DAILY NEWS

Daily News – 13, 14 & 15 Mar 2021 (Sat, Sun & Mon)

Singapore Real Estate

Managing expectations of sellers, developers not easy
Managing the price expectations of developers and owners selling large sites en bloc will be a challenge, analysts say. “Owners will need to understand that policy changes over the years as well as rising construction costs do impact developers’ bottom line,” said Ms Tracy Goh, head of investment and collective sales at PropNex.
https://www.straitstimes.com/business/property/managing-expectations-of-sellers-developers-not-easy-0

5 projects granted extensions for collective sale deadlines
The High Street Centre in North Bridge Road is back on the market after the pandemic upended its collective sale ambitions, but it has slashed its $800 million asking price by $100 million. The mixed-use tower at 1 North Bridge Road is among five sites that have been granted extensions for their sale deadlines under the Covid-19 (Temporary Measures) (Temporary Measures for Conduct of Collective Sale of Property) order that took effect on Oct 6 last year.
https://www.straitstimes.com/business/property/5-projects-granted-extensions-for-collective-sale-deadlines

En bloc fever making cautious comeback in Singapore
Singapore – En bloc fever last swept Singapore in 2016 before the 2018 cooling measures effectively doused it, but the heat is building up again, with at least 10 projects launched for sale since the start of the year. More than 20 other developments, including Golden Mile Complex and Thomson View, have also started the collective sale process, industry players say.
https://www.straitstimes.com/business/property/en-bloc-fever-making-cautious-comeback-in-singapore

Singapore’s data centre market among top 10 in the world: reports
Singapore is one of the top ideal markets for data centres across the globe, recent reports showed. The Arcadis Data Centre Location Index 2021 ranked Singapore the second most attractive city to build data centres, out of a total of 50 cities. Meanwhile, Cushman & Wakefield’s 2021 Global Data Centre Market Comparison report ranked Singapore’s data centre market fifth out of 48 markets in total – advancing one rank from a year ago.
https://www.businesstimes.com.sg/real-estate/singapores-data-centre-market-among-top-10-in-the-world-reports
https://www.straitstimes.com/business/economy/singapore-among-top-10-data-centre-markets-in-the-world-reports

Singapore Economy

It’s not possible for many nations, including Singapore, to pick between US and China: PM Lee
It will not be possible for Singapore to choose between the United States and China, given the extensive ties the Republic has with both superpowers, said Prime Minister Lee Hsien Loong on Sunday. Many other countries are in a similar situation, he added in an interview with the BBC, saying they would be hard pressed if forced to pick a side. “I hope the time does not come,” he said when asked which one Singapore will choose when the time comes.
https://www.businesstimes.com.sg/government-economy/its-not-possible-for-many-nations-including-singapore-to-pick-between-us-and

Globalisation has benefited everyone in S’pore, says PM
There is still a lot going for globalisation though it may be under pressure, and the imperative for countries to cooperate is not going away, Prime Minister Lee Hsien Loong has said. Globalisation has also benefited everybody in Singapore, he said, adding that if the country did not have multinationals or the international trade it did, and was not as open as it is, there is “no doubt all of us would be worse off”.
https://www.straitstimes.com/singapore/politics/globalisation-has-benefited-everyone-in-spore-says-pm

‘Superior digital experience’ the key to unlocking greater growth: study
Nearly eight in 10 South-east Asian consumers consider themselves “digitally curious” and look forward to organisations delivering more digital experiences and services, according to a survey, putting them ahead of the world when it comes to embracing digital technologies. The figure is 64 per cent in the United Kingdom, 59 per cent in the United States, 57 per cent in Germany and 55 per cent in France, based on software firm VMware’s Digital Frontiers 3.0 Study.
https://www.businesstimes.com.sg/government-economy/superior-digital-experience-the-key-to-unlocking-greater-growth-study

Hoteliers to get more help with job redesign
The hotel industry is getting enhanced government support with job redesign which would qualify them for wage support, as it looks to digitalisation in its next phase of recovery. Hoteliers can now refer to a list of 16 whitelisted job roles with recommended technology implementation to streamline and speed up their job redesign process.
https://www.businesstimes.com.sg/government-economy/hoteliers-to-get-more-help-with-job-redesign
https://www.straitstimes.com/singapore/jobs/hotel-sector-gets-a-boost-with-revamped-job-redesign-scheme

Singapore business sentiment turns positive for Q2, with improved outlook for profits and hiring
Business sentiment in Singapore has turned expansionary for the second quarter of this year, following four quarters of negative sentiment, with improved expectations for profits and hiring as well. On Monday, the Singapore Commercial Credit Bureau’s (SCCB) latest quarterly survey of 200 business owners and senior executives showed the indicator for overall business sentiment at +3.94 percentage points for Q2, versus -1.03 percentage points in the previous quarter, and -7.88 percentage points in Q2 2020.
https://www.businesstimes.com.sg/sme/singapore-business-sentiment-turns-positive-for-q2-with-improved-outlook-for-profits-and-hiring
https://www.straitstimes.com/business/economy/singapore-business-sentiment-turns-positive-after-a-year-in-the-covid-19-doldrums

Companies’ Brief

Why CDL shareholders should be heartened by Sincere’s recent complaints
City Developments’ (CDL) executive chairman Kwek Leng Beng said last month it was time for the company to put its ill-timed investment in Sincere Property Group behind it and move on. “We must now forget about all these old subjects,” said Mr Kwek, after CDL reported its financial results for FY2020, which included impairment losses for nearly its entire S$1.8 billion exposure to Sincere. “We must look forward,” Mr Kwek added.
https://www.businesstimes.com.sg/companies-markets/why-cdl-shareholders-should-be-heartened-by-sinceres-recent-complaints
https://www.straitstimes.com/asia/east-asia/cdl-sincere-in-war-of-words-over-liquidity-woes

Sembcorp unit awarded 60 MWp solar rooftop project by HDB and EDB
Sembcorp Industries (Sembcorp) has been awarded a 60 megawatt-peak (MWp) solar project by the Housing & Development Board (HDB) and the Singapore Economic Development Board (EDB), through its wholly-owned subsidiary, Sembcorp Solar Singapore. Grid-tied rooftop solar systems with a total capacity of 60 MWp will be built across 1,154 HDB blocks and 46 government sites in Singapore, generating enough energy to power about 16,000 four-room HDB flats for a year.
https://www.businesstimes.com.sg/companies-markets/sembcorp-unit-awarded-60-mwp-solar-rooftop-project-by-hdb-and-edb
https://www.straitstimes.com/singapore/housing/move-to-install-solar-panels-at-nearly-1200-more-hdb-blocks

Hospitality Reits waiting to take off
The International Air Transport Association (Iata) expects personal and leisure travel to return from the second half of 2021 as borders reopen to tourists and travellers. The tourism-related sectors may be on the cusp of a gradual recovery. Singapore lists five actively traded hospitality trusts with an average price-to-book ratio of 0.8 time and an average distribution yield of 4.6 per cent.
https://www.businesstimes.com.sg/companies-markets/hospitality-reits-waiting-to-take-off

Corporate digest
https://www.businesstimes.com.sg/companies-markets/corporate-digest-1336

Views, Reviews, Forum & Others

Gender parity is critical to success in business
Chia Ngiang Hong, President, Real Estate Developers’ Association of Singapore (Redas)
With the ongoing progress towards gender parity to enable women to balance family commitments with career aspirations, we see more women contributing productively to the workforce and active advancement to executive positions and leadership roles. The new work norms may be challenging for working mothers with young children or elderly at home.
https://www.businesstimes.com.sg/views-from-the-top/gender-parity-is-critical-to-success-in-business

Recharging Asean’s approach to climate transition
Singapore – Covid-19 has had a devastating toll on Asean economies but it’s easy to forget that another crisis looms – climate change – to which the region is deeply vulnerable. While all Asean members have made Paris pledges, implementation has not been easy with huge infrastructure and funding gaps. If nothing is done, the economic impact of climate change will be profound – estimated GDP per capita loss for Asean members range from 0.7 per cent to 8.5 per cent by 2100. And this doesn’t even take into account societal or environmental impacts.
https://www.straitstimes.com/business/banking/recharging-aseans-approach-to-climate-transition

10 checks to expose investment fraud
While many are reeling from the worst recession ever, crooks and scammers appear to be thriving as never before by taking advantage of people when they are most desperate. In Singapore alone, ordinary folk lost around $200 million last year when they fell victim to a variety of cons, from e-commerce fraud and social media impersonation to loan- and banking-related phishing scams.
https://www.straitstimes.com/business/invest/10-checks-to-expose-investment-fraud

Singapore banks likely to ease rather than lift dividend caps fully
There may be room to lift dividend caps imposed on Singapore banks last year, with the banks sounding an optimistic note for an earnings rebound in 2021. But most analysts said just a partial relaxation from the 60 per cent cap is expected. “A full relaxation may take longer as tail risks to asset quality remain from regional loan moratoriums, continued border closures and vaccine delivery logistics,” Maybank Kim Eng’s head of research Thilan Wickramasinghe told The Business Times.
https://www.businesstimes.com.sg/banking-finance/singapore-banks-likely-to-ease-rather-than-lift-dividend-caps-fully

S’pore discussing air travel bubble with Australia but no talks on quarantine centre: MFA
Singapore is discussing a possible air travel bubble that will allow those living here and in Australia to travel between the two countries without any quarantine, the Ministry of Foreign Affairs (MFA) said yesterday. It also made clear that the two countries are not in any discussion on a quarantine centre or vaccination hub. It was responding to media queries following a report in The Sydney Morning Herald yesterday, which said the Australian government was working on a plan to establish Singapore as a quarantine gateway, holiday destination and potential vaccination hub for returning Australians, international students and business travellers.
https://www.straitstimes.com/singapore/transport/spore-discussing-air-travel-bubble-with-australia-but-no-talks-on-quarantine

Update on COVID-19 (Coronavirus Disease 2019) Situation

17 new Covid-19 cases in Singapore, all of them imported
There were 17 new imported cases of Covid-19 announced by the Ministry of Health (MOH) yesterday. All of the individuals were on stay-home notice when they were tested. Two had symptoms, while the rest were asymptomatic. This takes Singapore’s total to 60,105 cases.
https://www.straitstimes.com/singapore/17-new-covid-19-cases-in-singapore-all-of-them-imported

Bilateral travel corridors could open for vaccinated passengers in the second half of 2021: Ong Ye Kung
Bilateral travel corridors for vaccinated passengers from places with low to moderate infection rates may well happen in the second half of this year, said Transport Minister Ong Ye Kung on Friday as Singapore continues to explore ways to open up its borders and revive air travel. In an interview with Money FM 89.3, Mr Ong said stay-home notices (SHNs) and other quarantine measures will kill travel.
https://www.businesstimes.com.sg/government-economy/bilateral-travel-corridors-could-open-for-vaccinated-passengers-in-the-second
https://www.straitstimes.com/singapore/travel-corridors-for-vaccinated-passengers-a-possibility

With Covid-19 on the loose, sick leave is nothing to sneeze at
You’re coughing, your throat is burning and your head’s spinning, but yet you’re still at your desk – working, despite the doc certifying you unfit for work. In recent months, multiple workers in Singapore have clocked in at their workplaces – even after coming down with Covid-19 symptoms. They included sales personnel at a construction supply firm, an airport baggage screening officer, a part-time waiter, and a market stall owner.

Covid-19 vaccines being redesigned to tackle new variants
Singapore – Barely three months after the front-runner Pfizer-BioNTech Covid-19 vaccine was rolled out in a mass vaccination campaign in Britain, some vaccine developers are already redesigning their vaccines to tackle new variants. Last week, United States biotechnology firm Moderna announced that it had dosed the first participant in a trial evaluating a booster vaccine it designed to target a new variant of the virus first identified in South Africa.
https://www.straitstimes.com/singapore/health/covid-19-vaccines-being-redesigned-to-tackle-new-variants

Data indicates Pfizer shot could prevent asymptomatic infection
New York • Pfizer and its German partner BioNTech will exceed their original global production target for Covid-19 vaccines by as much as 20 per cent this year, as they ramp up production a year into the pandemic, Pfizer chief executive Albert Bourla said. The companies also released real-world data from Israel earlier on Thursday that indicated their vaccine was 94 per cent effective in preventing asymptomatic infections, suggesting it could significantly lower virus transmission.
https://www.straitstimes.com/world/united-states/data-indicates-pfizer-shot-could-prevent-asymptomatic-infection
*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