DAILY NEWS

Daily News – 24 Nov 2020 (Tue)

Singapore Real Estate

New Bridge Road shophouses up for sale
At least three shophouses on one end of New Bridge Road have been put up for sale this month. The latest to go on the market is a corner conservation shophouse at 11 New Bridge Road, which houses Song Fa Bak Kut Teh’s flagship outlet on the ground floor.
https://www.businesstimes.com.sg/real-estate/new-bridge-road-shophouses-up-for-sale

Semi-detached house near Orchard Road up for tender
A freehold two-storey semi-detached house at 61 Jalan Kelawar has been offered for sale by tender, marketing agent Knight Frank Singapore said on Monday. Offers are expected at around S$7.8 million, which translates to about S$2,529 per square foot (psf) based on the site area of 3,100 square feet (sq ft).
https://www.businesstimes.com.sg/real-estate/semi-detached-house-near-orchard-road-up-for-tender

5-room Toa Payoh BTO flats oversubscribed by 6 times
Undeterred by the high price tag, home seekers rushed for the five-room Build-To-Order (BTO) flats in Toa Payoh (Bidadari) – the most expensive units in this month’s sales launch. As at 5pm yesterday, each of the 144 five-room flats in Bartley Beacon had more than six first-time applicants vying for the unit.
https://www.straitstimes.com/singapore/housing/5-room-toa-payoh-bto-flats-oversubscribed-by-6-times
https://www.businesstimes.com.sg/real-estate/five-room-bto-flats-in-toa-payoh-six-times-oversubscribed

Singapore Economy

Sharp rebound in 2021 won’t take economy to pre-Covid levels: MTI
The Singapore economy is tipped to rebound sharply next year, on the low base from the ongoing recession. But even with Covid-19 vaccines on the horizon, politicians and policymakers here have quashed hopes of a miracle cure, as virus-related global uncertainty still haunts the recovery.
https://www.businesstimes.com.sg/government-economy/sharp-rebound-in-2021-wont-take-economy-to-pre-covid-levels-mti
https://www.straitstimes.com/business/economy/spore-economy-turns-corner-on-long-road-to-recovery

S’pore must adapt to realities of Covid-19 world, says Chan Chun Sing
As Singapore embarks on its long road to recovery, businesses and workers must adapt to the new realities of the Covid-19 world, Trade and Industry Minister Chan Chun Sing said yesterday. The improvement in Singapore’s economy in the third quarter of this year shows that the Republic is on the right path, he said.
https://www.straitstimes.com/business/economy/spore-must-adapt-to-realities-of-covid-19-world-says-chan

Headline, core inflation down in Oct after marginal increases
Singapore’s headline and core inflation both took a surprise deflationary turn in October to -0.2 per cent, after two months of marginal increases, according to Department of Statistics (Singstat) consumer price index (CPI) figures on Monday. Economists had expected both readings to be neutral at zero per cent.
https://www.businesstimes.com.sg/government-economy/headline-core-inflation-down-in-oct-after-marginal-increases
https://www.straitstimes.com/business/economy/singapores-core-and-overall-inflation-shrink-in-october

Productivity grew by 2.8% a year in last decade on capital investments
Labour productivity grew by 2.8 per cent a year from 2009 to 2019, according to a report released on Monday. The rise in real value-added per actual hour worked (AHW) was driven mainly by capital intensity improvements in non-residential construction and research and development (R&D), said economists from the Ministry of Trade and Industry (MTI).
https://www.businesstimes.com.sg/government-economy/productivity-grew-by-28-a-year-in-last-decade-on-capital-investments

Manufacturing to lead recovery but services will pick up in 2021: Analysts
The manufacturing sector will continue to be the main driver of Singapore’s rebound from the coronavirus-induced recession, analysts said yesterday. However, most of the services clusters are likely to recover at a more gradual pace next year.
https://www.straitstimes.com/business/economy/manufacturing-to-lead-recovery-but-services-will-pick-up-in-2021-analysts

US-China trade spat had mixed impact on Singapore exports: MTI
Singapore’s overall domestic exports to China and the United States have remained relatively stable despite tensions between the world’s top two economies, data from the Ministry of Trade and Industry (MTI) has shown.
https://www.businesstimes.com.sg/government-economy/us-china-trade-spat-had-mixed-impact-on-singapore-exports-mti

MAS chief proposes full digitalisation of China-Asean trade route
A land and sea trade route connecting Western China and Asean could be fully digitalised to further promote trade flows, Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), said on Monday.
https://www.businesstimes.com.sg/government-economy/mas-chief-proposes-full-digitalisation-of-china-asean-trade-route

Companies’ Brief

Sabana Reit says ‘no’ to EGM requisition from Quarz Capital, Black Crane
The manager of Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (Sabana Reit) said it will not be convening the extraordinary general meeting (EGM) requisitioned by Quarz Capital and Black Crane Capital.
https://www.businesstimes.com.sg/companies-markets/sabana-reit-says-no-to-egm-requisition-from-quarz-capital-black-crane

Views, Reviews, Forum & Others

Virtual events pose monetisation challenge for MICE industry
With virtual and hybrid events serving as the meetings, incentives, conventions and exhibitions (MICE) industry’s only lifeline in the Covid-19 crisis, companies are grappling with the challenge of turning a profit from these event formats for longer-term survival.
https://www.businesstimes.com.sg/sme/virtual-events-pose-monetisation-challenge-for-mice-industry

Singapore retailers’ reliance on local demand may not be sustainable: Amex
Despite the pandemic, about one in two retailers in Singapore still experienced higher sales from September to October this year than last year, but banking on local demand may not be sustainable. That’s according to an American Express survey released on Monday, of 300 small and medium enterprises (SMEs) in Singapore with annual revenues of S$100 million or less.
https://www.businesstimes.com.sg/sme/singapore-retailers-reliance-on-local-demand-may-not-be-sustainable-amex

Decision to defer travel bubble based on agreed terms: Chan
The joint decision by Singapore and Hong Kong to defer the air travel bubble was based on “clear parameters” that had been set out in the agreement between the two cities, said Trade and Industry Minister Chan Chun Sing yesterday.
https://www.straitstimes.com/asia/decision-to-defer-travel-bubble-based-on-agreed-terms-chan
https://www.straitstimes.com/asia/hk-singapore-bubble-delay-deflates-hopes-of-travel-rebound

A third of home loan borrowers face repayment challenges: poll
Covid-19 was a setback for Singaporeans’ financial health, impacting their ability to pay their housing loans and dragging down their passive income, a survey by OCBC has found. The OCBC Financial Wellness Index, which launched in 2019, has dipped to 61 this year, down from 63, on the back of the pandemic fallout and the resulting global economic slowdown.
https://www.businesstimes.com.sg/companies-markets/a-third-of-home-loan-borrowers-face-repayment-challenges-poll

SingapoRediscovers vouchers can help make domestic tourism a habit
The year-end festive season and school holidays usually see an exodus of well-travelled Singaporeans flying off to spend their holidays – and money – abroad. With the Covid-19 pandemic having clipped their wings, the question is whether enough of these flows will be channelled into Singapore’s domestic sector instead.
https://www.businesstimes.com.sg/opinion/singaporediscovers-vouchers-can-help-make-domestic-tourism-a-habit

SingPass required to redeem SingapoRediscovers vouchers, says STB
Stacking of the S$100 SingapoRediscovers Vouchers will not be permitted, the Singapore Tourism Board (STB) said at a briefing on Monday, adding that Singaporeans will have to use their SingPass to redeem the vouchers.
https://www.businesstimes.com.sg/government-economy/singpass-required-to-redeem-singaporediscovers-vouchers-says-stb

Redeem tourism vouchers online from Dec 1
Singaporeans aged 18 and above will be able to redeem their $100 SingapoRediscovers vouchers and check their balance online from Dec 1, with physical counters to be set up across the island to help those in need of assistance.
https://www.straitstimes.com/singapore/consumer/redeem-tourism-vouchers-online-from-dec-1
https://www.straitstimes.com/singapore/more-choices-with-multiple-redemption-platforms-observers
https://www.straitstimes.com/singapore/consumer/vouchers-can-be-used-for-hotel-stays-local-attractions-and-tours
https://www.straitstimes.com/singapore/consumer/concerns-that-redemption-process-may-be-too-complex-for-some
https://www.businesstimes.com.sg/sme/stb-warns-against-high-redemption-fees-for-singaporediscovers-vouchers

Update on COVID-19 (Coronavirus Disease 2019) Situation

5 new imported cases; no local ones for 13th day
There were five new coronavirus cases confirmed yesterday, all of which were imported. This means there were no new community cases and none from worker’s dormitories for the 13th day in a row. This is the longest stretch without a community case since the first coronavirus case was reported in Singapore on Jan 23.
https://www.straitstimes.com/singapore/health/5-new-imported-cases-no-local-ones-for-13th-day
https://www.channelnewsasia.com/news/singapore/covid-19-nov-23-new-cases-imported-no-local-infections-moh-13619620

S’pore reining in virus, but don’t let guard down yet, say experts
For the past 13 days, there has been zero Covid-19 cases from the dormitories and the community, marking the longest stretch without local cases in Singapore since the pandemic started. Although infectious disease experts say this indicates Singapore’s success in containing the virus amid soaring and resurging cases abroad, they stress that it is not time to get complacent as Covid-19 is not over in the country.
https://www.straitstimes.com/singapore/spore-reining-in-virus-but-dont-let-guard-down-yet-say-experts
*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