DAILY NEWS

Daily News – 13 Nov 2020 (Fri)

Singapore Real Estate

Surbana Jurong buys into Jewel Changi designer
Surbana Jurong group has snapped up London’s Atelier Ten – better known as the building designers behind Changi’s Jewel and Gardens by the Bay – as the group ups its focus on projects that are built with environmental sustainability in mind.
The acquisition of a majority stake in Atelier Ten will see the award-winning environmental design consultancy join Surbana Jurong group as a distinct member company; it will continue to operate as an independent brand within the Surbana Jurong group of companies.
https://www.businesstimes.com.sg/real-estate/surbana-jurong-buys-into-jewel-changi-designer
https://www.straitstimes.com/business/companies-markets/surbana-jurong-acquires-green-design-firm-atelier-ten

Foreign buying trends in Singapore property change
As in most real estate markets the world over, foreign buying accounts for a significant force in the Singapore property market. With the latest cooling measures still in place, a discernible shift in foreign buying is taking place, with more picking up a Singapore home to live in, rather than as a quick-yielding investment.
In Brunch this Saturday in The Business Times Weekend, industry watchers share what they are seeing in foreign buying trends in the Singapore residential market.
https://www.businesstimes.com.sg/weekend/foreign-buying-trends-in-singapore-property-change

Suburban malls doing better than those in central region; FCT among top picks: OCBC
Suburban malls are outperforming those located elsewhere even as online shopping gains in popularity, OCBC says.
In a commentary on Singapore retail real estate investment trusts (Reits), OCBC credit analyst Seow Zhi Qi noted that online sales rose to a high of S$479 million in June to account for 18.7 per cent of total sales.
https://www.businesstimes.com.sg/companies-markets/suburban-malls-doing-better-than-those-in-central-region-fct-among-top-picks-ocbc

Loewe makes a home in Ion Orchard
Stepping into a Casa Loewe store is like entering a tastefully curated home.
Armchairs and ceramic pots sit alongside Loewe products. Artworks are strategically placed throughout, as if picked out by a discerning homeowner furnishing his sacred space.
The Spanish luxury fashion house has just five of these exclusive stores – casa means home in Spanish – around the world. The latest, the first in South-east Asia, opened in Singapore at Ion Orchard on Oct 30.
https://www.straitstimes.com/life/style/loewe-makes-a-home-in-ion-orchard

Singapore Economy

Call for Asean, key partners to deepen economic ties
Asean countries and their key partners should deepen economic cooperation and maintain connectivity to rebound from the Covid-19 pandemic, said Prime Minister Lee Hsien Loong yesterday. He added that the conclusion of the Regional Comprehensive Economic Partnership (RCEP) trade deal – expected to be signed on Sunday – will reflect the commitment to “uphold a rules-based multilateral trading system and promote regional economic integration”.
https://www.straitstimes.com/singapore/politics/call-for-asean-key-partners-to-deepen-economic-ties

Companies’ Brief

OUE C-Reit Q3 distributable income up 15.8% after merger
The distributable income of OUE Commercial Reit (C-Reit) rose 15.8 per cent year on year to S$34.2 million for the third quarter ended Sept 30, the real estate investment trust’s (Reit) manager said in an update on the Singapore Exchange on Thursday. Net property income was up 11.4 per cent at S$55.8 million, with the increase due to the merger with OUE Hospitality Trust in September 2019, said OUE C-Reit. The increase was partially offset by some S$5 million in rental rebates to retail tenants.
https://www.businesstimes.com.sg/companies-markets/oue-c-reit-q3-distributable-income-up-158-after-merger

Sabana, ESR directors recommend voting for proposed merger of the 2 Reits
The independent directors of Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (Sabana Reit) and recommending directors of ESR-Reit are recommending unitholders to vote for the proposed merger of the two, at the current terms of 0.94 ESR-Reit unit for one Sabana Reit unit. Unitholders of Sabana Reit must pre-register for the scheme meeting held on Dec 4 and vote on the scheme resolution by 2.30pm on Dec 1, said the manager in a circular issued to unitholders on Thursday.
https://www.businesstimes.com.sg/companies-markets/sabana-esr-directors-recommend-voting-for-proposed-merger-of-the-2-reits

Views, Reviews, Forum & Others

Heartland sees retail boost as spending shifts away from city
Businesses in the heartland are likely to see continued increases in revenue, as consumer spending has shifted from the city to the suburbs. So long as work-from-home arrangements and safe distancing measures persist, this trend will likely continue, said researchers at the Asia Competitiveness Institute (ACI), a local think-tank in the Lee Kuan Yew School of Public Policy.
https://www.straitstimes.com/singapore/heartland-sees-retail-boost-as-spending-shifts-away-from-city

Higher due-diligence standards for IPO managers, sponsors with immediate effect
With immediate effect, issue managers and full sponsors which advise firms seeking to list on the Singapore Exchange (SGX) will be held to higher standards for the companies they help take public. Under the enhanced listings due diligence guidelines issued by the Association of Banks in Singapore (ABS) on Friday, they will be subject to higher standards when they conduct their due diligence work during an initial public offer (IPO), reverse takeover and listing process.
https://www.businesstimes.com.sg/stocks/higher-due-diligence-standards-for-ipo-managers-sponsors-with-immediate-effect

Update on COVID-19 (Coronavirus Disease 2019) Situation

Singapore calls for equitable, steady, affordable supply of Covid-19 vaccines to region
South-East Asia has to ensure an equitable, steady and affordable supply of Covid-19 vaccines for its people once these are available, said Prime Minister Lee Hsien Loong at the Asean Summit on Thursday. He made the call for “vaccine multilateralism” as he stressed the importance of regional cooperation to mitigate the pandemic’s long-term impact at the meeting held remotely this year.
https://www.businesstimes.com.sg/government-economy/singapore-calls-for-equitable-steady-affordable-supply-of-covid-19-vaccines-to
https://www.straitstimes.com/singapore/asean-must-ensure-fair-access-to-vaccines-pm

Expert panel to give advice on safe use of vaccines
A 14-member committee has been appointed by the Ministry of Health (MOH) to make recommendations to the Government on its Covid-19 vaccination strategy, and ensure the safe and effective use of vaccines against the coronavirus. Yesterday, MOH said in a news statement that the committee is chaired by Associate Professor Benjamin Ong, senior adviser to the director of medical services. He is also senior vice-president of health education and resources at the National University of Singapore.
https://www.straitstimes.com/singapore/health/expert-panel-to-give-advice-on-safe-use-of-vaccines

Five questions to ask about Pfizer’s Covid-19 vaccine
Pfizer’s announcement on Monday that its Covid-19 shot appears to keep nine of 10 people from getting the disease sent its stock price rocketing. Many news reports described the vaccine as if it were our deliverance from the pandemic, even though few details were released.
https://www.businesstimes.com.sg/opinion/five-questions-to-ask-about-pfizers-covid-19-vaccine
https://www.straitstimes.com/world/europe/moderna-takes-vaccine-spotlight-with-data-due

All 11 new Covid-19 cases here imported
There were 11 new coronavirus cases yesterday, and for the second day in a row, all were imported cases, said the Ministry of Health (MOH) yesterday. All 11 cases had been placed on stay-home notice or isolated upon arrival in Singapore, MOH added.
https://www.straitstimes.com/singapore/health/all-11-new-covid-19-cases-here-imported

Don’t include imported cases in total tally
Singapore has been taking concrete steps to slow the spread of Covid-19 infection. We continue to see few to zero daily community cases as well as dormitory cases. At the same time, the number of imported cases is steady but is expected to increase as we open up air travel bubble arrangements.
https://www.straitstimes.com/opinion/forum/dont-include-imported-cases-in-total-tally
*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