DAILY NEWS

Daily News – 16 Sep 2020 (Wed)

Singapore Real Estate

Recession? 2020 new home sales could top 2019’s
Despite economic headwinds and the Hungry Ghost Festival, developers in Singapore sold 1,256 private homes in August, 16 per cent higher than July’s take-up. This is the fourth consecutive month of increase in monthly sales since the circuit breaker in April this year, analysts noted.
https://www.businesstimes.com.sg/real-estate/recession-2020-new-home-sales-could-top-2019s
https://www.straitstimes.com/business/property/new-home-sales-surge-to-11-month-high-in-aug

Geylang clan association building for sale with S$36m guide price
A freehold institutional building at 26 Lorong 27A Geylang is up for sale via expression of interest with a guide price of S$36 million, exclusive marketing agent Cushman & Wakefield said on Tuesday. The building houses Nanyang Pho Leng Hui Kuan, a Chinese clan association with roots dating back to 1940.
https://www.businesstimes.com.sg/real-estate/geylang-clan-association-building-for-sale-with-s36m-guide-price

Two land parcels for food farming up for sale by tender: SFA
The Singapore Food Agency (SFA) on Tuesday announced it has launched two land parcels for food farming at Lim Chu Kang and Sungei Tengah for sale by public tender. One of the sites is for general agriculture (food) farming. Parcel LCK 114C is located at Neo Tiew Crescent and occupies an area of about 10,000 square metres (sq m). It may be used to farm food crops, seafood, quail eggs, cattle/goats for dairy milk, as well as frogs meant for consumption.
https://www.businesstimes.com.sg/real-estate/two-land-parcels-for-food-farming-up-for-sale-by-tender-sfa-0
https://www.straitstimes.com/singapore/two-plots-of-land-for-farming-on-the-market

Guidelines on rental contracts for Singapore dorm operators and employers
As migrant workers are rehoused according to new rules to prevent Covid-19 transmission, guidelines have been set to help dormitory operators and employers come to mutual agreement on existing rental contracts.
https://www.straitstimes.com/singapore/guidelines-on-rental-contracts-for-dorm-operators-and-employers

Singapore Economy

Singapore must remain open to benefit from Asia’s growth: Heng
Singapore can contribute to and benefit from Asia’s growth only if it remains open and connected to the world, while forging new partnerships and evolving its approaches, Deputy Prime Minister Heng Swee Keat said.
https://www.businesstimes.com.sg/government-economy/singapore-must-remain-open-to-benefit-from-asias-growth-heng
https://www.straitstimes.com/politics/outlook-for-asia-bright-despite-worst-recession-in-a-century-heng

Covid-19 pandemic shows need to push for Asean integration: Tan See Leng
“The Asean region, with its promising long-term growth potential… presents multiple opportunities not just for Singapore businesses, but also for foreign direct investment into Singapore,” Dr Tan said of the grouping with a population of about 650 million and is the fifth-largest economy in the world.
https://www.straitstimes.com/business/economy/pandemic-shows-need-to-push-for-asean-integration

More capital flows into Asean amid pandemic and US-China tensions
The Asean region is set to see more capital inflows as companies look to diversify their investments and supply chains amid US-China tensions in a post-pandemic world, a group of panellists said on the first day of the FutureChina Global Forum on Tuesday.
https://www.businesstimes.com.sg/government-economy/more-capital-flows-into-asean-amid-pandemic-and-us-china-tensions

Singapore, Brunei to build on defence relations
Singapore and Brunei reaffirmed their commitment to strengthen bilateral defence cooperation in areas such as defence technology at the Singapore-Brunei Defence Policy Dialogue yesterday. Singapore’s Permanent Secretary for Defence Chan Heng Kee co-chaired the eighth edition of the dialogue…
https://www.straitstimes.com/singapore/spore-brunei-to-build-on-defence-relations

Singapore firms lead region in using tech to boost ops: Survey
Local firms are leading the region when it comes to using technology to spruce up their operations, a new survey noted yesterday. It found that 45 per cent of businesses polled in Singapore indicated that they have a well-defined digital strategy.
https://www.straitstimes.com/business/economy/singapore-firms-lead-region-in-using-tech-to-boost-ops-survey

Companies’ Brief

S-Reit perps market reviving; year-to-date issues total S$575m
Demand is returning to Singapore-listed real estate investment trust (S-Reit) perpetual securities. DBS Group Research wrote in a report on Tuesday that the low interest rate environment and a rebound in markets fuelled by liquidity infusion have breathed life back into the market, which was earlier “shut” by S-Reits’ heightened volatility and uncertainty over cash flow back in the first half of 2020.
https://www.businesstimes.com.sg/companies-markets/s-reit-perps-market-reviving-year-to-date-issues-total-s575m

Sembcorp and Google sign multi-year renewable energy deal
Sembcorp Industries has signed a multi-year renewable energy deal to provide a total energy solution to tech giant Google, with a focus on locally-sourced renewable power to support Google Singapore’s operations.
https://www.businesstimes.com.sg/real-estate/sembcorp-and-google-sign-multi-year-renewable-energy-deal
https://www.straitstimes.com/business/companies-markets/sembcorp-google-ink-deal-to-tap-hdb-rooftop-solar-energy

Quarz ups stake slightly in Sabana Reit
Quarz Capital has raised its stake in Sabana Reit slightly from 5 per cent as it stood in late July to 6 per cent on Monday. A disclosure filed to the Singapore Exchange showed that the latest transaction by the investment management firm was a purchase of 15,000 shares in the Reit for S$5,625.
https://www.businesstimes.com.sg/companies-markets/quarz-ups-stake-slightly-in-sabana-reit

Views, Reviews, Forum & Others

S’pore Convention on Mediation timely and critical to businesses, trade
Over the weekend, an international agreement that aims to help businesses resolve cross-border disputes and facilitate international trade took effect with little fanfare. But the Singapore Convention on Mediation – formally known as the United Nations (UN) Convention on International Settlement Agreements Resulting from Mediation – is a significant piece of news.
https://www.businesstimes.com.sg/opinion/spore-convention-on-mediation-timely-and-critical-to-businesses-trade

Green recovery is key to reviving virus-hit economies
Achieving our climate ambitions is more imperative now than ever. The coronavirus outbreak has had devastating impacts on our lives and livelihoods, and amid its horrors and tragedies, the pandemic yet again reminds us the impact humanity has on the environment.
https://www.businesstimes.com.sg/opinion/green-recovery-is-key-to-reviving-virus-hit-economies

Singapore Summit: Panellists caution against neglecting climate crisis, sustainability issues
In dealing with the impact of the Covid-19 pandemic, countries and companies should not neglect the looming climate crisis, panellists said on the second day of the Singapore Summit yesterday. As governments inject capital to help economies recover…
https://www.straitstimes.com/singapore/panellists-caution-against-neglecting-climate-crisis-sustainability-issues

More longer-term plans needed to ease labour market pains in Singapore
It has been a record-breaking few months, but not in a good way. The three months from April to June saw an unprecedented high of 81,720 employees, both local and foreign, being placed on short work weeks or temporarily laid off, according to data released by the Ministry of Manpower (MOM) on Monday.
https://www.straitstimes.com/singapore/manpower/more-longer-term-plans-needed-to-ease-labour-market-pains

Update on COVID-19 (Coronavirus Disease 2019) Situation

34 new Covid-19 cases; six imported and none in community
There were 34 new coronavirus cases confirmed yesterday, taking Singapore’s total to 57,488. There were also six new imported cases, comprising two permanent residents, one work pass holder, one work permit holder and two dependant’s pass holders.
https://www.straitstimes.com/singapore/health/34-new-covid-19-cases-six-imported-and-none-in-community
*For more information, please visit the Ministry of Health (MOH) website at www.moh.gov.sg and refer to go.gov.sg/mohupdates for updates on the COVID-19 (Coronavirus Disease 2019) situation