DAILY NEWS

Daily News – 10 Sep 2020 (Thu)

Singapore Real Estate

August new home sales surge to 11-month high on pent-up demand
Pent-up demand continues to drive new home sales with 1,227 units sold in Singapore in August, an 11-month high with confident buyers pushing prices upwards amid worsening economic conditions and rising unemployment.
https://www.businesstimes.com.sg/real-estate/august-new-home-sales-surge-to-11-month-high-on-pent-up-demand

Condo, HDB rental volumes tumble in Aug: SRX
Rents for HDB flats and private apartments held steady in August but leasings took a big hit, with rental volumes falling to levels lower than during the circuit breaker period, going by flash data from real estate portal SRX Property on Wednesday.
https://www.businesstimes.com.sg/real-estate/condo-hdb-rental-volumes-tumble-in-aug-srx
https://www.straitstimes.com/singapore/condo-hdb-rental-volumes-tumble-again-in-august-srx

Penrose condo’s early-bird prices start from S$788,000 this weekend
A 99-YEAR leasehold condominium jointly developed by Hong Leong Holdings and City Developments Limited will begin previews by appointment from Sept 12, Hong Leong Group said in a statement on Wednesday.
https://www.businesstimes.com.sg/real-estate/penrose-condos-early-bird-prices-start-from-s788000-this-weekend

Campus-style development for one-north by end-2021
A cluster of 12 heritage bungalows in Rochester Park in Buona Vista will house a mix of office, retail and food outlets as part of a new integrated development to be built by the end of next year. These black-and-white bungalows, some of which used to be leased out to food and beverage operators, will soon be part of Singapore’s first campus-style integrated development spread across 2.4ha of land in one-north, said CapitaLand in a press statement yesterday.
https://www.straitstimes.com/business/property/campus-style-development-for-one-north-by-end-2021

The new office plan – coworking spaces
As the global pandemic continues to reshape our lives, so too is it changing the way we work. As we adjust to working from home or going to the office in split teams with temperature checks and acrylic screens between desks, companies are looking at a new office plan – namely, coworking spaces.
https://www.businesstimes.com.sg/lifestyle/feature/the-new-office-plan-coworking-spaces

Singapore Economy

Nearly 75% of Singapore firms accelerating digitalisation due to Covid-19
Singapore – The Covid-19 pandemic may have stopped mixed martial arts promotion One Championship from holding large scale fights but the company has figured out how the show can go on: Digitally. Besides live-streaming fights so that fans can tune in from wherever they are, the Singapore-based firm is working on taking the digital experience to the next level by offering data-driven insights for viewers as they stream live shows.
https://www.straitstimes.com/singapore/nearly-75-per-cent-of-singapore-firms-are-accelerating-digitalisation-due-to-covid-19

Strong start to 9.9 sales event keeps businesses upbeat on e-tailing
Despite the economic uncertainty, e-commerce players say they remain upbeat about the online retail landscape, given that preliminary data from this year’s 9.9 (Sept 9) sales appear better than last year’s. Lazada customers had a headstart at its 9.9 LazMall Big Brands Sale, which kicked off at midnight on Wednesday, offering products from electronics to sportswear.
https://www.businesstimes.com.sg/consumer/strong-start-to-99-sales-event-keeps-businesses-upbeat-on-e-tailing

Companies’ Brief

UOB’s private equity arm discloses impact investing framework
UOB Venture Management (UOBVM), the private equity arm of UOB, has spelt out its operating principles for impact management, or Impact Principles in short. In a statement on Wednesday, UOBVM said it is the first signatory of the Impact Principles in South-east Asia to make the disclosure.
https://www.businesstimes.com.sg/companies-markets/uobs-private-equity-arm-discloses-impact-investing-framework

Views, Reviews, Forum & Others

The sustainability transformation
Expectations for businesses are changing. Today’s businesses are under growing pressure to respond to demands from stakeholders to improve their sustainability performance. Business leaders need to take a more active role in tackling the sustainability agenda in order to protect their future business.
https://www.businesstimes.com.sg/opinion/the-sustainability-transformation

Leaderless WTO needs to reform or risk losing further relevance
These are particularly troubled times for the World Trade Organization (WTO), the Geneva-based watchdog that is currently without a director-general and facing arguably its biggest crisis in its 25-year history.
https://www.businesstimes.com.sg/opinion/leaderless-wto-needs-to-reform-or-risk-losing-further-relevance

The issue is not foreign talent but transparency in the process
DBS was last week named world’s best bank – the third consecutive year it has received such accolade. It was thus more than a little ironic that in the same week, its chief executive Piyush Gupta was cited by a Non-constituency Member of Parliament (NCMP) as a disappointing example of a non “home-grown” CEO.
https://www.businesstimes.com.sg/opinion/the-issue-is-not-foreign-talent-but-transparency-in-the-process

MAS to step up ‘supervisory engagement’ to ensure banks meet Sora transition timelines
The Monetary Authority of Singapore (MAS) will be stepping up supervisory engagement to ensure that banks in the Republic are well-prepared to transition from Swap Offer Rate (SOR) – a key interest rate benchmark – to the Singapore Overnight Rate Average (Sora) by the end of 2021, said a top official.
https://www.businesstimes.com.sg/banking-finance/mas-to-step-up-supervisory-engagement-to-ensure-banks-meet-sora-transition-timelines
https://www.straitstimes.com/business/banking/mas-to-ensure-banks-smooth-transition-to-sora-by-end-2021

Wanted: More bosses to see potential of PWDs
Employers who hire people with disabilities (PWDs) and accommodate their needs to help them perform at work say that doing so creates a kinder workforce and makes them attractive employers to millennials.
https://www.straitstimes.com/opinion/wanted-more-bosses-to-see-potential-of-pwds-0

Are smaller enterprise players ready to digest the 5G fibre market?
As Singapore gears up for 5G networks next year, the natural assumption is that the country’s three major mobile network operators (MNOs) will want to build and own as much of the network as they can. But they may have to contend with some competition from smaller players who are interested in the enterprise customer segment.
https://www.businesstimes.com.sg/companies-markets/are-smaller-enterprise-players-ready-to-digest-the-5g-fibre-market

UN: World could cross critical 1.5 deg C threshold by 2024
Global warming could exceed the key threshold of 1.5 deg C by 2024 – far sooner than scientists had predicted, a major United Nations update on climate change indicators said yesterday, adding further pressure on nations to rapidly cut fossil fuel emissions that are heating up the planet.
https://www.straitstimes.com/world/un-world-could-cross-critical-15-deg-c-threshold-by-2024

Update on COVID-19 (Coronavirus Disease 2019) Situation

Employers urged to step up flexi-hours to ease crowding risk
Employers are urged to introduce flexi-working hours so that workers can travel during off-peak hours and help reduce the risk of crowding, as Singapore looks into letting more people return safely to the workplace.
https://www.businesstimes.com.sg/government-economy/employers-urged-to-step-up-flexi-hours-to-ease-crowding-risk
https://www.straitstimes.com/singapore/health/companies-urged-to-put-in-place-flexible-working-hours

Covid-19 infections in dorms still occur as many have not been exposed to virus: Tan See Leng
Covid-19 infections continue to surface in dormitories previously cleared of the virus, as many of the workers there have not been exposed and therefore remain susceptible to the virus, said Second Minister for Manpower Tan See Leng. “However, we are prepared for this,” he told a virtual press conference yesterday.
https://www.straitstimes.com/singapore/dorm-cases-still-occur-as-many-have-not-been-exposed-to-virus

Infected ex-employee visited 3 NTU eateries
Nanyang Technological University (NTU) yesterday confirmed that a former employee was on campus while infectious with Covid-19. On Tuesday, the Ministry of Health (MOH) added three locations in the university to a list of places visited by coronavirus patients.
https://www.straitstimes.com/singapore/infected-ex-employee-visited-3-ntu-eateries
https://www.businesstimes.com.sg/government-economy/former-ntu-staff-who-visited-3-places-in-university-campus-tested-positive-for

TraceTogether tokens to be distributed from Monday
TraceTogether tokens will be distributed nationwide starting next Monday, as Singapore strengthens its contact tracing network in preparation for allowing larger gatherings while it opens up further. A pilot scheme requiring people to use either the free tokens or the mobile app to check in at certain venues will also start next month…
https://www.straitstimes.com/singapore/tracetogether-tokens-to-be-distributed-from-monday
https://www.businesstimes.com.sg/government-economy/tracetogether-tokens-to-be-distributed-free-to-all-spore-residents-from-sept-14

Pilot to require check-ins using TraceTogether
A pilot programme requiring people to use either the free TraceTogether tokens or mobile app to check in at certain venues will be rolled out next month. For a start, those attending larger-scale business-to-business events, such as meetings and conferences, will have to use either the TraceTogether tokens or app to log in to the national digital check-in system SafeEntry.
https://www.straitstimes.com/singapore/pilot-to-require-check-ins-using-tracetogether

New service for people to check if they were near Covid-19 cases
From today, people who were in higher-risk locations – such as dining places and gyms – at the same time as a Covid-19 case will be notified through an SMS alert. People will also be able to use their TraceTogether app to check if they were in close proximity to someone with the coronavirus, the Smart Nation and Digital Government Office (SNDGO) announced yesterday.
https://www.straitstimes.com/singapore/health/new-service-for-people-to-check-if-they-were-near-covid-19-cases

Geospatial tech touted as more crucial than ever amid pandemic
Geospatial technology (or location-based data tech) is more crucial than ever amid the pandemic, as it can be used to help contain the spread of Covid-19 through solutions such as crowd management applications.
https://www.straitstimes.com/tech/geospatial-tech-touted-as-more-crucial-than-ever-amid-pandemic

Each Singapore resident can collect two free masks from Sept 21
Each Singapore resident will be able to collect a pair of masks using their government-issued ID from Sept 21, in the latest nationwide mask distribution initiative by Temasek Foundation. Domestic helpers and workers on work passes will also be able to collect the masks. Toddlers to 12-year-olds will be eligible for kid-size masks.
https://www.straitstimes.com/singapore/each-spore-resident-can-collect-two-free-masks-from-sept-21

Foreigners from India must take virus test before entering Singapore
All travellers from India who are not Singaporeans or permanent residents will have to take a Covid-19 test before departing for Singapore. From next Thursday, they will have to present a valid negative test result from a polymerase chain reaction test, which must be taken within 72 hours before their flight here.
https://www.straitstimes.com/singapore/foreigners-from-india-must-take-virus-test-before-entering-spore
https://www.businesstimes.com.sg/government-economy/travellers-coming-from-india-will-have-to-take-covid-19-test-before-entering
*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