DAILY NEWS

Daily News – 22 Oct 2020 (Thu)

Singapore Real Estate

Shophouse blitz: Tiong Bahru, River Valley, Bugis assets up for grabs
A slew of shophouses in Singapore have been put up for sale or have been transacted this week, as the market heats up after a months-long lull from pandemic-related restrictions. Freshly launched properties include shophouses in Tiong Bahru, River Valley, Bugis and Telok Ayer.
https://www.businesstimes.com.sg/real-estate/shophouse-blitz-tiong-bahru-river-valley-bugis-assets-up-for-grabs
https://www.straitstimes.com/business/property/buyers-flocking-back-into-spore-shophouse-market

Council for Estate Agencies to have three new members from Oct 22
The Council for Estate Agencies (CEA) will have three new council members with effect from Oct 22, the Ministry of National Development (MND) and CEA said in a joint press statement on Wednesday. The new members are LVM Law Chambers Senior Counsel and managing director Lok Vi Ming, Edmund Tie & Company (SEA) chief executive officer (CEO) and key executive officer Ong Choon Fah and Thomas Tan, Singapore Estate Agents Association president and Life Mastery Academy chief learning officer.
https://www.businesstimes.com.sg/real-estate/council-for-estate-agencies-to-have-three-new-members-from-oct-22

Singapore Economy

Asean must keep trade flowing to beat coronavirus: Koh Poh Koon
There is a need to keep global trade flowing to ensure the supply of essential goods and services in order to overcome the Covid-19 crisis, said Senior Minister of State for Health Koh Poh Koon yesterday. He added that member states of regional organisation Asean need to work together “to show the world that we are open for business”, and emphasised that countries must cooperate to uphold a rules-based global trading system and maintain supply-chain connectivity in these difficult times.
https://www.straitstimes.com/singapore/asean-must-keep-trade-flowing-to-beat-virus-koh

I4.0 solutions key for businesses to stay ahead amid global uncertainty
Businesses in the manufacturing sector are more actively undertaking upgrading and transformation projects, as they leverage Industry 4.0 solutions to enhance workplace safety and resilience. Enterprise Singapore (ESG) has worked with enterprises in the manufacturing sector on over 1,300 projects to upgrade and transform their businesses from January to August 2020.
https://www.businesstimes.com.sg/government-economy/i40-solutions-key-for-businesses-to-stay-ahead-amid-global-uncertainty

JTC, SBF to work together to help firms in Industry 4.0 journey
JTC and the Singapore Business Federation (SBF) will work together to support manufacturers – particularly small and medium-sized enterprises (SMEs) – in their Industry 4.0 journeys, under the new JTC-SBF Industry Transformation Initiative.
https://www.businesstimes.com.sg/government-economy/jtc-sbf-to-work-together-to-help-firms-in-industry-40-journey
https://www.straitstimes.com/business/economy/sbf-jtc-partnership-to-help-firms-adopt-smart-solutions

Over half of SMEs blame digitalisation delay on virus
While many small and medium-sized enterprises (SMEs) here have strategies in place to go digital, the take-up rate has been slow with firms blaming Covid-19 for causing delays in their digitalisation plans. This is in stark contrast to the belief that the outbreak has fast-tracked digitalisation for many companies, a study by the Association of Small and Medium Enterprises (ASME) and tech giant Microsoft showed.
https://www.straitstimes.com/singapore/over-half-of-smes-blame-digitalisation-delay-on-virus-0

Some nightlife businesses struggle, with no end in sight
Kloud Karaoke Lounge has not been able to reopen for about half a year since the two-month circuit breaker that started in April, on account of government concerns that nightlife settings such as clubs and karaoke lounges are high-risk areas for Covid-19 to spread.
https://www.straitstimes.com/singapore/some-nightlife-businesses-struggle-with-no-end-in-sight

Regional hub for US dairy exports launched in S’pore
The United States Dairy Export Council virtually launched its new centre at Singapore’s Robertson Quay yesterday. It will serve as the regional hub for US dairy exports, further solidifying Singapore as the US dairy industry’s base in the area.
https://www.straitstimes.com/singapore/regional-hub-for-us-dairy-exports-launched-in-spore

Companies’ Brief

CapitaLand Mall Trust posts 1.3% rise in Q3 DPU to 3.1 cents
Singapore (The Business Times) – CapitaLand Mall Trust’s (CMT) distribution per unit rose 1.3 per cent to 3.1 cents for its third quarter ended Sept 30, from 3.06 cents a year ago. The distribution for Q3 2020 included the release of $36.4 million, or about 78 per cent of the $46.4 million of taxable income available for distribution retained in H1 2020.
https://www.straitstimes.com/business/companies-markets/capitaland-mall-trust-posts-13-rise-in-q3-dpu

CDL director Kwek Leng Peck quits over differences with board
In one of the most stunning corporate developments at City Developments in its more than 50-year history, its non-executive and non-independent director Kwek Leng Peck left the property giant on Monday, citing his disagreements with the board and management on the group’s investment in a Chinese property group and its management of its British hotel arm.
https://www.businesstimes.com.sg/companies-markets/cdl-director-kwek-leng-peck-quits-over-differences-with-board
https://www.straitstimes.com/business/companies-markets/cdl-director-quits-after-clash-with-board-management

Frasers Centrepoint Trust S$759.7m preferential offering fully subscribed
Frasers Centrepoint Trust’s (FCT) preferential offering to raise about S$759.7 million in gross proceeds has been fully subscribed, the manager said in a bourse filing late on Wednesday. Valid acceptances and excess applications stood at about 460.4 million, 1.4 times the total number of preferential offering units available.
https://www.businesstimes.com.sg/companies-markets/frasers-centrepoint-trust-s7597m-preferential-offering-fully-subscribed

Keppel completes investment in Mumbai township JV
Keppel Corp’s wholly-owned subsidiary Lipalton has completed its investment into Kapstone Constructions, and now holds 49 per cent of the latter’s total voting rights. Kapstone is Lipalton’s joint venture (JV) with Indian developer Rustomjee Group, to develop the 51.4 hectare Urbania integrated township in the Thane district of Mumbai.
https://www.businesstimes.com.sg/companies-markets/keppel-completes-investment-in-mumbai-township-jv

Keppel Infrastructure Trust’s DCF down 18.8% in Q3
Keppel Infrastructure Trust (KIT) announced on Wednesday that its distributable cash flow (DCF) fell 18.8 per cent to S$45.2 million in its third quarter. In a business update released after trading hours, it attributed the drop mostly to a fall in DCF for the distribution and network sector, which fell 32.9 per cent to S$22.98 million.
https://www.businesstimes.com.sg/companies-markets/keppel-infrastructure-trusts-dcf-down-188-in-q3

Keppel Pacific Oak US Reit’s distributable income up 18.5% in Q3
Keppel Pacific Oak US Reit (KORE) on Wednesday posted distributable income of US$14.7 million for its third quarter, up 18.5 per cent from a year ago. It said in an operational update that gross revenue rose 13.5 per cent to US$34.5 million, while net property income went up 10.8 per cent to US$20.5 million.
https://www.businesstimes.com.sg/companies-markets/keppel-pacific-oak-us-reits-distributable-income-up-185-in-q3-0

MLT placement oversubscribed; preferential offering’s issue price set at S$1.99
Both components of Mapletree Logistics Trust’s equity fund-raising to finance its Asia acquisition spree have been priced at the top ends of their indicative ranges. MLT’s manager on Wednesday said the private placement was about 5.5 times covered, with the issue price fixed at S$2.027 per new unit.
https://www.businesstimes.com.sg/companies-markets/mlt-placement-oversubscribed-preferential-offerings-issue-price-set-at-s199

Suntec Reit Q3 DPU falls 21.9% to 1.848 cents
Singapore (The Business Times) – Suntec Real Estate Investment Trust (Suntec Reit)’s distribution per unit (DPU) fell 21.9 per cent to 1.848 cents for its third quarter ended Sept 30, from 2.365 cents a year ago. This came as distributable income from operations dropped 12.6 per cent year on year to $52.2 million, from $59.7 million.
https://www.straitstimes.com/business/companies-markets/suntec-reit-q3-dpu-falls-219-to-1848-cents

Views, Reviews, Forum & Others

Governments must act as ‘long economic Covid’ looms
Covid-19 has left many patients with debilitating symptoms after the initial infection has cleared. This is “long Covid”. What is true of health is likely to be true of the economy, too. The pandemic is likely to give the world not just a deep recession, but years of debility. To meet the threat of a “long economic Covid”, policy-makers must avoid repeating the mistake of withdrawing support too soon, as they did after the 2008 financial crisis.
https://www.businesstimes.com.sg/opinion/governments-must-act-as-long-economic-covid-looms

Debunking a myth behind secure, affordable, sustainable energy
Singapore ranks among the top countries in the world when it comes to grid sustainability. In fact, in the most recent Global Energy Architecture Performance Index Report published by the World Economic Forum, Singapore was placed 39th among a total of 127 countries on its ability to deliver secure, affordable, and sustainable energy.
https://www.businesstimes.com.sg/opinion/debunking-a-myth-behind-secure-affordable-sustainable-energy

Online shopping looks hot – but 80% of e-tailers are in the red
Online retail may now seem like a sure bet for aspiring retailers, with more consumers buying online amid the coronavirus pandemic, but industry players warn that this segment of retail has more risks than meets the eye, some of which may even be heightened by the pandemic.
https://www.businesstimes.com.sg/consumer/online-shopping-looks-hot-but-80-of-e-tailers-are-in-the-red

Revisiting the progressive v minimum wage debate
The debate in Parliament last week saw the National Trades Union Congress (NTUC) and Workers’ Party (WP) crossing swords on the issue of minimum wage for workers in Singapore. It was not the first time the polarising issue came up for debate in the House, and it is unlikely to be the last.
https://www.straitstimes.com/opinion/revisiting-the-progressive-v-minimum-wage-debate-0

Update on COVID-19 (Coronavirus Disease 2019) Situation

12 new Covid-19 cases in Singapore, all imported
There were 12 new coronavirus cases confirmed yesterday, taking Singapore’s total to 57,933. All of them were asymptomatic. The cases were all imported and comprised nine work permit holders, two dependant’s pass holders and one short-term visit pass holder, said the Ministry of Health (MOH) last night.
https://www.straitstimes.com/singapore/health/12-new-covid-19-cases-in-singapore-all-imported

What to expect with mandatory TraceTogether use
By the end of December, checking in with the TraceTogether app or token will be mandatory at all public venues in Singapore, including restaurants, workplaces, schools and shopping malls. This was announced by the multi-ministry task force tackling Covid-19 on Tuesday, with TraceTogether-only SafeEntry to be rolled out progressively from this month.
https://www.straitstimes.com/singapore/what-to-expect-with-mandatory-tracetogether-use

Weekly audits on bigger dorms to curb coronavirus
Larger dormitories here will be audited at least once a week as part of a new programme to strengthen the implementation of safe living measures and minimise the Covid-19 infection rate in dormitories. The Ministry of Manpower (MOM) said yesterday that a new Infection Prevention and Control programme will be rolled out to all dormitories across the island, aimed at curbing the spread of future infectious diseases in dormitories.
https://www.straitstimes.com/singapore/weekly-audits-on-bigger-dorms-to-curb-virus
*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