DAILY NEWS

Daily News – 25 Feb 2021 (Thu)

Singapore Real Estate

JTC launches Woodlands Industrial Park site for application
JTC on Tuesday launched one site for application under the first half of the 2021 industrial government land sales (IGLS) programme, announced the government agency on Wednesday. The launch is part of the government’s efforts to offer more choices for industrial development. Located at Woodlands Industrial Park E7/E8, the site has a 30-year tenure and site area of 0.77 hectare.
https://www.businesstimes.com.sg/real-estate/jtc-launches-woodlands-industrial-park-site-for-application

Companies’ Brief

CapitaLand ups payout ratio despite deep revaluation losses on malls
Hefty impairments and revaluation losses, including for ION Orchard and Jewel Changi Airport, pushed CapitaLand into its first full-year net loss in almost two decades. The non-cash items, which largely stemmed from pandemic-related extraordinary events, also led to the property behemoth falling into the red for the second half of 2020 with a net loss of S$1.67 billion, from a S$1.26 billion profit a year ago.
https://www.businesstimes.com.sg/companies-markets/capitaland-ups-payout-ratio-despite-deep-revaluation-losses-on-malls
https://www.straitstimes.com/business/companies-markets/capitaland-sinks-into-red-with-167b-loss-in-h2

OUE posts S$343.4m loss for FY2020
OUE Limited posted a net loss of S$343.4 million for the year ended Dec 31, 2020, a reversal from the S$255.2 million net profit it reported in FY2019. The property player attributed this to overall net fair-value losses recognised on investment properties of approximately S$435.4 million, as well as impairment losses on property, plant and equipment and intangible assets. In particular, it recorded a S$298.9 million fair-value loss on the disposal of the US Bank Tower in Los Angeles, California.
https://www.businesstimes.com.sg/companies-markets/oue-posts-s3434m-loss-for-fy2020

Cromwell E-Reit to raise some 90m euros in proposed private placement
The manager of Cromwell European Real Estate Investment Trust (Cromwell E-Reit) on Wednesday proposed a private placement of between 200 million and 209.3 million new units, at an issue price of 43 to 45 euro cents per new unit, to raise at least 90 million euros (S$144.3 million) in gross proceeds.
https://www.businesstimes.com.sg/companies-markets/cromwell-e-reit-to-raise-some-90m-euros-in-proposed-private-placement

S-Reits may gain if China citizens allowed to invest in securities abroad
Singapore’s real estate investment trusts (S-Reits) could benefit if China changes its rules to allow its citizens to invest in overseas equities.The mainland is considering easing capital controls to allow its citizens to invest in overseas securities and insurance products, a senior foreign exchange official said last Friday.
https://www.businesstimes.com.sg/companies-markets/s-reits-may-gain-if-china-citizens-allowed-to-invest-in-securities-abroad

Views, Reviews, Forum & Others

The rise of intangibles and innovation
In this year’s Budget, Deputy Prime Minister and Finance Minister Heng Swee Keat signalled Singapore’s response to the post-pandemic economic landscape, which he noted is significant for the shift from physical to digital ways of transacting across borders, and the shift from tangible to intangible asset value creation as a pathway to economic growth. The reference to intangible assets is an important and progressive one and demonstrates Singapore’s grasp of the post-pandemic economic opportunity and the future of trade and enterprise regionally and beyond.
https://www.businesstimes.com.sg/opinion/the-rise-of-intangibles-and-innovation

Expanding the progressive wage model
The progressive wage model (PWM) is becoming an increasingly significant feature of the Singapore economy. Developed by unions, employers and the Government, it lays out the minimum wages that employers need to pay workers based on their individual skill levels. To move up the wage ladder, workers would need to attend skills courses to upgrade themselves.
https://www.straitstimes.com/opinion/st-editorial/expanding-the-progressive-wage-model

Does the Covid-19 vaccine stop transmission?
The purpose of the Covid-19 vaccines is to prevent death and serious health complications that strain our overburdened healthcare system. All the vaccines authorised for emergency use do this, and their safety and effectiveness in clinical trials have surpassed expectations. But most people, quite understandably, want to know something more: Will being vaccinated stop the spread of Covid-19 so they can socialise outside their bubbles and dine indoors with abandon?
https://www.businesstimes.com.sg/opinion/does-the-covid-19-vaccine-stop-transmission

Enabling Singapore’s youths to adapt in an era of climate change
In its 2020 government budget, Singapore committed close to S$1 billion for climate change mitigation and adaptation efforts. Key strategic measures to build a low carbon economy included quadrupling solar energy production by 2025; phasing out internal combustion engine vehicles by 2040; actively investing in low-carbon solutions; and promoting green financing through a US$2 billion Green Investments Programme. The climate matter is of utmost importance not least because Singapore is heating up twice as fast as the rest of the world…
https://www.businesstimes.com.sg/opinion/enabling-singapores-youths-to-adapt-in-an-era-of-climate-change

Singapore Budget 2021

Call to build bigger flats amid rise in numbers working from home
A rethink of Singapore’s approach to manpower, housing and work culture is needed, given the Covid-19-induced rise in telecommuting and how employees can work from anywhere, said MPs. Mr Melvin Yong (Radin Mas), assistant secretary-general of labour movement National Trades Union Congress, told Parliament that the ability to work from anywhere will increase competition for jobs and Singapore needs to prepare for it.
https://www.straitstimes.com/singapore/call-to-build-bigger-flats-amid-rise-in-numbers-working-from-home

Budget debate: MPs seek more support, protection for workers as economy restructures
Singaporeb- As Singapore gears up to restructure its economy amid an uncertain global environment, MPs on Wednesday (Feb 24) called for stronger protections and support for local workers to help them navigate shifts taking place in the wake of Covid-19. The first day of debate on the $107 billion Budget saw 30 MPs speak, including nine from the labour movement who touched on expanding a wage ladder to lift wages of the lowest-paid…
https://www.straitstimes.com/singapore/budget-debate-mps-seek-more-support-protection-for-workers-as-economy-restructures

Tackling inequality and ageism, and a case for more transparency
Singapore – Each year, Budget debates follow a time-honoured ritual: Both sides of the House acknowledge what is good about the measures announced, then proceed to throw elbows over the adequacy and effectiveness of each measure. Workers’ Party chief Pritam Singh fired the first salvo on Wednesday (Feb 24) as Leader of the Opposition.
https://www.straitstimes.com/singapore/politics/tackling-inequality-and-ageism-and-a-case-for-more-transparency

Investment in grads, green economy, SMEs in procurement feature in debate
The start of the three-day debate on Budget 2021 saw lawmakers from both sides of the House discuss a wide range of issues, from calling for greater investment in Singaporean graduates and talents to ways to give local businesses a leg-up and help them leverage opportunities in the growing green economy. Tan Wu Meng (Jurong GRC) called on the government to increase investments in research.
https://www.businesstimes.com.sg/government-economy/singapore-budget-2021/investment-in-grads-green-economy-smes-in-procurement
https://www.straitstimes.com/singapore/politics/support-local-firms-to-seize-green-opportunities-mps
https://www.straitstimes.com/singapore/politics/investing-in-local-talent-benefits-firms-in-the-long-run-lawmakers

MP moots law to tackle hiring bias, protect local workers
Tougher measures are needed to strengthen the Singaporean core of the workforce, said labour MP Patrick Tay, citing anti-discrimination legislation as an example. He added that there remain concerns on the ground that reliance on foreign professionals has led to an unnecessary increase in competition in the job market.
https://www.straitstimes.com/singapore/politics/mp-moots-law-to-tackle-hiring-bias-protect-local-workers

Update on COVID-19 (Coronavirus Disease 2019) Situation

SIA crew member’s maid is sole new case in community
A maid employed by a couple who tested positive for the coronavirus – a Singapore Airlines (SIA) cabin crew member and her husband – has also tested positive for the infection, said the Ministry of Health (MOH) yesterday. She was the sole community case confirmed by the Health Ministry yesterday. The 35-year-old Indonesian woman was quarantined on Feb 9 after being identified as a close contact of the SIA cabin crew member, and tested negative for the virus on the same day.
https://www.straitstimes.com/singapore/sia-crew-members-maid-is-sole-new-case-in-community

China’s Sinovac vaccine arrives in Singapore, but not yet approved for use
[Singapore] Singapore received its first shipment of China’s Sinovac vaccine on Tuesday. However, the product has not yet been authorised for use by the Health Sciences Authority (HSA), said the Health Ministry on Wednesday. In a statement, the ministry said: “Sinovac has started submitting initial data, and HSA is currently awaiting Sinovac’s submission of all the necessary information in order to carry out a thorough scientific assessment of the manufacturing process, safety and efficacy of the vaccine under the Pandemic Special Access Route.”
https://www.businesstimes.com.sg/government-economy/chinas-sinovac-vaccine-arrives-in-singapore-but-not-yet-approved-for-use
https://www.straitstimes.com/singapore/first-batch-of-sinovac-vaccine-arrives-but-it-is-not-approved-yet

Vaccination providers must strictly adhere to protocols
The Ministry of Health (MOH) has instructed vaccination providers to adhere strictly to medical protocols, to ensure staff administering Covid-19 jabs do not repeat the mistake last month that saw a Singapore National Eye Centre (SNEC) employee receive the equivalent of five doses of the Pfizer-BioNTech vaccine. Speaking in Parliament yesterday, Senior Minister of State for Health Janil Puthucheary said that staff administering the vaccine are not allowed to leave their positions before they complete their immediate task.
https://www.straitstimes.com/singapore/health/vaccination-providers-must-strictly-adhere-to-protocols
*For more information, please visit the Ministry of Health (MOH) website atwww.moh.gov.sg and refer to go.gov.sg/mohupdates for updates on the COVID-19 (Coronavirus Disease 2019) situation