DAILY NEWS

Daily News – 26 Nov 2020 (Thu)

Singapore Real Estate

East Coast pre-war bungalow for sale with S$19m guide price
A conservation bungalow at 25 Chapel Road has been put on the market via private treaty with a guide price of S$19 million, marketing agent ERA Realty Network told The Business Times. The land area spans about 10,712 square feet (sq ft) while the built-up area totals some 6,666 sq ft, said ERA’s Glen Hin and Ronald Bai.
https://www.businesstimes.com.sg/real-estate/east-coast-pre-war-bungalow-for-sale-with-s19m-guide-price

Singapore Economy

Singapore remains competitive despite Covid-19: MOF
Singapore continues to be one of the most competitive and pro-business economies globally, with businesses remaining confident in the Republic even amid the Covid-19 crisis, according to the Ministry of Finance’s Singapore Public Sector Outcomes Review (SPOR) released on Thursday.
https://www.businesstimes.com.sg/government-economy/singapore-remains-competitive-despite-covid-19-mof

Singapore taking steps to be top spot for global events: Chan Chun Sing
As a key travel and transit hub in the region, Singapore has scope to establish itself as a safe and secure meeting place for businesses amid Covid-19, Trade and Industry Minister Chan Chun Sing said yesterday. “Whoever can ensure visitors’ health security in a faster and better way will gain a competitive advantage. Singapore recognises this and has every intention to be amongst the leading lights in this area,” he said.
https://www.straitstimes.com/business/spore-taking-steps-to-be-top-spot-for-global-events-chan

Wider shared framework will cut quarantine
More countries should put in place a shared framework for safe travel amid the Covid-19 pandemic, Minister for Trade and Industry Chan Chun Sing said on Wednesday. Speaking at the opening of a two-day trade show for the Mice (meetings, incentives, conferences and exhibitions) industry, he said that the wider acceptance of such a protocol would “reduce the need for (a) long-term quarantine period that is really disrupting business travel”.
https://www.businesstimes.com.sg/government-economy/wider-shared-framework-will-cut-quarantine

Business travel still low, stay-home notice a hurdl
Essential business travel in and out of Singapore is still muted despite moves by the Ministry of Trade and Industry (MTI) and other agencies. Foreign delegates can apply to enter Singapore to attend larger-scale meetings, incentives, conventions and exhibitions (Mice) events that are now being piloted by MTI and Singapore Tourism Board (STB).
https://www.businesstimes.com.sg/government-economy/business-travel-still-low-stay-home-notice-a-hurdle

Companies’ Brief

Allianz-linked entity moves to buy stake in OUE Bayfront
An entity linked to Allianz Real Estate is said to be in exclusive due diligence with a view to acquiring a partial stake in OUE Bayfront. The deal is expected to price the asset – the jewel in OUE Commercial Reit’s crown – at about S$3,200 per square foot of net lettable area, or S$1.28 billion.
https://www.businesstimes.com.sg/real-estate/allianz-linked-entity-moves-to-buy-stake-in-oue-bayfront

SPH Reit to maintain its acquisition approach
The manager of SPH Reit said that there will be no change in its acquisition approach even with the unprecedented disruption caused by the pandemic. In its response to questions from the Securities Investors Association (Singapore), or Sias, the manager said that while the turmoil in the retail real estate market caused by Covid-19 may present acquisition opportunities, the real estate investment trust (Reit) will continue to exercise care and give due consideration.
https://www.businesstimes.com.sg/companies-markets/sph-reit-to-maintain-its-acquisition-approach
https://www.straitstimes.com/business/companies-markets/sph-reit-says-it-will-maintain-its-approach-to-acquisitions

UOL chief joins plea to help genuine HDB upgraders with ABSD remission
Another plea has gone out, calling for genuine first-time HDB upgraders upgrading to a private condo home to be allowed to defer payment of the additional buyer’s stamp duty (ABSD). This time, the call came from UOL group chief executive Liam Wee Sin.
https://www.businesstimes.com.sg/real-estate/uol-chief-joins-plea-to-help-genuine-hdb-upgraders-with-absd-remission
https://www.straitstimes.com/business/property/uol-chief-calls-for-stamp-duty-deferment-for-hdb-upgraders

Corporate digest
https://www.businesstimes.com.sg/companies-markets/corporate-digest-1266

Views, Reviews, Forum & Others

Singapore’s a small red dot, but a global node
In July 2020, the Monetary Authority of Singapore (MAS) issued a consultation paper, “The New Omnibus Act for the Financial Sector”. Among the regulatory power it seeks to expand, of great significance is the regulation of Virtual Asset (or digital token) Service Providers (VASP) created in Singapore for anti-money laundering and countering of financing of terrorism purposes, regardless of where a VASP conducts its businesses or where its customers are located.
https://www.businesstimes.com.sg/opinion/singapores-a-small-red-dot-but-a-global-node

Reimagining the supply chain in a post-pandemic world
Covid-19 has exposed the fundamental weakness of our modern supply chain, disrupting industries and shutting down businesses overnight. The inter-connectedness of the global supply chain has always been its strength, but the pandemic has turned it into our biggest weakness
https://www.businesstimes.com.sg/opinion/reimagining-the-supply-chain-in-a-post-pandemic-world

Travel, tourism players cheer return of physical trade show
Travel and tourism players yesterday welcomed Singapore’s – and the Asia-Pacific’s – first physical trade show since the start of the Covid-19 outbreak, a key step towards having more such trade shows here. TravelRevive, a two-day trade show being held at Sands Expo and Convention Centre until today, was made possible with the introduction of new safety measures to help ensure the health and safety of exhibitors and attendees.
https://www.straitstimes.com/business/travel-tourism-players-cheer-return-of-physical-trade-show

Keep workers central to business plans
Companies must keep employees central to their plans even as they cope with the debilitating effects of the coronavirus pandemic on their operations and bottom lines. The need to do so has been underlined in a series of messages and announcements in recent weeks.
https://www.straitstimes.com/opinion/st-editorial/keep-workers-central-to-business-plans-0

Malaysia proposes changes to KL-Singapore HSR project
Malaysia has proposed some changes to the Kuala Lumpur-Singapore High Speed Rail (HSR) project, and Singapore has been discussing them in good faith with Malaysia, a Ministry of Transport (MOT) spokesman said yesterday.
https://www.straitstimes.com/singapore/malaysia-proposes-changes-to-kl-spore-hsr-project

Update on COVID-19 (Coronavirus Disease 2019) Situation

7 new COVID-19 cases in Singapore, all imported infections
Singapore’s seven new COVID-19 cases were all imported infections, said the Ministry of Health (MOH) on Wednesday (Nov 25). One of them is a Singapore permanent resident who returned from India. Four are work permit holders who travelled from India, the Philippines and Indonesia.
https://www.channelnewsasia.com/news/singapore/covid-19-singapore-new-cases-nov-25-imported-community-13634302
*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