DAILY NEWS

Daily News – 16 Dec 2020 (Wed)

Singapore Real Estate

Mediacorp sells Caldecott Hill site for S$280.9m
An entity to be jointly owned by Perennial Real Estate Holdings and its chairman Kuok Khoon Hong has clinched Mediacorp’s former Caldecott Broadcast Centre plot for S$280.9 million. It is located at the heart of the Caldecott Hill Good Class Bungalow Area.
https://www.businesstimes.com.sg/real-estate/mediacorp-sells-caldecott-hill-site-for-s2809m
https://www.straitstimes.com/business/property/caldecott-site-sold-to-joint-entity-for-2809m

Singapore condo resale prices rise for fourth straight month: SRX
Resale prices of non-landed private homes in Singapore rose for the fourth straight month in November, flash figures from real estate portal SRX Property showed on Tuesday. Overall prices were up 0.3 per cent from October 2020, and up 1.3 per cent from November 2019. All regions saw price increases in November 2020.
https://www.businesstimes.com.sg/real-estate/singapore-condo-resale-prices-rise-for-fourth-straight-month-srx
https://www.straitstimes.com/business/property/private-resale-prices-up-for-fourth-straight-month-srx

Singapore new home sales up 18.9% in November on economic recovery hopes
New private home sales in November rose to 767, up 18.9 per cent from October’s 645 as buyers of all stripes pin their hopes on the vaccine to revive economic activities. Well heeled buyers joined in – the number of new homes sold above S$2,000 per sq foot (psf) rose to a nine-month high, from 53 units in March to 393 units in November this year, said Christine Sun, OrangeTee & Tie’s head of research and consultancy.
https://www.businesstimes.com.sg/real-estate/singapore-new-home-sales-up-189-in-november-on-economic-recovery-hopes
https://www.straitstimes.com/business/property/new-home-sales-surge-19-in-nov-as-developers-ramp-up-launches
https://www.straitstimes.com/business/property/sale-of-new-resale-private-homes-on-the-rise

Singapore Economy

Singapore rated 14th most expensive city for expats globally
Singapore is the 14th most expensive city in the world for expatriates, moving down two spots from last year’s ranking because of the weakening Singapore dollar. The Republic has been overtaken by Copenhagen in Denmark and Bern in Switzerland, according to a survey released by human resource consultancy ECA International yesterday.
https://www.straitstimes.com/business/singapore-rated-14th-most-expensive-city-for-expats-globally

New quarantine-free bubble may pave way for bigger events in Singapore
Singapore’s localised bubble that combines a new quarantine-free travel arrangement with dedicated short-stay facilities is a novel way to allow global executives to meet in a safe manner amid border restrictions.
https://www.businesstimes.com.sg/government-economy/new-quarantine-free-bubble-may-pave-way-for-bigger-events-in-singapore
https://www.straitstimes.com/singapore/spore-to-pilot-quarantine-free-business-travel

Segregated business travel lane key to raising confidence, say observers
The new segregated travel lane arrangement for business meetings is likely to have only a small impact on Singapore’s economy, experts said, although it could be important to increasing the country’s reputation as a safe place for business.
https://www.straitstimes.com/singapore/segregated-business-travel-lane-key-to-raising-confidence-say-observers

Workplace arrangements under review with Phase 3 reopening
The multi-ministry task force is reviewing workplace arrangements, following Monday’s announcement on the move to Phase 3 reopening on Dec 28, said Manpower Minister Josephine Teo on Tuesday. Speaking to the media after visiting Singtel together with Senior Minister Tharman Shanmugaratnam to engage individuals on the SGUnited Traineeships Programme (SGUT) and SGUnited Mid-Career Pathways Programme (SGUP)…
https://www.businesstimes.com.sg/government-economy/workplace-arrangements-under-review-with-phase-3-reopening-0
https://www.straitstimes.com/singapore/jobs/curbs-on-staff-working-in-office-may-be-eased

SBF will keep pushing for more financing for SMEs: Ho Meng Kit
The Singapore Business Federation (SBF) will continue to advocate for more financing for small and medium enterprises (SMEs), even as it encourages firms to go abroad and transform, said chief executive officer Ho Meng Kit in a media interview. As a bridge between the government and industry, SBF’s advocacy role is “not just one-way”, he said.
https://www.businesstimes.com.sg/government-economy/sbf-will-keep-pushing-for-more-financing-for-smes-ho-meng-kit
https://www.straitstimes.com/business/sbf-now-a-prominent-voice-for-businesses-says-outgoing-ceo

Businesses cheer relaxed rules, but border reopening still key
The move to relax restrictions and enter phase three of the economy’s reopening on Dec 28 was welcomed by businesses, with those in the retail, restaurant and tourism sectors hopeful of a boost in sales or footfall by 10 per cent to 20 per cent. But a real game changer for the economy could be when enough people take up the Covid-19 vaccine, so more restrictions can be relaxed, including border controls, businesses and analysts told The Straits Times yesterday.
https://www.straitstimes.com/singapore/businesses-cheer-relaxed-rules-but-border-reopening-still-key

Singapore, Vietnam to launch green lane for business and official travel by next year
[Singapore] Vietnam and Singapore are planning to launch a green lane for business and official travel by the start of next year. Permanent Secretary of the Ministry of Foreign Affairs (MFA) Chee Wee Kiong and Vietnam’s Vice Minister of Foreign Affairs Nguyen Quoc Dung agreed to conclude ongoing discussions on the green lane arrangement and restore regular commercial return flights between the two countries, said MFA in a statement on Tuesday (Dec 15).
https://www.businesstimes.com.sg/government-economy/singapore-vietnam-to-launch-green-lane-for-business-and-official-travel-by-next
https://www.straitstimes.com/singapore/spore-vietnam-plan-to-launch-green-lane-by-early-next-year

Companies’ Brief

Keppel launches second data centre fund with over US$500m first close
The asset management arm of Keppel Corporation has launched a second data centre fund, which will focus on making strategic investments in the “fast-growing” data centre sector in the Asia-Pacific and Europe.
https://www.businesstimes.com.sg/companies-markets/keppel-launches-second-data-centre-fund-with-over-us500m-first-close
https://www.straitstimes.com/business/companies-markets/keppel-launches-second-data-centre-fund-with-over-us500m-first-close

Keppel Land is lead investor in co-living startup Cove’s US$4.6m Series A round
Keppel Land, the property arm of Keppel Corporation, has taken a minority stake in co-living platform Cove, as the lead investor in the startup’s US$4.6 million Series A funding round. The size of the stake was not disclosed in Keppel Land’s statement on Tuesday. Keppel Land CEO Tan Swee Yiow said that co-living solutions can be “incorporated in our development projects…
https://www.businesstimes.com.sg/companies-markets/keppel-land-is-lead-investor-in-co-living-startup-coves-us46m-series-a-round

Keppel Corp steps up philanthropic initiatives amid pandemic
To bring cheer to the less privileged during the festive season, staff volunteers from Keppel Corporation have lined up a series of events in December that range from Christmas celebrations with children from New Life Children and Student Care, food ration deliveries to families in need, and virtual games for persons with muscular dystrophy.
https://www.businesstimes.com.sg/life-culture/keppel-corp-steps-up-philanthropic-initiatives-amid-pandemic

Poor trading conditions driving founder-led privatisations
The proposed privatisation of Soilbuild Business Space Reit on Monday marks the latest in a string of founder buyouts of Singapore-listed businesses that have found their share prices pressured by Covid-19 challenges this year.
https://www.businesstimes.com.sg/companies-markets/poor-trading-conditions-driving-founder-led-privatisations

SGX investing S$20m to boost market access to ESG info, solutions
The Singapore Exchange (SGX) is investing S$20 million to expand sustainability capabilities and initiatives as environmental, social and governance (ESG) considerations come into greater focus even in the face of the pandemic.
https://www.businesstimes.com.sg/companies-markets/sgx-investing-s20m-to-boost-market-access-to-esg-info-solutions
https://www.straitstimes.com/business/companies-markets/sgx-draws-up-20m-plan-to-boost-its-green-commitment

China’s iQiyi expands in Singapore with ‘eyes wide open’ amid streaming war
The Over The Top (OTT) streaming business may be challenging, but Chinese streaming giant iQiyi is expanding out of its home market with “eyes wide open” to the challenges, Kuek Yu-Chuang, the firm’s vice-president of international business, told The Business Times in an interview. Mr Kuek was speaking ahead of iQiyi’s launch of its new international headquarters in Singapore on Tuesday.
https://www.businesstimes.com.sg/garage/chinas-iqiyi-expands-in-singapore-with-eyes-wide-open-amid-streaming-war
https://www.straitstimes.com/singapore/iqiyi-commits-to-making-more-singapore-content

EHT’s proposed manager to prioritise possession and resuming operations of all portfolio properties
In A bid to revive the beleaguered Eagle Hospitality Trust (EHT), the proposed new manager of EH-Reit says its immediate priorities would be to gain legal and physical possession of all 18 properties in the real estate investment trust’s (Reit) portfolio, and bring them back up to operating standards.
https://www.businesstimes.com.sg/companies-markets/ehts-proposed-manager-to-prioritise-possession-and-resuming-operations-of-all

Views, Reviews, Forum & Others

Guarded welcome to phase three
What in many ways has been Singapore’s worst year since independence is set to conclude with the welcome news that the country will proceed to phase three of its reopening on Dec 28. The coronavirus pandemic, which began here with the first reported case in January, turned personal, economic and social life upside down swiftly and surely.
https://www.straitstimes.com/opinion/st-editorial/guarded-welcome-to-phase-three-0

The Covid-19 economic crisis could morph
Economic crises have a tendency to morph. After a crisis gets under way, its epicentre can shift and it can turn contagious in unpredictable ways, impacting areas previously presumed relatively safe. For example, what starts as a domestic crisis can take on regional dimensions, affecting even healthy economies, as we saw in Asia in 1997, or go global, as happened after the United States subprime mortgage crisis of 2007-2008.
https://www.straitstimes.com/opinion/the-covid-19-economic-crisis-could-morph-0

Measure and mitigate climate risk in portfolios
The 2020 Covid-19 pandemic was an unexpected event that took portfolio managers and investors around the world by surprise. Most, if not all, investors experienced increased volatility in their portfolios, but as we approach the end of 2020, many diversified equity investment portfolios would have recovered by various degrees due to positive news from the anticipated recovery of the global economy and impending Covid-19 vaccines mass rollouts.
https://www.businesstimes.com.sg/wealth-investing/measure-and-mitigate-climate-risk-in-portfolios

Singapore funds market downgraded for lack of disclosure
The Singapore funds market has been downgraded by Morningstar from “average” to “below average” for its lack of full disclosure of portfolio holdings and the absence of disclosure of portfolio managers’ names. Morningstar, however, said Singapore funds have improved in some respects, such as the disclosure of trail fees. In the previous 2017 study, Singapore was rated “average”.
https://www.businesstimes.com.sg/wealth-investing/singapore-funds-market-downgraded-for-lack-of-disclosure

5 ways to strengthen your portfolio for 2021
To say that 2020 has been a watershed year would be an understatement. The Covid-19 pandemic has tested us in ways we could have never imagined. Even the 2008 Global Financial Crisis, which led to a near-collapse of the US banking system, was not as diverse in its impact. The current pandemic may have started as a health crisis but it has since morphed into a humanitarian and economic crisis.
https://www.businesstimes.com.sg/wealth-investing/5-ways-to-strengthen-your-portfolio-for-2021

Update on COVID-19 (Coronavirus Disease 2019) Situation

15 imported cases, including MMA fighter; one case in workers’ dorm
A one-year-old boy and 29-year-old Russian mixed martial arts (MMA) fighter were among the 16 new coronavirus cases confirmed yesterday, taking Singapore’s total to 58,341. The boy is a short-term visit pass holder who returned from Indonesia, the Ministry of Health (MOH) said last night.
https://www.straitstimes.com/singapore/15-imported-cases-including-mma-fighter-one-case-in-workers-dorm

Moderna confirms Singapore supply deal as MOH ramps up vaccine efforts
Biotechnology company Moderna on Monday confirmed it signed a supply agreement with Singapore’s Ministry of Health for its Covid-19 vaccine candidate mRNA-1273. The move comes as the Republic’s health ministry moves to secure early access to vaccines for the local population.
https://www.businesstimes.com.sg/government-economy/moderna-confirms-singapore-supply-deal-as-moh-ramps-up-vaccine-efforts
*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