DAILY NEWS

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

Singapore Real Estate

Unit at Chuan View sold for tidy profit in Nov
A favourable entry timing helped a seller reap the top profit-making transaction by percentage for the month of November as a 1,518 square foot (sq ft) unit at freehold development Chuan View was sold for nearly four times the purchase price.
https://www.businesstimes.com.sg/real-estate/unit-at-chuan-view-sold-for-tidy-profit-in-nov

Proportion of loss-making transactions in resale market up in November
The share of loss-making transactions for landed and non-landed properties in the resale market ticked up to 17.1 per cent in November, from 15.9 per cent in October, in contrast to the more sanguine performance in the primary sales market.
https://www.businesstimes.com.sg/real-estate/proportion-of-loss-making-transactions-in-resale-market-up-in-november

How Covid-19 pushed the property market to adapt
During the worst phase of the pandemic, many people wondered if the property market would come to a screeching halt and result in the greatest fall in prices since the turn of the millennium. However, the market proved to be quite resilient. And this did not come by sheer luck.
https://www.straitstimes.com/business/property/how-covid-19-pushed-the-property-market-to-adapt-0

Apac real estate investment deals to rebound 15-20% in 2021: JLL
Real estate investment deals in the Asia-Pacific may rebound by 15-20 per cent in 2021, led by North Asia, as investors seek assets with income stability, said real estate consultancy JLL in its 2021 Asia-Pacific Real Estate Outlook on Dec 18.
https://www.businesstimes.com.sg/real-estate/apac-real-estate-investment-deals-to-rebound-15-20-in-2021-jll

GIC, Kennedy Wilson ink US$1b joint venture for urban logistics properties in UK
Singapore’s sovereign wealth fund GIC and New York-listed real estate investment firm Kennedy Wilson have entered into a joint venture (JV) to acquire and manage urban logistics properties in the UK. The JV may also potentially expand into Ireland and Spain, said both parties in a joint statement on Friday.
https://www.businesstimes.com.sg/real-estate/gic-kennedy-wilson-ink-us1b-joint-venture-for-urban-logistics-properties-in-uk

Labour MP urges employers to review safety procedures, fix lapses
Labour MP Melvin Yong wondered aloud yesterday whether safety is taking a backseat as employers rush to complete work ahead of the year-end holiday period. “Are companies trimming safety to remain competitive?” he asked in a Facebook post, in which he also wondered if fatigue from Covid-19 measures has led to lapses in safety processes recently.
https://www.straitstimes.com/singapore/labour-mp-urges-employers-to-review-safety-procedures-fix-lapses

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

Singapore Economy

Malls packed despite call for caution in lead-up to phase 3
Malls in Singapore were teeming with pre-pandemic crowd sizes on the final weekend before Christmas as shoppers sought last-minute presents in a festive year-end mood. This was despite the Government urging caution in the lead-up to phase three of Singapore’s reopening on Dec 28, which will allow larger gatherings of up to eight and expanded capacity limits at public places.
https://www.straitstimes.com/singapore/consumer/malls-packed-despite-call-for-caution-in-lead-up-to-phase-3

Eateries gear up to manage diners ahead of year-end celebrations
Eateries are gearing up for the festive season by implementing a host of measures that will help them accommodate customers in a safe way amid the pandemic. Some restaurants are hiring more staff to ensure that customers adhere to safe management measures, while others are putting up more visual reminders, such as posters, about Covid-19 regulations.
https://www.straitstimes.com/singapore/eateries-gear-up-to-manage-diners-ahead-of-year-end-celebrations

Companies’ Brief

Chip Eng Seng unit to sell Australia property for A$65m
Property company Chip Eng Seng’s wholly-owned subsidiary, CES Gladstone (Vic), is selling a property in Australia for A$65 million (S$65.6 million) to a trust related to American real estate developer Greystar. The deal is expected to be completed on March 31 next year. The buyer will first pay a deposit of A$3.25 million, equivalent to 5 per cent of the sale price, and the remaining sum upon completion.
https://www.businesstimes.com.sg/companies-markets/chip-eng-seng-unit-to-sell-australia-property-for-a65m

Frasers Hospitality pays tribute to Kindness Heroes
To celebrate kindness within the community and recognise those who have gone above and beyond to help others in times of need, Frasers Hospitality, has launched Remembering Kindness, a global campaign offering more than 1,000 room nights.
https://www.businesstimes.com.sg/life-culture/frasers-hospitality-pays-tribute-to-kindness-heroes

Sembcorp may lose steam after red-hot surge this year
Equity investors have given Sembcorp Industries a big thumbs up this year after it shed its loss-making marine unit. But next year may prove to be a lot less euphoric, according to analysts. The utilities firm is this year’s top gainer on the benchmark Straits Times Index (STI), after being the worst performer in the preceding five-year period.
https://www.straitstimes.com/business/companies-markets/sembcorp-may-lose-steam-after-red-hot-surge-this-year-0

JustCo eyes global growth and an IPO
Homegrown coworking player JustCo, valued at US$1 billion, has been cautiously pursuing growth in a tough year, and it plans to “definitely” undertake an initial public offering (IPO) at some point, the firm’s chief executive Kong Wan Sing told The Business Times.
https://www.businesstimes.com.sg/garage/justco-eyes-global-growth-and-an-ipo

EHT receives request for EGM proposing rights issue, retention of manager
Entities controlled by Howard Wu and Taylor Woods, holding 10.54 per cent of the stapled securities of Eagle Hospitality Trust (EHT), have requested that an extraordinary general meeting (EGM) be convened to offer securityholders of EHT another option for the revival of the currently suspended trust.
https://www.businesstimes.com.sg/companies-markets/eht-receives-request-for-egm-proposing-rights-issue-retention-of-manager

Appeal on removal of EH-Reit’s manager not successful: MAS
The Monetary Authority of Singapore (MAS) confirmed on Sunday that the appeal from the shareholder of Eagle Hospitality Reit’s (EH-Reit) manager regarding the directive on its removal has not been accepted. MAS’s earlier direction to DBS Trustee on Nov 30 remains in effect and the trustee is required to comply with the direction, said an MAS spokesperson.
https://www.businesstimes.com.sg/companies-markets/appeal-on-removal-of-eh-reits-manager-not-successful-mas

Analysts positive on IPO market after resilient results in 2020
Even in the midst of the Covid-19 pandemic, initial public offerings (IPOs) in 2020 continued to hold their own in the Singapore market. As such, market watchers The Business Times spoke to expect the new year to bring about greater listing volumes. This comes particularly as the listings of more diversified plays – such as in the case of the highly anticipated Nanofilm Technologies International – stirred up excitement among investors this year; thus boosting market sentiment.
https://www.businesstimes.com.sg/companies-markets/analysts-positive-on-ipo-market-after-resilient-results-in-2020

Views, Reviews, Forum & Others

Covid-19 vaccines and the long road ahead to normalcy
While the exuberance about vaccines is understandable, a full return to pre-pandemic conditions will require much more work to be done, including establishing national and global frameworks and infrastructure for recording and verifying who has received an accredited vaccine.
https://www.straitstimes.com/opinion/covid-19-vaccines-and-the-long-road-ahead-to-normalcy

How M&As and partnerships can fuel digital transformation
The Covid-19 pandemic has accelerated business transformation in ways not seen before. Beyond the surge in e-commerce and the use of more online applications, digitalisation has become a priority for businesses seeking to continue operations or enable remote working.
https://www.businesstimes.com.sg/companies-markets/how-mas-and-partnerships-can-fuel-digital-transformation

Covid’s lost generation?: What this year’s disruptions will cost Singapore’s young adults, and what lies ahead for them
Mark Yeow is in his third year in university, but rather than make a dash towards graduation, he’s mulling over whether he should take a leave of absence for one semester. That would give him time to look for an internship – his third one – and gain valuable experience on the job.
https://www.businesstimes.com.sg/brunch/covids-lost-generation-what-this-years-disruptions-will-cost-singapores-young-adults-and-what

The asset manager arms race has only just begun
For years, the asset-management industry has braced itself for shocks. In 2018, US$369 billion poured out of long-term mutual funds in favour of exchange-traded funds (ETFs), a record at the time. In 2019, the case for traditional actively managed mutual funds became even harder to make when Charles Schwab Corp jump-started a race to the bottom among online brokerages, by eliminating commissions for ETFs along with US stocks and options.
https://www.businesstimes.com.sg/wealth-investing/the-asset-manager-arms-race-has-only-just-begun

For Asia, the time to embrace sustainable investing is now
The pandemic has forced us to rethink our relationship with nature. While most of us were stuck indoors for weeks at a time, the quality of the air and water improved in cities around the world, including in Singapore. As we step back outside, with lockdown measures easing up in many parts of the world, we need to consider how we can restart our economies and build back better.
https://www.businesstimes.com.sg/wealth-investing/for-asia-the-time-to-embrace-sustainable-investing-is-now

All aboard the billionaires’ Bitcoin bandwagon?
Now that Bitcoin has topped US$20,000 for the first time, should you shift your hard-earned cash into digital currencies? History suggests caution should be your watchword, no matter how strong the fear of missing out may be.
https://www.businesstimes.com.sg/wealth-investing/all-aboard-the-billionaires-bitcoin-bandwagon
https://www.straitstimes.com/business/companies-markets/all-aboard-the-billionaires-bitcoin-bandwagon

Aleta Planet launches AP-1 virtual card that allows foreigners to make cashless payments in and to China
After some delays due to the Covid-19 pandemic, Aleta Planet has finally launched on Friday its AP-1 virtual card, which will allow Singaporeans and foreigners to make cashless payments like a local when they are in China, without the need to set up a bank account there.
https://www.businesstimes.com.sg/banking-finance/aleta-planet-launches-ap-1-virtual-card-that-allows-foreigners-to-make-cashless
https://www.straitstimes.com/business/banking/spore-firms-virtual-payment-card-lets-visitors-go-cashless-in-china

A year when banks cut rates on savings accounts
The coronavirus pandemic has hit many businesses this year, but one change that has also reached consumers is banks cutting their interest rates on savings accounts. This was the inevitable result of a low interest rate environment, the banks said.
https://www.straitstimes.com/business/invest/a-year-when-banks-cut-rates-on-savings-accounts

Update on COVID-19 (Coronavirus Disease 2019) Situation

2 Singaporeans, 3 PRs among 19 new imported cases here
All 19 new coronavirus cases confirmed yesterday were imported. There were no new community cases and none from foreign workers’ dormitories. Yesterday’s cases take Singapore’s total to 58,422. All the new cases were among those already placed on stay-home notice or isolated upon arrival in Singapore when they were tested, said the Ministry of Health (MOH) yesterday.
https://www.straitstimes.com/singapore/2-singaporeans-3-prs-among-19-new-imported-cases-here

Experts look at possible factors behind infections
People serving stay-home notice (SHN) are isolated to prevent them from transmitting the disease to anyone else should they have Covid-19. Despite that, 13 people on SHN at the Mandarin Orchard Singapore hotel may have been infected during their stay there, given the close similarity of the genome of the virus they had been infected by.
https://www.straitstimes.com/singapore/health/experts-look-at-possible-factors-behind-infections

3 Mandarin Orchard staff likely to have been infected in the past
Three employees of the Mandarin Orchard Singapore hotel were likely to have been previously infected with the coronavirus, said the Ministry of Health (MOH) yesterday. Serological tests conducted on them have come back positive, indicating probable past infections.
https://www.straitstimes.com/singapore/3-mandarin-orchard-staff-likely-to-have-been-infected-in-the-past

13 guests on SHN may have caught virus while at Mandarin Orchard
Thirteen people, who had been classified as imported cases when they were confirmed to have Covid-19 last month, and had served their stay-home notice (SHN) at the Mandarin Orchard Singapore hotel, may have been infected after they arrived here.
https://www.straitstimes.com/singapore/13-guests-on-shn-may-have-caught-virus-while-at-mandarin-orchard

Early end to staycations at Mandarin Orchard
Staycations were cut short at the Mandarin Orchard Singapore, while those on stay-home notice (SHN) at the hotel were subjected to a Covid-19 test yesterday, after the Ministry of Health (MOH) said it was probing 13 coronavirus cases among people who had served their SHN there.
https://www.straitstimes.com/singapore/early-end-to-staycations-at-mandarin-orchard

What a stay-home notice entails for travellers to Singapore
Thirteen Covid-19 cases who served their stay-home notice (SHN) at Mandarin Orchard Singapore hotel are being investigated by the Ministry of Health after it emerged that they could be linked. Here is what happens when travellers serve their SHN.
https://www.straitstimes.com/singapore/what-a-stay-home-notice-entails-for-travellers-to-singapore
*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