DAILY NEWS

Daily News – 18 June 2021 (Fri)

Singapore Real Estate

IOI Properties said to have triggered Marina View plot
An entity linked to IOI Properties Group has been tipped as the party that triggered the white site in Marina View from the reserve list of the first-half 2021 Government Land Sales Programme. The 0.78-hectare (about 84,000 sq ft) site, with 99-year leasehold tenure, can be developed up to 1.09 million square feet (sq ft) of gross floor area (GFA).
https://www.businesstimes.com.sg/real-estate/ioi-properties-said-to-have-triggered-marina-view-plot-0

Singapore Economy

Strong external outlook likely to benefit Singapore’s exports
Singapore’s exports stayed resilient in May despite tightened Covid-19 restrictions, and economists believe the Republic is likely to continue riding on the global trade recovery despite some uncertainty ahead. Non-oil domestic exports (NODX) in May rose 8.8 per cent year on year…
https://www.businesstimes.com.sg/government-economy/strong-external-outlook-likely-to-benefit-singapores-exports
https://www.straitstimes.com/business/economy/singapores-disappointing-export-data-may-temper-bullish-gdp-forecasts

Re-entry rate of retrenched workers up, job vacancies grew in first quarter
More retrenched residents in Singapore are finding work within six months, and job vacancies have grown to nearly match the unemployed population, according to final first quarter figures on Thursday, which also showed that total employment grew by more than initial estimates.
https://www.businesstimes.com.sg/government-economy/re-entry-rate-of-retrenched-workers-up-job-vacancies-grew-in-first-quarter
https://www.straitstimes.com/singapore/jobs/spores-labour-market-continues-recovery-in-q1
https://www.straitstimes.com/singapore/jobs/jobless-rate-among-youth-higher-than-in-previous-downturns

Singapore loses top spot in global competitiveness ranking on unfavourable geography
Singapore is no longer the world’s most competitive economy, a spot it has held for the past two years. In the latest Institute for Management Development (IMD) World Competitiveness Ranking 2021, Singapore now ranks as the fifth most competitive economy globally, while Switzerland took its place at the top.
https://www.businesstimes.com.sg/government-economy/singapore-loses-top-spot-in-global-competitiveness-ranking-on-unfavourable
https://www.straitstimes.com/business/economy/spore-loses-top-spot-in-competitiveness-ranking-is-now-5th

Companies’ Brief

Investment holding firm files to wind up Park Hotel Management
A winding-up application has been filed against Park Hotel Management, which until recently owned the Singapore-based Park Hotel Group, a hospitality company with nearly 30 hotels and resorts across Asia. The Straits Times understands that the issue behind the application, which was advertised in the paper on June 16, involves alleged unpaid rent and Grand Park Orchard hotel in Orchard Road, although the specifics are unclear.
https://www.straitstimes.com/business/property/investment-holding-firm-files-to-wind-up-park-hotel-management
https://www.businesstimes.com.sg/real-estate/park-hotel-managements-creditor-files-winding-up-application

Brokers’ take: CGS-CIMB says SPH could see new substantial shareholder, unlock assets
The next possibilities for Singapore Press Holdings (SPH) may include the emergence of a substantial shareholder and the unlocking of value from its assets, CGS-CIMB suggested. In a research note on Thursday…
https://www.businesstimes.com.sg/companies-markets/brokers-take-cgs-cimb-says-sph-could-see-new-substantial-shareholder-unlock-assets

Brokers’ take: Analysts positive on Suntec Reit’s sale of Penang Road asset
Analysts are positive on Suntec Real Estate Investment Trust’s (Suntec Reit) recently announced divestment of its 30 per cent stake in 9 Penang Road to its joint venture partner, Haiyi Holdings. In reports issued on Thursday, RHB and Jefferies maintained “buy” on the Reit, while Citi Research reiterated its “neutral” call.
https://www.businesstimes.com.sg/companies-markets/brokers-take-analysts-positive-on-suntec-reits-sale-of-penang-road-asset

EH-Reit receives US$153.9m in net proceeds from sale of five Chapter 11 assets
Eagle Hospitality Real Estate Investment Trust (EH-Reit), which is part of Eagle Hospitality Trust (EHT), has received net proceeds of about US$153.9 million following the sale of five Chapter 11 properties. The net proceeds have been partially used to repay the debtor-in-possession facility and the stalking horse…
https://www.businesstimes.com.sg/companies-markets/eh-reit-receives-us1539m-in-net-proceeds-from-sale-of-five-chapter-11-assets

Debt-funded acquisitions could give S-Reit’s DPUs a shot in the arm: report
Accretive acquisitions fully funded by debt could boost distribution per unit (DPU) of Singapore real estate investment trusts (S-Reits) by an average of up to 15 per cent amid low interest rates, said a report by Maybank Kim Eng.
https://www.businesstimes.com.sg/companies-markets/debt-funded-acquisitions-could-give-s-reits-dpus-a-shot-in-the-arm-report

Corporate digest
https://www.businesstimes.com.sg/companies-markets/corporate-digest-1400

Views, Reviews, Forum & Others

Rise in injuries from slips, falls in F&B sector a worry: Zaqy
Workplace injuries caused by slips, trips and falls in the food and beverage (F&B) industry have risen by an average of 12 per cent a year in the four years before the pandemic. And they have been the main driver of injuries in the sector, said Senior Minister of State for Manpower Zaqy Mohamad yesterday.
https://www.straitstimes.com/singapore/rise-in-injuries-from-slips-falls-in-fb-sector-a-worry-zaqy

Supercycle price surges . . . will inflation ease?
As we emerge out of the pandemic logjams and economies start adjusting back to normal, prices everywhere are moving up. Food prices are rising at their fastest in many parts of the world, while several commodities are shooting up in a so-called supercycle.
https://www.businesstimes.com.sg/weekend/what-goes-up-might-keep-going-up

MAS extends US$60b swap facility with US Fed through Dec
The Monetary Authority of Singapore (MAS) has again extended its US$60 billion (S$80.4 billion) swap arrangement with the United States Federal Reserve, through Dec 31 this year. The MAS USD Facility will also be extended till then, offering up to US$60 billion of backstop funding to banks to support US dollar lending to businesses in Singapore and the region, the regulator said in a statement yesterday.
https://www.straitstimes.com/business/mas-extends-us60b-swap-facility-with-us-fed-through-dec
https://www.businesstimes.com.sg/banking-finance/mas-further-extends-us60b-swap-facility-with-us-fed-through-december

Update on COVID-19 (Coronavirus Disease 2019) Situation

Making the call to lift restrictions not easy in Singapore’s transition phase
The last few days have shown exactly why Singapore opted for a two-step easing of the restrictions put in place during the phase of heightened alert to control Covid-19 cases. When the authorities announced that some curbs would be lifted on Monday, Singapore had reported single-digit new infections for five straight days.
https://www.straitstimes.com/singapore/health/making-the-call-to-lift-restrictions-not-easy-in-singapores-transition-phase

Bukit Merah View cluster grows to 56; special testing operations for Eng Hoon Street
[Singapore] Special testing operations for staff and tenants who work in parts of Redhill and Tiong Bahru will be conducted, said the Ministry of Health (MOH) on Thursday night. This is part of the ministry’s ongoing community surveillance operations and is meant to detect and curb community transmission, said MOH.
https://www.businesstimes.com.sg/government-economy/bukit-merah-view-cluster-grows-to-56-special-testing-operations-for-eng-hoon

118 at Telok Blangah food centre test negative
Testing for Covid-19 was quick and smooth at the void deck of Block 80D Telok Blangah Street 31, as stallholders and cleaners from the Telok Blangah Drive Food Centre and Market turned up for mandatory swabbing yesterday morning.
https://www.straitstimes.com/singapore/118-at-telok-blangah-food-centre-test-negative

Covid-19 tests for tenants, staff working in Tiong Bahru area
Tenants and workers at several places in the Tiong Bahru area will be tested for Covid-19, after infections were detected among people who had been there. In addition, members of the public who have visited these places will be offered free Covid-19 tests.
https://www.straitstimes.com/singapore/health/covid-19-tests-for-tenants-staff-working-in-tiong-bahru-area

Businesses in Hougang hit hard by recent Covid-19 cluster nearby
Singapore – Since about a month ago, when Covid-19 cases were first detected at Block 506 Hougang Avenue 8, Madam Goh Ai Kim has seen a 70 per cent drop in footfall at the foot reflexology shop she works at in nearby Block 684.
https://www.straitstimes.com/singapore/businesses-in-hougang-hit-hard-by-recent-cluster-nearby

Covid-19 clusters in S’pore’s north-east swiftly brought under control with testing
Singapore – When the authorities noticed that nine confirmed Covid-19 cases from four different households lived in the same HDB block, they swung into action to set up mandatory testing for all residents and visitors there.
https://www.straitstimes.com/singapore/clusters-in-north-east-swiftly-brought-under-control-with-testing

Why virus spread at wet markets
The recent spate of cases in wet markets and hawker centres such as Bukit Merah View market was likely due to continued traffic at these places, rather than any weak link, experts said. The infectiousness of the Delta variant means sizeable gatherings at any venue could lead to an outbreak, they added.
https://www.straitstimes.com/singapore/why-virus-spread-at-wet-markets

Compactness of wet markets may help virus spread: Experts
Wet markets can fit a large number of people in a compact space, and people have continued to flock to them even during the recent period of heightened alert. It is not surprising, therefore, that Covid-19 cases have surfaced there, said experts.
https://www.straitstimes.com/singapore/compactness-of-wet-markets-may-help-virus-spread-experts

Clinics get ‘non-stop’ calls about Sinovac’s shot
Some clinics have been receiving “non-stop” inquiries from people interested in receiving Sinovac’s Covid-19 vaccine after the Ministry of Health’s (MOH) announcement late on Wednesday that 24 private healthcare institutions would be licensed to administer it.
https://www.straitstimes.com/singapore/health/clinics-get-non-stop-calls-about-sinovacs-shot

*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