DAILY NEWS

Daily News – 18 Aug 2020 (Tue)

Singapore Real Estate

July new home sales up 8.2% at 1,080 units
Developers’ private home sales for August are likely to match the level of July thanks to the launch of Forett At Bukit Timah earlier this month, as well as ongoing sales in existing projects on the market. “We see primary-market sales being driven by a continuation of the pent-up demand that was built up during the ‘circuit breaker’ partial lockdown,” says PropNex CEO Ismail Gafoor.
https://www.businesstimes.com.sg/real-estate/july-new-home-sales-up-82-at-1080-units
https://www.straitstimes.com/business/property/new-private-home-sales-up-for-3rd-month-in-row

Two office floors at Samsung Hub up for sale with S$104.88m indicative price
Property developer Sun Ventures has appointed CBRE as the exclusive marketing agent for the sale of two consecutive strata office floors – levels nine and 10 – at Samsung Hub by way of an expression of interest (EOI) exercise.
https://www.businesstimes.com.sg/real-estate/two-office-floors-at-samsung-hub-up-for-sale-with-s10488m-indicative-price

Two adjoining plots at Jalan Lembah Kallang for sale at S$17m guide price
Two adjoining plots of land – 1 and 3 Jalan Lembah Kallang – are up for sale with a guide price of S$17 million, sole marketing agent Savills Singapore said on Monday. No 1 is a detached factory, comprising a three-storey front office building with a single-storey rear workshop.
https://www.businesstimes.com.sg/real-estate/two-adjoining-plots-at-jalan-lembah-kallang-for-sale-at-s17m-guide-price

51 years left on lease, but Tiong Bahru 4-room HDB flat sells for $1.1m
An adjoined resale flat in Tiong Bahru with just over 51 years of lease left fetched more than a million dollars this month. The unit at Block 43 Moh Guan Terrace was sold for $1,088,000, Housing Board data showed.
https://www.straitstimes.com/singapore/housing/51-years-left-on-lease-but-tiong-bahru-4-room-hdb-flat-sells-for-11m

Singapore Economy

July exports up 6% to beat forecasts, helped by non-monetary gold
Singapore’s non-oil domestic exports (NODX) continued to rise in July, up 6 per cent year on year and outdoing the 3.6 per cent consensus forecast among economists in a Bloomberg poll, according to data from trade agency Enterprise Singapore on Monday.
https://www.businesstimes.com.sg/government-economy/july-exports-up-6-to-beat-forecasts-helped-by-non-monetary-gold
https://www.straitstimes.com/business/economy/non-oil-exports-grow-at-slower-6-pace

Singapore will need to weather rising global challenges
Increasing tensions between major powers may lead to fragmentation of global trade relations and supply chains, posing a unique challenge to trade-dependent Singapore’s growth outlook. But a well-diversified base of manufacturing and export markets should help the economy emerge intact, or even stronger, on the other side of the coronavirus-induced recession.
https://www.straitstimes.com/business/economy/singapore-will-need-to-weather-rising-global-challenges

Companies’ Brief

Ascendas Reit raises S$100m from maiden green bond
Ascendas Real Estate Investment Trust (Ascendas Reit) has raised S$100 million through the issuance of its first green bond under a newly established green finance framework.
https://www.businesstimes.com.sg/companies-markets/ascendas-reit-raises-s100m-from-maiden-green-bond

Cromwell E-Reit’s H1 results largely unaffected by Covid-19
Cromwell European Real Estate Investment Trust (Cromwell E-Reit) on Friday posted a resilient set of financial results for the first half ended June 30, despite widespread lockdowns across Europe during the second quarter as a result of the novel coronavirus outbreak.
https://www.businesstimes.com.sg/companies-markets/cromwell-e-reits-h1-results-largely-unaffected-by-covid-19

Views, Reviews, Forum & Others

An assurance of continued support
The ministerial statement yesterday reveals commendable continuity in the Government’s policies to save jobs and protect vulnerable sectors of the economy. Although the extent of the support will be scaled down, it has been fine-tuned to fit changing circumstances.
https://www.straitstimes.com/opinion/st-editorial/an-assurance-of-continued-support

Changi Airport faces long and difficult road to recovery
Not too long ago, Changi Airport was ranked the seventh busiest airport globally in terms of international passenger traffic. Before the coronavirus struck these shores, Changi served close to 20 million passengers a year.
https://www.businesstimes.com.sg/opinion/changi-airport-faces-long-and-difficult-road-to-recovery

Cross-border travel between Singapore and Malaysia kicks off
Factory operator Nurul Hidayah Norezan was among hundreds of Malaysians who made their way across the Causeway to Singapore yesterday, as the two countries’ cross-border travel arrangements kicked in.
https://www.straitstimes.com/asia/se-asia/cross-border-travel-between-singapore-and-malaysia-kicks-off

Keeping SMEs’ digitalisation on track amid pandemic
The Covid-19 pandemic has caused severe disruptions to global economic activity, with negative GDP growth projected at -4.9 per cent for 2020. The impact of Covid-19 on the Singapore economy has been significant, with many sectors being adversely impacted, including construction, manufacturing, transport, tourism, retail, and business services.
https://www.businesstimes.com.sg/sme/keeping-smes-digitalisation-on-track-amid-pandemic

IMDA supports interim deployment of partial 5G capabilities
The Infocomm Media Development Authority (IMDA) supports the plans of Mobile Network Operators (MNOs) to deploy 5G networks that ride on existing 4G infrastructure, otherwise known as 5G non-standalone (NSA) networks.
https://www.businesstimes.com.sg/government-economy/imda-supports-interim-deployment-of-partial-5g-capabilities
https://www.straitstimes.com/tech/starhub-customers-to-get-first-taste-of-5g-in-early-stage-trial

Singapore Budget 2020

S$8b more to buy time for firms, help create and keep jobs
A further S$8 billion in continued Covid-19 support is on the way, including up to seven more months of wage subsidies; a new S$1 billion Jobs Growth Initiative for new hires; and an extended grant for Singaporeans who are unemployed or have seen significant income loss.
https://www.businesstimes.com.sg/government-economy/s8b-more-to-buy-time-for-firms-help-create-and-keep-jobs
https://www.businesstimes.com.sg/government-economy/a-more-targeted-approach-to-exigencies-from-covid-19-fallout
https://www.straitstimes.com/singapore/govt-to-pump-in-8b-more-for-covid-19-support-measures

A more targeted approach to exigencies from Covid-19 fallout
Deputy Prime Minister Heng Swee Keat unveiled supplementary measures, worth S$8 billion, to further support workers and businesses in the hardest-hit sectors, as the government prepares for a post-Covid world.
https://www.businesstimes.com.sg/government-economy/a-more-targeted-approach-to-exigencies-from-covid-19-fallout

No plans to dip further into reserves to fund extra $8b needed
Singapore has no plans to dig further into its national reserves for another $8 billion that is needed to continue the country’s battle against the Covid-19 pandemic. Instead, the extra expenditure will come out of the coffers of development projects that are being delayed because of the pandemic, Deputy Prime Minister Heng Swee Keat said yesterday in a ministe-rial statement.
https://www.straitstimes.com/singapore/no-plans-to-dip-further-into-reserves-to-fund-extra-8b-needed

Built sector highlights other rising costs even as job support extended
Construction firms welcomed the extension to the Jobs Support Scheme (JSS), although not all are sure that it will be sufficient to get them back on their feet in seven months’ time. Deputy Prime Minister and Finance Minister Heng Swee Keat on Monday announced 50 per cent wage support for two more months, before lowering it to 30 per cent for five more months for wages paid up to March 2021.
https://www.businesstimes.com.sg/government-economy/built-sector-highlights-other-rising-costs-even-as-job-support-extended
https://www.straitstimes.com/singapore/manpower/jobs-support-scheme-to-be-extended-by-up-to-7-months

Retail, F&B firms welcome further job support but face foreign labour, rental challenges
Food and beverage (F&B) and retail firms welcomed the extension of the Jobs Support Scheme (JSS) announced by Deputy Prime Minister Heng Swee Keat on Monday. Firms in these sectors will get 30 per cent subsidy on the first S$4,600 of wages for local employees until March 2021.
https://www.businesstimes.com.sg/government-economy/retail-fb-firms-welcome-further-job-support-but-face-foreign-labour-rental

Wage support extension expected, but recalibration sparks debate
Employers, labour leaders and economists had expected the Job Support Scheme (JSS) to be extended but they have different views on the length and level of the renewed move to protect jobs from the Covid-19 pandemic.
https://www.businesstimes.com.sg/government-economy/wage-support-extension-expected-but-recalibration-sparks-debate
https://www.straitstimes.com/politics/analysts-firms-welcome-jss-extension

S$1b to create new jobs, with eye on mature workers
The Singapore government has launched a S$1 billion Jobs Growth Incentive (JGI) scheme as part of efforts to create new jobs, with a special focus on mature workers. Under the scheme, the government will co-pay up to 25 per cent of salaries of all new local hires for one year, subject to a cap. For those aged 40 and above, the co-payment to firms will be up to 50 per cent.
https://www.businesstimes.com.sg/government-economy/s1b-to-create-new-jobs-with-eye-on-mature-workers
https://www.straitstimes.com/singapore/manpower/1b-scheme-to-boost-hiring-of-local-workers

Rebates to lift aviation; spending vouchers to boost tourism sector
The government is extending support to the aviation and tourism sectors by allocating S$187 million to extend the Enhanced Aviation Support Package and doling out S$320 million in tourism credits to Singaporeans.
https://www.businesstimes.com.sg/government-economy/rebates-to-lift-aviation-spending-vouchers-to-boost-tourism-sector
https://www.straitstimes.com/singapore/additional-187m-support-for-hard-hit-aviation-sector
https://www.straitstimes.com/singapore/singaporeans-to-get-320m-in-tourism-vouchers-to-boost-sector

Covid-19 Support Grant extended; more eligible for $3,000 Workfare payout
A grant that helps Singapore residents who have lost their jobs or suffered significant income loss due to the pandemic will be extended till December. Applications for the Covid-19 Support Grant, which provides up to $800 a month for three months, opened in May and were initially due to close after Sept 30.
https://www.straitstimes.com/singapore/covid-19-support-grant-extended-more-eligible-for-3000-workfare-payout

Update on COVID-19 (Coronavirus Disease 2019) Situation

91 new virus cases in Singapore, with no community cases reported
There were 91 new coronavirus cases confirmed as of noon yesterday, taking Singapore’s total to 55,838. They included six imported cases who had been placed on stay-home notice upon arrival in Singapore. No cases in the community were reported, said the Ministry of Health (MOH) in its daily update.
https://www.straitstimes.com/singapore/91-new-virus-cases-in-singapore-with-no-community-cases-reported

Pubs, KTV lounges still holding out for green light to reopen
Moving into new industries is easier said than done, said some nightlife operators hard-hit by restrictions still in place to curb the spread of Covid-19. With the lights out at their premises for over four months now, Deputy Prime Minister Heng Swee Keat announced on Monday that the government will help these businesses “transition to other activities or ease their exit”.
https://www.businesstimes.com.sg/government-economy/pubs-ktv-lounges-still-holding-out-for-green-light-to-reopen

NTUC guidelines to be added to advisory
Guiding principles proposed by the National Trades Union Congress (NTUC) on conducting retrenchments fairly will be incorporated into the tripartite advisory on managing excess manpower and responsible retrenchment.
https://www.straitstimes.com/singapore/manpower/ntuc-guidelines-to-be-added-to-advisory

Experts dispute claim about ‘very infectious’ virus variant
Experts in Singapore say there is no basis for Malaysia’s claim that it has found a strain of the coronavirus that is 10 times more infectious. They also say this strain – D614G – which is already found in Singapore, will have no impact on vaccine development. The variant has also been found in the Philippines.
https://www.straitstimes.com/singapore/health/experts-dispute-claim-about-very-infectious-virus-variant
*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