DAILY NEWS

Daily News – 1 July 2021 (Thu)

Singapore Real Estate

MAS says property market not overheated, but it will watch rising prices closely
The Monetary Authority of Singapore (MAS) remains “highly vigilant” to the risk of a sustained increase in housing prices relative to income trends, with a prolonged divergence seen as unsustainable, Monetary Authority of Singapore (MAS) managing director Ravi Menon has said.
https://www.businesstimes.com.sg/government-economy/mas-says-property-market-not-overheated-but-it-will-watch-rising-prices-closely
https://www.straitstimes.com/business/property/property-market-not-overheated-but-prices-closely-watched-mas

Entrepreneurs riding digital economy boom snap up bungalows in Singapore
Strong valuations backing tech businesses and firms riding the digital economy here have also driven up interest in the Good Class Bungalow (GCB) market. These recent deals brokered in the GCB scene make this point.
https://www.businesstimes.com.sg/real-estate/entrepreneurs-riding-digital-economy-boom-snap-up-bungalows-in-singapore

Secretlab CEO snaps up GCB, penthouse for $51m
The 28-year-old co-founder of gaming chair firm Secretlab has splashed out $51 million in just a week on two luxury properties – a good class bungalow in Caldecott Hill and a penthouse near the Botanic Gardens. Mr Ian Ang, who is the chief executive of the ergonomic chair retailer,
https://www.straitstimes.com/business/property/secretlab-ceo-snaps-up-gcb-penthouse-for-51m

Singapore Economy

Lawrence Wong to deliver ministerial statement on support measures on July 5
Finance Minister Lawrence Wong will deliver a ministerial statement in Parliament at 3pm on Monday, the Ministry of Finance said on Wednesday. He will outline support measures for Phase 2 and Phase 3 (Heightened Alert) and the funding approach for the measures.
https://www.businesstimes.com.sg/government-economy/lawrence-wong-to-deliver-ministerial-statement-on-support-measures-on-july-5
https://www.straitstimes.com/singapore/politics/lawrence-wong-to-deliver-statement-on-support-measures

Signs of recovery for British businesses in Singapore in H1: BritCham
Confidence in Singapore remains high with British businesses based here, as four in 10 (43 per cent) saw an uptick in sales in the past six months according to the British Chamber of Commerce Singapore’s (BritCham) inaugural business sentiment survey.
https://www.businesstimes.com.sg/government-economy/signs-of-recovery-for-british-businesses-in-singapore-in-h1-britcham

Singapore and UK launch Financial Partnership for greater cooperation
Singapore and the United Kingdom launched a new Financial Partnership at the sixth UK-Singapore Financial Dialogue held virtually on Wednesday. The Monetary Authority of Singapore (MAS) and HM Treasury announced in a joint statement that the two countries will explore opportunities…
https://www.businesstimes.com.sg/government-economy/singapore-and-uk-launch-financial-partnership-for-greater-cooperation-0
https://www.straitstimes.com/business/economy/singapore-britain-agree-on-partnership-for-financial-services

Companies’ Brief

MC Payment shareholders vote in new directors; most of current board quit
Shareholders of MC Payment showed their support for controlling shareholder Ching Chiat Kwong, and passed resolutions to appoint five new directors to the company’s board during an extraordinary general meeting (EGM) on Wednesday.
https://www.businesstimes.com.sg/companies-markets/mc-payment-shareholders-vote-in-new-directors-most-of-current-board-quit
https://www.straitstimes.com/business/companies-markets/mc-payment-appoints-new-directors-ending-boardroom-tussle

Reits should be careful with trust schemes of arrangement
Real estate investment trusts (Reits) in Singapore may have to be more careful when they undertake a trust scheme of arrangement in future as such schemes will likely draw more scrutiny, say corporate lawyers.
https://www.businesstimes.com.sg/companies-markets/reits-should-be-careful-with-trust-schemes-of-arrangement

Brokers’ take: Lim & Tan positive on Tiong Woon amid construction sector recovery; initiates with ‘buy’
Tiong Woon Corporation will likely be a key beneficiary of a construction sector recovery, said Lim & Tan Securities, as it initiates coverage on the heavy-lift specialist and service provider with a “buy” call and a target price of S$0.84.
https://www.businesstimes.com.sg/companies-markets/brokers-take-lim-tan-positive-on-tiong-woon-amid-construction-sector-recovery
https://www.straitstimes.com/business/companies-markets/tiong-woon-overlooked-in-the-region-say-report

Corporate digest
https://www.businesstimes.com.sg/companies-markets/corporate-digest-1408

Views, Reviews, Forum & Others

Covid-19 spotlights true cost of ignoring smart city trends
It has been a volatile two years for the construction sector with serious disruptions in work-site activities brought about first, by Covid-19 pandemic cases in migrant workers dormitories last year, and now with the temporary easing of foreign worker entries into the country with the Delta virus variant.
https://www.businesstimes.com.sg/real-estate/covid-19-spotlights-true-cost-of-ignoring-smart-city-trends

Global tax rules will need to come as a package deal
With the Group of Seven (G-7) advanced economies throwing their weight behind a minimum corporate tax rate of at least 15 per cent, hopes for a global consensus on new international tax rules have been rekindled.
https://www.businesstimes.com.sg/opinion/global-tax-rules-will-need-to-come-as-a-package-deal

As cyber attacks escalate, firms must prioritise cybersecurity measures
The inexorable push towards greater digitalisation is surely a boon for everyone: Farmers can access a microloan via a phone app; corporations can eke out ever greater efficiencies. In this era where pandemics may become endemic, digital capabilities enable remote working.
https://www.businesstimes.com.sg/opinion/as-cyber-attacks-escalate-firms-must-prioritise-cybersecurity-measures

S’pore’s financial sector grew 6% in first half of 2021: MAS
With Singapore’s economic recovery set to pick up pace in the second half of this year, the financial sector is also on its way for another year of robust growth, the central bank said as it released its annual report yesterday.
https://www.straitstimes.com/business/banking/spores-financial-sector-grew-6-in-first-half-of-2021-mas

Firmer global recovery on the cards in H2, but virus mutations, Fed moves could be drags: MAS
A firmer global recovery is on the cards in the second half of 2021 with the world’s two largest economies the US and China witnessing strong rebounds, but downside risks remain significant, said a top executive from the Monetary Authority of Singapore (MAS).
https://www.businesstimes.com.sg/banking-finance/firmer-global-recovery-on-the-cards-in-h2-but-virus-mutations-fed-moves-could-be

Business loan demand rebounds slightly in May
Bank lending in Singapore rose for the seventh straight month in May, growing 0.2 per cent as business loans picked up and housing loans held steady. Fresh data from the Monetary Authority of Singapore (MAS) on Thursday showed that total business loans ticked up 0.2 per cent month on month to S$428.48 billion in May, after a flattish performance in April.
https://www.businesstimes.com.sg/banking-finance/business-loan-demand-rebounds-slightly-in-may

MAS doing more stress tests to assess lift on Singapore banks’ dividend cap
On Wednesday, MAS managing director Ravi Menon pointed out that the central bank’s earlier concerns that defaults among weaker corporates could strain banks’ profitability and capital positions, have not materialised.
https://www.businesstimes.com.sg/banking-finance/mas-doing-more-stress-tests-to-assess-lift-on-singapore-banks-dividend-cap
https://www.straitstimes.com/business/banking/mas-stress-testing-banks-to-see-if-limits-on-dividend-payment-need-to-be-kept

Update on COVID-19 (Coronavirus Disease 2019) Situation

Five new community cases, 3 linked to CGH cluster
Three more cases of Covid-19 were added to the cluster at Changi General Hospital yesterday, bringing the total there to 16. They made up the bulk of the five new locally transmitted cases reported yesterday, said the Ministry of Health (MOH) in its daily update.
https://www.straitstimes.com/singapore/health/five-new-community-cases-3-linked-to-cgh-cluster

No need for businesses to bar people coming from locations linked to cases
There is no need for businesses or owners of premises to deny access to people who live, work at or have visited locations accessed by confirmed Covid-19 cases, the Ministry of Health (MOH) said yesterday. The reason is that these people do not have the same risk of exposure to the cases as close contacts of the cases would have…
https://www.straitstimes.com/singapore/health/no-need-for-businesses-to-bar-people-coming-from-locations-linked-to-cases

VivoCity, HarbourFront Centre staff undergo mandatory testing
A steady stream of retail staff trickled into the VivoCity carpark yesterday morning for their Covid-19 swab tests. Mandatory testing is under way for all staff who worked at VivoCity and HarbourFront Centre’s retail mall between June 13 and Monday.
https://www.straitstimes.com/singapore/health/vivocity-harbourfront-centre-staff-undergo-mandatory-testing

HR firms favour encouraging, not mandating vaccines for staff
As Singapore’s vaccination efforts ramp up, one question homes in on the role employers can play. While the legal question is not clear-cut, it is better to encourage but not mandate vaccination for staff, human resources (HR) consultants say.
https://www.businesstimes.com.sg/government-economy/hr-firms-favour-encouraging-not-mandating-vaccines-for-staff

No pre-event testing exemption after Sinovac vaccine shots
People who have received the Sinovac Covid-19 vaccine will not be exempted from pre-event testing, said the Ministry of Health (MOH) yesterday, as shots not included in the national vaccination programme may lack sufficient documentation of how well they prevent infection, particularly from the more infectious Delta variant.
https://www.straitstimes.com/singapore/no-pre-event-testing-exemption-after-sinovac-vaccine-shots

*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