Weekly News Select - Huttons Asia Pte Ltd
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Weekly News Select
Apr 1, 2021 / Issue 13
Top News for the Week
• S$128.8m sale of Nassim Road bungalow sets record transaction price of S$4,005 psf
• Million-dollar HDB flats: Who's buying them
• New code of conduct launched to level playing field for retail tenants and landlords
• Malaysia compensates Singapore S$102.8m after HSR termination
• Jobs Growth Incentive supported hiring of 130,000 locals over three months
• Analysts raise Singapore manufacturing forecasts after February's output jump
Residential
S$128.8m sale of Nassim Road bungalow sets record transaction price of S$4,005 psf
A record price of S$4,005 per sq ft on land area has been set in the Good Class Bungalow market
for a transaction in Nassim Road. Already, some market watchers are predicting that the next
bungalow to be sold in the prized location is likely to surpass this price.
The benchmark psf price achieved is for a S$128.8 million transaction last month. The buyer is Jin
Xiao Qun, the wife of Nanofilm Technologies International founder and executive chairman Shi
Xu. The Singapore citizens became a billionaire couple following the company's successful listing
on the mainboard of the Singapore Exchange in October last year.
On the 32,159 sq ft freehold site is an old bungalow. It is being sold by Oei Siu Hoa, also known
as Sukmawati Widjaja, the controlling shareholder of Top Global.
It is not known who brokered the latest deal.
Link to the story:
https://www.businesstimes.com.sg/real-estate/s1288m-sale-of-nassim-road-bungalow-sets-record-transaction-price-
of-s4005-psf
Million-dollar HDB flats: Who's buying them
How much would a resale Housing Board flat with unfettered views of Chinatown heritage
shophouses on one side and the Central Business District (CBD) skyline on the other be worth?
Nothing less than $1.232 million.
The 42nd-floor unit at Cantonment Road currently ranks as the third-most expensive HDB flat
ever sold in Singapore.
The most expensive unit sold so far is a five-room flat in Block 1B at The Pinnacle @ Duxton -
for $1.258 million last September.
Property agents The Straits Times interviewed said dual income couples in their 30s with high
earning power - are among those they encounter when marketing million-dollar units.
But the most common group interested in - and eventually purchasing - million-dollar flats are
private property downgraders.
Links to the story:
https://www.straitstimes.com/singapore/housing/whos-selling-and-buying-1-million-hdb-flats
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
Apr 1, 2021 / Issue 13
https://www.straitstimes.com/singapore/housing/million-dollar-hdb-flats-bank-on-size-views-location-bullish-
resale-market
Commercial
Certis in tie-up with Lendlease to redevelop headquarters
Advanced integrated security services organisation Certis is teaming up with Australia-
headquartered property giant Lendlease to redevelop its ageing headquarters in the Paya Lebar
area.
The Business Times understands that RBC Investor Services Trust Singapore - in its capacity as
trustee of Certis & Lendlease Property Trust - has entered into a S$150 million sale and purchase
agreement for the acquisition of Certis Cisco Centre at 20 Jalan Afifi.
Certis Cisco Centre comprises two towers on a 130,210 sq ft site, which is on 30-year leasehold
tenure starting May 2013, with an option to renew for a further 30-year term.
The older block, which has eight storeys, was completed in the 1980s; the other block, with seven
storeys, was completed in the 1990s.
Under the Urban Redevelopment Authority's Master Plan 2019, the site is zoned for commercial
use with a 3.0 gross plot ratio (ratio of maximum gross floor area to land area).
Link to the story:
https://www.businesstimes.com.sg/real-estate/certis-in-tie-up-with-lendlease-to-redevelop-headquarters
Commercial site in Little India back on market, at 22% lower asking price
A cluster of commercial properties in the Tekka/Race Course enclave of Little India are back on
the market, but at 22 per cent below the asking price of their first foray in February 2019.
The guide price for the 25,865 sq ft Little India commercial site, which includes a two-storey
conservation bungalow once owned by businessman Tan Teng Niah, is $55 million.
The buildings have a combined gross floor area of about 16,800 sq ft, with the bulk of it comprising
valuable ground-level retail space.
The portfolio has a leasehold tenure of 69 years.
The expression of interest exercise for the cluster of Tekka properties is scheduled to close at
2.30pm on May 5.
Link to the story:
https://www.straitstimes.com/business/property/commercial-site-in-little-india-back-on-market-at-22-lower-asking-
price
Government
MND set to extend relief period for built environment contracts due to Covid-19
The Singapore government is set to extend the relief period for firms in the built environment
sector that face difficulty performing contractual obligations due to the Covid-19 pandemic.
Huttons Asia Pte Ltd | L3008899K | ROC No. 200210087C | GST Reg No. 20-0210087-C
3 Bishan Place #05-01, CPF Building, S (579838) | Tel. (65) 6253 0030 | Fax (65) 6253 0090
www.huttonsgroup.comWeekly News Select
Apr 1, 2021 / Issue 13
This will be done through an amendment of the Covid-19 (Temporary Measures) Act, which the
Ministry of National Development (MND) is planning to introduce in Parliament on April 5, the
ministry said in a statement.
If the amendment bill is passed by Parliament, it will allow the government to extend the relief
periods under Part 2 and Part 8B of the Act, which were set to end on March 31.
Under Part 2 of the Act, the relief period for construction contracts, supply contracts or any
performance bond, would be extended for an additional six months, up to Sept 30. This would
allow construction firms affected by Covid-19 to seek temporary relief from legal and enforcement
action.
The relief period for options to purchase and sale and purchase agreements would be extended for
an additional three months, up to June 30.
Links to the story:
https://www.businesstimes.com.sg/government-economy/mnd-set-to-extend-relief-period-for-built-environment-
contracts-due-to-covid-19
https://www.straitstimes.com/singapore/construction-sector-set-to-receive-another-six-months-of-relief-for-their-
contracts
New code of conduct launched to level playing field for retail tenants and landlords
New guidelines that set out to make for fairer lease negotiations between landlords and retail
tenants could be made into laws in the coming months.
The guidelines are part of a new code of conduct announced by the Singapore Business Federation
(SBF), which sets out guidelines on leasing arrangements and dispute resolution.
Specifically, it covers 11 aspects of lease negotiations, from rental structure and third-party fees,
to pre-termination by landlords or tenants, addressing long-standing points of contention between
landlords and tenants.
The code was developed by a Fair Tenancy Pro-Tem Committee comprising major landlords, such
as CapitaLand and Frasers Property Retail, and tenants, which also recommended the government
enforce compliance with the code through legislation.
The new code of conduct will apply to all qualifying retail premises in Singapore; these retail
premises can be housed in standalone commercial buildings such as shopping centres, office
buildings, shop houses, MRT stations, or other types of buildings.
Links to the story:
https://www.businesstimes.com.sg/sme/new-code-of-conduct-launched-to-level-playing-field-for-retail-tenants-and-
landlords
https://www.straitstimes.com/business/property/code-of-conduct-lays-out-fair-tenancy-practices-for-landlords-
tenants
https://www.straitstimes.com/business/property/landlords-tenants-unveil-code-of-conduct-for-fair-tenancy-
agreements-govt-supports
Malaysia compensates Singapore S$102.8m after HSR termination
Malaysia has paid Singapore S$102.8 million in compensation following the termination of the
Kuala Lumpur-Singapore High Speed Rail (HSR) project, both governments said in a joint
statement.
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
Apr 1, 2021 / Issue 13
This includes reimbursement for costs incurred for the project's development, as well as payment
in relation to the earlier extension of the project's suspension.
Links to the story:
https://www.businesstimes.com.sg/transport/malaysia-compensates-singapore-s1028m-after-hsr-termination
https://www.straitstimes.com/singapore/malaysia-reimburses-singapore-102-million-for-costs-incurred-in-
terminated-kl-spore-hsr
Singapore studying proposal from Hong Kong to re-open borders: Ong Ye Kung
Singapore has received a proposal from Hong Kong to re-open borders safely, and will be studying
it and "responding to Hong Kong shortly", said Transport Minister Ong Ye Kung.
The Hong Kong government has proposed that passengers taking the Singapore-Hong Kong
quarantine-free bubble flights be vaccinated.
Hong Kong Secretary for Commerce and Economic Development Edward Yau said that Hong
Kong residents who take part in travel-bubble arrangements would have to complete two doses of
vaccines and wait at least 14 days after the second jab before they can go on those flights.
Links to the story:
https://www.businesstimes.com.sg/transport/singapore-studying-proposal-from-hong-kong-to-re-open-borders-ong-
ye-kung
https://www.straitstimes.com/singapore/hong-kong-calls-for-mandatory-vaccination-in-travel-bubble-talks-with-
singapore
Eligible recipients to get 3 months' additional support under Covid-19 Recovery
Grant
Over 10,000 individuals have received help under the Covid-19 Recovery Grant (CRG) since its
launch in January, with about $10 million disbursed as at March 22 to help recipients financially
impacted by the pandemic.
The Ministry of Social and Family Development (MSF) announced the updated figures and further
support under the grant on March 30.
From April 19, grant recipients can apply for an additional tranche of three months of support if
they need further help and continue to meet the requirements of the grant.
Individuals can apply for the CRG online from 9am to 10pm till April 18. From April 19 to Dec
31, the online application portal will be operational round the clock every day.
Those who need help completing the online application form can call the ComCare call hotline
(1800-222-0000) or email Ask_SSO @ msf.gov.sg.
Those who are unable to apply online can visit their nearest social service office for assistance.
Link to the story:
https://www.straitstimes.com/singapore/covid-19-recovery-grant-to-extend3-months-additional-support-to-eligible-
recipients
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
Apr 1, 2021 / Issue 13
Jobs Growth Incentive supported hiring of 130,000 locals over three months
A total of 130,000 locals were hired from September to November with support from the Jobs
Growth Incentive (JGI) scheme, according to the 20th edition of the jobs situation report released.
The latest figures suggest a slowing pace of hiring. Previously, the Ministry of Manpower (MOM)
had announced that 110,000 locals were hired for the period from September to October.
Nearly all (99 per cent) of the 27,000 employers supported by the scheme over the three-month
period were small- and medium-sized enterprises (SMEs). They hired a median of two locals each,
which is higher than the median of one local hire in the same period the year before.
Food services remained the top hiring sector, accounting for about 21,400 of locals hired. The
other top sectors were wholesale trade (10,700), professional services (9,400), retail (7,800), and
information and communications (7,400).
Close to half of the JGI-supported hires were aged 40 and above, with one-third aged 50 and above.
Six in 10 earned the same or higher wages in their new jobs.
Links to the story:
https://www.businesstimes.com.sg/government-economy/jobs-growth-incentive-supported-hiring-of-130000-locals-
over-three-months
https://www.straitstimes.com/singapore/jobs/27000-employers-hired-2-locals-on-average-in-first-3-months-of-jobs-
growth-incentive
JSS and other Covid-19 measures to end or change from April 1 as Singapore
economy recovers
With economic recovery gaining traction, some Covid-19 support measures and schemes will
lapse, while others will be limited by their size and scope from April 1.
These include insurance relief for businesses and individuals and the Jobs Support Scheme, which
will cease for all companies except those in hard-hit sectors.
Some financing schemes for businesses will also see enhancements cease, such as the Enterprise
Financing Scheme - SME Working Capital Loan.
Link to the story:
https://www.straitstimes.com/business/economy/jss-and-other-covid-19-measures-to-end-or-change-from-april-1-as-
economy-recovers
Economy
Analysts raise Singapore manufacturing forecasts after February's output jump
Singapore looks set to continue with resilient manufacturing growth this year as the factory sector
posted its fourth straight month of output expansion in February.
The lynchpin electronics cluster continued to underpin growth, even as the ailing transport
engineering industry could soon turn the corner.
Industrial production jumped by 16.4 per cent year on year, against 9.2 per cent in January, and
beat the median estimate of 15.8 per cent growth in a private-sector Bloomberg poll.
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
Apr 1, 2021 / Issue 13
Electronics surged by 30.3 per cent in February, strengthening from 21.9 per cent in the month
prior, as chipmakers rush to churn out stock amid a global supply crunch.
Similarly, precision engineering, which produces semiconductor-related equipment, grew by 15
per cent.
Links to the story:
https://www.businesstimes.com.sg/government-economy/analysts-raise-singapore-manufacturing-forecasts-after-
februarys-output-jump
https://www.straitstimes.com/business/economy/singapore-factory-output-rises-164-in-february-for-4th-month-of-
growth
Yeo's, Oatly in S$30m tie-up to produce oat drink for Asia in Singapore
Sweden’s Oatly and Singapore's food and beverage (F&B) manufacturer Yeo Hiap Seng (Yeo's)
will jointly invest S$30 million in equipment and facility to produce the vegan milk producer's
popular oat drink in Singapore, in what is seen as a coup for the Singapore heritage brand and the
nation as a high-tech manufacturing hub.
This will be the first time the Swedish company will be producing its popular oat milk brand,
Oatly, outside Europe and North America.
Yeo's - which has pioneered innovations in Asian beverages and boasts of being the first in the
world to package Asian drinks in Tetra Brik aseptic cartons using ultra-high heat temperature
(UHT) process - will operate and maintain the new facilities.
Production will begin in the second half of this year, with the oat milk earmarked for China and
subsequently for the rest of Asia.
The partnership will initially create more than 50 new jobs at Yeo's, and the investment will be
funded from internal reserves.
Link to the story:
https://www.businesstimes.com.sg/companies-markets/yeos-oatly-in-s30m-tie-up-to-produce-oat-drink-for-asia-in-
singapore
Hospitality
Hotels in 'shoulder season' as arrivals, occupancy stagnate in February
The hotel industry faces a stagnant half year as visitor arrivals will see a significant upward bump
only from July on, watchers suggested.
Industry room revenue stood at S$58.63 million in February, lower by 13.9 per cent on January
and by 69.3 per cent in the year before, the most recent data from the Singapore Tourism Board
(STB) showed.
Visitor arrivals fell to 17,950 in February - down by 22.5 per cent month on month and 97.6 per
cent year on year - one year into Singapore's first major border disruptions from the Covid-19
pandemic.
Lately, hotel occupancy averaged 41.70 per cent in February, compared with 43.80 per cent in
January and 49.62 per cent in the year-ago 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
www.huttonsgroup.comWeekly News Select
Apr 1, 2021 / Issue 13
Revenue per average room (RevPAR) - a key industry metric - fell by 47.7 per cent year on year
to S$55.51, while average room rate (ARR) was down by 37.8 per cent at S$133.09. February's
RevPAR was flat on the S$55.44 in the month prior, though ARR rose from S$126.58 in January.
Link to the story:
https://www.businesstimes.com.sg/government-economy/hotels-in-shoulder-season-as-arrivals-occupancy-stagnate-
in-february
Industrial
JTC launches Tampines North site for tender
JTC has launched a site at Tampines North for tender under the first half of the 2021 industrial
government land sales (IGLS) programme.
This is part of the government's efforts to offer more choices for industrial development, said the
agency in a press statement.
Located at Tampines North Drive 5 (Plot 10), the site has a 20-year tenure and a site area of half a
hectare.
It is zoned B2 and has a gross plot ratio of 2.5.
The tender for the Tampines North site will close at 11am on May 25.
Link to the story:
https://www.businesstimes.com.sg/real-estate/jtc-launches-tampines-north-site-for-tender
Jurong Innovation District to bring jobs and innovation: Tan See Leng
Over the next 18 months, the Jurong Innovation District (JID) is expected to account for 4,500
jobs, with 1,200 being new and 3,300 being existing workers relocating into the area, said Second
Minister for Trade and Industry Tan See Leng during his visit to the Sodick Singapore Techno
Centre (SSTC).
Developed by the JTC Corporation, the 600 hectare JID will establish companies such as German
conglomerate Siemens and South Korea's Hyundai Motor Group in a single campus. Partnerships
with institutes of higher learning are also nurtured, to create a talent pool in the community.
As companies such as infrastructure and urban development consulting group Surbana Jurong and
bicycle component, fishing tackle and rowing equipment manufacturer Shimano move into their
facilities in the JID, more jobs will be created in the area, said Dr Tan.
This is expected to include positions in industries such as advanced manufacturing, urban mobility
and urban solutions.
Links to the story:
https://www.businesstimes.com.sg/government-economy/jurong-innovation-district-to-bring-jobs-and-innovation-
tan-see-leng
https://www.straitstimes.com/singapore/jobs/4000-jobs-in-jurong-innovation-district-over-next-18-months
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
Apr 1, 2021 / Issue 13
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.
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.comYou can also read
