DAILY NEWS

Daily News – 20 May 2020 (Wed)

Singapore Real Estate

Co-living operators upbeat as they look to demand from new segments
Co-living operators in Singapore remain upbeat despite – and in some cases spurred on by – the Covid-19 pandemic crisis. In contrast to many businesses which are cutting back on operations, or mothballing their growth plans, the executives of some co-living companies say their expansion strategies are largely on track.
https://www.businesstimes.com.sg/real-estate/co-living-operators-upbeat-as-they-look-to-demand-from-new-segments

Offer price too low, bid for dementia village rejected
The sole bid for a dementia care village occupying 10 bungalows in Sembawang has been rejected as its offer price of $15 million was deemed too low, the authorities said yesterday. The joint tender, for both concept and price, was submitted by real estate and healthcare company Pre 11 and Orpea Singapore, which provides residential care for the elderly, among other services.
https://www.straitstimes.com/singapore/offer-price-too-low-bid-for-dementia-village-rejected

3 freehold shophouses in Lavender, Tiong Bahru up for sale
Three freehold shophouses in Lavender and Tiong Bahru have been put on the market, sole marketing agent PropNex announced on Tuesday. On 26 and 28 Cavan Road are two adjacent shophouses up for sale with a guide price of S$23.8 million. Meanwhile, the corner shophouse at 259 Outram Road has an indicative price of S$12.5 million.
https://www.businesstimes.com.sg/real-estate/3-freehold-shophouses-in-lavender-tiong-bahru-up-for-sale

Singapore Economy

Many downside risks to Singapore economy despite recent jump in exports: Chan Chun Sing
Singapore (Bloomberg) – Singapore Trade & Industry Minister Chan Chun Sing said there are many “downside risks” to the economy despite recent data showing a surprise improvement in exports.
https://www.straitstimes.com/business/economy/many-downside-risks-to-singapore-economy-despite-recent-jump-in-exports-chan-chun

Companies’ Brief

GuocoLand obtains S$730m green loan for Tan Quee Lan project
GuocoLand has obtained a S$730 million green club loan from OCBC Bank, DBS Bank and ICBC Singapore Branch for the construction of a new luxury residential cum commercial development at Tan Quee Lan Street.
https://www.businesstimes.com.sg/companies-markets/guocoland-obtains-s730m-green-loan-for-tan-quee-lan-project
https://www.straitstimes.com/business/property/guocoland-bags-730m-green-loan-for-bugis-project

Ho Bee Land credits ‘strategic’ portfolio for cushion against Covid-19 impact
Mainboard-listed developer Ho Bee Land said on Tuesday that the firm is “not as badly affected” by the virus outbreak on the back of its strategic and resilient portfolio. This was in response to shareholders’ questions that were submitted electronically prior to its annual general meeting on Tuesday.
https://www.businesstimes.com.sg/companies-markets/ho-bee-land-credits-strategic-portfolio-for-cushion-against-covid-19-impact-0

Ho Bee Land sets up S$1.3m Covid-19 fund to help smaller charities, social enterprise
Mainboard-listed Ho Bee Land has set up a S$1.3 million Covid-19 support fund to assist smaller charities and social enterprises during the pandemic, it said on Wednesday. The company has pledged S$1 million to the fund, while its board of directors and senior management have pledged S$300,000.
https://www.businesstimes.com.sg/companies-markets/ho-bee-land-sets-up-s13m%C2%A0covid-19-fund-to-help-smaller-charities-social

Logos, CSC Holdings to redevelop Jurong warehouse for S$108m
Australian logistics property specialist Logos is partnering Singapore Mainboard-listed CSC Holdings Limited (CSCHL) to redevelop a site at Tanjong Penjuru Crescent into a six-storey warehouse, for an estimated total development cost of S$108 million
https://www.businesstimes.com.sg/real-estate/logos-csc-holdings-to-redevelop-jurong-warehouse-for-s108m

Mapletree staff donate Solidarity payout to tenants’ employees
More than 100 Mapletree staff have voluntarily contributed their cash payouts from the Government to help those employed at the company’s retail properties who are on unpaid leave. The staff donated their $600 Solidarity Payment, given out to most Singaporeans in the middle of last month, to the Mapletree Community Sharing Fund.
https://www.straitstimes.com/singapore/mapletree-staff-donate-solidarity-payout-to-tenants-employees

Oxley Beryl enters into EOI to sell Chevron House’s retail, banking units for S$315m
A potential buyer has entered into an expression of interest (EOI) with Oxley Beryl, which owns the former Chevron House, to acquire the retail and banking units in the Raffles Place development for S$315 million, Oxley Holdings said in a bourse filing on Tuesday evening.
https://www.businesstimes.com.sg/companies-markets/oxley-beryl-enters-into-eoi-to-sell-chevron-houses-retail-banking-units-for-s315m
https://www.straitstimes.com/business/property/potential-buyer-for-chevron-houses-retail-banking-units-offers-315m

Suntec Reit to issue S$200m 2.60% notes
Suntec Real Estate Investment Trust (Suntec Reit) has launched S$200 million worth of new five-year notes. The notes are expected to mature on May 27, 2025, Suntec Reit’s manager said in a filing on Tuesday. They will carry a coupon fixed at 2.60 per cent per annum, payable semi-annually in arrear.
https://www.businesstimes.com.sg/companies-markets/suntec-reit-to-issue-s200m-260-notes

Surbana Jurong refutes allegations of profiteering in Singapore Expo job
Surbana Jurong on Tuesday clarified that its involvement in converting the Singapore Expo venue into a community care facility (CCF) was due to a call for specialist support from Temasek Holdings, which wholly owns the urban and infrastructure consultancy.
https://www.businesstimes.com.sg/real-estate/surbana-jurong-refutes-allegations-of-profiteering-in-singapore-expo-job
https://www.straitstimes.com/singapore/surbana-jurong-rebuts-talk-of-graft-over-covid-19-facilities

Views, Reviews, Forum & Others

The dreary outlook for the 2020s has become drearier
Markets understandably tanked when the novel coronavirus hit. The Federal Reserve came to the rescue and participants recovered and went on a euphoric binge. Reality is setting in. Markets recognise that there will be no V-shaped recovery and central banks and finance ministries can only do so much in bridging the pandemic collapse.
https://www.businesstimes.com.sg/opinion/the-dreary-outlook-for-the-2020s-has-become-drearier

Daily CO2 emissions plunge during lockdowns
Pandemic lockdowns slashed daily global emissions of carbon dioxide (CO2) by 17 per cent, a team of researchers said yesterday, in a detailed assessment of how the crisis affected the global economy. By April this year, CO2 emissions had plunged to 2006 levels, the authors say, adding that the findings could help shape policies on cutting emissions to curb climate change.
https://www.straitstimes.com/world/daily-co2-emissions-plunge-during-lockdowns

Singapore prepares for a new normal
It is only natural that Singaporeans would want to move on from the events of recent weeks when the circuit breaker period ends. June 1, therefore, holds a special place in the popular imagination. It is a date which everyone has been looking forward to as a psychological moment of deliverance from the restrictions that have curtailed economic activity severely and hobbled social interactions.
https://www.straitstimes.com/opinion/singapore-prepares-for-a-new-normal

Singapore Budget 2020

DPM to unveil fourth package of financial support next Tuesday
Deputy Prime Minister Heng Swee Keat will announce a new round of Covid-19 support measures for businesses and individuals next Tuesday in Parliament. The package, the fourth since February, will help them adapt and build resilience amid the coronavirus pandemic.
https://www.straitstimes.com/singapore/dpm-to-unveil-fourth-package-of-financial-support-next-tuesday

Update on COVID-19 (Coronavirus Disease 2019) Situation

S’porean man linked to MRT worker is only new case in community
A Singaporean man who is a household contact of the Bishan MRT station staff member previously confirmed to have the virus is the only new case in the community announced yesterday. The 30-year-old man began showing symptoms on May 11 and was confirmed to have Covid-19 on Monday.
https://www.straitstimes.com/singapore/health/sporean-man-linked-to-mrt-worker-is-only-new-case-in-community

Singapore to lift circuit breaker measures from June 2, in three gradual phases
Singapore’s circuit breaker will formally end on June 1, as the country gradually restarts its economy in three phases over the next several months. This will not mean a return to life before the coronavirus, National Development Minister Lawrence Wong said yesterday, outlining the broad plan for the months ahead.
https://www.straitstimes.com/singapore/spore-to-lift-circuit-breaker-measures-from-june-2-in-three-gradual-phases
https://www.straitstimes.com/singapore/circuit-breaker-to-be-lifted-singapore-to-reopen-gradually-in-3-phases
https://www.straitstimes.com/business/1-in-3-can-return-to-work-on-site-as-more-firms-reopen

Delayed reopening for retail, F&B: New help package on the way
Manufacturing and professional-services workplaces are among those allowed to re-open under the first phase of the lifting of circuit-breaker measures on June 2, even as another package of support for firms and individuals will be unveiled next week.
https://www.businesstimes.com.sg/government-economy/delayed-reopening-for-retail-fb-new-help-package-on-the-way-0

Task force to look into safe reopening of retail, F&B outlets
A task force, with Senior Minister of State for Trade and Industry Chee Hong Tat as adviser, will study how retail outlets and the food and beverage sector can resume business as Singapore gradually reopens the economy in phases.
https://www.straitstimes.com/business/companies-markets/task-force-to-look-into-safe-reopening-of-retail-fb-outlets

More wage and rent support needed as most retailers stay closed, F&B firms still restricted
The retail and food and beverage (F&B) sectors will need more wage support to stay afloat as the former group remains closed and the latter still restricted to takeaways in the first phase of Singapore’s reopening, trade associations and industry watchers said.
https://www.businesstimes.com.sg/government-economy/more-wage-and-rent-support-needed-as-most-retailers-stay-closed-fb-firms-still

Efforts stepped up to keep staff safe at dorms, care facilities
Precautions have continuously been stepped up to keep those working in dormitories or care facilities safe from Covid-19, Minister for National Development Lawrence Wong said yesterday. Speaking at a virtual press conference…
https://www.straitstimes.com/singapore/health/efforts-stepped-up-to-keep-staff-safe-at-dorms-care-facilities

Commuters must wear masks on buses, trains
Commuters will have to wear masks and refrain from talking on the phone or to one another when taking buses and trains, to avoid spreading droplets in an enclosed space. These were among the measures announced yesterday by the authorities as part of plans to keep commuters safe after Singapore exits the circuit breaker.
https://www.straitstimes.com/singapore/transport/commuters-must-wear-masks-on-buses-trains
*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