DAILY NEWS

Daily News – 19, 20 & 21 Sep 2020 (Sat, Sun & Mon)

Singapore Real Estate

Maxwell House up for collective sale with S$295m reserve price
Commercial building Maxwell House has been launched for collective sale via a public tender, the appointed property consultant Cushman & Wakefield announced on Monday. Owners holding not less than 80 per cent by strata area and share value have agreed to put the property on the market at a reserve price of S$295 million.
https://www.businesstimes.com.sg/real-estate/maxwell-house-up-for-collective-sale-with-s295m-reserve-price

Verdale sells 50% of released units over launch weekend
Half of the 78 released units of private residential development Verdale were sold over its launch weekend, in a project jointly developed by China Overseas Land & Investment Ltd (COLI) Singapore and CSC Land Group (Singapore).
https://www.businesstimes.com.sg/real-estate/verdale-sells-50-of-released-units-over-launch-weekend-0

Warehouse rents in Asia-Pacific hold steady on e-commerce demand: Knight Frank
The first half of 2020 largely turned out to be a “resilient” period for Asia-Pacific warehouse markets; and expectations are for this sector’s rents in Singapore to remain stable till the rest of the year, according to the latest research by property consultancy Knight Frank.
https://www.businesstimes.com.sg/real-estate/warehouse-rents-in-asia-pacific-hold-steady-on-e-commerce-demand-knight-frank-0

Reits (September 19-20, 2020)
https://www.businesstimes.com.sg/real-estate/reits-september-19-20-2020

Singapore Economy

PSD unveils changes in permanent secretary appointments; MAS reshuffles senior posts
THE Public Service Division on Friday announced a reshuffle of some permanent secretary positions, which are to take effect on Oct 19.
https://www.businesstimes.com.sg/government-economy/psd-unveils-changes-in-permanent-secretary-appointments-mas-reshuffles-senior
https://www.straitstimes.com/singapore/manpower/manpower-law-ministries-to-get-new-permanent-secretaries

Companies’ Brief

CCT: Merger with CMT is between two equals, not a takeover
CapitaLand Commercial Trust (CCT) unitholders have had gripes about the terms of its proposed merger with CapitaLand Mall Trust (CMT), but the CEO of its manager Kevin Chee says that all these factors have to be looked at from the perspective this is “a strategic merger of equals . . . not a case of one party buying out the other party like in a takeover”.
https://www.businesstimes.com.sg/companies-markets/cct-merger-with-cmt-is-between-two-equals-not-a-takeover

Huttons Group appoints CDL’s chief revenue officer as new CEO
Real estate agency Huttons Group has appointed Mark Yip as its new chief executive officer (CEO) with effect from Nov 1 this year, it said in a statement today. Mr Yip succeeds Goh Kee Nguan, who resigned on Aug 12 to pursue other business interests, Huttons Group said.
https://www.businesstimes.com.sg/real-estate/huttons-group-appoints-cdls-chief-revenue-officer-as-new-ceo

Keppel Capital ties up with Korea’s pension fund to explore investment opportunities
Keppel Corp on Monday said its asset management arm, Keppel Capital, is partnering the National Pension Service of Korea (NPS) to explore investment opportunities for private infrastructure in Asia. The cooperation will bring together the asset management expertise of both NPS and Keppel Capital.
https://www.businesstimes.com.sg/companies-markets/keppel-capital-ties-up-with-koreas-pension-fund-to-explore-investment
https://www.straitstimes.com/business/companies-markets/keppel-capital-korean-pension-fund-to-explore-infrastructure-investment

Lendlease’s Lombardo on Asian real estate play
It has been a while since the normally peripatetic Tony Lombardo got on a plane, either to travel to one of the spots in Asia where his company, Lendlease, is developing a project or prospecting for one, or going home to see his mother and siblings in Melbourne.
https://www.straitstimes.com/business/lendleases-lombardo-draws-on-italian-roots-to-manage-in-asia-0

Ascendas Reit to purchase suburban office building in Sydney for A$167.2m
Ascendas Reit’s manager announced on Friday after trading hours that it is acquiring a suburban office building to be developed at 1 Giffnock Avenue, Macquarie Park, in Sydney, Australia, for A$167.2 million (S$161 million) from Frasers Property Industrial and Winten Property Group.
https://www.businesstimes.com.sg/companies-markets/ascendas-reit-to-purchase-suburban-office-building-in-sydney-for-a1672m-0

First Reit receives non-binding proposal on rental restructuring from Lippo Kawaraci
First Reit’s manager said on Sunday that it has a received a non-binding proposal regarding a proposed rental restructuring from former parent company PT Lippo Kawaraci Tbk. The manager has set up an independent board committee comprising all the independent directors of the board – Chan Pengee Adrian, Ferris Charles Bye, Tan Chuan Lye and Martin Lechner – to evaluate the proposal.
https://www.businesstimes.com.sg/companies-markets/first-reit-receives-non-binding-proposal-on-rental-restructuring-from-lippo

Views, Reviews, Forum & Others

A special exception
Chia Ngiang Hong, President, Real Estate Developers’ Association of Singapore (REDAS)
My answer is a resounding yes, especially for our national carrier SIA whose collapse would be disastrous for Singapore – being the anchor of the nation’s leading position as a global air, travel, trade and business hub, and in view of its significant role and contributions to the economy and its efforts to fight Covid-19.
https://www.businesstimes.com.sg/views-from-the-top/a-special-exception

Why ‘hybrid’ working spells trouble for companies
Have you ever heard of a head of remote working? No? Join the club. Millions may have been working from home since March and bosses may be talking of a permanent shift to “hybrid” working, where some staff stay at home while others go to the office and most do a bit of both.
https://www.straitstimes.com/opinion/why-hybrid-working-spells-trouble-for-companies-0

Scrutiny to rise on insurers’ practice of charging expenses to par funds
Fund expense ratios are an item that Singapore investors do not pay enough attention to. It is a material factor in the returns they reap from their investment funds. The lower the total expense ratio (TER), the higher the potential net returns.
https://www.businesstimes.com.sg/opinion/scrutiny-to-rise-on-insurers-practice-of-charging-expenses-to-par-funds

Vouching for the tourism sector
Singaporeans aged 18 and above this year will receive $100 each to spend on staycations, tickets to leisure attractions, and local tours. This is a practical move to stimulate domestic spending and save jobs in the tourism sector.
https://www.straitstimes.com/opinion/st-editorial/vouching-for-the-tourism-sector-0

Coping with lower interest rates for longer
Last Wednesday, the United States Federal Reserve announced it will keep interest rates near zero for years until the US economy heals from the effects of the Covid-19 pandemic and the labour market recovers.
https://www.straitstimes.com/business/coping-with-lower-interest-rates-for-longer

World’s central banks confront reality of Fed’s three-year plan
More than a dozen central banks will this week confront a new reality where monetary policy in the world’s biggest economy is set to stay ultra-loose for the foreseeable future.
https://www.straitstimes.com/business/worlds-central-banks-confront-reality-of-feds-three-year-plan

Can someone teach you to become rich instantly?
Although I am the Sunday Times Invest editor, I do not possess any secrets, skills or advice that I can impart to help you make money easily and quickly. But what I do have is a very particular set of skills, to use that famous quote from actor Liam Neeson in the movie Taken.
https://www.straitstimes.com/business/invest/can-someone-teach-you-to-become-rich-instantly-0

Factors to note before becoming a landlord
Should you be a landlord? That’s a question some middle-class young people may be asking themselves lately. As millennials ease into early middle age, those with a bit of money saved up will be looking to park it somewhere.
https://www.straitstimes.com/business/invest/factors-to-note-before-becoming-a-landlord-0

How to network from home
Coronavirus pandemic or not, for people who want to accelerate learning about new subjects, strengthen career prospects or meet social goals, networking is at the heart of finding opportunities and exploring them. Fortunately, while team meetings and industry conventions have moved online, the new normal has opened as many doors as it has closed.
https://www.straitstimes.com/business/invest/how-to-network-from-home

Corporate cost-cutting taking the sweet out of mooncakes
The upcoming Mid-Autumn Festival will not be as sweet for mooncake sellers as previous years, with corporate sales tapering off amid Covid-19. Mooncake revenues are expected to suffer in 2020, as tighter belts and shuttered offices put the crimp on seasonal company gift-giving.
https://www.businesstimes.com.sg/life-culture/corporate-cost-cutting-taking-the-sweet-out-of-mooncakes

Desperate measures in desperate times: The search for a Covid-19 vaccine poses many ethical challenges
What we most fear these days is the unending rampage of the Covid-19 virus; what we most dream of is delivery from this ordeal and to have our old life back; and what we most dread is the unknowable future.
https://www.straitstimes.com/opinion/desperate-measures-in-desperate-times-0

Update on COVID-19 (Coronavirus Disease 2019) Situation

Hillion Mall among places infectious patients visited
Hillion Mall in Petir Road and the Haniffa store in Little India’s Dunlop Street were visited by Covid-19 patients while they were infectious, the Ministry of Health (MOH) said yesterday. The two locations were added to a list of places visited by community cases during their infectious period. The mall was visited on Sept 15 and the store was visited on Sept 7.
https://www.straitstimes.com/singapore/health/hillion-mall-among-places-infectious-patients-visited

18 new Covid-19 cases in Singapore, including one in community
[Singapore] Eighteen new cases were confirmed as at Sunday noon, taking Singapore’s total to 57,576. They included one case in the community, who is a work pass holder, said the Ministry of Health (MOH). There were also four imported cases who had been placed on stay-home notices upon arrival in Singapore.
https://www.businesstimes.com.sg/government-economy/18-new-covid-19-cases-in-singapore-including-one-in-community
https://www.straitstimes.com/singapore/health/18-new-patients-in-singapore-including-four-imported-one-in-community

Some diners in S’pore still flouting Covid-19 rules at eateries despite government clampdown
With the Government clamping down on food and beverage (F&B) outlets for flouting Covid-19 safe management measures last weekend, establishments in popular spots, such as Bugis, Orchard Road and Tanjong Pagar, have also come under greater scrutiny. Safe distancing ambassadors have been making daily checks in these areas, F&B operators said.
https://www.straitstimes.com/singapore/wheres-the-safe-distancing
https://www.straitstimes.com/singapore/its-a-game-of-cat-and-mouse-says-officer

Coronavirus: Some Singapore students scramble to change flights to avoid UK quarantine
Several Singaporean students studying in the United Kingdom scrambled to change their flights there yesterday to ensure they would not have to spend time in quarantine upon arrival. This was due to Thursday’s announcement that from 4am this morning, those arriving in England and Scotland from Singapore will no longer need to self-isolate for 14 days after landing. The same applies for travellers entering Wales and Northern Ireland.
https://www.straitstimes.com/singapore/spore-students-alter-travel-plans-to-avoid-uk-quarantine
https://www.straitstimes.com/singapore/travelling-to-uk-heres-what-you-need-to-know

Covid-19 tests for 980 food delivery and hawker stall workers
About 980 workers and tenants of hawker centres and coffee shops, as well as food delivery workers, are expected to be swabbed for Covid-19 at the weekend. In response to queries from The Straits Times, the National Environment Agency, Singapore Food Agency and Enterprise Singapore said yesterday that the tests will take place at the pavilion beside Block 75 Marine Drive and at the open plaza in front of Block 50A Marine Terrace.
https://www.straitstimes.com/singapore/health/covid-19-tests-for-980-food-delivery-and-hawker-stall-workers
https://www.straitstimes.com/singapore/feedback-good-as-over-500-get-free-covid-19-tests
*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