DAILY NEWS

Daily News – 20, 21 & 22 Jun 2020 (Sat, Sun & Mon)

Singapore Real Estate

Bungalow in Camden Park on sale for S$63m, rare artifacts not included
Perched on platforms near the swimming pool at the sprawling residence, two 15-tonne stone lions cut imposing figures. The main house’s exterior walls are fitted with display panels showcasing centuries-old marble relics from China. A custom-designed tea room inside features vintage pots and tea bricks that cost US$7,000 a piece.
https://www.businesstimes.com.sg/real-estate/bungalow-in-camden-park-on-sale-for-s63m-rare-artifacts-not-included

China Maple Leaf nears deal for Singapore’s Canadian School: sources
[Singapore] China Maple Leaf Educational Systems is close to acquiring one of the largest international schools in Singapore in a deal valued at about S$700 million, according to people with knowledge of the matter.
https://www.businesstimes.com.sg/real-estate/china-maple-leaf-nears-deal-for-singapores-canadian-school-sources

Mass to mid-tier properties draw interest as showflats reopen after 10-week halt
Sales for new private homes got off to an encouraging start for developers as showflats reopened their doors over the weekend after a 10-week hiatus. Starting on Friday, visitors made their way to sales galleries for the first time since the circuit breaker kicked in, with mass market and mid-market segments garnering the attention, real estate agencies told The Business Times.
https://www.businesstimes.com.sg/real-estate/mass-to-mid-tier-properties-draw-interest-as-showflats-reopen-after-10-week-halt

Patchy sales on first day of showflats reopening
It seems to have been a day of generally patchy sales for developers when they could finally open the doors to their showflats after shutting them nearly two and a half months ago as part of measures to halt the spread of the Covid-19 bug.
https://www.businesstimes.com.sg/real-estate/patchy-sales-on-first-day-of-showflats-reopening
https://www.straitstimes.com/singapore/buzz-at-condo-sales-galleries-but-limit-on-number-of-visitors
https://www.straitstimes.com/singapore/steady-stream-of-customers-at-car-showrooms-condo-sales-galleries

Real estate agency industry urged to press on with digitalisation
Even as the real estate agency industry grappled with some technical issues as it re-started most property transaction activities under Phase 2, the industry was encouraged to press on with its digitalisation transformation.
https://www.businesstimes.com.sg/real-estate/real-estate-agency-industry-urged-to-press-on-with-digitalisation

Singapore office leasing momentum to slow on economy’s easing: CGS-CIMB
Leasing momentum in the office rental sector is expected to slow due to a weaker macroeconomic backdrop, even as viewing activities resume in Phase Two of Singapore’s “circuit-breaker” easing, said CGS-CIMB.
https://www.businesstimes.com.sg/companies-markets/singapore-office-leasing-momentum-to-slow-on-economys-easing-cgs-cimb

Landlords should view tenants as equals
The landlord-tenant relationship has been thrust under the glaring spotlight recently due to the Covid-19 crisis. For years, many tenants have voiced concerns on what they deem to be a lopsided relationship with their landlords, such as the non-disclosure of a mall’s productivity and performance data even as landlords are entitled to tenants’ sales data, inflexible rental negotiations, the right to termination of leases and much more.
https://www.straitstimes.com/business/invest/landlords-should-view-tenants-as-equals

Leases for commercial equipment, vehicles to be covered by Covid-19 Act
From June 20, leases or rental agreements for commercial equipment or commercial vehicles will be covered by laws that provide temporary relief where contractual obligations cannot be fulfilled due to Covid-19, said the Ministry of Law on Friday.
https://www.businesstimes.com.sg/government-economy/leases-for-commercial-equipment-vehicles-to-be-covered-by-covid-19-act

Singapore Economy

Reopening may slow but not reverse retail decline: economists
While retail sales in June and July will get a boost from pent-up demand flooding back into now-open shops, Singapore may not see the dramatic “revenge spending” sprees that made headlines in China, said economists.
https://www.businesstimes.com.sg/government-economy/reopening-may-slow-but-not-reverse-retail-decline-economists

Singapore retail investors’ trust in financial institutions falls
Singapore retail investors’ trust in financial institutions eroded significantly over the past two years, a survey by the CFA Institute shows. The proportion of those who trust the financial industry (36 per cent) dropped 11 percentage points from the previous 2018 survey, where trust level stood at 47 per cent. This was the biggest drop globally among 15 markets surveyed.
https://www.businesstimes.com.sg/wealth-investing/singapore-retail-investors-trust-in-financial-institutions-falls

Companies’ Brief

Ascott members can now buy loyalty points; healthcare workers get discount
The Ascott Limited, CapitaLand’s wholly-owned lodging business unit, on Monday launched a points purchase feature for its Ascott Star Rewards (ASR) loyalty programme. The feature “provides members with greater flexibility to buy points in advance or gift the points to family and friends as travel gradually resumes across the world”, the company said in a bourse filing.
https://www.businesstimes.com.sg/companies-markets/ascott-members-can-now-buy-loyalty-points-healthcare-workers-get-discount

Will Phase Two of reopening spur recovery for shops, restaurants and Reits?
For stock investors, the most obvious play on Phase Two are the retailers and restaurants that will be re-opening their doors as well as the real estate investment trusts (Reits) that own the properties where they operate.
https://www.businesstimes.com.sg/companies-markets/will-phase-two-of-reopening-spur-recovery-for-shops-restaurants-and-reits

Defaults mount for Eagle Hospitality Trust
It doesn’t rain but pour for the beleaguered Eagle Hospitality Trust (EHT), as it announced more defaults and legal proceedings. It also updated that the total liabilities incurred by the master lessees in respect of its properties are US$50.7 million.
https://www.businesstimes.com.sg/companies-markets/defaults-mount-for-eagle-hospitality-trust

Views, Reviews, Forum & Others

Breaking through to the next level
Chia Ngiang Hong, President, Real Estate Developers’ Association of Singapore (REDAS)
The earlier-than-expected Phase Two reopening is a huge relief. Most businesses are allowed to reopen with safe management in place. Property sales, including show galleries, and leasing activities can also resume.
https://www.businesstimes.com.sg/views-from-the-top/breaking-through-to-the-next-level

Building new post-Covid-19 workplaces
It is reassuring that the Building and Construction Authority (BCA) is very much on top of the situation regarding the design of buildings in the light of the Covid-19 pandemic. Building design rules could change as the BCA begins discussions with industry experts on whether rules on air-conditioning and mechanical ventilation in buildings need to be revised. The aim is to boost ventilation in crowded spaces and improve air quality for situations like public health emergencies.
https://www.straitstimes.com/opinion/building-new-post-covid-19-workplaces

After pandemic, Singapore must shift towards a green economy
In April, for the first time in history, oil prices fell below zero. This was due to two key reasons: the unprecedented fall in demand as a result of the Covid-19 pandemic, and a price war between Saudi Arabia and Russia. Closer to home, top oil trader Hin Leong has also recently been exposed for its multibillion-dollar debt.
https://www.straitstimes.com/singapore/environment/after-pandemic-spore-must-shift-towards-a-green-economy

Practical approach needed in tackling climate change
Tackling climate change requires a practical approach, and Singapore must recognise that part of the petrochemical sector will remain even as the country continues to push the boundaries on cutting emissions, said Minister for the Environment and Water Resources Masagos Zulkifli
https://www.straitstimes.com/singapore/environment/practical-approach-needed-in-tackling-climate-change

Private markets data providers tap rising demand in S-E Asia
The business of providing data on privately held companies and their capital raising activities is looking more promising than ever as investors continue flocking to South-east Asia in search of the next tech unicorn.
https://www.businesstimes.com.sg/garage/private-markets-data-providers-tap-rising-demand-in-s-e-asia

Crisis call: Singapore business leaders on managing in the pandemic
Singapore business leaders share how they are managing operations and staying connected with staff at home, during the pandemic.
https://www.businesstimes.com.sg/brunch/crisis-call-singapore-business-leaders-on-managing-in-the-pandemic

Trust in Singapore Government up: Edelman poll
More people had trust in the Government of Singapore this year compared to 2019, even as fears of economic uncertainty prevailed, according to the Edelman Trust Barometer 2020 report for the Republic released last week.
https://www.straitstimes.com/asia/trust-in-singapore-government-up-edelman-poll

Prudent decision on Changi Terminal 5
Singapore’s decision to halt construction of Changi Airport’s Terminal 5 for at least two years, and to review its scale and design, makes eminent sense in the light of the coronavirus pandemic. Given the way in which the Covid-19 outbreak has changed the rules of the aviation game for the immediate future, it is essential to ensure that what was a necessity in pre-Covid times does not end up becoming a liability now.
https://www.straitstimes.com/opinion/st-editorial/prudent-decision-on-changi-terminal-5

Update on COVID-19 (Coronavirus Disease 2019) Situation

NTU student among 2 Singaporean Covid-19 cases; 262 new cases
A 22-year-old Nanyang Technological University student is among two new Singaporean cases reported by the Health Ministry (MOH) on Sunday. He was tested as part of proactive screening for those diagnosed with acute respiratory infection when they first see a doctor, said MOH.
https://www.businesstimes.com.sg/government-economy/ntu-student-among-2-singaporean-covid-19-cases-262-new-cases-0
https://www.straitstimes.com/singapore/health/ntu-student-among-10-new-community-cases-spore-sees-262-new-virus-cases

Singapore’s phase 2 reopening: Holland Village eatery ordered to close after crowds gather outside
A restaurant in Holland Village was ordered to close by the authorities for failing to enforce safe management practices among the large crowds that gathered outside its premises on Friday evening, the first day of phase two of Singapore’s reopening.
https://www.straitstimes.com/singapore/holland-village-eatery-ordered-to-close-after-crowds-gather-outside
https://www.channelnewsasia.com/news/singapore/covid-19-british-indian-curry-hut-closed-lorong-mambong-12854620

Crowds back at eateries, shops as more coronavirus curbs lifted
Minister for the Environment and Water Resources Masagos Zulkifli said last night that crowds had gathered in some areas, and that patrols would be stepped up at nightspots, with enforcement action taken against operators and individuals who breached safe distancing measures.
https://www.straitstimes.com/singapore/crowds-back-at-eateries-shops-as-more-virus-curbs-lifted

Businesses adapt to ensure safety as Singapore reopens
From setting up physical barriers between customers to digitalising processes that traditionally require physical contact, businesses are adapting as Singapore enters the second phase of safe reopening. Pre-coronavirus, beauty product retailers such as Sephora used to have physical testers in store, as well as staff on hand to help customers apply and try on cosmetics and other products.
https://www.straitstimes.com/singapore/businesses-adapt-to-ensure-safety-as-singapore-reopens

More investors to support sustainable business models post-pandemic
As the world grapples with the social, health and economic challenges caused by the Covid-19 pandemic, investor awareness of and demand for sustainable business models will become more prevalent. The lessons from Covid-19 have shown that our lifestyles and the way businesses are run have a huge impact on the world in which we all live. We must make changes if we are to avoid repeat occurrences.
https://www.straitstimes.com/business/economy/more-investors-to-support-sustainable-business-models-post-pandemic

Emerging stronger together
This is the transcript of Deputy Prime Minister Heng Swee Keat’s ministerial broadcast yesterday on emerging stronger together. It is the sixth and final ministerial broadcast on life after Covid-19.
https://www.straitstimes.com/singapore/emerging-stronger-together

S’pore must remain open, reliable and resilient in a changing world
The Covid-19 pandemic will reshape the world, said Deputy Prime Minister Heng Swee Keat, adding that the global economy and geopolitics will change faster than ever. For Singapore to succeed, it has to master the major trends reshaping the global economy and speed up the transformation of its own economy, he said yesterday.
https://www.straitstimes.com/politics/spore-must-remain-open-reliable-and-resilient-in-a-changing-world

DPM Heng Swee Keat spells out plans for Singapore to emerge stronger after crisis
Deputy Prime Minister Heng Swee Keat yesterday made a rallying call to Singaporeans, saying that this generation will respond to the Covid-19 crisis, emerge from it stronger, and “build back better” for the future.
https://www.straitstimes.com/politics/dpm-spells-out-plans-for-spore-to-emerge-stronger-after-crisis
https://www.channelnewsasia.com/news/singapore/covid-19-singapore-emerge-stronger-society-heng-swee-keat-12854738

Securing jobs top priority, most urgent task: DPM Heng
Safeguarding jobs, and creating better ones, is the Government’s top priority. Deputy Prime Minister and Finance Minister Heng Swee Keat yesterday made this plain when he said that the Government is doing its best to help viable businesses to stay afloat, so they can hold on to their workers for as long as possible.
https://www.straitstimes.com/politics/securing-jobs-top-priority-most-urgent-task-dpm
https://www.straitstimes.com/singapore/industry-led-alliances-formed-to-generate-jobs

Series of dialogues with Singaporeans on impact of crisis, ideas for improvements
To provide a platform for Singaporeans to reflect on their experiences during the pandemic, and hear from them on potential action to improve society, the Government will start a series of dialogue sessions, said Deputy Prime Minister Heng Swee Keat yesterday.
https://www.straitstimes.com/politics/series-of-dialogues-with-singaporeans-on-impact-of-crisis-ideas-for-improvements

Singapore’s tech readiness gave it head start amid Covid-19 crisis: Vivian
Singapore’s technology preparedness gave the Republic “a head start” in responding to acute needs when the Covid-19 pandemic erupted earlier this year, said Minister-in-charge of the Smart Nation Initiative Vivian Balakrishnan.
https://www.straitstimes.com/singapore/spores-tech-readiness-gave-it-head-start-amid-crisis-vivian
https://www.straitstimes.com/singapore/investments-in-tech-people-boost-spores-resilience-amid-china-us-tussle

Singapore ready to work with Malaysia on cross-border travel
Singapore is prepared to work with Malaysia to address the needs of cross-border travellers, including short-term business and official travellers, as well as citizens who had been commuting between both countries.
https://www.straitstimes.com/asia/se-asia/singapore-ready-to-work-with-malaysia-on-cross-border-travel

Private sector welcome to improve on TraceTogether app
If private sector developers want to tinker with the building blocks of contact tracing app TraceTogether, or can come up with innovative ways to popularise it, they will be encouraged to do so. In an interview with The Straits Times, Minister-in-charge of the Smart Nation Initiative Vivian Balakrishnan said…
https://www.straitstimes.com/singapore/private-sector-welcome-to-improve-on-tracetogether-app

Hackers planning phishing attack with fake MOM e-mails, warns cybersecurity firm
The targets are in six countries whose governments have announced fiscal support to individuals and businesses in light of the pandemic: Singapore, Japan, South Korea, India, the US and the UK.
https://www.businesstimes.com.sg/technology/hackers-planning-phishing-attack-with-fake-mom-e-mails-warns-cybersecurity-firm
https://www.straitstimes.com/singapore/mom-warns-of-phishing-scam-using-fake-e-mail-address

Contamination by Covid-19 patients peaks during first week of illness: Study
A new study by the National Centre for Infectious Diseases (NCID) has found that the ability of Covid-19 patients to contaminate their environment with the coronavirus peaks during the first week of their illness, but falls significantly afterwards.
https://www.straitstimes.com/singapore/health/contamination-by-patients-peaks-during-first-week-of-illness-study

Pandemic accelerating in new, dangerous phase: WHO
He said almost half of those cases were reported from the Americas, with large numbers also being reported from South Asia and the Middle East. “The world is in a new and dangerous phase. Many people are understandably fed up with being at home. Countries are understandably eager to open up their societies and economies,” he said.
https://www.straitstimes.com/world/united-states/pandemic-accelerating-in-new-dangerous-phase-who
*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