DAILY NEWS

Daily News – 14 Jul 2020 (Tue)

Singapore Real Estate

MacPherson Road building for sale with S$21m guide price
A seven-storey light industrial building at 463 MacPherson Road is up for sale via private treaty, with a guide price of S$21 million, marketing agent Savills Singapore has said. The property has a total gross floor area of about 38,287 square feet (sq ft), a land area of 14,400 sq ft, and comes with a basement car park and a sky terrace.
https://www.businesstimes.com.sg/real-estate/macpherson-road-building-for-sale-with-s21m-guide-price

Singapore Economy

Quick takes: Despite Singapore’s Q2 entry into recession, MAS may keep policy unchanged
Singapore entered both full-blown and technical recession in the second quarter, according to advance estimates showing a 12.6 per cent year-on-year contraction in gross domestic product (GDP), and a 41.2 per cent quarter-on-quarter contraction.
https://www.businesstimes.com.sg/government-economy/quick-takes-despite-singapores-q2-entry-into-recession-mas-may-keep-policy

Singapore in recession with GDP down 12.6% in Q2, flash figures show
Singapore’s gross domestic product (GDP) plummeted 12.6 per cent year on year in the second quarter, bringing the country into full-blown recession, as Covid-19 “circuit-breaker” measures hit hard and external demand stayed weak amid the global downturn, according to Ministry of Trade and Industry (MTI) advance estimates on Tuesday.
https://www.businesstimes.com.sg/government-economy/singapore-in-recession-with-gdp-down-126-in-q2-flash-figures-show
https://www.straitstimes.com/business/economy/singapore-gdp-plunges-126-in-q2-worse-than-expected-flash-data

Companies’ Brief

Property bellwethers CDL, Ascott sound warning on H1 2020 profit hit
Two property bellwethers, City Developments Limited (CDL) and Ascott Residence Trust (ART), warned on Monday of dour performance in their first-half results for 2020, having been stung by lockdowns and other safe-distancing measures in various cities that were imposed as a result of the Covid-19 pandemic.
https://www.businesstimes.com.sg/companies-markets/property-bellwethers-cdl-ascott-sound-warning-on-h1-2020-profit-hit
https://www.straitstimes.com/business/companies-markets/ascott-residence-trust-flags-up-to-75-fall-in-half-year-dps
https://www.straitstimes.com/business/companies-markets/cdl-expects-hit-to-half-year-profit-due-largely-to-pandemic

Cromwell E-Reit dips toes into data centres; sponsor, EXS set up new fund
Cromwell European Real Estate Investment Trust (Cromwell E-Reit), whose current portfolio is mostly made up of office and light industrial or logistics properties in Europe, is now planning to make its foray into the data-centre business.
https://www.businesstimes.com.sg/companies-markets/cromwell-e-reit-dips-toes-into-data-centres-sponsor-exs-set-up-new-fund
https://www.straitstimes.com/business/companies-markets/cromwell-e-reit-to-invest-in-london-frankfurt-data-centres-0

SPH expects ‘significantly lower’ operating profit for FY20
Media and property group Singapore Press Holdings (SPH) said in a corporate presentation on Monday that its operating profit for FY20 ending Aug 31, 2020 is expected to be “significantly lower” than the S$187 million recorded in the year ago period on the back of the ongoing pandemic.
https://www.businesstimes.com.sg/companies-markets/sph-expects-significantly-lower-operating-profit-for-fy20-0
https://www.straitstimes.com/business/companies-markets/sph-expects-significantly-lower-profit

Views, Reviews, Forum & Others

B2B digital platforms open new markets for local SMEs
With trade shows and business travel suspended amid the Covid-19 pandemic, digitalisation has become crucial for business-to-business (B2B) firms, especially small and medium-sized enterprises (SMEs) which can no longer rely on traditional methods of securing customers and conducting cross-border affairs.
https://www.businesstimes.com.sg/sme/b2b-digital-platforms-open-new-markets-for-local-smes

MAS-led payments network on path towards commercial adoption of blockchain technology
The Monetary Authority of Singapore (MAS) and Temasek on Monday released a report highlighting the “commercial potential” of Project Ubin, paving the way towards live adoption of blockchain technology.
https://www.businesstimes.com.sg/companies-markets/mas-led-payments-network-on-path-towards-commercial-adoption-of-blockchain
https://www.straitstimes.com/business/banking/spore-develops-blockchain-based-payments-network

OCBC launches first SORA-based home loan
OCBC has launched Singapore’s first home loan referencing the Singapore Overnight Rate Average (SORA), an alternative benchmark rate, available to buyers of completed private properties with a minimum loan size of S$1 million.
https://www.businesstimes.com.sg/companies-markets/ocbc-launches-first-sora-based-home-loan-0

More constructive engagement across political divide will benefit Singapore
Now that GE2020 has concluded, it is time to look at the issues that may have shaped voters’ behaviour and implications going forward. But first let’s put to rest the notion that the ruling the People’s Action Party (PAP) deliberately capitalised on the Covid-19 pandemic to call for an election.
https://www.businesstimes.com.sg/government-economy/more-constructive-engagement-across-political-divide-will-benefit-singapore

GE results could tilt some policies further left: Citi
Analysts believe that post-GE2020, some government policies would tilt further to the left, with implications for both the markets and the economy. In a report on Monday, Citi said the shift may be reflected in part by a further review of foreign worker policies. The focus will not just be on the size of the foreign-worker pool, but also on the composition of the foreign workforce.
https://www.businesstimes.com.sg/companies-markets/ge-results-could-tilt-some-policies-further-left-citi

GE2020: Stern political realities call for shift in PAP governance
One conclusion seems painfully clear from the setback that the People’s Action Party (PAP) suffered in the recent general election. The party needs a new governance paradigm to replace Mr Lee Kuan Yew’s “Hard Truths To Keep Singapore Going”, exemplified in his 1986 National Day Rally speech:
https://www.straitstimes.com/opinion/stern-political-realities-call-for-shift-in-pap-governance

First step towards solving the mystery origins of Covid-19
The first step was taken this past weekend towards investigating the origins of the coronavirus which, by July 12, had infected almost 13 million people around the globe with the loss of more than half a million lives.
https://www.businesstimes.com.sg/opinion/first-step-towards-solving-the-mystery-origins-of-covid-19

The major factor behind Asia’s more effective handling of diseases
Since early this year, the Covid-19 pandemic has plagued just about every country in the world. Yet, countries have differed vastly in their infection rates and responses to control the situation. Asian nations seem to be handling the virus more effectively than Western countries.
https://www.businesstimes.com.sg/opinion/the-major-factor-behind-asias-more-effective-handling-of-diseases

Update on COVID-19 (Coronavirus Disease 2019) Situation

322 new infections reported, including 11 in the community
There were 322 new coronavirus cases announced yesterday, taking Singapore’s total to 46,283. They include 11 community cases, comprising two Singaporeans or permanent residents and nine work pass holders, said the Ministry of Health (MOH) in a preliminary update at about 5pm yesterday.
https://www.straitstimes.com/singapore/322-new-infections-reported-including-11-in-the-community

Coronavirus: Experts urge vigilance as Covid-19 cases flare up globally
The spike in Covid-19 cases globally is concerning, said public health experts who warned that the same resurgence of cases could happen here, if people are not cautious. Singapore’s advantage is its strict enforcement measures, but the next few weeks could see case numbers rise as a result of crowds and poorer safe distancing during the general election period, as well as the reopening of cinemas and other local attractions.
https://www.straitstimes.com/singapore/experts-urge-vigilance-as-cases-flare-up-globally

Virus cases in workers’ dorms have not fallen as fast as expected: Experts
Case numbers in foreign worker dormitories have not come down as fast as expected, a clear sign that there are hidden reservoirs of infection there, experts said. What makes the situation harder to control is that many of the workers who are infected are likely to show no symptoms, allowing the virus to continue spreading.
https://www.straitstimes.com/singapore/virus-cases-in-workers-dorms-have-not-fallen-as-fast-as-expected-experts
*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