DAILY NEWS

Daily News – 8 Dec 2020 (Tue)

Singapore Real Estate

Mountbatten Road residential site up for sale with S$13m guide price
A residential site at 801 Mountbatten Road is up for sale by expression of interest with a guide price of S$13 million. This translates to about S$1,199 per square foot (sq ft) on a land area of around 10,839 sq ft, exclusive marketing agent Savills Singapore said on Tuesday.
https://www.businesstimes.com.sg/real-estate/mountbatten-road-residential-site-up-for-sale-with-s13m-guide-price

Construction firms worry about margins as cost of labour rises
The Ministry of Manpower (MOM) intends to allow employers to bring in more existing work pass holders from this week, and new migrant workers in larger numbers subsequently, amid challenges faced by the construction industry as players battle a labour crunch.
https://www.businesstimes.com.sg/companies-markets/construction-firms-worry-about-margins-as-cost-of-labour-rises-0

Accumulated water led to ventilation duct at cinema collapsing: BCA
The collapse of a ventilation duct in a Nex mall cinema in August was due to “a significant amount of water” accumulating in the insulation material surrounding the duct. This was the finding of a probe following the Aug 30 incident at a Shaw Theatres cinema hall which left two moviegoers injured, the Building and Construction Authority (BCA) said yesterday.
https://www.straitstimes.com/singapore/accumulated-water-led-to-ventilation-duct-at-cinema-collapsing-bca

Singapore Economy

Singapore will continue to uphold trade links, strengthen connectivity: Chan Chun Sing
Singapore will continue working with like-minded partners to uphold and update an open and inclusive global trade architecture, said Minister for Trade and Industry Chan Chun Sing on Tuesday. In addition to developing digital economy and free trade agreements, Singapore will re-establish its Covid-disrupted links with the rest of the world, and strengthen other dimensions of connectivity – digital, financial, regulatory, talent and technology – to emerge stronger from the present crisis, he added.
https://www.businesstimes.com.sg/government-economy/singapore-will-continue-to-uphold-trade-links-strengthen-connectivity-chan-chun

Tech inclusion will ensure that no one is left behind: analysts
The pace of digital revolution has picked up amid the Covid-19 havoc as disruptive technologies give rise to new business models and jobs in Singapore. But in the pursuit of new breakthroughs, it is important to ensure that sections of the workforce do not get left behind, said analysts.
https://www.businesstimes.com.sg/government-economy/tech-inclusion-will-ensure-that-no-one-is-left-behind-analysts-0
https://www.straitstimes.com/singapore/innovation-key-in-recovery-dpm
https://www.straitstimes.com/business/singapore-looks-to-innovation-in-recovery-from-covid-19-dpm

Door will always be open for India to rejoin RCEP trade pact: PM Lee
Ahead of starting its term as coordinator of Asean-India dialogue relations in 2021, Singapore looks forward to deepening the partnership between the two sides, said Prime Minister Lee Hsien Loong at an event on Monday.
https://www.businesstimes.com.sg/government-economy/door-will-always-be-open-for-india-to-rejoin-rcep-trade-pact-pm-lee-0

Singapore to host World Economic Forum next year
Singapore will host the World Economic Forum’s (WEF) annual meeting next May, which will see top political, business and academic leaders gather to discuss pressing global issues. Announcing its decision to shift the annual forum from Switzerland in view of the Covid-19 situation in Europe, the WEF said last night that the meeting in Singapore “will be the first global leadership event to address worldwide recovery from the pandemic”.
https://www.straitstimes.com/world/europe/singapore-to-host-world-economic-forum-next-year
https://www.businesstimes.com.sg/government-economy/wef-to-move-may-2021-meeting-to-singapore

Companies’ Brief

CapitaLand Integrated Commercial Trust sells S$250m of 2.15% notes
CapitaLand on Monday said it has formed a programmatic joint venture (JV) to acquire and develop multifamily assets totalling US$300 million in the US. The JV will invest in assets in the South-east and South-west markets of the US, with an initial focus on Austin, Texas, the property giant said in a press statement.
https://www.businesstimes.com.sg/companies-markets/capitaland-integrated-commercial-trust-sells-s250m-of-215-notes

LMIRT manager denies request for additional resolution at EGM
The manager of Lippo Malls Indonesia Retail Trust (LMIRT) will not be tabling an additional resolution at its extraordinary general meeting (EGM) on postponing voting for the proposed acquisition of Lippo Mall Puri, it said in an exchange filing on Monday morning.
https://www.businesstimes.com.sg/companies-markets/lmirt-manager-denies-request-for-additional-resolution-at-egm

Sabana Reit independent director resigns after merger with ESR-Reit hits the skids
Sabana Reit’s independent director Ng Shin Ein has resigned to pursue other interests, after the proposed merger between ESR-Reit and Sabana Reit fell through last Friday. In a filing to the Singapore Exchange on Monday night, the Reit’s management said: “Ms Ng believes that scaling up is the right way forward for Sabana Reit, given the limitations of its portfolio and the uncertainties of the external environment.”
https://www.businesstimes.com.sg/companies-markets/sabana-reit-independent-director-resigns-after-merger-with-esr-reit-hits-the-skids

Suntec Reit trustee signs S$900m facility agreement
The trustee of Suntec Real Estate Investment Trust (Suntec Reit) has entered into a S$900 million facility agreement with various banks. The facility will be used to finance or refinance acquisitions and/or investments, refinance existing borrowings, and/or for general working capital purposes, Suntec Reit’s manager said late Monday night.
https://www.businesstimes.com.sg/companies-markets/suntec-reit-trustee-signs-s900m-facility-agreement

Views, Reviews, Forum & Others

Prolonged deflation a real possibility and challenge in post-Covid world
For the best part of the past three decades, central banks have made it their overriding mission to keep inflation in check. With most of the developed Western world in expansion mode since the mid-1980s and then with China jumping on the easing bandwagon since the mid-1990s, the uppermost concern in the minds of monetary authorities was too much money chasing too few goods – which many should recognise as the classic definition of inflation.
https://www.businesstimes.com.sg/opinion/prolonged-deflation-a-real-possibility-and-challenge-in-post-covid-world

Lessons from around the world on fighting Covid-19’s second wave
As the northern hemisphere moves into winter, coronavirus rates are rising in parts of Europe and the United States. Experts are warning of a long winter ahead as Covid-19 and influenza put the squeeze on hospitals and other healthcare facilities. In response to the threat presented by the second wave, European countries and many US states have instituted population lockdowns that involve varying restrictions on movement, meeting people, work, schooling, shopping, hospitality and entertainment.
https://www.straitstimes.com/opinion/lessons-from-around-the-world-on-fighting-covid-19s-second-wave-0

1 in 5 S’pore employers to ramp up hiring in new year, survey shows
SINGAPORE – Job seekers can look forward to better hiring prospects in the new year, with a survey revealing 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 2021 than in the current quarter, said the employment outlook survey released on Tuesday (Dec 8) by recruitment agency ManpowerGroup.
https://www.straitstimes.com/singapore/jobs/1-in-5-spore-employers-to-ramp-up-hiring-in-new-year-survey-shows

TraceTogether initiative wins global award for innovative use of tech
TraceTogether, the national contact tracing programme, has won recognition on the international stage for its innovative use of digital technology. Yesterday, market research firm Gartner crowned TraceTogether as the Asia-Pacific winner of its inaugural 2020 Government Eye on Innovation award.
https://www.straitstimes.com/tech/tracetogether-initiative-wins-global-award-for-innovative-use-of-tech

Update on COVID-19 (Coronavirus Disease 2019) Situation

One Singaporean among 13 new imported cases here
There were 13 new coronavirus cases confirmed yesterday, taking Singapore’s total to 58,273. All 13 new cases are imported and were placed on stay-home notices on arrival in Singapore, said the Ministry of Health (MOH). The new cases comprised a Singaporean, a permanent resident, 10 work permit holders and a dependant’s pass holder.
https://www.straitstimes.com/singapore/one-singaporean-among-13-new-imported-cases-here
*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