DAILY NEWS

Daily News – 11 Jun 2020 (Thu)

Singapore Real Estate

More home buyers sign on dotted line in May, drawn by discounts, low rates, affordability
New private home sales jumped 74.7 per cent to 484 units in May from 277 units in April as stay-home buyers zoomed in onscreen to their dream home. Despite a full month of circuit breaker amid a relentless barrage of layoff and wage cut news, buyers were not deterred as they picked more affordable homes…
https://www.businesstimes.com.sg/real-estate/more-home-buyers-sign-on-dotted-line-in-may-drawn-by-discounts-low-rates-affordability
https://www.straitstimes.com/business/property/new-private-home-sales-rebound-in-may-despite-virus-curbs

Condo, HDB rental volumes may have bottomed out in May
The volume of private apartments and HDB flats rented may have bottomed out in the second month of the circuit breaker period but rents could continue to weaken, market observers said in response to flash data released by real estate portal SRX Property on Wednesday.
https://www.businesstimes.com.sg/real-estate/condo-hdb-rental-volumes-may-have-bottomed-out-in-may
https://www.straitstimes.com/business/property/rents-may-weaken-further-even-as-rental-volume-bottoms-out

Singapore Economy

Pandemic lockdowns pull the plug on relocations, but firms see pent-up demand
Relocation businesses, which count the movement of people as their lifeblood, have seen a record slide in business in the first half of 2020, but some say they are seeing signs of recovery as countries ease lockdowns and reopen.
https://www.businesstimes.com.sg/government-economy/pandemic-lockdowns-pull-the-plug-on-relocations-but-firms-see-pent-up-demand

Companies’ Brief

Chip Eng Seng to acquire S$25m industrial building at Tuas
Property and construction player Chip Eng Seng on Wednesday announced that its subsidiary CES-Precast (CESP) will acquire the remaining unexpired leasehold estate in an industrial building in Tuas. The S$25 million acquisition comes as part of the group’s plans to diversify its businesses amid the Covid-19 fallout.
https://www.businesstimes.com.sg/companies-markets/chip-eng-seng-to-acquire-s25m-industrial-building-at-tuas

Wing Tai Properties warns of H1 loss
Wing Tai Properties, the Hong Kong associate of Singapore-listed Wing Tai Holdings, on Wednesday guided for a first-half consolidated loss for the six months ending June 30. In the year-ago period, there was a consolidated profit of HK$245.4 million (S$43.9 million), said Wing Tai Properties in a profit-guidance note.
https://www.businesstimes.com.sg/companies-markets/wing-tai-properties-warns-of-h1-loss

Yanlord records 18.92b yuan in property presales for first five months of 2020
Chinese property developer Yanlord Land Group recorded 18.92 billion yuan (S$3.71 billion) in total contracted presales from residential units, commercial units and car parks for the first five months of the year, a 68.4 per cent increase over last year, it said in a bourse filing late on Wednesday.
https://www.businesstimes.com.sg/companies-markets/yanlord-records-1892b-yuan-in-property-presales-for-first-five-months-of-2020

US firm Capria invests in Singapore venture debt outfit Genesis
US-based global impact investment firm Capria Ventures has invested in Genesis Alternative Ventures Fund 1, a Singapore-based private venture debt fund, as a springboard into South-east Asia (SEA). This is Capria’s first investment in in the region, where it sees plenty of opportunities to make an impact on societies through its investments.
https://www.businesstimes.com.sg/banking-finance/us-firm-capria-invests-in-singapore-venture-debt-outfit-genesis

Views, Reviews, Forum & Others

Stability, resilience the bedrock of Singapore’s future success
In his address to the nation on Sunday, Singapore’s Prime Minister Lee Hsien Loong said in a troubled world, investors would value the assurance of a government that plays by the rules. This value proposition has served the city-state very well – all through the years, and more so now.
https://www.businesstimes.com.sg/opinion/stability-resilience-the-bedrock-of-singapores-future-success

Creating the Singapore advantage in Industry 4.0
It may come as a surprise to some that as of 2019, the manufacturing sector accounted for close to 21 per cent of Singapore’s gross domestic product (GDP). Ensuring that manufacturing remains a key pillar of the economy in the future requires enhancing the strength of the sector against a growing regional and global competitive market.
https://www.businesstimes.com.sg/opinion/creating-the-singapore-advantage-in-industry-40

167 Singapore fintechs, financial institutions tap government digitalisation support
Some 167 fintech firms and financial institutions have signed up for digitalisation grants, two months after the government rolled out a S$125 million support package for the industry. Close to 4,700 industry professionals are also taking advantage of training subsidies and allowances offered under the package…
https://www.businesstimes.com.sg/government-economy/167-singapore-fintechs-financial-institutions-tap-government-digitalisation
https://www.straitstimes.com/business/banking/4700-people-get-mas-subsidy-to-upgrade-skills

Uncertainties will cap oil price rise as economies reopen
Oil prices have cemented their march up, led by a combination of supply cuts and quicker-than-expected demand recovery as economies gradually re-open for business. But high stock levels, a potential return of shut-in production and uncertainty around demand recovery are likely to cap the upside.
https://www.businesstimes.com.sg/opinion/uncertainties-will-cap-oil-price-rise-as-economies-reopen

Balancing public health and privacy
After last week’s announcement that a wearable device for Covid-19 contact tracing could be issued to everyone, an online petition was started that has been signed by almost 40,000 people. Those opposed to the move cited concerns over how their personal data would be used and their movements monitored.
https://www.straitstimes.com/opinion/st-editorial/balancing-public-health-and-privacy

From app to portable token: Singapore’s contact tracing journey
Singapore kicked off a global rush to develop contact tracing apps for the novel coronavirus when the city-state launched an apparently new system in March. But the project actually drew inspiration from a 2014 US high school project that won an international prize but found no backers – until now.
https://www.businesstimes.com.sg/technology/from-app-to-portable-token-singapores-contact-tracing-journey

Singapore Budget 2020

Over 95,000 employers in Singapore to receive S$450m in wage credits by June 30
More than 95,000 employers in Singapore will receive over S$450 million in payouts by the end of this month under the Wage Credit Scheme (WCS), the Ministry of Finance (MOF) and the Inland Revenue Authority of Singapore (IRAS) announced in a joint statement on Thursday.
https://www.businesstimes.com.sg/government-economy/over-95000-employers-in-singapore-to-receive-s450m-in-wage-credits-by-june-30
https://www.straitstimes.com/singapore/95000-employers-to-get-450-million-in-wage-credit-payouts-by-june-30

Update on COVID-19 (Coronavirus Disease 2019) Situation

Every effort being made to ensure no ‘lost generation’
It is a challenging time to come of age for young people here, and the road ahead is fraught with uncertainty, but every effort is being made to ensure that there is no “lost generation” in Singapore, said Deputy Prime Minister Heng Swee Keat yesterday. “The pandemic might have set back your plans temporarily, but the virus will not stop you from fulfilling your potential,” he said in his message to young job seekers yesterday.
https://www.straitstimes.com/singapore/manpower/every-effort-being-made-to-ensure-no-lost-generation

Coronavirus: 5,500 foreign workers from 40 dorms get nod to resume work
Some 5,500 migrant workers from 40 dormitories here were cleared to resume work from Tuesday, following the completion of necessary preparations. They are among the residents of the first batch of 60 dorms that the Government declared clear of Covid-19 last week.
https://www.straitstimes.com/singapore/5500-foreign-workers-from-40-dorms-get-nod-to-resume-work

Remdesivir can be used for serious Covid-19 cases in Singapore
An antiviral drug was approved to treat Covid-19 patients yesterday, while human trials will begin for another treatment next week. Antiviral drug remdesivir can now be used to treat seriously ill Covid-19 patients in Singapore outside of clinical trials, after the Health Sciences Authority granted conditional approval to drugmaker Gilead Sciences yesterday.
https://www.straitstimes.com/singapore/remdesivir-can-be-used-for-serious-covid-19-cases-in-singapore
https://www.straitstimes.com/singapore/conditional-hsa-nod-for-use-of-remdesivir-in-serious-cases
https://www.straitstimes.com/singapore/research-that-led-to-antiviral-drug-started-in-2009
*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