DAILY NEWS

Daily News – 24 Jun 2020 (Wed)

Singapore Real Estate

Govt cuts private housing supply from confirmed land sale sites due to Covid-19 fallout
Singapore – The supply of private residential housing from confirmed sites under the government land sales (GLS) programme for the second half of 2020 has been reduced to take into account the fallout from the global Covid-19 situation, the Ministry of National Development (MND) announced on Wednesday morning (June 24).
https://www.straitstimes.com/business/property/govt-cuts-private-housing-supply-from-confirmed-land-sale-sites-due-to-covid-19

S-Reits’ valuations close to long-term mean, but analysts still see value in sector
Singapore real estate investment trusts (S-Reits) have rebounded 38 per cent from their March lows and are now trading closer to their long-term mean valuation, according to a research report by RHB, which maintained an “overweight” rating on the sector.
https://www.businesstimes.com.sg/companies-markets/s-reits-valuations-close-to-long-term-mean-but-analysts-still-see-value-in-sector

Singapore Economy

May consumer inflation negative again amid Covid-19 curbs
The deflation in key consumer prices persisted in May, as the novel coronavirus pandemic kept all costs subdued except for food items. Singapore has since emerged from a two-month quasi-lockdown, but economists are unsure whether inflation will pick up in the next six months.
https://www.businesstimes.com.sg/government-economy/may-consumer-inflation-negative-again-amid-covid-19-curbs
https://www.straitstimes.com/business/economy/core-overall-inflation-both-stay-negative-in-may

RCEP trade deal set to be inked this year; door remains open for India
Singapore and other stakeholders have reiterated that they plan to sign the Regional Comprehensive Economic Partnership (RCEP) mega-trade deal this year, even as the deadly novel coronavirus pandemic throws the global economy into disarray.
https://www.businesstimes.com.sg/government-economy/rcep-trade-deal-set-to-be-inked-this-year-door-remains-open-for-india
https://www.straitstimes.com/business/economy/spore-other-countries-reaffirm-commitment-to-sign-rcep-this-year

Companies’ Brief

Banyan Tree expects net loss for H1 due to Covid-19 pandemic
Resort group Banyan Tree Holdings said in a regulatory filing on Tuesday that its hotel business continues to be negatively impacted on the back of border controls and travel restrictions imposed as a result of the Covid-19 pandemic.
https://www.businesstimes.com.sg/companies-markets/banyan-tree-expects-net-loss-for-h1-due-to-covid-19-pandemic

Mapletree Industrial Trust raises $410m from upsized placement at top end of price range
Singapore (The Business Times) – The manager of Mapletree Industrial Trust (MIT) on Wednesday (June 24) said its private placement equity fundraising exercise was 8.2 times covered at an issue price of $2.80 – the top end of its issue price range of $2.732 to $2.80.
https://www.straitstimes.com/business/companies-markets/mapletree-industrial-trust-raises-410m-from-upsized-placement-at-top-end
https://www.businesstimes.com.sg/companies-markets/mapletree-industrial-trust-raises-s410m-from-upsized-placement-at-top-end-of-price
https://www.businesstimes.com.sg/companies-markets/mapletree-industrial-trust-to-buy-remaining-60-stake-in-14-data-centres-for

Oxley selling units at former Chevron House for $315m
Oxley Holdings and Oxley Beryl, which owns the former Chevron House, are selling the retail and commercial units in the development for around $315 million. The retail strata lots at levels B2, B1, one and two will be sold for $192.7 million, excluding applicable goods and services tax and subject to any tenancies and licences, to Siriti R.
https://www.straitstimes.com/business/companies-markets/oxley-selling-units-at-former-chevron-house-for-315m

Corporate digest
https://www.businesstimes.com.sg/companies-markets/corporate-digest-1161

Views, Reviews, Forum & Others

CFOs play crucial role in surviving Covid-19 crisis
IN RECENT years, chief financial officers (CFOs) have been called upon to do many things. They have stepped beyond their traditional technical finance functions, embracing technology and innovations to partner chief executive officers (CEOs) and boards on strategic issues.
https://www.businesstimes.com.sg/opinion/cfos-play-crucial-role-in-surviving-covid-19-crisis

Dialogues for a post-Covid-19 future
The coronavirus pandemic is likely to prove to be a watershed in contemporary Singapore. The Great Depression and the Japanese invasion and occupation were fundamental markers of national history which determined the experience and memory of life in Singapore for current and future generations
https://www.straitstimes.com/opinion/st-editorial/dialogues-for-a-post-covid-19-future

Singapore goes to polls on July 10 in an election ‘like no other’
Singapore will go to the polls on Friday July 10 – a public holiday – in a General Election (GE) that will see 93 seats in 31 constituencies up for contest, with as many as 2.65 million Singaporeans voting.
https://www.businesstimes.com.sg/government-economy/singapore-goes-to-polls-on-july-10-in-an-election-like-no-other
https://www.straitstimes.com/singapore/parliament-dissolved-polling-day-set-for-july-10

Singapore’s electoral system
President Halimah Yacob, on the advice of Prime Minister Lee Hsien Loong, dissolved Singapore’s 13th Parliament on June 23. Nomination Day is set for June 30, and over 2.65 million voters are eligible to cast their ballots on Polling Day on July 10.
https://www.businesstimes.com.sg/infographics/singapores-electoral-system-0

GE2020 battleground
https://www.businesstimes.com.sg/infographics/ge2020-battleground