DAILY NEWS

Daily News – 17, 18, 19 July 2021 (Sat, Sun & Mon)

Singapore Real Estate

$28.5m offer for Hin Leong founder’s District 10 bungalow
A $28.5 million offer has been made for one of beleaguered Hin Leong founder Lim Oon Kuin’s good class bungalows (GCBs) now under a court-ordered asset freeze injunction, The Sunday Times has learnt. The freehold GCB in Second Avenue in Bukit Timah is one of nine properties in Singapore and Australia…
https://www.straitstimes.com/business/property/285m-offer-for-hin-leong-founders-district-10-bungalow

Resale condos are back in vogue in Singapore
The private resale market is making a solid comeback after a hiatus of two years. About 8,880 condominium units were sold last year, over 16 per cent higher than the 7,550 or so units sold in 2019. Moreover, in the first six months of this year, around 7,520 transactions were recorded…
https://www.straitstimes.com/business/invest/resale-condos-are-back-in-vogue-in-singapore

URA seeks views of Singaporeans on long-term land use
The latest review of Singapore’s long-term land use will take into account not just trends such as an ageing population and climate change, but will also consider the impact Covid-19 has had on how people work, live and play.
https://www.straitstimes.com/singapore/ura-seeks-views-of-singaporeans-on-long-term-land-use

Construction sector faces manpower, materials roadblocks
The road ahead for the construction industry remains uncertain, for while Singapore may have quelled the Covid-19 outbreak in worker dormitories here and is gradually opening up, the countries that supply manpower and materials for the construction industry have not, some contractors told The Straits Times.
https://www.straitstimes.com/singapore/construction-sector-faces-manpower-materials-roadblocks

Singapore Economy

Economists upgrade Singapore trade outlook on H1 export outperformance
Analysts have upgraded Singapore’s trade outlook for 2021, in the wake of the better-than-expected export performance in the first half. External demand is tipped to stay strong in the next six months, even though Covid-19 outbreaks in key markets cast a pall over the forecast.
https://www.businesstimes.com.sg/government-economy/economists-upgrade-singapore-trade-outlook-on-h1-export-outperformance

Singaporeans expect inflation to remain flat on uneven global outlook: poll
Inflation in Singapore is expected to remain unchanged for the year, with more Singaporeans believing Covid-19 will have a significant impact on inflation rates, according to the latest quarterly survey results of the Singapore Index of Inflation Expectations (SInDEx).
https://www.businesstimes.com.sg/government-economy/singaporeans-expect-inflation-to-remain-flat-on-uneven-global-outlook-poll
https://www.straitstimes.com/business/economy/singaporeans-expect-inflation-to-remain-flat-on-uneven-global-outlook-poll

Wage support extended for affected businesses
Wage support under the Jobs Support Scheme will be extended from July 26 to Aug 8 for businesses affected by the latest round of Covid-19 restrictions. This means that licensed food and beverage outlets, gyms, fitness studios, performing arts organisations and arts education centres will continue to get 10 per cent support on wages paid during this period.
https://www.straitstimes.com/singapore/health/wage-support-extended-for-affected-businesses

Companies’ Brief

Shareholder value in CapitaLand restructuring is ‘fair and reasonable’: IFA
Property giant CapitaLand’s restructuring plan is “fair and reasonable”, the independent financial adviser (IFA) in the deal said in a letter on July 17. The independent directors have thus recommended that shareholders green-light both a capital reduction exercise and a scheme of arrangement when they vote on the planned transaction next month.
https://www.businesstimes.com.sg/companies-markets/shareholder-value-in-capitaland-restructuring-is-fair-and-reasonable-ifa

DBS Private Bank sees wave of interest in ESG among clients
DBS Private Bank is seeing a wave of interest in environmental, social and governance (ESG) investments among its well-heeled clients in the past year, driven in part by the global health crisis which has accelerated the ESG agenda.
https://www.businesstimes.com.sg/companies-markets/dbs-private-bank-sees-wave-of-interest-in-esg-among-clients

Looking beyond the index
Index inclusion is often a key milestone for companies as it contributes to improved investor visibility which translates into potential investability, passive funds tracking, and enhanced liquidity. The FTSE EPRA Nareit Global Real Estate Index Series is one of many benchmarks tracking the performance of S-Reits and property trusts.
https://www.businesstimes.com.sg/companies-markets/looking-beyond-the-index

Views, Reviews, Forum & Others

An irrational, emotive bias
Chia Ngiang Hong, President, Real Estate Developers’ Association of Singapore (REDAS)
Social media has accelerated the dissemination of racially charged incidents and significantly expanded public discourse on racism globally. Wider socio-economic anxieties and frustrations may have also engendered distrust and hostility against certain races.
https://www.businesstimes.com.sg/views-from-the-top/an-irrational-emotive-bias

Time to rethink city planning as S’pore prepares to live with Covid -19
The Marina Bay area in Singapore is known for many things. Depending on whom you ask, it is a leading financial centre where jobs are at, it has a mall with many high-end luxury brands, it is a tourist attraction, or even the place where the National Day Parade will be held this year.
https://www.straitstimes.com/opinion/time-to-rethink-city-planning-as-spore-prepares-to-live-with-covid-19

When time flies: How to be present in the moment
For many, sitting through lockdowns in different parts of the world, the old structures of daily life have drastically changed or even fallen away completely. No need to spend hours travelling to work, food and shopping are delivered to doorsteps, and dress codes have drastically changed.
https://www.straitstimes.com/opinion/when-time-flies-how-to-be-present-in-the-moment

KTV cluster shows virus fight far from over
This week, Singapore marked its highest single-day spike in Covid-19 community cases since April last year, with the bulk of them arising from a cluster tied to several KTV outlets and hostesses. If not dealt with firmly, the outbreak here threatens to replicate the experience of South Korea and Hong Kong…
https://www.straitstimes.com/opinion/st-editorial/ktv-cluster-shows-virus-fight-far-from-over

Ceca is not a four-letter word
Depending on who you speak to, Ceca is either a passport to a larger market, a derogatory term for Indian nationals in Singapore, or shorthand for the supposed ills of Singapore’s foreign manpower policy. Despite multiple assurances from the Government that the India-Singapore Comprehensive Economic Cooperation Agreement (Ceca) does not give Indian job seekers a free pass here…
https://www.straitstimes.com/opinion/ceca-is-not-a-four-letter-word

Time for fresh view of Singapore-China trade corridor opportunities
Singapore’s economic recovery is well on its way. The country posted a rebound in gross domestic product (GDP) growth in the first quarter of 2021, and Standard Chartered research projects the economy will expand 6.3 per cent for the whole of 2021.
https://www.businesstimes.com.sg/global-enterprise/time-for-fresh-view-of-singapore-china-trade-corridor-opportunities

Bitcoin’s growing pains
Here’s a chart you never want to see in your portfolio. This is the Iron Titanium token, which after gaining 500 per cent in a week, proceeded to lose 100 per cent in little more than one day. Titanium was part of the Iron finance ‘stablecoin’, tokens that are supposedly pegged to another asset…
https://www.businesstimes.com.sg/wealth-investing/bitcoins-growing-pains

Why even seasoned investors can get burnt
Most long-time investors are familiar with the herd bias phenomenon, or “the bandwagon effect”. It leads individuals to make investment decisions based on the belief that “everyone’s doing it”. This type of behaviour is part of human nature, though in the context of markets…
https://www.businesstimes.com.sg/wealth-investing/why-even-seasoned-investors-can-get-burnt

Update on COVID-19 (Coronavirus Disease 2019) Situation

MOH taking 4-ring approach to contain KTV cluster
The Ministry of Health (MOH) is taking a four-ring approach to contain the spread of Covid-19 in the light of the KTV cluster that has grown to 120 cases, Health Minister Ong Ye Kung said yesterday. There are 120 cases linked to the cluster as at yesterday. The index case tested positive on Sunday.
https://www.straitstimes.com/singapore/health/moh-taking-4-ring-approach-to-contain-ktv-cluster

88 new locally transmitted cases; Lawrence Wong urges unvaccinated seniors to stay home
There were 92 new Covid-19 cases on Sunday, including 88 locally transmitted cases. Of these, 25 cases were linked to the growing cluster involving KTV outlets and nightclubs. This brings the total number of cases in the KTV cluster to 173.
https://www.businesstimes.com.sg/government-economy/88-new-locally-transmitted-cases-lawrence-wong-urges-unvaccinated-seniors-to-stay

KTV cluster swells to 148 cases, and spreads to six more lounges
Six KTV lounges have been added to the list of places where ongoing Covid-19 transmission is likely to be taking place. They are: Quinn KTV in Syed Alwi Road, Club Aura in Orchard Road, Club Ion in Bukit Timah, Icon II in Selegie Road, and Club Lucky Thai and M. Sakhon, which are both in Beach Road.
https://www.straitstimes.com/singapore/health/ktv-cluster-swells-to-148-cases-and-spreads-to-six-more-lounges

3 more markets and food centres, 4 more KTV clubs linked to Covid-19 cases
Singapore – New Covid-19 cases have been detected among fishmongers working at Haig Road Market and Cooked Food Centre, Jurong Central Plaza and Shunfu Mart, the Ministry of Health (MOH) said. In a statement on Sunday night (July 18), MOH said…
https://www.straitstimes.com/singapore/health/3-more-markets-and-food-centres-4-more-ktv-clubs-infected-with-covid-19

Fishmongers from all markets to be tested for Covid-19 after new cluster found at Jurong Fishery Port
Singapore – Fishmongers from all markets are to be tested for Covid-19 following a cluster at Jurong Fishery Port that was declared on Friday (July 16). The Ministry of Health (MOH) said on Saturday (July 17) that there is a risk of transmission of the virus to other markets, as there was spread from the port to Hong Lim Market and Food Centre.
https://www.straitstimes.com/singapore/health/fishmongers-from-all-markets-to-be-tested-for-covid-19-moh

Jurong Fishery Port closure: Singapore has activated other supply routes, says Grace Fu
The nation has swiftly switched to alternative supply routes after a Covid-19 cluster broke out at Jurong Fishery Port, said Minister for Sustainability and the Environment Grace Fu on Sunday. Speaking at the Fairprice Fresh Food Distribution Centre in Tagore Lane, she added: “We’ve activated Senoko (Fishery Port), ensuring that Senoko can operate…
https://www.businesstimes.com.sg/government-economy/jurong-fishery-port-closure-singapore-has-activated-other-supply-routes-says
https://www.straitstimes.com/singapore/singapore-ramps-up-switch-to-alternative-seafood-supply-routes

Dine-in group size cut, pivoted nightspots suspended amid ‘major setback’ due to KTV cluster
For three weeks from July 19 to Aug 8, dining-in at food and beverage (F&B) establishments will be scaled back to groups of a maximum of two people. Those who are fully vaccinated, however, can continue to visit in groups of up to five – but only at F&B outlets that have mandatory SafeEntry systems in place for them to monitor and check the vaccination status of the customers, said Finance Minister Lawrence Wong at a press conference on Friday.
https://www.businesstimes.com.sg/government-economy/dine-in-group-size-cut-pivoted-nightspots-suspended-amid-major-setback-due-to-ktv
https://www.straitstimes.com/singapore/health/dine-in-cap-cut-to-2-for-unvaccinated-people-and-at-hawker-centres

Fresh fish, seafood stallholders need negative PCR test result before reopening
All stallholders selling fresh fish and seafood at markets managed by the National Environment Agency (NEA) or operators appointed by the agency were not allowed to open shop on Sunday morning as a precaution, said NEA.
https://www.businesstimes.com.sg/government-economy/fresh-fish-seafood-stallholders-need-negative-pcr-test-result-before-reopening
https://www.straitstimes.com/singapore/fishmongers-told-to-close-stalls-until-they-have-negative-pcr-test

Stricter access at more wet markets as virus cases rise
Tighter measures will be implemented to manage access to wet markets where Covid-19 clusters or cases have surfaced. From today, mandatory SafeEntry check-in requirements will be enforced at more than 20 markets, and temporary fencing will be put up by the National Environment Agency (NEA) and town councils, said the Health Ministry (MOH) yesterday.
https://www.straitstimes.com/singapore/stricter-access-at-more-wet-markets-as-virus-cases-rise

Vaccination checks pose operational challenges for F&B, gym operators
Singapore will introduce differentiated treatment for vaccinated customers at eateries and gyms from Monday, but businesses told The Business Times they are concerned about potential logistical hiccups in its implementation.
https://www.businesstimes.com.sg/government-economy/vaccination-checks-pose-operational-challenges-for-fb-gym-operators
https://www.straitstimes.com/sport/covid-19-measures-for-gyms-and-fitness-studios-tightened-again

At least 1 Covid-19 jab for recovered patients is a reasonable precaution: Experts
Singapore – Getting people who have recovered from Covid-19 to take at least one vaccine dose is a reasonable precaution, say infectious disease experts, given that not much is known about the strength of immunity from natural infection and how long this protection lasts.
https://www.straitstimes.com/singapore/health/at-least-1-covid-19-jab-for-recovered-patients-is-a-reasonable-precaution-experts

F&B operators vexed by tightened curbs, call for more aid
Restaurateurs in Singapore were looking forward to the first weekend of relaxed rules allowing groups of five to dine in after three weeks of hosting groups of two. Then, a cluster involving KTV lounges was reported on Wednesday. There are currently 148 cases in the fast-growing cluster.
https://www.straitstimes.com/singapore/consumer/fb-operators-vexed-by-tightened-curbs-call-for-more-aid

Unvaccinated seniors urged to stay at home as far as possible
Unvaccinated seniors should stay at home as much as possible, said Finance Minister Lawrence Wong. Mr Wong, who is co-chair of the multi-ministry task force tackling Covid-19, added that they should avoid going out unless for essential reasons.
https://www.straitstimes.com/singapore/unvaccinated-seniors-urged-to-stay-at-home-as-far-as-possible

WHO warns of new, more dangerous Covid-19 variants
Geneva • The World Health Organisation’s (WHO) emergency committee has warned that new and more dangerous Covid-19 variants were expected to spread around the world, making it harder to halt the pandemic.
https://www.straitstimes.com/world/who-warns-of-new-more-dangerous-covid-19-variants

*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