DAILY NEWS

Daily News – 13, 14 & 15 Jun 2020 (Sat, Sun & Mon)

Top Story

REDAS donates S$451,000 of vouchers to SingHealth
The Real Estate Developers’ Association of Singapore (Redas) donated S$451,000 in the form of NTUC vouchers to Singapore Health Services (SingHealth) in appreciation of frontline healthcare staff and other workers in the Covid-19 pandemic.
https://www.businesstimes.com.sg/real-estate/redas-donates-s451000-of-vouchers-to-singhealth
https://www.zaobao.com.sg/news/singapore/story20200613-1060701
https://www.youtube.com/watch?v=EygFjVcElQI

Singapore Real Estate

High Street Centre up for collective sale with S$800m reserve price
Mixed-Use tower High Street Centre at 1 North Bridge Road will be available from Tuesday for collective sale via public tender at a reserve price of S$800 million, with approval received for commercial and hotel use.
https://www.businesstimes.com.sg/real-estate/high-street-centre-up-for-collective-sale-with-s800m-reserve-price

Warehouses in vogue amid stockpiling, surge in e-commerce
While most segments of the Singapore property market have been impacted negatively by the Covid-19 outbreak, leasing demand for warehouse space has been resilient in the past three months – on the back of national stockpiling efforts, and a surge in online shopping and e-commerce activity, among other factors.
https://www.businesstimes.com.sg/real-estate/warehouses-in-vogue-amid-stockpiling-surge-in-e-commerce

Grange Road carpark to make way for event space with cinema
An independent cinema, hawker stalls and multiple event spaces are set to take over the 48,200 sq ft open-air carpark in Grange Road as part of major efforts to rejuvenate the Orchard Road area. Mainboard-listed Lendlease Global Commercial Reit (LReit) announced its plans yesterday after winning the tender to redevelop the site at the junction of Grange Road and Somerset Road into a multi-functional event space.
https://www.straitstimes.com/singapore/grange-rd-carpark-to-make-way-for-event-space-with-cinema

Co-working firms dangle perks as they brace for post-pandemic pressures
Co-working operators have ramped up safe-distancing measures and monetary incentives in a bid to attract new members and retain existing ones amid Singapore’s phased re-opening. But industry watchers cautioned that these operators must re-invent themselves for the long haul.
https://www.businesstimes.com.sg/garage/co-working-firms-dangle-perks-as-they-brace-for-post-pandemic-pressures

Coronavirus: All types of renovation projects can apply to start work
From tomorrow, all types of renovation work, including new and previously suspended projects for non-residential premises, will be allowed to submit applications to start work, said the Building and Construction Authority (BCA) yesterday.
https://www.straitstimes.com/singapore/all-types-of-renovation-projects-can-apply-to-start-work

Coronavirus: More clarity on rent relief for tenants soon
More details on rent relief for tenants and the criteria that financially strapped landlords must meet to be exempt from giving the full rental waiver will be announced in the next few weeks, Senior Minister of State for Law Edwin Tong said.
https://www.straitstimes.com/business/more-clarity-on-rent-relief-for-tenants-soon

When it is all right to halt contracts
It was an unusual term to describe an unusual law that has been enacted for very unusual times. Law Minister K. Shanmugam likened the Covid-19 (Temporary Measures) Act to “Noah’s Ark” because it was put together urgently by various ministries to prevent financial ruin caused by the pandemic.
https://www.straitstimes.com/business/invest/when-it-is-all-right-to-halt-contracts

Singapore Economy

Private-sector economists expect Singapore economy to contract 5.8% this year
Private-sector economists expect Singapore’s full-year gross domestic product (GDP) to decline by 5.8 per cent in 2020, with an 11.8 per cent year-on-year contraction in the second quarter, according to findings from the latest Monetary Authority of Singapore (MAS) survey of professional forecasters released on Monday.
https://www.businesstimes.com.sg/government-economy/private-sector-economists-expect-singapore-economy-to-contract-58-this-year
https://www.straitstimes.com/business/economy/singapore-economy-may-shrink-58-per-cent-in-2020-mas-survey

Singapore’s total employment in Q1 sees largest quarterly contraction on record: MOM
Singapore’s employment landscape in the first quarter of 2020 performed worse than expected, with total employment declining by 25,600, the largest quarterly contraction on record, according to the Ministry of Manpower (MOM) on Monday.
https://www.businesstimes.com.sg/government-economy/singapores-total-employment-in-q1-sees-largest-quarterly-contraction-on-record
https://www.straitstimes.com/singapore/manpower/singapores-total-employment-sees-biggest-decline-ever-in-first-quarter

Singapore, Chile, NZ ink deal to boost digital economy cooperation
Singapore, Chile and New Zealand have signed an agreement that will bolster cooperation on issues in the digital economy. Businesses here will find it easier to conduct trade activity digitally, which will improve efficiency and lower costs, Trade and Industry Minister Chan Chun Sing said after yesterday’s signing, which was done electronically.
https://www.straitstimes.com/business/economy/singapore-chile-nz-ink-deal-to-boost-digital-economy-cooperation

Russia rated top best-value market by Cape ratio; Singapore is 11^th
Singapore is rated 11th among the best-value markets with a Cape of 11.3. This, however, is well below its ratio mean in recent years.
https://www.businesstimes.com.sg/companies-markets/russia-rated-top-best-value-market-by-cape-ratio-singapore-is-11th

Companies’ Brief

ISOTeam bags S$32.5m in new contracts
Catalist-listed building-solutions firm ISOTeam on Friday said it has secured S$32.5 million in new projects, bringing its total tally of new contracts in FY2020 so far to S$139.17 million. The group said the latest round of contract wins is “a bright light against the otherwise gloomy backdrop brought on by the Covid-19 pandemic”.
https://www.businesstimes.com.sg/companies-markets/isoteam-bags-s325m-in-new-contracts

Lian Beng increases its stake in SLB
For the five trading sessions that spanned June 5 to 11, the Straits Times Index (STI) declined 0.1 per cent with the Nikkei 225 Index, Hang Seng Index and S&P/ASX 200 Index averaging a 0.5 per cent decline. This has brought the STI’s decline in total return for the 2020 year to June 11 to 14.5 per cent.
https://www.businesstimes.com.sg/companies-markets/lian-beng-increases-its-stake-in-slb

Perennial CEO, partners make share offer to take it private
Perennial’s chief executive Pua Seck Guan is partnering with several other substantial shareholders, including Kuok Khoon Hong and Ron Sim, to take Perennial private. In a statement released late on Friday night, Perennial announced that an entity called Primero Investment Holdings is offering S$0.95 a share in cash for all the shares of Perennial Real Estate Holdings.
https://www.businesstimes.com.sg/companies-markets/perennial-ceo-partners-make-share-offer-to-take-it-private
https://www.straitstimes.com/business/companies-markets/perennials-ceo-other-shareholders-offer-to-take-firm-private

Views, Reviews, Forum & Others

A hand up vs a handout
Chia Ngiang Hong, President, Real Estate Developers’ Association of Singapore (REDAS)
Social policy has to evolve to motivate, empower and support every individual and the community to work closely with the government to take proactive steps for Singapore to continuously improve and adapt to the new world order. It should instill in everyone to take responsibility and make effort to surmount the challenges together.
https://www.businesstimes.com.sg/views-from-the-top/a-hand-up-vs-a-handout

Preparing Singapore for the long haul
A series of six national broadcasts by Singapore’s leaders, on how they plan to secure the country’s future after the Covid-19 pandemic, should help concentrate the minds of everyone listening in to the sheer scale of what is needed – and being done – to overcome the greatest challenge to Singapore since its independence. Prime Minister Lee Hsien Loong launched the series.
https://www.straitstimes.com/opinion/st-editorial/preparing-singapore-for-the-long-haul

Making a living in a Covid-19 world
This is the transcript of a national broadcast by Minister for Trade and Industry Chan Chun Sing on how to keep Singapore’s economy competitive so that businesses can prosper and good jobs can be created. The broadcast is the fourth in a series of six by ministers. The next broadcast is on Wednesday by Senior Minister and Coordinating Minister for Social Policies Tharman Shanmugaratnam.
https://www.straitstimes.com/opinion/making-a-living-in-a-covid-19-world

Global economy to suffer ‘significant scarring’: IMF
The global economy is recovering more slowly than expected from the coronavirus pandemic and will bear lingering scars from the experience, said the International Monetary Fund (IMF). The IMF is set to release economic growth projections on June 24 that “will be, very likely, worse than what we had” in April, even as there remains “profound uncertainty”….
https://www.businesstimes.com.sg/government-economy/global-economy-to-suffer-significant-scarring-imf
https://www.straitstimes.com/business/economy/imf-set-to-further-cut-global-growth-outlook-for-2020

Some global funds more optimistic on Singapore market than equity analysts
Analyst expectations for Singapore equities have yet to catch up with the optimism displayed by some global investors. Fund managers and strategists at Fidelity International Ltd, Citigroup Inc and Bank of Singapore Ltd are bullish on the city-state’s US$396 billion stock market, citing valuations, fiscal stimulus and the reopening of the economy.
https://www.businesstimes.com.sg/companies-markets/some-global-funds-more-optimistic-on-singapore-market-than-equity-analysts

The city reimagined: why in design, ecology matters
There is much talk these days of a post-pandemic city, one better prepared for future crises. Some say it needs more social space; others, new ways of working and commuting. There is great interest in health, understandably. Should we expand green space? Or make buildings work harder at keeping us safe? Each idea, up close, makes perfect sense.
https://www.businesstimes.com.sg/opinion/the-city-reimagined-why-in-design-ecology-matters

Most issuers plan to postpone IPOs to 2021
The Singapore Exchange (SGX) says that there is still a “healthy” pipeline of issuers planning to list on the local bourse – coming from sectors such as technology, healthcare and certain consumer verticals – while dealmakers say that initial public offering (IPO) aspirants are indeed making preparations but may only be ready to list in 2021.
https://www.businesstimes.com.sg/companies-markets/most-issuers-plan-to-postpone-ipos-to-2021

Can virtual roadshows bring in the sales?
Who needs expensive lunches at glitzy hotels and fancy restaurants to court investors for bond deals or the sale of new shares on the stock exchange? In a world governed by quarantine and social distancing rules, even lead managers on multibillion-dollar deals have had to curtail travel and drop the personal touch in favour of videoconferences and phone calls to woo potential investors.
https://www.straitstimes.com/business/invest/can-virtual-roadshows-bring-in-the-sales

World’s first 5G networks still more patchy than powerful
Fifth-generation networking hype has been in full force since Qualcomm Inc declared “5G is here, and it’s time to celebrate” in February of last year. The reality, however, has required patience from consumers due to the time needed to roll out the new networks and the dearth of applications to put additional speed to compelling use.
https://www.businesstimes.com.sg/technology/worlds-first-5g-networks-still-more-patchy-than-powerful

Update on COVID-19 (Coronavirus Disease 2019) Situation

Investor confidence to tide Singapore over Covid-19 crisis: Chan Chun Sing
Minister for Trade and Industry Chan Chun Sing says that investor confidence in Singapore remains strong due to its open economy, infrastructure and stability, and this will enable the country to ride through uncertain times.
https://www.businesstimes.com.sg/government-economy/investor-confidence-to-tide-singapore-over-covid-19-crisis-chan-chun-sing

Opportunities for Singapore, even in a more uncertain world: Chan
Countries are retreating from globalisation in the wake of the Covid-19 pandemic, but Singapore’s workers and businesses can tap opportunities even in a less connected world, said Minister for Trade and Industry Chan Chun Sing yesterday.
https://www.straitstimes.com/business/economy/opportunities-for-singapore-even-in-a-more-uncertain-world-chan

Singapore’s intangible strengths like trust cannot be easily replicated: Chan Chun Sing
Many investors have set up and expanded their businesses here over the years because they see Singapore’s intangible strengths, which cannot be easily replicated elsewhere, Trade and Industry Minister Chan Chun Sing said yesterday.
https://www.straitstimes.com/politics/spores-intangible-strengths-like-trust-cannot-be-easily-replicated-chan

Timelines may shift but long-term infrastructure plans remain
While timelines may shift, there should be no doubt that Singapore’s major infrastructure projects will be completed, said Trade and Industry Minister Chan Chun Sing yesterday. In a televised speech, the fourth in a series of national broadcasts by ministers laying out Singapore’s post-Covid-19 plans, Mr Chan stressed that the pandemic has not changed the Government’s commitment to its infrastructure plans.
https://www.straitstimes.com/politics/timelines-may-shift-but-long-term-infrastructure-plans-remain

Surviving supply chain shocks caused by Covid-19 pandemic
One of the most striking impacts of the Covid-19 outbreak is the harsh way it has exposed the weaknesses in supply chains for businesses around the world. Many were caught out amid panic buying of daily necessities, such as toilet paper…
https://www.straitstimes.com/business/economy/surviving-supply-chain-shocks-caused-by-covid-19-pandemic

Local electronics firm PCI to make Singapore’s virus-tracing device
SINGAPORE-BASED electronics maker PCI has won a bid to supply 300,000 dongles for a government project that could eventually see everyone in the city-state given the wearable device to help identify people who have interacted with Covid-19 carriers.
https://www.businesstimes.com.sg/technology/local-electronics-firm-pci-to-make-singapores-virus-tracing-device
https://www.straitstimes.com/singapore/local-firm-wins-6m-bid-to-supply-first-300000-tracetogether-tokens

Getting buy-in for TraceTogether device and future Smart Nation initiatives
The Government has since clarified the key features of the device to address people’s concerns – it will not track a person’s location, and will be small enough for people to put into their bags or pockets. Those who prefer to use the TraceTogether phone application can continue to do so.
https://www.straitstimes.com/opinion/getting-buy-in-for-tracetogether-device-and-future-smart-nation-initiatives

Forum: Contact tracing app is safe, secure and needed as Singapore opens up
Effective contact tracing is critical as Singapore opens up, and the TraceTogether programme is an important component of this effort. To date, 1.8 million people have downloaded the app. As Mr Lim has pointed out, this number is already useful in our contact tracing efforts, together with digital tools like SafeEntry.
https://www.straitstimes.com/forum/contact-tracing-app-is-safe-secure-and-needed-as-singapore-opens-up

Beware of fake apps with malware mimicking TraceTogether
Fake apps that mimic Singapore’s national contact tracing app TraceTogether have popped up online, prompting the local authorities to issue a warning. In an advisory yesterday, the Singapore Computer Emergency Response Team (SingCert), a unit of the Cyber Security Agency of Singapore…
https://www.straitstimes.com/singapore/beware-of-fake-apps-with-malware-mimicking-tracetogether
*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