DAILY NEWS

Daily News – 27 Oct 2020 (Tue)

Singapore Real Estate

Conservation shophouses in Joo Chiat on sale
A block of conservation shophouses in Joo Chiat has been put on the market for S$21 million via private treaty, exclusive marketing agent Isabel Redrup Agency told The Business Times. The freehold residential site at 33, 35, 37, 39 and 41 Tembeling Road has a land area of about 8,969 square feet (sq ft).
https://www.businesstimes.com.sg/real-estate/conservation-shophouses-in-joo-chiat-on-sale

Siglap Shopping Centre goes on collective sale with S$120m reserve price
Siglap Shopping Centre, a freehold, mixed-use site, will be put up for collective sale via public tender on Tuesday, with a reserve price of S$120 million, marketing agent OrangeTee Advisory said on Monday. Located at 883 to 903A East Coast Road, the shopping centre, completed around 1980, comprises eight commercial units and eight residential units; it sits on a site spanning 39,635 square feet (sq ft).
https://www.businesstimes.com.sg/real-estate/siglap-shopping-centre-goes-on-collective-sale-with-s120m-reserve-price
https://www.straitstimes.com/business/property/siglap-shopping-centre-up-for-sale-with-120m-reserve-price

Hotels roll with the punches to keep rooms occupied
For a city with just 5.6 million people and a severe cap on tourists because of the ongoing global pandemic, it may come as a surprise that some hotels in Singapore are achieving high occupancies on weekends. Starved of overseas travel, Singaporeans and other residents have been going on staycations at a steady clip. And as the year-end peak season approaches, more hotels are re-opening their doors to meet this demand for a short respite on home turf.
https://www.businesstimes.com.sg/government-economy/hotels-roll-with-the-punches-to-keep-rooms-occupied

More hotels jumping on staycation wagon
Hotels shifting their focus to staycation packages are hoping that the year-end peak season and the gradual easing of restrictions would allow them to better ride through their biggest crisis in recent history. The Parkroyal Collection Pickering, which served as a government quarantine facility (GQF), will reopen its doors from Nov 1, following a through cleaning and disinfecting of its premises. It did not, however, have any guests that tested positive for Covid-19.
https://www.businesstimes.com.sg/real-estate/more-hotels-jumping-on-staycation-wagon

UOB’s value chain financing sees doubling of clients in H12020
UOB on Monday said it has seen a doubling in the number of construction firms obtaining loans under value chain financing (VCF) in the first six months of the year, as compared with the end of 2019. The growth was driven by the increase in sub-contractors and suppliers obtaining loans under VCF, as part of tie-ups between their main contractors or project owners and the bank to help ease financing challenges brought about by Covid-19, UOB said.
https://www.businesstimes.com.sg/real-estate/uobs-value-chain-financing-sees-doubling-of-clients-in-h12020

Singapore Economy

24.2% factory output jump in Sept raises Singapore GDP hopes
Singapore’s factory output soared 24.2 per cent year-on-year (y-o-y) in September, giving a surprise boost to third-quarter gross domestic product (GDP) growth and raising hopes for full-year performance, with some economists revising their estimates.
https://www.businesstimes.com.sg/government-economy/242-factory-output-jump-in-sept-raises-singapore-gdp-hopes
https://www.straitstimes.com/business/economy/spore-factory-output-up-24-last-month-largest-rise-in-9-years

Green energy drive: Singapore plans trial import of Malaysian electricity
Singapore is hoping to import electricity from Malaysia through a two-year trial, and has plans to eventually tap green energy from the region, Trade and Industry Minister Chan Chun Sing said on Monday. “This will allow the region to share the clean-energy sources that different countries may have, and we’ll start this with Malaysia.
https://www.businesstimes.com.sg/government-economy/green-energy-drive-singapore-plans-trial-import-of-malaysian-electricity
https://www.straitstimes.com/singapore/environment/singapore-unveils-greener-energy-plan
https://www.straitstimes.com/singapore/environment/singapore-takes-multiple-steps-to-ensure-greener-energy-mix
https://www.straitstimes.com/singapore/environment/renewable-energy-source-in-malaysia-preferred-in-trial-ema

Asean moves one step closer to power integration
Singapore is set to ink an agreement with Laos, Thailand and Malaysia at an Asean meeting next month to advance cooperation on cross-border power trading, Second Minister for Trade and Industry Tan See Leng said on Monday.
https://www.businesstimes.com.sg/government-economy/asean-moves-one-step-closer-to-power-integration

Singapore, Germany deepen support for local, German SMEs
Enterprise Singapore (ESG) and the Asia-Pacific Committee of German Business (APA) have signed a memorandum of understanding (MOU) to support enterprise development in sectors of common interest for the two countries, the organisations said in a joint media statement earlier this month.
https://www.businesstimes.com.sg/sme/singapore-germany-deepen-support-for-local-german-smes

Why the US election matters to Singapore
Whether Americans vote red or blue by November 3, to many observers at least one thing is clear: the end of the US-China trade war is nowhere in sight. DBS chief economist Taimur Baig said: “Once tariffs go up, it is very difficult to bring them down (because the US) will be accused of being soft on China”.
https://www.businesstimes.com.sg/government-economy/why-the-us-election-matters-to-singapore

Companies’ Brief

ARA Logos to buy Australia properties, invest in sponsor’s funds
ARA Logos Logistics Trust (ALog) plans to fork out S$404.4 million to buy five properties in Australia from ventures managed by its sponsor, Logos Property Group, as well as invest in two of the sponsor’s funds. This will be ALog’s first acquisition since its rebranding in April this year, the real estate investment trust’s (Reit) manager said on Monday. The Reit was previously known as Cache Logistics Trust.
https://www.businesstimes.com.sg/companies-markets/ara-logos-to-buy-australia-properties-invest-in-sponsors-funds

MAS issues notice to remove manager of EH-Reit
The Monetary Authority of Singapore (MAS) has issued a Notice of Intention (NOI) to the trustee of Eagle Hospitality Reit (EH-Reit) to remove its manager and appoint a new one. This is the first time that MAS has issued such a notice.
https://www.businesstimes.com.sg/companies-markets/mas-issues-notice-to-remove-manager-of-eh-reit
https://www.straitstimes.com/business/mas-issues-notice-to-remove-eagle-hospitality-reits-manager

Views, Reviews, Forum & Others

It’s time to change the Asian mindset about corporate restructuring
In asia, there has traditionally been a stigma associated with corporate insolvencies. The taint of insolvency can be hugely value-destructive; it can destroy the goodwill of the business, and brand the managers and controllers as failures and social outcasts.
https://www.businesstimes.com.sg/opinion/its-time-to-change-the-asian-mindset-about-corporate-restructuring

Singapore-Denmark tie-up spurs innovation for greater good
While we are facing one of our generation’s greatest challenges, a larger crisis is lurking in the background. As we work hard to overcome the pandemic, we cannot afford to lose sight of the much greater threat to our economic, developmental and societal gains as we know them: climate change.
https://www.businesstimes.com.sg/opinion/singapore-denmark-tie-up-spurs-innovation-for-greater-good

Solar panels on rooftops or floating on water may be a common sight soon
Solar panels installed on unused land and rooftops, or floating on bodies of water, may soon be a common sight as the country accelerates its use of solar energy. Singapore is aiming to harness 1.5 gigawatt-peak (GWp) of solar energy by 2025, almost four times the current solar usage of 390 megawatt-peak (MWp).
https://www.straitstimes.com/singapore/environment/solar-panels-on-rooftops-or-floating-on-water-may-be-a-common-sight-soon

9 in 10 Singapore SMEs open to digital banks: Visa
Traditional banks may need to watch their backs, as almost nine in 10 of small and medium-sized enterprises (SMEs) in Singapore are willing to move services over to the upcoming digital banks, according to a latest study by Visa.
https://www.businesstimes.com.sg/banking-finance/9-in-10-singapore-smes-open-to-digital-banks-visa
https://www.businesstimes.com.sg/sme/singapore-smes-tap-digital-tools-amid-pandemic

Update on COVID-19 (Coronavirus Disease 2019) Situation

Several malls among places visited by Covid-19 patients
Ion Orchard, 313@Somerset and Tampines Mall were among several malls visited by Covid-19 patients while they were still infectious, the Ministry of Health (MOH) said yesterday. For 313@Somerset, a visit was recorded at the Go Noodle House eatery.
https://www.straitstimes.com/singapore/several-malls-among-places-visited-by-covid-19-patients

Having few cases doesn’t mean Covid-19 is gone: Experts
Although Singapore has managed to reduce new infection cases to zero or just a few in the past few weeks, this does not mean that the country has successfully eliminated Covid-19 from the community, experts cautioned.
https://www.straitstimes.com/singapore/having-few-cases-doesnt-mean-covid-19-is-gone-experts

First pre-event rapid testing for Covid-19 goes smoothly
The opening of the Singapore In-ternational Energy Week (SIEW) 2020 yesterday saw the first pre-event Covid-19 swabbing taking place. A pilot run of pre-event testing using antigen rapid tests (ART) was announced last Tuesday by the multi-ministry task force dealing with the Covid-19 pandemic.
https://www.straitstimes.com/singapore/health/first-pre-event-rapid-testing-for-covid-19-goes-smoothly

Precautions needed as virus risk on flights can’t be totally eliminated
While the risk of contracting Covid-19 during a flight has been reduced with measures such as air filtering in place, passengers should continue to take precautions while on board. Infectious diseases experts urged caution when flying, saying that the risk of getting infected from somebody else on board cannot be eliminated completely.
https://www.straitstimes.com/singapore/transport/precautions-needed-as-virus-risk-on-flights-cant-be-totally-eliminated
*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