DAILY NEWS

Daily News – 22 May 2020 (Fri)

Singapore Real Estate

Show galleries to remain closed until further notice: URA
Singapore developers will not be able to reopen show galleries to market their new projects come June 2 when reopening of the economy is done in phases, said an advisory from the Urban Redevelopment Authority (URA). Under the safe reopening in phase one starting from June 2, 2020, economic activities that do not pose high risk of Covid-19 transmission may resume.
https://www.businesstimes.com.sg/real-estate/show-galleries-to-remain-closed-until-further-notice-ura

Property agents soldier on with virtual marketing
Property agents do not like it that show galleries will remain closed until further notice, but are taking it on the chin. Developers and agents are thus continuing with the virtual way of marketing and closing property sales during the first phase of the reopening of Singapore’s economy.
https://www.businesstimes.com.sg/real-estate/property-agents-soldier-on-with-virtual-marketing

Lobby group wants laws for a fair tenancy commission, data sharing
The Fair Tenancy Framework Industry Committee (FTFIC) has proposed the setting up of a Fair Tenancy Commission (FTC) and a more equitable sharing of information and costs between tenants and landlords, among a list of recommendations that it hopes can be legislated.
https://www.businesstimes.com.sg/sme/lobby-group-wants-laws-for-a-fair-tenancy-commission-data-sharing
https://www.straitstimes.com/business/push-by-businesses-for-greater-clout-in-deals-with-landlords

Singapore Economy

Singapore creeping towards negative rates as 1-mth SOR drops below zero
Negative interest rates are creeping into Singapore. The nation’s overnight borrowing rate was less than two basis points above zero on Tuesday, down from the year’s high of 1.68 per cent in January. The one-month swap offer rate, the cost to borrow the city’s currency for dollar investors, fell below zero on Wednesday for the first time in almost nine years.
https://www.businesstimes.com.sg/government-economy/singapore-creeping-towards-negative-rates-as-1-mth-sor-drops-below-zero
https://www.straitstimes.com/business/economy/singapore-sees-negative-rates-creep-in-with-flush-liquidity

Companies’ Brief

CapitaLand to launch online shopping and food ordering platforms on June 1
Singapore – CapitaLand said it will be launching an e-commerce platform eCapitaMall and an online food ordering platform Capita3Eats to complement sales at its shopping malls here, Singapore’s biggest retail landlord said on Friday (May 22).
https://www.straitstimes.com/business/companies-markets/capitaland-to-launch-online-shopping-and-food-ordering-platforms-on-june
https://www.businesstimes.com.sg/companies-markets/capitaland-to-launch-e-commerce-online-food-ordering-platform

Eagle H Trust needs an independent manager
The best way to restore confidence in Eagle Hospitality Trust (EHT) is for the current Reit manager to be replaced by one that is competent and independent of EHT’s sponsor and master lessee Urban Commons (UC).
https://www.businesstimes.com.sg/companies-markets/eagle-h-trust-needs-an-independent-manager

Perennial, Shun Tak donate 5m masks to vulnerable groups
Perennial Real Estate Holdings has teamed up with Hong Kong-based Shun Tak Hold-ings to donate five million surgical masks to the National Council of Social Service (NCSS) in an effort to support vulnerable groups during the Covid-19 outbreak.
https://www.straitstimes.com/singapore/perennial-shun-tak-donate-5m-masks-to-vulnerable-groups

SPH speeds up integration of student housing business, rebranding assets for UK varsity reopening
Singapore Press Holdings (SPH) on Thursday said it is speeding up the process of integrating its purpose-built student accommodation operations and rebranding certain “high-quality” assets, in preparation for the reopening of universities in the UK.
https://www.businesstimes.com.sg/companies-markets/sph-speeds-up-integration-of-student-housing-business-rebranding-assets-for-uk
https://www.straitstimes.com/business/companies-markets/sph-to-integrate-uk-student-housing-ops-rebrand-assets

Views, Reviews, Forum & Others

Slow, careful steps in long exit process
The plan to reopen the economy in phases from June 2 following the lifting of the circuit breaker, while prudent from the public health perspective, will come at the cost of a delayed economic recovery.
https://www.straitstimes.com/opinion/st-editorial/slow-careful-steps-in-long-exit-process

Road to recovery seen as bumpy even as nations ease lockdowns
Plans by more countries to ease their lockdowns are igniting hopes that an economic recovery – albeit modest – could take hold. Governments are eager to reopen and resume economic activity to save jobs and businesses as the number of daily fatalities and the transmission potential of Covid-19 continue to fall.
https://www.straitstimes.com/business/economy/road-to-recovery-seen-as-bumpy-even-as-nations-ease-lockdowns

The Power-Up sequence: Addressing the organisational costs of Covid-19 lockdown
As the world starts to shift from lockdown to reopening, we face huge questions: How do we bring people back to work? How will the Covid-19 virus strike back? Most crystal balls are cloudy. Given the uncertainty, CEOs are preparing their organisations for fast adaptability, not perfect anticipation.
https://www.businesstimes.com.sg/leadership-management/the-power-up-sequence-addressing-the-organisational-costs-of-covid-19-lockdown

Restarting work – learning the new norm
Some of it will seem just like after a long break – shake off the dust, throw away the half-empty coffee cups, see if anyone has dealt with the tiresome issue you left behind. Much of it will not be like that at all. Social distancing will still be advised – though how we are all to do that and work in an office together is beyond me.
https://www.businesstimes.com.sg/leadership-management/restarting-work-learning-the-new-norm

The ‘robots are taking our jobs’ threat gets real
If there was ever a good time for the robots-taking-over-jobs argument, this may be it. Not just because factory owners do not want to pay for rising labour costs, but because workers do not want to gather every day in petri dishes.
https://www.businesstimes.com.sg/opinion/the-robots-are-taking-our-jobs-threat-gets-real

Almost half in Singapore expect family to care for them in retirement: survey
A survey of just over 1,000 Singaporeans found that nearly half (46 per cent) expect their family to care for them in retirement. Nearly half (48 per cent) believe they would not be able to save enough to sustain their lifestyle in retirement. And, over half (57 per cent) say retirement planning is a source of stress.
https://www.businesstimes.com.sg/wealth-investing/almost-half-in-singapore-expect-family-to-care-for-them-in-retirement-survey

Update on COVID-19 (Coronavirus Disease 2019) Situation

7 new Covid-19 cases from pre-school staff, nursing home
There was an uptick in new Covid-19 cases among Singaporeans and permanent residents confirmed on Thursday, after seven cases were picked up during the Ministry of Health (MOH)’s active surveillance and screening of nursing home residents and pre-school staff.
https://www.businesstimes.com.sg/government-economy/7-new-covid-19-cases-from-pre-school-staff-nursing-home
https://www.straitstimes.com/singapore/new-cluster-at-nursing-home-23rd-fatality-as-male-sporean-73-dies

New free masks more comfortable, have better filtration
Singapore residents can collect new reusable masks from Tuesday, in a third mask distribution exercise that will span three weeks. The latest distribution of these masks – which are more comfortable to wear and have better filtration qualities – will take place until June 14. The previous two rounds in February and April lasted about a week each.
https://www.straitstimes.com/singapore/health/new-free-masks-more-comfortable-have-better-filtration

Can I travel to a park outside of my immediate neighbourhood, can I picnic at the beach after June 1?
When Singapore’s circuit breaker period ends on June 1, more businesses and activities will progressively be allowed to resume. On Tuesday, the Government said the reopening will be done in three phases. Phase one, from June 2, will last for at least four weeks as some restrictions are eased.
https://www.straitstimes.com/singapore/restrictions-on-exercise-gatherings-still-in-place-after-june-1
*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