DAILY NEWS

Daily News – 20 Nov 2020 (Fri)

Singapore Real Estate

Guillemard site sold for S$93m in year’s biggest private residential deal
In what would be Singapore’s largest private residential transaction in the year to date, mainboard-listed property and hospitality group Roxy-Pacific Holdings is set to acquire a freehold residential development site for S$93 million. Located at 217-223A Guillemard Road and 1-21A Jalan Molek, the property occupies a total land area of about 37,131 square feet (sq ft).
https://www.businesstimes.com.sg/real-estate/guillemard-site-sold-for-s93m-in-years-biggest-private-residential-deal
https://www.straitstimes.com/business/property/roxy-pacific-to-buy-guillemard-residential-site-for-93-million

Five things to look forward to at your new Forett At Bukit Timah home
From its sweetly scented fresh air to its exotic flora and fauna, the rainforest has always served as a magnet for weary city-dwellers looking for a respite from urban living. That atmosphere of wonder and rejuvenation inspires Forett At Bukit Timah, the upcoming 633- unit luxury development by Qingjian Realty (South Pacific) Group Pte Ltd and Perennial Real Estate Holdings Limited along Toh Tuck Road.
https://www.straitstimes.com/business/property/five-things-to-look-forward-to-at-your-new-forett-at-bukit-timah-home

Falling concrete, cracks cause anxiety among residents of Tampines block
Concrete has fallen off two pillars and exposed the reinforcing steel beams along the fourth-floor corridor of Block 915 Tampines Street 91, causing worry among residents that the falling concrete could injure passers-by.
https://www.straitstimes.com/singapore/falling-concrete-cracks-cause-anxiety-among-residents-of-tampines-block

Singapore Economy

Six shifts in the global economy
In devising economic strategies for a post-Covid world, the Emerging Stronger Taskforce is working on the premise that there will be no return to the old normal, even after the health crisis recedes. To this end, the task force has identified six shifts from which opportunities could emerge, said Minister for National Development Desmond Lee and PSA International group chief executive officer Tan Chong Meng, its co-chairs.
https://www.straitstimes.com/singapore/politics/six-shifts-in-the-global-economy

Industry-led groups working to spur growth in seven key areas
The gradual resumption of events in the meetings, incentives, conventions and exhibitions (Mice) sector, in the aftermath of the Covid-19 pandemic, is among seven areas being studied by industry-led coalition groups that were set up in June.
https://www.straitstimes.com/singapore/industry-led-groups-working-to-spur-growth-in-seven-key-areas

Six new members to bring expertise to Emerging Stronger Taskforce
Six new members have been appointed to the task force charting Singapore’s economic recovery post-Covid-19 to bring in new perspectives as the team explores new areas of growth. The newcomers to the Emerging Stronger Taskforce (EST), which will now have 23 members in total, include Ms Jessie Yeo, executive secretary of the Singapore Port Workers Union and human resource director at the National Trades Union Congress.
https://www.straitstimes.com/singapore/six-new-members-to-bring-expertise-to-emerging-stronger-taskforce

Singapore’s Emerging Stronger Taskforce forming new coalition to focus on medtech
A new industry-led coalition focusing on medtech could create 4,000 new jobs, mostly in the areas of in-vitro diagnostics for disease preparedness, containment and control. The coalition is one of many created in recent months under the purview of the Emerging Stronger Taskforce (EST), part of the Future Economy Council.
https://www.businesstimes.com.sg/government-economy/singapores-emerging-stronger-taskforce-forming-new-coalition-to-focus-on-medtec-0
https://www.straitstimes.com/singapore/spore-to-reignite-growth-with-collaborative-approach

Singapore cannot keep borders closed forever: PM Lee
Although the Covid-19 situation in Singapore has stabilised, Prime Minister Lee Hsien Loong said the government’s outlook for the economy remains “very guarded”. He also said at a dialogue on Thursday that it was not possible for the government to keep on injecting funds to support businesses and it was necessary to gradually tail off these schemes in order to get back on a sustainable footing.
https://www.businesstimes.com.sg/government-economy/singapore-cannot-keep-borders-closed-forever-pm-lee

Three ways Singapore, EU can work together to unlock Asean’s potential: Chan
It is in Asean and the European Union’s (EU) shared interest to collaborate on greater integration for growth, said Minister of Trade and Industry Chan Chun Sing on Thursday. “This will avoid us having to repeat the lessons of the past, when the centrifugal forces of autarky and ‘beggar-thy-neighbour’ policies brought us into the Great Depression,” he stressed.
https://www.businesstimes.com.sg/government-economy/three-ways-singapore-eu-can-work-together-to-unlock-aseans-potential-chan
https://www.straitstimes.com/business/economy/asean-needs-more-economic-integration-to-ensure-strong-recovery-from-covid-19-0

Globalisation is not on the decline, says Tharman
Contrary to what some might think, globalisation is not on the decline. Instead, what the global economy is seeing is a reconfiguration as a result of China’s evolution, said Senior Minister Tharman Shanmugaratnam.
https://www.businesstimes.com.sg/government-economy/globalisation-is-not-on-the-decline-says-tharman
https://www.straitstimes.com/singapore/think-of-the-economy-as-a-social-ecosystem-tharman
https://www.straitstimes.com/singapore/politics/resilient-hubs-key-for-companies-amid-covid-19-crisis-sm

As travel bubbles kick off, don’t expect a miracle
On Sunday, the post-Covid travel era will begin at airports in Hong Kong and Singapore when 200 passengers, pre-screened for the virus, will board flights in each city bound for the other. Upon arrival, they will be tested again. If they are negative, they can then roam free – without having to undergo the two-week quarantine required of other travellers.
https://www.businesstimes.com.sg/government-economy/as-travel-bubbles-kick-off-dont-expect-a-miracle

Fewer employers in Singapore plan to freeze salaries in 2021: surveys
A smaller proportion of Singapore-based employers will pause wage increments in 2021, compared to 2020, according to the results of two studies released on Thursday. In Mercer’s survey, which polled 992 companies across 16 industries in Singapore, one-quarter of respondents said they plan to introduce or continue with salary freezes next year, a tad fewer than the 30 per cent that did so this year.
https://www.businesstimes.com.sg/government-economy/fewer-employers-in-singapore-plan-to-freeze-salaries-in-2021-surveys
https://www.straitstimes.com/business/economy/1-in-4-singapore-employers-plans-to-freeze-salaries-in-2021-survey

Companies’ Brief

Bukit Sembawang Estates’ acting CEO resigns
Bukit Sembawang Estates’ acting chief executive officer, chief financial officer, and company secretary Ooi Chee Eng has tendered his resignation “for personal reasons”, the mainboard-listed property developer said on Thursday after the market closed. Mr Ooi, 48, had been CFO and company secretary since August 2018. He had assumed the role of acting CEO from Sept 1, 2019.
https://www.businesstimes.com.sg/companies-markets/bukit-sembawang-estates-acting-ceo-resigns

CDL responses to commentary regarding leadership change
I refer to the Hock Lock Siew commentary “CDL’s near-term performance depends on Kweks resolving differences amicably” on Nov 19, 2020. It is speculative and irresponsible and – disappointingly for The Business Times – relies on hearsay and unverified “grapevine” source.
https://www.businesstimes.com.sg/companies-markets/cdl-responses-to-commentary-regarding-leadership-change

Far East Hospitality positions itself for the long haul as it expands footprint
Amid an ongoing pandemic, Far East Hospitality is betting on the long-term potential of the tourism industry: It is pushing ahead with expansion plans, having inked three management contracts in its core markets Singapore, Australia and Japan.
https://www.businesstimes.com.sg/real-estate/far-east-hospitality-positions-itself-for-the-long-haul-as-it-expands-footprint

Reits must address issues related to independent directors, overseas assets: SGX RegCo
Singapore-listed real estate investment trusts (Reits) should address issues related to the independence of their directors and the valuations of their overseas assets, said Singapore Exchange Regulation (SGX RegCo). The market regulator said it is also working on ways to address concentration risks and the difficulty of enforcing rules on overseas entities.
https://www.businesstimes.com.sg/companies-markets/reits-must-address-issues-related-to-independent-directors-overseas-assets-sgx

Views, Reviews, Forum & Others

What must we teach The Next Generation?
How can we prepare the next generation to handle the mind-bending changes that are taking place every day and every hour? Indeed, when is the next generation? Much faster than you think. Best to view it as “now”. So much technology involved in the way we live and work from today onwards. Bill Gates’s magic all-electric house will be looking old already, I expect.
https://www.businesstimes.com.sg/leadership-management/what-must-we-teach-the-next-generation

Don’t fear the robots, and other lessons from a study of the digital economy
Rafael Reif, president of the Massachusetts Institute of Technology (MIT), delivered an intellectual call to arms to the university’s faculty in November 2017: Help generate insights into how advancing technology has changed and will change the workforce, and what policies would create opportunity for more Americans in the digital economy.
https://www.businesstimes.com.sg/leadership-management/dont-fear-the-robots-and-other-lessons-from-a-study-of-the-digital-economy
https://www.straitstimes.com/opinion/dont-fear-robots-and-other-lessons-from-a-study-of-the-digital-economy-0

Will Biden appoint a US ambassador to Singapore?
As the world waits for Joe Biden’s inauguration as the 46th President of the United States on Jan 20, speculation has begun about how the country’s relationship with other nations may change in the years ahead. For Singapore, these questions include an arguably small but symbolic one: will Mr Biden send an ambassador here?
https://www.businesstimes.com.sg/government-economy/will-biden-appoint-a-us-ambassador-to-singapore

What businesses can expect as US trade policy shifts under Biden
In a Biden administration, United States foreign policy will shift significantly from Mr Donald Trump’s protectionist version of an “America First” approach. Given the reach of American influence and law, this change in direction will affect global businesses as well.
https://www.straitstimes.com/opinion/what-businesses-can-expect-as-us-trade-policy-shifts-under-biden-0

70 firms penalised for unfair hiring in H1; double the whole of 2019
The number of employers who were penalised for discriminatory hiring practices in the first half of 2020 was double the number for the whole of 2019, as Singapore authorities stepped up their investigations through the use of data analytics.
https://www.businesstimes.com.sg/government-economy/70-firms-penalised-for-unfair-hiring-in-h1-double-the-whole-of-2019
https://www.straitstimes.com/singapore/jobs/discriminatory-hiring-more-being-probed
https://www.straitstimes.com/singapore/jobs/more-employers-investigated-for-unfair-hiring-practices

Keep staff’s mental health firmly in mind
Efforts to encourage companies to address the mental health concerns of their employees are an important aspect of dealing with the effects of the coronavirus pandemic. Working from home while taking care of other responsibilities there increases stress.
https://www.straitstimes.com/opinion/st-editorial/keep-staffs-mental-health-firmly-in-mind-0

Update on COVID-19 (Coronavirus Disease 2019) Situation

Temasek to give out 3D masks nationwide from Nov 30
Each Singapore resident will be able to collect a pair of reusable masks from Nov 30, in the third nationwide mask distribution by Temasek Foundation. Some vending machines across the island have already begun restocking the mask kits, with collection to begin at 10am on Nov 30 and end on Dec 13.
https://www.straitstimes.com/singapore/temasek-to-give-out-3d-masks-nationwide-from-nov-30
*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