DAILY NEWS

Daily News – 16 Oct 2020 (Fri)

Singapore Real Estate

September home sales up 5.6% from August; 1,329 units sold the highest in over 2 years
Developers in Singapore sold 1,329 new private homes in September, 5.6 per cent more than the 1,258 units in August with affordable homes making up the bulk of sales. The bestseller project was The Penrose with almost 75 per cent of the 389 units sold priced below S$1.5 million, said Ong Teck Hui, JLL senior director, research & consultancy.
https://www.businesstimes.com.sg/real-estate/september-home-sales-up-56-from-august-1329-units-sold-the-highest-in-over-2-years
https://www.straitstimes.com/business/property/new-private-home-sales-hit-a-more-than-2-year-high-amid-recession

Orchard semi-detached house for sale with S$12m guide price
A two-storey semi-detached property in Orchard has been offered for sale by real estate consulting firm Edmund Tie, with an indicative guide price of about S$12 million. The property sits on freehold land spanning 454.9 square metres or 4,896 square feet.
https://www.businesstimes.com.sg/real-estate/orchard-semi-detached-house-for-sale-with-s12m-guide-price

Future of HDB living will be smart and sustainable: DPM
The future of Housing Board (HDB) living will see smart fittings that give home owners the option of not only monitoring energy consumption and controlling smart appliances, but also directional signage with larger fonts and pictorial symbols.
https://www.straitstimes.com/singapore/housing/future-of-hdb-living-will-be-smart-and-sustainable-dpm

How does Hong Kong’s new Reit ETF stack up against Singapore-listed ones?
On Thursday, the Hong Kong Stock Exchange (HKSE) saw the listing of its first real estate investment trust (Reit) exchange-traded fund (ETF). Samsung Asset Management launched the Samsung S&P High Dividend Asia Pacific ex-New Zealand Reits ETF at US$2.50 a share.
https://www.businesstimes.com.sg/companies-markets/how-does-hong-kongs-new-reit-etf-stack-up-against-singapore-listed-ones

TikTok owner moving to bigger Singapore office

ByteDance, the Chinese owner of video app TikTok, is moving to a bigger office in Singapore’s financial district, paving the way for it to make the city-state its beachhead for the rest of Asia. It has signed an agreement to lease three floors measuring over 60,000 sq ft at One Raffles Quay, according to people familiar with the plan.
https://www.straitstimes.com/business/property/tiktok-owner-moving-to-bigger-singapore-office
https://www.businesstimes.com.sg/garage/tiktok-owner-bytedance-moving-to-bigger-singapore-office

Singapore Economy

Government not ruling out further draw on past reserves: DPM Heng
If a further draw on past reserves is needed for Covid-19 support, the government is prepared to propose it, said Deputy Prime Minister and Finance Minister Heng Swee Keat in Parliament on Thursday. And while Singapore’s fiscal situation will get tighter, the government maintains its stance of funding recurrent spending out of recurrent revenues…
https://www.businesstimes.com.sg/government-economy/government-not-ruling-out-further-draw-on-past-reserves-dpm-heng
https://www.straitstimes.com/singapore/politics/significance-of-draw-on-reserves-should-not-be-downplayed-dpm

Heng: Firms whose failure hurts national interest may get support

The Singapore government may step in to support firms in cases where their potential failure due to the Covid-19 crisis could adversely affect Singapore’s national interest, Deputy Prime Minister Heng Swee Keat said on Thursday evening.
https://www.businesstimes.com.sg/government-economy/heng-firms-whose-failure-hurts-national-interest-may-get-support
https://www.straitstimes.com/singapore/politics/shift-to-targeted-support-for-firms-workers-heng

Singapore must stay plugged into world to succeed: DPM

Even as the Covid-19 situation in Singapore stabilises and the country shifts its focus to economic recovery, it needs to stay open and connected to the world, Deputy Prime Minister Heng Swee Keat said yesterday. Managing the country’s dual identity – as both city and nation – is critical to Singapore’s success, he added
https://www.straitstimes.com/singapore/politics/singapore-must-stay-plugged-into-world-to-succeed-dpm

Revenues crucial, so GST hike cannot be put off indefinitely

While the goods and services tax (GST) rate will remain at 7 per cent next year, the increase cannot be deferred indefinitely as the revenues are needed to support Singapore’s spending needs to secure its long-term future, Deputy Prime Minister Heng Swee Keat said yesterday.
https://www.straitstimes.com/singapore/politics/revenues-crucial-so-gst-hike-cannot-be-put-off-indefinitely

Singapore plans more fiscal stimulus in 2021 to spur recovery
Singapore is looking to add to about S$100 billion of fiscal stimulus to help strengthen an economy expected to still face significant uncertainty next year, said Transport Minister Ong Ye Kung. The country will use its next budget to deliver more support for the trade-reliant economy, he said in an interview with Bloomberg Television.
https://www.businesstimes.com.sg/government-economy/singapore-plans-more-fiscal-stimulus-in-2021-to-spur-recovery

Singapore non-oil exports rise 5.9% in September amid recovery in electronics
SINGAPORE exports finished the third quarter with a fizzle, rising by a gentler 5.9 per cent year on year in September even as the electronics sector continued its recovery from last year’s global down-cycle. The growth in non-oil domestic exports (NODX) was due mainly to an increase in electronics shipments from its year-ago low base…
https://www.businesstimes.com.sg/government-economy/singapore-non-oil-exports-rise-59-in-september-amid-recovery-in-electronics

Singapore’s recovery may hit some speed bumps along the way
With the recovery from the depths of its worst recession still in its early days, Singapore’s economy is right now like a glass half-full. For the pessimist it represents a job half done. The optimist will point to the upper half that flags opportunities yet to be grabbed.
https://www.straitstimes.com/business/economy/spores-recovery-may-hit-some-speed-bumps-along-the-way

S’pore, Germany grow partnership to spur digital transformation among firms
Singapore and German companies will have more opportunity to work together thanks to a series of initiatives to help firms from both countries accelerate their digital transformation.
https://www.straitstimes.com/business/economy/spore-germany-grow-partnership-to-spur-digital-transformation-among-firms

Return of mass air travel at least 2 years away: Ong Ye Kung
It will take at least two years for the global aviation industry to recover from the coronavirus pandemic and for mass travel to return, Transport Minister Ong Ye Kung said, stressing the importance of developing a widely available and effective vaccine to help countries open their borders.
https://www.straitstimes.com/business/economy/return-of-mass-air-travel-at-least-2-years-away-ong-ye-kung

Singapore-HK air travel bubble could see pent-up demand if it matches holiday season
Singapore’s proposed air travel bubble (ATB) with Hong Kong could spark keen interest from travellers, especially if takes off in time for the year-end holidays, travel agencies say. Singapore and Hong Kong announced on Thursday that they have reached an in-principle agreement to set up a bilateral ATB – likely the first in Asia – to revive air travel between the two aviation hubs in a safe manner.
https://www.businesstimes.com.sg/government-economy/singapore-hk-air-travel-bubble-could-see-pent-up-demand-if-it-matches-holiday
https://www.straitstimes.com/singapore/coming-soon-leisure-travel-between-spore-and-hk
https://www.straitstimes.com/singapore/transport/two-way-air-travel-bubble-a-first-for-hk-and-singapore
https://www.straitstimes.com/singapore/transport/travel-agencies-to-work-with-tourism-bodies-to-ensure-safety
https://www.straitstimes.com/singapore/leisure-trips-to-hong-kong-could-be-weeks-away

Companies’ Brief

Ascott secures over 2,100 new units across 12 properties in China
CapitaLand’s wholly-owned lodging business unit, The Ascott Ltd, has secured more than 2,100 new units across 12 properties in China in the last three months. Revenue from its operating properties in the country have also almost fully recovered to pre-Covid-19 levels, said Ascott in a statement on Thursday morning.
https://www.businesstimes.com.sg/real-estate/ascott-secures-over-2100-new-units-across-12-properties-in-china

Keppel DC Reit to join STI on Monday
Keppel DC Reit (real estate investment trust) will become a component stock of the Straits Times Index (STI) on Oct 19, as another Reit – CapitaLand Commercial Trust (CCT) – leaves the STI in preparation for its merger with CapitaLand Mall Trust (CMT).
https://www.businesstimes.com.sg/companies-markets/keppel-dc-reit-to-join-sti-on-monday

Soilbuild Reit’s Q3 DPU up 20% to 1.1 cents
Soilbuild Business Space Reit (Soilbuild Reit) reported a 16.5 per cent increase in net property income to S$19.7 million for the third quarter to September. The real estate investment trust (Reit) managed to generate a higher net property income as a reversal was made of allowance for doubtful receivables/provision for rent waivers of S$1.5 million as well as lower property taxes.
https://www.businesstimes.com.sg/companies-markets/soilbuild-reits-q3-dpu-up-20-to-11-cents

Corporate digest
https://www.businesstimes.com.sg/companies-markets/corporate-digest-1241

Views, Reviews, Forum & Others

Singapore can help region emerge stronger, better, more sustainable
One positive development emerging from the current pandemic is the aim not only to recover but to emerge stronger and better. To many, moreover, “better” also means to be more sustainable. Pre-pandemic concerns about climate change and goals for sustainable development are receiving new emphasis.
https://www.businesstimes.com.sg/opinion/singapore-can-help-region-emerge-stronger-better-more-sustainable

Finance teams must adopt forward-looking analytics, a key to stay competitive
It is almost the end of 2020 and the global pandemic has struck us for almost a year. Companies that were used to face-to-face interactions with their clients are now used to digital alternatives: virtual meetings and events to ensure social distancing.
https://www.businesstimes.com.sg/opinion/finance-teams-must-adopt-forward-looking-analytics-a-key-to-stay-competitive

Uneven recovery poses challenges
While the advance estimates for the third-quarter GDP released on Wednesday indicate that the economy has bottomed out, they also highlight how uneven the recovery is turning out. This has important implications for policy. The 7 per cent year-on-year decline in GDP in Q3 was less severe than the 13.3 per cent contraction in the preceding quarter.
https://www.straitstimes.com/opinion/st-editorial/uneven-recovery-poses-challenges-0

Three-quarters of employees here expect better work-life balance due to flexi-work: Poll
Almost three-quarters of Singapore employees expect work-life balance to improve as working from home regularly becomes a permanent option, according to a survey conducted by UOB. Additionally, 70 per cent of respondents also said their productivity will improve as they have greater freedom over how they manage their working hours.
https://www.businesstimes.com.sg/government-economy/three-quarters-of-employees-here-expect-better-work-life-balance-due-to-flexi

The rise of the Phygital Leader
In the past five decades, there have been a multitude of technologies – which have been claimed by their marketing departments as “transformational”. However, a technology is truly transformative only when it becomes a “lifestyle” of the masses. By such standards, the Internet is one such technology, having changed almost everything people do. There is another at our doorstep, silent but potent.
https://www.businesstimes.com.sg/leadership-management/the-rise-of-the-phygital-leader

Update on COVID-19 (Coronavirus Disease 2019) Situation

3 new Covid-19 cases in Singapore, with none in the community
Three new coronavirus cases were reported yesterday, bringing Singapore’s total to 57,892, said the Ministry of Health (MOH). None of these were community cases.
https://www.straitstimes.com/singapore/3-new-covid-19-cases-in-spore-with-none-in-the-community

Free testing for 45,000 cleaners, stallholders, food delivery crew
Free Covid-19 testing will be offered to more than 45,000 stallholders and their assistants, cleaners and food delivery personnel from now until the end of the year as part of efforts to contain possible hidden cases in the community.
https://www.straitstimes.com/singapore/free-testing-for-45000-cleaners-stallholders-food-delivery-crew

Singapore’s first Covid-19 T cell trial to include severe cases
Singapore’s first Covid-19 specific T cell clinical trial is ready to recruit its first patients. Conducted by a research team from KK Women’s and Children’s Hospital (KKH), this human trial of a potential coronavirus treatment received approval from the Health Sciences Authority in July.
https://www.straitstimes.com/singapore/singapores-first-covid-19-t-cell-trial-to-include-severe-cases

*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