DAILY NEWS

Daily News – 11 June 2021 (Fri)

Singapore Real Estate

A fresh face revamps 27-year-old Bugis landmark
Bugis Junction Towers is being refurbished so this 27-year-old office development can keep up with new projects coming up in the Beach Road/Rochor Road locale. And that job is now being done by a fresh-faced and homegrown property investment outfit with ties to the Yeo Hiap Seng family.
https://www.businesstimes.com.sg/real-estate/a-fresh-face-revamps-27-year-old-bugis-landmark

Increased supply of private homes on confirmed sites a calibrated move as developers seek land
The bump in the supply of private housing on the Confirmed List under the H2 2021 Government Land Sales (GLS) Programme is a calibrated move by the government – one that will nonetheless be welcomed by developers hungry to replenish their landbank amid diminishing inventory, analysts said.
https://www.businesstimes.com.sg/real-estate/increased-supply-of-private-homes-on-confirmed-sites-a-calibrated-move-as-developers
https://www.straitstimes.com/business/property/private-home-supply-from-confirmed-sale-sites-raised-by-25

White site at Marina View triggered from Reserve List
The Urban Redevelopment Authority (URA) will launch for public tender a white site at Marina View after an unnamed developer made a successful application for the site’s release from the Reserve List. The 99-year leasehold site…
https://www.businesstimes.com.sg/real-estate/white-site-at-marina-view-triggered-from-reserve-list
https://www.straitstimes.com/business/property/marina-view-white-site-triggered-for-launch-with-bid-of-1508b

Singapore Economy

Priority is to restart economy before relaxing borders: Gan
Reopening Singapore’s local community and restarting the economy in a safe manner is the Government’s immediate priority before border measures can be eased. Only after the local situation is stable will Singapore have space and capacity to think about how its borders can be relaxed…
https://www.straitstimes.com/singapore/priority-is-to-restart-economy-before-relaxing-borders-gan

Companies’ Brief

LHN to raise S$2.2m in private placement of up to 6.5m new shares
Dual-listed property player LHN on Friday announced that it will raise a total of S$2.2 million from placing out up to 6.5 million new shares, at 33.51 Singapore cents each, on the Catalist board of the Singapore Exchange (SGX) under its general mandate.
https://www.businesstimes.com.sg/companies-markets/lhn-to-raise-s22m-in-private-placement-of-up-to-65m-new-shares

MC Payment controlling shareholder Ching says he lacks confidence in current board
The controlling shareholder of MC Payment, Ching Chiat Kwong, is asking for the removal of all but one of the company’s current directors because of a “loss of confidence in the current board”. In a letter on Thursday seen by The Business Times…
https://www.businesstimes.com.sg/companies-markets/mc-payment-controlling-shareholder-ching-says-he-lacks-confidence-in-current-board

Views, Reviews, Forum & Others

Look beyond tax breaks to draw investors
The agreement on corporate taxes reached over the weekend by the finance ministers of the Group of Seven industrialised countries could potentially have profound implications for the tax strategies of companies and governments alike.
https://www.straitstimes.com/opinion/st-editorial/look-beyond-tax-breaks-to-draw-investors-0

Businesses and brand Singapore in a post-Covid world
Despite the disruptions of this pandemic, brand Singapore is in a position of considerable strength, and enterprises and enterprising individuals here have a strong nation brand in the backdrop to “plug into”. Businesses can seek new opportunities by aligning better with the nation brand, for example, riding on Singapore’s Green Plan 2030 to promote their own messaging in sustainability.
https://www.businesstimes.com.sg/opinion/businesses-and-brand-singapore-in-a-post-covid-world

VCC regime could still change to swing in the favour of single family offices
A review of the potential changes to the variable capital company or VCC framework is still underway, even as the spectre of the Archegos blowup continues to hang over the financial industry and raise questions on regulatory oversight.
https://www.businesstimes.com.sg/banking-finance/vcc-regime-could-still-change-to-swing-in-the-favour-of-single-family-offices

Singapore, Australia PMs agree to work towards an air-travel bubble between their countries
Singapore and Australia will work towards an air-travel bubble and both nations will lay the groundwork for resuming two-way travel in a safe and calibrated manner, said the prime ministers of both countries on Thursday.
https://www.businesstimes.com.sg/government-economy/singapore-australia-pms-agree-to-work-towards-an-air-travel-bubble-between-their

HK, Singapore to review travel bubble date in July
Hong Kong and Singapore will review in July plans to open a travel bubble, their governments said on Thursday, after the proposal was derailed for a second time in May due to a spike of coronavirus cases in Singapore.
https://www.businesstimes.com.sg/government-economy/hk-singapore-to-review-travel-bubble-date-in-july
https://www.straitstimes.com/singapore/health/spore-hk-to-review-air-travel-bubble-plans-early-next-month

Navigating the data centre boom
Data centres have catapulted in recent years, from the ranks of alternative assets into a league of real estate that private equity is now racing to snap up. And as the global digital economy grows ever wider and deeper, the sector seems to offer limitless potential for investors.
https://www.businesstimes.com.sg/weekend/navigating-the-data-centre-boom

Carbon, climate change & catalyst leadership
Increasingly, global attention has turned to the impact of activities with large carbon footprints and how they contribute to climate change. What was previously perceived as a macro issue that has no bearing on an individual’s life, has now caught the attention of the common woman and man who have become ‘alive’ to this issue and its impact on the environment.
https://www.businesstimes.com.sg/leadership-management/carbon-climate-change-catalyst-leadership

Update on COVID-19 (Coronavirus Disease 2019) Situation

4 new Covid-19 community cases
A 29-year-old nursing aide working in Orange Valley Nursing Home in Balestier is one of two unlinked Covid-19 cases reported in the community on Thursday. He is asymptomatic and was tested during the nursing home’s surveillance testing exercise for staff, said the Ministry of Health (MOH).
https://www.businesstimes.com.sg/government-economy/4-new-covid-19-community-cases
https://www.straitstimes.com/singapore/health/nursing-aide-at-balestier-home-one-of-two-new-unlinked-cases

Singapore to ease Covid-19 curbs from June 14 in two steps
Singapore will exit Phase 2 (Heightened Alert) as planned after this Sunday, but in a two-step approach, with some activities such as dining-in only allowed from June 21 instead, and work-from-home staying the default.
https://www.businesstimes.com.sg/government-economy/singapore-to-ease-covid-19-curbs-from-june-14-in-two-steps
https://www.straitstimes.com/singapore/spore-to-ease-covid-19-curbs-and-reopen-in-2-phases-from-june-14-everything-you-need-to
https://www.todayonline.com/singapore/5-persons-social-gatherings-june-14-dining-resumes-june-21-if-situation-under-control

Working from home to stay the default; employers urged to allow flexibility
Working from home will remain the default over the coming weeks and employers should continue to exercise flexibility in their employees’ work arrangements as Singapore emerges from this period of heightened alert, Minister for Trade and Industry Gan Kim Yong said yesterday.
https://www.straitstimes.com/singapore/working-from-home-to-stay-the-default-employers-urged-to-allow-flexibility

Viral strain in Hougang block’s cluster same as cases in nearby blocks
The Covid-19 viral strain that caused the cluster at Block 506 Hougang Avenue 8 has been found to be the same as the one detected at other blocks in the vicinity. This points to either a common exposure to the virus or some people being initially infected and then subsequently spreading it through their household or via common areas such as lifts and staircases…
https://www.straitstimes.com/singapore/viral-strain-in-hougang-blocks-cluster-same-as-cases-in-nearby-blocks

DIY virus test kits to be sold at some pharmacies from June 16
Covid-19 self-test kits will be sold by pharmacists at Guardian, Unity and Watsons pharmacies from Wednesday, the Ministry of Health (MOH) said yesterday. Health Minister Ong Ye Kung said during an update by the multi-ministry task force on Covid-19:
https://www.straitstimes.com/singapore/health/diy-virus-test-kits-to-be-sold-at-some-pharmacies-from-june-16

Singaporeans aged 12 to 39 can book their jabs from today
Singaporeans aged 12 to 39 can book their vaccination appointments from today, as the national vacci-nation programme is extended. Citizens will have a two-week priority window to book their appointments, Health Minister Ong Ye Kung said yesterday.
https://www.straitstimes.com/singapore/singaporeans-aged-12-to-39-can-book-their-jabs-from-today
https://www.businesstimes.com.sg/government-economy/singapore-citizens-aged-12-39-and-recovered-covid-19-patients-can-book

Recovered Covid-19 patients to get one vaccine dose to boost immunity
Singapore – People who have recovered from Covid-19 and with more than six months since their infection will get priority for a single-dose of the vaccine. This is because they are likely to still have a strong immune response within the first six months of infection, the Ministry of Health said in a statement on Thursday (June 10).
https://www.straitstimes.com/singapore/recovered-covid-19-patients-to-get-one-vaccine-dose-to-boost-immunity-0

S’pore developing plan to live with virus as Covid-19 becomes endemic
As Covid-19 becomes endemic around the world, the focus in Singapore will shift from how many cases there are each day, and more to the clinical condition of these cases. Finance Minister Lawrence Wong said yesterday that in such a scenario, “it is no longer about going after each and every infected case”.
https://www.straitstimes.com/singapore/health/spore-developing-plan-to-live-with-virus-as-covid-19-becomes-endemic

Businesses welcome regular testing but are concerned about costs
Regular fast and easy testing will soon become mandatory for businesses whose staff are involved in “higher-risk mask-off activities”, but some firms told The Business Times they are hoping for more government support to defray costs if this is to become a long-term measure.
https://www.businesstimes.com.sg/government-economy/businesses-welcome-regular-testing-but-are-concerned-about-costs

F&B firms dismayed by latest delay for dining-in
Food and beverage (F&B) operators were disappointed by news on Thursday that after a month of surviving on delivery and takeaway operations, they will have to wait an additional week to resume dine-in operations.
https://www.businesstimes.com.sg/sme/fb-firms-dismayed-by-latest-delay-for-dining-in
https://www.straitstimes.com/singapore/eateries-scramble-to-adjust-reservations-cancel-supply-orders

*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