Singapore Real Estate
Contractors seeking legal advice over project delays
Increasingly more contractors worried about penalties for project delays have been contacting lawyers for advice. While many projects are ongoing as there are still construction materials and the shortage of workers from China and Malaysia has not hit every contractor, the worries are mounting.
https://www.businesstimes.com.
Emergency legislation ‘would help builders deal with delays’
The common standard form contracts in use in Singapore do not specifically identify pandemics or acts of foreign governments as amounting to “force majeure” that provide grounds for performance by the contractor to be modified, or relaxed, said Derek Loh, TSMP Law Corp partner.
https://www.businesstimes.com.
Sengkang EC OLÁ sells 30% of units on first weekend
A third of all units in executive condominium (EC) OLÁ in Sengkang have been snapped up within the first weekend of sales on March 22, property developer Anchorvale said in a statement on Monday. One executive said the figures were encouraging despite a lower-than-expected turnout.
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Singapore Economy
Core inflation negative in Feb; MAS to release policy decision on March 30
Singapore’s core inflation turned negative in February for the first time in a decade, prompting economists to expect significant monetary easing, while the Monetary Authority of Singapore (MAS) separately said that its half-yearly monetary policy decision will be released on March 30 instead of in April.
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Singapore economy forecast to shrink by 2%: StanChart
Standard Chartered Bank has joined the chorus of those downgrading Singapore’s economic outlook for the year and tipping it to slide into a recession. The bank expects the economy to shrink by 2 per cent because of the impact of the coronavirus pandemic.
https://www.straitstimes.com/
Singapore, Australia deepen ties with raft of new agreements
Singapore and Australia on Monday signed 10 agreements to advance bilateral cooperation in new areas, including data innovation and the digital economy. Prime Minister Lee Hsien Loong met his Australian counterpart Scott Morrison in a video call for the fifth annual Singapore-Australia leaders’ meeting, after both leaders earlier agreed to meet virtually instead of in person.
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Companies’ Brief
SPH scraps purchase of Canada aged-care assets on Covid-19 ‘instabilities’
Amid the novel coronavirus outbreak, Singapore Press Holdings (SPH) will not be going ahead with its C$232.9 million (S$244.5 million) proposed acquisition of six senior housing properties in Canada. The media and property group, which publishes The Business Times, had announced the deal last month…
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Tiong Seng bags S$227.5m contract for Tan Quee Lan Street condo
Construction group and property developer Tiong Seng Holdings on Monday said it will build a private residential development on Tan Quee Lan Street for S$227.5 million. The mainboard-listed firm’s wholly-owned unit Tiong Seng Contractors was awarded the contract by MTG Apartments and MTG Retail – joint-venture firms formed by GuocoLand and Hong Leong subsidiaries.
https://www.businesstimes.com.
Views, Reviews, Forum & Others
Flexibility without compromising on productivity
Remoted working is often talked about in mainstream front offices, but until recently, rarely executed at scale. In the past month, organisations equipped with the right policies – and an empowered workforce – have transitioned relatively seamlessly in response to immediate needs for social distancing while maintaining business continuity.
https://www.businesstimes.com.
Report shows rising sea levels hitting close to home in S’pore
As the world warms and ice caps melt, global sea levels are rising, including around Singapore. The average sea level around the island today is 14cm above pre-1970 levels, said the Meteorological Service Singapore (MSS) yesterday in its annual climate assessment report.
https://www.straitstimes.com/
Coronavirus: An unprecedented Singapore border closure, in unprecedented times
At the stroke of midnight on Monday, Singapore did something it has never done before – close its borders to tourists and short-term visitors.
https://www.straitstimes.com/
Singapore Budget 2020
US, Singapore roll out more measures to ease pandemic hit
As the Federal Reserve announced on Monday a second wave of stimulus to support the US economy, Singapore will also see a supplementary Budget being delivered on Thursday afternoon. This comes as both nations attempt to cushion the economic fallout as a result of the Covid-19 pandemic.
https://www.businesstimes.com.
DPM Heng to announce supplementary budget on Thursday
Deputy Prime Minister Heng Swee Keat will present a supplementary budget in Parliament on Thursday and set out a second stimulus package to help workers, businesses and households cope with the coronavirus pandemic.
https://www.straitstimes.com/
Update on COVID-19 (Coronavirus Disease 2019) situation
Action taken against 21 workplaces lacking safe distancing measures
Enforcement action has been taken against 21 workplaces for failing to comply with government advisories on safe distancing measures meant to reduce the risk of Covid-19 transmission, the Ministry of Manpower (MOM) said in a statement yesterday.
https://www.straitstimes.com/
Coronavirus: Incoming travellers must submit online health declaration from Friday
All travellers arriving in Singapore – including citizens, permanent residents and long-term pass holders – must submit an online health declaration before they can be cleared by the immigration authority. To take effect on Friday at 9am, the forms can be submitted by travellers up to three days before they arrive.
https://www.straitstimes.com/
Singapore donates $730,000 to support WHO in virus battle
Singapore is donating US$500,000 (S$730,000) to the World Health Organisation (WHO) in the fight against the coronavirus. Singapore’s Ministry of Foreign Affairs (MFA) said yesterday that the contribution will support the WHO’s Strategic Preparedness and Response Plan for Covid-19.
https://www.straitstimes.com/
Good personal hygiene first line of defence against coronavirus: ST panel discussion
Keeping yourself and your surroundings clean is no longer a matter of preference or being gracious, but the first line of defence against Covid-19, a panel of experts told The Straits Times yesterday.
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*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
Global Economy & Global Real Estate
Dollar down as Fed unveils unprecedented steps to backstop debt
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Whatever it takes: How the Fed aims to rescue the US economy
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Asia stocks rebound after Fed launches limitless spending against coronavirus hit; STI up 4%
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Real estate billionaire Barrack says commercial mortgages on brink of collapse
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Emaar closes bookings at three more Dubai hotels
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Making waves: Barcelona turns shipping containers into affordable homes
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Japan government to offer bleakest economic assessment in nearly 7 years: Nikkei
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Analysts see MAS policy easing; core inflation hits 10-year low
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Additional Articles of Interests – Local & Overseas Real Estate
Local & Overseas Real Estate – Full Article
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