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Weekly News Select
Sep 10, 2021 / Issue 36
Top News for the Week
• Freehold's premium may provide clue on valuing infrastructure spend
• Singapore remains in preparatory stage, no further loosening of Covid-19 curbs for
now
• Singapore steps up testing as Covid-19 cases double in a week
• Snap 14-day WFH for firms if infected workers are in office in past week
• Singapore's retail sector more resilient than a year ago: economists
• Construction raw material prices to stay high amid supply chain, shipping disruptions
• Singapore's unemployment rates rise in July, ending eight-month streak of
improvement
• Employers with at least 10 staff must notify MOM of all retrenchments from Nov 1
Residential
Freehold's premium may provide clue on valuing infrastructure spend
Property buyers in Singapore value freehold tenures enough to dish out a premium of 15-20 per
cent over a 99-year leasehold condominium, going by findings from a study by the National
University of Singapore (NUS).
From studying condominium transactions in Singapore over 1995 to 2015, the researchers found
low and declining long-run discount rates, with market discount rates declining to levels below
previous estimates.
Likening property to infrastructure, the NUS researchers believe their findings could guide
policymakers in using cost-benefit analysis in other areas, such as valuing expensive infrastructure
projects or policies seeking to mitigate climate change.
This could include projects such as high speed rail links and electric buses for public transportation
or policies aimed at the decarbonisation of the shipping industry.
Link to the story:
https://www.businesstimes.com.sg/real-estate/freeholds-premium-may-provide-clue-on-valuing-infrastructure-spend
OK Lim's Second Avenue bungalow on sale by public tender
A three-storey Good Class Bungalow (GCB) belonging to Hin Leong founder Lim Oon Kuin,
better known as OK Lim, is for sale along with another GCB at Caldecott Hill Estate.
These properties are for purchase by public tender and by expression of interest (EOI),
respectively, with their deadlines being Sept 30 and two weeks from Oct 5.
The GCB at 5 Second Avenue in Bukit Timah sits on 19,984 sq ft of land with a gross floor area
of about 10,000 sq ft. The property comes with a well-manicured garden, swimming pool, large
car porch and a squash court in the basement.
The other GCB for sale by EOI was described as a "resort-like two-storey bungalow set in the
tranquil surroundings of Caldecott Hill Estate". With a land area of 29,483 sq ft and its close
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Sep 10, 2021 / Issue 36
proximity to the Caldecott MRT station, it will attract buyers looking to own the perfect family
home.
Links to the story:
https://www.businesstimes.com.sg/real-estate/ok-lims-second-avenue-bungalow-on-sale-by-public-tender
https://www.straitstimes.com/business/property/ok-lims-second-avenue-gcb-put-up-for-sale-by-tender
HDB resale prices rise in August to just 0.1% below peak; record high of 26 million-
dollar flats sold
Housing Board resale prices rose for the 14th consecutive month, climbing at a faster pace of 1.1
per cent in August compared with July, according to flash data from a real estate portal.
Prices are just 0.1 per cent off the peak in April 2013, which means September prices are likely to
hit a record high as strong demand continues to outstrip flat supply.
With more construction delays expected, resale flat demand strengthened despite August being the
Hungry Ghost month, when sales typically slow down.
Year on year, resale prices were 13.7 per cent higher than in August 2020, with price growth
observed across both mature and non-mature estates, and all room types.
A total of 2,748 HDB resale flats changed hands last month, increasing 3.2 per cent from the month
before.
August also saw 26 resale flats sold for at least S$1 million, the highest number of million-dollar
flats sold in a month on record.
Huttons Asia chief executive Mark Yip said he foresees prices to increase by more than 10 per
cent, with close to 30,000 resale units changing hands this year, up from the 24,000 units last year.
Links to the story:
https://www.businesstimes.com.sg/real-estate/hdb-resale-prices-rise-in-august-to-just-01-below-peak-record-high-
of-26-million-0
https://www.straitstimes.com/singapore/housing/hdb-resale-prices-rise-in-august-to-just-01-below-peak-record-
high-of-26-million
https://www.straitstimes.com/singapore/housing/why-are-hdb-resale-prices-rising-and-what-does-this-mean-for-
home-buyers
Commercial
Peace Centre/Peace Mansion tries for en bloc again with S$650m reserve price
Peace Centre/Peace Mansion (PCPM) has been put on the market for collective sale once again.
This time, the owners are expecting offers in excess of S$650 million.
The minimum price of S$650 million reflects a unit land rate of about S$1,443 per sq ft per plot
ratio, after including an estimated lease top-up premium, but before factoring in bonus balcony
plot ratio for the residential component.
The 76,617 sq ft site the property sits on has a verified gross plot ratio of about 7.89 and may be
redeveloped up to a height of 55 m Singapore height datum, with part of the site potentially rising
as high as 67 m.
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Sep 10, 2021 / Issue 36
Based on a grant of outline planning permission (OPP) from the Urban Redevelopment Authority
(URA) in 2019, a developer may redevelop the site up to an existing gross floor area (GFA) of
604,578 sq ft with 60 per cent commercial GFA and 40 per cent residential GFA.
This means the site could yield about 362,747 sq ft of commercial space and some 241,831 sq ft
of residential units - or about 240 units at an average size of 1,000 sq ft, subject to the relevant
authority's approval.
As the site is zoned for commercial use under URA's Master Plan 2019, there will be no additional
buyer's stamp duty for its purchase. There is also no requirement for a pre-application feasibility
study for the site based on enquiry with the Land Transport Authority.
The latest tender for PCPM will close on Oct 19, 3pm.
Links to the story:
https://www.businesstimes.com.sg/real-estate/peace-centrepeace-mansion-tries-for-en-bloc-again-with-s650m-
reserve-price
https://www.straitstimes.com/business/property/peace-centre-complex-tries-for-en-bloc-again-with-s650m-reserve-
price
Retail
Luxury boutique Pedder On Scotts to close on Sept 26
After six years in operation, luxury multi-brand accessories boutique Pedder On Scotts will close
on Sept 26.
The 20,000 sq ft store wrapping around the second floor of Scotts Square, in Scotts Road, is Hong
Kong-based retailer Pedder Group’s largest free-standing store in Asia.
Specialising in fashionable footwear, handbags and accessories, it opened to much fanfare in 2015,
amid an industry-wide retail slump.
In response to queries from The Straits Times, a spokesman for the Pedder Group said Pedder On
Scotts will close "as the landlord is changing the retail mix of the mall".
The spokesman did not indicate whether Pedder On Scotts was looking for a new space.
Link to the story:
https://www.straitstimes.com/singapore/pedder-on-scotts-to-close-on-sep-26
Government
Singapore remains in preparatory stage, no further loosening of Covid-19 curbs for
now
Singapore is staying within its preparatory stage of transiting to endemic Covid-19, with no
loosening of measures for now, the multi-ministry taskforce on Covid-19 announced.
Community cases have been rising since late August, with 216 new locally-transmitted cases
reported on Sep 3. Though an increase had been expected as curbs were loosened, there is a need
to monitor the situation to "avoid a significant and sustained surge", said Minister for Trade and
Industry Gan Kim Yong, who co-chairs the taskforce.
Huttons Asia Pte Ltd | L3008899K | ROC No. 200210087C | GST Reg No. 20-0210087-C
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Sep 10, 2021 / Issue 36
Singapore will thus stay in the preparatory stage and maintain current safe management measures
for now, to allow authorities to monitor the situation and ensure it remains under control before
reopening further, he said.
Mr Gan noted that as more social and economic activities resume, Singapore can expect
transmission to increase, and will have to step up testing efforts to detect cases earlier and faster.
Vaccination and testing thus remain the key engines in the journey towards Covid resilience, he
said. A vaccine booster programme will be rolled out in September for the elderly and the
immunocompromised.
Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-remains-in-preparatory-stage-no-further-
loosening-of-covid-19-curbs-for
https://www.straitstimes.com/singapore/covid-19-booster-shots-for-seniors-aged-60-and-above-and-
immunocompromised-people-from
Stricter pre-departure testing for some travellers into Singapore
From Sept 9, all travellers into Singapore from Category II, III and IV countries will need to
produce a negative pre-departure Covid-19 polymerase chain reaction test result taken within 48
hours before leaving for Singapore, said the Ministry of Health (MOH) in a statement.
Previously, the requirement had been for the test to be taken within 72 hours before travel, and
applied to those coming from Category III and IV countries.
The new requirement takes effect at 11.59pm on Sep 9, along with other changes to border
measures for travellers from a number of countries and regions.
According to MOH, Category I comprises places with the lowest risk of Covid-19 transmission,
Category II countries are those with similar Covid-19 risk profiles to Singapore, Category III
nations are deemed to be at higher risk of Covid-19 infections, and Category IV countries are the
remaining places with the highest risk of Covid-19 infection.
MOH has placed several countries in new categories.
South Korea, previously in Category III, has been added to Category II. Other countries in
Category II include Australia, New Zealand and Germany.
Croatia, Egypt, Finland, Malta, the Netherlands, Poland, Saudi Arabia and Sweden, previously in
Category IV, are now in Category III.
Links to the story:
https://www.businesstimes.com.sg/government-economy/stricter-pre-departure-testing-for-some-travellers-into-
singapore
https://www.straitstimes.com/singapore/community/updated-pre-departure-testing-requirement-for-travellers-and-
border-measures-to
Singapore steps up testing as Covid-19 cases double in a week
Singapore is increasing the frequency of Covid-19 tests for workers in "high-risk" settings to once
a week from September 13, while distributing antigen rapid test (ART) kits to all employers, amid
a worrying rise in cases, Finance Minister Lawrence Wong said.
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Sep 10, 2021 / Issue 36
"What is of concern to us is not just the absolute number of cases but the rate at which the virus is
spreading, and that's the reproduction rate, or R," said Mr Wong, who is also co-chair of the Covid-
19 multi-ministry taskforce.
"Currently, the R is more than one. Cases are doubling every week," he said, describing it as an
“exponential increase”. If Singapore stays on this trajectory of infection, it could see 1,000 daily
cases in two weeks or possibly 2,000 daily cases in a month.
Even so, the government does not plan to tighten Covid-19 restrictions for now but will instead
ramp up testing and contact tracing more aggressively to ringfence the cases.
He said: “If despite our best efforts, we find that the number of serious cases needing oxygen in
ICU care goes up sharply, then we may have no choice but to tighten our overall posture.”
Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-steps-up-testing-as-covid-19-cases-double-in-a-
week
https://www.straitstimes.com/singapore/health/spore-rolls-out-measures-to-slow-down-community-cases-including-
health-risk
https://www.straitstimes.com/singapore/reduce-non-essential-social-activities-for-next-two-weeks-lawrence-wong
https://www.straitstimes.com/singapore/no-social-gatherings-at-spore-workplaces-from-sept-8-tougher-action-if-
covid-19-cases
Snap 14-day WFH for firms if infected workers are in office in past week
Firms with employees who were in the workplace at any time in the seven days prior to testing
positive for Covid-19 must require all employees able to do so to work from home (WFH) for 14
days.
Employers must also take active steps to guard against potential outbreaks at the workplace by
requiring workers on MCs to closely monitor their health before returning to the office, and to
ensure, where possible, that their workers visit only one clinic should they feel unwell, the Ministry
of Manpower (MOM) said.
Should a 14-day WFH period be activated, the firm should encourage all its employees to conduct
self-swab Covid-19 tests every two to three days during the period, the ministry added.
Once an employee is confirmed to have contracted Covid-19, the firm should immediately vacate
and cordon off the immediate section of the workplace premises where the confirmed case worked,
said MOM.
But it added there is no need to vacate the building or the whole floor if there had been no sustained
and close contact with the confirmed case.
The firm should then carry out a thorough cleaning and disinfection of all relevant on-site areas
and assets that were exposed to confirmed cases, in accordance to the National Environment
Agency's guidelines.
Links to the story:
https://www.businesstimes.com.sg/government-economy/snap-14-day-wfh-for-firms-if-infected-workers-are-in-
office-in-past-week
https://www.straitstimes.com/singapore/immediate-14-day-wfh-for-firms-if-infected-workers-returned-to-office-in-
past-week-mom
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www.huttonsgroup.comWeekly News Select
Sep 10, 2021 / Issue 36
Buildings in S'pore have to meet higher standards to be certified green under
refreshed scheme
New and existing buildings will now have to hit higher sustainability standards to be certified
green, with the reduction of embodied carbon in developments as one of the criteria emphasised.
The changes to the Building and Construction Authority (BCA) Green Mark scheme come as
Singapore pushes towards its target to become a low-carbon built environment.
The refreshed scheme places greater emphasis, among other criteria, on the integration of smart
technologies, the creation of healthier environments for building users and the reduction of
embodied carbon in developments, said National Development Minister Desmond Lee. Embodied
carbon refers to the carbon or energy consumed through the production of materials used for
construction and during the construction process itself.
The refreshed scheme was launched at the virtual International Built Environment Week 2021
event, which runs till Sept 10.
Links to the story:
https://www.businesstimes.com.sg/government-economy/buildings-in-spore-have-to-meet-higher-standards-to-be-
certified-green-under
https://www.straitstimes.com/singapore/buildings-in-spore-have-to-meet-higher-standards-to-be-certified-green-
under-refreshed
Economy
Singapore's retail sector more resilient than a year ago: economists
Singapore’s retail sector appears to be more resilient than a year ago, with consumer sentiment
looking promising in July despite fluctuating restrictions on Covid-19, economists said.
Total retail sales crept up 0.2 per cent year on year, as low-base effects from last year have almost
worn off, data from the Department of Statistics Singapore (SingStat) showed.
But on a month-on-month seasonally adjusted basis, retail sales grew 0.8 per cent.
This was despite dine-in rules having been recalibrated twice that month - from two diners per
group to five and then back to two - after which a ban was imposed from July 22 with a reversion
to Phase 2 (Heightened Alert), or P2HA. Phase 3 (Heightened Alert) had lasted from June 14 to
July 21.
Meanwhile, total F&B sales grew 12.9 per cent sequentially, with all categories experiencing
growth.
SingStat said this was because dine-ins were allowed for up to two for just 10 days in June,
compared with July, when groups of up to five were allowed to dine in for 21 days.
Links to the story:
https://www.businesstimes.com.sg/government-economy/singapores-retail-sector-more-resilient-than-a-year-ago-
economists
https://www.straitstimes.com/business/economy/singapore-retail-sales-see-marginal-02-rise-in-july-as-fb-takings-
get-hit
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www.huttonsgroup.comWeekly News Select
Sep 10, 2021 / Issue 36
Construction raw material prices to stay high amid supply chain, shipping
disruptions
Construction raw material prices look set to remain elevated as countries around the world struggle
to contain the Delta coronavirus variant.
In particular, companies have been grappling with lockdown-induced supply chain and shipping
disruptions since the start of this year. And as demand rose on the back of global economic
recovery, supply has struggled to keep pace.
A Singapore Contractors Association (SCAL) spokesperson said steel rebar prices have risen 54
per cent, aluminium prices 59 per cent, copper prices 81 per cent and concrete prices more than 20
per cent.
Soaring shipping costs have also been a cause of concern for companies importing construction
materials from overseas. The Freightos Baltic Index, a global benchmark for major shipping
routes, has risen from S$1,946 a year ago to S$10,323 for the week of Aug 27.
Lockdown-related disruptions have also caused the price of cement to increase by up to 40 per
cent.
SCAL said it does not foresee prices falling to pre-pandemic levels in the near term as countries
such as India, China and the United States have been stimulating their domestic economies with
infrastructure projects.
"With the US$1 trillion infrastructure package being rolled out at the same period by the US
government, global demand for raw materials, especially for metal commodities, may surge, and
this will push the prices higher. Construction costs will therefore be on the rise."
Link to the story:
https://www.businesstimes.com.sg/companies-markets/construction-raw-material-prices-to-stay-high-amid-supply-
chain-shipping
Singapore's unemployment rates rise in July, ending eight-month streak of
improvement
Singapore’s unemployment rates rose in July after having trended downward for the past eight
months, which may have been due to tightened Covid-19 curbs in preceding months, latest
Ministry of Manpower (MOM) figures showed.
Overall unemployment was 2.8 per cent in July, up from 2.7 per cent in June and comparable to
May.
Resident unemployment rose to 3.7 per cent from 3.5 per cent previously, though still below May's
3.8 per cent figure. Citizen unemployment was 3.9 per cent in July, up from 3.7 per cent in June
but lower than May's 4 per cent rate.
There were 87,300 unemployed residents in July, of which 77,200 were citizens. This is up from
86,600 unemployed residents in June, but lower than the 88,600 in May.
Links to the story:
https://www.businesstimes.com.sg/government-economy/singapores-unemployment-rates-rise-in-july-ending-eight-
month-streak-of
https://www.straitstimes.com/singapore/singapores-unemployment-rate-up-by-02-in-july-for-first-time-in-10-
months
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www.huttonsgroup.comWeekly News Select
Sep 10, 2021 / Issue 36
Employers with at least 10 staff must notify MOM of all retrenchments from Nov 1
Employers with at least 10 staff will have to notify the Ministry of Manpower (MOM) of all layoffs
from Nov 1, regardless of the number of employees affected, the ministry said.
Currently, employers are only required to notify the authorities when they retrench five or more
people within a six-month period.
Employers must file the notification within five working days after they provide the notice of
retrenchment to the affected staff. This can be done at www.mom.gov.sg/notify-retrenchment.
Those who do not comply may have to pay administrative penalties of up to S$2,000.
Links to the story:
https://www.businesstimes.com.sg/government-economy/employers-with-at-least-10-staff-must-notify-mom-of-all-
retrenchments-from-nov-1
https://www.straitstimes.com/singapore/jobs/firms-with-at-least-10-staff-have-to-notify-mom-of-any-retrenchment
Hospitality
Nearly $178m in bookings made for SingapoRediscovers vouchers
As at Sept 1, about 1.2 million adult Singapore citizens have used their SingapoRediscovers
vouchers (SRV) at least once, making nearly 1.5 million transactions, said the Singapore Tourism
Board (STB).
The bookings amounted to about $178 million in vouchers and cash payments, STB told The
Straits Times.
Industry operators are optimistic the SRV will help them tide through the pandemic now that more
than 80 per cent of the population has been vaccinated.
Those who do not want to redeem their SRV can donate them to organisations like the Special
Olympics Singapore on GlobalTix.
Link to the story:
https://www.straitstimes.com/singapore/consumer/nearly-178m-in-bookings-made-for-singaporediscovers-
vouchers-stb
Park Hotel Farrer Park relaunches under Holiday Inn brand
The 300-room Park Hotel Farrer Park, owned by RB Capital and previously managed by Park
Hotel Group, has been renamed Holiday Inn Singapore Little India, effective Sep 7.
Its new manager, global hospitality company IHG Hotels & Resorts, told The Business Times that
the hotel will undergo a renovation and relaunch "with a vibrant fresh identity and positioning".
With the new signing, IHG now manages three of RB Capital's Singapore hotels, totalling nearly
1,000 keys. The other two are Holiday Inn Express Clarke Quay, opened in 2014, and
InterContinental Singapore Robertson Quay, opened in 2017.
Link to the story:
https://www.businesstimes.com.sg/real-estate/park-hotel-farrer-park-relaunches-under-holiday-inn-brand
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www.huttonsgroup.comWeekly News Select
Sep 10, 2021 / Issue 36
Four-storey hotel along Sims Avenue up for sale with S$23m guide price
Regin Hotel, a freehold four-storey hotel located at 56 Sims Avenue, has been put up for sale with
a guide price of S$23 million.
The guide price translates to S$500,000 per key or S$2,166 per sq ft on the total floor area of
10,620 sq ft.
The hotel sits on a freehold site of 3,172 sq ft that is zoned for residential or institution use. It has
obtained permanent boarding house approval and has 46 rooms, a lift, four carpark lots and an
internal courtyard.
The sale will be conducted through an expression of interest exercise which closes on Oct 14 at
3pm.
Links to the story:
https://www.businesstimes.com.sg/real-estate/four-storey-hotel-along-sims-avenue-up-for-sale-with-s23m-guide-
price
https://www.straitstimes.com/business/property/four-storey-hotel-along-sims-avenue-up-for-sale-with-23m-guide-
price
Industrial
German testing giant opens new $100m regional hub in Singapore
A global testing and certification giant has opened a new $100 million regional hub here, in a move
Deputy Prime Minister Heng Swee Keat described as a vote of confidence in Singapore and the
region amid the Covid-19 pandemic.
German company TUV SUD's new facility at the International Business Park in Jurong houses
more than 60 laboratories to explore various technologies as part of the company's global research
and development efforts.
The seven-storey office and laboratory facility spans 18,900 sq m - around two and a half football
fields - and some 650 employees have moved there from their former premises at Singapore
Science Park.
Link to the story:
https://www.straitstimes.com/business/companies-markets/german-firm-with-new-100m-regional-hub-in-singapore-
to-create-50-more
Sustainability a key focus at Epson’s new South-east Asia headquarters
Epson's South-east Asia headquarters on Sept 8 moved from an office space in HarbourFront to
Alexandra Technopark, where it will have two solution centres to display new products to
customers in the region.
Among these is a system that companies can use to turn their wastepaper into new, reusable paper.
The electronics company, which has hosted its regional headquarters in Singapore since 1982, said
the opening of the larger premises will bring new job opportunities in sales and marketing,
business-to-business specialisation and digitalisation.
Epson currently hires 200 people in Singapore and 800 regionally. Its office here serves Indonesia,
Malaysia, the Philippines, Thailand and Vietnam.
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
Sep 10, 2021 / Issue 36
Link to the story:
https://www.straitstimes.com/business/companies-markets/epsons-new-southeast-asia-headquarters-will-aim-to-
push-for-sustainable
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.
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