DAILY NEWS

Daily News – 11, 12 & 13 Jun 2022 (Sat, Sun & Mon)

Singapore Real Estate

Developers of shorter-lease commercial sites may enjoy lower upfront land costs
Singapore – Developers of shorter-lease commercial sites are likely to enjoy lower upfront land costs under a planned roll-out of these sites to provide more decentralised options for businesses and workers.
https://www.straitstimes.com/business/property/developers-of-shorter-lease-commercial-sites-may-enjoy-lower-upfront-land-costs

Indonesian family in exclusive due diligence to buy 22 units at Draycott Eight: sources
A stack of 22 apartments at the Draycott Eight condominium in prime District 10 could change hands. The Business Times understands that an Indonesian family is in exclusive due diligence with a view to buying the units for a total of nearly S$168 million from US-based private equity group Angelo Gordon.
https://www.businesstimes.com.sg/real-estate/indonesian-family-in-exclusive-due-diligence-to-buy-22-units-at-draycott-eight-sources

Singapore Economy

S’pore tops Asia-Pacific in ranking for start-ups, 7th in the world
Singapore – Singapore has overtaken China as the top-ranked ecosystem for start-ups in the Asia-Pacific region, according to StartupBlink’s Startup Ecosystem Index 2022.
https://www.straitstimes.com/business/spore-tops-asia-pacific-in-ranking-for-start-ups-7th-in-the-world

PM Lee to go on leave, Lawrence Wong to stand in as Acting PM
Prime Minister (PM) Lee Hsien Loong will be on leave for a week from Jun 13. Deputy PM (DPM) designate and Finance Minister Lawrence Wong will be Acting PM during the period. In a statement on Sunday (Jun 12), the PM’s Office said that PM Lee will be on leave from Jun 13-19. During his absence, Wong — who will be promoted to DPM from Monday — will be Acting PM.
https://www.businesstimes.com.sg/government-economy/pm-lee-to-go-on-leave-lawrence-wong-to-stand-in-as-acting-pm
https://www.straitstimes.com/singapore/politics/dpm-lawrence-wong-to-be-acting-pm-when-pm-lee-goes-on-leave-from-june-13-19

Shangri-La Dialogue: Ukraine war a hot topic at ministerial roundtable discussion
Singapore – The war in Ukraine and its implications dominated a roundtable discussion between 27 visiting ministers and their representatives at the Shangri-La Dialogue security conference on Saturday (June 11).
https://www.straitstimes.com/singapore/shangri-la-dialogue-ukraine-war-a-hot-topic-at-ministerial-roundtable-discussion

Shangri-La Dialogue resumes in S’pore, Ukraine president Zelensky to give special address
Singapore – Asia’s top security summit returns to Singapore this weekend after a two-year pandemic hiatus, with the first face-to-face meeting between American and Chinese defence leaders and Russia’s invasion of Ukraine among the most anticipated items on the agenda.
https://www.straitstimes.com/singapore/shangri-la-dialogue-resumes-in-spore-as-us-china-frictions-loom-over-security-meet
https://www.straitstimes.com/singapore/zelensky-says-ukraine-is-definitely-going-to-prevail-in-this-war

US Defence Secretary Lloyd Austin meets Ng Eng Hen on sidelines of Shangri-La Dialogue
Singapore – United States Defence Secretary Lloyd Austin met his counterpart, Defence Minister Ng Eng Hen, in Singapore on Friday (June 10), where they discussed ways to further strengthen defence cooperation, including in cyberspace.
https://www.straitstimes.com/singapore/us-defence-secretary-lloyd-austin-meets-ng-eng-hen-on-sidelines-of-shangri-la-dialogue

S’pore, South Korea sign upgraded defence pact on sidelines of Shangri-La Dialogue
Singapore – Singapore Defence Minister Ng Eng Hen and his South Korean counterpart Lee Jong-sup signed an upgraded agreement on Friday (June 10) to further bilateral defence cooperation, including in the areas of cyber security, and chemical, biological, radiological, nuclear and explosives defence.
https://www.straitstimes.com/singapore/spore-south-korea-sign-upgraded-defence-pact-on-sidelines-of-shangri-la-dialogue

Shangri-La Dialogue: Five Power Defence Arrangements members seek ‘modern relevance’ for pact
Singapore – On the back of the golden jubilee of the Five Power Defence Arrangements (FPDA) last year, its member countries on Saturday (June 11) discussed ways to grow and give it modern relevance.
https://www.straitstimes.com/asia/se-asia/south-east-asian-defence-pact-can-help-region-manage-tensions-members-say

China, US defence ministers hold talks in Singapore
The US and Chinese defence ministers held their first face-to-face talks in Singapore on Friday, as the superpowers lock horns over security disputes ranging from Taiwan to contested waters. The relationship between the two countries has deteriorated due to myriad issues in recent years.
https://www.businesstimes.com.sg/government-economy/china-us-defence-ministers-hold-talks-in-singapore
https://www.straitstimes.com/asia/east-asia/chinese-us-defence-ministers-to-meet-at-shangri-la-dialogue-in-singapore

Asia seeks to stay out of US-China crossfire
Asian defence chiefs urged efforts to protect the borders of smaller nations in the wake of the Ukraine war, while baulking at joining in on the broader US-China tussle. Ministers of smaller nations such as Fiji and Singapore warned against framing the crisis as part of an ideological contest between autocracies and democracies as the IISS Shangri-La Dialogue wrapped up in Singapore.
https://www.businesstimes.com.sg/government-economy/asia-seeks-to-stay-out-of-us-china-crossfire

Japan PM Kishida to make official visit to Singapore, deliver keynote at Shangri-La Dialogue
Japanese Prime Minister Fumio Kishida will travel to Singapore on Friday (June 10) at the invitation of Prime Minister Lee Hsien Loong, with Kishida set to deliver the keynote address at the Shangri-La Dialogue that evening.
https://www.businesstimes.com.sg/government-economy/japan-pm-kishida-to-make-official-visit-to-singapore-deliver-keynote-at-shangri
https://www.straitstimes.com/asia/east-asia/japan-pm-kishida-arranging-to-join-shangri-la-dialogue-security-summit-in-spore-nikkei
https://www.businesstimes.com.sg/government-economy/kishida-unveils-shift-in-diplomacy-to-meet-external-challenges-faced-by-japan

Companies’ Brief

Frasers Logistics & Commercial Trust to acquire 3 logistics, industrial properties in Australia
The manager of Frasers Logistics & Commercial Trust (FLCT) on Friday (Jun 10) announced the proposed acquisition of 3 prime logistics and industrial properties in Victoria, Australia, for a portfolio purchase price of A$61 million (S$60.4 million).
https://www.businesstimes.com.sg/companies-markets/frasers-logistics-commercial-trust-to-acquire-3-logistics-industrial-properties-in

Frasers Property unit to privatise FHT at S$0.70 per stapled security
Frasers Property Hospitality Trust Holdings, a wholly-owned subsidiary of Frasers Property : TQ5 0%, is proposing to privatise Frasers Hospitality Trust : ACV 0% (FHT) through a trust scheme of arrangement.
https://www.businesstimes.com.sg/companies-markets/frasers-property-unit-to-privatise-fht-at-s070-per-stapled-security
https://www.straitstimes.com/business/companies-markets/frasers-property-makers-offer-to-privatise-frasers-hospitality-trust-at-70-cents-per-unit

Mapletree Logistics Trust seeks S$1.4m in unpaid rent from Natural Cool unit
Air-conditioning services company Natural Cool Holdings said on Friday (Jun 10) that Mapletree Logistics Trust (MLT) is seeking payment of over S$1.4 million of rental in arrears from wholly owned subsidiary Natural Cool Investments (NCI).
https://www.businesstimes.com.sg/companies-markets/mapletree-logistics-trust-seeks-s14m-in-unpaid-rent-from-natural-cool-unit

Views, Reviews, Forum and Others

Singapore’s role in Covid-19 vaccine production and future pandemics
Last year, Germany’s BioNTech committed to setting up its regional HQ and manufacturing facility in Singapore and more recently, France’s Sanofi also announced a new vaccine production plant in the republic.
https://www.businesstimes.com.sg/opinion/singapores-role-in-covid-19-vaccine-production-and-future-pandemics

Hotels in S’pore face challenge filling positions as they ramp up hiring
Singapore – Hotels here are sparing no effort in beefing up staff levels in a bid to support the recovery of the hospitality sector as borders reopen. But trying to fill vacancies has been a challenge for the labour-intensive industry, especially since the onset of the Covid-19 pandemic, with some roles being harder to fill than others.
https://www.straitstimes.com/singapore/consumer/hotels-in-spore-face-challenge-filling-positions-as-they-ramp-up-hiring

Sports Hub to come under SportSG from Dec 9 after stat board terminates deal with consortium that runs the facilities
Sport Singapore (SportSG) will take over the ownership and management of the Singapore Sports Hub from Dec 9, and in doing so, it has initiated the termination of the Sports Hub public-private partnership (PPP).
https://www.businesstimes.com.sg/government-economy/sports-hub-to-come-under-sportsg-from-dec-9-after-stat-board-terminates-deal-with
https://www.businesstimes.com.sg/government-economy/the-highs-and-lows-of-the-sports-hub
https://www.straitstimes.com/sport/sportsg-to-take-over-ownership-and-management-of-sports-hub-from-private-consortium-on-dec-9

askST: How can I make sure my home renovation is carried out safely?
Singapore – On Wednesday (June 8), a false ceiling became detached from the concrete ceiling in a family’s master bedroom and came crashing down on their beds.
https://www.straitstimes.com/singapore/housing/askst-how-to-make-sure-home-renovation-is-carried-out-safely

Update on COVID-19 (Coronavirus Disease 2019) situation

Singapore to relax Covid curbs further, including for nightspots, migrant workers
Nightlife establishments with dancing among patrons will no longer be subject to a capacity limit from Jun 14, the Ministry of Health (MOH) said on Friday (Jun 10). Patrons to these nightspots will also no longer need to obtain a negative Antigen Rapid Test (ART) result to enter the venue.
https://www.businesstimes.com.sg/government-economy/singapore-to-relax-covid-curbs-further-including-for-nightspots-migrant-workers
https://www.straitstimes.com/singapore/health/capacity-limits-for-nightclubs-exit-pass-requirement-for-migrant-workers-to-be-eased

People aged 50 to 59 can now take second Covid-19 vaccine booster shot
Singapore – People aged 50 to 59 can now take a second Covid-19 vaccine booster shot if they wish to, by walking into any vaccination centre offering mRNA vaccines. The Ministry of Health (MOH) on Friday (June 10) said Singapore’s Expert Committee on Covid-19 Vaccination had recommended this in view of data showing that the risk of severe Covid-19 increases in this age group as well.
https://www.straitstimes.com/singapore/health/people-aged-50-to-59-can-now-take-second-covid-19-vaccine-booster

*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.