DAILY NEWS

Daily News – 18 Dec 2020 (Fri)

Singapore Real Estate

CapitaLand remains bullish on flexible workspaces
CapitaLand remains sanguine on the future of flexible workspaces in a post-pandemic world as it prepares to open the doors to its second Bridge+ flexible workspace in Singapore. Located at 79 Robinson Road (the former CPF Building), the 56,000 square foot flexible workspace offers both workspace options and meeting rooms/event spaces across three levels and will launch officially on Jan 4.
https://www.businesstimes.com.sg/real-estate/capitaland-remains-bullish-on-flexible-workspaces

Singapore CBD rents to hit S$9.54 psf per month by end-2020: report
Cushman & Wakefield is projecting rents in Singapore’s central business district (CBD) to land at S$9.54 per square foot (psf) per month by the end of 2020, down 10 per cent from 2019’s peak of S$10.66 psf per month, it said in a report on Thursday. Emerging vacancy in the market placed a downward pressure on Grade A office rents, CBRE said in a separate report on the same day.
https://www.businesstimes.com.sg/real-estate/singapore-cbd-rents-to-hit-s954-psf-per-month-by-end-2020-report-0

Singapore Economy

Labour market recovery could be slow in playing catch-up
Singapore’s resident employment numbers surged 43,200 in the third quarter of this year, signalling that a recovery of the labour market might be in sight. In addition, resident employment, at 2.34 million in September, is comparable with the 2.35 million recorded a year earlier, before the Covid-19 pandemic hit.
https://www.businesstimes.com.sg/opinion/labour-market-recovery-could-be-slow-in-playing-catch-up

Key exports for November down 4.9% in second monthly drop
Singapore’s key exports shrank by 4.9 per cent in November, the second straight month of decline. But even as manufacturing eases its pace of growth, analysts said the powerhouse factory sector will likely remain in the black in the year ahead.
https://www.businesstimes.com.sg/government-economy/key-exports-for-november-down-49-in-second-monthly-drop
https://www.straitstimes.com/business/economy/surprise-49-fall-in-spores-non-oil-exports-in-nov

Companies’ Brief

Keppel to build wind turbine installation vessel in US; more bondholders accede to Floatel lock-up
Keppel Corporation on Thursday said it is building a wind turbine installation vessel (WTIV) for US company Dominion Energy, that is scheduled for delivery in 2023. This comes after the conglomerate in October announced that it had bagged a contract worth about S$600 million for the engineering, procurement and construction of a vessel for the offshore renewable energy industry.
https://www.businesstimes.com.sg/companies-markets/keppel-to-build-wind-turbine-installation-vessel-in-us-more-bondholders-accede-to
https://www.straitstimes.com/business/companies-markets/keppel-building-600m-vessel-for-us-energy-company

Maybank KE starts coverage of Keppel Reit, Suntec Reit with ‘sell’ calls
Maybank Kim Eng has initiated “sell” on both Suntec Real Estate Investment Trust (Suntec Reit) and Keppel Reit with target prices of S$1.20 and S$0.90 respectively. This comes as the research team sees further deterioration and headwinds for the Reits, it said in separate reports.
https://www.businesstimes.com.sg/companies-markets/maybank-ke-starts-coverage-of-keppel-reit-suntec-reit-with-sell-calls

SLB to seek shareholder ratification for Thye Hong Centre purchase
SLB Development has completed its S$112.5 million acquisition of all the strata units and the common property in industrial building Thye Hong Centre at 2 Leng Kee Road. The Catalist-listed property developer paid the remaining sum of close to S$106.9 million, representing 95 per cent of the purchase price, it said in a filing on Thursday after market close.
https://www.businesstimes.com.sg/companies-markets/slb-to-seek-shareholder-ratification-for-thye-hong-centre-purchase

UOBKH initiates coverage of United Hampshire US Reit with ‘buy’ call
UOB Kay Hian has initiated coverage on United Hampshire US Real Estate Investment Trust (United Hampshire US Reit) with a “buy” call and a target price of 92 US cents. In a research note published on Wednesday, analysts Jonathan Koh and Loke Peihao highlighted the Reit for its defensive strength, blue-chip tenants and long weighted average lease expiry of 8.4 years.
https://www.businesstimes.com.sg/companies-markets/uobkh-initiates-coverage-of-united-hampshire-us-reit-with-buy-call

GHY Culture & Media’s public tranche of IPO 16 times subscribed
Entertainment and content provider GHY Culture & Media Holding Co received applications from both retail and institutional investors for 16 times the number of shares available in the public tranche of its initial public offering (IPO).
https://www.businesstimes.com.sg/companies-markets/ghy-culture-medias-public-tranche-of-ipo-16-times-subscribed
https://www.businesstimes.com.sg/companies-markets/ghy-culture-media-debuts-on-sgx-at-61-above-ipo-price
https://www.straitstimes.com/business/companies-markets/ghy-culture-media-debuts-on-sgx-at-61-above-ipo-price

Shareholder of EH-Reit’s manager files appeal to finance minister against removal
The shareholder of Eagle Hospitality Reit Management (EHRM) – manager of Eagle Hospitality Real Estate Investment Trust (EH-Reit) – on Dec 10 filed an appeal to Finance Minister Heng Swee Keat, regarding the directive on its removal, it said in a press statement on Thursday.
https://www.businesstimes.com.sg/companies-markets/shareholder-of-eh-reits-manager-files-appeal-to-finance-minister-against-removal-0
https://www.straitstimes.com/business/companies-markets/removal-of-eh-reit-manager-shareholder-files-appeal

Views, Reviews, Forum & Others

Slow recovery, even with vaccines
The ongoing and planned vaccine roll-out around the world not only marks a health breakthrough, but will also help boost economic activity and speed up a return to greater normalcy in many aspects of day-to-day life. However, expectations need to be tempered because the positive effects are likely to materialise only gradually.
https://www.straitstimes.com/opinion/st-editorial/slow-recovery-even-with-vaccines-0

Ant Group: The IPO that failed to launch
Dramatic turn of events took place on Nov 3 that set the financial markets buzzing. Ant Group, imminently debuting as the world’s biggest initial public offering (IPO) at US$37 billion, had the plug abruptly pulled on its listing by the Chinese regulatory authorities, citing “major issues”.
https://www.businesstimes.com.sg/opinion/ant-group-the-ipo-that-failed-to-launch

MAS further extends US$60b swap facility with US Fed
The Monetary Authority of Singapore (MAS) yesterday announced a further extension of a US$60 billion (S$80 billion) swap facility with the United States Federal Reserve to facilitate US dollar lending to businesses in Singapore and the region amid the Covid-19 pandemic.
https://www.straitstimes.com/business/banking/mas-further-extends-us60b-swap-facility-with-us-fed

How business leaders can continue to reap the benefits of new world of work
Ever since the Covid-19 pandemic hit our shores in early March, remote working arrangements have replaced the routine of a 9-to-6 office job with an “always-on” home office. With a myriad of communications tools, our colleagues, managers and clients are often a message or call away, and it has become harder to draw the line between personal time and work time.
https://www.businesstimes.com.sg/leadership-management/how-business-leaders-can-continue-to-reap-the-benefits-of-new-world-of-work

Update on COVID-19 (Coronavirus Disease 2019) Situation

24 new infections in Singapore – all imported
There were 24 new coronavirus cases confirmed yesterday, all of which were imported. This is the highest number of imported cases since March 28, when there were 42. This takes the total number of cases here to 58,377.
https://www.straitstimes.com/singapore/24-new-infections-in-singapore-all-imported

Number of hotels used as SHN facilities depends on supply and demand: STB
Despite the further easing of Covid-19 restrictions, the Singapore government is keeping close tabs on the number of hotels that are designated as stay-home notice dedicated facilities (SDFs). “The total number of hotels being used as SDFs depends on supply and demand,” said Geraldine Yeo, the director of Singapore Tourism Board’s stay-home notice operations division, in a statement.
https://www.businesstimes.com.sg/real-estate/number-of-hotels-used-as-shn-facilities-depends-on-supply-and-demand-stb

At least 80% must get Covid-19 shots to achieve herd immunity
At least 80 per cent of Singapore’s population would have to be vaccinated to achieve herd immunity against Covid-19, said the Health Ministry’s chief health scientist, Professor Tan Chorh Chuan. Assuming the efficacy of a Covid-19 vaccine is 90 per cent, vaccinating 80 per cent of the population would mean that about 72 per cent of them would become protected, he told The Straits Times on Wednesday.
https://www.straitstimes.com/singapore/health/at-least-80-must-get-covid-19-shots-to-achieve-herd-immunity

Exempt Covid-19 tests, hospitalisation charges from GST: Deloitte
Accounting firm Deloitte has called on the government to allow input tax claims for Covid-19 tests and Covid-19 hospitalisation charges for employees as administrative concessions to help businesses, especially those exposed to a higher risk of the pandemic, to minimise their goods and services tax (GST) compliance costs.
https://www.businesstimes.com.sg/government-economy/exempt-covid-19-tests-hospitalisation-charges-from-gst-deloitte

Experts on why some groups should wait to get vaccinated
There are some people who should wait to receive a Covid-19 vaccine, including those with a history of severe allergic reactions, said experts yesterday. Serious allergies occur in people who, in response to a specific stimulus such as a bee sting or medication, experience swelling around the mouth, eyes or face, have difficulty breathing or experience a serious drop in blood pressure, said Associate Professor Lim Poh Lian, director of the high-level isolation unit at the National Centre for Infectious Diseases.
https://www.straitstimes.com/singapore/health/experts-on-why-some-groups-should-wait-to-get-vaccinated

Not getting Covid-19 jab puts all at greater risk: Experts
A Covid-19 vaccination is not risk-free, but the risk is small, and a person in fact puts himself, his loved ones and society at higher risk by not getting a jab, experts said yesterday at a webinar on the A-Z of Covid-19 vaccines, part of the Straits Times Reset series.
https://www.straitstimes.com/singapore/not-getting-covid-19-jab-puts-all-at-greater-risk-experts

Stringent checks here keep cold chain intact: Experts
A critical part of the distribution of the temperature-sensitive Covid-19 vaccines made by Pfizer and BioNTech, as well as Moderna, is to ensure that a specified temperature range is maintained. In Singapore, stringent checks are in place to ensure the cold chain for vaccines is not compromised and that the vaccines remain safe and effective, experts said yesterday during a Straits Times webinar on Covid-19 vaccination.
https://www.straitstimes.com/singapore/health/stringent-checks-here-keep-cold-chain-intact-experts

RNA vaccines will not lead to change in one’s genes: Experts
The likelihood of a change in one’s genes after taking a Covid-19 vaccine is very remote, experts said yesterday. They were addressing the issue at a Straits Times Reset webinar on the A-Z of the Covid-19 vaccine in response to a reader who had asked if this could happen, and lead to a person getting cancer a few years later after the vaccination.
https://www.straitstimes.com/singapore/rna-vaccines-will-not-lead-to-change-in-ones-genes-experts
*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