Singapore Real Estate
Time to review Project Completion Period deadlines
Covid-19, with its far-reaching and unpredictable spread, is morphing into a “black swan” event that will continue to derail economic, business and social activities worldwide. There is the prospect of an economic recession this year as more countries have declared lockdowns to contain the pandemic.
https://www.businesstimes.com.
Closures due to virus may hit S’pore Reits harder than 2008 crisis
The coronavirus outbreak may hit Singapore real estate investment trusts (Reits) harder than the 2008 global financial crisis did, according to Jefferies Financial Group. Singapore announced on Tuesday its strictest measures yet to combat the spread of the virus, including shutting bars and cinemas, and deferring or cancelling events.
https://www.straitstimes.com/
Singapore Economy
Singapore’s 2020 growth forecast hits negative territory, Q1 GDP contracts 2.2%
Singapore’s official growth forecast for 2020 has reached negative territory, with a further downgrade to between -4 per cent and -1 per cent. This is a worse outlook from the -0.5 per cent to 1.5 per cent range the Ministry of Trade and Industry (MTI) posted in February.
https://www.businesstimes.com.
https://www.straitstimes.com/
Singapore, partners pledge to keep essential trade moving
Singapore and half a dozen other regional economies have pledged to keep air, sea and other trade flows open during the Covid-19 pandemic. Less than a week after the Republic and New Zealand committed to ensuring supply chain connectivity, Australia, Brunei, Canada, Chile and Myanmar also signed on to a pact to do so.
https://www.businesstimes.com.
https://www.straitstimes.com/
Companies’ Brief
ARA to grow property credit platform with majority stake in Europe’s Venn Partners
Real assets fund manager ARA Asset Management on Thursday said it has completed the acquisition of a majority stake in Venn Partners, an investment manager in European real estate private debt. The acquisition, done via its subsidiary ARA UK Asset Management…
https://www.businesstimes.com.
Bonvests revokes proposed dividends, implements pay cut to sustain operations
Bonvests Holdings announced on Wednesday that it will revoke its proposed dividend of one Singapore cent per share for the financial year ended Dec 31, 2019 on the back of the negative impact of the Covid-19 outbreak on its business.
https://www.businesstimes.com.
UBS reviewing ‘buy’ call on EHT default event; stock suspended
UBS has placed its “buy” rating on Eagle Hospitality Trust (EHT) under review, after the US-based hotel trust called for a voluntary trading suspension on Tuesday while it deals with a loan default.Last Friday, EHT was served with a notice of default in relation to a US$341 million syndicated loan.
https://www.businesstimes.com.
OUE to rebrand Mandarin Orchard as largest Hilton hotel in Asia-Pacific
Property group OUE and OUE Commercial Reit (OUE C-Reit) will spend about S$90 million to rebrand Mandarin Orchard Singapore as Hilton Singapore Orchard, OUE said on Thursday. It will be Hilton’s flagship hotel in Singapore and its largest in the Asia-Pacific.
https://www.businesstimes.com.
https://www.straitstimes.com/
Views, Reviews, Forum & Others
Will Supplementary Budget 2020 top the S$20.5 billion Resilience Package in Budget 2009?
Economists have tipped that the Supplementary Budget to be presented today (March 26) will roll out a rescue package in the region of S$14 billion to S$20 billion to save jobs and businesses hit by the mounting fallout of the coronavirus outbreak. The last time that government help came to around such a big scale was the Resilience Package in the 2009 Budget,
https://www.businesstimes.com.
Looking to the supplementary budget for a lifeline in the storm
As Singapore unveils a supplementary budget today, amid the still-unfolding global Covid-19 crisis, it remains to be seen if this unprecedented situation will bring forth extraordinary unparalleled help – or if prudence will still reign, given the uncertainty of this threat.
https://www.businesstimes.com.
Sustainability lessons from the Covid-19 outbreak
As the world struggles with the current coronavirus pandemic, those who have experienced past crises dispense sagely wisdom “not to waste a good crisis”. Ironically, through this period of the Covid-19 challenge, when the world is shutting down travel, halting business activities and closing borders in the fight against this deadly virus,
https://www.businesstimes.com.
Economic stimulus is the wrong solution for now
After several days of intense negotiation, the Senate and the White House have struck a deal to infuse some US$2 trillion into the ailing US economy. While there can be no doubt that swift action is vital, too many politicians and policymakers seem to think the goal should be to stimulate the economy back into action.
https://www.businesstimes.com.
Only multilateralism can help world overcome global crisis
The global economy was ripe for a recession even before the coronavirus pandemic struck. Many commentators have been warning that stock markets were overheated, that advanced economies were heading for a slowdown, and that US President Donald Trump’s protectionist policies had disrupted supply chains and ushered in an era of heightened uncertainty.
https://www.businesstimes.com.
Election cannot be delayed unless state of emergency is called: Teo
It would be unconstitutional to delay holding the General Election beyond the April 2021 deadline as such a delay can only take place if a state of emergency is called, Senior Minister Teo Chee Hean said in Parliament on Wednesday. Nor is calling a state of emergency something to be done lightly, he said. He was replying to Member of Parliament (MP) Christopher de Souza..
https://www.businesstimes.com.
https://www.straitstimes.com/
Coronavirus: Precautions will be taken whenever polls are held, says Teo Chee Hean
The next election could feature campaign speeches streamed live online and safe distancing measures at voting stations, said Senior Minister Teo Chee Hean, noting that necessary precautions will be taken whenever polls are held.
https://www.straitstimes.com/
Update on COVID-19 (Coronavirus Disease 2019) situation
Covid-19 fight at ‘critical phase’; suspension of all schools may be next
Singapore has reached a critical phase in its fight against the novel coronavirus, National Development Minister Lawrence Wong said on Wednesday, as he signalled the possibility of introducing more drastic measures that include the closure of schools and some workplaces if the number of infected cases continues to rise.
https://www.businesstimes.com.
Singapore’s strategy can help preserve healthcare capacity: Gan
Singapore’s strategy to flatten the curve when it comes to controlling the spread of the novel coronavirus may stretch the pandemic over a longer period of time, but it would help to preserve the country’s healthcare capacity to care for more severe cases, Health Minister Gan Kim Yong said.
https://www.businesstimes.com.
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Coronavirus: Singapore has chance to slow down spread of virus, says Gan Kim Yong
Singapore aims to get through the coronavirus outbreak by attempting to avoid a sharp spike in cases, while ensuring that the epidemic does not last too long, Health Minister Gan Kim Yong said yesterday.
https://www.straitstimes.com/
Coronavirus cases set to rise as more S’poreans return home
The number of coronavirus cases will continue to rise in the coming weeks as some of the 200,000 overseas Singaporeans return home, Health Minister Gan Kim Yong told Parliament yesterday. Singapore has to plan on the basis that Covid-19 will be around for a long while, and people have to make adjustments and do their part to contain the outbreak, he added.
https://www.straitstimes.com/
Coronavirus: Those who flout stay-home notice will be charged
Those caught flouting rules under the stay-home notice will be charged in court, Home Affairs and Law Minister K. Shanmugam warned in Parliament yesterday. Citing reports of returning residents who acted irresponsibly by heading out to social gatherings, Mr Shanmugam said the authorities will investigate such cases.
https://www.straitstimes.com/
Coronavirus: Why Singapore has to apply another set of ‘brakes’
Singapore had introduced its latest set of measures to increase social distancing because there were still accounts of people going to nightspots and gathering together in large groups, said National Development Minister Lawrence Wong.
https://www.straitstimes.com/
Coronavirus: Measures taken so far not akin to lockdown, says expert
To slow the spread of the coronavirus, Singapore has taken some drastic measures this week. First, the doors were closed to tourists and short-term visitors. Then pubs and entertainment outlets were ordered to be shuttered and large gatherings banned.
https://www.straitstimes.com/
Farewell parties: Club operators told to ensure safe distancing measures
Singapore authorities are aware of plans by several operators of nightlife venues to throw “farewell” parties on Wednesday, and will be deploying enforcement operations over the next two days, the Singapore Police Force, Singapore Tourism Board and Enterprise Singapore said in a joint statement.
https://www.businesstimes.com.
Coronavirus: Places of worship can stay open, groups of 10 or fewer can meet
While all religious congregations and services have been suspended until April 30, places of worship may still remain open to cater to individuals who need help from religious leaders, said National Development Minister Lawrence Wong.
https://www.straitstimes.com/
M’sia extends movement curbs, prepares economic stimulus
Malaysia will extend a two-week restriction of movement order and unveil a second economic stimulus package as the number of novel coronavirus cases continue to climb, Prime Minister Muhyiddin Yassin said on Wednesday.
https://www.businesstimes.com.
https://www.straitstimes.com/
Coronavirus: Firms urged to find longer-term housing for Malaysian staff
The Ministry of Manpower (MOM) has urged employers to find longer-term accommodation for their Malaysian workers employed in Singapore, saying the Government will not extend temporary housing support beyond March 31. Its statement comes as Malaysia said its restricted movement order will be extended until April 14.
https://www.straitstimes.com/
*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
Global Economy & Global Real Estate
White House, senators strike deal on stimulus package of over US$2 trillion
https://www.businesstimes.com.
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IMF sees a recession at least as bad as global financial crisis
https://www.businesstimes.com.
Moody’s forecasts recession for G-20 countries in 2020
https://www.businesstimes.com.
US$ slips on stimulus plan, riskier currencies’ gain
https://www.businesstimes.com.
US joblessness set to spike as Covid-19 takes toll on businesses
https://www.straitstimes.com/
US new home sales fall in Feb – could decline further on Covid-19
https://www.businesstimes.com.
Cromwell E-Reit completes purchase of German properties, sells 12 other assets
https://www.businesstimes.com.
Over 20% of US firms in China back to normal operations: Poll
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Olympics delay leaves Athletes’ Village in limbo
https://www.businesstimes.com.
Delayed Olympics risks turning into colossal advertising bust
https://www.businesstimes.com.
Insurers get reprieve as Olympics gets delayed, not canned
https://www.businesstimes.com.
Thai central bank cuts GDP forecast, holds rates
https://www.businesstimes.com.
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