DAILY NEWS

Daily News – 13, 14 May 2021 ( Thur & Fri )

Singapore Real Estate

More snapping up luxe condos even as new private home sales in April slow
Buyers continue to fork out for posh condos amid a more sanguine economic outlook. This is even as new private-home sales in April have dipped slightly from March. Developers moved 1,262 units in April, down 2.6 per cent from March’s 1,296, according to consultants’ flash estimates. I
https://www.businesstimes.com.sg/real-estate/more-snapping-up-luxe-condos-even-as-new-private-home-sales-in-april-slow

Spike in Singaporeans snapping up posh residential properties
Luxury homes have surged in popularity among well-heeled Singaporean buyers in the last few quarters, based on caveats data, as both owner-occupiers and investors piled into high-end assets. For residential properties priced at S$5 million and above, the number of caveats lodged by Singaporeans jumped by 44 per cent to 231 in the first quarter of this year…
https://www.businesstimes.com.sg/real-estate/spike-in-singaporeans-snapping-up-posh-residential-properties

Condo, HDB rents climb again in April with 1.3% rise: SRX
Rents for condominium units and Housing Development Board (HDB) flats both increased by 1.3 per cent in April from the previous month, although the number of leasings dipped. As at last month, condo rents have risen for four consecutive months, while HDB rents rose for 10 straight months…
https://www.businesstimes.com.sg/real-estate/condo-hdb-rents-climb-again-in-april-with-13-rise-srx-0
https://www.straitstimes.com/business/property/condo-and-hdb-rents-up-13-in-april-but-volumes-dip-srx

BTO construction delays spark big rush for HDB temporary housing
Demand for interim rental Housing Board (HDB) flats almost doubled last year as more families were affected by Build-To-Order (BTO) construction delays because of the Covid-19 pandemic. The board received 2,350 applications under the Parenthood Provisional Housing Scheme (PPHS) compared with 1,370 in 2019…
https://www.straitstimes.com/singapore/housing/bto-construction-delays-spark-big-rush-for-hdb-temporary-housing

Singapore Economy

Singapore will cope better even in event of a second ‘circuit breaker’
The risk of even-tighter Covid-19 restrictions, akin to a second “circuit breaker”, has risen in recent days, said economists. But it remains a very small “tail risk” that economists have yet to factor into their gross domestic product (GDP) projections. Furthermore, Singapore is now better equipped to cope in such circumstances…
https://www.businesstimes.com.sg/government-economy/singapore-will-cope-better-even-in-event-of-a-second-circuit-breaker

Performance and optimism up in BT-SUSS Q1 survey
Business sentiment has swung over into optimism as firms’ performance improved for the third straight quarter, the latest quarterly Business Times-Singapore University of Social Sciences (BT-SUSS) Business Climate Survey has found.
https://www.businesstimes.com.sg/government-economy/performance-and-optimism-up-in-bt-suss-q1-survey

IMF gives Singapore economy a clean bill of health
Singapore has taken a bold, comprehensive and coordinated policy approach to cushion the impact of Covid-19, the International Monetary Fund (IMF) said, adding that the risks to the recovery are balanced. It said that if hazards do materialise, “Singapore’s ample fiscal buffers can be further drawn upon as a first line of defence”.
https://www.straitstimes.com/business/economy/imf-gives-singapore-economy-a-clean-bill-of-health

Companies’ Brief

BlackRock gets licence for China wealth management JV
Blackrock has received a licence in China for a majority-owned wealth management venture, expanding its footprint in the country’s fast-growing asset management market. The US fund giant said on Wednesday its wealth management venture with a unit of China Construction Bank Corp (CCB) and Singapore investor Temasek Holdings can now start business.
https://www.businesstimes.com.sg/banking-finance/blackrock-gets-licence-for-china-wealth-management-jv

New chief for Singapore Civil Aviation Authority
A new director-general will helm the Civil Aviation Authority of Singapore (CAAS) from Aug 2. The Ministry of Transport (MOT) said yesterday that Mr Han Kok Juan, who is currently deputy secretary at the ministry and senior deputy director-general at CAAS, will take on the role.
https://www.straitstimes.com/singapore/transport/new-chief-for-singapore-civil-aviation-authority

LHN’s H1 net profit jumps to S$14.8m
Real estate management services group LHN posted a net profit of S$14.8 million for the half-year ended March 31, 2021, from S$3.2 million the year before. Gross profit jumped 60.5 per cent to S$35.2 million. The group’s revenue from its facilities-management business increased 226 per cent to S$31.6 million, with services having provided for short-term contracts under the dormitory business.
https://www.businesstimes.com.sg/companies-markets/lhns-h1-net-profit-jumps-to-s148m
https://www.straitstimes.com/business/companies-markets/lhn-first-half-profit-jumps-to-148-million

Corporate digest
https://www.businesstimes.com.sg/companies-markets/corporate-digest-1377

Views, Reviews, Forum & Others

Investors’ interest in climate change sectors gets hotter
Sustainable investing has seen considerable growth over the last five years and shows no sign of slowing down, as awareness around crucial sustainability topics continues to grow. We have seen a steady pace in sustainable investment asset growth in Europe, North America and Australia.
https://www.businesstimes.com.sg/opinion/investors-interest-in-climate-change-sectors-gets-hotter

Inflation threat in US has wide impact
In what came as a shock to financial markets, United States consumer price inflation jumped 4.2 per cent year on year last month, exceeding analysts’ expectations and surprising even officials at the Federal Reserve.
https://www.straitstimes.com/opinion/st-editorial/inflation-threat-in-us-has-wide-impact

Change ward structures to improve infection control in hospitals
The outbreak of Covid-19 at Tan Tock Seng Hospital (TTSH) highlights a lesson we should take to heart and do something about. The nucleus of the outbreak is Ward 9D, a C class ward with 35 to 40 patients. About two-thirds of the patients in this ward contracted Covid-19 while being treated for other conditions.
https://www.straitstimes.com/opinion/change-ward-structures-to-improve-infection-control-in-hospitals

Interest in setting up family offices in S’pore on the rise
Singapore’s growing status as a financial hub is luring increasing numbers of well-heeled families from across the world to set up offices here to manage their money. Experts point to Singapore’s regulatory environment and geography as key factors in its attraction as an investment destination for the world’s wealthy.
https://www.straitstimes.com/business/interest-in-setting-up-family-offices-in-spore-on-the-rise

A new age for office market?
WHEN offices emptied out as businesses moved to remote working as a default over the year, market forecasters wondered if this would spell the end of offices, and a grim future for office space owners. Yet latest data on Singapore offices shows that rents here, which no doubt slipped last year, have started to recover.
https://www.businesstimes.com.sg/weekend/a-new-age-for-office-market

Do you think you can lead?
You are intelligent, clear, brave and perceptive. You know your business or your specialisation well. You get along with people and think you are generally a good judge of them. You are confident, but well aware that if you are not learning every step of the way, you will soon fall behind others. You make mistakes and call them lessons.
https://www.businesstimes.com.sg/leadership-management/do-you-think-you-can-lead

How reverse mentoring can eliminate ageism in the workplace
WE are familiar with the concept of mentoring. Typically, a more senior employee is tasked with guiding a junior colleague. But what if we told you it could be the other way around? Gone are the days that seniority means superiority. The world is increasingly fast-paced today, and more and more millennials are joining the workplace.
https://www.businesstimes.com.sg/leadership-management/how-reverse-mentoring-can-eliminate-ageism-in-the-workplace

Creating a stylish hybrid office for the new normal
T0 say that work life has changed since the Covid-19 pandemic is an understatement. But how it has changed life in the office is still a question mark as companies try to figure out just what the workplace should even look like in this new normal. In tomorrow’s BTLifestyle, we look at how companies are fuelling the trend in hybrid offices with design studios reporting an uptick of such requests.
https://www.businesstimes.com.sg/weekend/creating-a-stylish-hybrid-office-for-the-new-normal

The world finally accepts much-maligned Sinovac shot
Indonesia, one of the first nations to bet its Covid-19 vaccination campaign on Sinovac Biotech, was about to announce a stunning development, one that would help vindicate a shot that has been shrouded in controversy for months. Over in Beijing, though, the company’s chief executive officer (CEO) was unaware.
https://www.businesstimes.com.sg/consumer/the-world-finally-accepts-much-maligned-sinovac-shot
https://www.straitstimes.com/asia/se-asia/sinovac-shot-effective-indonesia-study-says

Improving staff skills a major focus of employers: Survey
Local companies are focusing on two key strategies in the wake of the pandemic – improving staff capabilities and reorganising their workforce in readiness for the post-Covid-19 environment, noted a new survey.
https://www.straitstimes.com/business/improving-staff-skills-a-major-focus-of-employers-survey

Nine contracts worth $321m awarded for RTS Link systems
Nine contracts worth RM1 billion (S$321 million) have been awarded for system works for the Johor Baru-Singapore Rapid Transit System (RTS) Link, said the rail link’s operator RTS Operations (RTSO). In an update yesterday, the operator, a joint venture between Singapore rail operator SMRT and Malaysia’s public transport firm Prasarana, said these system works are “progressing well”.
https://www.straitstimes.com/singapore/nine-contracts-worth-321m-awarded-for-rts-link-systems

Update on COVID-19 (Coronavirus Disease 2019) Situation

24 new Covid-19 community cases, including 17 linked to Changi Airport cluster
[Singapore] There were 24 new coronavirus cases in the community announced on Thursday, the highest daily number recorded since July 11, 2020, when Singapore reported 24 cases. Of the community cases the Ministry of Health (MOH) revealed on Thursday, 17 are linked to the Changi Airport cluster. This takes the total number of patients in the cluster to 42.
https://www.businesstimes.com.sg/government-economy/24-new-covid-19-community-cases-including-17-linked-to-changi-airport-cluster
https://www.straitstimes.com/singapore/spore-on-heightened-alert-as-changi-cluster-grows

Changi Airport becomes largest Covid-19 cluster with 46 cases
Singapore – The Changi Airport cluster has become the largest active Covid-19 cluster on Thursday (May 13) with a total of 46 cases confirmed. The second largest Tan Tock Seng Hospital cluster has 44 linked cases. Of the 19 new cases linked to the airport cluster, most are airport workers or their household contacts.
https://www.straitstimes.com/singapore/changi-airport-cluster-is-largest-active-covid-19-cluster-with-46-cases

All quiet at Changi Airport on first day of restricted access
Changi Airport turned silent yesterday, the first day of its closure to the public, as the authorities embarked on a massive testing of airport workers following a surge in the number of Covid-19 daily cases linked to a cleaner there.
https://www.straitstimes.com/singapore/transport/all-quiet-at-changi-airport-on-first-day-of-restricted-access
https://www.straitstimes.com/singapore/transport/jewel-and-airport-terminals-to-close-to-public-for-two-weeks

Yio Chu Kang Primary pupil gets infected at home
A Primary 1 pupil at Yio Chu Kang Primary School tested positive for Covid-19 on Wednesday. The Ministry of Education (MOE) said last night that it was not “a school-based infection” but that it stemmed from a household member.
https://www.straitstimes.com/singapore/yio-chu-kang-primary-pupil-gets-infected-at-home

Stay home this weekend given growing Covid-19 cases in the community: Masagos
[Singapore] Singaporeans should remain in their homes over the weekend, going out only if necessary, because of the growing number of Covid-19 cases in the community, said Minister for Social and Family Development Masagos Zulkifli on Thursday (May 13).
https://www.businesstimes.com.sg/government-economy/stay-home-this-weekend-given-growing-covid-19-cases-in-the-community-masagos
https://www.straitstimes.com/singapore/stay-home-over-weekend-and-go-out-only-if-really-necessary-masagos

Do the right thing to avoid second circuit breaker, urge experts
Experts have warned that the Covid-19 crisis in Singapore could worsen quickly amid a growing number of unlinked cases and expanding clusters, but some here are still not seeing a doctor after developing symptoms.
https://www.straitstimes.com/singapore/health/do-the-right-thing-to-avoid-second-circuit-breaker-urge-experts

2 hospitals boost safety after staff test positive for Covid-19
Changi General Hospital (CGH) and Ng Teng Fong General Hospital (NTFGH) have stepped up their defences and put out messages to reassure the public after one staff member at each hospital tested positive for the coronavirus on Monday.
https://www.straitstimes.com/singapore/health/2-hospitals-boost-safety-after-staff-test-positive-for-covid-19

Assessing the risk of reinfections in dormitories
While it is the number of Covid-19 cases in the community that has been going up in recent weeks, the risk of clusters being formed in migrant worker dormitories has remained, as apparent when a group of Westlite Woodlands dormitory residents tested positive last month.
https://www.straitstimes.com/singapore/assessing-the-risk-of-reinfections-in-dormitories

21-day SHN at dedicated facilities for travellers from Vietnam
Tighter measures have been announced for travellers from Vietnam amid an increase in the number of Covid-19 cases there. All travellers entering Singapore who have a travel history in the past 21 days to Vietnam will have to serve a 21-day stay-home notice (SHN) at dedicated facilities.
https://www.straitstimes.com/singapore/health/21-day-shn-at-dedicated-facilities-for-travellers-from-vietnam

*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