DAILY NEWS

Daily News – 30, 31 May & 1 Jun (Sat, Sun, & Mon)

Singapore Real Estate

Covid-19 will likely speed up shift to decentralise CBD, experts say
The Covid-19 pandemic will likely accelerate the shift towards decentralising the Central Business District (CBD) by bringing workplaces closer to homes while increasing recreational and residential options in the city centre, industry observers say.
https://www.straitstimes.com/business/covid-19-will-likely-speed-up-shift-to-decentralise-cbd-experts-say

Coronavirus: 7,800 BTO flats on offer in August; some projects may see delay of 6 months
Home buyers who could not apply for a Build-To-Order (BTO) Housing Board flat this month because of the circuit breaker will be able to do so in three months, as the flats originally scheduled for launch this month will be combined with the August BTO exercise.
https://www.straitstimes.com/singapore/housing/7800-bto-flats-on-offer-in-august-some-projects-may-see-delay-of-6-months

Companies’ Brief

ARA-backed crowdfunding platform Minterest raises S$2.7m
Crowdfunding platform Minterest has raised S$2.7 million from its debut property investment product, Minterest and its majority shareholder ARA Asset Management said on Friday.
https://www.businesstimes.com.sg/real-estate/ara-backed-crowdfunding-platform-minterest-raises-s27m

Ascott Residence Trust sets precedent in skipping first call on perpetual
Ascott Residence Trust (ART) will not be redeeming its S$250 million, 4.68 per cent perpetual issue on its first call date next month. The move sets a precedent for real estate investment trust (Reit) perpetuals.
https://www.businesstimes.com.sg/companies-markets/ascott-residence-trust-sets-precedent-in-skipping-first-call-on-perpetual

CapitaLand to deploy disinfection technology in malls
CapitaLand will deploy tech solutions such as disinfecting robots and air disinfection systems at its malls to enhance its cleaning and disinfecting routines ahead of Singapore’s Phase One reopening in June, it said in a bourse filing on Friday.
https://www.businesstimes.com.sg/companies-markets/capitaland-to-deploy-disinfection-technology-in-malls-0
https://www.straitstimes.com/business/companies-markets/capitaland-to-deploy-tech-for-disinfection-in-malls

Heeton proposes to cut FY2019 final dividend to 0.3 S cent
Property developer Heeton Holdings is looking to cut its final dividend for the financial year ended Dec 31, 2019 to 0.3 Singapore cent per share, from the 0.45 cent previously proposed. In a regulatory update on Monday, Heeton said that financial uncertainty amid the Covid-19 situation is expected to continue, prompting the need to conserve resources in order to meet anticipated business challenges.
https://www.businesstimes.com.sg/companies-markets/heeton-proposes-to-cut-fy2019-final-dividend-to-03-s-cent

Ho Bee bolsters recurring income shield
In 2010, Ho Bee Land clinched a commercial site beside the Buona Vista MRT Interchange. With this, the group sowed the seed for transforming its business model from one that had been reliant almost entirely on property development to one with a strong base of recurring income.
https://www.businesstimes.com.sg/companies-markets/ho-bee-bolsters-recurring-income-shield

Keppel’s Floatel associate to conduct independent review of business plan
Keppel Corporation on Monday said that associate company Floatel International will conduct an independent review of its business plan, which may include a review and update of the assumptions used in the impairment assessment of its vessels
https://www.businesstimes.com.sg/companies-markets/keppels-floatel-associate-to-conduct-independent-review-of-business-plan
https://www.straitstimes.com/business/companies-markets/keppel-associate-floatel-to-review-business-plan-after-rival-prosafe

Keppel sharpens focus on four key areas with 10-year road map
Keppel Corporation has unveiled a 10-year road map that sharpens its focus on four key segments with an eye on mergers and acquisitions and divestments of selected assets. Its Vision 2030 plan – a year in the making – redefines the firm’s various businesses into four areas – energy and environment; urban development; connectivity; and asset management.
https://www.straitstimes.com/business/companies-markets/keppel-sharpens-focus-on-four-key-areas-with-10-year-road-map

DBS upgrades SPH Reit to ‘hold’, sees light at end of tunnel
SPH Reit was upgraded by DBS Group Research yesterday. Analyst Dale Lai raised the trust’s target price from 70 cents to 80 cents and re-rated it from “fully valued” to “hold”. SPH Reit units closed up 0.6 per cent to 83 cents yesterday.
https://www.straitstimes.com/business/companies-markets/dbs-upgrades-sph-reit-to-hold-sees-light-at-end-of-tunnel-0

Views, Reviews, Forum & Others

Singapore agrees to suspend HSR project till Dec 31
Singapore has agreed to further suspend the High-Speed Rail (HSR) project – which would link it with Kuala Lumpur – for seven months, till the end of the year. In a Facebook post on May 31, Transport Minister Khaw Boon Wan said that Malaysia’s Senior Minister for International Trade and Industry Azmin Ali wrote to him to ask for the extension to discuss Malaysia’s proposed changes to the project.
https://www.businesstimes.com.sg/government-economy/singapore-agrees-to-suspend-hsr-project-till-dec-31
https://www.straitstimes.com/singapore/transport/suspension-of-spore-kl-high-speed-rail-gets-final-extension-to-dec-31
https://www.straitstimes.com/singapore/transport/malaysia-seeks-to-extend-suspension-of-hsr-project

Beyond the 3 Rs: How can Singapore move forward on sustainability?
Getting people to care about the environment is an uphill battle that advocates around the world have been fighting for a long time. The fight is especially pertinent in Singapore, a country under direct threat from rising sea levels, and where the tropical heat is a constant reminder of how unbearable a rise in temperature of a few degrees would be.
https://www.businesstimes.com.sg/brunch/beyond-the-3-rs-how-can-singapore-move-forward-on-sustainability

Moving cautiously into a new phase
The lifting of the circuit breaker measures tomorrow marks a happy occasion on Singapore’s pandemic calendar. But that happiness would be misplaced were people to believe that the lifting signals that all is well and good. This clearly is not the case because Covid-19 continues to be a feared reality in Singapore and globally. Indeed, one crucial factor is the possibility of a second wave of infections once global lockdowns are lifted.
https://www.straitstimes.com/opinion/st-editorial/moving-cautiously-into-a-new-phase

Gradual opening up after circuit breaker is wisest course for Singapore, say experts
It’s crunch time for businesses. With the economy suffering, jobs are being lost and some firms are closing. Health experts say opening up the economy too quickly could lead to a second wave of infections even worse than the first. Many businesses agree with a gradual reopening, and are relieved that phase two may come sooner. But there are also calls for more clarity on government measures.
https://www.straitstimes.com/opinion/gradual-opening-up-is-wisest-course-say-experts

Crisis and resilience – Navigating a sustainable recovery
The Covid-19 pandemic has resulted in tragic human cost and catalysed a global response from governments, public and private institutions – the scale and impact of which are unprecedented in peace-time.
https://www.businesstimes.com.sg/wealth-investing/crisis-and-resilience-navigating-a-sustainable-recovery

Regions prepare to spread wings again
As cases of Covid-19 begin to taper, it is natural that business travellers in the Asia-Pacific will want to fly again. For a region where trade anchors prosperity, this is as essential as reopening schools, shops and offices. Singapore has started talks with China, Malaysia, New Zealand, Australia, Canada and South Korea with the aim of gradually reopening borders and establishing new rules to facilitate essential travel.
https://www.straitstimes.com/opinion/st-editorial/regions-prepare-to-spread-wings-again?close=true&error=true&login=true

Travel startups targeting domestic travel market
Online travel agencies (OTAs) and travel startups are now shifting gears to capture the rising domestic tourism market in Asia-Pacific, but industry players say this still might not be substantial enough for them to return to previous levels of growth.
https://www.businesstimes.com.sg/garage/travel-startups-targeting-domestic-travel-market

Forum: Not all landlords can afford to waive rental
Not all landlords are well-off. Some small landlords, through careful management of their savings, have managed to accumulate enough money to put a down payment on a commercial property as a form of investment for their retirement.
https://www.straitstimes.com/forum/not-all-landlords-can-afford-to-waive-rental

Update on COVID-19 (Coronavirus Disease 2019) Situation

MOH: Covid-19 testing done for all nursing home staff and residents
All nursing home staff members and residents have now been tested, said the health ministry. This comes as MOH confirmed 518 new Covid-19 cases in Singapore on Sunday, bringing the total number of cases to 34,884.
https://www.businesstimes.com.sg/government-economy/moh-covid-19-testing-done-for-all-nursing-home-staff-and-residents
https://www.straitstimes.com/singapore/health/swab-tests-done-for-all-nursing-home-residents-and-staff

Unlike Sars, Covid-19 will be here for some time: Experts
More than 370,000 people around the world have died from Covid-19 and the toll is mounting. Experts believe for now that the disease will be around for some time yet, unlike the severe acute respiratory syndrome (Sars) which fizzled out in about a year.
https://www.straitstimes.com/singapore/unlike-sars-covid-19-will-be-here-for-some-time-experts

$13b secured to create thousands of jobs: Chan Chun Sing
A total of $13 billion in investment commitments has been secured by Singapore in the first four months of this year – among the highest in recent years. This will create thousands of jobs in areas such as electronics, energy and chemicals.
https://www.straitstimes.com/singapore/13b-secured-to-create-thousands-of-jobs-chan

Chan Chun Sing sees bright spots for Singapore in the new normal
Singapore will have to live with the coronavirus at least for the next one or two years. This is the new normal envisioned by Trade and Industry Minister Chan Chun Sing in an interview with The Straits Times. Companies must get used to remaining in a permanently distanced state until a vaccine is found or rapid, affordable test kits for Covid-19, akin to pregnancy test kits, are developed.
https://www.straitstimes.com/politics/chan-sees-bright-spots-for-spore-in-the-new-normal

High potential for more to work remotely as 57% of jobs are done by PMETs
There is high potential for more people to work from home regularly as 57 per cent of the jobs in Singapore’s economy are done by professionals, managers, executives and technicians (PMETs), said Trade and Industry Minister Chan Chun Sing.
https://www.straitstimes.com/singapore/high-potential-for-more-to-work-remotely-as-57-of-jobs-are-done-by-pmets

What you can and cannot do from Tuesday
Tomorrow will be the last day of Singapore’s eight-week circuit breaker. Restrictions will be progressively eased in three phases. Yuen Sin reports on what is allowed under phase one, which starts on Tuesday. The Government will review the situation in mid-June to see when phase two can begin.
https://www.straitstimes.com/singapore/what-you-can-and-cannot-do-from-tuesday

Coronavirus: Work from home should be default option after circuit breaker, says MOM
When the circuit breaker ends, all companies – including those resuming operations in the first two phases of the economy’s reopening – should adopt working from home as a default option. Employees who have been working from home must continue to do so and go to the office only when there is no alternative.
https://www.straitstimes.com/singapore/mom-work-from-home-should-be-default-option-after-circuit-breaker

Firms step up safety measures as more employees head back to work
With more employees heading back to on-site work this week, companies are taking steps to prevent exposure to the virus both within and outside the office. Some are banning hot-desking to prevent the spread of Covid-19, while others are catering so staff do not have to go out for lunch.
https://www.straitstimes.com/singapore/firms-step-up-safety-measures-as-more-employees-head-back-to-work

Stagger hours, increase cleaning: Experts
Reduced density, flexible work arrangements and more frequent cleaning are some immediate practices that employers can implement in their offices as Singapore gradually reopens its economy, said design and architecture experts.
https://www.straitstimes.com/singapore/stagger-hours-increase-cleaning-experts

Singapore, China to launch essential travel ‘fast lane’
Singapore and China will launch a “fast lane” for limited essential travel between the two countries next month. It is understood to be the first such arrangement of its kind. Singapore’s Ministry of Foreign Affairs announced the move yesterday following discussions between senior officials from both countries, during which they also agreed to improve freight links and facilitate the flow of goods, and explore increasing air links for the fast lane.
https://www.straitstimes.com/singapore/spore-china-to-launch-essential-travel-fast-lane
https://www.straitstimes.com/singapore/sino-singapore-fast-lane-for-essential-business-official-travel

Singapore in talks with Australia, South Korea on ‘green lanes’ for travel
Talks are under way with South Korea and Australia to establish “green lanes” for travel in the Covid-19 environment, said Trade and Industry Minister Chan Chun Sing. Singapore is also having such discussions with New Zealand and Malaysia, while China on Friday became the first country to establish a green lane with the Republic.
https://www.straitstimes.com/singapore/transport/singapore-in-talks-with-australia-s-korea-on-green-lanes-for-travel

New measures for foreign workers, dorm operators, employers from June 2
Foreign workers, their employers and dormitory operators must comply with a slew of measures before they are allowed to return to work after Singapore’s “circuit breaker” period comes to an end on June 1. Among the measures, dorm operators have to implement tight entry and exit controls while limiting inter-mixing within the facility.
https://www.businesstimes.com.sg/government-economy/new-measures-for-foreign-workers-dorm-operators-employers-from-june-2
https://www.straitstimes.com/singapore/manpower/safeguards-as-foreign-workers-return-to-work
https://www.straitstimes.com/singapore/manpower/new-measures-for-foreign-workers-resuming-work

Employers seeking levy rebates must let MOM deploy foreign workers
Employers here will have to let the Ministry of Manpower (MOM) move their foreign workers to different dormitories or work at another company in need of manpower, in order to get the foreign worker levy rebates announced in last week’s Fortitude Budget.
https://www.straitstimes.com/singapore/employers-seeking-levy-rebates-must-let-mom-deploy-foreign-workers

Different strategies needed for different segments of foreign workers
Even as the world is buffeted by the rough waves of protectionist sentiments and travel restrictions, Singapore needs to remain an “open and safe harbour” for higher-skilled professionals, said Minister for Trade and Industry Chan Chun Sing.
https://www.straitstimes.com/singapore/different-strategies-needed-for-different-segments-of-foreign-workers

Employers, drivers must ensure workers are ferried safely
When more businesses resume from June 2, employers, transport providers and drivers must ensure that safe management measures are observed when workers are ferried on transport provided by employers, such as private buses, vans and lorries.
https://www.straitstimes.com/singapore/employers-drivers-must-ensure-workers-are-ferried-safely
*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