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Weekly News Select
Jan 15, 2021 / Issue 2

Top News for the Week
• Despite pandemic, total 2020 new home sales may match 2019's
• 12,000 visitors throng Normanton Park showroom despite monsoon deluge
• Wave of regional buyers expected to land on Sentosa Cove
• HDB rolls out one-stop portal that lists new flats up for sale
• Covid-19 vaccination may mean shorter quarantine if data shows it cuts risks
• Singapore unemployment eases to 3.3% in November
• S'pore economy likely to recover in second half of 2021: Heng

Residential
Despite pandemic, total 2020 new home sales may match 2019's
The total of new private homes sold in 2020 hit about 10,000 in a year when Singapore recorded
its worst recession as a global pandemic forced lockdowns in many countries. This would put it
roughly on par with the number of new homes sold in 2019, once aborted sales are accounted for.
The preliminary tally for 2020 comes as developers sold 1,217 new homes in December, up almost
60 per cent over the November figure.
This is according to December caveats filed with the Urban Redevelopment Authority (URA).
Developers' sales in the first week of the New Year has been brisk, with foreigners picking up
some luxury units, said Lee Sze Teck, Huttons Asia research head.
Developers' sales for the week of Jan 4-10 were 135 units, up 15 per cent over the last week of
December, said Mr Lee.

Link to the story:
https://www.businesstimes.com.sg/real-estate/despite-pandemic-total-2020-new-home-sales-may-match-2019s

12,000 visitors throng Normanton Park showroom despite monsoon deluge
Normanton Park, probably the last mega project to be launched for a while, saw a heavy turnout
during its 13-day preview.
The public preview for the 1,862-unit, 99-year leasehold project was from Jan 2 to 14, and it saw
"huge turnout despite the heavy rain over the past two weekends," said Lee Sze Teck, Huttons
Asia research director. The current monsoon surge has led to heavy rainfall since the year began,
and Jan 2 saw rainfall that was among the heaviest in 39 years.
"During this period, the Normanton Park show gallery recorded a total number of about 12,000
visitors, or 4,000 groups of visitors," a Normanton Park spokesperson told The Business Times
(BT).
Prices on a per sq ft (psf) basis for a one-bedroom unit range from S$1,445 psf to S$1,672 psf. For
the one-bedroom unit that ranges from 45-65 sq m, this translates to a price tag of S$700,000 to
S$1.17 million. For the five-bedroom units, which range from 150-167 sq m, indicative prices start
from S$2.79 million.

Weekly News Select
Jan 15, 2021 / Issue 2

Link to the story:
https://www.businesstimes.com.sg/real-estate/12000-visitors-throng-normanton-park-showroom-despite-monsoon-
deluge

Wave of regional buyers expected to land on Sentosa Cove
The sales momentum for bungalows in the waterfront housing district of Sentosa Cove is expected
to strengthen further this year as travel restrictions are eased and potential buyers from the region
allowed entry into Singapore to view the villas.
Agents are upbeat on the outlook for this segment, on the back of a strong pick-up in the volume
of transactions in the second half of 2020 - after the "circuit breaker" partial lockdown ended and
property viewings resumed from June 19. Some buyers - including China citizens already in
Singapore and eyeing landed homes - took the opportunity to buy in Sentosa Cove.
So far this year, no Sentosa bungalow transactions have been captured in URA Realis. However,
at least half a dozen transactions alone could materialise this year through the exercise of options
to purchase granted earlier, BT understands.
Some of these transactions are subject to approval from the Land Dealings (Approval) Unit or
LDAU of the Singapore Land Authority.

Links to the story:
https://www.businesstimes.com.sg/real-estate/wave-of-regional-buyers-expected-to-land-on-sentosa-cove
https://www.businesstimes.com.sg/real-estate/china-parties-lead-foreign-buyers-of-sentosa-cove-villas

Singapore resale condo market robust despite pandemic, with prices up 1.4% in 2020
With the breathless pursuit of property in Singapore despite the Covid-19 pandemic, 2020 ended
on a robust showing in the condominium resale market.
Resale transactions for non-landed private homes rose 18.1 per cent in 2020 from a year ago, flash
figures from a property portal showed. A total of 10,712 properties changed hands.
For the whole of 2020, resale prices rose by 1.4 per cent.

Links to the story:
https://www.businesstimes.com.sg/real-estate/singapore-resale-condo-market-robust-despite-pandemic-with-prices-
up-14-in-2020
https://www.straitstimes.com/business/property/resale-condo-prices-maintain-upward-trend

More condo units, HDB flats rented out in December: SRX
The rental volume for both Housing Board (HDB) flats and condominium units went up last month
as more overseas Singaporeans and long-term pass holders returned to Singapore.
Condo leasings rose 5.3 per cent last month to an estimated 4,414 units, compared with 4,193 units
in November, according to flash data released by a real estate portal.
The rental volume was 15.4 per cent higher than the five-year average for the month of December.
But the full-year total of 52,333 rental transactions for last year was 11.4 per cent lower than in
2019.
HDB rental volume climbed 9 per cent month on month to an estimated 1,774 flats last month,
compared with 1,627 units in November.

Weekly News Select
Jan 15, 2021 / Issue 2

Year on year, HDB leasings are down 4 per cent from December 2019, before the onset of Covid-
19.
A total of 20,501 rental transactions were recorded for the whole of last year, which is 15.3 per
cent lower than in 2019.

Link to the story:
https://www.straitstimes.com/business/property/more-condo-units-hdb-flats-rented-out-in-december-srx

HDB rolls out one-stop portal that lists new flats up for sale
The Housing and Development Board (HDB) has launched a new portal to make it easier to buy
and sell HDB flats.
To be rolled out progressively, the HDB Flat Portal will make it more convenient for homebuyers
and sellers to gather information on the purchase or sale of a flat through a single integrated
platform, National Development Minister Desmond Lee announced in a Facebook post.
It includes a flat-listing service with information on current and upcoming new HDB flats for
buyers to compare their housing options holistically, noted Mr Lee in his Facebook post. He added
that HDB is looking to include resale flat listings in subsequent phases.

Links to the story:
https://www.businesstimes.com.sg/real-estate/hdb-rolls-out-one-stop-portal-that-lists-new-flats-up-for-sale-0
https://www.straitstimes.com/singapore/housing/looking-for-a-new-home-get-pricing-and-loan-details-from-hdb-
portal

Commercial
Timberland owner VF Corp to set up centres in S'pore, KL
New York-listed VF Corp, which owns outdoor lifestyle brands such as Vans and Timberland,
will open new business centres in Singapore and Kuala Lumpur.
An Asia supply chain hub in Hong Kong will relocate to Singapore, while a new service centre in
Kuala Lumpur will support business functions in areas such as digital technology, finance, human
resources and logistics.
The moves, to be done in phases, will start in April and are expected to be completed by mid-2022.

Link to the story:
https://www.straitstimes.com/business/companies-markets/timberland-owner-vf-corp-to-set-up-centres-in-spore-kl

Retail
Home-grown Founder Bak Kut Teh closes two of its four outlets
Home-grown chain Founder Bak Kut Teh, which had four outlets a year ago, is now left with just
two - its Balestier Road flagship store and a branch at Downtown East in Pasir Ris.
It closed its outlet in North Bridge Road opposite Bugis Junction at the end of October. And the
one in Hotel Boss in Jalan Sultan was shuttered on Dec 31.

Weekly News Select
                                                                                                   Jan 15, 2021 / Issue 2

Link to the story:
https://www.straitstimes.com/life/food/home-grown-founder-bak-kut-teh-closes-two-of-its-four-outlets

Courts Singapore taking up Robinsons' former Heeren space
Courts Singapore revealed plans to open a new flagship store spanning six storeys of The Heeren's
retail podium.
Located along Orchard Road, the 189,000 sq ft space was home to Robinsons department store
before it closed its doors to shoppers for the last time on Dec 16.
In its statement, Courts, an electrical, IT and furniture retailer, said that this flagship store would
be its largest retail space in Singapore when it opens by Q1 of 2022.
Courts said it will introduce new retail concepts that are "bold, fresh and authentic" through this
store; with this, it intends to deliver "Japanese standards of customer experience" as the outlet's
key differentiating factor.

Links to the story:
https://www.businesstimes.com.sg/real-estate/courts-singapore-taking-up-robinsons-former-heeren-space
https://www.straitstimes.com/singapore/consumer/courts-to-take-over-space-at-the-heeren-vacated-by-robinsons

Government
Govt admits error in not stating TraceTogether is not exempt from Criminal
Procedure Code
The government has acknowledged its error in not stating that TraceTogether data can be used for
criminal investigations under provisions in the Criminal Procedure Code (CPC).
This follows revelation in Parliament this week that the police could access TraceTogether data in
the course of a criminal investigation, under the CPC.
A law will be passed to formalise assurances made earlier that the use of data from the
TraceTogether contact tracing programme for criminal investigations will be limited to seven
categories of serious offences, said the Smart Nation and Digital Government Office (SNDGO) in
a statement.
These include acts of terrorism, kidnapping, drug trafficking, possession of dangerous weapons,
sexual offences and crimes where the victim is seriously hurt or killed.

Links to the story:
https://www.businesstimes.com.sg/government-economy/govt-admits-error-in-not-stating-tracetogether-is-not-
exempt-from-criminal
https://www.straitstimes.com/singapore/law-to-formalise-assurances-on-use-of-tracetogether-data

Covid-19 vaccination may mean shorter quarantine if data shows it cuts risks
Travllers who have been vaccinated against Covid-19 may avoid having to serve lengthy stay-
home notices (SHNs) when they return to Singapore in the future, Education Minister Lawrence
Wong has suggested.

                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
                                                                                                   Jan 15, 2021 / Issue 2

Mr Wong, who co-chairs the multi-ministry coronavirus task force, said the government would
consider drastically reducing or even doing away with the two-week quarantine requirement if
data shows that vaccination significantly reduces transmission risks.
He said this was one of the potential "tangible benefits" for those choosing to be vaccinated,
besides protection against the coronavirus.
"Those who choose not to be vaccinated - you have to live with more frequent tests, you have to
live with quarantine, you have to live with all of these other additional requirements," he said
during an interview on CNA's Talking Point.

Links to the story:
https://www.businesstimes.com.sg/companies-markets/covid-19-vaccination-may-mean-shorter-quarantine-if-data-
shows-it-cuts-risks
https://www.straitstimes.com/singapore/health/covid-19-jab-could-mean-shorter-shn-minister

Malls may face entry restrictions if they slip up on crowd management
As clampdowns on businesses and individuals breaching safe distancing measures continue,
shopping malls are no exception to scrutiny.
Entry restrictions may be imposed on malls that face crowd management issues even as more
visitors are allowed in under phase three of Singapore's reopening, the authorities said.
The restrictions may be similar to the "odd-even" weekend entry in force at Peninsula Plaza and
Lucky Plaza since Aug 29.

Link to the story:
https://www.straitstimes.com/singapore/malls-may-face-entry-restrictions-if-they-slip-up-on-crowd-management

Economy
Singapore unemployment eases to 3.3% in November
Singapore’s unemployment rates eased in November, for the first time since the Covid-19
pandemic hit, in what economists see as a promising sign of labour market stabilisation.
The overall unemployment rate fell to 3.3 per cent, down from the 3.6 per cent high of the
preceding two months and the lowest rate since July, according to Manpower Ministry figures.
Resident and citizen unemployment rates both improved by 0.2 percentage points: to 4.6 per cent
from 4.8 per cent the month before for residents, and to 4.7 per cent from 4.9 per cent previously
for citizens.
Updated figures on employment levels, for instance, will be released at the end of January.

Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-unemployment-eases-to-33-in-november-0
https://www.straitstimes.com/singapore/jobs/singapores-unemployment-rate-dipped-in-nov-for-first-time-in-2020

                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
                                                                                                   Jan 15, 2021 / Issue 2

Wholesale traders top beneficiaries of ESG loan schemes in 2020; sector set to pick
up in new year
Cash-strapped businesses got S$17.4 billion in loans last year from key schemes supported by
government agency Enterprise Singapore (ESG), as the Covid-19 downturn hit.
More than 20,000 companies tapped these funds between March and December 2020, outstripping
the S$1.3 billion infusion in 2019, Minister for Trade and Industry Chan Chun Sing told reporters.
Wholesale trade companies made up 20 per cent of all approved loans, followed by construction
businesses at 16 per cent and manufacturers at 13 per cent, the Ministry of Trade and Industry
(MTI) said when asked.
Mr Chan said: "The outlook for the sector continues to be good, and we are cautiously optimistic
that 2021 will see a rebound for the sector for most of the commodities traded."
Wholesale trade employs some 9 per cent of Singapore's workforce and makes up about 12 per
cent of the economy, according to MTI figures.

Links to the story:
https://www.businesstimes.com.sg/government-economy/wholesale-traders-top-beneficiaries-of-esg-loan-schemes-
in-2020-sector-set-to
https://www.straitstimes.com/business/economy/firms-took-174b-in-loans-through-enterprise-spore-amid-virus-
crisis

S'pore economy likely to recover in second half of 2021: Heng
The Singapore economy is likely to stage a slow recovery in the second half of this year, said
Deputy Prime Minister Heng Swee Keat as he gave his outlook for 2021.
This is in line with the global consensus that the world's economy may recover in the second half
of the year as a result of vaccination programmes that have kicked off, giving hope that the
pandemic can be better controlled, he added.
"Even then, the world has lost a significant part of its gross domestic product, and even if that
scenario pans out, it will still likely be below the 2019 level. So that is the scenario that we have
to plan on," said Mr Heng.

Link to the story:
https://www.straitstimes.com/singapore/spore-economy-likely-to-recover-in-second-half-of-2021-heng

Labour recovery from Covid-19 needs coordination: Tharman
Handling the labour market shock wrought by the Covid-19 pandemic requires "high-quality and
effective coordination", said Senior Minister and Coordinating Minister for Social Policies
Tharman Shanmugaratnam, at the Institute of Policy Studies (IPS) Singapore Perspectives 2021
conference.
Singapore's approach is not just to get people back in jobs as soon as possible, but to find a match
for their skills and human capital, he said.
To achieve both speedy matching and good matches, coordination is key: "You can't leave it to the
market."

                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
                                                                                                   Jan 15, 2021 / Issue 2

Links to the story:
https://www.businesstimes.com.sg/government-economy/labour-recovery-from-covid-19-needs-coordination-
tharman
https://www.straitstimes.com/singapore/politics/lifting-wages-of-essential-workers-crucial-tharman

Port of Singapore container throughput dips 0.9% in 2020
Shipping containers with a volume of 36.9 million twenty-foot equivalent units (TEUs) passed
through the Port of Singapore in 2020, down by 0.9 per cent from the figure for the year before.
Singapore's container throughput was stable, even with the Covid-19 pandemic, noted the
Maritime and Port Authority (MPA).
With the port staying open, vessel arrival tonnage rose by 1.7 per cent to a record 2.9 billion gross
tonnes.
Bunkering sales rose 5 per cent to 49.8 million tonnes, but cargo throughput fell by 5.8 per cent
year on year to 590.3 million tonnes, which the MPA attributed to a decline in oil cargo volumes
handled.

Link to the story:
https://www.businesstimes.com.sg/transport/port-of-singapore-container-throughput-dips-09-in-2020

Budget 2021 likely to be more targeted as aid tapers off
Next month's Budget is expected to target sectors hit hardest by the pandemic, but spending overall
will be reined in after extensive support measures were rolled out last year.
Mr Liang Eng Hwa, chairman of the Government Parliamentary Committee for Finance, Trade
and Industry, told a pre-Budget round-table: "I am a bit more realistic about what to expect for the
upcoming Budget because there are only so much financial resources you can use to help."
"I expect this Budget to be a lot more targeted and differentiated than before, so we really channel
and allocate funds to those businesses that need help, grow the economy and create jobs," Mr Liang
said during the Institute of Singapore Chartered Accountants round-table. "We will still have to
help, but the numbers will taper off along the way."

Link to the story:
https://www.straitstimes.com/business/economy/budget-2021-likely-to-be-more-targeted-as-aid-tapers-off

Hospitality
More merchants join tourism voucher scheme
Singaporeans who have not redeemed their SingapoRediscovers vouchers (SRV) have more
options now as the list of eligible merchants is expanding.
The Singapore Tourism Board (STB) is also actively reviewing whether hostels with private
facilities - such as private en-suite rooms - can be made safe for leisure stays and eligible for the
SRV scheme.

                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
Jan 15, 2021 / Issue 2

This is in line with STB's progressive reopening of tourism businesses to safeguard the health and
safety of Singaporeans, and to minimise the risk of new Covid-19 clusters, the board told The
Straits Times.

Link to the story:
https://www.straitstimes.com/singapore/consumer/more-merchants-join-tourism-voucher-scheme

Shophouse
Conservation shophouses in Tanjong Pagar and Outram Park up for sale
Several shophouses located in Tanjong Pagar and Outram Park have been put on the market, amid
mounting demand for the property type.
A three-storey conservation shophouse with attic at 91 Tanjong Pagar Road is up for sale via
expression of interest with an indicative price of S$10.2 million.
This translates to S$2,615 per sq ft (psf) based on an estimated gross floor area of 3,900 square
feet (sq ft). The shophouse has a land area of 1,292 sq ft.
Besides that property, a pair of freehold three-storey commercial conservation shophouses at 13
and 15 Teo Hong Road is up for sale with a S$33 million guide price.
This translates to S$2,980 psf, based on an estimated floor area of 11,070 sq ft after addition and
alterations (A&A) work.
The expression-of-interest exercise for 13 and 15 Teo Hong Road closes at 3pm on Feb 9; that for
91 Tanjong Pagar Road closes at 3pm on Feb 25.

Link to the story:
https://www.businesstimes.com.sg/real-estate/conservation-shophouses-in-tanjong-pagar-and-outram-park-up-for-
sale

Industrial
Blackstone to buy Sandcrawler building in Singapore for S$176m
US private equity giant Blackstone Group is planning to buy Lucas Real Estate Singapore's iconic
facility, the Sandcrawler, at an indicative price of nearly S$175.8 million, The Business Times
(BT) has learnt.
The sale process is ongoing and will be subject to approval from JTC Corporation.
The eight-storey building's occupancy rate is said to be in the high-90 per cent range. Market
watchers said the indicative price tag of around S$175.8 million reflects a net yield of about 4 per
cent based on its existing rental income.

Links to the story:
https://www.businesstimes.com.sg/real-estate/blackstone-to-buy-sandcrawler-building-in-singapore-for-s176m
https://www.straitstimes.com/business/us-firm-buying-lucasfilms-sandcrawler-building-in-spore-for-175m

Weekly News Select
Jan 15, 2021 / Issue 2

Innovation centre to develop Singapore as base for advanced manufacturers
An innovation centre aimed at boosting the competitiveness of Singapore's electronics and
advanced manufacturing sector was launched at Changi Business Park.
The PlanetSpark Innovation Centre plans to nurture Singapore-grown hardware technology
startups in the artificial intelligence (AI) and Internet of Things (IoT) sectors.
The centre was developed by mainboard-listed electronics components distributor Excelpoint
Technology, in a two-year collaboration with Enterprise Singapore.

Links to the story:
https://www.businesstimes.com.sg/garage/innovation-centre-to-develop-singapore-as-base-for-advanced-
manufacturers
https://www.straitstimes.com/business/new-centre-to-help-tech-start-ups-bring-products-to-market-faster
https://www.straitstimes.com/business/firms-must-innovate-to-seize-new-opportunities-says-chan

DuPont's new plant helps boost Singapore as regional chemicals hub
US chemical giant DuPont has built a new enzyme-blending factory in Singapore, giving a big
boost to the country's push to be Asia-Pacific's speciality chemicals hub.
DuPont did not provide a figure for the investments pumped into what it called the Singapore
Flexiblend plant, but an official from DuPont Health & Biosciences told The Business Times that
the investments were in "double-digit millions".
A statement issued by DuPont Nutrition & Biosciences said the plant, due to become operational
in the second quarter of this year, would produce biotechnology solutions for Asia-Pacific.
DuPont Nutrition & Biosciences also said it hired 96 employees in Singapore, of which 77 are
Singaporeans or permanent residents.

Links to the story:
https://www.businesstimes.com.sg/government-economy/duponts-new-plant-helps-boost-singapore-as-regional-
chemicals-hub
https://www.straitstimes.com/singapore/jobs/dupont-biotech-plant-opens-up-high-skill-jobs

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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