DAILY NEWS

Daily News – 1 Oct 2020 (Thu)

Singapore Real Estate

Singapore private home prices up 0.8% in Q3 from previous quarter: URA flash estimate
The Urban Redevelopment Authority’s (URA) flash estimate for the third quarter of this year showed that the overall price index for private homes in Singapore edged up 0.8 per cent over the preceding three months.
https://www.businesstimes.com.sg/real-estate/singapore-private-home-prices-up-08-in-q3-from-previous-quarter-ura-flash-estimate
https://www.straitstimes.com/business/property/singapore-private-home-prices-rise-by-faster-08-pace-in-q3-ura-flash-data

Shophouses on Baghdad Street, in Telok Ayer area up for sale
SIX shophouses – three on Baghdad Street, and three in the Telok Ayer area – were put up for sale on Wednesday. With the sites for all six shophouses zoned for commercial use, purchases are open to both local and foreign buyers, with no additional buyer’s stamp duty to be imposed.
https://www.businesstimes.com.sg/real-estate/shophouses-on-baghdad-street-in-telok-ayer-area-up-for-sale

Covid-19 temporary relief changes come into effect
Changes to Singapore’s Covid-19 temporary relief framework came into force on Wednesday, including greater powers for government-appointed assessors of rental disputes, and a mechanism for paries to certain contracts to obtain relief in the case of delays caused by the pandemic.
https://www.businesstimes.com.sg/government-economy/covid-19-temporary-relief-changes-come-into-effect
https://www.straitstimes.com/business/more-pandemic-relief-legislation-for-firms-individuals-minlaw

SFA awards tender for 9 HDB carpark rooftop sites for urban farming
The Singapore Food Agency (SFA) has awarded the tender for nine sites on the rooftops of Housing and Development Board (HDB) multi-storey carparks for urban farming, it said in a joint statement with HDB on Wednesday. Five single sites and two cluster sites comprising two sites each, were awarded to six tenderers.
https://www.businesstimes.com.sg/real-estate/sfa-awards-tender-for-9-hdb-carpark-rooftop-sites-for-urban-farming
https://www.straitstimes.com/singapore/tenders-awarded-to-turn-9-hdb-carpark-rooftops-into-farms

Singapore Economy

DPM Heng to speak on progress in tackling Covid-19 on Monday
Deputy Prime Minister and Finance Minister Heng Swee Keat will deliver a ministerial statement next Monday on Singapore’s progress in tackling Covid-19, the country’s fiscal position, and strategies to emerge stronger from the crisis as an economy and as a society.
https://www.businesstimes.com.sg/government-economy/dpm-heng-to-speak-on-progress-in-tackling-covid-19-on-monday
https://www.straitstimes.com/singapore/dpm-heng-to-give-update-on-covid-19-battle
https://www.straitstimes.com/singapore/dpm-heng-to-speak-on-covid-19-spores-fiscal-position

Singapore sees modest monthly growth in August visitor numbers, hotel room revenue
Singapore’s tourism sector saw a modest month-on-month improvement in international visitor numbers in August, as arrivals from China nearly doubled. But pandemic-era industry metrics still pale against the year before, according to data published by the Singapore Tourism Board (STB) on Thursday.
https://www.businesstimes.com.sg/government-economy/singapore-sees-modest-monthly-growth-in-august-visitor-numbers-hotel-room-revenue

Singapore’s asset management industry expands by 15.7%: MAS
Singapore’s asset management industry registered a robust expansion last year, aided by a strong pipeline of new managers and funds seeking investment opportunities in the Asia-Pacific region. Assets supervised by Singapore-based managers grew by 15.7 per cent to reach a total of about $4 trillion by the end of last year, according to an annual survey by the Monetary Authority of Singapore (MAS) released yesterday.
https://www.straitstimes.com/business/economy/singapores-asset-management-industry-expands-by-157-mas
https://www.businesstimes.com.sg/banking-finance/singapores-allure-as-asset-management-hub-set-to-continue

MAS seen to keep monetary policy steady on recovery hopes
Singapore’s central bank will likely keep policy settings steady in October on hopes that the economy will recover as the financial hub further loosens coronavirus curbs and on expectations that fiscal policy will be the main driver of a rebound, a Reuters poll showed.
https://www.straitstimes.com/business/economy/mas-seen-to-keep-monetary-policy-steady-on-recovery-hopes

Singapore’s electricity tariffs to rise 1.83 S cents per kWh in Q4
Electricity tariffs will rise by an average of 1.83 Singapore cents per kilowatt hour (kWh) for the period Oct 1 to Dec 31, as compared with the previous quarter, national grid power operator SP Group said on Wednesday.
https://www.businesstimes.com.sg/government-economy/singapores-electricity-tariffs-to-rise-183-s-cents-per-kwh-in-q4
https://www.straitstimes.com/singapore/electricity-gas-prices-to-go-up-until-dec-31

Singapore to allow visitors from Australia, Vietnam from Oct 8
Singapore will lift border restrictions for visitors from Australia – excluding Victoria state – and Vietnam from Oct 8, the Civil Aviation Authority of Singapore (CAAS) announced on Wednesday. “Both countries have comprehensive public health surveillance systems and displayed successful control over the spread of the Covid-19 virus,” said CAAS in a media statement.
https://www.businesstimes.com.sg/government-economy/singapore-to-allow-visitors-from-australia-vietnam-from-oct-8
https://www.straitstimes.com/singapore/transport/singapore-lifts-restrictions-on-visitors-from-australia-vietnam

Companies’ Brief

Amazon to take Citigroup’s office space in Singapore
Amazon is planning to take over some of Citigroup’s office space in Singapore at a time when a number of the e-commerce giant’s Chinese tech rivals are expanding here. The online retail giant will lease three floors covering about 90,000 square feet at Asia Square Tower 1 in the heart of the financial district, according to people with knowledge of the plans.
https://www.businesstimes.com.sg/real-estate/amazon-to-take-citigroups-office-space-in-singapore
https://www.straitstimes.com/business/companies-markets/amazon-said-to-be-taking-over-some-citi-office-space-in-spore

CapitaLand launches 2030 Sustainability Master Plan
CapitaLand has launched its first Sustainability Master Plan, which charts out its targets and plans for the decade ahead, including tripling its sustainable finance portfolio to S$6 billion and reducing carbon emissions significantly.
https://www.businesstimes.com.sg/real-estate/capitaland-launches-2030-sustainability-master-plan

CapitaLand Retail China Trust to add office and industrial assets
CapitaLand Retail China Trust (CRCT) will be expanding its investment strategy beyond the retail sector to include assets that are used for office and industrial purposes, CRCT’s manager announced in a bourse filing on Wednesday.
https://www.businesstimes.com.sg/companies-markets/capitaland-retail-china-trust-to-add-office-and-industrial-assets

Analysts, investors cheer Keppel’s O&M review
Updates provided by Singapore conglomerate Keppel Corp at a media and analyst briefing on Tuesday were well-received by analysts and investors. After touching the day’s high of S$4.58, Keppel shares finished at S$4.45 on Wednesday, up S$0.15 or 3.5 per cent,.
https://www.businesstimes.com.sg/companies-markets/analysts-investors-cheer-keppels-om-review

Temasek’s US$2.75b bonds oversubscribed
Temasek Financial (I) Limited (TFin-I) has priced an oversubscribed US$2.75 billion three-tranche deal of guaranteed long-dated bonds, drawing orders from a diverse investor base. The Temasek Holdings subsidiary priced a US$1 billion 50-year bond at 2.5 per cent, a US$1 billion 30.5-year bond at 2.25 per cent and a US$750 million 10-year bond at 1 per cent.
https://www.businesstimes.com.sg/banking-finance/temaseks-us275b-bonds-oversubscribed
https://www.straitstimes.com/business/economy/temasek-raises-376b-from-bonds

HDB names three new board members, reappoints chairman
The Singapore Housing and Development Board (HDB) has named three new board members while reappointing its chairman and several other directors. The new term of the HDB board will be from Oct 1, 2020, to Sept 30, 2022.
https://www.businesstimes.com.sg/real-estate/hdb-names-three-new-board-members-reappoints-chairman

Views, Reviews, Forum & Others

Covid-19 is speeding up digitalisation of trade processes in Singapore
While there is still some way to go before Covid-19 is defeated or at least contained, some clear and long-term post-pandemic trends are becoming apparent, and businesses, governments and ordinary people need to adapt to a new normal.
https://www.businesstimes.com.sg/opinion/covid-19-is-speeding-up-digitalisation-of-trade-processes-in-singapore

Singapore, as a top financial hub, should ride blockchain wave
IN the late 90s, the Stock Exchange of Singapore introduced its electronic trading system, following in the footsteps of other leading international exchanges. This adoption of new technology fuelled its growth and strengthened Singapore’s status as a leading capital markets centre.
https://www.businesstimes.com.sg/opinion/singapore-as-a-top-financial-hub-should-ride-blockchain-wave

Link Asean Pandemic Recovery Fund to sustainability
Linking the Asean Pandemic Recovery Fund to the region’s climate and sustainability commitments should be high on the agenda at the Asean Finance Ministers’ annual meeting on Friday. The Fund, to be launched at the Asean leaders’ summit in November, will focus on filling the region’s US$2.8 trillion infrastructure gaps over time, while providing more immediate stimulus to the region’s struggling Covid-affected economies.
https://www.businesstimes.com.sg/opinion/link-asean-pandemic-recovery-fund-to-sustainability

Singapore Aug bank lending falls for 6th straight session
Bank lending in Singapore in August fell for the sixth straight session over the month, preliminary data from the Monetary Authority of Singapore showed on Wednesday. This was largely driven by weaker business lending.
https://www.businesstimes.com.sg/banking-finance/singapore-aug-bank-lending-falls-for-6th-straight-session
https://www.straitstimes.com/business/economy/spore-bank-lending-down-for-6th-straight-session

Covid-19 presents an opportunity for boards to reboot
For years, boards have been entrusted by shareholders to determine a company’s strategic leadership and ensure that the direction taken is in the best interest of the company. Many hours are spent talking about volatility, uncertainty and complexity. Yet, when the Covid-19 pandemic hit, few were prepared for the seismic change that brought the world to a standstill.
https://www.businesstimes.com.sg/companies-markets/covid-19-presents-an-opportunity-for-boards-to-reboot

STB paves way to allow for ‘cruises to nowhere’ from S’pore
The Singapore Tourism Board (STB) is creating a health and safety framework that will allow for “cruises to nowhere” departing from Singapore, in what could be the first step towards resuming leisure travel.
https://www.straitstimes.com/singapore/stb-paves-way-to-allow-for-cruises-to-nowhere-from-spore

MAS orders Wirecard to stop payment services in Singapore
The latest directive by the Monetary Authority of Singapore (MAS) for Wirecard entities in Singapore (Wirecard SG) to cease their payment services here comes as thousands of merchants in Singapore are users of Wirecard’s payment terminals here.
https://www.businesstimes.com.sg/banking-finance/mas-orders-wirecard-to-stop-payment-services-in-singapore
https://www.straitstimes.com/business/companies-markets/mas-orders-wirecard-to-cease-payment-services-in-singapore
https://www.straitstimes.com/askst/how-am-i-affected-if-i-make-online-payments
https://www.straitstimes.com/business/companies-markets/wirecards-great-collapse-could-hurt-consumer-confidence-here

Insurance for migrant workers to cover non-work-related situations
An insurance scheme will be introduced next January to cover migrant workers against non-work-related death, total and permanent disability, as well as critical illnesses. The scheme, underwritten by Income – the NTUC insurance cooperative – will be available from Jan 1 next year, and the premium that employers need to pay is $9 a year for each worker.
https://www.straitstimes.com/singapore/manpower/insurance-for-migrant-workers-to-cover-non-work-related-situations

Update on COVID-19 (Coronavirus Disease 2019) Situation

Westgate, AMK Hub among places visited by infectious patients
The Westgate shopping mall in Jurong, 313 @ somerset and Ang Mo Kio Hub are among new locations visited by Covid-19 patients while they were infectious, said the Ministry of Health (MOH) yesterday. Other places visited by Covid-19 patients include Grain Alley in Orchard Central, a Starbucks outlet in Sun Plaza, and The Shoppes at Marina Bay Sands, MOH said in a statement yesterday.
https://www.straitstimes.com/singapore/westgate-amk-hub-among-places-visited-by-infectious-patients
*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