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Weekly News Select
                                                                                              Dec 31, 2020 / Issue 53

Top News for the Week
       •   Firm outlook for private housing market belies risk factors
       •   Normanton Park gets green light to sell, but with conditions
       •   Healthcare workers of National Centre for Infectious Diseases first to get Covid-19
           vaccine
       •   New restriction for all travellers from S Korea
       •   Aviation sector to get S$84 million extra support from Singapore government
       •   95,000 receive financial help through Covid-19 Support Grant
       •   Singapore factories set to end 2020 in the black
       •   Economists expect smaller but more calibrated Budget in 2021
       •   Domestic market a thin lifeline for tourism sector

Residential
Firm outlook for private housing market belies risk factors
The outlook for private home prices in 2021 remains firm with most property consultants
forecasting prices will appreciate slightly more than in 2020.
A brighter economic outlook, easing of travel restrictions and a reduction in the inventory of unsold
private residential units along with low interest rates all bode well for the private housing segment.
On the flip side, observers flagged several factors that may weigh on the market in the next 12
months. These include a deterioration in the employment situation, a potential resurgence in
Covid-19 despite a vaccination programme, and even potential government intervention in the
property market. Fresh cooling measures could be rolled out, for instance, if developers get carried
away with bidding for land including collective sale sites - given that high land bids are typically
followed by property sellers pushing up end-unit prices.
Property consultants polled by The Business Times generally expect the Urban Redevelopment
Authority's (URA) benchmark overall private home price index to post growth ranging from zero
per cent to 4 per cent in 2021.
The index is expected to end 2020 either unchanged or inch up by no more than one per cent, after
rising 2.7 per cent in 2019.
In the non-landed housing segment, the suburbs or Outside Central Region (OCR) is expected to
continue to be the outperformer, due to affordability and better demand-supply dynamics.
Analysts expect the prime areas or Core Central Region (CCR) to come under the weight of
substantial oversupply. That said, Huttons Asia research director Lee Sze Teck said the resumption
of travel may be the wild card to bring in more foreign buyers, which will support demand for
upmarket homes.
The firm private home prices for 2020 come on the back of still-healthy developers' sales, despite
the Covid-19 pandemic hitting the economy. Developers have moved some 8,791 new private
homes in the first 11 months of 2020. Huttons's Mr Lee expects the year to close at 9,700-odd
units. This would not be a bad showing at all in a pandemic-hit year; the figure for the whole of
2019 was 9,912. Strong demand from local buyers boosted home sales after the "circuit breaker"
partial lockdown to stem the Covid-19 transmissions.

              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
Dec 31, 2020 / Issue 53

Link to the story:
https://www.businesstimes.com.sg/real-estate/firm-outlook-for-private-housing-market-belies-risk-factors

Normanton Park gets green light to sell, but with conditions
Normanton Park, a 1,862-unit leasehold condominium project that was hit with a no-sale licence
nearly two years ago, has got the green light to sell its units, but with conditions.
To ensure that the interests of home buyers are protected, the Controller of Housing (COH) has
required that the sale of the units be subject to sale licence conditions.
One of the conditions requires developer Kingsford Huray Development to complete a Quality
Mark assessment for all units before applying for a temporary occupation permit (TOP), a
spokesman for the Urban Redevelopment Authority (URA) told The Straits Times.
The largest and first new launch for next year will open for public preview on Jan 2.
To attract early-bird buyers and incentivise agents, Kingsford Huray is dangling carrots including
10 Mercedes-Benz cars in a lucky draw. Buyers of the first 800 units and the agents involved will
be eligible for the draw.
Huttons Asia is one of the appointed marketing agencies for the project.

Link to the story:
https://www.straitstimes.com/business/property/normanton-park-gets-green-light-to-sell-but-with-conditions-0

Single-owner plots, older CBD office sites in focus as home sales keep pace
Single-owner plots and older central business district (CBD) offices are now in the spotlight as
residential property developers eye strong residential sales.
One report expects more buzz in residential investment activity in the early part of 2021 as
residential sales continue to keep pace, it said in its market outlook 2021 series.
Private residential prices registered a gain of 0.8 per cent in Q3 2020, compared with Q2 2020,
bringing prices to its peak since Q3 2013. For the full year, sales are expected to come in at around
20,000 units.

Links to the story:
https://www.businesstimes.com.sg/real-estate/single-owner-plots-older-cbd-office-sites-in-focus-as-home-sales-
keep-pace
https://www.straitstimes.com/business/spotlight-on-single-owner-plots-older-cbd-offices

Show-flat for first assisted living HDB units opens
A show-flat for Singapore's first assisted-living public housing is now open at HDB Hub, a week
ahead of schedule.
To be located in Bukit Batok West Avenue 9, the Community Care Apartments are targeted at
those aged 65 and above who wish to live on their own and yet enjoy some care, support and
communal activities.
Seniors who visited the show-flat told The Straits Times that they were attracted to the new
concept, which allows them to forge close relationships with other people in their age group.

Weekly News Select
                                                                                                Dec 31, 2020 / Issue 53

Link to the story:
https://www.straitstimes.com/singapore/housing/show-flat-for-first-assisted-living-hdb-units-opens

1,190 families get keys to first smart-enabled HDB homes here
More than 1,400 households will be able to monitor electricity usage across appliances in smart-
enabled flats in Punggol Northshore.
As at Dec 14, 1,192 home owners who have collected the keys to their flats - about 85 per cent of
the total - are the first in Singapore to live in such smart-enabled Housing Board flats, the HDB
said.
Residents living in Northshore Residences I and II will be the first to use a new-generation parking
system, the latest addition to the suite of smart features in the district.
The delivery of these smart homes also caps off year 2020, where HDB marks 60 years of
transforming Singapore's public housing landscape, with significant shifts towards well-designed,
smart, sustainable and community-centric towns in the last 10 years.

Link to the story:
https://www.straitstimes.com/singapore/housing/1190-families-get-keys-to-first-smart-enabled-hdb-homes-here

Government
Healthcare workers of National Centre for Infectious Diseases first to get Covid-19
vaccine
Singapore’s Covid-19 vaccination exercise kicks off on Dec 30 with healthcare workers at the
National Centre for Infectious Diseases (NCID).
The vaccinations will be rolled out to more healthcare institutions in the subsequent weeks, the
Ministry of Health (MOH) said in its announcement that the government has accepted in full the
recommendations of the Expert Committee on Covid-19 Vaccination.
MOH aims to begin vaccinating the elderly, starting with those aged 70 years and above, from
February 2021.
Those in this age group have "more medical co-morbidities, and tend to have worse health
outcomes than those aged 60 to 69 years if infected with Covid-19", it noted. Protecting older
persons minimises Covid-19 related mortality and morbidity, and ensures that the healthcare
system here will continue to have the capacity to care for the overall health of all Singaporeans.
The expert committee has also recommended that around 5 per cent of available vaccine stocks at
any given point in time be set aside for specific groups who are of critical importance to the
republic's functioning.

Links to the story:
https://www.businesstimes.com.sg/government-economy/healthcare-workers-of-national-centre-for-infectious-
diseases-first-to-get-covid
https://www.straitstimes.com/singapore/spore-to-begin-vaccinating-healthcare-workers-on-wed
https://www.straitstimes.com/singapore/5-of-vaccine-stocks-to-be-set-aside-for-those-involved-in-critical-work

                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
                                                                                                Dec 31, 2020 / Issue 53

New restriction for all travellers from S Korea
Travellers from South Korea will have to serve a 14-day Stay-Home Notice (SHN) at dedicated
facilities from Dec 26 onwards , said the Ministry of Health (MOH).
The new restriction comes into force for all travellers from South Korea entering Singapore from
11.59pm given "the sustained surge" in Covid-19 cases observed in the country, it said.
The measure will also apply to returning Singapore-based travellers under the Reciprocal Green
Lane between Singapore and South Korea due to the increased risk of community spread.

Links to the story:
https://www.businesstimes.com.sg/government-economy/new-restriction-for-all-travellers-from-s-korea
https://www.straitstimes.com/singapore/tighter-curbs-for-travellers-from-s-korea

Aviation sector to get S$84 million extra support from Singapore government
As the aviation sector waits for the pandemic-induced turbulence to blow over, the government
has earmarked S$84 million as additional aid to tide the sector through the winter.
The Civil Aviation Authority of Singapore (CAAS), in a media statement, announced that S$39
million of the funding will go towards helping aviation players to defray increased costs of
operations, S$20 million for retraining workers, and S$25 million for investing in productivity to
position the sector for recovery.
Observers noted the importance of providing the much-needed support for the sector as well as to
preserve Singapore's aviation hub status, while one analyst thinks that this will not be the last
assistance the sector requires.

Links to the story:
https://www.businesstimes.com.sg/government-economy/aviation-sector-to-get-s84-million-extra-support-from-
singapore-government
https://www.straitstimes.com/singapore/transport/extra-84m-govt-support-for-spore-aviation-sector

95,000 receive financial help through Covid-19 Support Grant
Around 95,000 Singaporeans and permanent residents have received financial help through the
Covid-19 Support Grant (CSG), including 22,000 people who successfully applied for a second
tranche.
Minister for Social and Family Development Masagos Zulkifli provided the update in a Facebook
post.
The minister did not state the total amount disbursed, but it was reported in October that about
$148 million has been distributed through the CSG to more than 83,000 people.
In his post, Mr Masagos said that those who are eligible, and in need of help, can still apply for
the CSG till 6pm Dec 31.

Link to the story:
https://www.straitstimes.com/singapore/95000-receive-financial-help-through-covid-19-support-grant

                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
Dec 31, 2020 / Issue 53

NAC, STB accepting applications for larger outdoor show pilots
The National Arts Council (NAC) and Singapore Tourism Board (STB) will be accepting pilot
applications for outdoor live performances for up to 250 audience members in zones of 50 each.
Under phase three of Singapore's reopening, audiences of up to 250 in groups of 50 are also
allowed in indoor venues, NAC said in a statement, in response to Straits Times queries.
This is up from an audience size of up to 100.

Link to the story:
https://www.straitstimes.com/life/arts/nac-stb-accepting-applications-for-larger-outdoor-show-pilots

Singapore must position for success within new global supply chains: Chan Chun Sing
As Covid-19 accelerates shifts in global supply chains, Singapore must aim to be at the critical
nodes when attracting investments, said Trade and Industry Minister Chan Chun Sing at the EDB
Society's 30th anniversary commemoration.
Even amid the pandemic, the Singapore Economic Development Board (EDB) managed to secure
S$13 billion of fixed asset investment commitments in the first four months of 2020, said Mr Chan.
The shift in global supply chains was one of three future-shaping factors that he highlighted,
alongside inequalities in growth, and threats to global cooperation.
First, even before Covid-19, technological change and geopolitical tensions were reshaping supply
chains.
Second, a consequence of these global shifts is the greater dispersion of growth, according to Mr
Chan.
Finally, as such pressures threaten global leadership and governance systems, Singapore and like-
minded partners must work to preserve them.
He pointed to two critical tasks that lie ahead - rallying the country to avoid complacency, and
tackling wage disparity by equipping workers with skills of the future.

Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-must-position-for-success-within-new-global-
supply-chains-chan-chun-0
https://www.straitstimes.com/business/economy/spore-must-tackle-2-key-tasks-as-it-seeks-to-stay-ahead-chan

Economy
Singapore factories set to end 2020 in the black
Singapore factory output surged in November, to take year-to-date growth to 6.5 per cent year on
year, fresh Economic Development Board (EDB) data showed.
It came as biomedical output jumped by 40.6 per cent year on year in November - up from 10.7
per cent in October - with help from higher production of active pharmaceutical ingredients and
biological products.
But, even excluding the volatile biomedical cluster, factory output rose by 14 per cent, against the
fall of 2.7 per cent in the month before.

Weekly News Select
                                                                                                Dec 31, 2020 / Issue 53

Meanwhile, electronics posted 34.9 per cent growth, to reverse the previous month's 1.1 per cent
slip. The increase was fuelled by semiconductors, which the EDB attributed in part to demand
from 5G markets.
With the dual powerhouse industries of pharmaceuticals and electronics fuelling a rise of 17.9 per
cent last month, manufacturing is expected to close the year on firm footing.

Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-factories-set-to-end-2020-in-the-black
https://www.straitstimes.com/business/economy/pharma-industry-drives-rebound-in-factory-output

Singapore's sea cargo one bright spot amid pandemic
While Covid-19 has severely affected many aspects of transport, Singapore's sea cargo volume has
been doing well, remaining close to pre-pandemic levels.
Compared with the start of the year, the volume of sea cargo here stood at 97 per cent in November,
according to figures of Singapore's air, land and sea sectors released by the Ministry of Transport
(MOT) in a Facebook post.
Commenting on the performance of the maritime sector in a separate Facebook post, Transport
Minister Ong Ye Kung said it was a "bright spark during such difficult times".

Link to the story:
https://www.straitstimes.com/singapore/singapores-sea-cargo-one-bright-spot-amid-pandemic

Short-term cost spike as foreign workers switch to employers starved of labour
Foreign workers in several industries are enjoying greater bargaining power due to a supply crunch
caused by the Covid-19 pandemic, and employers said they are facing higher labour costs as new
schemes allow those on work permits to move more easily from one employer to another. But
industry players do not expect the situation to have a significant long-term impact on foreign
worker salaries.
The rule changes were introduced to allow firms to manage manpower needs. For instance, the
Ministry of Manpower (MOM) and the Singapore Business Federation (SBF) jointly introduced
the SBF ManpowerConnect Scheme in March, allowing companies in the manufacturing and
services sectors to hire existing work permit holders (WPHs) who are Chinese nationals. This
allowed workers who might have had to return to China otherwise to remain in Singapore.
Nearly 5,000 experienced workers primarily from the manufacturing and services sectors in
Singapore - who would otherwise have been repatriated by employers who no longer needed them
- have been retained through the SBF ManpowerConnect Scheme, a spokesperson from MOM told
BT.
MOM is "currently in discussion with SBF about the usefulness of the scheme and whether it
should be extended" beyond next February.

Link to the story:
https://www.businesstimes.com.sg/government-economy/short-term-cost-spike-as-foreign-workers-switch-to-
employers-starved-of-labour

                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
Dec 31, 2020 / Issue 53

Economists expect smaller but more calibrated Budget in 2021
Budget 2021 is likely to remain expansionary as Singapore's economy moves into the next phase
of recovery from its worst-ever recession, although the scale of support is likely to be smaller than
that of this year's, according to economists.
This comes as Singapore is set to enter its next phase of economic recovery to focus on revitalising
growth, following the initial stage of preserving jobs.
Training and reskilling opportunities and incentives would be especially important with the Covid-
19 pandemic reshaping the Singapore economy and accelerating digitalisation.
Subsidies or incentives to spur further transformation and training are likely to continue to be a
"big component" in upcoming measures at the Budget.

Link to the story:
https://www.businesstimes.com.sg/government-economy/economists-expect-smaller-but-more-calibrated-budget-in-
2021

Hospitality
Domestic market a thin lifeline for tourism sector
Domestic tourism, business travel and government-to-government arrangements such as air travel
bubbles will be three sources of demand for Singapore's travel-related industries in the near to
medium term.
Keith Tan, chief executive of the Singapore Tourism Board (STB), named these market segments
when asked about the agency's plan to get the ailing sector back on its feet.
But, as industry observers do not expect mass-market leisure travel to resume that soon, domestic
tourism will play an out-sized role in 2021.

Links to the story:
https://www.businesstimes.com.sg/government-economy/domestic-market-a-thin-lifeline-for-tourism-sector
https://www.businesstimes.com.sg/infographics/pandemic-decimates-tourism-arrivals-receipts-in-2020
https://www.straitstimes.com/singapore/consumer/vouchers-new-tie-ups-boost-domestic-tourism-market

Industrial
JTC launches site at Jalan Papan for tender
JTC launched an industrial site Plot 7 at Jalan Papan for tender, marking the last of three confirmed
list sites under the second half of Singapore's 2020 industrial government land sales programme.
Spanning almost 0.9 hectare, the site has a gross plot ratio of 1.4 and comes with a 20-year tenure.
It is zoned B2 for heavy industrial use.
Tenders for the site will close at 11am on Feb 23, 2021. Interested parties may purchase tenderer's
packets at S$107 inclusive of GST, through the online purchase form available on JTC's website.

Link to the story:
https://www.businesstimes.com.sg/real-estate/jtc-launches-site-at-jalan-papan-for-tender

Weekly News Select
                                                                                                                  Dec 31, 2020 / Issue 53

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.com

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