DAILY NEWS

Daily News – 17 Nov 2020 (Tue)

Singapore Real Estate

Singapore seen as one of most active capital sources in 2021
Singapore is expected to be among the top five sources of active capital in 2021, with investments bound for real estate assets in markets such as Australia, the United Kingdom and China, according to Knight Frank.
https://www.businesstimes.com.sg/real-estate/singapore-seen-as-one-of-most-active-capital-sources-in-2021

Five shophouses, three Bukit Timah Plaza retail units for sale
More shophouses in Singapore have come to the market, with five along Tras Street, North Bridge Road and Balestier Road launched for sale on Monday. At the same time, three adjoining retail units at Bukit Timah Plaza are also available for purchase.
https://www.businesstimes.com.sg/real-estate/five-shophouses-three-bukit-timah-plaza-retail-units-for-sale

New home sales set to rise after falling in Oct on fewer launches, options curb
Developers’ private home sales halved in October over the preceding month amid a paucity of new launches and an official clampdown on the re-issuance of options to purchase (OTPs) by developers. However, property consultants are predicting a recovery in primary-market private home sales in November and December with upcoming launches.
https://www.businesstimes.com.sg/real-estate/new-home-sales-set-to-rise-after-falling-in-oct-on-fewer-launches-options-curb
https://www.straitstimes.com/business/property/new-private-home-sales-plunge-517-in-october-after-clampdown-on-options-to

More Covid-19 time relief for HP, property deals
Temporary Covid-19 relief for options-to-purchase as well as sale and purchase agreements with property developers will now be extended until until March 31 next year, instead of its original Dec 31, 2020 expiry. This was announced by the Ministry of Law (MinLaw) in a press release on Monday.
https://www.businesstimes.com.sg/government-economy/more-covid-19-time-relief-for-hp-property-deals
https://www.straitstimes.com/business/relief-period-extended-for-some-commercial-contracts

Singapore Economy

Singapore will likely see a Budget deficit next year: PM Lee
Singapore – Singapore is unlikely to see a Budget surplus next February given the ongoing economic crisis, and even a balanced Budget will be very hard to achieve, said Prime Minister Lee Hsien Loong on Tuesday (Nov 17). In fact, it may take some time for Singapore to return to “prudence and balanced budgets”, he added.
https://www.straitstimes.com/singapore/singapore-will-likely-see-a-budget-deficit-next-year

Singapore exports post shock 3.1% drop in October as gold shipments recede
Singapore exports posted a shock fall in October, snapping a four-month winning streak, according to trade agency Enterprise Singapore (ESG) on Tuesday. Non-oil domestic exports (NODX) lost 3.1 per cent year on year, reversing the 5.8 per cent increase in September.
https://www.businesstimes.com.sg/government-economy/singapore-exports-post-shock-31-drop-in-october-as-gold-shipments-recede
https://www.straitstimes.com/business/economy/singapore-non-oil-exports-post-surprise-31-drop-in-october-snapping-4-month-rise

Supply chain players developing common infrastructure to share data
A common infrastructure that allows for the open and trusted sharing of data across the fragmented supply chain ecosystem is being developed by a group of industry players from both the public and private sectors.
https://www.businesstimes.com.sg/technology/supply-chain-players-developing-common-infrastructure-to-share-data
https://www.straitstimes.com/tech/initiative-for-trusted-sharing-of-data-by-supply-chain-players

Singapore hopes G-20 summit will boost WHO’s vaccine efforts: Lawrence Wong
Singapore hopes the Group of 20 (G-20) summit this weekend will boost support for the World Health Organisation’s (WHO) efforts to develop an effective Covid-19 vaccine and for a rules-based multilateral trading system, said Education Minister Lawrence Wong.
https://www.straitstimes.com/singapore/politics/singapore-hopes-g-20-summit-will-boost-whos-vaccine-efforts-lawrence-wong

Businesses still holding back on travel despite new green lanes
Even as Singapore works to establish essential business travel arrangements with other countries, the take-up rate among local businesses may be limited by the onerous application and approval process, as well as a sense of caution around overseas travel.
https://www.businesstimes.com.sg/government-economy/businesses-still-holding-back-on-travel-despite-new-green-lanes

Business associations will help members tap benefits of RCEP
Two business associations have welcomed the signing of the Regional Comprehensive Economic Partnership (RCEP), and said they will help local small and medium-sized enterprises (SMEs) tap opportunities provided by the agreement.
https://www.straitstimes.com/business/economy/business-associations-will-help-members-tap-benefits-of-rcep

Singapore, Philippine central banks to work on data connectivity
The central banks of Singapore and the Philippines issued a statement of intent yesterday that they will work together on data connectivity. Unlike data localisation – the practice of keeping data within a country’s borders – data mobility in the financial sector supports economic growth and the development of innovative financial services, said the Monetary Authority of Singapore (MAS) and Bangko Sentral ng Pilipinas (BSP).
https://www.straitstimes.com/singapore/singapore-philippine-central-banks-to-work-on-data-connectivity

Companies’ Brief

CapitaLand to grow China exposure in high-growth sectors
CapitaLand has targeted to grow its China exposure in the “new economy” 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/real-estate/capitaland-to-grow-china-exposure-in-high-growth-sectors
https://www.straitstimes.com/business/companies-markets/capitaland-to-grow-china-new-economy-assets-to-5b

Genting Singapore jumps to five-month high on surprise earnings rebound
Shares of integrated resort operator Genting Singapore, its Malaysian counterpart and their parent company all surged on Monday, boosted by a quarter-on-quarter turnaround in the Singapore firm’s bottom line. Genting Singapore climbed as much as 9.1 per cent to hit 82 Singapore cents at around 11.52am.
https://www.businesstimes.com.sg/companies-markets/genting-singapore-jumps-to-five-month-high-on-surprise-earnings-rebound
https://www.straitstimes.com/business/companies-markets/company-briefs-genting-singapore-0

GIC enters into JV deal to acquire, develop logistics properties in Europe
GIC has entered into a joint-venture (JV) agreement with Europe’s Melcombe Partners to acquire and develop urban logistics properties in Europe. The venture will acquire and develop last-mile distribution centres and urban logistics assets well-located in Europe’s main gateway cities, with a focus on the United Kingdom, France, Germany, Spain and the Netherlands, GIC said on Monday.
https://www.businesstimes.com.sg/real-estate/gic-enters-into-jv-deal-to-acquire-develop-logistics-properties-in-europe

Oxley: Committed to providing shareholders, investors with regular disclosures
I refer to The Business Times’ article written by Tay Peck Gek titled “Multiple lawsuits added up can be material so why does Oxley Holdings not disclose them?” published on Nov 10, 2020. Your writer has taken the liberty to suggest that Oxley Holdings may not be in compliance with its disclosure obligations as a listed company.
https://www.businesstimes.com.sg/companies-markets/oxley-committed-to-providing-shareholders-investors-with-regular-disclosures

Businessman makes offer for Blumont at 80% discount
Businessman Mark Wee Liang Yee has triggered a mandatory unconditional cash offer to buy out Blumont Group after acquiring from Ultimate Horizon a 50.8 per cent stake in the company. The transaction was done through the purchase of some 14 billion shares at S$0.0004 each. As a result, it is making a similar offer for the shares it does not already own at the same price.
https://www.businesstimes.com.sg/companies-markets/businessman-makes-offer-for-blumont-at-80-discount
https://www.straitstimes.com/business/companies-markets/businessman-mark-wee-makes-offer-for-blumont-at-80-discount

Views, Reviews, Forum & Others

RCEP a shot in the arm for Singapore, Asean economies
Sunday’s milestone signing of the Regional Comprehensive Economic Partnership (RCEP) ushers in a new era of trade and investment openness, diversity and resilience to South-east Asia and its partners. Nearly a decade and 31 rounds of negotiations in the making, RCEP is touted as the world’s largest trade deal. Involving Asean, China, Japan, South Korea, Australia and New Zealand, it accounts for 30 per cent of the world’s population and 29 per cent of global gross domestic product (GDP).
https://www.businesstimes.com.sg/government-economy/rcep-a-shot-in-the-arm-for-singapore-asean-economies

Asean’s digital economy offers potential in post-Covid world
The Brunei government, as it takes over the Asean chairmanship in 2021, faces the daunting task of uniting members in addressing the biggest challenges of this generation. Driving the region’s economic recovery post-pandemic must undoubtedly be at the top of the economic bloc’s agenda.
https://www.businesstimes.com.sg/opinion/aseans-digital-economy-offers-potential-in-post-covid-world

Covid crisis comes with challenges but also offers opportunities
As recessions go, Covid was an unusually deep one, with many advanced and emerging economies contracting by well over 10 per cent from peak to trough – and a few by closer to 20 per cent. However, it was also unusually brief, with the period of contraction lasting for only one to three months in most countries, as well as atypically strong.
https://www.businesstimes.com.sg/opinion/covid-crisis-comes-with-challenges-but-also-offers-opportunities

Defending against virus risks with tech tools
As Singapore takes a cautious, risk-managed approach to reopening its borders and economy, technology solutions will play a key role in preventing a resurgence of the Covid-19 virus. Blockchain technology, Bluetooth and artificial intelligence (AI) are just a few of the technologies being used to defend against threats like counterfeit Covid-19 test results and community spread in workplaces.
https://www.businesstimes.com.sg/sme/defending-against-virus-risks-with-tech-tools

SIA’s Covid cover for Singapore-HK flights may draw bubble flyers
Air travel bubble travellers deciding to fly with Singapore Airlines (SIA) or Cathay Pacific may want to consider one non-price distinction between the two: Covid-covered add-on travel insurance.
https://www.businesstimes.com.sg/transport/sias-covid-cover-for-singapore-hk-flights-may-draw-bubble-flyers

Iras simplifies corporate tax filing process for SMEs
Filing corporate taxes for 2020 will become easier for small and medium-sized enterprises (SMEs), with a new simplified Corporate Income Tax (CIT) Return form and more digital solutions being implemented this year.
https://www.businesstimes.com.sg/sme/iras-simplifies-corporate-tax-filing-process-for-smes

Update on COVID-19 (Coronavirus Disease 2019) Situation

2 S’poreans among 5 new imported infections here
There were five new coronavirus cases confirmed yesterday, all of whom were imported. This is the sixth day in a row that all new cases are imported. They take Singapore’s total to 58,124. There were no new community cases and no cases from workers’ dormitories.
https://www.straitstimes.com/singapore/2-sporeans-among-5-new-imported-infections-here

Pre-conference Covid-19 tests quick, well-organised: Attendees
About 200 attendees of the Ministry of Communications and Information’s Insights Conference took a rapid Covid-19 test before heading into the Sands Expo and Convention Centre grand ballroom yesterday. No one tested positive.
https://www.straitstimes.com/singapore/pre-conference-covid-19-tests-quick-well-organised-attendees
*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