DAILY NEWS

Daily News – 23 Oct 2020 (Fri)

Singapore Real Estate

URA private home price index up 0.8% in Q3; rents fall, vacancies rise
The Urban Redevelopment Authority (URA) said on Friday that its private home price index rose 0.8 per cent in the third quarter of this year over the preceding three months. This is identical to the flash estimate released earlier this month. It follows the 0.3 per cent quarter-on-quarter gain in the index in Q2 2020.
https://www.businesstimes.com.sg/real-estate/ura-private-home-price-index-up-08-in-q3-rents-fall-vacancies-rise
https://www.straitstimes.com/business/property/singapore-private-home-prices-rise-by-faster-08-in-q3-rents-dip-05-ura

Singapore office rents fall 4.5% in Q3: URA
Rentals of office space in the central region of Singapore fell 4.5 per cent quarter on quarter in the third quarter of 2020 after remaining flat in the previous quarter. Figures released by the Urban Redevelopment Authority (URA) on Friday also showed that prices of office space in the central region went up 0.2 per cent in Q3 after declining 4.3 per cent in the previous quarter.
https://www.businesstimes.com.sg/real-estate/singapore-office-rents-fall-45-in-q3-ura

Singapore retail rents down 4.5% in Q3, vacancy flat at 9.6%: URA
Rentals of retail space in Singapore’s central region dropped 4.5 per cent quarter on quarter in the third quarter of 2020, after declining 3.5 per cent in the previous quarter. However, the latest data released by the Urban Redevelopment Authority (URA) on Friday also showed that prices of retail space in the central region rose by 2.2 per cent in Q3 2020, after chalking up a 1.5 per cent decrease in the previous quarter.
https://www.businesstimes.com.sg/real-estate/singapore-retail-rents-down-45-in-q3-vacancy-flat-at-96-ura
https://www.straitstimes.com/business/property/rents-for-singapore-retail-and-office-space-fall-45-in-q3-but-their-prices-rise

HDB resales hit 10-year high in Q3 as prices rise 1.5% over quarter
Singapore – The HDB resale market staged a stunning rebound in the third quarter of 2020, with transactions soaring to a 10-year high after diving to their lowest since 2007 in the previous three months. There were 7,787 resale flats transacted in the July to September quarter, a 127.3 per cent rise from 3,426 units in the second quarter, when sales plunged 40 per cent quarter-on-quarter due to the two-month circuit breaker which ended on June 1.
https://www.straitstimes.com/singapore/housing/hdb-resales-hit-10-year-high-in-q3-as-prices-rise-15-over-quarter

Industrial property rents, prices continue slide
The slide in Singapore industrial property rents and prices continued in the third quarter, with the pace of decline gathering pace though occupancy improved, latest figures from JTC Corp show. The industrial land and infrastructure agency said the rise in occupancy was driven by an increase in demand for storage amid a delay in new completions.
https://www.businesstimes.com.sg/real-estate/industrial-property-rents-prices-continue-slide
https://www.straitstimes.com/business/property/industrial-rents-prices-extend-decline-in-3rd-quarter

Another office floor at GB Building for sale, with guide price of S$9.8m
An entire floor of GB Building in Singapore’s central business district has been launched for sale with a guide price of nearly S$9.8 million. Located on the seventh storey of the 143 Cecil Street tower, the sale offering has been renovated and features a regular floor plate with a column-free layout.
https://www.businesstimes.com.sg/real-estate/another-office-floor-at-gb-building-for-sale-with-guide-price-of-s98m

Singapore property agents urged to be ethical, give accurate advice
Property agents in Singapore should be ethical, build trust with consumers and “pay special attention to ensure advice rendered is accurate, measured and takes into consideration the overall economic outlook”. This is even as the industry is exploring new ways of marketing properties and reaching out to consumers online, said Tan Kiat How, Minister of State for National Development.
https://www.businesstimes.com.sg/real-estate/singapore-property-agents-urged-to-be-ethical-give-accurate-advice
https://www.straitstimes.com/singapore/housing/new-guide-standardises-ratings-of-property-agents

Don’t neglect workplace safety amid Covid-19 measures, firms urged
With all the focus on Covid-19 safe management measures as companies resume operations, firms must not forget the fundamentals of workplace safety, said Senior Minister of State for Manpower Zaqy Mohamad yesterday. Ten workplace deaths have been recorded since June 2, he said, with the latest four taking place last month and this. The four cases occurred in high-risk operations.
https://www.straitstimes.com/singapore/dont-neglect-workplace-safety-amid-covid-19-measures-firms-urged

Singapore Economy

Inward-looking policies will have great long-term harm: Iswaran
Free trade agreements (FTAs) took the spotlight on Thursday, as 600 business leaders gathered for the Singapore Business Federation’s (SBF) FTA Day 2020. Participants at the half-day virtual event agreed on the importance of forging resilient supply chains and advancing in the digital economy.
https://www.businesstimes.com.sg/government-economy/inward-looking-policies-will-have-great-long-term-harm-iswaran
https://www.straitstimes.com/business/economy/global-integration-will-help-spore-firms-grow-create-jobs-iswaran

Singapore workers focus on staying relevant in tight job market: poll
Employees in Singapore – especially those who are older – are getting worried about being retrenched or becoming irrelevant in the increasingly uncertain and tight job market. A UOB survey found that nine in 10 of those employed in the city-state believe they will need to reskill or upskill to stay competitive in the post-pandemic world.
https://www.businesstimes.com.sg/government-economy/singapore-workers-focus-on-staying-relevant-in-tight-job-market-poll
https://www.straitstimes.com/business/economy/survey-9-in-10-workers-see-need-to-boost-skills-in-uncertain-job-market

Singapore maritime sector to offer 1,000 traineeships, attachments
Singapore citizens and permanent residents will be able to access 1,000 traineeships, company attachments and training opportunities in the maritime sector in the coming months. These openings will be in the industry’s new growth areas such as automation, digitalisation and supply chain integration.
https://www.businesstimes.com.sg/government-economy/singapore-maritime-sector-to-offer-1000-traineeships-attachments
https://www.straitstimes.com/singapore/1000-traineeships-attachments-on-offer-in-growing-maritime-sector

Companies’ Brief

CMT’s DPU up 1.3% to 3.1 cents as funds retained in H1 are released for distribution
CapitaLand Mall Trust’s (CMT) distribution per unit rose 1.3 per cent to 3.1 Singapore cents for its third quarter ended Sept 30, from 3.06 cents a year ago. The distribution for Q3 2020 included the release of S$36.4 million, or about 78 per cent of the S$46.4 million of taxable income available for distribution retained in H1 2020.
https://www.businesstimes.com.sg/companies-markets/cmts-dpu-up-13-to-31-cents-as-funds-retained-in-h1-are-released-for-distribution

Mapletree Commercial Trust H1 DPU down 9.9% to 4.17 cents
Mapletree Commercial Trust (MCT) has declared a distribution per unit (DPU) of 4.17 Singapore cents for the first half ended Sept 30, down 9.9 per cent from a year ago, said the real estate investment trust (Reit)’s manager on Thursday after market close. Unitholders will receive the distribution on Nov 27.
https://www.businesstimes.com.sg/companies-markets/mapletree-commercial-trust-h1-dpu-down-99-to-417-cents

Suntec Reit Q3 DPU falls 21.9% to 1.848 cents
Suntec Real Estate Investment Trust (Suntec Reit)’s distribution per unit (DPU) fell 21.9 per cent to 1.848 Singapore 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 S$52.2 million, from S$59.7 million.
https://www.businesstimes.com.sg/companies-markets/suntec-reit-q3-dpu-falls-219-to-1848-cents

Views, Reviews, Forum & Others

Stay focused on the economic storm
The debate over a minimum wage, one of the most frequently discussed topics in policy circles, flared up again last week in Parliament and on social media. The Workers’ Party has pushed for a national minimum wage of $1,300 a month, while National Trades Union Congress representatives reiterated their long-held view that such a minimum wage would be unworkable and that the progressive wage model in use here is a better option.
https://www.straitstimes.com/opinion/st-editorial/stay-focused-on-the-economic-storm-0

Travel bubbles are a good start but they are not enough
Singapore’s efforts to open its borders to travellers is certainly moving the country in the right direction. It has recently established a travel bubble with Hong Kong, on top of earlier unilateral openings with New Zealand, Brunei, Vietnam and Australia (excluding Victoria state), allowing travellers from these countries to apply for an Air Travel Pass.
https://www.businesstimes.com.sg/opinion/travel-bubbles-are-a-good-start-but-they-are-not-enough

Coping with Covid, the virus that keeps bugging us
Just as you think you have conquered it, it jumps up again, like a weevil in the rice. Covid-19 is not for early surrender, that is clear. Indeed, it may be heralding a new way of life altogether. Chances are we will be able to go out without a mask one day – but maybe not. Better to see how we can make our lives tolerable and productive even if we are locked in.
https://www.businesstimes.com.sg/leadership-management/coping-with-covid-the-virus-that-keeps-bugging-us

Cyber security threats rise as more work from home: Poll
Businesses in Singapore have seen a significant increase in cyber security challenges as more people work from home amid the Covid-19 pandemic, a survey commissioned by American tech giant Cisco has revealed. Of the nearly 3,200 companies from 21 countries polled in the survey from June 16 to Sept 4, Singapore made the largest shift to remote working in Asia-Pacific.
https://www.straitstimes.com/singapore/cyber-security-threats-rise-as-more-work-from-home-poll

Update on COVID-19 (Coronavirus Disease 2019) Situation

Seven new imported infections and one from workers’ dorm
A one-year-old baby girl was among the eight new coronavirus cases announced yesterday, taking Singapore’s total to 57,941.The girl is a short-term visit pass holder who returned from India, said the Ministry of Health (MOH). She was asymptomatic and confirmed positive on Wednesday.
https://www.straitstimes.com/singapore/health/seven-new-imported-infections-and-one-from-workers-dorm

NCID reviewing conflicting findings on using remdesivir to treat Covid-19
The National Centre for Infectious Diseases (NCID) is actively reviewing the latest conflicting findings surrounding the antiviral drug remdesivir, though the drug remains a treatment option for Covid-19 patients in Singapore. This comes after the World Health Organisation (WHO) published interim results of its Solidarity trial on Oct 15.
https://www.straitstimes.com/singapore/health/ncid-reviewing-conflicting-findings-on-using-remdesivir-to-treat-covid-19
*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