DAILY NEWS

Daily News – 27, 28 & 29 Jun 2020 (Sat, Sun & Mon)

Singapore Real Estate

$1.36b package to help builders resume work safely
A new $1.36 billion fund has been set up to help construction companies, among the hardest hit by the Covid-19 pandemic, safely restart work. The Construction Support Package, as it is called, will help co-fund some of the extra costs construction firms have to incur to comply with more stringent virus safety measures.
https://www.straitstimes.com/singapore/136b-package-to-help-builders-resume-work-safely

New tenancy committee set up to boost retail, F&B and lifestyle sectors
A new initiative is under way to help the retail, food and beverage (F&B) and lifestyle sectors amid the pandemic, said the Singapore Business Federation (SBF) yesterday. Landlords are represented by the Real Estate Developers’ Association of Singapore (Redas) and Reit Association of Singapore (Reitas). Redas president Chia Ngiang Hong and Reitas president Andrew Lim said in a statement: “The Singapore retail scene is very challenging.
https://www.straitstimes.com/business/companies-markets/new-tenancy-committee-set-up-to-boost-retail-fb-and-lifestyle-sectors

Covid-19 brings to the fore the importance of proptech adoption
The Covid-19 pandemic has made real the need to use technology to guard our buildings and cities against invisible threats. A quick look at the exponential increase in virtual viewings for homes in Singapore’s property market in the last two months reveals just how quickly the use of digital solutions has accelerated due to the outbreak.
https://www.businesstimes.com.sg/real-estate/covid-19-brings-to-the-fore-the-importance-of-proptech-adoption

Singapore Economy

Biomed boost fails to save Singapore’s May factory output from surprise drop
Sustained strength in pharmaceutical production was not enough to save Singapore’s factory output from a surprise fall in May, after two straight months of growth. Economists have now stuck to forecasts of a double-digit economic contraction in the second quarter, even as the Republic emerges from a two-month quasi-lockdown to contain the spread of the novel coronavirus.
https://www.businesstimes.com.sg/government-economy/biomed-boost-fails-to-save-singapores-may-factory-output-from-surprise-drop
https://www.straitstimes.com/business/economy/spores-manufacturing-output-falls-as-biomedical-growth-cools

PM Lee calls for more cooperation, unity to curb Covid-19 damage
Prime Minister Lee Hsien Loong yesterday called for greater unity and economic integration and cooperation among Asean members to prevent the Covid-19 pandemic from permanently damaging their economies.
https://www.straitstimes.com/asia/se-asia/pm-lee-calls-for-more-cooperation-unity-to-curb-covid-19-damage
https://www.straitstimes.com/singapore/pm-spore-will-work-to-develop-distribute-vaccines-fairly-to-all

Companies’ Brief

Allianz, Korean pension service set up Asia-Pac property fund
Allianz has teamed up with The National Pension Service of Korea (NPS) to set up a property fund with US$2.3 billion equity. With leverage, the fund will have the capacity to invest in US$4.6 billion of real estate in the Asia-Pacific region.
https://www.businesstimes.com.sg/real-estate/allianz-korean-pension-service-set-up-asia-pac-property-fund

Ascendas Reit’s rent waivers to tenants in Singapore total less than $20m so far this year
Singapore (The Business Times) – Ascendas Reit (A-Reit) estimates that rent waivers provided to its tenants in Singapore year to date amount to less than $20 million. The actual amount to be disbursed will depend on tenants’ eligibility assessment by the authorities.
https://www.straitstimes.com/business/companies-markets/ascendas-reits-rent-waivers-to-tenants-in-singapore-total-less-than-20m

CapitaLand will be ‘stronger than before’
Economic slowdowns in its core markets will have an impact on CapitaLand’s performance for the first half of this year, but the Singapore property heavyweight is working on strengthening its position so it emerges ahead of the competition after the pandemic.
https://www.businesstimes.com.sg/companies-markets/capitaland-will-be-stronger-than-before

Far East Orchard books S$4.3m profit from Woods Square
Mainboard-Listed hotel operator and property developer Far East Orchard on Friday said it has sold 62 per cent of the 208 units launched for sale in Woods Square, and recognised S$4.3 million in its share of the profit from the Singapore development as at March 31.
https://www.businesstimes.com.sg/companies-markets/far-east-orchard-books-s43m-profit-from-woods-square

Starhill Global Reit extends appointment of property manager by 5 years
The manager of Starhill Global Real Estate Investment Trust (Starhill Global Reit) on Thursday entered into agreements to extend the appointment of the Reit’s property manager by another five years from Sept 20, it said in a bourse filing.
https://www.businesstimes.com.sg/companies-markets/starhill-global-reit-extends-appointment-of-property-manager-by-5-years-0

Wee Hur to expand student accommodation business in Australia
Wee Hur Holdings announced on Friday that its purpose-built student accommodation (PBSA) business trust in Australia has, through its wholly-owned sub-trust, acquired properties there for a total consideration of A$46 million (S$44 million).
https://www.businesstimes.com.sg/companies-markets/wee-hur-to-expand-student-accommodation-business-in-australia

Views, Reviews, Forum & Others

How to build a stronger business magnet
Chia Ngiang Hong, President, Real Estate Developers’ Association of Singapore (REDAS)
Singapore’s strong fundamentals have provided the stability, security and confidence for international businesses to invest for the long term. Our trusted international reputation, good governance, sound institutions, excellent infrastructures, strong tripartite relationships, skilled workforce and a united people have served us well.
https://www.businesstimes.com.sg/views-from-the-top/how-to-build-a-stronger-business-magnet

Covid-19: Deciding if a country is ready for further easing
The second phase of the Great Singapore Reopening started last Friday, with Singapore joining a raft of countries worldwide that are easing their Covid-19 lockdown measures.
https://www.straitstimes.com/opinion/covid-19-deciding-if-a-country-is-ready-for-further-easing

Covid-19 crisis fatigue: ‘We forgot about Dorscon orange’
When the authorities said it will be Dorscon orange for some time yet, some readers seemed startled to be reminded that Singapore is still in a state of heightened alert. Others shrug it off as they go shopping and eating.
https://www.straitstimes.com/opinion/covid-19-crisis-fatigue-we-forgot-about-dorscon-orange

Investment opportunities and longer-term trends in Asia
As Singapore joins other economies in adapting to a new normal, we take stock of the investment opportunities, risks, and longer-term economic trends in the region. What lessons can we learn from economies that have gone before us, such as China and South Korea? And what’s our view on markets and performance?
https://www.businesstimes.com.sg/wealth-investing/investment-opportunities-and-longer-term-trends-in-asia

Coronavirus pandemic highlights need to move offices closer to homes
Most Singaporeans have never spent so much time in their homes as they have in the past two months, when everyone hunkered down to stem community transmission of the coronavirus. Dining tables turned into makeshift offices while grocery runs, limited to within the immediate neighbourhood, were kept brief.
https://www.straitstimes.com/opinion/pandemic-highlights-need-to-move-offices-closer-to-homes

Is green the new gold?
When the World Health Organization declared Covid-19 as a pandemic on March 11, 2020, what started as an emerging disease in China, in a few weeks, turned into one of the most serious health crises ever known. Evidence is mounting as to the devastating economic impact of the pandemic. Equity markets across all financial centres plunged, and the International Monetary Fund (IMF) is expecting growth in Asia to stall at zero per cent in 2020, the worst performance in 60 years.
https://www.businesstimes.com.sg/wealth-investing/is-green-the-new-gold

Phishing attacks last year tripled from 2018
The number of phishing attempts to trick users to give up personal information almost tripled last year from the year before, and doubled during the months when people had to stay home to stem the spread of Covid-19.
https://www.straitstimes.com/singapore/phishing-attacks-last-year-tripled-from-2018

Update on COVID-19 (Coronavirus Disease 2019) Situation

Coronavirus: 11 new community cases, including secondary student
A 15-year-old student at East Spring Secondary School was among 11 new Covid-19 cases detected in the community as of noon yesterday. The student was tested as part of proactive screening of school students who are diagnosed with acute respiratory infection when they first see a doctor.
https://www.straitstimes.com/singapore/11-new-community-cases-including-secondary-student

Coronavirus: Man who met big group one of 6 new cases in community
A man among the six community Covid-19 cases announced yesterday met a large group of people for sports and social activities. The Ministry of Health (MOH) said that it will be investigating the case, and that the man’s behaviour increases the risk of transmission and has caused his contacts to be quarantined.
https://www.straitstimes.com/singapore/health/man-who-met-big-group-one-of-6-new-cases-in-community
https://www.straitstimes.com/sport/virus-rules-flouted-time-out-today-at-all-activesg-indoor-sport-halls

Navigating work-related issues as Singapore reopens economy
Singaporeans are breathing a sigh of relief with the circuit breaker behind us and further restrictions being eased. As more businesses are allowed to resume operations, many employers have been asking how they should manage the return to work and ensure they are adhering to safety guidelines.
https://www.straitstimes.com/business/economy/navigating-work-related-issues-as-singapore-reopens-economy

Coronavirus vaccine may be available only next year: Experts
An effective Covid-19 vaccine is likely to be readily available only this time next year at the earliest, several experts have said. “We may have some good science by the end of the year, and I think we have some leading vaccine candidates,” said Duke Human Vaccine Institute chief operating officer Thomas Denny.
https://www.straitstimes.com/singapore/health/coronavirus-vaccine-may-be-available-only-next-year-experts

Coronavirus: Singapore and Malaysia to set up green lane, commuting arrangement
A green lane and periodic commuting arrangement will be established between Singapore and Malaysia to meet the needs of different groups of cross-border travellers, the Ministry of Foreign Affairs (MFA) announced yesterday following a telephone call between Prime Minister Lee Hsien Loong and Malaysian Prime Minister Muhyiddin Yassin.
https://www.straitstimes.com/singapore/transport/singapore-and-malaysia-to-set-up-green-lane-commuting-arrangement

More and gradual openings, carefully
The National Library Building, the National Archives of Singapore Building and all public libraries will reopen on July 1 with shorter opening hours. The capacity will be limited to 50 people per floor, and users can only borrow and return materials.
https://www.straitstimes.com/singapore/more-and-gradual-openings-carefully

13 tourism draws, including casinos, can reopen from Wednesday
THE Singapore Tourism Board (STB) said on Sunday that tourism businesses in Singapore will be permitted to resume operations in stages from July 1, starting with 13 attractions.
https://www.businesstimes.com.sg/government-economy/13-tourism-draws-including-casinos-can-reopen-from-wednesday-0
https://www.straitstimes.com/singapore/universal-studios-zoo-among-attractions-reopening-in-july

Singapore GE2020: Public reminded to observe safe distancing when meeting candidates
As election season hots up, there is a greater need for people to observe safe distancing rules, especially when they encounter candidates on the campaign trail. The Ministry of the Environment and Water Resources, in a statement yesterday, listed these measures for the public to follow when supporting candidates as well as when they meet them on their walkabouts and door-to-door visits.
https://www.straitstimes.com/singapore/public-reminded-to-observe-safe-distancing-when-meeting-candidates
*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