DAILY NEWS

Daily News – 21 Oct 2020 (Wed)

Singapore Real Estate

Local construction firms ‘still playing second fiddle to foreign ones’
Half of big public sector jobs go to foreign firms, and local contractors want to change that. Based on figures from the Building and Construction Authority (BCA), 50 per cent of public sector contracts worth over S$85 million were awarded to local firms from 2017 to 2019, up from 40 per cent a decade ago.
https://www.businesstimes.com.sg/government-economy/local-construction-firms-still-playing-second-fiddle-to-foreign-ones

Singapore’s city-fringe business park rents to rise as firms cut costs
Rents for business parks in Singapore’s city fringe are projected to rise as more firms seek out business parks with Grade-A office specifications in a bid to cut their real-estate costs. In the third quarter of 2020, rents of business parks in the city fringe stood at S$5.91 per square foot per month (psf/month), up 0.2 per cent quarter on quarter and 2.4 per cent higher from a year ago, data from real estate services firm Cushman & Wakefield showed.
https://www.businesstimes.com.sg/real-estate/singapores-city-fringe-business-park-rents-to-rise-as-firms-cut-costs
https://www.straitstimes.com/business/property/city-fringe-business-park-rents-to-rise-as-firms-cut-costs

Singapore Economy

Pilots being rolled out on road to Phase 3
Pre-event testing is being piloted as part of efforts to move Singapore towards Phase 3, said the Multi-Ministry Taskforce (MTF) on Tuesday. It added that it is also prepared to consider limited pilots for higher-risk settings such as bars, pubs, karaoke lounges and nightclubs.
https://www.businesstimes.com.sg/government-economy/pilots-being-rolled-out-on-road-to-phase-3
https://www.straitstimes.com/singapore/task-force-spells-out-steps-to-get-to-phase-3-by-year-end

Singapore as ‘resilient’ hub for advanced global manufacturing
As covid-19 prompts manufacturers to rethink production and supply chains, Singapore can be a more digital and resilient base for advanced manufacturing in Asia, for the world. Deputy Prime Minister Heng Swee Keat made this point at the opening ceremony of annual Industry 4.0 event Industrial Transformation Asia-Pacific (ITAP) on Tuesday.
https://www.businesstimes.com.sg/government-economy/singapore-as-resilient-hub-for-advanced-global-manufacturing
https://www.straitstimes.com/singapore/dpm-spore-can-be-resilient-advanced-manufacturing-base

Mid-career talents can avail of 500 new training opportunities
Skillfuture Singapore (SSG) will add 500 training opportunities in leading Industry 4.0 tech firms to the SGUnited Jobs and Skills for Advanced Manufacturing programme. This was announced by the statutory board on Tuesday at the Industrial Transformation (ITAP) Asia-Pacific 2020 event. It brings the total number of training opportunities offered for advanced manufacturing to 2,300.
https://www.businesstimes.com.sg/government-economy/mid-career-talents-can-avail-of-500-new-training-opportunities
https://www.straitstimes.com/singapore/jobs/2300-new-training-places-in-advanced-manufacturing-for-job-seekers

Jurong Innovation District has S$420m new investments
Despite the Covid-19 pandemic, the Jurong Innovation District (JID) has received S$420 million in new investments over the past year, JTC announced on Tuesday, in line with the opening of Industry 4.0 event Industrial Transformation Asia-Pacific.
https://www.businesstimes.com.sg/government-economy/jurong-innovation-district-has-s420m-new-investments
https://www.straitstimes.com/singapore/new-training-office-to-design-courses-that-help-workers-excel

Singapore’s digital economy deals set to boost trade, hiring
Amid a drive for digitalisation that is already changing cities and economies, Singapore initiated discussions with like-minded trade partners to develop basic rules for digital trade and a framework for collaboration in the digital era.
https://www.straitstimes.com/business/economy/singapores-digital-economy-deals-set-to-boost-trade-hiring
https://www.straitstimes.com/business/economy/how-tech-geeks-help-republic-seal-trade-agreements

Singapore Expo hosts Mice event with hybrid participation
Singapore Expo & Max Atria has had its first in-person Mice (meetings, incentives, conferences and exhibitions) event since the space was repurposed as a community care facility during the Covid-19 pandemic.
https://www.straitstimes.com/business/economy/singapore-expo-hosts-mice-event-with-hybrid-participation

Rapid Covid tests give hope to organisers of larger events
Events businesses are welcoming the use of Covid-19 rapid tests to enable larger gatherings, such as weddings, conventions and live shows. “It is encouraging that these measures have been developed in a relatively short period of time, allowing smaller events to be trialled,” Chris Kilbee, Asean executive director for trade show organiser Informa Markets, told The Business Times.
https://www.businesstimes.com.sg/government-economy/rapid-covid-tests-give-hope-to-organisers-of-larger-events
https://www.straitstimes.com/singapore/health/free-pre-admission-covid-19-rapid-tests-for-some-mass-events
https://www.straitstimes.com/singapore/health/participants-of-some-mass-events-to-get-antigen-rapid-tests
https://www.straitstimes.com/singapore/immunity-exemption-for-recovered-patients-within-180-days-of-positive-test

Companies’ Brief

CDLHT sells Brisbane hotel at slight premium, exiting market as challenges loom
CDL Hospitality Trusts (CDLHT) is selling its 4.5-star hotel Novotel Brisbane in Australia for A$67.9 million (S$66.4 million) to an independent third-party buyer, ADFA Brisbane. The sale price is 6.9 per cent higher than the original purchase price of A$63.5 million on Feb 18, 2010, and represents a 0.6 per cent premium to the independent valuation of A$67.5 million as at Aug 31, 2020.
https://www.businesstimes.com.sg/companies-markets/cdlht-sells-brisbane-hotel-at-slight-premium-exiting-market-as-challenges-loom
https://www.straitstimes.com/business/companies-markets/cdl-hospitality-trusts-sells-brisbane-hotel-at-slight-premium-exiting

CMT to be renamed CapitaLand Integrated Commercial Trust on Nov 3
The trust scheme for the merger of CapitaLand Mall Trust (CMT) and CapitaLand Commercial Trust (CCT) became effective and binding on Wednesday. Accordingly, CCT unitholders will receive payment of the scheme consideration – comprising 25.9 Singapore cents in cash and 0.72 new CMT units for each CCT unit held – within seven business days.
https://www.businesstimes.com.sg/companies-markets/cmt-to-be-renamed-capitaland-integrated-commercial-trust-on-nov-3
https://www.straitstimes.com/business/companies-markets/cmt-gets-new-name-on-nov-3-after-merger-cct-q3-dpu-falls-9-to-2-cents

Keppel Capital gets first closing of US$295m for Alpha Asia Macro Trends Fund IV
Keppel Corp’s asset management arm Keppel Capital on Wednesday said it has launched the Alpha Asia Macro Trends Fund IV (AAMTF IV) with a target fund size of US$1 billion and achieved its first closing of US$295 million, including co-investment.
https://www.businesstimes.com.sg/companies-markets/keppel-capital-gets-first-closing-of-us295m-for-alpha-asia-macro-trends-fund-iv

Views, Reviews, Forum & Others

Resuscitating Singapore’s economy
Ten months into the Covid-19 pandemic, Singapore’s economy remains depressed. The Government has adopted extraordinary measures to deal with the crisis, and they have helped. But more may be needed, both to cushion the pain and to hasten the recovery.
https://www.straitstimes.com/opinion/resuscitating-singapores-economy-0

Painful decisions amid difficult times
The recommendations last week by the National Wages Council (NWC) to employers on temporary wage cuts to protect jobs, and to be responsible and sensitive if retrenching staff, point to the difficult times ahead which companies need to navigate carefully.
https://www.straitstimes.com/opinion/st-editorial/painful-decisions-amid-difficult-times-0

Make the circular economy a reality and keep it rolling
In the past century, human ingenuity resulting from vast technological advancements accelerated growth in many countries across the developed world. This was evident in the last three industrial revolutions that propelled economic progress and raised living standards. Mobility was further boosted with the advent of the automobile and electric power and the growth of the manufacturing sector.
https://www.businesstimes.com.sg/opinion/make-the-circular-economy-a-reality-and-keep-it-rolling

New WTO chief faces tough job to restore order to global trade
The troubled World Trade Organization (WTO) is inching ever closer to having a new director-general; and all signs point to a woman leading the Geneva-based international body for the first time in its 25-year history.
https://www.businesstimes.com.sg/opinion/new-wto-chief-faces-tough-job-to-restore-order-to-global-trade

Key investment ideas for 4Q 2020
The third quarter was again a stark reminder of how rapidly things can change this year. While most equity markets generated positive returns over the quarter, that is not to say 3Q 2020 was all smooth sailing. September was shaky for global capital markets, but the third quarter ended with a resurgence of risk appetite across equities, commodities and corporate credits.
https://www.businesstimes.com.sg/wealth-investing/key-investment-ideas-for-4q-2020

Bolstering cyber security capabilities during Covid-19 and beyond
When the Covid-19 pandemic hit its peak, businesses across the globe had to make drastic changes to survive. Owing to difficulties in arranging personal meetings and the inability to work with physical documents, most organisations adopted technological innovations and went digital.
https://www.businesstimes.com.sg/opinion/bolstering-cyber-security-capabilities-during-covid-19-and-beyond

5G jobs drive is wind beneath telcos’ wings
With its latest plan to help mobile network operators (MNOs) hire or reskill some 1,000 5G professionals, the Infocomm Media Development Authority (IMDA) has thrown yet another lifeline to Singapore’s telcos. The skills initiative announced in September is a triple win – for telcos, Singapore residents, and the impending national 5G network rollout.
https://www.businesstimes.com.sg/companies-markets/5g-jobs-drive-is-wind-beneath-telcos-wings

Update on COVID-19 (Coronavirus Disease 2019) Situation

6 new confirmed Covid-19 cases – two from workers’ dorms and four imported
There were six new coronavirus cases confirmed yesterday, taking Singapore’s total to 57,921. They included two from workers’ dormitories, said the Ministry of Health yesterday. There were also four imported cases, who had been placed on stay-home notices upon arrival in Singapore. All of them were asymptomatic and confirmed to have the virus on Monday.
https://www.straitstimes.com/singapore/health/6-new-confirmed-covid-19-cases-two-from-workers-dorms-and-four-imported

Gan explains why task force chose to increase group sizes to 8 for phase three
Up to eight people could be allowed to gather outside their homes when Singapore moves into phase three of its reopening, the multi-ministry task force handling Covid-19 said yesterday. Asked how the task force arrived at this figure, Health Minister Gan Kim Yong responded that safe distancing was a concern.
https://www.straitstimes.com/singapore/gan-explains-why-task-force-chose-to-increase-group-sizes-to-8-for-phase-three

Use of TraceTogether app or token mandatory by end Dec
By end December, checking in with the TraceTogether app or token will be mandatory at venues including restaurants, workplaces, schools and shopping malls, as Singapore prepares for phase three of its reopening. This means no one will be able to gain entry to these places by scanning SafeEntry QR codes with their phone cameras, or through the SingPass mobile app or barcodes on their NRIC.
https://www.straitstimes.com/singapore/use-of-tracetogether-app-or-token-mandatory-by-end-dec

Residents who travel can now tap subsidies for treatment
Singapore citizens, permanent residents (PRs) and long-term pass holders who had travelled out of Singapore on or after March 27 can tap government subsidies and insurance coverage for treatment should they be found with the Covid-19 virus on their return. This is in line with the move to progressively reopen Singapore’s borders, the Ministry of Health (MOH) said yesterday.
https://www.straitstimes.com/singapore/health/residents-who-travel-can-now-tap-subsidies-for-treatment

Singapore likely to vaccinate parts of population from 2021
Singapore will most likely make plans to vaccinate different segments of the population against Covid-19 from next year. Those who are more vulnerable to the coronavirus and those at higher risk of getting infected, such as healthcare professionals and others in front-line roles, may get priority for vaccination, the Ministry of Health’s director of medical services Kenneth Mak told a virtual press conference yesterday.
https://www.straitstimes.com/singapore/singapore-likely-to-vaccinate-parts-of-population-from-2021
*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