DAILY NEWS

Daily News – 25, 26 & 27 September 2021 (Sat, Sun & Mon)

Singapore Real Estate

Major office deals closer to fruition
The Singapore office investment sales market continues to hum, with at least a couple of large deals now closer to fruition. Signs point to Hong Kong-based private equity property fund management company Gaw Capital Partners being in exclusive due diligence with a view to buying Twenty Anson near Tanjong Pagar MRT station.
https://www.businesstimes.com.sg/real-estate/major-office-deals-closer-to-fruition

Contractors may face contractual disputes, claims as Covid-19 legal respite ends
Singapore – Contractors in Singapore could face yet another hurdle next month, after the temporary relief period protecting them from claims and other legal proceedings expires. Lawyers told The Straits Times that there are signs of lawsuits brewing, with contractors preparing for contract disputes when the relief period under the Covid-19 (Temporary Measures) Act ends on Sept 30.
https://www.straitstimes.com/business/property/contractors-may-face-contractual-disputes-claims-as-covid-19-legal-respite-ends

‘Things just went south’: Construction firms under pressure as pandemic bites deep
Singapore – As construction costs soar ever higher, it has become a case of every man for himself, as contractor Choo Zhan Rui has seen all too well. Five subcontractors quit on a residential project he is building in Sengkang after they failed to get their existing contracts repriced to cope with skyrocketing labour and raw material costs.
https://www.straitstimes.com/business/property/things-just-went-south-construction-firms-under-pressure-as-pandemic-bites-deep

Manpower, material constraints behind cost spike for construction firms
Singapore – Manpower and building material costs in the construction sector have spiked since the Covid-19 pandemic began, delaying projects and hitting the cash flow for companies in the supply chain. Here are the main costs companies are grappling with:
https://www.straitstimes.com/business/property/manpower-material-constraints-behind-cost-spike-for-construction-firms

Edmund Tie inks MOU with One RHT to create digital real estate solutions
Real estate consulting firm Edmund Tie has entered into a memorandum of understanding (MOU) with One RHT to produce and manage digital asset solutions for real estate corporate fundraising.
https://www.businesstimes.com.sg/real-estate/edmund-tie-inks-mou-with-one-rht-to-create-digital-real-estate-solutions

askST@NLB: Hotels must create new experiences to avoid staycation fatigue
Singapore – Enticing discerning, and possibly critical, local staycationers is a tall order for hoteliers. But brands must continue to come up with new offerings if they are to stave off staycation fatigue, especially after the past 18 months of no travel.
https://www.straitstimes.com/singapore/askstnlb-hotels-must-create-new-experiences-to-avoid-staycation-fatigue

Singapore Economy

Rising risks of early MAS tightening in October as economy recovers
Singapore’s central bank is not widely expected to tighten its monetary policy next month, but the chances of an earlier policy normalisation are said to be rising. The worsening Covid-19 pandemic had in March last year led the Monetary Authority of Singapore (MAS) to announce a “double-tap easing”…
https://www.businesstimes.com.sg/government-economy/rising-risks-of-early-mas-tightening-in-october-as-economy-recovers

Factory output tipped to prop up Singapore economy in 2021 despite looming cool-down
Output in Singapore’s factory sector rose year on year for the 10th straight month in August, with support from the linchpin electronics cluster despite a pharma stumble. While electronics production risks hitting a supply-side cap, watchers still believe manufacturing will sustain the economic recovery this year.
https://www.businesstimes.com.sg/government-economy/factory-output-tipped-to-prop-up-singapore-economy-in-2021-despite-looming-cool
https://www.straitstimes.com/business/economy/singapore-factory-output-growth-slows-to-112-in-august-chip-production-recovers

S$650m in support for firms hit by tightened Covid-19 restrictions amid exponential surge in cases
The Singapore government is rolling out S$650 million worth of measures to support businesses most affected by new Covid-19 restrictions set to kick in on Monday, as the country battles an exponential rise in infections in its endeavour to reach a stage of living with the virus endemically.
https://www.businesstimes.com.sg/government-economy/s650m-in-support-for-firms-hit-by-tightened-covid-19-restrictions-amid
https://www.straitstimes.com/singapore/health/businesses-hit-by-latest-covid-19-curbs-to-get-650m-in-support-no-draw-on-reserves

Crucial for Changi air hub to reopen: Experts
Singapore – In January last year, just before the onset of the Covid-19 pandemic, Changi Airport was the 9th largest airport in the world based on the number of seats airlines flying to and from it planned to offer. It has now slid to the 134th position.
https://www.straitstimes.com/singapore/transport/crucial-for-changi-air-hub-to-reopen-experts

Companies’ Brief

CDL’s sale of Sincere an anticlimactic end to a deal that was supposed to be a game changer
When City Developments (CDL) announced late on Friday, Sept 10, that it had sold its 51 per cent stake in China-based Sincere Property Group (Sincere) for US$1, my first thought was that shares in CDL would probably take a hit when the market opened after the weekend.
https://www.businesstimes.com.sg/companies-markets/cdls-sale-of-sincere-an-anticlimactic-end-to-a-deal-that-was-supposed-to-be-a-game

Lum Chang unit disposes interest in UK serviced residence block
Construction group Lum Chang Holdings said on Saturday that its subsidiary, Wembley Properties, has entered into an agreement to dispose of its interest in several property assets in the United Kingdom.
https://www.businesstimes.com.sg/companies-markets/lum-chang-unit-disposes-interest-in-uk-serviced-residence-block

CLI debuts, appoints 2 new execs, as chair builds stake
Chinese real estate and property-related stocks have been dominating headlines over the past week as investors remain cautious and watch for updates.
https://www.businesstimes.com.sg/companies-markets/china-focused-s-reits-resilient-amid-onshore-property-focus

Corporate digest
https://www.businesstimes.com.sg/companies-markets/corporate-digest-1455

Views, Reviews, Forum & Others

Charting a new centre
Chia Ngiang Hong, President, Real Estate Developers’ Association of Singapore (REDAS)
SPACs provide opportunities for high-growth private companies with mature management teams to merge and draw in high-quality sponsors from abroad as well as locally, to enhance our stock market. It could help to establish Singapore as the listing destination of choice for high-tech growth companies.
https://www.businesstimes.com.sg/views-from-the-top/charting-a-new-centre

What type of leader are you? 3 stages of leadership maturity
There is a typical leadership maturity continuum – from boss to leader to steward leader. To create a collective better future for all, business leaders need to be good stewards.
https://www.straitstimes.com/opinion/what-type-of-leader-are-you-3-stages-of-leadership-maturity-0

Are certain neighbourhoods more prone to being struck by Covid-19?
Sited outside Toa Payoh’s town centre, Lorong 8 is shaped a bit like an elephant trying to make a break into the inner circle. It is hemmed in by Braddell Road and the Central Expressway, and boasts a motley mix of older flats – mostly built in the 1970s and 1980s – polyclinics, funeral homes, car workshops and depots.
https://www.straitstimes.com/opinion/are-certain-neighbourhoods-more-prone-to-being-struck-by-covid-19

The return of empty shelves and panic buying
Walk around a supermarket in the US or Europe, and you will see some empty shelves once more. This isn’t due to people panic-buying toilet paper, as they did early on in the pandemic; rather it’s because supply chains are clogged at almost every stage between Asian factories and grocery stock rooms.
https://www.businesstimes.com.sg/opinion/the-return-of-empty-shelves-and-panic-buying

Targeted steps to ride out infection waves
Measures announced yesterday to deal with the current trajectory of infections stem from a need to slow the exponential rise in cases, prevent the spike in infections from overwhelming the healthcare system, in particular, and gain time to scale-up home recovery and home care services.
https://www.straitstimes.com/opinion/st-editorial/targeted-steps-to-ride-out-infection-waves

Engagement a necessary ingredient for impact
The pandemic has accelerated interest in ESG investing – which is generally taken to mean investing with environmental, social and governance considerations – as investors reflect on a more holistic approach beyond just the pursuit of financial returns.
https://www.businesstimes.com.sg/wealth-investing/engagement-a-necessary-ingredient-for-impact

After-work messages: Policy template developed for firms to improve work-life balance for staff
Singapore – The issue of bosses sending text messages or e-mails to employees late at night came up during a group discussion on improving work-life balance. Now, a project group looking into this “always on” culture – where employees are expected to be contactable 24/7 – is aiming to change it.
https://www.straitstimes.com/business/after-work-messages-policy-template-developed-for-firms-to-improve-work-life-balance-for

Update on COVID-19 (Coronavirus Disease 2019) Situation

2 seniors die of Covid-19, bringing death toll to 78; 1,939 new cases in Singapore
[Singapore] Two unvaccinated Singaporean women, aged 97 and 69, have died of Covid-19 complications. The 97-year-old died on Saturday after testing positive on Sept 18, while the 69-year-old died on Friday after testing positive that day, said the Ministry of Health (MOH) on Sunday.
https://www.businesstimes.com.sg/government-economy/2-seniors-die-of-covid-19-bringing-death-toll-to-78-1939-new-cases-in-singapore
https://www.straitstimes.com/singapore/2-seniors-die-of-covid-19-bringing-death-toll-to-78-1939-new-cases-in-spore

Pasir Panjang Wholesale Centre to close for 3 days after Covid-19 cases found
Singapore – Pasir Panjang Wholesale Centre will be closed from Monday (Sept 27) to Wednesday for cleaning and disinfection after Covid-19 cases were detected among workers and visitors.
https://www.straitstimes.com/singapore/pasir-panjang-wholesale-centre-to-close-for-cleaning-after-covid-19-cases-detected

Singapore stays on course to live with Covid-19 but faces three uncertainties
Singapore – Singapore is staying on course to transition to a new normal of living with Covid-19 but faces three uncertainties: the rate of increase of daily infection numbers, the fatality rate and the burden on hospital resources, said Health Minister Ong Ye Kung.
https://www.straitstimes.com/singapore/singapore-faces-three-uncertainties-as-it-moves-to-live-with-covid-19

Changes to Covid-19 rules will buy S’pore time to roll out booster shots, vaccinate more people: PM Lee
Singapore – Tighter Covid-19 restrictions will give the Government more time to deliver booster shots and vaccinate those still not vaccinated, said Prime Minister Lee Hsien Loong in a Facebook post on Friday night (Sept 24).
https://www.straitstimes.com/singapore/changes-to-covid-19-rules-can-be-confusing-and-unsettling-but-will-buy-spore-time-to-roll
https://www.businesstimes.com.sg/government-economy/tighter-rules-will-buy-time-to-roll-out-booster-shots-and-vaccinate-more-pm-lee

Singapore is tapping the brakes to slow the surge in Covid-19 cases: Ong Ye Kung
Singapore – By tightening restrictions now, Singapore is essentially “tapping the brakes” to slow the surge in Covid-19 cases here, said Health Minister Ong Ye Kung on Friday (Sept 24).
https://www.straitstimes.com/singapore/health/singapore-is-tapping-the-brakes-to-slow-the-surge-in-covid-19-cases-ong-ye-kung

Singapore’s first priority is its Covid-19 situation at home, says Vivian Balakrishnan
Washington – Singapore’s first priority is to control the Covid-19 pandemic at home and ensure healthcare facilities are not overwhelmed, Minister for Foreign Affairs Vivian Balakrishnan said.
https://www.straitstimes.com/singapore/health/singapores-first-priority-is-its-covid-19-situation-at-home-says-vivian

Eateries see more dining in over weekend before curbs start on Monday
Singapore – More diners turned up at some eateries in Singapore over the weekend to satisfy their hunger for good food and good company before restrictions limiting group sizes kick in on Monday (Sept 27).
https://www.straitstimes.com/singapore/health/eateries-observe-rise-in-patrons-dining-out-in-larger-groups-before-restrictions

Dining in capped at 2, WFH the default: What you need to know about Covid-19 rules from today
Singapore – With local Covid-19 cases climbing, the authorities said on Friday (Sept 24) that they will be tightening restrictions to prevent daily infections from rising at the current rate.
https://www.straitstimes.com/singapore/health/dining-in-capped-at-two-wfh-the-default-among-6-key-changes-as-spore-tightens-covid
https://www.straitstimes.com/singapore/work-from-home-to-be-the-default-for-a-month-from-sept-27-moh
https://www.straitstimes.com/multimedia/the-big-story-dine-in-social-group-size-cut-to-2-as-spore-tightens-covid-19-measures

F&B firms frustrated by return to two-person rule
Disappointment and frustration. This was the overwhelming sentiment felt by food and beverage (F&B) operators with whom The Business Times spoke, following the announcement that social gathering and dine-in numbers will be reduced to two for a month starting Monday.
https://www.businesstimes.com.sg/government-economy/fb-firms-frustrated-by-return-to-two-person-rule
https://www.straitstimes.com/singapore/consumer/fb-associations-warn-of-impending-closures-with-operators-hard-hit-by-go-no-go

The fight to live with Covid-19 continues, pause or no pause
Singapore – Dining-in and social gatherings will again be restricted to two vaccinated persons, not five. Work from home will be back to being the default mode. These are just some of the “new” restrictions starting on Monday (Sept 27) that were announced on Friday, after Singapore recorded new daily highs in fresh Covid-19 cases for much of the past week.
https://www.straitstimes.com/singapore/health/fight-to-live-with-covid-19-continues-pause-or-no-pause

Employers not allowed to ask staff with positive ART result to come to work even if they feel well
Singapore – Those who test positive on a Covid-19 antigen rapid test (ART) must self-isolate and work from home even if they are physically well. If their job does not allow them to work from home, employers must treat the period of absence as paid sick leave, the tripartite partners Ministry of Manpower (MOM), National Trades Union Congress (NTUC) and Singapore National Employers Federation (SNEF) said in an advisory on Saturday (Sept 25).
https://www.straitstimes.com/singapore/employers-not-allowed-to-ask-staff-with-positive-art-result-to-come-to-work-even-if-they

Taxis and private-hire cars allowed only two passengers from Monday
Singapore – A two-passenger limit for taxi and private-hire cars will be reintroduced in line with updated restrictions as Singapore enters into a stabilisation phase from Monday (Sept 27) to Oct 24 to bring down the surge in Covid-19 cases.
https://www.straitstimes.com/singapore/taxis-and-private-hire-cars-only-allowed-two-passengers-from-monday

Covid-19 vaccine booster shots for those aged 50 to 59 from Oct 4
Singapore – From Oct 4, people aged between 50 and 59 will be invited to take their Covid-19 vaccine booster shots. They will join those aged 60 and above and residents of aged-care facilities, who started their booster regime from Sept 15.
https://www.straitstimes.com/singapore/from-oct-4-those-aged-50-to-59-will-be-invited-to-take-covid-19-vaccine-boosters

Covid-19 self-test kits: ST checks out 5 to see which is the easiest to use
Singapore – Antigen rapid test (ART) kits for use at home have been flying off the shelves as self-testing for Covid-19 becomes a regular part of people’s lives at work, school and home. The Straits Times checks out five kits to find out which is the easiest to use.
https://www.straitstimes.com/singapore/health/covid-19-self-test-kits-how-do-they-differ

*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