DAILY NEWS

Daily News – 13 Feb 2020 (Thu)

Singapore Real Estate

Singapore Shopping Centre back on en bloc market with S$255m price tag
Singapore Shopping Centre is back on the collective-sale market, half a year after its previous attempt in July 2019, with an unchanged reserve price of S$255 million. This time, though, the seven-storey retail and office building in Clemenceau Avenue has been given provisional approval to re-zone for hotel use, its marketing agent said on Wednesday.
https://www.businesstimes.com.sg/real-estate/singapore-shopping-centre-back-on-en-bloc-market-with-s255m-price-tag

2 shophouses in Neil Road, 3 in Jasmine Road for sale
Two conservation shophouses in Neil Road and three others with adjoining land in Jasmine Road are separately up for sale. The adjoining two-storey units with an attic at 65/67 Neil Road have an indicative price of $15.57 million, or about $2,800 per sq ft (psf), based on the total gross floor area (GFA) of 5,563.7 sq ft.
https://www.straitstimes.com/business/property/2-shophouses-in-neil-road-3-in-jasmine-road-for-sale

Condo, HDB rents rise in January on lower volume
The housing rental market in Singapore is likely to see a temporary slowdown in activity due to the novel coronavirus outbreak. Data released on Wednesday showed, however, that rents for both non-landed private homes and HDB flats had risen in January, while the number of leasings fell.
https://www.businesstimes.com.sg/real-estate/condo-hdb-rents-rise-in-january-on-lower-volume
https://www.straitstimes.com/business/property/leasing-volume-lower-in-january-market-likely-to-slow-down

Risks in Reits are not what they once were
We’re used to thinking of real estate investment trusts, or Reits, as defensive plays that beat the market during times of uncertainty. But given that Reits are no longer in bargain territory, it’s worth taking stock of some of the reasons behind this perception.
https://www.businesstimes.com.sg/companies-markets/risks-in-reits-are-not-what-they-once-were

Singapore Economy

Virus outbreak to buffet retail further after 2.8% fall in 2019
Singapore retail sales are expected to be weak this year amid novel coronavirus pressures, following a 2.8 per cent fall in 2019, which was the steepest decline in six years. Deepening from 2018’s 0.8 per cent fall, the full-year figure marked the first consecutive annual contraction since the post-Global Financial Crisis period in 2009 and 2010, noted OCBC Bank head of treasury research and strategy Selena Ling.
https://www.businesstimes.com.sg/government-economy/virus-outbreak-to-buffet-retail-further-after-28-fall-in-2019
https://www.straitstimes.com/business/economy/retail-sector-suffers-worst-year-since-2013

Singapore ranked most liveable city for Asian expats for 15th year
Singapore has been ranked the most liveable city for expatriates from other Asian markets for the 15th year running. The latest survey cited its excellent infrastructure and amenities, low crime rate and a large expat community, which provides access to a social network.
https://www.straitstimes.com/business/singapore-ranked-most-liveable-city-for-asian-expats-for-15th-year

Private sector aid for firms amid virus crisis
Banks, telcos and asset managers are stepping forward to help businesses, especially smaller ones, tide over the disruption caused by the coronavirus outbreak. The biggest relief package was announced by United Overseas Bank (UOB) yesterday.
https://www.straitstimes.com/business/economy/private-sector-aid-for-firms-amid-virus-crisis

Companies’ Brief

Property sales lift Wing Tai Q2 profits
Mainboard-listed Wing Tai Holdings saw its earnings jump in the second quarter, notching a higher gross profit and other gains. Net profit rose to S$26 million for the three months to Dec 31, 2019, up by 61 per cent from S$16.1 million before, even as revenue slipped by 10.2 per cent to S$104.2 million.
https://www.businesstimes.com.sg/companies-markets/property-sales-lift-wing-tai-q2-profits

Genting Singapore pessimistic about H1 amid virus threat
As casino and leisure giant Genting Singapore capped a weaker financial showing in 2019 and laid the blame on geopolitical uncertainties and economic volatilities, the operator of Singapore’s integrated resort (IR) Resorts World Sentosa (RWS) admitted that the first half of this year could be grim owing to the novel coronavirus scare.
https://www.businesstimes.com.sg/companies-markets/genting-singapore-pessimistic-about-h1-amid-virus-threat

GIC buys Beijing twin towers from LG Group for $1.6b
Singapore sovereign wealth fund GIC has acquired LG Twin Towers in Beijing from South Korean conglomerate LG Group for around eight billion yuan (S$1.6 billion). he property in Guomao central business district comprises two Grade-A office towers and a retail podium, GIC said yesterday
https://www.straitstimes.com/business/economy/gic-buys-beijing-twin-towers-from-lg-group-for-16b

JustCo to open ‘smart’ centre at The Centrepoint
Co-working space operator JustCo expects to open its first “smart” centre here in the third quarter of this year. The facility in The Centrepoint mall in Orchard Road will cater to members but will also allow the public to use the spaces and amenities…
https://www.straitstimes.com/business/companies-markets/justco-to-open-smart-centre-at-the-centrepoint

Singapore luxury co-living comes with steep prices and no apologies
Co-living concepts are largely similar across Asia. Residents pay for a private room with a bed, and common areas like living, dining, kitchen and often bathroom, are shared. Singapore’s Figment is setting out to change that, offering residents their own piece of the city-state’s history and local flavour. Its residences are heritage shophouses…
https://www.businesstimes.com.sg/real-estate/singapore-luxury-co-living-comes-with-steep-prices-and-no-apologies

Views, Reviews, Forum & Others

Tax jab against the novel coronavirus
The ink on the finance minister’s Budget 2020 statement would likely be moist when he delivers the speech next Tuesday, as measures to manage the novel coronavirus (Covid-19) situation in Singapore are continually refined to help businesses and Singaporeans tide over this difficult period. Some of these measures may be retrieved from the 2003 playbook.
https://www.businesstimes.com.sg/opinion/singapore-budget-2020/tax-jab-against-the-novel-coronavirus

Budget measures can help SMEs raise their game
Faced with global trade and geopolitical tensions, economic slowdown and uncertainties from the novel coronavirus outbreak, local small-and medium-sized enterprises (SMEs) are finding it increasingly difficult to stay profitable and competitive.
https://www.businesstimes.com.sg/opinion/singapore-budget-2020/budget-measures-can-help-smes-raise-their-game

Businesses look to targeted help measures in Budget
Coming out of 2019’s slowdown, companies here have been looking to the upcoming Budget for support – a hope that has intensified as the Covid-19 outbreak threatens to hammer the Singapore economy. But, with the abuse of past schemes such as the Productivity and Innovation Credit (PIC) and SkillsFuture Credit, tailored measures will be needed to avoid the pitfalls of a one-size-fits-all approach.
https://www.businesstimes.com.sg/government-economy/singapore-budget-2020/businesses-look-to-targeted-help-measures-in-budget

Strong package in Budget to counter virus fallout
Singapore will roll out a strong economic package next week as part of its Budget to mitigate the economic fallout from the coronavirus outbreak, with the impact on the trade-reliant economy seen as worse than during the 2003 severe acute respiratory syndrome (Sars) pandemic.
https://www.straitstimes.com/business/economy/strong-package-in-budget-to-counter-virus-fallout

Update on 2019 Novel Coronavirus (2019-nCoV) Situation

200 DBS staff vacate MBFC after case confirmed
DBS on Wednesday sent home dozens of employees as a precaution after one of its staff working at the bank’s main Marina Bay Financial Centre (MBFC) office was found to be infected with the novel coronavirus. The individual was tested on Tuesday, and the bank was informed of the confirmed diagnosis on Wednesday morning, DBS said in a statement.
https://www.businesstimes.com.sg/companies-markets/200-dbs-staff-vacate-mbfc-after-case-confirmed
https://www.straitstimes.com/singapore/health/300-dbs-staff-evacuated-after-case-confirmed-at-its-mbfc-offices

MOM makes over 1,000 calls, visits daily on leave of absence workers
More than 1,000 calls and visits are being made daily as part of checks by the Ministry of Manpower (MOM) to ensure work pass holders are serving the mandatory 14-day leave of absence (LOA). Other measures include requiring all workers on the LOA to self-report their location to the ministry…
https://www.straitstimes.com/singapore/manpower/mom-makes-over-1000-calls-visits-daily-on-leave-of-absence-workers
https://www.straitstimes.com/singapore/manpower/checking-on-leave-of-absence-workers

About 600 workers approved for return to Singapore
Around 600 work pass holders who travelled to China have been given the go-ahead to enter Singapore. A Ministry of Manpower (MOM) spokesman said yesterday that it has approved about 200 applications a day since new entry rules for these workers kicked in after 11.59pm last Saturday.
https://www.straitstimes.com/singapore/manpower/about-600-workers-approved-for-return-to-singapore?login=true

Medical chief rebuts doctors’ mask advice
Wearing a mask is not the most important thing to do to keep the coronavirus at bay, said Associate Professor Kenneth Mak, the director of medical services. He was responding to questions on the advice circulated by four doctors that everyone should wear a mask when leaving home…
https://www.straitstimes.com/singapore/health/medical-chief-rebuts-doctors-mask-advice

*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 2019 Novel Coronavirus (2019-nCoV) situation