DAILY NEWS

Daily News – 28 Jul 2020 (Tue)

Singapore Real Estate

Singapore, China affirm deep economic ties
The Republic and China are committed to keeping global supply chains and trade lines open amid the Covid-19 pandemic. Trade and Industry Minister Chan Chun Sing and vice-chairman of the National Development and Reform Commission of China Ning Jizhe agreed over a video conference call yesterday to “continue their support for globalisation and global supply chains”.
https://www.straitstimes.com/business/economy/spore-china-affirm-deep-economic-ties

Companies’ Brief

ARA Logos DPU for Q2 rises 0.4% to 1.326 S cents
ARA Logos Logistics Trust’s (ALog) distribution per unit (DPU) rose 0.4 per cent to 1.326 Singapore cents for the second quarter ended June 30, 2020, from 1.321 cents a year ago. Gross revenue was up 4.3 per cent to S$29 million for the quarter, from S$27.8 million a year ago.
https://www.businesstimes.com.sg/companies-markets/ara-logos-dpu-for-q2-rises-04-to-1326-s-cents

Ascott Residence Trust DPS down 69% to 1.05 S cents for H1
Ascott Residence Trust’s (ART) distribution per stapled security (DPS) fell by 69 per cent to 1.05 Singapore cents for its half year ended June 30, 2020 from 3.43 Singapore cents a year ago. Revenue was down 16 per cent to S$208.5 million for the six-month period, from S$248.4 million a year earlier.
https://www.businesstimes.com.sg/companies-markets/ascott-residence-trust-dps-down-69-to-105-s-cents-for-h1
https://www.straitstimes.com/business/companies-markets/ascott-residence-trust-first-half-dps-down-69-after-divestments-lower

CapitaLand to begin construction of third IT park in India
Real estate giant CapitaLand is commencing construction for the first phase of the International Tech Park Chennai (ITPC), Radial Road. Located along Chennai’s IT corridor, the 9.3 hectare (ha) IT park has 4.6 million square feet (sq ft) of development potential for premium Grade A office space.
https://www.businesstimes.com.sg/real-estate/capitaland-to-begin-construction-of-third-it-park-in-india

CapitaLand expects H1 total Patmi to sink 85-95% on share of CCT, CMT losses
CapitaLand on Monday updated its profit guidance for the six months ended June 30, 2020, with expectations that its total Patmi (profit after tax and minority interests) will be reduced by 85-95 per cent from the S$875.4 million recorded a year ago.
https://www.businesstimes.com.sg/companies-markets/capitaland-expects-h1-total-patmi-to-sink-85-95-on-share-of-cct-cmt-losses-0

Mapletree North Asia Commercial Trust reports dismal Q1 results due to Covid-19
Mapletree North Asia Commercial Trust on Monday posted a 10.7 per cent drop in its gross revenue to S$93.7 million. Its net property income declined 19.5 per cent to S$68.5 million for its first quarter ended June 30.
https://www.businesstimes.com.sg/companies-markets/mapletree-north-asia-commercial-trust-reports-dismal-q1-results-due-to-covid-19

Defensive stance helps GIC post 20-year annualised real rate of return of 2.7%
Despite the turbulence unleashed by the Covid-19 pandemic, GIC’s portfolio remains resilient and Singapore’s foreign reserves under its charge have been protected by the sovereign wealth fund’s defensive stance and focus on its mandate, which is to first preserve and then enhance the value of the assets under its care.
https://www.businesstimes.com.sg/government-economy/defensive-stance-helps-gic-post-20-year-annualised-real-rate-of-return-of-27
https://www.straitstimes.com/business/gic-weathers-storms-in-global-markets-but-takes-some-hits

End of Hilton contract revives question of HPL’s plan for its hotel on Orchard Road
In April, OUE Commercial Reit announced that it had appointed global hotel chain Hilton to manage the iconic Mandarin Orchard Singapore. This will become Hilton’s flagship hotel in Singapore and its largest in the Asia-Pacific.
https://www.businesstimes.com.sg/companies-markets/end-of-hilton-contract-revives-question-of-hpls-plan-for-its-hotel-on-orchard-road

M+S bags record green loan for Marina One integrated development
The national joint venture between Malaysia and Singapore, M+S Pte Ltd, on Monday announced that it has obtained a S$1.95 billion green loan for the integrated development Marina One from DBS, OCBC Bank and United Overseas Bank (UOB).
https://www.businesstimes.com.sg/banking-finance/ms-bags-record-green-loan-for-marina-one-integrated-development
https://www.straitstimes.com/business/companies-markets/ms-bags-195b-green-loan-for-marina-one-0

Views, Reviews, Forum & Others

New roles for laid-off Singapore workers may not be perfect fit
A host of opportunities are being created to help the swelling ranks of the retrenched. But there is no guarantee these new roles can cushion displaced Singapore workers – especially white-collar job seekers – analysts warned.
https://www.businesstimes.com.sg/government-economy/new-roles-for-laid-off-singapore-workers-may-not-be-perfect-fit

Layoffs are the worst of bleak options facing recession-hit firms
From the videotapes to the workplace hugs, much of Broadcast News, the 1987 satire on media, looks old-fashioned. But when I watched the film again recently, as an escape from pandemic-provoked gloom, the scene where the network announces a round of redundancies seemed raw and relevant.
https://www.straitstimes.com/opinion/layoffs-are-the-worst-of-bleak-options-facing-recession-hit-firms

Overseas travel is out, why not spend at home?
Countries are looking to domestic travellers to salvage their tourism industries which have been devastated by the Covid-19 pandemic, but Singapore’s tiny size may make this a harder sell on the accommodation front in particular.
https://www.businesstimes.com.sg/opinion/overseas-travel-is-out-why-not-spend-at-home

GIC must keep its eye on containing risks
These are extraordinary times. We are at the confluence of a public health, economic and financial crisis. We have seen extraordinary developments and swift responses, including drastic mobility restrictions, draconian public-health measures, record fiscal and monetary stimulus, urgent steps by businesses to conserve cash and wild financial market movements.
https://www.businesstimes.com.sg/opinion/gic-must-keep-its-eye-on-containing-risks

More diversity in Parliament, Cabinet part of future
Greater diversity in Parliament and Cabinet is part of Singapore’s future, as the new government leads Singapore through the Covid-19 crisis and beyond, said Prime Minister Lee Hsien Loong on Monday.
https://www.businesstimes.com.sg/government-economy/more-diversity-in-parliament-cabinet-part-of-future
https://www.straitstimes.com/politics/political-system-must-evolve-to-continue-to-work-well-pm
https://www.straitstimes.com/politics/unite-behind-new-govt-to-take-spore-through-crisis-halimah
https://www.straitstimes.com/politics/with-election-over-pm-lee-calls-for-unity-to-tackle-virus-crisis
https://www.straitstimes.com/politics/tough-days-ahead-but-workers-businesses-will-get-help-says-pm

Update on COVID-19 (Coronavirus Disease 2019) Situation

Mosque, mall among places visited by Covid-19 patients
Assyakirin Mosque in Jurong West, Din Tai Fung at Northpoint City and Queensway Shopping Centre were among places visited by Covid-19 patients while they were infectious, the Ministry of Health (MOH) said yesterday.
https://www.straitstimes.com/singapore/mosque-mall-among-places-visited-by-covid-19-patients

Coronavirus: Bukit Panjang transport hub cluster a cause for concern but to be expected, say experts
The recent community cluster at the Bukit Panjang integrated transport hub is a cause for concern, although its emergence did not surprise experts. With the easing of restrictions and more people going about in public, the formation of such clusters is to be expected, Professor Teo Yik Ying, dean of the National University of Singapore’s Saw Swee Hock School of Public Health, told The Straits Times yesterday.
https://www.straitstimes.com/singapore/transport-hub-cluster-a-cause-for-concern-but-to-be-expected-experts

Covid-19 or dengue? NTU team finds way to confirm in 36min
Researchers at the Nanyang Technological University’s (NTU) Lee Kong Chian School of Medicine have come up with a way to tell if a person has Covid-19 or dengue in just 36 minutes. This is just a quarter of the time taken by current testing met-hods for the same diseases, NTU said yesterday.
https://www.straitstimes.com/singapore/health/covid-19-or-dengue-ntu-team-finds-way-to-confirm-in-36min
*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