DAILY NEWS

Daily News – 24 Sep (Thu)

Singapore Real Estate

Buyer fails to extend due diligence for ABI Plaza
Attempts to sell two office towers – ABI Plaza in Tanjong Pagar and PIL Building in Cecil Street – have hit a snag. In the case of ABI Plaza, a private fund managed by CapitaLand that was doing exclusive due diligence with a view to buying the 12-storey freehold block did not enter into a deal when the exclusivity period ended last Friday .
https://www.businesstimes.com.sg/real-estate/buyer-fails-to-extend-due-diligence-for-abi-plaza

Singapore firm launches S$52m fund for student accommodation in the UK
Despite Covid-19 showing no signs of abating in the UK – with the country experiencing a second wave of infections and several cities plunging back into lockdowns – a Singapore-based private equity firm has set its sights on the student accommodation sector there.
https://www.businesstimes.com.sg/real-estate/singapore-firm-launches-s52m-fund-for-student-accommodation-in-the-uk

Singapore Economy

Singapore brand has cachet, but what values should it embody?
What does the Singapore brand stand for, and can it carry all industries who wear this label? There is undoubtedly cachet in it. Businesses looking to gain a foothold and expand overseas often talk about leveraging the qualities associated with the Singapore brand – the hardworking people, adherence to and promotion of standards, protection of intellectual property rights and trustworthiness, among others.
https://www.businesstimes.com.sg/government-economy/singapore-brand-has-cachet-but-what-values-should-it-embody

Singapore deflationary pressure eases in August
Deflationary pressures are likely to persist for the rest of this year, although the pace of decline has slowed, according to economists. Data from the Department of Statistics on Wednesday showed that Singapore’s core inflation, which excludes private road transport and accommodation costs, for August came in at -0.3 per cent, compared to July’s decade-low -0.4 per cent.
https://www.businesstimes.com.sg/government-economy/singapore-deflationary-pressure-eases-in-august
https://www.straitstimes.com/business/economy/core-inflation-stays-negative-but-eases-slightly-in-august

Singapore households see asset growth of 5% in first half 2020
Singapore households are estimated to have seen asset growth of 5 per cent in the first six months of the year, despite the ravages of Covid-19. The latest edition of the Allianz Global Wealth Report found that following a disciplined savings approach, “it seems as if Singaporean households might also be able to weather the pandemic crisis in 2020”.
https://www.businesstimes.com.sg/banking-finance/singapore-households-see-asset-growth-of-5-in-first-half-2020

Singapore-Shandong trade rises to $4.1b in first 8 months of 2020
“Singapore and Shandong can build on this momentum and further strengthen our collaboration in the areas of trade and connectivity, modern services, sustainability and people-to-people exchanges,” Mr Chee said after his dialogue with Shandong provincial party secretary Liu Jiayi at the Shandong-Asean Cross Border Business Connect event on Tuesday.
https://www.straitstimes.com/business/economy/singapore-shandong-trade-rises-to-41b-in-first-8-months-of-2020

Companies’ Brief

Fragrance Group to get new CFO on Nov 2
Mainboard-Listed property player Fragrance Group is headed for a change of chief financial officer (CFO), as the present occupant of the role is resigning. Chen Loong Mey, 43, will step down on Oct 12 to pursue other opportunities, the board said in a bourse filing on Wednesday. She has been CFO since Aug 2017.
https://www.businesstimes.com.sg/companies-markets/fragrance-group-to-get-new-cfo-on-nov-2

GuocoLand to sell Shanghai building at post-tax loss in 610m yuan deal
Mainboard-Listed developer GuocoLand is selling a building in Shanghai in a loss-making deal inked on Wednesday, the company has disclosed. Wholly-owned Shanghai Xinhaolong Property Development Co will sell the former Guoson Mall, which is part of the Guoco Changfeng City project, for 610 million yuan (S$124.3 million) in cash to third-party buyer Shanghai Changfeng Investment (Group) Co.
https://www.businesstimes.com.sg/companies-markets/guocoland-to-sell-shanghai-building-at-post-tax-loss-in-610m-yuan-deal

Keppel, DBS in tie-up to boost digital services
Blue-chip companies Keppel Corp and DBS Bank will jointly explore new digital opportunities to improve services to customers. Their plans unveiled last night include banking solutions that tap Keppel-owned telco M1’s 5G wireless technology, as well as digital supply chain financing for Keppel’s supplier ecosystem.
https://www.straitstimes.com/business/companies-markets/keppel-dbs-in-tie-up-to-boost-digital-services

LHN takes 40% stake in Bukit Timah Shopping Centre car park for S$16.2m
Catalist-listed LHN Ltd, a real estate management service provider, has inked a deal to buy the car park of Bukit Timah Shopping Centre for S$16.2 million, through a 40 per cent stake in a joint-venture (JV) company set up on Wednesday. The leasehold property has 381 parking spaces, with a remaining tenure of 862 years.
https://www.businesstimes.com.sg/companies-markets/lhn-takes-40-stake-in-bukit-timah-shopping-centre-car-park-for-s162m

Neo Group defends property foray ahead of shareholder vote
Catalist-listed Neo Group is heading into the property business for new and recurring revenue streams, even as it is still looking for opportunities in its core catering and food manufacturing business. That’s according to a statement by the board, ahead of Neo Group’s annual general meeting and extraordinary general meeting on Thursday.
https://www.businesstimes.com.sg/companies-markets/neo-group-defends-property-foray-ahead-of-shareholder-vote

EHT scrapping all master leases after ‘multitude of defaults’
Troubled Eagle Hospitality Trust (EHT) has issued notices of termination of master lease agreements (MLAs) to the master lessees of all its 18 properties, describing the current arrangement as “unviable”. The termination is slated to occur 10 days after the delivery of the notices, said the stapled group’s managers on Wednesday.
https://www.businesstimes.com.sg/companies-markets/eht-scrapping-all-master-leases-after-multitude-of-defaults
https://www.straitstimes.com/business/companies-markets/eagle-hospitality-trust-to-scrap-master-leases

Views, Reviews, Forum & Others

Limits of digital upskilling, reskilling
While nobody knows how long it will take for the global economy to recover from the impact of the pandemic, many observers predict that firms will accelerate their efforts to digitalise, automate and downsize, thereby hampering a job market that was already showing signs of weakness before the crisis.
https://www.straitstimes.com/opinion/limits-of-digital-upskilling-reskilling-0

Human links still tops for financial advisers to thrive
Far from being the year of hindsight, 2020 has quickly become the watershed moment as the world gazes uncertainly into the future. The Covid-19 pandemic has led to unprecedented challenges, but it has also seen great innovations as companies adapt their business model to a new environment.
https://www.businesstimes.com.sg/opinion/human-links-still-tops-for-financial-advisers-to-thrive

8 in 10 see Singapore going cashless in a decade: StanChart survey
Nearly 80 per cent of survey respondents in Singapore expect the country to go fully cashless in the next decade, a survey by Standard Chartered (StanChart) has found. It comes as Singapore consumers are shifting towards online banking and online shopping amid the coronavirus pandemic, while also pivoting to better money management and mindful spending.
https://www.businesstimes.com.sg/banking-finance/8-in-10-see-singapore-going-cashless-in-a-decade-stanchart-survey

IMDA partners DBS, OCBC, UOB on e-invoicing
The Infocomm Media Development Authority (IMDA) has partnered DBS, OCBC and UOB to develop banking solutions, leveraging nationwide e-invoicing network InvoiceNow and the PayNow e-payment system.
https://www.businesstimes.com.sg/banking-finance/imda-partners-dbs-ocbc-uob-on-e-invoicing
https://www.straitstimes.com/tech/firms-can-now-use-paynow-to-settle-e-invoices

Update on COVID-19 (Coronavirus Disease 2019) Situation

12 new Covid-19 cases here, including one in community
Twelve new coronavirus cases were confirmed yesterday, taking Singapore’s total to 57,639. They included one community case who is a work permit holder, said the Ministry of Health (MOH). He is a 31-year-old Bangladeshi who was confirmed to be positive on Tuesday.
https://www.straitstimes.com/singapore/health/12-new-covid-19-cases-here-including-one-in-community

Trial to let top execs skip stay-home notice, take Covid-19 test instead
Senior executives in Singapore who need to travel regularly for official purposes may be able to get a business travel pass under a pilot programme, the Singapore authorities said on Wednesday as they announced a gradual easing of Covid-19 control measures that will also allow annual general meetings to be held.
https://www.businesstimes.com.sg/government-economy/trial-to-let-top-execs-skip-stay-home-notice-take-covid-19-test-instead
https://www.straitstimes.com/singapore/health/business-travel-pass-being-piloted-for-senior-execs-in-spore

More allowed to return to workplaces from Sept 28
More activities will resume in the coming weeks and businesses will be able to run their operations more smoothly since Singapore has managed to keep the number of Covid-19 cases in the community relatively low, said Health Minister Gan Kim Yong yesterday. In the most significant easing of restrictions at workplaces since the circuit breaker was imposed in April, more employees will be allowed to return to the office from next Monday.
https://www.straitstimes.com/singapore/more-allowed-to-return-to-workplaces-from-sept-28

Most Singapore employers to retain flexi-work arrangements even post-Covid: survey
Flexible working arrangements will be a mainstay at most companies in Singapore even after the coronavirus pandemic is over, according to a new report released on Tuesday by RGF International Recruitment.
https://www.businesstimes.com.sg/government-economy/most-singapore-employers-to-retain-flexi-work-arrangements-even-post-covid-survey

Seminars, retreats and AGMs at workplaces get green light
Work-related events that take place in the office – such as seminars, corporate retreats and annual general meetings – have been given the green light to go ahead as long as safe management measures are in place. However, large-scale social gatherings, including team bonding and dinner and dance events, remain prohibited both in and outside the workplace, said Education Minister Lawrence Wong yesterday…
https://www.straitstimes.com/singapore/seminars-retreats-and-agms-at-workplaces-get-green-light

Covid-19 case numbers in dorms should fall as testing goes on: Lawrence Wong
The number of cases in dormitories should continue to fall as workers undergo multiple cycles of tests, Education Minister Lawrence Wong said at a virtual press conference yesterday. Mr Wong, who co-chairs the multi-ministry task force tackling Covid-19, was responding to a question on whether it would be possible to see zero cases among foreign workers soon.
https://www.straitstimes.com/singapore/health/case-numbers-in-dorms-should-fall-as-testing-goes-on-lawrence-wong
https://www.straitstimes.com/singapore/health/more-frequent-tests-at-one-dorm-in-trial-to-detect-cases-sooner

Drivers, stallholders, food delivery staff test negative for coronavirus so far
All drivers, stallholders and food delivery personnel who have participated in voluntary testing exercises have tested negative for Covid-19 so far, said Health Minister Gan Kim Yong yesterday. They include the more than 10,000 taxi and private-hire car drivers, as well as the more than 750 stallholders and food delivery personnel, who were tested earlier this month.
https://www.straitstimes.com/singapore/health/drivers-stallholders-food-delivery-staff-test-negative-for-virus-so-far
*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