DAILY NEWS

Daily News – 21 May 2020 (Thu)

Singapore Real Estate

Maybank Kim Eng stays positive on S-Reits in ‘conservation mode’
Maybank Kim Eng (Maybank KE) has maintained its positive outlook on Singapore real estate investment trusts (S-Reits) that are now focusing on capital retention, with a sector bias towards industrial Reits and US office S-Reits.
https://www.businesstimes.com.sg/companies-markets/maybank-kim-eng-stays-positive-on-s-reits-in-conservation-mode

Singapore Economy

S’pore, KL discuss plans for economic recovery
Deputy Prime Minister and Minister for Finance Heng Swee Keat met Malaysian Finance Minister Tengku Zafrul Tengku Abdul Aziz in a videoconference on Tuesday, where they discussed economic recovery plans.
https://www.straitstimes.com/singapore/spore-kl-discuss-plans-for-economic-recovery

Singapore market set for 2021 recovery; safety measures a new normal for firms that can reopen
Even as the gradual easing of circuit breaker measures see delayed reopening for some sectors, government stimulus, ample liquidity and investor willingness to look beyond 2020 could prevent the Singapore market from sinking to previous crisis levels, according to a CGS-CIMB report.
https://www.businesstimes.com.sg/companies-markets/singapore-market-set-for-2021-recovery-safety-measures-a-new-normal-for-firms-that

Phased reopening could delay Singapore’s recovery, say economists
The phased reopening of Singapore’s economy may reduce the risk of another wave of infection, but will likely extend the recession into the third quarter and possibly delay recovery, say some economists.
https://www.straitstimes.com/business/phased-reopening-could-delay-recovery-say-economists

Reopening economy essential, but not without risks
Plans by the Government to reopen the economy in a phased manner from June 2 are the only way to go. But even then, this will be subject to various risks and uncertainties, including issues of coordination and logistics, as well as behavioural responses.
https://www.straitstimes.com/business/economy/reopening-economy-essential-but-not-without-risks

Firms restarting face supply snags, higher costs, weak demand
Business costs will rise as Covid-19 disrupts supply chains and necessitates safeguards, adding to the challenges of covering costs amid suppressed demand. However, firms see the need for safe-management measures as the price to pay for resuming business sooner, with lower demand or production constraints being their bigger concerns.
https://www.businesstimes.com.sg/government-economy/firms-restarting-face-supply-snags-higher-costs-weak-demand

CB rollback begins soon, but Singapore economy faces long road to recovery
Singapore is still on track for its worst recession on record, private economists said on Wednesday, after plans were unveiled to exit a two-month quasi-lockdown on June 2. With the novel coronavirus still prevalent, the three-stage roadmap to reboot the economy has not moved the needle on analysts’ earlier projections of a deep contraction.
https://www.businesstimes.com.sg/government-economy/cb-rollback-begins-soon-but-singapore-economy-faces-long-road-to-recovery

Faster economic recovery hinges on affordable tests, vaccine: Chan Chun Sing
Trade and Industry Minister Chan Chun Sing said a faster economic recovery from the coronavirus pandemic would depend on the availability of affordable, rapid test kits and the roll-out of a vaccine. “If either one of these or both come about in the next few months, then I think there is a much better chance of us recovering faster,” he said yesterday in an interview with Bloomberg.
https://www.straitstimes.com/business/economy/faster-economic-recovery-hinges-on-affordable-tests-vaccine-chan

Companies’ Brief

Manager of Eagle Hospitality Trust may get new partner: sponsor
Urban Commons, the sponsor of troubled Eagle Hospitality Trust (EHT), is planning to bring on board a “new strategic partner at the manager level” for EHT, the Los Angeles-based real estate investment and development firm said in a statement sent to The Business Times (BT).
https://www.businesstimes.com.sg/companies-markets/manager-of-eagle-hospitality-trust-may-get-new-partner-sponsor

Ho Bee Land starts $1.3m fund to aid smaller charities, social enterprises
Property group Ho Bee Land has set up a $1.3 million Covid-19 support fund to plug funding gaps at smaller charities and social enterprises. It said yesterday that it has been reaching out to these organisations in the past two weeks to assess how their needs can be best met by the fund, which will be channelled by Ho Bee Land’s philanthropic arm, Ho Bee Foundation.
https://www.straitstimes.com/singapore/ho-bee-land-starts-13m-fund-to-aid-smaller-charities-social-enterprises

Oxley unit finds buyer for Chevron House retail, banking units at 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-unit-finds-buyer-for-chevron-house-retail-banking-units-at-s315m
https://www.straitstimes.com/business/property/315m-offer-for-raffles-place-retail-banking-units

PropertyGuru grew sales 24% while gauging IPO window
PropertyGuru Group, the South-east Asian startup that pulled the plug on an initial public offering (IPO) last year, grew revenue 24 per cent in 2019 thanks to surging wealth in the region. That was the fourth straight year of revenue growth for the South-east Asian online real estate leader, chief executive officer Hari Krishnan told Bloomberg News, revealing financial performance for the first time since a 2019 prospectus.
https://www.businesstimes.com.sg/real-estate/propertyguru-grew-sales-24-while-gauging-ipo-window-0

PropNex sells 113 new homes during 6 weeks of circuit breaker
PropNex Realty has sold 113 new homes in the first six weeks of the “circuit breaker”, accounting for an impressive 74.3 per cent market share of top-selling projects as buyers get comfortable with virtual viewing.
https://www.businesstimes.com.sg/real-estate/propnex-sells-113-new-homes-during-6-weeks-of-circuit-breaker

SPH says its finances can withstand coronavirus impact
Singapore Press Holdings (SPH) said it has sufficient finances to withstand the impact of Covid-19. It noted that it has a strong balance sheet with a healthy cash buffer of more than $800 million, while gearing ratios have been improved with cost management.
https://www.straitstimes.com/business/companies-markets/sph-says-its-finances-can-withstand-virus-impact

Allegations against Surbana Jurong ‘false and malicious’: MOH, MND
The government on Wednesday called allegations about profiteering and corruption in relation to the development of the community care facility (CCF) by Surbana Jurong (SJ) at the Singapore Expo Convention and Exhibition Centre at Changi “false and malicious”.
https://www.businesstimes.com.sg/government-economy/allegations-against-surbana-jurong-false-and-malicious-moh-mnd
https://www.straitstimes.com/singapore/accusations-of-corruption-scurrilous-say-moh-mnd

Views, Reviews, Forum & Others

No easy balance in exiting Circuit Breaker
About two weeks from today, Singapore would have just exited the eight-week Circuit Breaker period and find itself in Safe Opening, the first of three planned phases of rebooting the economy. Some business activities will resume but hold that thought of having your leisurely morning cuppa at the kopitiam.
https://www.businesstimes.com.sg/opinion/no-easy-balance-in-exiting-circuit-breaker

Exiting the pandemic not a case of survival of the fittest, but striking a positive balance
There has been a lot of debate on how to engineer a safe exit from lockdown from a healthcare perspective. While this is no doubt something we must all carefully navigate, attention also needs to be paid to how we will negotiate “the day after” from a macro-economic standpoint.
https://www.businesstimes.com.sg/opinion/exiting-the-pandemic-not-a-case-of-survival-of-the-fittest-but-striking-a-positive-balance

Covid-19 pandemic hastens Smart Nation drive
Digitalise or die. The choice has never been so stark, and the consequence so immediate, as cities come to a standstill amid the raging Covid-19 pandemic that is forcing governments to shut down offices and schools to reduce transmission risks.
https://www.straitstimes.com/opinion/pandemic-hastens-smart-nation-drive

Rising risk of dengue during Covid-19
As the Covid-19 pandemic engulfs both the world’s attention and healthcare resources, less attention is being given to large disease outbreaks from a more familiar viral pathogen – the dengue virus. Dengue cases, caused by the dengue virus, are being reported at an alarming rate from numerous countries in Latin America and Asia, including Singapore.
https://www.straitstimes.com/opinion/rising-risk-of-dengue-during-covid-19

Update on COVID-19 (Coronavirus Disease 2019) Situation

Nurse at Ren Ci hospital among 570 new virus cases
Foreign workers living in dormitories made up 562 of the 570 new coronavirus cases on Wednesday, as cases in Singapore reached 29,364. Among the latest cases are two Singaporeans and permanent residents. Together with one work pass holder and five work permit holders, there were eight cases in the community. There were no imported cases.
https://www.businesstimes.com.sg/government-economy/nurse-at-ren-ci-hospital-among-570-new-virus-cases
https://www.straitstimes.com/singapore/ren-ci-hospital-nurse-among-eight-new-cases-in-community

Covid-19 circuit breaker to be lifted: What you can and cannot do from June 2
When Singapore’s circuit breaker period ends on June 1, more businesses and activities will be progressively allowed. On Tuesday, the Government said there will be three phases in the reopening. Phase one, from June 2, will last for at least four weeks as some restrictions are eased.
https://www.straitstimes.com/singapore/what-you-can-and-cannot-do-from-june-2

Easing of measures like ‘stress test’ to see what works
If Singapore’s strict measures to stop the coronavirus were a circuit breaker, the easing of these rules could be described as a “stress test”, public health experts told The Straits Times. They said the country’s decision to ease the restrictions in three phases allows for flexibility to “switch activities on and off” if needed.
https://www.straitstimes.com/singapore/easing-of-measures-like-stress-test-to-see-what-works

Coronavirus: People will have to get used to new normal, says PM Lee
While the circuit breaker to limit the spread of the coronavirus here has worked, Singapore cannot revert to the status quo, Prime Minister Lee Hsien Loong said yesterday. Commenting for the first time after the Government on Tuesday outlined plans for Singapore to ease circuit breaker measures, PM Lee said in a Facebook post that people have to get used to a new normal, as returning to the previous state of affairs is not possible.
https://www.straitstimes.com/singapore/people-will-have-to-get-used-to-new-normal-says-pm-lee

Layoffs should be last resort, employers should pay retrenchment benefit: MOM
Retrenchment should be a last resort for companies to manage manpower costs, and those that have no choice but to do so should treat their employees with empathy and provide them a retrenchment benefit, an advisory from the Ministry of Manpower (MOM) said on Wednesday.
https://www.businesstimes.com.sg/government-economy/layoffs-should-be-last-resort-employers-should-pay-retrenchment-benefit-mom
https://www.straitstimes.com/singapore/manpower/mom-pay-retrenchment-benefits-according-to-firms-financial-state

Changi Airport to allow transit traffic from June 2
From June 2, Singapore will gradually allow travellers to transit through Changi Airport as it begins to progressively re-open air transport. In a press release on Wednesday evening, the Civil Aviation Authority of Singapore (CAAS) said that airlines should submit their proposals for transfer lanes through Changi Airport to them.
https://www.businesstimes.com.sg/transport/changi-airport-to-allow-transit-traffic-from-june-2
https://www.straitstimes.com/singapore/travellers-can-transit-through-changi-from-june-2

Quicker way to check in and out with updated SingPass app
The SingPass Mobile app will soon be updated with a new QR code scanner to allow people to check in and out of places with just one tap after scanning, as part of contact tracing. This means that users will no longer have to scroll through a long list of location names on their app, which can be inconvenient if one is, say, visiting a large mall with hundreds of tenants to choose from.
https://www.straitstimes.com/tech/quicker-way-to-check-in-and-out-with-updated-singpass-app
*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