sites for tender
THE Urban Redevelopment Authority (URA) and the Housing & Development Board (HDB) on
Thursday launched two sites at Lentor Central and Tampines Street 62 (Parcel A) for tender.

Weekly News Select
                                                                                                 Apr 16, 2021 / Issue 15

Both sites, which have a lease period of 99 years, fall under the confirmed list in the first half 2021
government land sales (GLS) programme. Together, they can yield about 1,195 residential units,
URA and HDB said in a joint press statement.
Property analysts expect eight to 13 bidders for the Lentor Central site and a top bid of around
S$880 to S$1,050 price per square foot per plot ratio (psf ppr).
Huttons Asia director of research Lee Sze Teck holds the view that the Lentor Central plot is
"probably the best site" under the first half of 2021 GLS programme. He noted there will be pent-
up demand as the last launch in the area was The Calrose in 2005.
"The commercial component will provide much-needed amenities to the area and future
developments," he said.
As for the Tampines Street 62 site, property analysts estimate between six and 10 bidders, with a
projected top bid of about S$550 to S$620 psf ppr.
The executive condominium (EC) site, projected to yield 590 units, has a site area of 23,799.2 sq
m and a maximum GFA of 59,498 sq m. It is zoned for residential use and has a maximum building
height of 63 to 64 metres SHD.
The tender for the Lentor Central and Tampines Street 62 (Parcel A) plots will close at 12pm on
July 22 at URA and HDB respectively.

Links to the story:
https://www.businesstimes.com.sg/real-estate/ura-hdb-launch-lentor-central-tampines-street-62-gls-sites-for-tender
https://www.straitstimes.com/business/property/keen-response-expected-for-lentor-site-and-tampines-ec-parcel-
launched-for-sale

The Atelier condo shelves public launch; caveats lodged for four units
Bukit Sembawang Estates has put The Atelier's public launch on hold, and is now conducting only
private viewings for the 120-unit project, The Business Times (BT) understands.
Four units were sold in March, based on caveats lodged as at April 14. That is out of 20 units that
have been released thus far, Bukit Sembawang said. One of each unit type was purchased at prices
ranging from S$2,743 psf to S$3,040 psf, according to the Urban Redevelopment Authority's
(URA) caveat database.
Health and safety concerns amid the Covid-19 pandemic were part of the reason Bukit Sembawang
did away with a public sales launch, a spokesperson for the property developer said in response to
BT's queries.

Link to the story:
https://www.businesstimes.com.sg/real-estate/the-atelier-condo-shelves-public-launch-caveats-lodged-for-four-units

Buyer from Fujian pays S$39.3m for Sentosa Cove villa
Buyers from China's Fujian province continue to acquire Singapore property.
One of the latest deals involves a sea-facing bungalow in Sentosa Cove that is being bought for
slightly over S$39.33 million. The price works out to nearly S$2,012 psf based on the land area of
19,550 sq ft.
The plot has 99-year leasehold tenure from July 2005, reflecting a balance term of about 83 years.

                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
Apr 16, 2021 / Issue 15

Located along Ocean Drive, the property is being bought by Su Baolin, who is understood to hail
from Xiamen city in Fujian Province, holds Cambodian citizenship and has stakes in two
Singapore-incorporated companies - one in software development/programming, and the other in
e-commerce.
The seller is Lim Chin Huat, a seasoned property investor who is also involved in the fresh fruits
and vegetables supply business, as well as restaurants and wine distribution.

Link to the story:
https://www.businesstimes.com.sg/real-estate/buyer-from-fujian-pays-s393m-for-sentosa-cove-villa

Condo resale volumes in Singapore hit 10-year high; prices up 0.1% in March
Monthly condo resale volumes hit a 10-year high, with 1,662 units resold in March. This is more
than double the number in the same period last year, and is 75.3 per cent higher than the five-year
average volumes for the month of March.
The month also saw a 0.1 per cent increase in prices, extending the rise for the eighth month in a
row.
Analysts from Huttons Asia suggested that the launch of condos at the CCR such as Midtown
Modern had sparked interest in buyers, creating spillover demand to the resale market. Huttons
noted that transactions of new CCR homes in March were at their highest in eight years.

Links to the story:
https://www.businesstimes.com.sg/real-estate/condo-resale-volumes-in-singapore-hit-10-year-high-prices-up-01-in-
march-srx
https://www.straitstimes.com/business/property/condo-resale-prices-rise-for-8th-straight-month-in-march-as-
monthly-sales-hit-10

Surge in number of HDB flats, condo units leased in March, rents also rise
The number of condominium units rented out in March was an eight-month high, while the rental
volume for Housing and Development Board (HDB) flats hit a nine-month peak. These are based
on flash data from real estate portal.
Rental prices for condominiums also went up for the third straight month and rental prices for
HDB resale flats posted a ninth consecutive month of increases.
Property analysts told TODAY that the steady stream of permanent residents, long-term pass
holders and students returning to Singapore due to the improving Covid-19 situation here had
resulted in higher rental demand in recent weeks.
Another factor could be that people waited until after last month’s Chinese New Year celebrations
to sign a lease, they added.
Mr Lee Sze Teck, director of research at property agency Huttons Asia, said that there is a small
increase in the number of Singapore residents renting because they are waiting for the completion
of their homes, which has been delayed due to the pandemic.
Rent increases are likely to continue for the next few quarters because of low base effect, Mr Lee
said.
“Singapore entered into a circuit breaker (lockdown) in April 2020 and had its worst economic
contraction in the second quarter of 2020,” he said.

Weekly News Select
Apr 16, 2021 / Issue 15

“Unemployment spiked in the second and third quarter of 2020. Rents fell as well because there
was restructuring of rental contracts to help tenants tide over the difficult period.”

Links to the story:
https://www.todayonline.com/singapore/surge-number-hdb-flats-condo-units-leased-march-rents-also-rise-srx-data
https://www.businesstimes.com.sg/real-estate/condo-hdb-rents-extend-rise-in-march-as-rental-volumes-rebound-srx-
0
https://www.straitstimes.com/business/property/condo-hdb-rents-extend-their-rise-in-march-as-rental-volumes-
rebound-srx

LHN inks S$16.8m sale and purchase agreements for eight Beach Road flats
LHN Limited signed binding sale-and-purchase agreements to acquire eight flats in Beach Road
for a total of S$16.8 million.
Half the units have an area of 128 sq m; the other four are slightly smaller, at 125 sq m. All of the
units are located at 75 Beach Road.
The purchases were made through LHN's indirect wholly-owned subsidiaries HQ and Coliwoo.
HQ acquired two units on each of the third and fourth storeys of the building, which the group
intends to convert into its new headquarters. If the purchase is successful, LHN will move its
headquarters from its current location at 10 Raeburn Park, which will be leased out, said the real
estate group.
Coliwoo's fifth and sixth-floor units are intended for commercial use. In an announcement on
Tuesday, the group said that it hopes to expand its portfolio of properties under the co-working
and co-living business in Singapore, as well as diversify its revenue stream.

Link to the story:
https://www.businesstimes.com.sg/real-estate/lhn-inks-s168m-sale-and-purchase-agreements-for-eight-beach-road-
flats

GCB at Binjai Park up for sale at price tag of S$35.2m
A Good Class Bungalow (GCB) in Binjai Park is on the market at an asking price of about S$35.2
million.
The bungalow in District 21 sits on a sprawling freehold site of just under 21,000 sq ft, with a
built-up area of around 15,000 sq ft. Based on the asking price, this works out to about S$1,676
psf.
According to an earlier media report, the property was put up for sale in 2015 but at a higher asking
price of S$37.5 million (S$1,786 psf).

Link to the story:
https://www.businesstimes.com.sg/real-estate/gcb-at-binjai-park-up-for-sale-at-price-tag-of-s352m

What Singapore's ageing population could mean for the property market
When a government tender closed last year for a sprawling site along Gibraltar Crescent in
Sembawang near Singapore's northern coast for a proposed dementia care village, it drew just one

Weekly News Select
Apr 16, 2021 / Issue 15

bid, S$15 million. While the concept proposal was acceptable to the authorities, the bid price was
deemed too low - resulting in the tender for the 30-year leasehold site not being awarded.
An ageing population will create both challenges and opportunities for the Singapore property
market. It may also mean breaking away from current models, including on how land price has to
be paid.
One immediate effect of an ageing population will be increased demand for privately developed
projects for assisted/care facilities to augment initiatives by the public sector. But for these
enterprises to take off, they cannot afford to be burdened with high upfront land cost. A possible
solution may be to take a leaf out of JTC Corporation's book.
When JTC allocates land to industrialists, they have a choice to pay either an upfront lump sum
land price for, say, a 30-year lease term, or a monthly land rent over that period. The option of
paying land rent - also known as ground rent - helps to ease cashflow for businesses.
While developing structured care facilities will be vital for seniors with serious health and mobility
issues, there will also be opportunities to cater to those in better health by providing meaningful
and enriching lifestyles in their golden years.
These could include residing within an integrated mixed-use development containing apartments,
a mall, some healthcare facilities and perhaps even some office space.
One possibility would be to explore ways to accommodate elders with their younger family
members.
Another trend that is already happening and likely to gain momentum as Singapore's population
ages, is that of empty nesters who downgrade from a private property to a resale Housing and
Development Board (HDB) flat.

Link to the story:
https://www.businesstimes.com.sg/brunch/what-singapores-ageing-population-could-mean-for-the-property-market

BTO project delays dash hopes of moving in, starting families
Last Monday, the Ministry of National Development (MND) said in a parliamentary reply that
about 85 per cent of the 89 ongoing BTO projects are around six to nine months behind schedule.
National Development Minister Desmond Lee said the Covid-19 pandemic was making it difficult
for construction firms to bring in manpower, and supply chains were disrupted.
Hence, about 43,000 households will get their keys to their BTO flats late.
Most of the eight affected couples The Sunday Times spoke to are staying with their parents and
have delayed having children.

Link to the story:
https://www.straitstimes.com/singapore/bto-project-delays-dash-hopes-of-moving-in-starting-families

Higher prices, Covid-hit household income lower relative affordability of HDB resale
flats in 2020
Households in Singapore might need to save up more or take a slightly bigger mortgage to buy a
Housing Board (HDB) resale flat, based on median incomes and prices in 2020.

Weekly News Select
Apr 16, 2021 / Issue 15

Overall median prices of HDB resale flats transacted last year were about 3.9 times a household's
median yearly earnings. This is a tad higher than 3.5 times in 2019, based on The Business Times'
(BT) analysis of data.
The last time the ratio reached that level was in 2015 and 2016, before it resumed a gentle
downtrend in the next three years, including in 2018 when a major round of cooling measures were
introduced.
This means 2020 marked the ratio's first increase in seven years for HDB resale flats in general.
It reflects how household incomes, in the year of a pandemic outbreak, declined for the first time
in more than a decade. DOS figures showed Singapore's 2020 median monthly household income
from work falling 2.5 per cent year-on-year to S$9,189. In contrast, the HDB resale market ended
2020 on a strong note amid buoyant demand. Prices rose 5 per cent for the whole year - the steepest
increase since the fourth quarter of 2012.

Link to the story:
https://www.businesstimes.com.sg/real-estate/higher-prices-covid-hit-household-income-lower-relative-
affordability-of-hdb-resale

Million dollars for a coveted HDB unit not an aberration
A million dollars and more for a HDB flat? That's what 53 such flats each commanded in the first
three months of this year.
And this may not be an aberration. Million-dollar transactions of HDB resale flats could become
more prevalent if resale prices grow in line with household income, say at 2 per cent annually.
First, to be clear, such transactions are a small minority.
They make up 0.3 per cent of total resale transactions for the first eight months of last year,
National Development Minister Desmond Lee said in Parliament in October.
Still, there are good reasons why a tiny selection of HDB flats command premium pricing in the
resale market.
Having unique selling points are required to get top dollar.
HDB flats in mature estates built by private developers under the Design, Build and Sell Scheme
(DBSS), with their differentiated layouts and features such as balconies and floor-to-ceiling
windows have their strong selling points.
The iconic 50-storey Pinnacle@Duxton boasts a unique design, location in the heart of prime
Tanjong Pagar and has some units offering sea views.
These are some examples of differentiating factors that draw buyers to pay top dollar. And indeed,
the more recent million-dollar HDB transactions included those for five-room flats at
Pinnacle@Duxton, five-room DBSS units at Bishan, and an executive maisonette at Toh Yi Drive.

Link to the story:
https://www.businesstimes.com.sg/real-estate/million-dollars-for-a-coveted-hdb-unit-not-an-aberration

Weekly News Select
Apr 16, 2021 / Issue 15

Commercial
DBS to cut office space in Marina Bay Financial Centre Tower 3: Sources
DBS Group Holdings is poised to trim office space in Singapore, the latest bank to pare its footprint
in the city-state during the coronavirus pandemic.
South-east Asia's largest bank plans to surrender about 2½ floors, or 75,000 sq ft, in Tower 3 of
the Marina Bay Financial Centre, according to people with knowledge of the matter. The lender
occupies more than a dozen floors in the building, located in the Central Business District near the
iconic Marina Bay Sands hotel and casino.
DBS is set to give up the floors in December, the people said, asking not to be identified because
the plans are private. A representative for the company declined to comment.

Link to the story:
https://www.straitstimes.com/business/property/dbs-to-cut-office-space-in-marina-bay-financial-centre-tower-3-
sources-say

Banks to speed up shrinking and shifting of CBD space amid hybrid work
Banks have scaled back their physical footprints in prime office areas over the last decade, as they
reviewed and consolidated their operations. But the pandemic is likely to push some to make more
cuts.
Among the more recent develoments on this front is news that DBS is thinking about giving up
office space in Singapore's Marina Bay Financial Centre (MBFC) as well as in Hong Kong.
With this, DBS joins the likes of Standard Chartered, UBS, Citi and Mizuho in trimming or making
plans to trim office space in central locations around the world.
In Singapore, ANZ is said to be giving up a floor in Ocean Financial Centre this year. Standard
Chartered, meanwhile, is thinking of letting go of space in MBFC when its lease is up, according
to sources.

Link to the story:
https://www.businesstimes.com.sg/banking-finance/banks-to-speed-up-shrinking-and-shifting-of-cbd-space-amid-
hybrid-work

Maritime House in Tanjong Pagar to be demolished and redeveloped
The Maritime House building in Tanjong Pagar, known as a hotel exclusively for seafarers
transiting through Singapore, will be torn down and redeveloped by late 2024, according to tender
documents put up by the Maritime and Port Authority of Singapore (MPA) in late March.
A project brief in the tender, which closes on April 23, estimates $30 million in construction costs
for the revamp. The redeveloped Maritime House will continue providing accommodation for
seafarers while also functioning as a one-stop destination for international training, research and
forums.
According to the tender, the Urban Redevelopment Authority has agreed that the 15-storey
building's gross plot ratio, or intensity of land usage, can be increased from 2.75 to 3.5. Values

Weekly News Select
                                                                                                 Apr 16, 2021 / Issue 15

above 2.8 indicate the potential for a very high-density development, to be built to above 36
storeys.
This will increase the gross floor area of Maritime House, located in Cantonment Road, from 7,428
sq m to 9,625 sq m.
This expansion will cater for about 2,160 sq m of amenities, 1,030 sq m of office space, and 190
hotel rooms - up from the current 46.

Link to the story:
https://www.straitstimes.com/singapore/maritime-house-in-tanjong-pagar-to-be-demolished-redeveloped

Retail
Naiise to close remaining store at Jewel Changi Airport amid financial issues
Homegrown retailer Naiise will close its Jewel Changi Airport store - its last and largest in
Singapore, amid an ongoing struggle to pay its vendors.
In response to queries from BT, Naiise founder Dennis Tay said the Covid-19 pandemic affected
the business and its ability to pay vendors. "These claims happened before Covid-19 and (Naiise)
never recovered from Covid-19."
This is the latest in a series of cost-cutting measures Naiise has embarked on. Last year, it withdrew
prematurely as the operator of Design Orchard's retail showcase; it also halved headcount, BT
reported.

Links to the story:
https://www.businesstimes.com.sg/sme/naiise-to-close-remaining-store-at-jewel-changi-airport-amid-financial-
issues
https://www.straitstimes.com/singapore/local-retailer-naiise-closes-last-store-at-jewel-changi-may-wind-up-
operations
https://www.businesstimes.com.sg/sme/naiise-goes-into-liquidation-founder-to-file-for-bankruptcy
https://www.straitstimes.com/singapore/consumer/naiise-to-wind-up-founder-dennis-tay-filing-for-personal-
bankruptcy

Operators see uneven boost in F&B takings in CBD
Food and beverage (F&B) operators in the central business district (CBD) are still waiting for the
return of the lunchtime crowds that used to be a major source of their revenue.
Footfall levels observed by F&B firms last week varied, with some telling The Business Times
that lunch crowds were larger while others said there was no significant change from previous
weeks.

Link to the story:
https://www.businesstimes.com.sg/sme/operators-see-uneven-boost-in-fb-takings-in-cbd

                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
                                                                                                 Apr 16, 2021 / Issue 15

Government
Singapore becomes first participating country to complete RCEP ratification
Singapore has ratified the Regional Comprehensive Economic Partnership (RCEP) agreement, and
deposited its instrument of ratification with the secretary-general of Asean, who has been
designated as the depositary for the agreement.
This makes the Republic the first RCEP participating country to complete the official ratification
process, said the Ministry of Trade and Industry in a statement.
Minister for Trade and Industry Chan Chun Sing said Singapore's "expeditious ratification" of the
RCEP agreement signals the state's strong commitment to strengthening trade and economic
linkages with its partners for the benefit of businesses and people.
RCEP participating countries are targeting entry into force on Jan 1, 2022.

Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-becomes-first-participating-country-to-
complete-rcep-ratification
https://www.straitstimes.com/business/economy/singapore-first-among-rcep-participating-countries-to-officially-
ratify-worlds

Singapore and US to deepen transport cooperation; work to revive air travel
Singapore and the United States will deepen bilateral cooperation in the transport sector, working
together in areas such as reviving international air travel in a safe manner amid the Covid-19
pandemic.
The two countries will also strengthen cooperation in multilateral organisations such as the
International Civil Aviation Organisation (ICAO), the Ministry of Transport (MOT) and the US
Department of Transport said in a joint statement.
Singapore and the US can work together on advancing the development and deployment of
sustainable aviation fuels and other clean technologies, identifying new climate-related
innovations such as electric vehicles and related infrastructure, and exploring climate-friendly
practices in urban transport planning including reducing unnecessary trips and encouraging low-
emission options such as cycling, said the statement. Both sides also intend to strengthen
cooperation at the ICAO and the IMO, in order to keep aviation and maritime transport open,
efficient, reliable, safe, sustainable and resilient.

Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-and-us-to-deepen-transport-cooperation-work-
to-revive-air-travel
https://www.straitstimes.com/singapore/singapore-and-the-us-to-deepen-transport-cooperation-work-to-revive-air-
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.com

Weekly News Select
Apr 16, 2021 / Issue 15

Buffets are back in S'pore, but self-service still not allowed under Covid-19 safe
management measures
Buffets are making a comeback, with safety measures in place, more than a year after they were
taken off the menu since the circuit breaker period kicked in on April 7 last year to stem the spread
of Covid-19.
According to guidelines sent out by the Association of Catering Professionals Singapore, staff-
served food lines can resume as of Monday (April 12) at food and beverage outlets, corporate and
work-related events, and events in the meetings, incentives, conventions and exhibitions (Mice)
industry.
Buffets at weddings, funeral services and social activities within corporate settings are still not
permitted.
Additional rules are in place for corporate and Mice events.
For corporate events, each food line can serve up to only 50 people and a safe management
representative must be present to ensure compliance. Guests must be seated once they get their
food and no mingling is allowed.
For Mice events, attendees are split into zones of up to 50 attendees, further divided into cohorts
of up to 20 people. Those in the same food queue must be from the same cohort. If a single food
line is used, attendees from different zones cannot be served at the same time.

Link to the story:
https://www.straitstimes.com/singapore/consumer/buffets-are-back-but-self-service-still-not-allowed-under-safe-
management

Groups of up to 50 allowed for Singapore walking, cycling and kayaking tours
Walking, cycling and kayaking tours will be able to accommodate up to 50 people from
Wednesday (April 14), up from the previous limit of 20.
But tours will still be subject to existing social gathering sizes, which means that 50 people must
be split into groups of no more than eight, with no intermingling allowed, the Singapore Tourism
Board (STB) said in an update on Monday (April 12).
STB also said that tour operators no longer need to seek approval for each tour itinerary but will
be able to resume tour operations under a single application.
Tour operators and tourist guides who have previously received approval to resume tours from the
Ministry of Trade and Industry (MTI) do not need to seek approval again.

Link to the story:
https://www.straitstimes.com/singapore/consumer/groups-of-up-to-50-allowed-for-singapore-walking-cycling-and-
kayaking-tours

Details of Singapore-HK travel bubble to be unveiled soon
Details of an arrangement to restart all forms of travel between Singapore and Hong Kong without
quarantine are being finalised, said Transport Minister Ong Ye Kung.
He said that the two cities have been actively discussing plans to start the air travel bubble, which
was initially slated to take off in November last year.

Weekly News Select
                                                                                                 Apr 16, 2021 / Issue 15

"We are finalising the details of our revised agreement and hope to announce our plans soon," he
said.

Links to the story:
https://www.businesstimes.com.sg/transport/details-of-singapore-hk-travel-bubble-to-be-unveiled-soon
https://www.straitstimes.com/singapore/transport/spore-and-hk-finalising-details-of-air-travel-bubble-hope-to-
announce-plans-soon

Ideas sought to repurpose Old Changi Hospital, enhance surrounding Changi Point
area
Can the derelict Old Changi Hospital, a site for many a ghost-hunting expedition, find new life?
The authorities hope so, and want ideas on how to repurpose it, as well as the history-rich Changi
Point, while retaining its charm.
Bearing in mind the area's current zoning for sports and recreation, the Singapore Land Authority
(SLA) and the Urban Redevelopment Authority (URA) have launched a competition seeking ideas
to enhance the area, while retaining its abundant built and natural heritage.
The competition begins on Thursday (April 15) and will run till June 9 when submissions are
closed.
Entries can be submitted in two categories - for students in design-related disciplines in tertiary
institutions, and an open category for all from other backgrounds.
Participants can tackle one or both challenges.
The first is an overall plan for Changi Point, which requires participants to devise a concept master
plan that guides enhancement of the 42ha competition area, while the second sees participants
proposing ideas to repurpose Old Changi Hospital.
For the concept master plan, participants are to balance retaining the quiet, rustic character of the
area while suggesting enhancements that might attract more visitors to Changi Point.

Link to the story:
https://www.straitstimes.com/singapore/ideas-sought-to-repurpose-old-changi-hospital-rejuvenate-surrounding-
changi-point-area

Economy
Economists raise 2021 GDP forecast on better-than-expected Q1 data
Singapore’s economy could perform better than initially expected this year, now that it has made
marginal gains and defied expectations of a contraction in the first quarter, said economists, some
of whom are now revising their full-year growth forecast.
Gross domestic product (GDP) grew 0.2 per cent in Q1, reversing the 2.4 per cent contraction in
Q4. The is the first expansion since the Covid-19 pandemic began, going by the advance estimates
by the Ministry of Trade and Industry (MTI).
Q1's growth was largely buoyed by the manufacturing sector, which made gains of 7.5 per cent,
extending the previous quarter's 10.3 per cent growth. This was supported by expansions in the
electronics, precision engineering, chemicals and biomedical manufacturing clusters, which

                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
                                                                                                 Apr 16, 2021 / Issue 15

outweighed output declines in the transport engineering and general manufacturing clusters, MTI
said.
The construction sector seems to be recovering from its setback last year: It shrank 20.2 per cent
in Q1, an improvement from Q4's 27.4 per cent decline.

Links to the story:
https://www.businesstimes.com.sg/government-economy/economists-raise-2021-gdp-forecast-on-better-than-
expected-q1-data
https://www.businesstimes.com.sg/government-economy/last-years-low-base-will-lift-gdp-figures-but-sequential-
numbers-can-add
https://www.straitstimes.com/business/economy/singapore-economy-grows-02-in-q1-first-expansion-since-2019-
flash-data

Singapore dollar tipped to strengthen even as MAS waits to tighten monetary policy
Singapore’s central bank has left the door open to policy normalisation at its next half-yearly
review in October, as economic growth picks up.
But analysts expect the Monetary Authority of Singapore (MAS) to welcome a mild appreciation
of the Singapore dollar nominal effective exchange rate (S$NEER) by the market - regardless of
whether policy settings are tweaked this year or next April.
To be sure, policy tightening remains unlikely this year, after the MAS said: "As core inflation is
expected to stay low this year, MAS assesses that an accommodative policy stance remains
appropriate."

Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-dollar-tipped-to-strengthen-even-as-mas-waits-
to-tighten-monetary
https://www.straitstimes.com/business/economy/mas-keeps-singdollar-policy-unchanged-on-low-core-inflation-
outlook

More job vacancies last year were new roles; 35% for work that can be done
remotely: MOM
A rising share of job vacancies last year were for newly-created roles, and - amid the Covid-19
pandemic - 35 per cent were for work that can be done remotely, said the Manpower Ministry's
(MOM) annual Job Vacancies report.
The report is based on a survey conducted from Sept 24 to Nov 23 last year, with responses from
14,480 businesses which together employ a total of 2.04 million workers.
With the pandemic creating new temporary jobs, the share of fixed-term contract positions - as
opposed to permanent headcount - also rose to 24 per cent, from 18 per cent the year before.
Of the job vacancies in 2020, 35 per cent involved work that can be done remotely.
Of the job openings in 2020, 44.8 per cent were newly-created positions rather than replacements,
up from 42 per cent in 2019. Most of this was due to expansion into new functions, and job
restructuring and redesign, said MOM.

Links to the story:
https://www.businesstimes.com.sg/government-economy/more-job-vacancies-last-year-were-new-roles-35-for-
work-that-can-be-done-remotely

                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
                                                                                                 Apr 16, 2021 / Issue 15

https://www.straitstimes.com/singapore/jobs/a-third-of-job-openings-in-2020-was-for-remote-work-about-half-
were-newly-created

15,000 traineeships and company attachment opportunities in pipeline
About 15,000 government-funded traineeship and company attachment opportunities are expected
to come on stream in the coming months, but interest in such programmes may be ebbing as the
labour market moves towards a gradual recovery.
"As the unemployment situation has eased and pockets of tightness have started to appear in the
labour market, we notice that in terms of the applications, there is a moderated pace," Minister of
Manpower Josephine Teo told reporters.
As of end-February, 9,500 people have participated in both programmes, and 160 trainees have so
far completed the programme, according to the latest Jobs Situation Report released by the
Ministry of Manpower and Workforce Singapore (WSG).

Links to the story:
https://www.businesstimes.com.sg/government-economy/15000-traineeships-and-company-attachment-
opportunities-in-pipeline
https://www.straitstimes.com/singapore/jobs/sgunited-traineeship-attachment-schemes-benefit-9500-200-found-full-
time-employment

Sanofi plans to invest 400m euros to manufacture vaccines in Singapore
Global biopharmaceutical company Sanofi plans to invest 400 million euros (S$639 million) over
five years to create a new vaccine production site in Singapore.
The facility will provide Sanofi with the ability to produce innovative vaccines on a massive scale
for Asia, and quickly respond to future pandemic risks, according to the company's press statement.
In partnership with Singapore's Economic Development Board (EDB), the facility will use cutting-
edge manufacturing and digital technologies, and create up to 200 local jobs, while enhancing
Singapore's position as a regional innovation hub for the healthcare industry.
It will mainly supply the Asian region, and will complement Sanofi's existing manufacturing
capacities in Europe and North America.
The five-year project is currently entering its design phase, with construction expected to begin in
Q3 2021. The site is expected to be fully operational in Q1 2026, once all qualifications and
validations of the first manufactured vaccine have been completed.

Links to the story:
https://www.businesstimes.com.sg/government-economy/sanofi-plans-to-invest-400m-euros-to-manufacture-
vaccines-in-singapore
https://www.straitstimes.com/business/economy/pharma-giant-sanofi-investing-in-400m-euro-vaccine-production-
centre-in-singapore

Dyson to hire 250 more engineers, scientists in Singapore over five years
Global technology company Dyson will be hiring 250 additional engineers and scientists in
Singapore over the next five years, doubling its existing software and electronics engineering
teams here.

                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
Apr 16, 2021 / Issue 15

Dyson has 1,400 employees in Singapore, nearly half of whom are engineers and scientists. It
currently has close to 150 open positions in Singapore for roles such as research scientists, data
analysts and engineers.
Dyson will also shortly move into St James Power Station, with work to equip the 110,000 sq ft
facility as its new global headquarters currently underway. It will also retain its Singapore
Technology Centre at Science Park 1. The company said St James Power Station will
"supercharge" Dyson's research and development capabilities, increasing its engineering footprint
in Singapore more than two-fold.

Links to the story:
https://www.businesstimes.com.sg/technology/dyson-to-hire-250-more-engineers-scientists-in-singapore-over-five-
years
https://www.straitstimes.com/business/companies-markets/dyson-looking-to-hire-250-engineers-and-scientists-in-
singapore-over-next

Schneider Electric and EDB set up new venture, creating 100 new jobs in Singapore
A new Singapore-headquartered company was unveiled on Tuesday (April 13) by European
multinational company Schneider Electric and the Economic Development Board (EDB) in a new
venture that could lead to about 100 new jobs here.
NaviX Solutions will help companies manage and use critical power assets such as medium-
voltage switch gears, without them having to fork out capital for the tools. These assets will be
launched in phases.

Link to the story:
https://www.straitstimes.com/singapore/jobs/european-mnc-schneider-electric-and-edb-set-up-new-venture-
creating-100-new-jobs-in

S'pore passport remains 2nd most powerful in the world, behind Japan
Japan continues to outstrip Singapore as the world's most powerful passport in a new update to a
global index.
It noted that Japanese passport holders can travel without a prior visa to a record 193 destinations,
up from 191 in the first quarter of this year.
Singapore remains in second place with access to 192 destinations, compared with 190 places
reported in January.
South Korea and Germany remain in third with 191 destinations.

Link to the story:
https://www.straitstimes.com/singapore/spore-passport-remains-2nd-most-powerful-passport-in-the-world-behind-
japan

Weekly News Select
Apr 16, 2021 / Issue 15

Hospitality
Museum of Ice Cream to open in Dempsey in August
The Museum of Ice Cream will be setting up shop in Dempsey in August, making it the first time
the United States-based attraction is venturing abroad.
It is one of four new attractions that Singaporeans can expect from this year as the Republic seeks
to enhance its attractiveness to prepare its hard-hit tourism sector for recovery.
Visitors to the Museum of Ice Cream will be guided through 14 multi-sensory installations spread
over 60,000 sq ft of space, all dedicated to ice cream, which they will also get to try during their
visit.
While the museum originates from the US, it will have a Singapore-inspired Dragon Playground
at Dempsey.
Another highlight will be a sprinkle pool billed as the museum's largest to date.

Link to the story:
https://www.straitstimes.com/singapore/consumer/museum-of-ice-cream-to-open-in-dempsey-in-august

Over 18,200 visitors from low-risk regions entered Singapore under travel pass
scheme since September
More than 18,200 travellers have entered Singapore under the air travel pass (ATP) scheme since
the Republic unilaterally opened its borders to regions with low Covid-19 infection rates in
September last year.
Replying to queries, the Civil Aviation Authority of Singapore said on Tuesday (April 13) that as
at April 8, the bulk of these short-term visitors, who can come to Singapore without restrictions
on their itineraries or the need to serve stay-home notice, were from China. There were about
12,800 such visitors, or 70 per cent of the total number.
About 2,400 visitors were from Australia and around 300 from New Zealand. About 800 visitors
came from Brunei and another 800 from Taiwan.
In addition, about 1,100 visitors arrived from Vietnam, but a spike in Covid-19 cases there led to
the suspension of ATP applications from the country on Feb 9.

Link to the story:
https://www.straitstimes.com/singapore/more-than-18200-travellers-from-low-risk-regions-visited-singapore-under-
atp-since

Shophouse
Four shophouses in districts 1 and 2 put on the market
Four shophouses in Singapore's central business district, including two at Tanjong Pagar, one at
Telok Ayer and another at Pagoda Street, have been put up for sale.
All four are zoned for commercial use.

Weekly News Select
Apr 16, 2021 / Issue 15

The newly renovated conservation shophouse at Duxton Hill has an estimated gross floor area of
3,515 sq ft and sits on a total site area of 1,216 sq ft. The guide price is of S$3,129 psf on land area
or S$11.8 million.
The other shophouse for sale at Tanjong Pagar is located at Craig Road. The three-storey corner
shophouse has an estimated gross floor area of 5,077 sq ft, and occupies a total site area of 1,916
sq ft. The shophouse is marketed at S$13.8 million, with a guide sale price is S$6,784 psf on the
land area.
The conservation shophouse at South Bridge road in Telok Ayer with an estimated gross floor area
of 3,150 sq ft sits on a total site area of 1,493 sq ft. The guide sale price translates to S$6,697 psf
on the land area, and a total of S$10.8 million.
On Pagoda Street, the freehold 3,364 sq ft four-storey conversation shophouse spans a site area of
1,234 sq ft and comes with a current tenancy. Its guide sale price is S$13.8 million, which translates
to S$10,534 psf on the land area.
Expression of interest will end in early May.

Link to the story:
https://www.businesstimes.com.sg/real-estate/four-shophouses-in-districts-1-and-2-put-on-the-market

Industrial
Singapore Silver Bullion vault to house 15,000 tonnes of silver
Inside a six-storey high warehouse near Singapore's Changi airport, a vast hangar-like space is
waiting to be filled with a precious metal that usually plays second fiddle to its more lustrous
sibling.
The vault that's being built by Silver Bullion Pte Ltd will - when completed in the first half of next
year - be able to store 15,000 tonnes of silver. It's only holding around 400 tonnes of the metal at
the moment, but the vacant space is an indication that silver appears to be on the cusp of a
promising few years.
Singapore has a reputation as a stable financial centre and has taken steps to position itself as a
bullion hub, exempting investment-grade gold, silver and platinum from Goods and Services Tax.

Link to the story:
https://www.businesstimes.com.sg/energy-commodities/singapore-silver-bullion-vault-to-house-15000-tonnes-of-
silver

Better prospects for warehouses this year
After pulling off a reasonably resilient performance in 2020 amid a full-blown pandemic,
warehouses could see rents pick up in 2021.
However, the performance across the industrial market may vary, with rents for certain segments,
such as multiple-user factory space, possibly coming under pressure due to economic uncertainties,
according to NUS' Institute of Real Estate and Urban Studies (IREUS).
Last year, the industrial sector weathered the storm better than other sectors such as retail and
offices. Rents for warehouses and business parks eased slightly by 1.3 per cent and 1.1 per cent
respectively in 2020, while rents for multiple-user factory space retreated by 1.8 per cent.

Weekly News Select
Apr 16, 2021 / Issue 15

Certain clusters, such as the electronics, biomedical manufacturing and precision engineering
clusters, saw output rise. Warehouses which can cater to cold storage may see a surge in demand,
stemming from the need to store vaccines and food supplies.

Link to the story:
https://www.businesstimes.com.sg/real-estate/better-prospects-for-warehouses-this-year

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

This document has been prepared by Huttons Asia for general information only. Huttons Asia does not guarantee warrant or represent that the
information contained in this document is correct. Any interested party should undertake their own enquiries as to the accuracy of the information.
Huttons Asia excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability
for loss and damage arising directly or indirectly there-from. All rights reserved.
*The Business Times (BT) Online and *The Straits Times (ST) Interactive are a subscribers-only website. As such, you will not be able to access
the URL link to the articles unless you are registered as a subscriber.

You can also read