Weekly News Select - Huttons Asia Pte Ltd

Page created by Howard Palmer

Cars & Machinery

English

Like
Share
Embed
Fullscreen
Slides
Download HTML
Download PDF
Abuse

←

→

Page content transcription

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

Weekly News Select
                                                                                                  Feb 12, 2021 / Issue 6

Top News for the Week
        •   Are new cooling measures coming to Singapore's housing market?
        •   Sharp rise in single-person households, accounting for 1 in 8 HDB homes in 2018:
            Survey
        •   En bloc deals may be back in play as developers run down landbanks
        •   Budget priority is to help workers, businesses adapt: DPM
        •   Singapore Green Plan 2030 to change the way people live, work, study and play
        •   110,000 local hires supported by Jobs Growth Incentive in October
        •   Real household incomes decline for first time in more than 10 years
        •   Business 'bubble' scheme put on ice

Residential
Are new cooling measures coming to Singapore's housing market?
Talk is rife that policy tweaks could be on the horizon to cool Singapore's buoyant residential
segment, as the government keeps an eye on the real estate market.
Suggestions from consultants, analysts and agencies varied widely, but a common theme was the
expectation that additional measures will target investors rather than first-time homebuyers and
upgraders. That follows Deputy Prime Minister Heng Swee Keat's comments in January, when he
said the property market must remain stable so young Singaporeans can own their homes.
Among the ideas are higher stamp duties and tighter loan limits for subsequent properties and
foreigners.
One idea floated is to either set a minimum size for each unit or again increase the average
minimum size for new developments. The intended effect is to bump up home sizes for occupiers,
while building fewer shoebox apartments that typically appeal to investors due to the lower
quantums.
The first time the average size was increased, it raised quantums (absolute prices) for smaller units
as many buyers are happy to forgo some space for an upgraded lifestyle, said Huttons Asia research
director Lee Sze Teck.
Some observers do not expect cooling measures - at least not till the second half of this year.
The performance of the different segments of the property market was not uniform either. For
instance, though the rental market is showing initial signs of bottoming out, it is still not yet out of
the woods, said Huttons' Mr Lee.

Links to the story:
https://www.businesstimes.com.sg/real-estate/are-new-cooling-measures-coming-to-singapores-housing-market
https://www.businesstimes.com.sg/infographics/are-property-curbs-looming

               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
Feb 12, 2021 / Issue 6

Sharp rise in single-person households, accounting for 1 in 8 HDB homes in 2018:
Survey
Single-person households living in Housing and Development Board (HDB) flats are becoming
far more common as a result of Singapore’s ageing population and a rule change in 2013 that
allowed singles aged 35 and above to buy new two-room flats.
This group — which could include live-alone seniors, singles, widows and divorcees — made up
about one in eight HDB households, or 11.9 per cent, in 2018.In 2003, it was about one in 14
households, or 7.1 per cent.
This was one of the key findings of HDB's latest sample household survey results, which were
released on Feb 10.
Mr Lee Sze Teck, head of research at property agency Huttons Asia, said that HDB will need to
keep abreast of this demographic change and renew its housing provision accordingly, pointing
out that the number of singles had jumped by almost 300,000 from 2000 to 2019. This has resulted
in the number of one-person households almost tripling, from 75,400 in 2000 to 208,000 in 2019,
he added.
On the finding that fewer citizens and permanent residents are living in HDB flats, Mr Lee said
that it is reflective of rising income and affluence. Median monthly household income has more
than doubled from S$4,398 in 2000 to S$9,198 last year, he noted. “Coupled with a desire to
change their lifestyle, some families and singles have opted to move to a private condominium.
This has supported the healthy demand in the private residential market.

Links to the story:
https://www.todayonline.com/singapore/sharp-rise-single-person-flats-accounting-about-1-8-hdb-households-2018-
survey
https://www.straitstimes.com/singapore/singapore-resident-population-in-hdb-flats-falls-to-304m-with-smaller-
households-spread
https://www.straitstimes.com/singapore/younger-hdb-residents-more-likely-to-yearn-for-better-housing

Marina Bay 24-bedroom penthouse collection for sale at S$138m
Five penthouses at the 99-year leasehold Marina Bay Residences have been put on the market
collectively, with an indicative price of S$138 million.
When combined, they will create a super penthouse boasting 28,258 sq ft of strata area across five
storeys.
This amalgamation will be subject to internal staircases being built to connect the units, if the
necessary approvals are obtained. Super penthouses typically have a minimum size of 10,000 sq
ft.
The indicative price tag works out to about S$4,884 psf based on the total strata area.
The five penthouses come with 24 bedrooms and a 25-metre rooftop pool, and occupy levels 50 to
54. The largest penthouse in the collection is a 11,012 sq ft triplex or three-storey unit.

Links to the story:
https://www.businesstimes.com.sg/real-estate/marina-bay-24-bedroom-penthouse-collection-for-sale-at-s138m
https://www.straitstimes.com/business/property/5-marina-bay-penthouses-on-sale-for-138m-may-be-combined-to-
create-24-bedroom-unit

Weekly News Select
                                                                                                   Feb 12, 2021 / Issue 6

En bloc deals may be back in play as developers run down landbanks
Over half the developers here are keen to replenish their landbank, with the en bloc market likely
to garner more interest in the first half of this year, according to a survey.
However, smaller residential sites yielding 100 to 200 private homes are seen as the sweet spot as
developers shun risk amid economic headwinds.
The fourth-quarter 2020 survey by the Institute of Real Estate and Urban Studies (IREUS) at NUS
polled 47 executives in Singapore, of whom half are developers while the rest are from major real
estate agencies, financial institutions funds and construction firms.
Going by the results, about 55 per cent of developers polled are planning to build up their landbank
while the rest of the developers said they will maintain their landbank.
Nearly two-thirds (62.5 per cent) of developers reckon that the en bloc market will see a greater
level of interest in the first six months of this year, while more than half (over 58 per cent) of
developers expect that the GLS programme will attract increased interest.
Where en bloc sales are concerned, land parcels in the suburbs - or Outside Central Region (OCR)
- are most likely to be transacted, according to nearly half (48 per cent) of those polled by IREUS.
Land parcels in the city fringe, or Rest of Central Region (RCR), are the next in line, about 46 per
cent of respondents said. But sites in the Core Central Region (CCR) appear least likely to be
transacted, getting the vote of just 7 per cent of the respondents.

Link to the story:
https://www.businesstimes.com.sg/real-estate/en-bloc-deals-may-be-back-in-play-as-developers-run-down-
landbanks

More expect government intervention to cool property market
Fears of spiking construction costs overtook economic woes as the top potential risk factor that
may temper sentiment in the property sector in the next six months.
That is according to the latest Real Estate Sentiment Index published by the National University
of Singapore Real Estate (NUS+RE), which represents the Department of Real Estate and the
Institute of Real Estate and Urban Studies at the university.
The proportion of respondents who indicated concerns on the rising costs of construction rose to
85.1 per cent in the fourth quarter of 2020, versus 76.9 per cent in Q3.
In contrast, the proportion of respondents who indicated job losses/a decline in domestic economy
as a potential risk factor fell to 61.7 per cent from 100 per cent, while those who were worried
about the slowdown in the global economy declined to 76.6 per cent from 96.2 per cent.
Meanwhile, one risk factor that rose significantly was the potential risk of government intervention
to cool the market, which jumped to 44.7 per cent in Q4 2020, from just 19.2 per cent in Q3 2020.
In terms of future launches and sales, about 58 per cent of property developers surveyed by
NUS+RE expected prices to be moderately higher, while 29 per cent expected prices to remain the
same.

Links to the story:
https://www.businesstimes.com.sg/real-estate/more-expect-government-intervention-to-cool-property-market
https://www.straitstimes.com/business/property/more-expecting-government-intervention-to-cool-singapore-
property-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
Feb 12, 2021 / Issue 6

Singapore's January new home sales break into a sprint as talk of curbs grows
Developers enjoyed an early Chinese New Year bonanza last month when sales of new private
homes surged to 1,606 units, up 32 per cent over December's 1,217 as determined buyers made
their Huat Ah! sprint. (Huat Ah! means to prosper in Hokkien).
January's sizzling sales were due to launch of mega project The Normanton and speculation of
possible measures to rein in the residential market which seemed to have the opposite effect of
spurring buyers into action.
January saw a few key launches. The best-selling project was the 1,862-unit Normanton Park
which sold 625 units.
This was followed by the 700 unit-Parc Central Residences EC (executive condominium), which
sold 417 units, and 429-unit The Reef at King's Dock that moved 221 units.
Other projects like Ki Residences at Brookvale, Treasure at Tampines, Jadescape, Parc Clematis
and The Garden Residences were among the other top sellers last month.

Link to the story:
https://www.businesstimes.com.sg/real-estate/singapores-january-new-home-sales-break-into-a-sprint-as-talk-of-
curbs-grows

Former Sincere Watch boss Tay Liam Wee joins owners cashing in on active GCB
market
Singapore’s Good Class Bungalow (GCB) market continues to be on a roll.
Among the latest deals is a bungalow in Binjai Park that is in the early stage of being sold for
S$31.35 million; this works out to S$1,384 psf based on the 22,648 sq ft freehold land area.
On site is a two-storey bungalow with a basement and a lift. It has five bedrooms and a guest room,
as well as a courtyard and swimming pool. The bungalow is currently tenanted. It is held by a
wholly-owned vehicle of former Sincere Watch boss Tay Liam Wee which has granted an option
to purchase the property to a low-profile Singaporean.
Meanwhile, in Leedon Park, a bungalow is changing hands for S$37.3 million or S$1,728 psf on
land area of 21,584 sq ft. A bungalow on Peirce Hill is being transacted for S$28.8 million or
S$1,669 psf on 17,260 sq ft land area.
Market watchers say the GCB market is poised to achieve a better performance this year over
2020's tally of 46 deals totalling S$1.09 billion.

Link to the story:
https://www.businesstimes.com.sg/real-estate/former-sincere-watch-boss-tay-liam-wee-joins-owners-cashing-in-on-
active-gcb-market

More condo and HDB units leased in January as rents rise: SRX
The climb out of the pandemic-induced rut appears to be on track with rental volume for both
Housing Board flats and condominium units recording another month of increases in January this
year.
Condo rentals rose 11.3 per cent last month to an estimated 4,747 units, compared with 4,266 units
in December last year, according to flash data from a real estate portal.

Weekly News Select
Feb 12, 2021 / Issue 6

This represented a 10.4 per cent increase from the same month a year ago. Leasing were also 8.5
per cent higher than the five-year average volume for the month of January.
HDB rental volume climbed 14.6 per cent month on month to an estimated 1,912 flats in January,
compared with 1,668 units in December.
Year on year, HDB leasings were up 8.5 per cent from January 2020.

Link to the story:
https://www.straitstimes.com/business/property/more-condo-and-hdb-units-rented-out-in-january-2021-srx

East Coast development goes on collective sale by auction - the first since 1997
A small freehold apartment block off East Coast Road will soon be put up for collective sale at a
public auction - which is a rarity in Singapore, as most en bloc sales take place via tender.
This is believed to be only the second time a collective sale will be held through a public auction;
the first was more than two decades ago, in January 1997, when Far East Organization outbid DBS
Land for Scotts Tower.
The property going on the block for a collective sale is a three-storey building on Marshall Road,
housing six walk-up apartments. There are eight car park lots on the property.
In the 2019 Masterplan of the Urban Redevelopment Authority, the land in this development is
zoned residential, with a plot ratio of 1.4. The squarish land plot has a frontage of 23.4 m and depth
of 29.2 m. The land area is 7,418 sq ft.
The auction has been slated for Feb 24, and the guide price is S$12 million.

Link to the story:
https://www.businesstimes.com.sg/real-estate/east-coast-development-goes-on-collective-sale-by-auction-the-first-
since-1997

Pricier, new condo launches drove resale market in January: analysts
New condominium launches drove demand for units in the secondary market in January, with
resale units being relatively more affordable, said analysts.
The comments came as condo resale prices rose for the sixth straight month in January 2021, flash
figures from a real estate portal showed.
Overall prices were up 1.2 per cent from December 2020, and 2.2 per cent higher compared to
January 2020, according to flash figures from the real estate portal.
Resale volume was up 8.6 per cent to about 1,587 units resold in January 2021, from 1,461 units
resold in December 2020. Volumes were 128.3 per cent higher than in January 2020 and 136.5 per
cent higher than the five-year average volumes for the month of January.

Links to the story:
https://www.businesstimes.com.sg/real-estate/pricier-new-condo-launches-drove-resale-market-in-january-analysts
https://www.straitstimes.com/business/property/resale-condo-prices-rise-for-6th-straight-month-in-january-on-
strong-sales-srx

Weekly News Select
                                                                                                   Feb 12, 2021 / Issue 6

All BTO flats in Kallang/Whampoa, Bidadari and assisted living flats oversubscribed
one day after launch
All Build-To-Order (BTO) flats in the mature estates of Kallang/Whampoa and Toa Payoh
(Bidadari) have been oversubscribed just one day into their one-week launch for sale.
Seniors wanting to live in Singapore's first assisted living public housing in Bukit Batok will also
face stiff competition as there is nearly twice as many applicants as available units.
As of 5pm on Feb 5, there were 319 applicants vying for the 169 units in the pilot batch of
Community Care Apartments in the Harmony Village @ Bukit Batok BTO project.
The five-room flats in ParkEdge @ Bidadari and Alkaff Breeze housing projects were the most in
demand, with more than three applicants for each of the 323 units.
The four-room flats in all three of Bidadari's projects - Bartley GreenRise, ParkEdge @ Bidadari
and Alkaff Breeze - drew slightly more than one applicant for each of the 797 units. Likewise,
there were 141 applicants for each of the 96 three-room flats in Bartley GreenRise - clearly more
than one applicant per unit.
The next most popular project in this launch is McNair Heights in Kallang/Whampoa, with more
than two applicants for each of the 386 four-room flats, the biggest available flat type in the project.
Home owners who wished to live in the non-mature estates of Bukit Batok and Tengah may have
better luck, as application rates were relatively low.

Links to the story:
https://www.straitstimes.com/singapore/housing/all-bto-flats-in-kallangwhampoa-bidadari-and-assisted-living-flats-
oversubscribed
https://www.straitstimes.com/singapore/bigger-bto-flats-in-bidadari-kallangwhampoa-draw-most-interest-assisted-
living-flats-four

4,600 public rental-flat families became HDB home owners over the past five years
About 4,600 families in public rental homes have become owners of Housing Board (HDB) flats
over the past five years through various housing schemes and grants.
By 2023, around 1,000 families will be offered help by HDB to do the same.
Among the 4,600 households, three in four bought a flat directly from the HDB while the
remaining bought a resale flat on the open market, said the HDB on Feb 7.
More than half of these households bought a three-room flat while a quarter bought four-room
flats, it added.

Link to the story:
https://www.straitstimes.com/singapore/housing/4600-public-rental-flat-families-became-hdb-home-owners-over-
the-past-five-years

                Huttons Asia Pte Ltd | L3008899K | ROC No. 200210087C | GST Reg No. 20-0210087-C
               3 Bishan Place #05-01, CPF Building, S (579838) | Tel. (65) 6253 0030 | Fax (65) 6253 0090
                                              www.huttonsgroup.com

Weekly News Select
Feb 12, 2021 / Issue 6

Commercial
Fujian buyers cast wider net in Singapore property market
Buyers from China's Fujian province continue to be drawn to Singapore property as they widen
their interests in the asset class - the latest being an office unit at The Central above Clarke Quay
MRT station.
The unit, which has an area of 13,336 sq ft, is being sold by the project's developer Far East
Organization for S$41.74 million, reflecting S$3,130 psf. The unit occupies half of the 22nd floor
in a V-shaped office tower that rises up to 25 storeys.
The buyer is a Singapore-incorporated vehicle owned by Wang Kuncheng, a Chinese citizen
understood to be from Xiamen city in Fujian province. Talk in the market is that the acquisition is
being made without any borrowings, and that the unit is currently tenanted.

Link to the story:
https://www.businesstimes.com.sg/real-estate/fujian-buyers-cast-wider-net-in-singapore-property-market

Retail
New Chinese-language bookstore Zall to open in Orchard Road
Amid the flurry of pandemic-driven retail closures, a new bookstore is braving the waters in
Orchard Road.
Zall Bookstore, an outlet for Chinese-language titles, opens on Feb 8 at Wheelock Place, near
where the iconic Borders flagship was located till its closure in 2011.
The two-storey space stocks more than 30,000 books, mostly in Chinese, and also has a cafe and
an art gallery.
The Singapore store is the first overseas branch for Zall, which has four bookshops in Hubei,
China.

Link to the story:
https://www.straitstimes.com/life/arts/new-chinese-language-bookstore-zall-to-open-in-orchard-road

Government
Budget priority is to help workers, businesses adapt: DPM
Helping workers and businesses to adapt, innovate, and grow will be a key priority for Budget
2021, said Deputy Prime Minister and Minister for Finance Heng Swee Keat.
The government will also continue to support workers and businesses, especially those in hard-hit
sectors. But Singapore must press on with the economic transformation it started five years ago,
he added.
But while the worst of the fallout has been averted, the road to recovery will be uneven and highly
uncertain, said Mr Heng.

Weekly News Select
                                                                                                   Feb 12, 2021 / Issue 6

He added that he will share more on helping workers and businesses to adapt, innovate and grow
in his Budget statement in Parliament on Feb 16.

Links to the story:
https://www.businesstimes.com.sg/companies-markets/singapore-budget-2021/budget-priority-is-to-help-workers-
businesses-adapt-dpm
https://www.straitstimes.com/singapore/politics/budget-2021-will-have-more-targeted-schemes-for-those-who-still-
need-help
https://www.straitstimes.com/singapore/politics/helping-workers-businesses-to-adapt-innovate-and-grow-a-key-
priority-for-budget

ESG approved S$18b in loans to 21,000 enterprises last year amid pandemic
Last year, on top of supporting 15,300 Singapore firms to transform, Enterprise Singapore (ESG)
worked with financial institutions to approve some 32,000 loans worth S$18 billion for 21,000
enterprises, amid the Covid-19 pandemic.
Of these recipients under the Temporary Bridging Loan Programme and enhanced SME Working
Capital Loans, 87 per cent were micro and small enterprises, mostly from the wholesale trade,
construction, manufacturing, professional services, and retail sectors, ESG said in its year-in-
review.
In other pandemic-related efforts, the agency helped 23,500 enterprises upgrade, digitalise and
achieve business continuity, with the majority of these tapping the six Covid-related digital tools
and solutions introduced under the Productivity Solutions Grant.
It also supported 3,600 retailers and 19,000 food and beverage establishments to build digital
capabilities and sell online, via its e-commerce and food delivery booster packages.
The projects embarked upon are expected to catalyse S$18.4 billion in value-add and more than
22,200 skilled jobs in the next three years.

Links to the story:
https://www.businesstimes.com.sg/government-economy/esg-approved-s18b-in-loans-to-21000-enterprises-last-
year-amid-pandemic
https://www.straitstimes.com/business/economy/firms-to-add-184b-in-value-22200-in-skilled-jobs-from-enterprise-
singapore-support
https://www.straitstimes.com/business/economy/govt-support-must-increasingly-aim-at-helping-firms-seize-new-
opportunities-markets

Government will find ways to support all firms keen to upgrade
Local companies harbouring ambitions for growth can continue to expect policy and funding
support, Minister for Trade and Industry Chan Chun Sing indicated.
And this is not limited to the factory sector, he said during his stop at precision engineering firm
Sanwa Plastic, as part of a series of visits across manufacturing sub-sectors.
Stressing the need to "conquer new frontiers", Mr Chan said: "Our commitment is that so long as
our companies have the desire to upgrade themselves, we will try our best to find the means to
support that."

                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
                                                                                                   Feb 12, 2021 / Issue 6

Links to the story:
https://www.businesstimes.com.sg/government-economy/government-will-find-ways-to-support-all-firms-keen-to-
upgrade
https://www.straitstimes.com/business/economy/govt-will-help-smes-build-innovative-capacity-to-face-post-
pandemic-challenges-chan

Tighter border measures for travellers on Business Travel Pass scheme
The multi-ministry task force announced that Singapore will be tightening border measures for
travellers from Vietnam as well as those on the Business Travel Pass (BTP) scheme. Meanwhile,
border measures for travellers from New South Wales (NSW), Australia, will be adjusted, given
the improvement in the state's Covid-19 situation.
Travellers on the BTP scheme will now be required to undergo Covid-19 polymerase chain
reaction (PCR) tests on the third, seventh and 14th day of their return. An additional serology test
will also be required on day three. Additionally, travellers are to avoid events with more than eight
attendees within 14 days of returning to Singapore, said the task force in a statement.
Following the increase in Covid-19 cases observed in Vietnam, Singapore citizens, permanent
residents and long-term pass holders entering Singapore with travel history to Vietnam within the
last 14 days will now be subject to an on-arrival PCR test, 14-day SHN at dedicated SHN facilities,
and a PCR test before the end of the SHN period.
These measures take effect from 11.59 pm on Feb 12.

Link to the story:
https://www.businesstimes.com.sg/government-economy/tighter-border-measures-for-travellers-on-business-travel-
pass-scheme

Covid situation stable, but maintain safe distancing: PM Lee
Singapore has gone all out to control the spread of Covid-19, treat the infected, and prevent the
country's healthcare system from being overwhelmed, even though this has come at a "great
economic cost", said Prime Minister Lee Hsien Loong.
In his annual Chinese New Year (CNY) Message, Mr Lee said this "tremendous effort" means that
Singapore's Covid-19 situation has now stabilised.
While the CNY mood this month has been dampened due to the ongoing restrictions on family
gatherings and house visits, Mr Lee said everyone can look forward to more carefree celebrations
when the pandemic is over.
The Year of the Ox brings "new hope", especially now that vaccines are available, said the prime
minister. Countries with serious outbreaks that have started mass vaccinations for their populations
have started to bring down the number of new infections.

Links to the story:
https://www.businesstimes.com.sg/government-economy/covid-situation-stable-but-maintain-safe-distancing-pm-lee
https://www.straitstimes.com/singapore/politics/over-250000-have-received-first-dose-of-covid-19-vaccine-pm-0

                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
Feb 12, 2021 / Issue 6

Singapore Green Plan 2030 to change the way people live, work, study and play
Life in Singapore looks set to be much greener by 2030, with new sustainability initiatives to
change the way people work, study and play.
The Singapore Green Plan 2030, which was released by five ministries on Feb 10, will help chart
the country's way towards a more sustainable future over the next decade.
The wide-ranging plan cuts across all sectors of society, ranging from infrastructural development,
research and innovation, to training programmes.
The aim is to get the whole nation together as it seeks to transition into a more sustainable future
- in line with global momentum for countries to "build back better" as they recover from the
economic fallout of Covid-19.
The five ministries backing the plan are the Ministries of Education, National Development,
Sustainability and the Environment, Trade and Industry, and Transport.
There are altogether five pillars in the plan - City in Nature, Sustainable Living, Energy Reset,
Green Economy and Resilient Future.

Links to the story:
https://www.straitstimes.com/singapore/environment/singapore-green-plan-2030-to-change-the-way-people-live-
work-study-and-play
https://www.businesstimes.com.sg/government-economy/more-tax-perks-down-the-road-to-promote-use-of-electric-
cars-in-singapore
https://www.straitstimes.com/singapore/transport/more-tax-incentives-down-the-road-to-promote-electric-car-use-
in-spore
https://www.straitstimes.com/singapore/green-plan-offers-new-jobs-areas-for-economic-growth

Economy
Singapore retail sales chill in December as Singles' Day effect fades
The slump in Singapore's retail sales widened in December last year after a November boost by
mega shopping events like Singles' Day and Black Friday faded.
Takings at the till dropped 3.6 per cent from a year ago, steeper than the revised 1.7 per cent year-
on-year decline in November and worse than the median forecast of an 2.2 per cent fall by
economists polled by Bloomberg.
Retail sales, excluding motor vehicles, fell 4.5 per cent last December, compared with a revised
2.8 per cent drop last November.
Month on month, seasonally adjusted retail sales dipped 0.9 per cent, reversing the 7.3 per cent
rise in November. Excluding motor vehicles, retail sales declined 0.7 per cent from the previous
month, compared with a 10 per cent rise in November.
The estimated total retail sales value in December was about $4 billion. Of this, online sales made
up an estimated 11 per cent. Excluding motor vehicles, the total retail sales value was about $3.5
billion, with online sales taking a 12.6 per cent share.

Links to the story:
https://www.straitstimes.com/business/economy/singapore-retail-sales-chill-in-december-as-singles-day-effect-fades
https://www.businesstimes.com.sg/government-economy/retail-sales-plunge-153-in-2020-in-worst-year-on-record-
economists-react

Weekly News Select
                                                                                                   Feb 12, 2021 / Issue 6

Public service to look at hiring more talent from private sector
The public service will increasingly look to recruit talent from the private and people sectors, and
send more officers on external attachments, as part of efforts to become more agile and diverse.
These are areas which the public service needs to "double down or accelerate" work done during
the Covid-19 pandemic, said Minister-in-charge of the Public Service Chan Chun Sing in an
interview.
The end goal is to have "greater porosity" between the public sector and the outside world, he
added. "It's not a binary thing, where you are either in or out of the public service," Mr Chan said.

Link to the story:
https://www.straitstimes.com/singapore/public-service-to-look-at-hiring-more-talent-from-private-sector

110,000 local hires supported by Jobs Growth Incentive in October: Josephine Teo
The cumulative number of local hires supported by the Jobs Growth Incentive (JGI) rose to
110,000 in October, the second month since the scheme's implementation, up from 50,000 in the
first month.
To complement job-matching efforts, the government is working with employment agencies, and
has introduced the Human Capital Partnership (Employment Agencies) Mark to help jobseekers
and employers identify exemplary agencies, Manpower Minister Josephine Teo said at a media
briefing.
As at October, JGI-supported hires were from across some 26,000 employers, of which more than
11,000 were newly eligible for payouts, with the rest having already qualified for payouts in
September.
Food services was the sector with the most new hires, with 17,800 supported by the JGI. Other top
hiring sectors were wholesale trade, with 9,800; professional services, with 8,400; retail, with
7,000; and construction, with 7,000.

Links to the story:
https://www.businesstimes.com.sg/government-economy/110000-local-hires-supported-by-jobs-growth-incentive-
in-october-josephine-teo
https://www.straitstimes.com/singapore/jobs/over-110000-jobseekers-hired-under-jobs-growth-incentive-in-
september-and-october

Real household incomes decline for first time in more than 10 years
The Covid-19 pandemic hit Singapore households hard last year, with overall median household
income from work falling by 2.5 per cent in nominal terms from S$9,425 to S$9,189.
After taking into account inflation, this works out to a 2.4 per cent drop in real terms - the first
such decline in more than 10 years, since after the economy was battered by the global financial
crisis.
In a new report released, the Department of Statistics (DOS) found that lower income households
were the hardest hit, with those in the bottom 10 per cent seeing a 6.1 per cent real decline in
income.
In contrast, the rest of the households recorded real declines of 1.4 to 3.2 per cent.

                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
                                                                                                   Feb 12, 2021 / Issue 6

But government transfers and taxes also significantly reduced the Gini coefficient from 0.452 to
0.375. The Gini coefficient measures income inequality from 0 to 1, with 0 being most equal.

Links to the story:
https://www.businesstimes.com.sg/government-economy/real-household-incomes-decline-for-first-time-in-more-
than-10-years
https://www.straitstimes.com/singapore/real-household-incomes-decline-for-the-first-time-in-more-than-10-years-
but-impact

Saving jobs in Budget 2021: what and whose jobs to save?
While the government's call to retrain and upskill has been a familiar refrain in recent years, the
push to do so is probably about to intensify at Budget 2021, according to economists.
It would be part of an economic restructuring that will help workers to keep their jobs, while giving
the unemployed opportunities to return to the workforce - after an unprecedented year spent
containing the economic fallout from the Covid-19 crisis and saving jobs.
However, the outlook for the hardest hit sectors, such as aviation and hospitality, remains grim
and economists believe any wage support would be targeted at this group rather than broadened.

Link to the story:
https://www.businesstimes.com.sg/government-economy/singapore-budget-2021/saving-jobs-in-budget-2021-what-
and-whose-jobs-to-save

Underemployment a bigger issue than unemployment: economists
If December's data is any indicator, Singapore's labour market appears to be on the mend, but
economists warn that underemployment - rather than unemployment - could be the bigger issue
this recession.
There are two main types of underemployment: One is when individuals work fewer hours than is
necessary or desired; the other is when individuals work in lower-paying jobs that do not match
their skill set.
While time-related underemployment can be tracked, the problem with skill-based
underemployment is a lack of parameters to quantify it, particularly since it is difficult to ascertain
whether it is a voluntary situation.
Singapore's time-related underemployment rate rose to 4.1 per cent in 2020, from 3.1 per cent a
year before, just shy of the 4.3 per cent seen during the 2009 Global Financial Crisis, says the
Labour Force in Singapore 2020 report.

Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-budget-2021/underemployment-a-bigger-issue-
than-unemployment-economists

Singtel to hire, train 500 staff over next two years in lead-up to 5G roll-out
Singtel will hire and train 500 professionals in Singapore over the next two years as part of a
collaboration with the Infocomm Media Development Authority (IMDA), the National University
of Singapore (NUS) and Singapore Polytechnic (SP).

                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
Feb 12, 2021 / Issue 6

Of these, 150 will fill new 5G roles in areas such as network engineering, digital services and 5G
product and platform development.
The rest will be trained in other emerging technologies such as the Internet of Things, cloud
engineering and data analytics, Singtel said.
The telco will also retrain some 2,300 existing employees as it gears up for the roll-out of
Singapore's nationwide 5G networks next year.

Links to the story:
https://www.businesstimes.com.sg/government-economy/singtel-to-hire-train-500-staff-over-next-two-years-in-
lead-up-to-5g-roll-out
https://www.straitstimes.com/tech/singtel-to-hire-train-500-over-2-years-for-5g-new-tech-roles

Shophouse
Shophouses on Amoy Street, Balestier Road for sale
Three shophouses, one on Amoy Street and two on Balestier Road have been put up for sale.
The guide price for the three-storey shophouse at 97 Amoy Street stands at nearly S$26 million,
while the two-storey shophouses at 449, 451 Balestier Road have an indicative price of S$6.8
million.
All three properties are available via an expression of interest (EOI) exercise, which will close at
3pm on April 8.

Link to the story:
https://www.businesstimes.com.sg/real-estate/shophouses-on-amoy-street-balestier-road-for-sale

9 Joo Chiat Place conservation shophouses for sale for S$33.9m
Nine adjoining conservation shophouses at 30 to 46 Joo Chiat Place are up for sale with an
indicative price tag of S$33.9 million, said marketing agents Huttons Asia and Sotheby's
International Realty.
The row of nine, available via an expression of interest (EOI), covers a land area of 13,996 sq ft.
This works out to about S$2,422 psf on land area.
The shophouses, zoned for commercial use on the first level, and residential use on the second
level, has a maximum plot ratio of 3.0.
The property's agents, Rudy Tedja, associate group district director at Huttons Asia, and Simon
Monteiro, senior associate marketing director at Sotheby's International Realty, recommended
using the space as family offices, co-working spaces, service apartments, co-living and medical
clinics. These uses are however subject to approval from the authorities, they added.
Mr Tedja said that there is potential to build a five-storey extension at the rear.
Buyers are also entitled to additional buyer's stamp duty (ABSD) remission, subject to conditions,
he added.
The EOI exercise will close on March 31 at 4pm.

Link to the story:
https://www.businesstimes.com.sg/real-estate/9-joo-chiat-place-conservation-shophouses-for-sale-for-s339m

Weekly News Select
Feb 12, 2021 / Issue 6

Hospitality
Business 'bubble' scheme put on ice
The launch of a pilot plan to bring "business, official and high-economic value travellers" into
Singapore and put them in a "bubble" was pushed back, The Business Times has learnt.
Under the original plans for the Connect@Singapore initiative, the first travellers would have been
able to arrive from mid- to late January.
The programme would allow them to enter Singapore without quarantine for up to 14 days, as long
as they stay, work and meet in dedicated facilities and undergo regular testing.
But the Singapore Tourism Board (STB) said it has not yet picked operators for the facilities where
these short-term visitors must be housed.
The STB did not give a date by which it plans to appoint facility operators. Asked about the reasons
for the launch delay, the Ministry of Trade and Industry (MTI) - which is overseeing the pilot -
replied only that "the traveller application start date will be broadly aligned with the estimated
operational start date of the first Connect@Singapore facility".

Link to the story:
https://www.businesstimes.com.sg/government-economy/business-bubble-scheme-put-on-ice

Experts foresee uncertain future for mass travel
Mass travel in the near future appears to be increasingly uncertain, with countries relaxing and
reimposing travel restrictions based on their progress in fighting the Covid-19 pandemic.
Singapore, for one, suspended three green lane arrangements with South Korea, Germany and
Malaysia late last month in view of a resurgence of Covid-19 cases in those countries.
Experts told The Straits Times that this comes as no surprise, since the Singapore Government has
always adopted a risk-based approach, assessing each country's current risk level. For instance,
tighter regulations were imposed late last year for travellers arriving from Britain due to concerns
about the new Covid-19 variant.

Link to the story:
https://www.straitstimes.com/singapore/experts-foresee-uncertain-future-for-mass-travel

Chingay to go digital amid pandemic
The Chingay parade is set to go digital for the first time this year, but it is expected to still play its
part in rallying people from diverse backgrounds and lifting viewers' spirits.
The People's Association said that the parade's theme will be Light of Hope.
It will be aired on Feb 20 from 7.30pm on platforms such as Mediacorp's channels 5 and 8, the
official Chingay website and the official Facebook pages of the PAssion Chingay Club, Mediacorp
Suria and Vasantham. It will also be available on Mediacorp's digital video-on-demand service
meWatch.

Weekly News Select
Feb 12, 2021 / Issue 6

Link to the story:
https://www.straitstimes.com/singapore/consumer/chingay-to-go-digital-amid-pandemic

Virtual 3D trade show for Mice industry players to connect and grow business
opportunities
Those in the meetings, incentives, conventions, and exhibitions (Mice) industry will soon be able
to connect with suppliers and other stakeholders through a new virtual 3D trade show organised
by the Singapore Tourism Board (STB).
Announcing the launch of the SingapoReimagine Mice Virtual Show on Feb 9, STB said this is
the first such collaboration between STB and local Mice players.
The two-day virtual trade show will be held on March 3 and 4 and aims to leverage technology to
catalyse the industry's recovery and generate business opportunities for industry players.

Links to the story:
https://www.straitstimes.com/singapore/consumer/virtual-3d-trade-show-for-mice-industry-players-to-connect-and-
grow-business

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

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

You can also read