DAILY NEWS

Daily News – 9, 10, 11, 12 July 2021 (Fri, Sat, Sun & Mon)

Singapore Real Estate

Construction industry making progress on digital road
Mainboard-listed Lum Chang Holdings began using drones for aerial construction site surveillance in 2018 – a decision that has since proven invaluable. When the Covid-19 pandemic hit, and the company had to split its workforce…
https://www.businesstimes.com.sg/real-estate/construction-industry-making-progress-on-digital-road

Singapore’s shophouse transaction value up 29.9% in H1 2021
Singapore’s total shophouse transaction value hit S$836.1 million in H1 2021, up 29.9 per cent from H2 2020, backed by the pick-up in activity from the fourth quarter of 2020. This total was made up of the first and second quarter’s transaction values of S$365.4 million and S$470.7 million respectively.
https://www.businesstimes.com.sg/real-estate/singapores-shophouse-transaction-value-up-299-in-h1-2021-0

Grab CEO Anthony Tan’s family buys GCB in Bin Tong Park for S$40m
Grab co-founder and CEO Anthony Tan’s family has bought a property in the Bin Tong Park Good Class Bungalow (GCB) Area for S$40 million. The purchase was made by his wife, Chloe Tong, BT understands. The couple is expected to redevelop the property…
https://www.businesstimes.com.sg/real-estate/grab-ceo-anthony-tans-family-buys-gcb-in-bin-tong-park-for-s40m
https://www.straitstimes.com/business/property/family-of-grab-ceo-buys-bin-tong-park-good-class-bungalow-for-40m

Razer’s Tan Min-Liang latest digital economy entrepreneur to scoop up a GCB
Digital economy entrepreneurs continue to buy Good Class Bungalows (GCBs). Gaming company Razer co-founder and chief executive Tan Min-Liang is in the early stage of buying a property along Third Avenue for S$52.8 million.
https://www.businesstimes.com.sg/real-estate/razers-tan-min-liang-latest-digital-economy-entrepreneur-to-scoop-up-a-gcb

HDB resale prices up again, 19 million-dollar flats sold in June
The Housing Board resale market bounced back quickly last month, with prices continuing to climb and more flats changing hands as tightened Covid-19 measures were eased. HDB resale prices rose for the 12th straight month, advancing 0.9 per cent last month compared with May, according to flash data from real estate portal SRX on Thursday.
https://www.businesstimes.com.sg/real-estate/hdb-resale-prices-up-again-19-million-dollar-flats-sold-in-june
https://www.straitstimes.com/singapore/housing/hdb-resale-prices-rise-for-12th-straight-month-19-million-dollar-flats-sold-in

1 in 3 resale flats sold above market valuation this year
About one in three buyers of a Housing Board resale flat has paid above market valuation this year, an increase from one in five last year. The increase comes against the backdrop of steadily rising prices for such flats.
https://www.straitstimes.com/singapore/housing/1-in-3-resale-flats-sold-above-market-valuation-this-year

Singapore Economy

Singapore endorses G-20 tax reforms, paving way for overhaul of tax system: Lawrence Wong
A landmark global agreement on new rules for international corporate tax has been endorsed at the Group of 20 (G-20) meeting in Italy. Besides the G-20, an overwhelming majority of the jurisdictions in the Inclusive Framework…
https://www.businesstimes.com.sg/government-economy/singapore-endorses-g-20-tax-reforms-paving-way-for-overhaul-of-tax-system

Temasek’s S$13b rescue of leading Singapore corporates aligned with its long-term horizon: analysts
Singapore’s Temasek Holdings has ploughed at least S$13 billion since last year – and is set to spend more – into sector bigwigs from the national airline to an agri-food giant, a shipping line and offshore and marine firm, most of which involves funding to save these pandemic-roiled businesses.
https://www.businesstimes.com.sg/government-economy/temaseks-s13b-rescue-of-leading-singapore-corporates-aligned-with-its-long-term

Singapore sees fewer employment claims, appeals filed in 2020 with sharp fall in foreign worker claims
Fewer employment claims and appeals were lodged with the authorities in 2020, with a sharp fall in the incidence of claims by foreign workers more than making up for a rise in claims by local workers, said the latest Employment Standards Report on Friday.
https://www.businesstimes.com.sg/government-economy/singapore-sees-fewer-employment-claims-appeals-filed-in-2020-with-sharp-fall-in

S’pore retains top spot as global shipping hub for 8th straight year
Singapore kept its position as the world’s top shipping hub on the 2021 Xinhua-Baltic International Shipping Centre Development (ISCD) Index for the eighth consecutive year. The Republic was followed by London, Shanghai, Hong Kong and Dubai.
https://www.straitstimes.com/business/economy/spore-retains-top-spot-as-global-shipping-hub-for-8th-straight-year

Ultra-rich still drawn to S’pore as wealth hub
Singapore – The pandemic has failed to dent Singapore’s status as a global wealth hub with well-off individuals continuing to put their riches here. Asset managers note that private banks like UBS, Citi and HSBC are expanding their wealth businesses despite the Covid-19 crisis.
https://www.straitstimes.com/business/economy/ultra-rich-still-drawn-to-spore-as-wealth-hub

Companies’ Brief

Singapore property dynasty faces climb after China debacle
For Singapore’s richest property family, the turnaround of City Developments Limited (CDL) is just beginning. A bungled Chinese investment has saddled the property developer with a US$1.3 billion writedown, raising questions about the extent of the damage and the fallout for top executives who supported the deal.
https://www.businesstimes.com.sg/companies-markets/singapore-property-dynasty-faces-climb-after-china-debacle

CDL down as much as 4.2% on Chongqing Sincere’s potential restructuring
Shares of City Developments Limited (CDL) fell as much as 4.2 per cent on Thursday following news of a potential restructuring of Chongqing Sincere Yuanchuang Industrial. Sincere Property Holdings – which CDL has a 51 per cent stake in – is the second-largest shareholder of Chongqing Sincere. It is preparing to work with stakeholders and creditors on a restructuring, said a Bloomberg report.
https://www.businesstimes.com.sg/companies-markets/cdl-down-as-much-as-42-on-chongqing-sinceres-potential-restructuring
https://www.straitstimes.com/business/companies-markets/cdls-sincere-unit-in-china-may-undergo-court-led-restructuring

ERA to provide Redbrick customers with proprietary tools under MOU
ERA Singapore has signed a memorandum of understanding (MOU) with independent mortgage-advisory firm Redbrick, to give Redbrick’s customers access to RealtyWatch and iERA Robo Advisor, two of the real-estate agency’s proprietary tools.
https://www.businesstimes.com.sg/real-estate/era-to-provide-redbrick-customers-with-proprietary-tools-under-mou

Fragrance receives offer to be taken private at S$0.138 per share
Fragrance Group on Friday announced that JK Global Treasures intends to make a voluntary conditional cash offer for all the issued and paid-up ordinary shares of the group at 13.8 Singapore cents per share. Shares of the property developer last closed on Thursday at 11.8 cents, with a market capitalisation of S$792 million.
https://www.businesstimes.com.sg/real-estate/fragrance-receives-offer-to-be-taken-private-at-s0138-per-share
https://www.straitstimes.com/business/companies-markets/fragrance-group-founder-offers-to-privatise-firm-at-138-cents-a-share

Keppel divests data centre in Frankfurt for 76m euros
Keppel Corp is proposing to divest a data centre facility located in Frankfurt, Germany for a cash consideration of 76 million euros (S$121.6 million), the conglomerate said on Thursday. The property, Keppel DC Frankfurt 1, will be divested to a wholly-owned subsidiary of Iron Mountain.
https://www.businesstimes.com.sg/real-estate/keppel-divests-data-centre-in-frankfurt-for-76m-euros

SPH appoints Yeoh Oon Jin as independent directo
Media company Singapore Press Holdings (SPH) has named Yeoh Oon Jin as an independent director, with his appointment starting on July 9. Mr Yeoh will sit on the executive committee and the audit committee, said SPH, the publisher of The Business Times, on Thursday.
https://www.businesstimes.com.sg/companies-markets/sph-appoints-yeoh-oon-jin-as-independent-director
https://www.straitstimes.com/business/companies-markets/sph-appoints-yeoh-oon-jin-to-the-board-as-independent-director

Defying gravity: Retail and office S-Reits with higher occupancy
IN a previous publication of Reit Watch, we noted that the average occupancy rate of the sector (excluding hospitality Reits) decreased from approximately 96 per cent as at March 31, 2020 to 95 per cent as at March 31, 2021.
https://www.businesstimes.com.sg/companies-markets/defying-gravity-retail-and-office-s-reits-with-higher-occupancy

Corporate digest
https://www.businesstimes.com.sg/companies-markets/corporate-digest-1412

Views, Reviews, Forum & Others

Trimming risks, or overreach?
Chia Ngiang Hong, President, Real Estate Developers’ Association of Singapore (REDAS)
Approaches are being taken across the globe. Unchecked concentration of power in “digital monopolies” can have negative impacts on businesses and societies. Undue influences like unfair data practices, content and media control and misuse of market power can harm public and consumer interests and stifle competition and innovation.
https://www.businesstimes.com.sg/views-from-the-top/trimming-risks-or-overreach

Beds, meds and sheds – how the pandemic is shifting the property deck
(Financial Times) The world’s biggest commercial property landlord is shuffling its US$378 billion (S$511 billion) real estate deck. Two moves by Blackstone – the sale of BNY Mellon’s London office in St Paul’s to Italian insurer Generali for £465 million (S$874 million)…
https://www.straitstimes.com/opinion/beds-meds-and-sheds-how-the-pandemic-is-shifting-the-property-deck

Three points on trust amid remote work, transformation
The pandemic has made remote work a core concern for many workers and employers, even as digital transformation and disruption of business models gather pace. Workers from the junior to the most senior are under pressure to soldier on, to adapt, to meet targets and expectations even as they navigate grave uncertainty and major life changes.
https://www.straitstimes.com/opinion/three-points-on-trust-amid-remote-work-transformation

Non-tax incentives will be key in future
The finance ministers of the Group of 20 (G-20) are widely expected to sign up to the proposal for a global minimum corporate tax at their meeting in Venice, which will conclude tomorrow. This could have significant implications for Singapore and other low-tax jurisdictions, including other advanced economies such as Ireland and Switzerland, which have long relied on tax incentives to attract foreign direct investments.
https://www.straitstimes.com/opinion/st-editorial/non-tax-incentives-will-be-key-in-future-0

Emerging into a new world of wealth post-pandemic
Much has already been said about how the Covid-19 pandemic has destabilised economies and industries around the world, and an even greater amount on its impact on our everyday lives. Over a year on, for many in financial services, the message should now be starting to sink in.
https://www.businesstimes.com.sg/opinion/emerging-into-a-new-world-of-wealth-post-pandemic

Rethinking the board’s role in strategy, risk and culture
Companies are facing disruption at an unprecedented rate. Quite a few have found themselves woefully unprepared for what lies ahead. Risks and risk governance have thus become hot topics in the boardroom. Directors are being challenged to reassess their board’s mandate.
https://www.businesstimes.com.sg/leadership-management/rethinking-the-boards-role-in-strategy-risk-and-culture

There’s nothing like hearth and office
As companies start to map out the Return To The Office, employee surveys are showing clear preferences for flexible hours and remote working. Gen Z and young millennial Singaporeans – the newest entrants into the workforce – tell us though, that they are ready to go back to the office after a year of feeling their way around their jobs from home.
https://www.businesstimes.com.sg/weekend/theres-nothing-like-hearth-and-office
https://www.businesstimes.com.sg/brunch/why-young-singaporeans-are-ready-to-go-back-to-the-office

All eyes on Phuket sandbox, but questions remain over Asean tourism recovery
Regional tourism players are keeping a close eye on Thailand’s so-called “Phuket sandbox” – a testbed for quarantine-free leisure travel that kicked off this month. The industry has high hopes for the expansion of the pilot to other parts of Thailand, as well as the potential for similar initiatives in other South-east Asian tourist markets.
https://www.businesstimes.com.sg/asean-business/all-eyes-on-phuket-sandbox-but-questions-remain-over-asean-tourism-recovery-0

Sustainability agenda for boards beyond the Covid-19 pandemic
AS businesses are reshaped in the wake of the pandemic, environmental, social and governance (ESG) performance will be more prominent in investment decisions. According to the 2020 EY Global Institutional Investor Survey, 98 per cent of investors surveyed indicated that they were adopting a more disciplined and rigorous approach to evaluating organisations’ non-financial performance.
https://www.businesstimes.com.sg/companies-markets/sustainability-agenda-for-boards-beyond-the-covid-19-pandemic

No decision yet on proposed Mount Faber rail system
Singapore – Two years after plans for a new rail system for Mount Faber were announced, no decision has been made on whether to proceed with its construction. A funicular system – two cars attached to each other by a cable – at Mount Faber was among the highlights for the Greater Southern Waterfront included in the Urban Redevelopment Authority’s (URA) master plan in 2019.
https://www.straitstimes.com/singapore/no-decision-yet-on-proposed-mount-faber-rail-system

Update on COVID-19 (Coronavirus Disease 2019) Situation

The many roads to a Covid-19 recovery: S’pore may not top ‘return to normalcy’ indexes, but it’s doing what’s necessary
Singapore – A battle-weary global population that has had to deal with the disturbances wrought by a tiny virus for 18 months and counting is keen to know when life can go back to normal.
https://www.straitstimes.com/asia/the-many-roads-to-a-covid-19-recovery-spore-may-not-top-return-to-normalcy-indexes-but-its

Booster shots may begin here around CNY if needed
Booster shots for the Covid-19 vaccine may begin around Chinese New Year next year, Health Minister Ong Ye Kung said on Thursday. He was responding to questions from members of the public about living with Covid-19, through an Instagram live broadcast.
https://www.straitstimes.com/singapore/health/booster-shots-may-begin-here-around-cny-if-needed

One new local case that is currently unlinked; seven imported cases
One new locally transmitted case was confirmed yesterday, making this the fourth day in the last eight when Singapore recorded one or zero local coronavirus cases. The local case – currently unlinked – was among a total of eight cases reported yesterday, taking Singapore’s total to 62,692.
https://www.straitstimes.com/singapore/one-new-local-case-that-is-currently-unlinked-seven-imported-cases

One in 10 recovered patients carries symptoms 6 months after infection
One in 10 recovered Covid-19 patients had persistent symptoms six months after the initial infection, a study led by the National Centre for Infectious Diseases (NCID) has found. In this condition known as “long Covid”, the patients continued to experience symptoms, most commonly a lingering cough and shortness of breath, long after recovering from Covid-19. Other symptoms included persistent fatigue, dizziness and insomnia, but these were not frequently observed.
https://www.straitstimes.com/singapore/one-in-10-recovered-patients-carries-symptoms-6-months-after-infection

Sinovac vaccine status won’t stop Singapore opening to travel: Ong Ye Kung
HEALTH Minister Ong Ye Kung has dispelled concerns that a decision to not yet officially recognise Sinovac’s Covid-19 vaccine would hamper quarantine-free travel plans, particularly with Hong Kong, saying that reciprocity between two places is more relevant in efforts to open up borders.
https://www.businesstimes.com.sg/government-economy/sinovac-vaccine-status-wont-stop-singapore-opening-to-travel-ong-ye-kung

Cautious optimism among hawkers as dining curbs ease
Stallholders at hawker centres, foodcourts and coffee shops here are only cautiously optimistic about the prospects for business once dine-in restrictions are eased for groups of up to five people from today. More than 20 stallholders The Straits Times spoke to yesterday said they were holding off on buying extra supplies or hiring extra help even though they expect more customers for lunch and dinner this week.
https://www.straitstimes.com/singapore/cautious-optimism-among-hawkers-as-dining-curbs-ease
https://www.straitstimes.com/singapore/restaurant-bookings-for-bigger-groups-surge-with-relaxation-of-curbs

3 common misconceptions about Covid-19 vaccines among seniors in Singapore
Seniors aged 70 and above were the first group to be offered vaccination against Covid-19 in Singapore, but have the lowest take-up rate. Here is a look at three misconceptions about the vaccines – Covid-19 vaccines were developed so quickly, they cannot be safe. Surely some shortcuts must have been taken.
https://www.straitstimes.com/singapore/health/3-common-misconceptions-about-covid-19-vaccines

Step up efforts to jab seniors ahead of shift to living with Covid-19: Experts
Singapore – As Singapore shifts to preparing to live with Covid-19, experts are calling for stepped-up efforts to get older folk vaccinated, to help shield them from the likelihood of being hit by the coronavirus and succumbing to it.
https://www.straitstimes.com/singapore/health/step-up-efforts-to-jab-seniors-ahead-of-shift-to-living-with-covid-19-experts

Friends, family should convince seniors to get jabs, say experts
Experts are calling for friends and family of seniors to help convince them to get vaccinated against Covid-19, even as Singapore continues to ease its curbs against the spread of the coronavirus that causes the disease.
https://www.straitstimes.com/singapore/health/friends-family-should-convince-seniors-to-get-jabs-say-experts

Singapore looking at antibody cocktail for Covid-19 patients
Regeneron Pharmaceutical’s Covid-19 antibody cocktail – which can be used to treat patients who are mildly sick but are at risk of severe illness – will likely be used in Singapore once it is available, said the National Centre for Infectious Diseases (NCID).
https://www.straitstimes.com/singapore/health/singapore-looking-at-antibody-cocktail-for-covid-19-patients

More options for severe Covid-19 treatment
To treat patients with more severe forms of Covid-19, the National Centre for Infectious Diseases (NCID) has included the use of remdesivir, steroids such as dexamethasone, tocilizumab and baricitinib in its treatment guidelines.
https://www.straitstimes.com/singapore/more-options-for-severe-covid-19-treatment

Heart problems rare; benefits of vaccines still outweigh risks
The Covid-19 mRNA vaccines by Pfizer-BioNTech and Moderna may have a likely link to heart problems but these events remain rare, with the benefits of immunisation greatly outweighing the risks. Most recently, a 16-year-old boy collapsed after strenuous exertion six days following his first dose of the vaccine.
https://www.straitstimes.com/singapore/health/heart-problems-rare-benefits-of-vaccines-still-outweigh-risks
https://www.straitstimes.com/world/europe/benefits-of-mrna-covid-19-vaccines-outweigh-rare-heart-risks-says-who-0

Inflammation of the heart: Reasons, symptoms and precautions
Rare cases of heart inflammation have been reported with Covid-19 vaccines that use mRNA technology – namely the Pfizer-BioNTech and Moderna jabs – both overseas and locally. The Straits Times finds out the answers to some questions.
https://www.straitstimes.com/singapore/inflammation-of-the-heart-reasons-symptoms-and-precautions

*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