DAILY NEWS

Daily News – 12 Mar 2021 (Fri)

Singapore Real Estate

Feb new home sales plunge 60% on lack of new launches
New homes sales by developers plunged 60 per cent to 639 units in February from 1,609 in January in the absence of new project launches and the Chinese New Year holidays. This contrasted sharply in January, where just one new project, the 1,862-unit Normanton Park – moved 625 units. What is interesting is that amid the slower activity, some well-heeled buyers are showing a preference for city fringe locations, in particular, the Katong area which was where the old rich used to have their villas and mansions.
https://www.businesstimes.com.sg/real-estate/feb-new-home-sales-plunge-60-on-lack-of-new-launches

Condo, HDB rents rise again in Feb on lower volumes
Rents kept heading north last month for private apartments and Housing Board flats, as lease numbers for both fell amid the double whammy of the Chinese New Year lull and Covid-19 restrictions. Rents of condominiums and private apartments rose 1 per cent from January to February while HDB rates increased 0.5 per cent, according to flash data from real estate portal SRX yesterday.
https://www.straitstimes.com/business/property/condo-hdb-rents-rise-again-in-feb-on-lower-volumes
https://www.businesstimes.com.sg/real-estate/condo-hdb-rents-rise-again-on-lower-volumes-in-february-srx

Two land parcels awarded to innovative, eco-friendly tenderers
The Singapore Food Agency (SFA) has awarded the tender for two land parcels – one for vegetable farming in Sungei Tengah, and the other for general agriculture or food farming Lim Chu Kang. The land parcel for vegetable farming at Sungei Tengah was awarded to Nextgen Farms Pte Ltd and Livfresh Pte Ltd for S$174,000, and the parcel for general agriculture to local goat farm Hay Dairies Pte Ltd for S$500,000.
https://www.businesstimes.com.sg/real-estate/two-land-parcels-awarded-to-innovative-eco-friendly-tenderers
https://www.straitstimes.com/singapore/firms-with-eco-friendly-proposals-awarded-tenders-to-run-farms-in-sungei-tengah-lim-chu

Singapore Economy

Biden’s US$1.9t stimulus bill a major catalyst for Singapore’s recovery
US President Joe Biden’s US$1.9 trillion stimulus bill, due to be signed on Friday, could boost local exports and lift cyclical stocks, market watchers said. Singapore, with an externally oriented economy and an equity market heavily weighted with cyclical counters such as banks and property developers, could be a major beneficiary of one of the largest economic rescue packages in US history. But there are risks, too, as inflation expectations rise.
https://www.businesstimes.com.sg/government-economy/bidens-us19t-stimulus-bill-a-major-catalyst-for-singapores-recovery

Businesses, workers well positioned to ride digital wave: DPM Heng
With the progress that Singapore’s Smart Nation Initiative has made since its launch in 2014, businesses and workers are now in a good position to ride on the digital wave, said Deputy Prime Minister Heng Swee Keat on Thursday. The country’s tech sector remains a “bright spot”, and the government is making use of the industry transformation maps to help each sector on its digitalisation journey, he said at the launch of the Smart Nation & U festival.
https://www.businesstimes.com.sg/government-economy/businesses-workers-well-positioned-to-ride-digital-wave-dpm-heng

Singapore aiming to cement business hub status
Singapore has never restricted exports of products from mask manufacturer 3M – not even during the worst of the Covid-19 pandemic last year. Rejecting export controls is one way the Republic builds a reputation as a partner for long-term investment, Minister for Trade and Industry Chan Chun Sing said in recorded remarks broadcast on Thursday, as he laid out Singapore’s place in a changing world.
https://www.businesstimes.com.sg/government-economy/singapore-aiming-to-cement-business-hub-status
https://www.businesstimes.com.sg/government-economy/singapore-seeks-to-cement-business-hub-status-in-post-covid-new-normal-chan-chun

Government moves help mitigate Covid impact on US firms in Singapore
Over half of Singapore-based American businesses expect the pandemic to continue to weigh on revenue this year. The annual Asean Business Outlook Survey conducted by Blackbox Research also found that the impact of Covid-19 was less severe for US firms in Singapore compared with their peers in the region. Almost 80 per cent of businesses said the Covid-19 pandemic has negatively affected their regional business (24 per cent impacted to a great extent and 55 per cent impacted to some extent).
https://www.businesstimes.com.sg/asean-business/government-moves-help-mitigate-covid-impact-on-us-firms-in-singapore
https://www.straitstimes.com/business/economy/spore-will-spare-no-effort-in-helping-workers-firms-be-competitive-chan

Companies’ Brief

CDL, Sincere in public blame game over China group’s liquidity crunch
City Developments Limited (CDL) on Thursday said Sincere Property Group has “misrepresented” the circumstances of CDL’s investment in the China developer as well as the relationship between the two parties. The Singapore-listed property giant was responding to claims by Sincere Property that CDL had held up key decisions since taking control of the company.
https://www.businesstimes.com.sg/companies-markets/cdl-sincere-in-public-blame-game-over-china-groups-liquidity-crunch
https://www.straitstimes.com/business/companies-markets/cdl-rejects-chinese-firms-claims-it-held-up-decisions

Soilbuild Reit unitholders vote in favour of privatisation, Australia assets disposal
Unitholders of Soilbuild Business Space Reit (Soilbuild Reit) have voted in favour of the proposed privatisation offer from Blackstone Real Estate and Lim Chap Huat, the executive chairman of the real estate investment trust’s (Reit) sponsor Soilbuild Group. The proposed offer is via a trust scheme of arrangement. This means the outcome is determined by minorities as Mr Lim and his concert parties abstained from voting.
https://www.businesstimes.com.sg/companies-markets/soilbuild-reit-unitholders-vote-in-favour-of-privatisation-australia-assets

Views, Reviews, Forum & Others

As the aviation industry stabilises, long-term sustainable growth strategies are vital
On all fronts, the Covid-19 pandemic has been the greatest challenge of a generation. For many, the world has been upended – which, no doubt – will leave lasting marks for years to come. A year into the pandemic, as the global impact on businesses, governments and markets continue to unfold, it is clear that few remain unaffected. The aviation industry was among the most challenged sectors but it has demonstrated resilience and has charted out its path to recovery.
https://www.businesstimes.com.sg/opinion/as-the-aviation-industry-stabilises-long-term-sustainable-growth-strategies-are-vital

Three reasons why a greener economy is achievable
Some parts of the world are experiencing the hottest summers on record and uncontrollable wildfires. In other areas, glaciers are melting, causing sea levels to rise. It has become increasingly apparent: We cannot live the way we once did. Yet, recent developments are bringing what I see as “a new hope” to mankind. Here are my observations on the forces at work that make a sustainable transition for the planet and its inhabitants seem possible.
https://www.straitstimes.com/business/banking/three-reasons-why-a-greener-economy-is-achievable

More shopping online after pandemic hit: Poll
Consumers have embraced e-commerce in ever-increasing numbers since the Covid-19 pandemic hit, with online shopping surging in popularity, a new survey noted. The poll, by credit card giant Visa, identified many fresh faces here joining the pool of online shoppers, with 31 per cent of respondents saying they had shopped online for the first time during the pandemic.
https://www.straitstimes.com/business/economy/more-shopping-online-after-pandemic-hit-poll

2 govt agencies to study trends, staffing situation in Singapore’s retail sector
Singapore – The rise of remote working worldwide may have a long-term impact on the hiring needs of Singapore’s retail sector, as businesses may soon have part of their workforces based in other countries. This is one of the key trends that a study by Enterprise Singapore (ESG) and Workforce Singapore (WSG) aims to examine, as part of a wider manpower study on the retail sector here.
https://www.straitstimes.com/singapore/consumer/esg-wsg-to-study-trends-staffing-situation-in-singapores-retail-sector

Update on COVID-19 (Coronavirus Disease 2019) Situation

Foreign domestic worker is sole community case
An Indonesian foreign domestic worker who attended the same programme as a previously infected individual about a month ago was the sole case of coronavirus infection in the community announced yesterday. The 37-year-old woman was tested on Tuesday during investigations into the other case, who was also a foreign domestic worker, said the Ministry of Health (MOH).
https://www.straitstimes.com/singapore/health/foreign-domestic-worker-is-sole-community-case

*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