DAILY NEWS

Daily News – 14, 15 & 16 Mar (Sat, Sun & Mon)

Singapore Real Estate

Eyes on property market amid global slowdown
As Bears maul the stock market while firms grapple with a recessionary environment, the risk of a property market slowdown has risen, market watchers say. Analysts think a price crash is unlikely unless unemployment spikes first. But sales of new private homes will naturally slow down as uncertainty takes its toll.
https://www.businesstimes.com.sg/companies-markets/eyes-on-property-market-amid-global-slowdown

Location is still the name of the game when it comes to property sales
When it comes to property, it is still location, location and location that usually explains why one project sells like hot cake and another at a sedate pace. And it’s not due to Covid-19. Last month, at The M, in the Ophir-Rochor corridor, buyers snapped up a total of 392 units or 75 per cent of the 522-unit condominium over two weekends of sales.
https://www.businesstimes.com.sg/real-estate/location-is-still-the-name-of-the-game-when-it-comes-to-property-sales

Pender Road enclave could be opened up for heritage trail
A little-known enclave of black-and-white heritage homes near the base of Mount Faber that are typically occupied by expatriates and well-heeled Singaporeans could soon be opened up for a heritage trail.
https://www.straitstimes.com/singapore/pender-road-enclave-could-be-opened-up-for-heritage-trail

Singapore Economy

British firms confident in Singapore despite virus outbreak
Members of the British Chamber of Commerce Singapore are in little doubt that the Republic will remain a viable business hub despite the coronavirus outbreak, a new poll noted. It found that 97 per cent of members polled backed Singapore as a long-term business centre while 87 per cent said the Government has been effective in addressing the possible economic impact of the outbreak.
https://www.straitstimes.com/business/british-firms-confident-in-spore-despite-virus-outbreak

Almost 1 in 4 PMEs on fixed-term contracts: ST poll
Nearly a quarter of professionals, managers and executives (PMEs) in Singapore are hired on fixed-term contracts, a survey commissioned by The Straits Times has found, underlining a growing trend that labour experts have highlighted as a matter of concern.
https://www.straitstimes.com/singapore/manpower/almost-1-in-4-pmes-on-fixed-term-contracts-st-poll
https://www.straitstimes.com/singapore/healthcare-sector-has-most-pme-workers-on-fixed-term-contracts-poll

Singapore bourse suffers wild swings, more pain in store
Wall Street’s worst plunge in three decades sent shivers through the Singapore bourse on Friday with unusually wild price swings as panic rose over a looming recession owing to the Covid-19 outbreak and plunging oil prices.
https://www.businesstimes.com.sg/companies-markets/singapore-bourse-suffers-wild-swings-more-pain-in-store

Asia’s private banks continue to report strong trading volumes
Amid market routs over mounting fears of Covid-19’s impact on economic and business growth, private banks in the region are still reporting healthy trading volumes. This suggests that wealthy Asians are – for now – not overly spooked by the recently declared pandemic, underscored by strong trading activity in February.
https://www.businesstimes.com.sg/companies-markets/asias-private-banks-continue-to-report-strong-trading-volumes

Singapore financial markets functioning normally despite volatility: MAS
Singapore’s financial markets are functioning normally despite the heightened volatility in both global and domestic markets, the Republic’s central bank said on Friday evening just before the market closed.
https://www.businesstimes.com.sg/companies-markets/singapore-financial-markets-functioning-normally-despite-volatility-mas
https://www.straitstimes.com/business/economy/mas-ready-to-ensure-stability-of-spores-financial-system

Companies’ Brief

CDL in preliminary discussions about Singapore Reit for UK commercial assets
Property developer City Developments Limited (CDL) is in preliminary discussions with banks and other parties about the possibility of establishing a real estate investment trust (Reit) with commercial assets in the United Kingdom, the mainboard-listed company said in an exchange filing on Friday.
https://www.businesstimes.com.sg/companies-markets/cdl-in-preliminary-discussions-about-singapore-reit-for-uk-commercial-assets

Lendlease expects Reit to be resilient despite coronavirus threat
With more than two decades of industry experience under his belt, Kelvin Chow has come to appreciate the convergence of art and science in real estate. “Traditionally, in the area of lease management, the key requirement was just to lease the property out, get a good price, and manage its risks,”
https://www.businesstimes.com.sg/companies-markets/lendlease-expects-reit-to-be-resilient-despite-coronavirus-threat
https://www.straitstimes.com/business/companies-markets/manager-of-lendlease-global-commercial-reit-combines-art-and-science

Sasseur Reit to resume full ops; reopen 2 China malls after outbreak closure
SASSEUR Real Estate Investment Trust (Sasseur Reit) will resume full operations with the reopening of two China outlet malls on March 15. Local authorities have given approval for it to reopen the Chongqing and Bishan outlet malls, its manager said in a bourse filing on Friday. It reopened its Kunming outlet mall on March 11 and Hefei outlet mall on March 13.
https://www.businesstimes.com.sg/companies-markets/sasseur-reit-to-resume-full-ops-reopen-2-china-malls-after-outbreak-closure

Virus has ‘minimal impact’ on Europe income: Cromwell E-Reit
The manager of Cromwell European Real Estate Investment Trust (Cromwell E-Reit) said the novel coronavirus outbreak has had “minimal impact” so far on its income from properties in Italy and the wider European region. The manager also expects distribution per unit (DPU) for FY2020 to remain at the FY2019 level…
https://www.businesstimes.com.sg/companies-markets/virus-has-minimal-impact-on-europe-income-cromwell-e-reit

Views, Reviews, Forum & Others

Teamwork and innovation vital
Chia Ngiang Hong, President, Real Estate Developers’ Association of Singapore (REDAS)
Given the fast evolving external environment and unexpected Covid-19 crisis that has caused uncertainties and significantly affect the growth, stability and sustainability of retail businesses, the Fair Tenancy Framework which was developed in 2015 has once again resurfaced to address the interests of both tenants and landlords.
https://www.businesstimes.com.sg/views-from-the-top/teamwork-and-innovation-vital

Coronavirus is a global crisis, not a crisis of globalisation
There is no longer any doubting the seriousness of the coronavirus crisis. But we need to be clear about what kind of crisis this is. It has the potential to do global economic and human harm. But it is not the result of a flaw in the organisation of the world economy, in the way people, goods and money flow across the globe. It is a global crisis, not a crisis of globalisation.
https://www.straitstimes.com/opinion/coronavirus-is-a-global-crisis-not-a-crisis-of-globalisation

Electoral boundaries report: more MPs, smaller GRCs
Govt has accepted the report’s recommendations. Political observers say the polls could be held sooner rather than later, as the virus outbreak could worsen the economy later this year.
https://www.businesstimes.com.sg/government-economy/electoral-boundaries-report-more-mps-smaller-grcs
https://www.straitstimes.com/politics/new-electoral-boundaries-out-14-smcs-and-17-grcs-in-next-ge

What are the possible dates for Polling Day?
The release of the electoral boundaries report yesterday set off speculation about when the general election might take place. Observers had earlier picked out two possible windows for this year – March to April, and May to mid-June – both of which are now in play given the timing of the report.
https://www.straitstimes.com/politics/what-are-the-possible-dates-for-polling-day

Singapore Budget 2020

Deeper wage offsets, foreign worker levy waivers on wish list
Deeper wage offsets, foreign worker levy waivers for certain sectors and broader bridging loan programmes are some business measures that the Government could consider for its planned, second stimulus package to counter the fallout from the coronavirus, experts said.
https://www.straitstimes.com/business/economy/deeper-wage-offsets-foreign-worker-levy-waivers-on-wish-list

Update on COVID-19 (Coronavirus Disease 2019) situation

Fresh curbs on travellers from Asean, Japan, UK, Switzerland
Singapore has further tightened border controls to contain the import of Covid-19 into the country. From 11.59pm on March 16, all travellers – including Singapore residents, long-term pass holders and short-term visitors – entering Singapore with recent travel history to Asean countries, Japan, Switzerland or the UK in the last 14 days will have to comply with a new 14-day stay-home notice and provide proof of the place where they will serve the notice.
https://www.businesstimes.com.sg/government-economy/fresh-curbs-on-travellers-from-asean-japan-uk-switzerland

Covid-19: New border restrictions, event advisories
As the Covid-19 virus outbreak intensifies globally, so have the measures to control it in Singapore been tightened. Singapore is introducing new border restrictions for travellers from Italy, France, Spain and Germany. It is also imposing precautions such as stay-home notices for travellers entering with symptoms, ceasing port calls for all cruise vessels and issuing advisories for large events, workplaces and public venues.
https://www.businesstimes.com.sg/government-economy/covid-19-new-border-restrictions-event-advisories
https://www.businesstimes.com.sg/government-economy/covid-19-singapore-imposes-new-requirements-for-visitors-from-asean-countries
https://www.straitstimes.com/singapore/sporeans-advised-to-defer-all-non-essential-travel

New curbs won’t affect Malaysians, citizens entering S’pore via land, sea
Singaporeans and Malaysians travelling into Singapore from Malaysia via land or sea will be exempted from the new border restrictions on Asean countries, due to the close proximity and high inter-dependency between the two neighbours.
https://www.straitstimes.com/singapore/health/new-curbs-wont-affect-malaysians-citizens-entering-spore-via-land-sea

Singapore takes more tough steps to curb spread of Covid-19
Singapore has introduced more stringent measures to curb the spread of the coronavirus, including banning travellers from four European countries and deferring or cancelling ticketed cultural, sports and entertainment events with 250 participants or more.
https://www.straitstimes.com/singapore/singapore-takes-more-tough-steps-to-curb-spread-of-covid-19

Social distancing next major line of defence in virus battle
Singapore is taking strong steps to stop the virus from spreading within the country, using social distancing as a major line of defence. This is on top of tougher measures to prevent infections being imported from elsewhere.
https://www.straitstimes.com/singapore/health/social-distancing-next-major-line-of-defence-in-virus-battle
https://www.straitstimes.com/singapore/health/some-eateries-offices-act-to-increase-social-distance

On holding events like NDP and whether schools will close
Q: On what basis does the Government expect the outbreak to at least last till the end of the year?
https://www.straitstimes.com/singapore/ndp-could-be-scaled-down-held-at-cosy-venue-dick-lee
https://www.straitstimes.com/singapore/health/on-holding-events-like-ndp-and-whether-schools-will-close

S’poreans advised to relook school holiday travel plans
Singaporeans have been advised to review travel plans for the March school holidays next week. The Ministry of Health (MOH) has also advised Singaporeans to be cautious if travelling to countries affected by Covid-19 – the disease caused by the coronavirus – especially those which have exported cases.
https://www.straitstimes.com/singapore/sporeans-advised-to-relook-school-holiday-travel-plans

Firms urged to stagger work hours, let staff work from home
Employers should adopt telecommuting, stagger work hours and reduce close contact at work, where feasible. These recommendations by the health and manpower ministries yesterday come amid new social distancing measures announced by the Government to combat the spread of the coronavirus, and follow the World Health Organisation’s declaration of the outbreak as a pandemic on Wednesday.
https://www.straitstimes.com/singapore/firms-urged-to-stagger-work-hours-let-staff-work-from-home

Students on overseas placements to be recalled as soon as possible
Students on official overseas placements, including all internships and exchange programmes, will be asked to return to Singapore as soon as possible, the Ministry of Education (MOE) said in a statement yesterday.
https://www.straitstimes.com/singapore/students-on-overseas-placements-to-be-recalled-as-soon-as-possible

New and returning maids to get stay-home notice
All foreign domestic workers (FDWs) entering Singapore will be served a 14-day stay-home notice, the Ministry of Manpower (MOM) said yesterday. All employers and employment agencies planning for their FDWs to enter Singapore will also need to obtain MOM’s approval before the workers commence their journey.
https://www.straitstimes.com/singapore/health/new-and-returning-maids-to-get-stay-home-notice

SportSG to regulate user access at all facilities as part of enhanced measures
Sport Singapore (SportSG) will regulate user access across all its sports facilities from today to ensure adequate physical distancing among users, the national sports agency announced yesterday. This applies to all ActiveSG stadiums, sports halls, gyms, swimming complexes and studios, and its facilities will implement a single point of entry where possible to facilitate temperature taking and recording of visitor details.
https://www.straitstimes.com/sport/sportsg-to-regulate-user-access-at-all-facilities-as-part-of-enhanced-measures
*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