DAILY NEWS

Daily News – 15, 16 & 17 Feb (Sat, Sun & Mon)

Singapore Real Estate

Parc Canberra sells 64% of its 496 units
The 496-unit executive condominium project Parc Canberra has sold at least 64 per cent or 316 apartments at an average price of S$1,085 per square foot (psf) at the launch over the weekend. Hoi Hup Sunway Canberra said in a media statement on Sunday that it launched all the units of Parc Canberra for sale at 9am on Saturday…
https://www.businesstimes.com.sg/real-estate/parc-canberra-sells-64-of-its-496-units

Five S-E Asia cities, including Singapore, listed in JLL’s Premium Office Rent Tracker
Five South-east Asian cities rank in the world’s top 86 most expensive premium office rental markets, according to the fifth edition of JLL’s Premium Office Rent Tracker. Singapore held the 14th spot worldwide, with net effective rents and occupancy costs running at US$117 per year per square foot (psf).
https://www.businesstimes.com.sg/asean-business/five-s-e-asia-cities-including-singapore-listed-in-jlls-premium-office-rent-tracker

Singapore’s property market can withstand the impact of Covid-19
The impact of the novel coronavirus, which began in China in December, has been felt across the globe. Aside from the very real human cost, many are trying to calculate the economic repercussions of Covid-19. Market watchers and investors alike are keeping a close eye on Singapore, which has one of the most open economies in the world.
https://www.businesstimes.com.sg/real-estate/singapores-property-market-can-withstand-the-impact-of-covid-19

Coronavirus: Singapore hotel occupancy tumbles to under 50%
Singapore’s hotel occupancy rate is in free fall, plummeting from nearly 100 per cent just before Chinese New Year to below the 50 per cent mark in the week of Feb 9. It is expected to drop even further, said analysts and hotel operators.
https://www.straitstimes.com/business/economy/singapore-hotel-occupancy-tumbles-to-under-50

Retail grouping seeks landlords’ help for tenants hit by virus outbreak
The Singapore Retailers Association (SRA) is calling on landlords to support their retail tenants in this difficult time, through measures such as rent waivers, rent rebates, and allowing shorter hours of operation.
https://www.businesstimes.com.sg/government-economy/retail-grouping-seeks-landlords-help-for-tenants-hit-by-virus-outbreak

Coronavirus: Building projects face delays as supplies get held up
The sixth storey of the imposing Avenue South Residence condominium was due to be finished this month, but the coronavirus outbreak has severely disrupted deliveries of building supplies from China as factory openings are being deferred.
https://www.straitstimes.com/business/building-projects-face-delays-as-supplies-get-held-up

Coronavirus threatens fragile gains in retail, industrial real estate
The coronavirus outbreak may cut short a recovery that the property market here has just started to flag. Both the retail and industrial property markets showed signs of bottoming in the second half of 2019 and will likely continue to stabilise throughout this year, said Colliers International.
https://www.straitstimes.com/business/property/coronavirus-threatens-fragile-gains-in-retail-industrial-real-estate

HDB disburses $550m under Proximity Housing Grant
Around 4,500 families and singles have set up home in the same Housing Board block or even in the same flat as their parents or children in the past four years. Such families were among 30,100 first-timers who applied for the Proximity Housing Grant (PHG)…
https://www.straitstimes.com/singapore/housing/hdb-disburses-550m-under-proximity-housing-grant

Singapore Economy

Singapore exports fall by 3.3% in January
Singapore exports were back in negative territory in January 2020, dragged down by a double-digit drop in petrochemical shipments, according to figures released on Monday. Non-oil domestic exports (NODX) fell by 3.3 per cent year on year in January…
https://www.businesstimes.com.sg/government-economy/singapore-exports-fall-by-33-in-january
https://www.straitstimes.com/business/economy/singapore-non-oil-exports-fall-33-in-january-after-brief-respite-in-december
https://www.channelnewsasia.com/news/business/singapore-exports-trade-nodx-2019-economy-covid-19-12440760

Singapore downgrades 2020 growth forecast on virus outbreak; 2019 GDP slows to 0.7%
Singapore’s official growth forecast for 2020 has been downgraded as the authorities are bracing for the possibility of negative growth as a result of the novel coronavirus outbreak, even as 2019 full-year growth came in consistent with earlier flash estimates.
https://www.businesstimes.com.sg/government-economy/singapore-downgrades-2020-growth-forecast-on-virus-outbreak-2019-gdp-slows-to-07
https://www.straitstimes.com/business/economy/singapore-downgrades-2020-economic-growth-forecast-to-05-15-on-coronavirus-impact
https://www.todayonline.com/singapore/mti-slashes-gdp-forecast-2020-amid-covid-19-outbreak-possible-full-year-recession-cards

Singapore Budget, GDP results for Q4 to take centre stage
Traders will be looking to tomorrow’s Budget statement for support measures to aid sectors most affected by the virus outbreak and strengthen investor confidence. Local equities have been sold off since late last month and while there have been recoveries in between, they were short-lived.
https://www.straitstimes.com/business/companies-markets/singapore-budget-gdp-results-for-q4-to-take-centre-stage

Recession possible amid Covid-19 outbreak, says PM Lee
With the Covid-19 outbreak taking an economic toll, Prime Minister Lee Hsien Loong is not ruling out the possibility of a recession here. Asked about its likelihood, he said: “I cannot say whether we will have a recession or not. It is possible, but definitely our economy will take a hit.”
https://www.businesstimes.com.sg/government-economy/recession-possible-amid-covid-19-outbreak-says-pm-lee
https://www.straitstimes.com/singapore/health/pm-lee-doesnt-rule-out-recession-as-outbreak-hits-economy-hard
https://www.straitstimes.com/singapore/health/pm-on-economy-fighting-virus-as-a-region

Govt to work with unions to keep retrenchments to minimum
As Singapore’s economy is hit by the coronavirus crisis, the Government will ensure that retrenchments are kept to a minimum, said Defence Minister Ng Eng Hen. “Even as we deal with the viral outbreak, we must ensure that our economy can function to keep jobs and livelihoods for Singapore,”
https://www.straitstimes.com/singapore/govt-to-work-with-unions-to-keep-retrenchments-to-minimum

BT-SUSS survey shows better Q4 mood; but outbreak has changed everything
After six straight quarters of deterioration, business conditions improved in the last quarter of 2019 and firms were feeling less pessimistic about the future – at least before the severity of the novel coronavirus outbreak became apparent – according to the latest Business Times…
https://www.businesstimes.com.sg/government-economy/bt-suss-survey-shows-better-q4-mood-but-outbreak-has-changed-everything

Companies’ Brief

FCOT unit holders advised to vote for FLT merger
The offer by Frasers Logistics & Industrial Trust (FLT) to acquire all units of Frasers Commercial Trust (FCOT) is fair and reasonable, the independent financial advisor to FCOT unit holders said on Friday. Although the deal is dilutive to FCOT unit holders on a net asset value (NAV)…
https://www.businesstimes.com.sg/companies-markets/fcot-unit-holders-advised-to-vote-for-flt-merger

Offshore housing merger bid called off, says Keppel
Keppel said yesterday that its associate company Floatel International and Oslo-listed Prosafe have dropped their bid to merge in a combination that would have created the world’s largest offshore accommodation provider.
https://www.straitstimes.com/business/companies-markets/offshore-housing-merger-bid-called-off-says-keppel

8M Real Estate poised to ride wave of CBD living
Singapore-based property investment company 8M Real Estate (8MRE) has made a name for itself, not only for assembling a sizeable portfolio of conservation shophouses in the city-state but also for its flair as a landlord in curating food and beverage (F&B) concepts at its properties.
https://www.businesstimes.com.sg/companies-markets/8m-real-estate-poised-to-ride-wave-of-cbd-living

Views, Reviews, Forum & Others

Challenges and contingencies
Chia Ngiang Hong, President, Real Estate Developers’ Association of Singapore (REDAS)
Looking at Singapore, we can draw the following useful early lessons on containing the Covid-19 epidemic:
Preparedness amongst the relevant government agencies and private sector players, especially the necessary medical facilities and resources to handle an unprecedented situation riddled with unknowns.
https://www.businesstimes.com.sg/views-from-the-top/challenges-and-contingencies

Forum: Give SMEs more help in this tough climate
I refer to the Singapore Tourism Board’s (STB) initiative (Task force to tackle expected 30% fall in tourists, Feb 12). The STB’s initiative to bring together both the private and public sectors to “lay out strategies for recovery and future growth” is indeed a timely and forward-looking initiative to address the potential…
https://www.straitstimes.com/forum/give-smes-more-help-in-this-tough-climate

Tough times ahead for tourism sector
Not unexpectedly, the spread of the coronavirus has hit Asian tourism hard. Major cruise lines are cancelling their sailings from Singapore or pulling out of Asia entirely for the remainder of the season. Some cancellations have come within the last several days, as more ports in the region shut their doors to cruise ships amid fears over the spread of the coronavirus.
https://www.straitstimes.com/opinion/st-editorial/tough-times-ahead-for-tourism-sector

Coronavirus’ fallout for Hong Kong and Singapore
The Singapore Tourism Board has predicted that tourist arrivals will fall by 30 per cent in the current year. This is an industry that contributes up to 10 per cent of the country’s GDP. Before the full outbreak of the coronavirus, private sector economists had forecast 1 per cent to 1.5 per cent growth for this year.
https://www.straitstimes.com/opinion/coronavirus-fallout-for-hk-and-singapore

UPDATE ON COVID-19 (CORONAVIRUS DISEASE 2019) SITUATION

Heartland enterprises, hawkers seek help to tide over crisis
Heartland enterprises and hawkers are calling for foreign worker levies, property tax and rental to be cut to help them tide over the coronavirus outbreak.The Federation of Merchants’ Associations, Singapore (FMAS) laid out these proposals yesterday at a media conference…
https://www.straitstimes.com/business/economy/heartland-enterprises-hawkers-seek-help-to-tide-over-crisis

Business leaders call for flexibility on foreign manpower, cooperation and calm
Singapore Business Federation chairman Teo Siong Seng called on the Government yesterday to exercise greater flexibility over foreign manpower policies to help alleviate the labour squeeze some businesses are facing due to the coronavirus outbreak.
https://www.straitstimes.com/business/economy/business-leaders-call-for-flexibility-on-foreign-manpower-cooperation-and-calm

Covid-19 to spawn H2 crunch in venues, dates for MICE industry
With the Covid-19 outbreak and heightened risk alert level forcing organisers to cancel or postpone major meetings, incentives, conferences and exhibitions (MICE) events in Singapore, the industry is facing a looming shortage of venues and dates in the second half of the year.
https://www.businesstimes.com.sg/government-economy/covid-19-to-spawn-h2-crunch-in-venues-dates-for-mice-industry

MOH uses fake news law to counter falsehoods
The States Times Review (STR) Facebook page was yesterday ordered under the fake news law to put up corrections alongside false statements it made about the coronavirus outbreak. This is the second order issued against STR under the Protection from Online Falsehoods and Manipulation Act (Pofma) for bogus claims about the coronavirus crisis.
https://www.straitstimes.com/politics/moh-uses-fake-news-law-to-counter-falsehoods

MOM rejects entry to 400 applicants a day
The Ministry of Manpower (MOM) has rejected about 400 applications a day for work pass holders with travel history to mainland China to return to Singapore since new measures to help contain the coronavirus outbreak kicked in.
https://www.straitstimes.com/singapore/manpower/mom-rejects-entry-to-400-applicants-a-day

Coronavirus more like H1N1 than Sars: Lawrence Wong
Code orange was declared only once in Singapore, prior to the present coronavirus outbreak. That was in 2009, when the world was hit by the H1N1, or swine flu, pandemic. The virus was first detected in humans in the United States in April 2009, though it is now said to have originated in Mexico.
https://www.straitstimes.com/singapore/coronavirus-more-like-h1n1-than-sars-lawrence-wong

Singapore has no plans to raise Dorscon alert for Covid-19 to Red
Singapore authorities have no plans to raise its novel coronavirus risk alert level from Orange to Red, even as it is adopting additional measures in a bid to reduce the risk of community transmission.
https://www.businesstimes.com.sg/government-economy/singapore-has-no-plans-to-raise-dorscon-alert-for-covid-19-to-red
https://www.straitstimes.com/singapore/no-plans-to-raise-crisis-response-level-to-red-says-gan

Coronavirus: Subsidised treatment for respiratory symptoms
The Ministry of Health (MOH) will be activating a network of around 900 general practitioner clinics to provide subsidised treatment for people with respiratory symptoms, in a bid to stem the spread of the coronavirus.
https://www.straitstimes.com/singapore/subsidised-treatment-for-respiratory-symptoms

*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