DAILY NEWS

Daily News – 28 Aug 2020 (Fri)

Singapore Real Estate

Six shops at Aljunied condo for sale
Six strata-titled shops at the Sims Urban Oasis condominium are now up for sale by private treaty, investment sales advisory firm Showsuite Consultancy announced on Wednesday. Developer GuocoLand is offering the shops to be acquired in clusters of four and two units, providing owners the benefit of “bulk discounts, adjoining units and critical mass in floor space”, Showsuite Consultancy said.
https://www.businesstimes.com.sg/real-estate/six-shops-at-aljunied-condo-for-sale

URA steps up tracking of repeated issue of OTPs
The Urban Redevelopment Authority (URA) has been tightening its monitoring of a property market practice that may be inflating the home sales figures of private developers. This refers to an arrangement some private home buyers make with a developer, via a property agent, to continually re-issue options to purchase (OTPs) upon expiry – without any forfeiture of the booking fee.
https://www.businesstimes.com.sg/real-estate/ura-steps-up-tracking-of-repeated-issue-of-otps

MND to step up transformation of building sector
The Ministry of National Development (MND) will step up the pace of industry transformation for the construction sector, to help them get on a stronger footing post-Covid-19. “This includes adopting advanced building technologies to allow for cleaner, higher quality, and less manpower-intensive construction. We will drive research, innovation and digitalisation across the built environment value chain, from construction to property transactions services and facilities management,”
https://www.businesstimes.com.sg/real-estate/mnd-to-step-up-transformation-of-building-sector
https://www.straitstimes.com/politics/construction-sectors-transformation-to-be-quickened

10 new courses in built environment sector on offer for mid-career workers
Mid-Careerists looking for new roles in the built environment sector will soon be able to take up more courses to learn the skills they need. SkillsFuture Singapore (SSG) said some 900 opportunities in the sector will be progressively made available from this month, with support from various training providers including the BCA Academy, Institute of Technical Education, National University of Singapore, and Singapore Polytechnic (SP).
https://www.businesstimes.com.sg/real-estate/10-new-courses-in-built-environment-sector-on-offer-for-mid-career-workers
https://www.straitstimes.com/singapore/education/new-courses-for-those-eyeing-switch-to-built-environment-sector

Punggol BTO project to be delayed after contractor fired
The building contractor for a Punggol Build-To-Order (BTO) project has been fired for failing to meet project milestones, the Housing Board (HDB) said yesterday. As a result, the project, Waterway Sunrise II, is likely to be delayed by about a year.
https://www.straitstimes.com/singapore/housing/punggol-bto-project-to-be-delayed-after-contractor-fired
https://www.straitstimes.com/singapore/housing/delay-to-punggol-bto-project-after-contractors-services-axed

Singapore Economy

Higher salary floor for foreign hires may put financial hub aspirations at risk
Over time, higher wage costs and smaller pool of talent might put off financial institutions investing and expanding in Singapore, say economists
https://www.businesstimes.com.sg/government-economy/higher-salary-floor-for-foreign-hires-may-put-financial-hub-aspirations-at-risk
https://www.straitstimes.com/business/new-hiring-requirements-will-raise-costs-for-some-businesses-experts

Employment Pass minimum pay rises to enable business growth and openings for locals
The minimum qualifying salaries for work passes of both foreign professionals and foreign mid-skilled workers will go up a second time this year. The latest announcement is that, come Sept 1, the salary criteria for new Employment Pass (EP) applicants will be raised to S$4,500; that for S pass applicants will go up to S$2,500 from Oct 1.
https://www.businesstimes.com.sg/government-economy/employment-pass-minimum-pay-rises-to-enable-business-growth-and-openings-for
https://www.straitstimes.com/singapore/manpower/bar-to-hire-foreigners-raised-set-even-higher-for-finance-sector
https://www.straitstimes.com/singapore/manpower/job-rules-tightened-so-sporeans-have-more-access-to-vacancies

Reviving air hub is top and immediate priority for Singapore: Ong
Reviving the air hub is a top and immediate priority for Singapore, in tandem with other moves to strengthen the country’s status as a global hub port, said Transport Minister Ong Ye Kung, in his ministry’s addendum to the President’s address at Monday’s opening of Parliament.
https://www.businesstimes.com.sg/government-economy/reviving-air-hub-is-top-and-immediate-priority-for-singapore-ong
https://www.straitstimes.com/singapore/transport/covid-19-an-opportunity-for-change-in-transport-sector

Addendum to President’s Address: Sustainability sector to offer 55,000 new jobs in next 10 years
In the next 10 years, 55,000 jobs are expected to be created as Singapore pursues sustainable development, including about 4,000 in the next year, said Minister for Sustainability and the Environment Grace Fu yesterday.
https://www.straitstimes.com/politics/sustainability-sector-to-offer-55000-new-jobs-in-next-10-years

Companies’ Brief

New Kajima hub to serve as Apac HQ, drive R&D for construction
Kajima Corporation’s first overseas innovation centre at Changi Business Park will serve as its Asia-Pacific (Apac) headquarters, as well as contribute new building technologies and research and development (R&D) capabilities to the construction industry.
https://www.businesstimes.com.sg/real-estate/new-kajima-hub-to-serve-as-apac-hq-drive-rd-for-construction
https://www.straitstimes.com/business/property/kajima-to-open-100m-innovation-centre-in-singapore

Suntec Singapore cuts 85 jobs as events business dries up
Suntec Singapore Convention and Exhibition Centre is cutting its workforce and renewing its business strategy in the face of the Covid-19 pandemic’s impact on the meetings, incentives, conventions and exhibitions (MICE) industry, Suntec Singapore and the Building Construction And Timber Industries Employees’ Union (Batu) said in a joint statement on Thursday.
https://www.businesstimes.com.sg/government-economy/suntec-singapore-cuts-85-jobs-as-events-business-dries-up
https://www.straitstimes.com/singapore/manpower/suntec-spore-lays-off-almost-half-of-staff-amid-impact-on-mice-industry

AIP, Tokyu Land plan Singapore Reit IPO for Australian properties
South Korea’s AIP Asset Management and Tokyu Land Corp are planning a real estate investment trust listing in Singapore backed by Australian commercial properties as soon as this year, according to people familiar with the matter.
https://www.businesstimes.com.sg/companies-markets/aip-tokyu-land-plan-singapore-reit-ipo-for-australian-properties

Sabana-ESR merger: MAS says safeguards in place, manager notes ‘fair’ scheme
The Monetary Authority of Singapore (MAS) on Friday clarified that its regulatory framework does not prohibit a shareholder group from owning substantial stakes in two real estate investment trust (Reit) managers managing Reits invested in the same property class.
https://www.businesstimes.com.sg/companies-markets/sabana-esr-merger-mas-says-safeguards-in-place-manager-notes-fair-scheme
https://www.straitstimes.com/business/companies-markets/sabana-esr-reits-merger-mas-says-safeguards-in-place-against-conflict-of

Eagle Hospitality Trust rejects sponsor’s allegations of breaches
In a Singapore Exchange filing on Thursday, the Reit’s managers called the allegations baseless, and said that the master lessors – EHT subsidiaries – have issued a response letter on Aug 25, refuting and/or rejecting all the allegations. UC had issued a notice dated Aug 12, alleging that EHT units were in breach of master lease agreements.
https://www.businesstimes.com.sg/companies-markets/eagle-hospitality-trust-rejects-sponsors-allegations-of-breaches-0

Views, Reviews, Forum & Others

Uncertainty is now the new normal
Although a casual glance at newspaper headlines in most parts of the world indicate that we are returning to normal after the lockdowns of March and April, there is significant evidence to suggest that such optimism is misplaced – and the sanguineness will probably be dangerous for businesses.
https://www.businesstimes.com.sg/opinion/uncertainty-is-now-the-new-normal

Evolution or extinction? Leadership through innovation in a time of crisis
The Covid-19 crisis is unlike any the world has faced in generations. Unlike in the 2008-09 collapse, in which China, India and a few other economies remained relatively stable, Covid-19 has proven to be an equaliser that has brought every economy in the world to a grinding halt.
https://www.businesstimes.com.sg/leadership-management/evolution-or-extinction-leadership-through-innovation-in-a-time-of-crisis

Watch that balance sheet of behaviour
The arrival of a pandemic is seen by some as a sort of judgement. Not because it presages the end of the world, nor because it is sent as punishment by some out-of-life influence, but because we are compelled to take stock. Literally, for most people. Stock of what supplies we have that we are going to need, stock of our finances and how we will spread them out…
https://www.businesstimes.com.sg/leadership-management/watch-that-balance-sheet-of-behaviour