DAILY NEWS

Daily News – 12 Jan 2021 (Tue)

Singapore Real Estate

Freehold commercial building in District 8 up for sale with S$23.5m guide price
A freehold commercial building at 7 Hindoo Road is up for sale via an expression of interest exercise, marketing agent JLL said on Monday. The guide price in the region of S$23.5 million works out to about S$1,760 per square foot on the total gross floor area. The four-storey building with attic is located in District 8, along with a 15-metre road frontage. It occupies a land area of 3,519 square feet (sq ft) and has a total gross floor area (GFA) of about 13,370 sq ft.
https://www.businesstimes.com.sg/real-estate/freehold-commercial-building-in-district-8-up-for-sale-with-s235m-guide-price

Singapore Economy

Continued global cooperation key to recovery: Heng Swee Keat
The Covid-19 pandemic has given the world common cause to work together, and building on this momentum is key for rebuilding in its wake, said Deputy Prime Minister Heng Swee Keat at the Straits Times Global Outlook Forum on Monday. “Through global cooperation, the world has an opportunity to rebuild and emerge stronger from this crisis,” he said, highlighting three areas in particular – public health, climate change, and digital governance.
https://www.businesstimes.com.sg/government-economy/continued-global-cooperation-key-to-recovery-heng-swee-keat

S’pore economy likely to recover in second half of 2021: Heng
The Singapore economy is likely to stage a slow recovery in the second half of this year, said Deputy Prime Minister Heng Swee Keat yesterday as he gave his outlook for 2021. This is in line with the global consensus that the world’s economy may recover in the second half of the year as a result of vaccination programmes that have kicked off, giving hope that the pandemic can be better controlled, he added.
https://www.straitstimes.com/singapore/spore-economy-likely-to-recover-in-second-half-of-2021-heng
https://www.straitstimes.com/singapore/country-must-be-open-united-to-stay-relevant-globally

Call for countries to work together for post-Covid-19 world
Cooperation between nations will be especially important as the world addresses Covid-19 and builds back from the pandemic’s disruptions, Deputy Prime Minister Heng Swee Keat said yesterday. Mr Heng, who is also Finance Minister, called on countries to work together to make the best of the coronavirus situation for a more resilient, sustainable future. “Each country will also need to adapt how it works externally with others – in an open and more inclusive way,” he said at The Straits Times Global Outlook Forum.
https://www.straitstimes.com/singapore/politics/call-for-countries-to-work-together-for-post-covid-19-world

US, China should seek common ground: DPM
The United States and China must find common ground on global issues, competing as well as cooperating where possible, said Deputy Prime Minister Heng Swee Keat yesterday. Asean countries should also stand together in the face of pressure from great power competition, in order to advance the region’s collective interests. “It is not a question of choosing sides, but rather, retaining our ability to make choices for ourselves,” Mr Heng said at The Straits Times Global Outlook Forum.
https://www.straitstimes.com/singapore/politics/us-china-should-seek-common-ground-dpm

Companies’ Brief

Ascott cracks record unit growth despite Covid-19
CapitaLand’s The Ascott has built a four-year straight streak of record growth in property units in 2020 as it boosts recurring fee income through management and franchise contracts. In 2020, Ascott added 14,200 units across 71 properties globally. Despite Covid-19, the additional units exceeded the total number of units added in 2019 of some 14,100 units based on numbers disclosed as at Dec 2019. These units signed here refer to units signed up based on management contracts, franchises, and strategic alliances, said Ascott.
https://www.businesstimes.com.sg/real-estate/ascott-cracks-record-unit-growth-despite-covid-19
https://www.straitstimes.com/business/companies-markets/capitalands-ascott-sets-record-growth-in-lodging-units-last-year-despite

CapitaLand Retail China Trust sells Wuhan mall, other premises for 258 million yuan
CapitaLand Retail China Trust (CRCT) has inked a deal to sell real estate in Wuhan for 258 million yuan (S$52.6 million) in cash, the manager said on Monday. The trust is selling CapitaMall Minzhongleyuan and three sets of vacant premises to an unrelated third party, which has also agreed to pay an extra 200 million yuan to cover a shareholder loan and entrustment loans. The Minzhongleyuan property had been “facing operational challenges in the past few years”, said the CRCT manager, citing factors such as road works in the area.
https://www.businesstimes.com.sg/companies-markets/capitaland-retail-china-trust-sells-wuhan-mall-other-premises-for-258-million-yuan

Chip Eng Seng warns of FY2020 loss due to adverse Covid-19 impact
Chip Eng Seng is expecting to report a FY2020 net loss in mid-February 2021 as opposed to its FY2019 net profit of S$32.6 million, due to the adverse impact of Covid-19 on its businesses. The full year net loss incurred will be wider than the S$25.7 million net loss it reported for H1 2020, said the property developer in its profit warning issued on Monday.
https://www.businesstimes.com.sg/companies-markets/chip-eng-seng-warns-of-fy2020-loss-due-to-adverse-covid-19-impact
https://www.straitstimes.com/business/chip-eng-seng-warns-of-fy2020-loss-due-to-covid-19

JLL names Singapore, Thailand country heads as it eyes regional growth
Real estate services firm JLL has promoted Chris Archibold to its Singapore country head, a spokesperson told The Business Times (BT) on Monday. Mr Archibold takes over the role from Chris Fossick, who continues to be chief executive officer (CEO) for South-east Asia. Meanwhile, Michael Glancy will succeed Suphin Mechuchep as JLL’s Thailand country head, as Ms Mechuchep is named chairperson for Thailand.
https://www.businesstimes.com.sg/real-estate/jll-names-singapore-thailand-country-heads-as-it-eyes-regional-growth

Industrial Reits set to continue bullish run in 2021: analysts
Despite having outperformed their Singapore real estate investment trust (Reit) counterparts last year, analysts are optimistic that industrial S-Reits will continue their bullish run in 2021. At a virtual media briefing on Asian property sector in 2021 on Monday, Lee Wee Liat, managing director of corporate broking and sales Asia-Pacific at BNP Paribas, said with reference to the zero interest rate environment back in 2010 to 2015, “it’s pretty unanimous” that Reits in places such as Singapore, Hong Kong, Australia and Japan “always outperformed the overall general stock market index”.
https://www.businesstimes.com.sg/companies-markets/industrial-reits-set-to-continue-bullish-run-in-2021-analysts

Views, Reviews, Forum & Others

How the world can build back better from the pandemic: DPM Heng
In his keynote address at The Straits Times Global Outlook Forum yesterday, Deputy Prime Minister Heng Swee Keat noted that while Covid-19 has been devastating for the world, it has also provided an opportunity for countries to work together and build on that cooperation. Here is the edited text of his speech.
https://www.straitstimes.com/opinion/how-the-world-can-build-back-better-from-the-pandemic-dpm-heng-0

Bitcoin eyes gold’s role and cryptos are here to stay
Investors in bitcoin and other cryptocurrencies have enjoyed a phenomenal run, but they are now worried that Janet Yellen’s arrival as US Treasury Secretary may herald a new era of hostility from regulators and central banks towards what boosters call “libertarian” forms of digital money.
https://www.businesstimes.com.sg/opinion/bitcoin-eyes-golds-role-and-cryptos-are-here-to-stay

Update on COVID-19 (Coronavirus Disease 2019) Situation

1-year-old among 22 new imported virus cases here
A one-year-old baby and a two-year-old toddler who arrived from India are among the 22 new coronavirus cases confirmed yesterday. The baby is a short-term visit pass holder, while the toddler is a dependant’s pass holder. Both girls were asymptomatic and had tested positive for the virus on Sunday.
https://www.straitstimes.com/singapore/1-year-old-among-22-new-imported-virus-cases-here

Polyclinics, GP clinics to administer Covid-19 vaccine
Covid-19 vaccination centres that allow a large number of people to be vaccinated daily will be ready soon, and shots will also be given at polyclinics and general practitioner clinics, said the Ministry of Health’s chief health scientist, Professor Tan Chorh Chuan. There will also be roving teams which vaccinate certain groups, such as those in nursing homes.
https://www.straitstimes.com/singapore/polyclinics-gp-clinics-to-administer-covid-19-vaccine
https://www.straitstimes.com/singapore/health/staff-from-nursing-home-mha-receive-vaccine
*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