DAILY NEWS

Daily News – 14, 15 & 16 Nov 2020 (Sat, Sun & Mon)

Singapore Real Estate

The Linq @ Beauty World sells 96% of residential units in digital launch
Mixed-use development The Linq @ Beauty World sold 115 out of 120 apartments over the weekend, in a Covid-19-era, tech-enabled launch. The project, at Beauty World MRT station, includes two floors of shops and a 20-storey residential block. Units fetched between S$2,150 and S$2,200 per square foot on average, mainboard-listed construction group BBR Holdings said on Sunday.
https://www.businesstimes.com.sg/real-estate/the-linq-beauty-world-sells-96-of-residential-units-in-digital-launch
https://www.straitstimes.com/business/property/the-linq-beauty-world-sells-96-of-residential-units-in-weekend-launch

From condo flippers to homebuyers: Are buying patterns shifting for foreigners in Singapore’s real estate?
Foreign buying has always been a major force driving real estate markets across the world, and Singapore is no exception. But increasingly, many in the property sector are observing that more foreign buyers now see their Singapore residential property as a home rather than just a quick flip.
https://www.businesstimes.com.sg/brunch/from-condo-flippers-to-homebuyers-are-buying-patterns-shifting-for-foreigners-in-singapores

Geylang landed homes to make way for HDB flats
In a first for residential properties in Singapore, 191 two-storey terraced houses in Geylang Lorong 3 that are set to be returned to the state upon their lease expiry will be demolished to make way for future public housing. Demolition works are expected to start in the third quarter of next year and will be completed by the first quarter of 2023, according to tender documents seen by The Straits Times.
https://www.straitstimes.com/singapore/housing/geylang-landed-homes-to-make-way-for-hdb-flats

Singapore Economy

What shape will S’pore’s economic recovery take?
Like most countries, the impact of Covid-19 on Singapore’s economic activities has been severe. In the second quarter of this year, the Republic’s economy experienced a historic contraction of 13.2 per cent. At this run rate, the annualised rate represents a contraction of 42.9 per cent in economic output.
https://www.straitstimes.com/business/invest/what-shape-will-spores-economic-recovery-take-0

Moving more production onshore not sustainable approach to disruptions
Calls for more onshore production are not a sustainable answer to supply chain disruption amid Covid-19, Minister for Trade and Industry Chan Chun Sing suggested. He was speaking after the Regional Comprehensive Economic Partnership (RCEP) free trade agreement (FTA) was signed on Sunday on the sidelines of the 37th Asean Summit – some eight years after its launch.
https://www.businesstimes.com.sg/government-economy/moving-more-production-onshore-not-sustainable-approach-to-disruptions
https://www.businesstimes.com.sg/government-economy/key-areas-under-the-rcep
https://www.straitstimes.com/singapore/politics/spore-14-countries-ink-worlds-largest-trade-pact
https://www.straitstimes.com/singapore/politics/easier-cheaper-for-firms-to-do-business-with-rcep-chan
https://www.straitstimes.com/business/east-asia-takes-big-leap-of-faith-with-rcep
https://www.straitstimes.com/singapore/politics/a-trade-pact-10-years-in-the-making

Governments must help those hit by globalisation or risk social fragmentation: Chan Chun Sing
Governments have a responsibility to help those adversely impacted by globalisation or they risk social fragmentation, Trade and Industry Minister Chan Chun Sing said on Friday. “Without coherent government, without domestic confidence, few, if any, governments will have the courage or the political space to stand up on the international stage to continue to support globalisation,” he added.
https://www.businesstimes.com.sg/government-economy/governments-must-help-those-hit-by-globalisation-or-risk-social-fragmentation

Infrastructure can create jobs, boost economy: Indranee
As asia recovers from the fallout of the Covid-19 pandemic, building and investing in infrastructure can help to create jobs and boost the economy, said Minister in the Prime Minister’s Office Indranee Rajah. Ms Indranee, who is also Second Minister for Finance and National Development, said Singapore sees infrastructure as a way to boost the economy, and while construction was halted during the circuit breaker earlier this year, it has resumed on the North South Corridor and Thomson highway.
https://www.businesstimes.com.sg/government-economy/infrastructure-can-create-jobs-boost-economy-indranee
https://www.straitstimes.com/singapore/politics/investing-in-infrastructure-can-boost-economy-indranee

Companies could take over two years for business to return to normal: poll
Singapore companies could take more than two years to return to business as usual, a regular poll from The Business Times has shown. The corporate outlook rose from a second-quarter trough and returned in the third quarter to levels last seen at the start of the year, according to the quarterly BT-SUSS Business Climate Survey, a tie-up with the Singapore University of Social Sciences.
https://www.businesstimes.com.sg/government-economy/companies-could-take-over-two-years-for-business-to-return-to-normal-poll

East Asia Summit leaders call for greater cooperation to tackle crisis
The need for countries across the Asia-Pacific to cooperate in tackling the coronavirus pandemic and the current economic crisis was underlined by leaders at the East Asia Summit (EAS) last night. The virtual meeting chaired by Vietnam’s Prime Minister Nguyen Xuan Phuc also saw several leaders highlight the need to work together to ensure peace and stability as they rebuild their economies.
https://www.straitstimes.com/singapore/eas-leaders-call-for-greater-cooperation-to-tackle-crisis
https://www.straitstimes.com/singapore/politics/pm-lee-urges-countries-to-work-with-asean-to-resume-travel-safely
https://www.straitstimes.com/singapore/new-asean-network-to-build-logistics-infrastructure

Singapore-Shandong trade surges to US$3.6b in Jan-Sept this year
Two-way trade between Singapore and Shandong province in eastern China more than doubled for the first nine months of this year to US$3.6 billion, despite the Covid-19 pandemic. Singapore’s Senior Minister of State for Foreign Affairs and Transport Chee Hong Tat said this at the 22nd Singapore-Shandong Business Council (SSBC) meeting on Friday, as he acknowledged the resilience of the partnership and highlighted ways for Singapore and the province to deepen cooperation.
https://www.businesstimes.com.sg/government-economy/singapore-shandong-trade-surges-to-us36b-in-jan-sept-this-year
https://www.straitstimes.com/business/economy/spore-shandong-can-boost-cooperation-chee-hong-tat

How business networks are helping members amid pandemic
With the Covid-19 pandemic showing no signs of abating, business networks in Singapore have been facilitating information exchanges through webinars and establishing new initiatives to support member businesses.
https://www.straitstimes.com/business/how-business-networks-are-helping-members-amid-pandemic

Companies’ Brief

CapitaLand to grow investments in business parks, logistics and data centres in China
CapitaLand has targeted to grow its China exposure in the sector to S$5 billion over the next few years, from S$1.5 billion. This will be done by redeploying part of the capital from asset recycling to new economy assets such as business parks, logistics and data centres, the property giant said on Monday.
https://www.businesstimes.com.sg/companies-markets/capitaland-to-grow-investments-in-business-parks-logistics-and-data-centres-in
https://www.straitstimes.com/business/companies-markets/capitaland-to-grow-investments-in-china-business-parks-logistics-and-data

Frasers Centrepoint Trust is still keen on acquisitions
Frasers Centrepoint Trust (FCT) may have just announced a sizeable deal, but the manager of the real estate investment trust (Reit) has no qualms about snapping up more properties if the right opportunities come along. “When the opportunity (to acquire suburban retail space) is available to us, we will evaluate it,” said Richard Ng, chief executive at Frasers Centrepoint Asset Management.
https://www.businesstimes.com.sg/companies-markets/frasers-centrepoint-trust-is-still-keen-on-acquisitions

Genting S’pore back in the black with profit of $54.4m in Q3
Genting Singapore swung to a net profit of $54.4 million for the three months to Sept 30 from a net loss of $163.3 million in the previous quarter, after Resorts World Sentosa (RWS) reopened to visitors in early July as the nation entered phase two of its gradual reopening.
https://www.straitstimes.com/business/companies-markets/genting-spore-back-in-the-black-with-profit-of-544m-in-q3
https://www.straitstimes.com/business/companies-markets/genting-singapore-back-in-the-black-in-q3-with-544-million-profit

Mapletree Industrial Trust awards S$127.1m Kallang contract to Lum Chang
Construction player Lum Chang Holdings on Monday said it has secured a tender for an industrial project at Kallang Way, which is part of the Geylang planning area. The contract, valued at about S$127.1 million, is to be executed with DBS Trustee as trustee of Mapletree Industrial Trust (MIT).
https://www.businesstimes.com.sg/companies-markets/mapletree-industrial-trust-awards-s1271m-kallang-contract-to-lum-chang

Views, Reviews, Forum & Others

A breath of fresh air
Chia Ngiang Hong, President, Real Estate Developers’ Association of Singapore (REDAS)
A Biden administration will hopefully reassert rational global leadership towards solving key contemporary issues and bring about greater geopolitical and economic stability. The new leader’s transition priorities to combat the coronavirus and accelerate vaccine development will pave the way for cross-border trade to recover more quickly and boost business prospects.
https://www.businesstimes.com.sg/views-from-the-top/a-breath-of-fresh-air

WFH is old news. The ‘near home’ office is the next big thing
Standard Chartered Plc is straining every sinew to get ahead of the changes the pandemic might make to people’s work-life balance. Perhaps it’s trying to take things a little too far. The emerging markets bank says it will “push the boundaries” for half of its 85,000 staff, who work in nine of the 55 countries where it operates.
https://www.businesstimes.com.sg/opinion/wfh-is-old-news-the-near-home-office-is-the-next-big-thing

A trade pact 10 years in the making
Almost 10 years after it was mooted, the world’s largest trade pact – the Regional Comprehensive Economic Partnership (RCEP) – was signed at the weekend. Involving the 10 members of Asean, plus Australia, China, Japan, South Korea and New Zealand, the RCEP covers nearly one-third of the world’s population and contributes almost 30 per cent of its gross domestic product.
https://www.straitstimes.com/opinion/st-editorial/a-trade-pact-10-years-in-the-making-0

A travel bubble for leisure, at last
Singaporeans are welcoming the news that they will be able to travel to Hong Kong for leisure from Nov 22 in the first air travel bubble arrangement for the Republic since border restrictions were imposed amid the coronavirus pandemic.
https://www.straitstimes.com/opinion/st-editorial/a-travel-bubble-for-leisure-at-last-0

When China’s fintech ‘mistress’ was brought to heel
When China’s richest man Jack Ma took on the country’s financial watchdogs late last month, he knew it was risky and that there could be repercussions. It was a bold but baffling move to say the least, with less than two weeks to go before his fintech giant Ant Group’s US$37 billion (S$50 billion) initial public offering (IPO) – the world’s largest stock market debut.
https://www.straitstimes.com/opinion/when-chinas-fintech-mistress-was-brought-to-heel-0

Why Biden will be tougher on China than Obama
American presidents traditionally have the most leeway in the realm of foreign policy. President-elect Joe Biden’s hand when it comes to China policy, however, will be constrained by both internal and external forces.
https://www.straitstimes.com/opinion/why-biden-will-be-tougher-on-china-than-obama-0

Update on COVID-19 (Coronavirus Disease 2019) Situation

Three new Covid-19 cases in Singapore, all imported
[Singapore] There were three new coronavirus cases confirmed on Sunday, taking Singapore’s total to 58,119. All three were imported cases who had been placed on stay-home notices on arrival in Singapore, said the Ministry of Health (MOH). This is the fifth day in a row where there were no new community cases and none from workers’ dormitories.
https://www.businesstimes.com.sg/government-economy/three-new-covid-19-cases-in-singapore-all-imported
https://www.straitstimes.com/singapore/health/engineer-here-for-work-among-3-new-imported-cases

The quest for a coronavirus vaccine – what you need to know
A number of Covid-19 vaccine candidates are undergoing late-stage trials and if successful, may be used to inoculate millions from as early as next month. Singapore has been in talks with pharmaceutical companies working on some of them, to secure doses for people here, said Health Minister Gan Kim Yong.
https://www.straitstimes.com/singapore/health/the-quest-for-a-vaccine-what-you-need-to-know
*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