DAILY NEWS

Daily News – 18 Feb 2020 (Tue)

Singapore Real Estate

Virus’ impact on new home sales expected to be short-term; demand could pick up in H2
After the year-end holiday season, developers posted their best January private home sales figure in seven years. Given the ongoing Covid-19 outbreak and the hit it will have on the economy, many developers are fearful of the impact on the volume of new private home sales – and on their pricing power.
https://www.businesstimes.com.sg/real-estate/virus-impact-on-new-home-sales-expected-to-be-short-term-demand-could-pick-up-in-h2

Singapore developers sell 618 private homes excluding ECs in Jan, up 14.9% from Dec
Developers moved 618 private homes in January this year, up 14.9 per cent from the 538 units they sold in the previous month. The latest figure is also 41.4 per cent higher than the 437 units developers sold in January 2019.
https://www.businesstimes.com.sg/real-estate/singapore-developers-sell-618-private-homes-excluding-ecs-in-jan-up-149-from-dec
https://www.straitstimes.com/business/new-home-sales-in-january-up-amid-global-economic-uncertainty
https://www.straitstimes.com/business/foreign-buyers-new-launches-boost-january-new-home-sales-to-highest-for-month-in-7-years

Bigger BTO flats in Toa Payoh, Sembawang draw most interest
Bigger flats in Sembawang and Toa Payoh proved to be the most popular among home seekers in the Housing Board’s (HDB) first sales exercise of the year that concluded yesterday. As at 5pm yesterday, there were more than 10 applicants vying for each of the 266 five-room and three-generation flats in Canberra Vista, a Build-To-Order (BTO) project in Sembawang located next to Canberra MRT station.
https://www.straitstimes.com/singapore/housing/bigger-bto-flats-in-toa-payoh-sembawang-draw-most-interest

Singapore Economy

Singapore cuts 2020 growth forecast amid virus outbreak
Singapore’s official growth forecast for 2020 has been downgraded, with authorities bracing for the possibility of a contraction should the novel coronavirus outbreak be more severe than anticipated, a scenario that economists say could set the stage for further monetary easing.
https://www.businesstimes.com.sg/government-economy/singapore-cuts-2020-growth-forecast-amid-virus-outbreak
https://www.straitstimes.com/business/economy/spore-lowers-growth-forecast
https://www.channelnewsasia.com/news/singapore/singapore-cuts-2020-gdp-forecast-covid-19-economy-12440764

Unit business cost rising for services; easing for manufacturing
Since 2014, unit business costs have fallen for manufacturing but risen in services, due partly to different unit labour cost (ULC) trends. The overall ULC is expected to continue rising in 2020, while other cost components stay stable, according to a report in the Ministry of Trade and Industry’s (MTI) Economic Survey of Singapore on Monday.
https://www.businesstimes.com.sg/government-economy/unit-business-cost-rising-for-services-easing-for-manufacturing

Virus outbreak derails Singapore exporters’ hopes of recovery
Singapore’s manufacturers and exporters had seemed poised for recovery as global trade sentiments improved in late 2019, but are now facing prolonged agony in the near term. Trade agency Enterprise Singapore (ESG) has cut the full-year non-oil domestic exports (NODX) outlook to a range from minus 0.5 per cent to plus 1.5 per cent, down a half-point from an earlier projection of zero to 2 per cent growth.
https://www.businesstimes.com.sg/government-economy/virus-outbreak-derails-singapore-exporters-hopes-of-recovery
https://www.straitstimes.com/business/economy/spore-cuts-2020-forecast-for-non-oil-exports

Construction, infocomm to drive 2020 growth amid Covid-19 virus impact
With the once-expected manufacturing recovery in 2020 now jeopardised by the Covid-19 outbreak, Singapore is counting on sectors such as construction, and information and communications, said the Ministry of Trade and Industry (MTI) on Monday.
https://www.businesstimes.com.sg/government-economy/construction-infocomm-to-drive-2020-growth-amid-covid-19-virus-impact

Coronavirus: Tourism sector takes measures to cope with impact of outbreak
Fallout from the deadly coronavirus outbreak in Wuhan has hit the tourism industry in Singapore, with companies in the sector implementing coping measures ranging from shorter working hours for staff to having employees clear leave during the lull.
https://www.straitstimes.com/business/companies-markets/tourism-sector-takes-measures-to-cope-with-impact-of-outbreak

Service sector firms earning more through e-commerce
Singapore firms in the service sector are generating more revenue through e-commerce but the trend varies widely with some segments like retail still lagging behind others, a new survey noted yesterday. It found that total e-commerce turnover for these businesses stood at $237 billion in 2018…
https://www.straitstimes.com/business/economy/service-sector-firms-earning-more-through-e-commerce

Companies’ Brief

Genting Singapore ditches bid for Osaka casino
Gaming giant Genting Singapore has unexpectedly backed out from bidding for an integrated resort (IR) licence in Osaka, Japan. This comes less than two weeks after shareholders gave it the green light to submit one or more bids involving an investment of up to US$10 billion to develop and operate an IR in Japan.
https://www.businesstimes.com.sg/companies-markets/genting-singapore-ditches-bid-for-osaka-casino

Views, Reviews, Forum & Others

Budget 2020 offers chance to build enduring home base
Crisis and uncertain times test the true mettle of governments and the people. Singapore has proved itself in the past. Budget 2020 is a valuable opportunity for the nation to show the world it is and will remain the best home for Singaporeans, businesses at home and from afar, as well as global talent.
https://www.businesstimes.com.sg/opinion/singapore-budget-2020/budget-2020-offers-chance-to-build-enduring-home-base

Cybersecurity should be a priority when building Smart Cities
Civic leaders around the world are looking to automate the infrastructures that make their cities run in a drive to reduce costs and cope with rising populations. From transit networks and utilities to refuse collection and street-lighting…
https://www.businesstimes.com.sg/opinion/cybersecurity-should-be-a-priority-when-building-smart-cities

More analysis needed ahead of Budget 2020
Ahead of this year’s Budget, besides measures to address the impact of the coronavirus crisis, industry leaders are proposing more of the same – budgets to address economic transformation, digitalisation, environmental issues, an ageing population and internationalisation.
https://www.straitstimes.com/forum/more-analysis-needed-ahead-of-budget-2020

China’s economy a big pull, and also a risk to Singapore and region
Only days after Prime Minister Lee Hsien Loong used the word at a public event – saying he would not rule it out – the Ministry of Trade and Industry (MTI) issued a downward revision of its economic growth forecast for this year.
https://www.straitstimes.com/business/economy/chinas-economy-a-big-pull-and-also-a-risk-to-spore-and-region

Singapore Budget 2020

6 things to look out for in today’s Budget
Finance Minister Heng Swee Keat’s Budget speech this afternoon is expected to contain specific support and long-term measures.
https://www.businesstimes.com.sg/sites/default/files/attachment/2020/02/18/BT_20200218_JABUDGET18_4036492.pdf

S’pore’s deep reserves allow it to respond quickly to outbreak: Heng
If not for its deep reserves, Singapore could not act quickly and decisively to roll out Budget measures to fight the coronavirus outbreak, Deputy Prime Minister Heng Swee Keat said yesterday. Budget 2020 will include measures that were not on the table a month ago…
https://www.straitstimes.com/singapore/spores-deep-reserves-allow-it-to-respond-quickly-to-outbreak-heng

UPDATE ON COVID-19 (CORONAVIRUS DISEASE 2019) SITUATION

Covid-19: Under new notice, China returnees cannot leave home for 14 days
A new “Stay-Home Notice” will be introduced for Singapore residents and long-term pass holders returning from mainland China. They will be required to remain at home at all times for 14 days, National Development Minister Lawrence Wong told reporters on Monday.
https://www.businesstimes.com.sg/government-economy/covid-19-under-new-notice-china-returnees-cannot-leave-home-for-14-days
https://www.straitstimes.com/singapore/health/stricter-14-day-stay-home-notice-for-those-returning-from-china

Coronavirus: Designated clinics being activated from today
A network of about 900 designated clinics is being activated progressively from today to help the authorities better detect and manage the coronavirus outbreak. These Public Health Preparedness Clinics (PHPCs) provide subsidised treatment to patients with respiratory symptoms.
https://www.straitstimes.com/singapore/health/designated-clinics-being-activated-from-today

*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