DAILY NEWS

Daily News – 13th Mar 2020 (Fri)

Singapore Real Estate

Big-ticket property deals ease in Jan-Feb
Big-ticket property transactions of S$10 million and above have slowed amid the Covid-19 outbreak though other factors have also been at play, including a reduction in the number of sizeable properties available for sale after a string of high-profile deals last year.
https://www.businesstimes.com.sg/real-estate/big-ticket-property-deals-ease-in-jan-feb

Singapore Economy

Productivity falls for first time in 10 years; economists say it’s likely cyclical
Singapore’s labour productivity fell last year for the first time in at least a decade, but economists said it remains to be seen whether the nation’s productivity and restructuring drive is still on track. Real value-added per actual hour worked declined by 1.5 per cent, the first negative reading since the series was started in 2010.
https://www.straitstimes.com/singapore/manpower/productivity-falls-for-first-time-in-10-years-economists-say-its-likely-cyclical

Fewer job vacancies last year as employers turned cautious: MOM
Even before the coronavirus outbreak, employers were more cautious about hiring last year amid economic uncertainties. As a result, the seasonally adjusted ratio of job vacancies to unemployed persons fell to 0.84 in December, down from 1.09 a year earlier, according to the latest figures released yesterday by the Ministry of Manpower (MOM).
https://www.straitstimes.com/singapore/manpower/fewer-job-vacancies-last-year-as-employers-turned-cautious-mom-0
https://www.businesstimes.com.sg/government-economy/virus-outbreak-more-support-for-hard-hit-sectors-in-singapore

Companies’ Brief

Institutional investors finding bargains in bloodbath
For some investors, the recent market correction has created entry points for stocks that have done well over the last three years. Over March 9 and 10, institutional investors were net buyers of several Singapore Exchange (SGX)-listed real estate investment trusts (Reits)…
https://www.businesstimes.com.sg/companies-markets/institutional-investors-finding-bargains-in-bloodbath

Temasek’s plans for Keppel still intact
The Covid-19 outbreak has cast a pall on global economies and stock markets, making it even harder to do business or make investment decisions. But for shareholders of Keppel Corp, it has presented an unexpected windfall – at least on paper.
https://www.businesstimes.com.sg/companies-markets/temaseks-plans-for-keppel-still-intact

United Hampshire Reit plunges 20% on debut day
United Hampshire US Reit may boast about its recession-proof portfolio but its units were certainly not immune to market volatility when they plunged 20 per cent to US$0.64, from their initial public offering (IPO) price of US$0.80, on their first day of trading.
https://www.businesstimes.com.sg/companies-markets/united-hampshire-reit-plunges-20-on-debut-day

Ascott Residence Trust buys Sydney serviced apartments for A$46m
Ascott Residence Trust (ART) has bought Quest a serviced apartments property in Sydney for A$46 million (S$41.5 million), which reflects a yield of 5.5 per cent. The Quest serviced residence, in Sydney’s second-largest business district of Macquarie Park, will be under a master lease agreement and will add to ART’s stream of stable income, said Beh Siew Kim, chief executive of ART’s managers, on Wednesday.
https://www.businesstimes.com.sg/companies-markets/ascott-residence-trust-buys-sydney-serviced-apartments-for-a46m-0

PropertyGuru expands into home financing with new mortgage marketplace
Real estate tech firm PropertyGuru has entered the home finance space with the launch of its mortgage marketplace, PropertyGuru Finance, in Singapore. The South-east Asian real estate portal on Thursday said its latest venture aims to “help Singaporeans save money on their home loans for the long term and simplify their home-buying journey”.
https://www.businesstimes.com.sg/real-estate/propertyguru-expands-into-home-financing-with-new-mortgage-marketplace

OEL in non-binding pact to buy 51% stake in China healthcare firm
Catalist-Listed OEL (Holdings) on Thursday said it has entered into a non-binding memorandum of understanding (MOU) for the proposed acquisition of a 51 per cent stake in Shanghai Longjian Hospital Management Co.
https://www.businesstimes.com.sg/companies-markets/oel-in-non-binding-pact-to-buy-51-stake-in-china-healthcare-firm-0

Views, Reviews, Forum & Others

Short-term help for tenants in landlords’ long-term interest
With the Inland Revenue Authority of Singapore (IRAS) having clarified eligibility for the property tax rebates given as support amid the Covid-19 outbreak, landlords now have no obvious reason to delay deciding how to pass these rebates down to tenants.
https://www.businesstimes.com.sg/opinion/short-term-help-for-tenants-in-landlords-long-term-interest

A second package to fight the virus
Singaporeans will take some comfort in the fact that the Government is preparing a second stimulus package less than a month after the already expansionary Budget presented on Feb 18. Disclosing this during a discussion hosted by The Straits Times and The Business Times on Wednesday, Deputy Prime Minister and Finance Minister Heng Swee Keat noted that the Covid-19 outbreak has taken a turn for the worse.
https://www.straitstimes.com/opinion/st-editorial/a-second-package-to-fight-the-virus

Banks step up to help SMEs weather crisis
Banks in Singapore have sped up loan application processes and worked with industry groups to help tide small and medium-sized enterprises (SMEs) over as they face challenges brought on by the coronavirus outbreak.
https://www.straitstimes.com/business/banking/banks-step-up-to-help-smes-weather-crisis

Global sell-off continues to dent investor confidence
As Singapore shares continue to slide amid a global sell-off, investors are not quite ready to buy the dips, according to analysts. This comes as market sentiments continue to be dented as the World Health Organization (WHO) declared Covid-19 as a global pandemic…
https://www.businesstimes.com.sg/companies-markets/global-sell-off-continues-to-dent-investor-confidence

Singapore Budget 2020

Second support package could be larger, more immediate: economists
The second package of government support measures amid the Covid-19 outbreak is expected to be larger than the first S$4 billion one, given the increased severity of the situation, economists have said. They expect this second lot of helplines to mainly expand on or intensify the earlier batch of measures.
https://www.businesstimes.com.sg/government-economy/second-support-package-could-be-larger-more-immediate-economists

All hands on deck to tackle Covid-19 crisis (an edited excerpt of the session)
Heng Swee Keat : Before the outbreak of the coronavirus, the global economy was already slowing because of the trade tensions between the United States and China. In the three weeks since I unveiled the Budget, the developments globally have been more negative for the economy as well as for the outbreak of the virus.
https://www.straitstimes.com/opinion/all-hands-on-deck-to-tackle-covid-19-crisis

Businesses hope for speedy aid to address immediate needs
With the Covid-19 virus outbreak likely to last till the end of the year, businesses are hoping to get more help to retain their workforce and quicker aid within the next two to three months in the government’s second support package.
https://www.businesstimes.com.sg/government-economy/businesses-hope-for-speedy-aid-to-address-immediate-needs

Update on COVID-19 (Coronavirus Disease 2019) situation

No going to Dorscon Red, but Covid-19 outbreak could last a year or longer: PM Lee
The Covid-19 situation in Singapore remains “under control” and there are no plans to raise the disease outbreak response level alert to red, said Prime Minister Lee Hsien Loong in a televised national address on Thursday.
https://www.businesstimes.com.sg/government-economy/no-going-to-dorscon-red-but-covid-19-outbreak-could-last-a-year-or-longer-pm-lee
https://www.straitstimes.com/politics/outbreak-will-continue-for-a-year-or-longer-pm-lee

Covid-19 situation is serious but under control in Singapore: PM Lee
Five weeks ago, I spoke to you on our Covid-19 situation. Much has happened since then. So it is timely to update you again, and share with you what we can expect down the road. I will speak about three aspects of the issue: medical, economic and psychological.
https://www.straitstimes.com/singapore/covid-19-situation-is-serious-but-under-control-in-spore-pm-lee

WHO’s ‘pandemic’ label a signal to countries to act fast
The World Health Organisation (WHO) has declared Covid-19 a pandemic due to “alarming levels” of its spread and severity. As the cases continue spreading globally, more measures and more disruptions to daily lives can be expected here.
https://www.straitstimes.com/singapore/health/whos-pandemic-label-a-signal-to-countries-to-act-fast

Pandemic controllable if nations step up containment: WHO
Geneva • The coronavirus outbreak “is a controllable pandemic” if countries step up measures to tackle it, the head of the World Health Organisation (WHO) said yesterday. WHO director-general Tedros Adhanom Ghebreyesus acknowledged on Wednesday…
https://www.straitstimes.com/world/pandemic-controllable-if-nations-step-up-containment-who
*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