DAILY NEWS

Daily News – 25 Sep 2020 (Fri)

Singapore Real Estate

Office sector in Asia-Pacific more resilient than other regions: C&W
The global recession will have a more benign and shorter-lived impact on offices in the Asia-Pacific (Apac) – with the exception of Greater China – than elsewhere in the world, says real estate services firm Cushman & Wakefield. Meanwhile, the region’s office sector will take just a marginal hit from the work-from-home (WFH) phenomenon.
https://www.businesstimes.com.sg/real-estate/office-sector-in-asia-pacific-more-resilient-than-other-regions-cw-0
https://www.straitstimes.com/business/property/asia-pacific-office-leasing-market-more-resilient-to-virus-fallout

Sentosa Cove bungalow buying revs up
Activity in the bungalow market on Sentosa Cove has revved up in the past few months on the back of several demand drivers, including buyers from mainland China. Year to date, at least 10 villas in the waterfront housing district have been transacted – including deals for which buyers have not lodged caveats.
https://www.businesstimes.com.sg/real-estate/sentosa-cove-bungalow-buying-revs-up

Singapore Economy

Singapore’s population dips for first time in 10 years
Singapore’s non-resident population fell 2.1 per cent to 1.64 million, leading to a dip in the total population to 5.69 million in the past year up to June. The Covid-19 pandemic has also led to more overseas Singaporeans returning home, with their numbers falling from 217,200 last year to 203,500 this year.
https://www.businesstimes.com.sg/government-economy/singapores-population-dips-for-first-time-in-10-years
https://www.straitstimes.com/politics/singapore-sees-its-population-fall-for-first-time-in-10-years

Tourism recovery could take three to five years: STB chief
The tourism industry must be prepared for a long winter as international travel could take three to five years to return to pre-pandemic levels, even if a vaccine for the coronavirus is developed soon. But businesses cannot go into hibernation mode if Singapore is to come roaring back as a top destination for high-value tourists when the situation begins to normalise.
https://www.straitstimes.com/singapore/tourism-recovery-could-take-three-to-five-years-stb-chief

Smaller nations urge digitalisation, sustainable recovery
A group of foreign ministers from 30 small and medium countries, including Singapore, on Wednesday stressed the need for the international community to build on the momentum from the Covid-19 pandemic to speed up technological development and digitalisation.
https://www.straitstimes.com/singapore/smaller-nations-urge-digitalisation-sustainable-recovery

Over 80% of investors here remain invested despite Covid-19: Poll
Over 80 per cent of Singapore investors remain invested in the markets even as the value of their portfolios shrank due to the economic fallout from the coronavirus outbreak. This is according to a survey released yesterday by investment management firm Fidelity International of 2,434 investors across four Asian markets – Singapore, China, Hong Kong and Japan – conducted between July 29 and Aug 3.
https://www.straitstimes.com/business/banking/over-80-of-investors-here-remain-invested-despite-covid-19-poll

Companies’ Brief

Even before proposed merger, CCT and CMT have been diversifying: managers
CapitaLand Commercial Trust (CCT) and CapitaLand Mall Trust (CMT) in recent dialogue sessions with unitholders, said that with or without a merger, both real estate investment trusts (Reits) have already been adopting a diversification strategy within their own portfolios.
https://www.businesstimes.com.sg/companies-markets/even-before-proposed-merger-cct-and-cmt-have-been-diversifying-managers

Carousell aims for exit within 4 years, possibly at value of US$1.1b or more
Homegrown classifieds startup Carousell aims to provide its investors an exit by 2024, its regulatory filings indicate. Based on its latest fundraise and what it has told investors in the filing, the company could be trying for a valuation of at least US$1.13 billion.
https://www.businesstimes.com.sg/garage/carousell-aims-for-exit-within-4-years-possibly-at-value-of-us11b-or-more

Google partners banks to streamline PayNow transfers
Google has, in a tie-up with banks here, revamped its payments app to allow for real-time money transfers via the PayNow rails, tapping the surge in digital payments as Covid-19 restrictions limit physical contact.
https://www.businesstimes.com.sg/consumer/google-partners-banks-to-streamline-paynow-transfers
https://www.straitstimes.com/tech/dbs-paylah-stanchart-now-offer-google-pay

Views, Reviews, Forum & Others

Risk agility and instinctive decision making in a world fraught with uncertainty
The Covid-19 pandemic has served to highlight many of the existing vulnerabilities of the international economic system – some of which were lurking just beneath the surface while others were obvious for all to see.
https://www.businesstimes.com.sg/opinion/risk-agility-and-instinctive-decision-making-in-a-world-fraught-with-uncertainty

Precautions still needed as curbs eased
With cases of Covid-19 infection having remained stable in the community at one case per day on average over the last fortnight, and with the case-load in workers’ dormitories having also trended down, it seems appropriate to embark on the latest phase of Singapore’s reopening.
https://www.straitstimes.com/opinion/st-editorial/precautions-still-needed-as-curbs-eased-0

Bear with Covid measures: Tahan, tahan for Singapore
Singapore is eight months into its fight against Covid-19. And there is some cause for cheer in how we are waging the war against the virus here. The number of new cases in the community has remained stable, at an average of fewer than one a day in the past two weeks. There have been no patients in intensive care since early last month.
https://www.straitstimes.com/opinion/bear-with-covid-measures-tahan-tahan-for-singapore-0

Businesses need to focus on sustainability if they want to succeed
AS companies contemplate the post- Covid world, the mantra of “Build Back Better” is often recited. While elements like new business models and re-imagining current business offerings are obvious, there is a more important aspect that enlightened and forward-thinking businesses are focusing on…
https://www.businesstimes.com.sg/opinion/businesses-need-to-focus-on-sustainability-if-they-want-to-succeed

EDB, ESG to study how Singapore can be a carbon service hub
With more nations and companies paying attention to climate change and sustainability, there may be economic opportunities to be reaped in providing carbon services – an area that Singapore is studying.
https://www.straitstimes.com/singapore/environment/edb-esg-to-study-how-spore-can-be-a-carbon-service-hub

Singapore banking system may be among first to recover: S&P
Singapore’s banking system may be among the first to recover to pre-Covid-19 levels, S&P Global Ratings said in a report on Thursday. The Republic’s banking system was identified as an “early-exiter” with low negative impact, relative to other banking jurisdictions’ recovery prospects.
https://www.businesstimes.com.sg/companies-markets/singapore-banking-system-may-be-among-first-to-recover-sp-0

Singapore’s resilient savers, and a question over the wealth gap
A slew of recent surveys from financial institutions point out that for those who can save, they have set aside buffers to insulate against financial threats from the health crisis that is Covid-19. But the data may also point to the widening wealth gap wrought by a global pandemic.
https://www.businesstimes.com.sg/banking-finance/singapores-resilient-savers-and-a-question-over-the-wealth-gap

Update on COVID-19 (Coronavirus Disease 2019) Situation

15 new Covid-19 cases, with five imported, none in community
There were 15 new coronavirus cases confirmed yesterday, taking Singapore’s total to 57,654. They included five imported cases – one Singaporean, one permanent resident, one work pass holder, one dependant’s pass holder and one long-term visit pass holder.
https://www.straitstimes.com/singapore/health/15-new-covid-19-cases-with-five-imported-none-in-community

Firms in no rush to get workers back into office from Sept 28
Companies are taking a more measured approach towards having their workers back amid more relaxed rules. On Wednesday, the Government said that more workers can return to their workplaces from next Monday.
https://www.straitstimes.com/singapore/firms-in-no-rush-to-get-workers-back-into-office
https://www.straitstimes.com/singapore/manpower/companies-plan-to-ease-staff-back-into-the-office
https://www.straitstimes.com/singapore/do-i-have-to-go-back-to-office-if-my-boss-asks-me-to

3 in 4 polled feel anxious over impact of Covid-19
The impact of the coronavirus outbreak has caused anxiety among three in four Singaporeans and permanent residents, according to a study conducted by marketing communications agency Wunderman Thompson.
https://www.straitstimes.com/singapore/health/3-in-4-polled-feel-anxious-over-impact-of-covid-19
*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