DAILY NEWS

Daily News – 15 Jul 2020 (Wed)

Singapore Real Estate

Singapore condo resale volumes pick up, prices hold steady in June: SRX
Resale prices of non-landed private homes were stable in June, with sales volume recovering from the previous month, according to flash figures from real estate portal SRX Property on Tuesday. Last month, 497 units were resold, representing a 174.6 per cent increase, or more than double the 181 units resold in May this year.
https://www.businesstimes.com.sg/real-estate/singapore-condo-resale-volumes-pick-up-prices-hold-steady-in-june-srx
https://www.straitstimes.com/business/property/condo-resale-volume-recovered-in-june

2 corner shophouses for sale with $13.2m guide price
Two freehold corner shophouses in the Lavender/Kallang area are up for sale with a guide price of $13.2 million. The property at 52 Foch Road comprises a pair of two-storey conservation shophouses with attic, with a four-storey rear extension.
https://www.straitstimes.com/business/property/2-corner-shophouses-for-sale-with-132m-guide-price

Six-storey industrial building, Suntec office unit up for sale
An Industrial building at 58 Bendemeer Road and an office unit in Suntec City are up for sale with guide prices of S$12 million to S$13 million and S$2,900 per square foot (psf) respectively, exclusive marketing agent Knight Frank said on Tuesday.
https://www.businesstimes.com.sg/real-estate/six-storey-industrial-building-suntec-office-unit-up-for-sale

Singapore Economy

Singapore enters recession with record 12.6% GDP fall in Q2
Singapore entered what might be its deepest – if not longest – recession in the second quarter, as gross domestic product (GDP) plummeted a record 12.6 per cent year on year due to Covid-19 measures and weak external demand, Ministry of Trade and Industry (MTI) advance estimates showed on Tuesday.
https://www.businesstimes.com.sg/government-economy/singapore-enters-recession-with-record-126-gdp-fall-in-q2
https://www.straitstimes.com/business/economy/singapore-enters-technical-recession-as-gdp-dives-126

Economy may be on the path to recovery
The double-digit decline in second-quarter economic growth could mark the beginning of the end for Singapore’s worst recession. Analysts believe the economy may have already hit rock bottom and is now on the path to recovery, but the depth of the decline means growth will remain in negative territory through the year.
https://www.straitstimes.com/business/economy/economy-may-be-on-the-path-to-recovery

Over 10,000 firms tapped ESG schemes to grow and transform in first half of 2020
More than 10,000 companies tapped Enterprise Singapore (ESG) schemes in their growth and transformation efforts in the first half of this year, double the number of firms which benefited from these schemes over the same period last year.
https://www.businesstimes.com.sg/government-economy/over-10000-firms-tapped-esg-schemes-to-grow-and-transform-in-first-half-of-2020
https://www.straitstimes.com/business/10k-firms-tap-enterprise-spore-schemes-in-first-half-of-2020

Companies’ Brief

Frasers Property brings in capital partner for Northpoint City (South Wing)
Frasers Property has brought in a strategic capital partner for Northpoint City (South Wing), it announced on Tuesday. TCC Prosperity, through its wholly-owned subsidiary Bright Bloom Capital, has subscribed for 50 per cent of units of North Gem Trust, which owns the mall.
https://www.businesstimes.com.sg/companies-markets/frasers-property-brings-in-capital-partner-for-northpoint-city-south-wing
https://www.straitstimes.com/business/companies-markets/frasers-property-brings-in-tcc-as-capital-partner-for-northpoint-city

GuocoLand CFO Lim Yoke Tuan resigns; no replacement named yet
Property developer GuocoLand’s group chief financial officer (CFO) has resigned after two years at the job, the mainboard-listed company said in an exchange filing on Tuesday. Lim Yoke Tuan, who joined GuocoLand in August 2018, is leaving the company to “pursue other career opportunities”. Tuesday was his last day with the company, said the filing.
https://www.businesstimes.com.sg/companies-markets/guocoland-cfo-lim-yoke-tuan-resigns-no-replacement-named-yet
https://www.straitstimes.com/business/companies-markets/singapore-stock-watch-biolidics-frasers-property-sembcorp-ocbc-great

S’pore’s 4th desalination plant begins operations
The Keppel Marina East Desalination Plant, which officially started operations on June 29, is the Republic’s first large-scale plant able to treat both fresh water and seawater. In dry weather, the plant draws water from the sea to produce desalinated water.
https://www.straitstimes.com/singapore/spores-4th-desalination-plant-begins-operations
https://www.businesstimes.com.sg/companies-markets/keppel-desalination-plant-in-marina-east-begins-commercial-operations

Views, Reviews, Forum & Others

Tackling the looming crisis in jobs
With the hustings over, it’s time to get down to the business of fixing the economy. As we have heard throughout the election campaign, the biggest issue that needs to be addressed is jobs. It may get even bigger, because the “insolvency phase” of the Covid-19 economic crisis has yet to play out.
https://www.straitstimes.com/opinion/tackling-the-looming-crisis-in-jobs

Updated sociopolitical harmony could reshape a new era
Liverpool Football Club’s anthem You’ll Never Walk Alone was invoked earlier this year as a rallying cry for national cohesion, as Singapore tackled the Covid-19 pandemic. But the motto of another English club, Arsenal, encapsulates how the 2020 General Election (GE2020) highlights a key attribute of Singapore’s country brand.
https://www.businesstimes.com.sg/opinion/updated-sociopolitical-harmony-could-reshape-a-new-era

Gold surge, Covid-19 lockdowns put pressure on Asian jewellery industries
The surge in gold prices and Covid-19 lockdowns are placing the Indian, Hong Kong and other Asian jewellery industries under acute pressure. In contrast, leading gold companies that have managed to maintain production, are coining the precious metal. Their overall costs of around US$1,000 an ounce are way below the current market levels of US$1,800 an ounce.
https://www.businesstimes.com.sg/energy-commodities/gold-surge-covid-19-lockdowns-put-pressure-on-asian-jewellery-industries

Rising percentage of listed firms fail to get ‘clean’ audit opinions
More Singapore-incorporated listed firms are receiving tainted audit opinions, a trend which the Accounting and Corporate Regulatory Authority (Acra) described as “unhealthy”. Acra said the number of firms that failed to receive “clean” audit opinions has risen from 6 per cent for 2016 financial statements, to 9 per cent for 2018 financial statements.
https://www.businesstimes.com.sg/companies-markets/rising-percentage-of-listed-firms-fail-to-get-clean-audit-opinions
https://www.straitstimes.com/business/companies-markets/more-local-companies-not-getting-clean-audit-opinions-says-acra

Dismal first half year for Singapore’s M&A scene
Mergers and acquisitions (M&A) in Singapore slumped during the first six months of this year, in line with regional and global trends, according to data from M&A intelligence service Mergermarket. The Republic’s total deal value fell 25.9 per cent to US$11.88 billion while the number of transactions shrank by about a third to 41, Mergermarket told The Business Times (BT). In H1 2019, Singapore recorded US$16.03 billion from 64 deals.
https://www.businesstimes.com.sg/companies-markets/dismal-first-half-year-for-singapores-ma-scene

Everything we need to win the fight against Covid-19 is in data
All of us working or dealing with data have a role to play in using our know-how and available technology to apply data in ways that will benefit humanity and tackle the world’s biggest challenges – the environment, equality, education, health, and safety. We have the power to do extraordinary things with what is embedded in data.
https://www.businesstimes.com.sg/opinion/everything-we-need-to-win-the-fight-against-covid-19-is-in-data

What global financial centres can do to support a green recovery
The United Kingdom and Singapore are two of the world’s five biggest exporters of financial services worldwide, and although we are friendly rivals, both countries are indisputably important pistons for the engine of global economic growth as a whole.
https://www.straitstimes.com/opinion/what-global-financial-centres-can-do-to-support-a-green-recovery

New insurance policy to cater to work from home norm
Employers who want to provide insurance coverage for their employees for stress or ergonomic injuries sustained while working at home now have a new option to do so. Insurer Chubb yesterday announced a new Work from Home Insurance policy, which covers risks ranging from mental health issues to tripping over toys. The annual premium per employee is $38.
https://www.straitstimes.com/business/economy/new-insurance-policy-to-cater-to-work-from-home-norm

Update on COVID-19 (Coronavirus Disease 2019) Situation

62-year-old Singaporean man dies; seven cases in community
A 62-year-old Singaporean man who had a history of diabetes, hypertension and high cholesterol died from complications due to Covid-19 yesterday, said the Ministry of Health (MOH). The patient, identified as Case 17,168, was confirmed to be Covid-19 positive on April 30, and he had a history of diabetes mellitus, hypertension and hyperlipidaemia, said MOH.
https://www.straitstimes.com/singapore/62-year-old-singaporean-man-dies-seven-cases-in-community

Lab test error led to wrong Covid-19 diagnosis: TTSH
Human error in its laboratory led to a false diagnosis of a student who was reported as having Covid-19, said Tan Tock Seng Hospital (TTSH) on Tuesday. A Secondary 1 female student from Jurong West Secondary School was reported last Friday to have tested positive for coronavirus.
https://www.businesstimes.com.sg/government-economy/lab-test-error-led-to-wrong-covid-19-diagnosis-ttsh
https://www.straitstimes.com/singapore/health/sec-1-student-wrongly-diagnosed-as-positive-due-to-ttsh-lab-lapse

Dorm cases may rise in coming days as workers get tested after isolation
More Covid-19 cases could arise among migrant workers in dorms over the next few days because more will be tested after completing their isolation period, the Ministry of Health (MOH) said yesterday. Some of the workers come from dormitories with a higher prevalence of Covid-19 infection, which is expected to lead to a higher number of cases, it added.
https://www.straitstimes.com/singapore/dorm-cases-may-rise-in-coming-days-as-workers-get-tested-after-isolation

Aug 10 target to restart Singapore-Malaysia travel
Singapore and Malaysia are aiming to restart cross-border travel by Aug 10 for long-term pass holders and essential business and official travellers. While it would bring some relief to Malaysian employees stuck here, and the employers supporting them, industry observers say it won’t be a panacea for all the issues that affected parties are currently struggling with.
https://www.businesstimes.com.sg/government-economy/aug-10-target-to-restart-singapore-malaysia-travel
https://www.straitstimes.com/singapore/spore-malaysia-to-start-limited-cross-border-travel-on-aug-10
*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