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Weekly News Select
Dec 11, 2020 / Issue 50

Top News for the Week
• Close to 22% of units at Ki Residences taken up on launch weekend
• New home sales rebound in November on vaccine optimism and new launches
• Sold for more than $1m
• S'pore, UK ink FTA to keep up benefits post-Brexit
• Singapore retail sales decline eases to -8.6% in October
• Border reopenings another plus for Singapore's recovery
• Close to 5,500 jobs on offer in Singapore's healthcare sector
• WEF to move May 2021 meeting to Singapore
• Singapore looking to set up new air travel bubbles: Ong Ye Kung

Residential
Close to 22% of units at Ki Residences taken up on launch weekend
Ki Residences at Brookvale sold 143 out of a total of 660 units on its launch weekend, according
to joint venture partners Hoi Hup Realty and Sunway Development in a statement on the evening
of Dec 6. This translates to 22% of the units in the 999-year leasehold private condominium project
located on Brookvale Drive, off Sunset Way in District 21.
According to the joint venture partners, 60% of the units sold were the four- and five-bedroom
units, which make up the “Luxury Collection” at Ki Residences. Four-bedroom units account for
58 units, with sizes from 1,245 to 1,711 sq ft. Premium five-bedroom apartments, with sizes from
1,819 to 2,239 sq ft, make up just four units in the entire development. Prices of these units are
upwards of $2.15 million ($1,707 psf).
Ki Residences is the third project to be launched after the October lull. “All three launches sold
more than 100 units,” says Lee Sze Teck, director of research at Huttons Asia. “These sales are a
testament of the depth of demand in the housing market. There are many buyers who are on the
lookout for attractive projects.”

Links to the story:
https://www.edgeprop.sg/property-news/close-22-units-ki-residences-taken-launch-weekend
https://www.businesstimes.com.sg/companies-markets/ki-residences-sells-22-of-units-in-virtual-launch

New home sales rebound in November on vaccine optimism and new launches
Home buyers snapped up new condos last month, pushing new private home sales in November
to 749, up 16.7 per cent from October's 642.
November's figures were boosted by strong demand at new launches - The Linq @ Beauty World
and The Landmark. These two projects collectively sold 228 units in November, accounting for
about 30 per cent of the month's transactions.
This brings the January-November total to 8,770 units, according to consultants who looked at
caveats filed. New private home sales last month was 35.7 per cent lower compared to November
2019.

Weekly News Select
Dec 11, 2020 / Issue 50

It was a very good month for November, said Lee Sze Teck, Huttons Asia director (research).
"The market remains on track to meet the target of 9,500 units in 2020," said Mr Lee. Last year,
total new home sales stood at 9,912 units.
Hutton's Mr Lee said December volume looks it could reach 700 units, citing Ki Residences' 143
take up at an average price of S$1,790 psf, through a virtual booking exercise last Saturday.
There's also this weekend's launch of the 640-unit Clavon in Clementi Avenue 1 where pricing
starts from S$1,475 psf which should bring out the buyers, said Mr Lee.
"I expect it (Clavon) to do very well as the developer has priced it on how they read the market,
the competition and the sales volume they want to achieve," added Mr Lee.

Link to the story:
https://www.businesstimes.com.sg/real-estate/new-home-sales-rebound-in-november-on-vaccine-optimism-and-
new-launches

Forget the red-light district, Geylang is now a residential haven
The upcoming NoMa condominium is not the only residential development in Geylang that sits
on a site once occupied by landed properties.
In recent years, a number of such properties have been bought over by real estate developers to
build boutique-size condos.
46 of the 50 units have been snapped up. Prices range from about $700,000 for a one-bedroom
unit to around $2 million for a four-bedroom one.
The high demand comes as no surprise as NoMa is a freehold development with a good location
in Guillemard Road, said Macly Group, which touts itself as a trendsetter for shoebox apartments.

Links to the story:
https://www.straitstimes.com/singapore/forget-the-red-light-district-geylang-is-now-a-residential-haven-0
https://www.straitstimes.com/singapore/housing/holdouts-hemmed-in-by-new-condo

Mountbatten Road residential site for sale with S$13m guide price
A residential site at 801 Mountbatten Road is up for sale by expression of interest (EOI) with a
guide price of S$13 million.
This translates to about S$1,199 per sq ft on a land area of 10,839 sq ft. The freehold site, which
will be sold on vacant possession, is zoned for residential, two-storey semidetached use. It has a
prominent road frontage of about 25m along Mountbatten Road and around 37m in plot depth.
The EOI exercise for the site will close on Jan 12, 2021 at 3pm.

Links to the story:
https://www.businesstimes.com.sg/real-estate/mountbatten-road-residential-site-for-sale-with-s13m-guide-price

Good demand expected for new HDB community care flats, but target buyers still
care about price, location
Property analysts are expecting a good take-up rate for the new community care apartments in
Bukit Batok where residents aged 65 and above may apply to live in public housing units that
come with elder-friendly features and amenities.

Weekly News Select
Dec 11, 2020 / Issue 50

Located along Bukit Batok West Avenue 9, the 160 or so Housing and Development Board (HDB)
flats that are 32 sqm in size are expected to be ready by 2024 and are open for applications in
February next year. They come with services such as 24-hour emergency monitoring for residents
who have medical conditions, basic health checks and simple home fixes provided by a community
manager.
Mr Lee Sze Teck, director of research at property agency Huttons Asia, said that the current design
of two-room HDB flexi flats does not cater for a domestic worker, so the value-added service from
the bundled package will help overcome this shortfall.
“With an ageing population, there is a need for more assisted care facilities, but we have a land
resource constraint. Also, not many seniors can afford assisted care facilities. If priced correctly,
this new community care apartments can (tackle this) constraint,” Mr Lee said.

Links to the story:
https://www.todayonline.com/singapore/property-analysts-expect-good-demand-new-hdb-community-care-flats-
bukit-batok-buyers-care-price-location
https://www.businesstimes.com.sg/real-estate/new-type-of-housing-targeted-at-seniors-to-be-launched-in-feb-2021-
bto-exercise-0
https://www.straitstimes.com/singapore/housing/spores-1st-hdb-flats-for-assisted-living-up-for-sale-in-february

Sold for more than $1m
The number of Housing Board (HDB) resale flats sold for $1 million or more each has hit a new
high, following 13 transactions done last month, according to data from a real estate portal.
The 72 million-dollar flats sold from January to last month compare with 64 such units for the
whole of last year.
In the overall HDB resale market, prices rose 1 per cent last month from October. Last month's
resale prices are 5 per cent higher than a year ago but 9.5 per cent lower than their peak in April
2013.
The number of resale transactions last month dropped 4.3 per cent from October to 2,331.

Link to the story:
https://www.straitstimes.com/singapore/housing/sold-for-more-than-1m

Commercial
AXA plans to relocate while other companies look to cut office space
AXA Insurance is planning to exit AXA Tower, with the iconic building set to be redeveloped.
AXA occupies five floors in AXA Tower, with a total space of at least 70,000 sq ft. The building
has carried its name since 2011, and AXA declined to disclose the amount it pays for the naming
rights.
On average, only 15 per cent of the firm's 900-strong workforce remains at the office. This is in
compliance with the need for a staggered return to the office and safe management measures for
workplaces.
Sompo Insurance, which used to occupy two full floors on levels three and five of the Singapore
Land Tower, reduced 40 per cent of its office space when it gave up level five.

Weekly News Select
Dec 11, 2020 / Issue 50

Aviva is also exploring the possibility of reducing its office space, its spokesman told ST.
Citigroup and Mizuho Financial Group in Singapore are looking to cut office space, Bloomberg
reported recently.

Link to the story:
https://www.straitstimes.com/business/companies-markets/axa-plans-to-relocate-while-other-companies-look-to-
cut-office-space

Some firms buck trend and go ahead with plans for bigger workspaces
Offices have been hollowed out this year with people switching to working from home during the
pandemic, but some firms are still forging ahead with plans for new and bigger physical
workspaces.
Gaming firm Razer, UBS bank, ride-hailing firm Grab and food delivery provider Foodpanda are
among those who remain committed to moving into new offices in the near future.
Online marketplace giant Amazon is reportedly taking over three floors at Asia Square Tower 1
early next year.

Link to the story:
https://www.straitstimes.com/business/some-firms-buck-trend-and-go-ahead-with-plans-for-bigger-workspaces

Singapore is most expensive city in South-east Asia for fitting out offices
Singapore recorded the highest average fit-out cost for offices across South-east Asia, at US$112
per sq ft.
This was despite the city-state's average cost having already fallen from US$115 psf a year ago.
Mechanical and engineering works made up the largest proportion of fit-out costs for Singapore
offices, followed closely by building works.
After Singapore, South-east Asia's next most expensive city for fitting out new offices is Manila,
with an average cost of US$87 psf, followed by Bangkok at US$85 psf and Kuala Lumpur, US$83
psf.

Links to the story:
https://www.businesstimes.com.sg/real-estate/singapore-is-most-expensive-city-in-south-east-asia-for-fitting-out-
offices

Retail
Robinsons to close Heeren store on Dec 16; Marks & Spencer to exit Raffles City
As Robinsons winds up in Singapore, its flagship store at The Heeren will close on Dec 16. The
Raffles City Shopping Centre outlet of its sister brand Marks & Spencer will close on Dec 31.
The department store's liquidators told The Business Times (BT) this, following notice of Marks
& Spencer's moving out sales at Raffles City.
Robinsons' liquidators clarified, however, that they are still in talks with the landlord at Raffles
City, where Robinsons' second remaining store is located.

Weekly News Select
                                                                                                Dec 11, 2020 / Issue 50

Meanwhile, Marks & Spencer said that its 10 other stores in Singapore remain open.

Link to the story:
https://www.businesstimes.com.sg/consumer/robinsons-to-close-heeren-store-on-dec-16-marks-spencer-to-exit-
raffles-city

Government
Singapore, China lay groundwork towards post-Covid world with new agreements
As the relationship between Singapore and China evolves, the two countries are working together
on new areas such as public health and coming up with ways to deepen connectivity, Deputy Prime
Minister Heng Swee Keat said.
The groundwork is being laid now, even as strategies are being drawn up towards a more
prosperous future together, he told the press after the 16th Joint Council for Bilateral Cooperation
(JCBC) between Singapore and China.
The JCBC is the highest-level bilateral platform between both countries. It is jointly chaired by
Mr Heng, who is also Finance Minister and Coordinating Minister for Economic Policies, and
Chinese Vice-Premier Han Zheng.
Mr Heng identified connectivity, digitalisation and sustainable development as increasingly
critical areas for collaboration in a post Covid-19 world.
Ten memoranda of understanding (MOU) and agreements on health, food safety and environment,
among other things, were signed at the apex meeting. These include an agreement to provide 300
million yuan (S$61 million) in funding over the next five years to support the Sino-Singapore
International Joint Research Institute (SSIJRI) in Guangzhou.

Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-china-lay-groundwork-towards-post-covid-
world-with-new-agreements
https://www.straitstimes.com/business/economy/spore-china-ink-deals-to-work-together-in-new-areas
https://www.straitstimes.com/singapore/spore-trialling-digital-documentation-with-2-chinese-ports-to-cut-
paperwork
https://www.straitstimes.com/singapore/slew-of-initiatives-to-deepen-financial-cooperation
https://www.straitstimes.com/business/economy/three-bilateral-projects-with-china-continue-to-make-progress

Three bars and pubs to reopen for two months under nightlife pilot
After months of closure amid the pandemic, three bars and pubs were given the green light to
resume business for two months, under a trial by the government.
The trio - Bell Bar, Bar Kiharu and Skinny's Lounge - were picked by the Ministry of Trade and
Industry (MTI) and the Ministry of Home Affairs (MHA), out of six nominations by the Singapore
Nightlife Business Association and Singapore River One. This falls short of the maximum of 10
bars and pubs that the authorities had expected to start the pilot with.
Even so, in response to The Business Times' (BT) queries, MTI said that "the sizing is sufficient
to meet the objectives of the pilot, which will allow us to determine if they can be scaled up
subsequently".

                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 11, 2020 / Issue 50

Links to the story:
https://www.businesstimes.com.sg/consumer/three-bars-and-pubs-to-reopen-for-two-months-under-nightlife-pilot
https://www.straitstimes.com/singapore/3-nightlife-outlets-allowed-to-reopen-for-2-months-under-pilot
https://www.straitstimes.com/singapore/pilot-to-reopen-nightlife-scene-welcomed-by-all

Aid for maritime industry extended by six months
Aid for the more affected sectors in the maritime industry will be extended under the MaritimeSG
Together Package to tide them over the Covid-19 pandemic, the Maritime and Port Authority of
Singapore (MPA) said.
With various relief measures under the package set to expire after Dec 31, MPA said it will extend
some of these until June 30 next year, bringing the cumulative amount of support to $33 million.
These include financial assistance for seafarers, port dues concession for ships that carry
passengers, and extension of credit terms for maritime companies.

Link to the story:
https://www.straitstimes.com/singapore/aid-for-maritime-industry-extended-by-six-months

Small businesses hit by pandemic get 6-week period to renegotiate contracts
Small enterprises hit hard by the Covid-19 downturn will get six weeks to renegotiate business
contracts that they have trouble fulfilling.
Eligible companies can serve a notice of negotiation from Jan 15 to Feb 26, 2021 on other parties
involved in certain contracts, the Ministry of Law (MinLaw) said.
Once the notice is served, a business has four weeks to renegotiate contract terms. The other parties
are barred from pursuing related legal and enforcement actions in that time.
The latest details from MinLaw shed more light on the Re-Align Framework that kicked in on Nov
3.
The framework does not apply to contracts inked after March 25 or terminated before Nov 2. But
contracts that were dropped from Nov 2 on, whether under the framework or otherwise, can be
subject to the Re-Align Framework's terms of termination, if a notice of negotiation is served.

Links to the story:
https://www.businesstimes.com.sg/government-economy/small-businesses-hit-by-pandemic-get-6-week-period-to-
renegotiate-contracts
https://www.businesstimes.com.sg/government-economy/relief-available-for-small-landlords-and-firms-renting-
equipment-vehicles
https://www.straitstimes.com/singapore/contract-renegotiations-from-mid-jan

S'pore, UK ink FTA to keep up benefits post-Brexit
Singapore has signed a free trade agreement (FTA) with the United Kingdom to ensure that
companies from both countries continue to enjoy the same benefits that they are receiving under
the Republic's FTA with the European Union.
The agreement inked will cover more than £17 billion (S$30.3 billion) of current bilateral trade in
goods and services.

                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 11, 2020 / Issue 50

The two countries also agreed to assess the modules of a UK-Singapore digital economy agreement
(DEA), with a view to launching negotiations on the DEA next year.

Links to the story:
https://www.straitstimes.com/business/economy/spore-uk-ink-fta-to-keep-up-benefits-post-brexit
https://www.businesstimes.com.sg/government-economy/singapore-uk-to-begin-talks-on-digital-economy-deal-soon
https://www.straitstimes.com/business/key-benefits-singapore-businesses-will-enjoy-under-deal

Economy
Singapore retail sales decline eases to -8.6% in October
The decline in Singapore's retail sales slowed in October, with takings down 8.6 per cent year on
year, according to the Singapore Department of Statistics (Singstat).
This was an improvement from September's revised figure of a 10.7 per cent fall, which had
marked a brief deepening after lessening declines in July and August.
The total retail sales value in October was S$3.3 billion, with online sales accounting for 10.5 per
cent.
Excluding motor vehicles, retail sales fell 11.2 per cent in October, still an improvement from
September's 12.5 per cent fall.
On a seasonally adjusted month-on-month basis, retail sales edged up 0.2 per cent in October, or
stayed flat if motor vehicles were excluded.

Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-retail-sales-decline-eases-to-86-in-october
https://www.businesstimes.com.sg/government-economy/home-bound-customers-may-boost-festive-food-retail-
sales
https://www.straitstimes.com/business/economy/decline-in-retail-sales-slows-in-october

Close to 5,500 jobs on offer in Singapore's healthcare sector
Nearly 5,500 jobs are on offer in Singapore's healthcare sector, with three in four of them being
long-term positions.
Close to 40 per cent - or 1,530 - of the 4,080 long-term jobs available are in professional and
executive roles such as nurses, allied health professionals, and finance and human resources
executives. The other 2,550 openings are support roles such as healthcare assistants, therapy
assistants and patient service associates.
Support and administrative support roles make up about 95 per cent - or 1,330 - of the 1,390 short-
term jobs on offer. The remaining short-term jobs are for professionals and executives.
These 5,500 jobs are part of the 6,700 job, traineeship and training openings in the sector as at the
end of last month, the Ministry of Manpower (MOM) said in its weekly jobs situation report
yesterday. There are also about 470 company-hosted traineeships and attachments, as well as 760
training opportunities.

Link to the story:
https://www.straitstimes.com/singapore/jobs/close-to-5500-jobs-on-offer-in-singapores-healthcare-sector

Weekly News Select
Dec 11, 2020 / Issue 50

Initiative involving Microsoft offers 1,000 tech job training placements
Technology giant Microsoft is partnering with the authorities and a non-profit group to train and
offer tech job opportunities for up to 1,000 Singaporeans as part of the SG United Jobs and Skills
Package.
This training and placement initiative is called #GetReadySG and will run over a two-year period.
It is targeted at fresh graduates and mid-career Singaporeans.
In the first, up to 300 Singaporeans will be offered a salaried position to undergo a nine-month
training programme.
The second programme is geared towards mid-career professionals, who will undergo a different
nine-month full-time programme and have the opportunity to do an apprenticeship with a
Microsoft partner or customer. Up to 700 are expected to benefit from such training programmes.
Eligible trainees will receive a monthly training allowance of $1,500. Registration will begin in
mid-December.

Link to the story:
https://www.straitstimes.com/singapore/jobs/initiative-involving-microsoft-offers-1000-tech-job-training-
placements

Hiring of 200 staff for Grab-Singtel bank under way
A Grab-Singtel consortium, one of two successful applicants for a digital full bank licence, has
already started hiring for around 200 positions in Singapore that it intends to fill by the end of next
year.
About 10 per cent to 15 per cent of the roles in banking, fintech and technology have been filled.
Most of the roles will see new hires, although Singtel and Grab employees are welcome to join the
new entity.
The consortium said it will create more opportunities for Singaporeans to take on tech and fintech
roles, and will equip them with skills in areas like cyber security.
The new entity will begin with a focus on young professionals, managers, executives and
technicians, gig workers and small businesses.

Link to the story:
https://www.straitstimes.com/business/banking/hiring-of-200-staff-for-grab-singtel-bank-under-way

1 in 5 employers to ramp up hiring in 2021: Survey
Job seekers can look forward to better hiring prospects in the new year, with a survey revealing
that one in five Singapore employers expects to increase recruitment.
Around 20 per cent are likely to hire more staff in the first three months of next year than in the
current quarter, said the employment outlook survey released by a recruitment agency.
Meanwhile, 66 per cent said they anticipate no change to their headcounts, while 4 per cent said
they expect a decrease in total employment.
Overall, the net employment outlook is a 15 per cent increase - a 17 percentage point rise from the
last quarter and the strongest outlook recorded for Singapore in six years by the quarterly survey.

Weekly News Select
                                                                                                Dec 11, 2020 / Issue 50

Compared with the six other Asia-Pacific countries and territories where the same survey was
conducted, Singapore recorded the second-strongest net employment outlook after Taiwan (plus
23 per cent).

Link to the story:
https://www.straitstimes.com/singapore/jobs/1-in-5-employers-to-ramp-up-hiring-in-2021-survey

Border reopenings another plus for Singapore's recovery
News about promising Covid-19 vaccine candidates is fuelling private-sector economists'
optimism about Singapore's economic growth in 2021, with nearly half viewing the reopening of
borders as a new upside, according to a quarterly survey by the Monetary Authority of Singapore
(MAS).
This comes even though the forecasts were recorded after Nov 23 - two days after the highly-
anticipated Singapore-Hong Kong air travel bubble was deferred as the Chinese city saw a
resurgence of infections.
Of the 23 economists and analysts who responded to the latest MAS Survey of Professional
Forecasters, 44.4 per cent considered the reopening of borders an upside risk, while this was not a
consideration in September's survey.
Overall, a containment of the Covid-19 pandemic was the most frequently cited upside to
Singapore's growth outlook, as indicated by 83.3 per cent of respondents. On the downside, a
further deterioration could equally dash hopes, with 88.9 per cent citing it as a risk.
Nonetheless, the anticipation of a vaccine has lifted the lower band of economists' 2021 gross
domestic product (GDP) forecast to 5 to 5.9 per cent, compared with 4 to 5.9 per cent in September.
The median projection, however, remains unchanged at 5.5 per cent.

Links to the story:
https://www.businesstimes.com.sg/government-economy/border-reopenings-another-plus-for-singapores-recovery
https://www.straitstimes.com/business/economy/spore-economy-tipped-to-grow-55-next-year-mas-survey

Hospitality
WEF to move May 2021 meeting to Singapore
The World Economic Forum (WEF) will be held in Singapore instead of Switzerland next year as
the Covid-19 pandemic would make it difficult to ensure the health and safety of participants in
Europe, WEF president Borge Brende said in an e-mail.
Moving the meeting to the Southeast Asian financial hub of Singapore, known as the Switzerland
of Asia, allows it to hold an in-person meeting, the "first global leadership event to address
worldwide recovery from the pandemic", WEF organisers said.

Links to the story:
https://www.businesstimes.com.sg/government-economy/wef-to-move-may-2021-meeting-to-singapore
https://www.straitstimes.com/world/europe/singapore-to-host-world-economic-forum-next-year
https://www.straitstimes.com/singapore/politics/tourism-events-sectors-to-get-a-boost-from-wef-meeting
https://www.straitstimes.com/singapore/politics/spotlight-on-potential-venues
https://www.straitstimes.com/singapore/politics/observers-highlight-likely-factors-behind-picking-singapore

                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 11, 2020 / Issue 50

https://www.straitstimes.com/business/spore-will-put-in-place-safeguards-as-host-of-wef-meeting-chan

Singapore looking to set up new air travel bubbles: Ong Ye Kung
Singapore is continuing to seek new regions to establish travel bubbles with, even as the launch of
the first such arrangement with Hong Kong remains on hold, Transport Minister Ong Ye Kung
said.
The start date for the Singapore-Hong Kong bubble, initially set for Nov 22, will be reviewed
between Christmas and New Year, he said.
"Looking at it between my counterpart and I, we decided there's no point in trying to give any hope
that it can be commenced in the middle of the month," Mr Ong said.

Link to the story:
https://www.straitstimes.com/singapore/singapore-looking-to-set-up-new-air-travel-bubbles-ong-ye-kung

Cruises to nowhere seeing positive response
There has been a rush to hit the high seas with 13 cruises to nowhere setting sail over the past
month or so.
The round-trip cruises without ports of call have taken 30,000 or so passengers since Genting
Cruise Line's World Dream got the ball rolling on Nov 6.
The two operators authorised to run such trips - Genting Cruise Lines and Royal Caribbean
International - told The Straits Times that tickets were selling well.

Link to the story:
https://www.straitstimes.com/singapore/cruises-to-nowhere-seeing-positive-response

Cruise to nowhere cut short by Covid-19 confusion
After a month of smooth sailing, Singapore's cruise to nowhere pilot hit its first snag, initially
sparking fears of an on-board outbreak, but later looking like a false alarm.
Royal Caribbean cruise ship Quantum of the Seas was forced to turn back on day three of a four-
day voyage, after an 83-year-old Singaporean male passenger tested positive for the coronavirus
on board the ship, having earlier passed a mandatory pre-boarding test.
The drama on the high seas took a surprising turn last night when the Health Ministry announced
that two subsequent tests - one of the patient's original sample and one fresh sample - came back
negative for Covid-19 infection.
The National Public Health Laboratory will conduct a third test today to confirm the patient's
Covid-19 status, the ministry said.

Links to the story:
https://www.straitstimes.com/singapore/cruise-to-nowhere-cut-short-by-covid-19-confusion
https://www.businesstimes.com.sg/consumer/positive-covid-case-a-test-of-safety-protocols-for-cruises

                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 11, 2020 / Issue 50

Shophouse
Shophouses in prime districts snapped up; owners put more assets on market
Softer asking prices in Singapore's shophouse market have continued to pique buyer interest for
tightly-held assets in prime locations, and the flurry is showing no signs of abating.
Based on caveats lodged with the Urban Redevelopment Authority (URA) this October and
November, transacted shophouses in the two prime districts fetched prices ranging from S$3,684
per square foot (psf) to S$10,747 psf based on land area. The upper end of the range was from a
S$29.8 million sale of a 999-year leasehold shophouse on Amoy Street.
A year ago, shophouses in District 1 had changed hands in October and November 2019 for around
S$4,253 psf to S$12,405 psf based on land area, according to caveats lodged then. In addition,
more shophouses in the same localities have emerged on the market of late, marketed by different
real estate service firms. One "cluster" includes three neighbouring shophouses along New Bridge
Road, which were separately offered in November with guide prices of S$1,605-3,174 psf based
on gross floor area.

Link to the story:
https://www.businesstimes.com.sg/real-estate/shophouses-in-prime-districts-snapped-up-owners-put-more-assets-
on-market-0

Industrial
Perennial consortium to acquire former Big Box in Jurong East for S$118m
A consortium including real estate firm Perennial Real Estate Holdings will be acquiring the
former Big Box property in Jurong East for S$118 million, drawing on the Jurong Lake District's
potential as the upcoming second central business district.
Over S$70 million is expected to be doled out to redevelop the site into a business park named
Perennial Business City, marking Perennial's foray into the asset class, it said.
The redevelopment will raise the property's existing gross floor area to 1.5 million sq ft from 1.4
million sq ft, based on a maximum permissible gross plot ratio of 2.5. The net lettable area will
increase to 1.1 million sq ft from one million sq ft.

Links to the story:
https://www.businesstimes.com.sg/real-estate/perennial-consortium-to-acquire-former-big-box-in-jurong-east-for-
s118m
https://www.straitstimes.com/singapore/developer-buys-big-box-mall-for-118m-to-convert-to-business-park

Vaccine logistics can give air cargo sector a much-needed shot in the arm
Air freight has been an important lifeline for the global aviation industry during the pandemic, and
Changi Airport too has seen its weekly cargo flights triple to more than 950 flights compared to
end-2019.

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Weekly News Select
Dec 11, 2020 / Issue 50

This could rise further in the new year, with the air cargo community in Singapore now declaring
itself ready for the business of transporting highly temperature-sensitive Covid-19 vaccines.
Aside from playing a critical role in this humanitarian mission of delivering vaccines to people
who need them, doing so also helps to pave the way for a gradual recovery in passenger air travel.

Links to the story:
https://www.businesstimes.com.sg/transport/vaccine-logistics-can-give-air-cargo-sector-a-much-needed-shot-in-the-
arm

AirTrunk opens its first Singapore data centre
Airtrunk opened its first Singapore data centre. It is located on 1.5 hectares of land in Loyang - its
close proximity to the Changi North Cable landing station allows for strong international
connectivity, the company announced in a statement the same day.
Named AirTrunk SGP1, the scalable data centre is "a key part of the company's growing Asia-
Pacific platform", and will boast an overall capacity of more than 60 megawatts (MW) upon
completion.
Currently in its first phase, the data centre has opened with a capacity of 30 MW.
Construction for phase two is already underway "to cater for strong customer demand".

Links to the story:
https://www.businesstimes.com.sg/real-estate/airtrunk-opens-its-first-singapore-data-centre-0
https://www.straitstimes.com/business/companies-markets/airtrunk-opens-its-first-singapore-data-centre-0

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

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