DAILY NEWS

Daily News – 13 May 2020 (Wed)

Singapore Real Estate

Singapore April condo resale volume tumbles 57.3%: SRX Property
Resale volume for condominiums in Singapore tumbled 57.3 per cent in April to 309 units resold, compared with 723 units in March, according to flash estimates from real estate portal SRX Property released on Tuesday.
https://www.businesstimes.com.sg/real-estate/singapore-april-condo-resale-volume-tumbles-573-srx-property
https://www.straitstimes.com/business/property/april-condo-resale-volume-dives-573-amid-circuit-breaker

Nine multi-storey carpark rooftops in Singapore to be converted to urban farms
The rooftops of a handful of multi-storey carparks in Singapore will be converted for use to grow vegetables and other food crops from the later part of this year. The tender for nine such sites was launched on Tuesday by the Singapore Food Agency (SFA) and the Housing Board (HDB).
https://www.businesstimes.com.sg/real-estate/nine-multi-storey-carpark-rooftops-in-singapore-to-be-converted-to-urban-farms

Watchdog studying retail lease market amid complaints
The Competition and Consumer Commission of Singapore (CCCS) is looking into the private retail lease market, amid a chorus of complaints by mall tenants of an imbalance of bargaining power with landlords and unfair clauses in tenancy agreements.
https://www.straitstimes.com/singapore/watchdog-studying-retail-lease-market-amid-complaints

Singapore Economy

Singapore watching tightness of USD amid higher demand
Singapore’s position as a financial centre backing trade flows in emerging Asia speaks to the urgency of securing ample access to the greenback here, amid global dollar tightness in recent months.
https://www.businesstimes.com.sg/government-economy/singapore-watching-tightness-of-usd-amid-higher-demand

Singapore, Chongqing working together to keep supply chains open
Singapore is working closely with the Chinese city of Chongqing to keep supply chains open amid the Covid-19 pandemic, Trade and Industry Minister Chan Chun Sing said yesterday. Writing on Facebook after he and Manpower Minister Josephine Teo met the city’s Party Secretary Chen Min’er and Mayor Tang Liangzhi in a video conference, Mr Chan said both sides also discussed ways to progressively resume travel.
https://www.straitstimes.com/asia/east-asia/singapore-chongqing-working-together-to-keep-supply-chains-open

‘Vibrant’ 5G retail scene for Singapore looks a long way off
The telecoms regulator has promised a vibrant retail market for 5G in Singapore – and it believes that the key to that will be mandatory wholesaling arrangements. Only Singtel and a StarHub-M1 joint venture have been awarded licences to build and run nationwide 5G networks.
https://www.businesstimes.com.sg/companies-markets/vibrant-5g-retail-scene-for-singapore-looks-a-long-way-off

Companies’ Brief

Aims Apac Reit cuts Q4 DPU by 27.3% to conserve cash amid pandemic
Aims Apac Reit’s distribution per unit (DPU) fell by 27.3 per cent to two Singapore cents for its fourth quarter ended March 31, from 2.75 cents a year earlier. Gross revenue was down 5.7 per cent at S$28.2 million for the quarter, the real estate investment trust (Reit) disclosed on Tuesday.
https://www.businesstimes.com.sg/companies-markets/aims-apac-reit-cuts-q4-dpu-by-273-to-conserve-cash-amid-pandemic

CDL sells more homes but achieves lower sales value in Q1
City Developments Limited (CDL) and its joint-venture associates sold 185 homes worth S$278.1 million for the first three months ended March 31, compared to 173 units valued at S$516.3 million in the same period last year.
https://www.businesstimes.com.sg/companies-markets/cdl-sells-more-homes-but-achieves-lower-sales-value-in-q1
https://www.straitstimes.com/business/companies-markets/cdl-sells-more-units-here-in-first-quarter-but-sales-value-falls

Cromwell Reit sees logistics rents up 22% in Q1
The manager of Cromwell European Reit achieved a 12.1 per cent average rent reversion rate in the first quarter of the year, led by leases for its industrial and logistics space. This positive performance was driven by e-commerce and global supply constraints given the difficulty of transporting goods across borders, it said on Tuesday.
https://www.businesstimes.com.sg/companies-markets/cromwell-reit-sees-logistics-rents-up-22-in-q1

EC World Reit sees lower Q1 DPU due to rental rebates given to tenants
The distribution per unit (DPU) for EC World Real Estate Investment Trust (EC World Reit) fell by 22.9 per cent on the year to 1.158 Singapore cents for the first quarter ended March 31. This is largely due to rental rebates provided to tenants in March, amid the coronavirus crisis.
https://www.businesstimes.com.sg/companies-markets/ec-world-reit-sees-lower-q1-dpu-due-to-rental-rebates-given-to-tenants

Frasers Property’s senior management to take base salary, fee cuts
Frasers Property’s group chief executive, other members of senior management, as well as board members of the group and its subsidiaries, will be taking base salary and fee cuts as the company looks to conserve its financial resources.
https://www.businesstimes.com.sg/companies-markets/frasers-propertys-senior-management-to-take-base-salary-fee-cuts

Hong Leong Asia to acquire remaining shares in Tasek
Hong Leong Asia, which holds an 88.16 per cent stake in cement maker Tasek through two subsidiaries, is making an offer to acquire all the remaining shares it does not own in the company, for about RM83.9 million (S$27.4 million). Hong Leong Asia, via its units HL Cement and Ridge Star, sought to take Malaysia-listed Tasek private last year.
https://www.businesstimes.com.sg/companies-markets/hong-leong-asia-to-acquire-remaining-shares-in-tasek-0

Tuan Sing to issue S$65m 7.75% 2-year notes
Property developer Tuan Sing Holdings has priced its S$65 million two-year, non-call 1 notes at 7.75 per cent. The notes are expected to be issued at par on May 19, 2020 and will mature on May 19, 2022. Net proceeds arising from the issue will be used to finance the group’s property development and investment, refinancing of indebtedness…
https://www.businesstimes.com.sg/companies-markets/tuan-sing-to-issue-s65m-775-2-year-notes

Views, Reviews, Forum & Others

Petrol falls below S$2 a litre in Singapore
[Singapore] Pump prices have tumbled for the second time in two weeks, taking a litre of petrol to below S$2 for the first time in several years. Latest updates by fuel price tracker Fuel Kaki – managed by the Consumers Association of Singapore – showed that the price of 95-octane petrol…
https://www.businesstimes.com.sg/energy-commodities/petrol-falls-below-s2-a-litre-in-singapore
https://www.straitstimes.com/singapore/transport/pump-prices-fall-below-2-a-litre

Veggies to be grown at more HDB carpark rooftops
The rooftops of nine multi-storey carparks in Singapore will be converted for use to farm vegetables and other food crops later this year. The tender for the sites was launched yesterday by the Singapore Food Agency (SFA): five single sites in Ang Mo Kio, Tampines, Toa Payoh, Hougang and Choa Chu Kang and two cluster sites – which comprise two sites each – in Sembawang and Jurong West.
https://www.straitstimes.com/singapore/veggies-to-be-grown-at-more-hdb-carpark-rooftops

Update on COVID-19 (Coronavirus Disease 2019) situation

New daily high of 626 Covid-19 patients discharged
The number of Covid-19 patients discharged from hospitals or community isolation facilities hit a new daily high of 626 yesterday. The previous high was 504 on Monday. This is in contrast to the double-digit discharge figures that Singapore saw before this month.
https://www.straitstimes.com/singapore/new-daily-high-of-626-covid-19-patients-discharged

Protecting staff is top priority for firms in Singapore amid Covid-19 pandemic
The new normal for work will include a focus on human capital, with companies already taking measures to give better support to employees during this period, according to a survey out yesterday by global professional services firm Aon.
https://www.straitstimes.com/business/companies-markets/protecting-staff-is-top-priority-for-firms-here-amid-pandemic

Job cuts may offer short-term relief but lead to longer-term pain, employers warned
While many are bracing for a spike in unemployment as the Covid-19 pandemic wears on, industry watchers have a word of warning for companies that are planning to lay off their staff: this short-term relief could usher in longer-term pain.
https://www.businesstimes.com.sg/government-economy/job-cuts-may-offer-short-term-relief-but-lead-to-longer-term-pain-employers

Details out next week on first sectors to re-open after circuit breaker
Details of the economic sectors or businesses involved in the first step of Singapore’s post-circuit breaker re-opening will be shared next week, with many of these likely to be “more essential services”, said Health Minister Gan Kim Yong at a Tuesday press conference by the Multi-Ministry Taskforce (MTF) on Covid-19.
https://www.businesstimes.com.sg/government-economy/details-out-next-week-on-first-sectors-to-re-open-after-circuit-breaker
https://www.straitstimes.com/singapore/reopening-of-the-economy-will-be-gradual-and-phased

Singapore eyes cautious easing of curbs if new cases stay low
Singapore’s strict safe distancing measures have helped to reduce the number of coronavirus cases in the local community, and could be further eased if all goes well until June 1, said Health Minister Gan Kim Yong yesterday.
https://www.straitstimes.com/singapore/singapore-eyes-cautious-easing-of-curbs-if-new-cases-stay-low

20,000 migrant workers to recover and be discharged by end-May
By the end of the month, 20,000 migrant workers who were infected with Covid-19 will be discharged from care facilities, and more are expected to recover in June, National Development Minister Lawrence Wong said yesterday.
https://www.straitstimes.com/singapore/20000-migrant-workers-to-recover-and-be-discharged-by-end-may

All foreign workers in dorms to be tested for Covid-19
All 323,000 foreign workers staying in dormitories will be tested for Covid-19 to ensure they are free of the virus before they resume work in the community and return to their dorms, said National Development Minister Lawrence Wong.
https://www.straitstimes.com/singapore/all-foreign-workers-in-dorms-to-be-tested-for-covid-19
*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