DAILY NEWS

Daily News – 29 Sep 2020 (Tue)

Singapore Real Estate

URA clampdown on option re-issue may have some cooling effect on property market
The Urban Redevelopment Authority (URA) has curbed private housing developers from re-issuing the option to purchase (OTP) to the same buyers of the same unit with immediate effect, amid worries that “financial discipline” is slackening despite the recession.
https://www.businesstimes.com.sg/real-estate/ura-clampdown-on-option-re-issue-may-have-some-cooling-effect-on-property-market
https://www.businesstimes.com.sg/real-estate/ura-restricts-re-issue-of-option-to-purchase-for-same-unit
https://www.straitstimes.com/business/property/ura-clamps-down-on-re-issue-of-options-to-purchase-for-private-homes

New guidelines to encourage prudent private home buying
A loophole in the private property market has been plugged to make sure that buyers do not end up committing to new homes they cannot afford. The move is aimed at encouraging financial prudence amid Singapore’s worst recession and rising job losses. Starting yesterday, developers will no longer be able to re-issue a prospective buyer’s option to purchase (OTP) a residential unit for multiple times on their own.
https://www.straitstimes.com/business/property/new-guidelines-to-encourage-prudent-private-home-buying
https://www.straitstimes.com/business/property/ura-curbs-developers-re-issuing-otp-come-amid-apparent-robust-home-sales-during

Goh Cheng Liang family buys Thye Hong’s Garlick Ave GCB
The family of Singaporean billionaire Goh Cheng Liang is said to be the buyer of a bungalow sitting on 101,550 square feet of freehold land in Garlick Avenue. The price is understood to be about S$93 million. Located within the Garlick Avenue Good-Class Bungalow (GCB) Area, the property is being sold by some members of the Lee family of the Thye Hong group, which used to make biscuits.
https://www.businesstimes.com.sg/real-estate/goh-cheng-liang-family-buys-thye-hongs-garlick-ave-gcb

MYP to sell ABI Plaza for S$200m to Artemis Ventures
Real estate investment firm MYP, which is controlled by Indonesian billionaire Tahir’s family, on Monday announced it plans to sell ABI Plaza in Tanjong Pagar for S$200 million. The buyer, Artemis Ventures, is a Singapore-incorporated investment holding company and linked to a private fund managed by CapitaLand Fund Management.
https://www.businesstimes.com.sg/real-estate/myp-to-sell-abi-plaza-for-s200m-to-artemis-ventures
https://www.businesstimes.com.sg/companies-markets/myp-to-sell-abi-plaza-for-s200m-to-capitaland-fund-entity

Six strata-titled commercial units at Jalan Taman for sale with S$25m guide price
Six strata-titled commercial units at 1 Jalan Taman are up for sale collectively by expression of interest with a guide price of S$25 million, exclusive marketing agent Tristar Properties said. The units are also available for sale individually, with prices for each unit ranging from S$2.35 million to S$5.95 million.
https://www.businesstimes.com.sg/real-estate/six-strata-titled-commercial-units-at-jalan-taman-for-sale-with-s25m-guide-price

Worst could be over for retail Reits
It was not too long ago that Singapore’s malls were eerily silent, as the “circuit breaker” kept consumers at home and rendered the once bustling shopping centres a veritable ghost town. But things have started to turn around, and suburban malls are leading the recovery as shoppers flock to their neighbourhood retailers in search of a bite, entertainment, retail therapy or groceries. Anecdotally, business in the food & beverage (F&B) sector is picking up – with some restaurants even seeing brisk business.
https://www.businesstimes.com.sg/companies-markets/worst-could-be-over-for-retail-reits

Singapore Economy

‘Cautious optimism’ in retail, F&B, but SMEs’ outlook at record low
Business sentiment among small and medium-sized enterprises (SMEs) in Singapore have dipped to a record low, but those in the retail and food and beverage (F&B) sectors appear encouraged by the reopening of physical stores, according to an industry survey.
https://www.businesstimes.com.sg/government-economy/cautious-optimism-in-retail-fb-but-smes-outlook-at-record-low
https://www.businesstimes.com.sg/government-economy/cautious-optimism-in-retail-fb-even-as-smes-business-outlook-dips-to-all-time-low
https://www.straitstimes.com/business/economy/spore-sme-business-sentiment-sinks-to-all-time-low
https://www.straitstimes.com/business/economy/sme-business-sentiment-sinks-to-all-time-low-in-singapore-on-covid-19-uncertainties

Singapore set to fine-tune debt moratorium schemes
Singapore will soon calibrate its debt moratorium schemes, with the regulator looking to extend its programmes to certain borrowers beyond Dec 31 this year, while also ensuring that those with the ability to pay should begin repayment before the moratoriums expire, The Business Times understands.
https://www.businesstimes.com.sg/government-economy/singapore-set-to-fine-tune-debt-moratorium-schemes
https://www.businesstimes.com.sg/government-economy/singapore-to-calibrate-debt-moratoriums-soon
https://www.straitstimes.com/business/banking/coronavirus-mas-banks-said-to-be-in-talks-to-extend-debt-relief-scheme

Fitch affirms ‘AA-‘ score on Singapore banks, holds negative earnings outlook
FITCH Ratings has affirmed its “AA-” ratings on Singapore banks and removed the trio from rating watch negative (RWN), given that the materialisation of stressed conditions have become “less immediate”. This comes as the banks’ operating environment and financial metrics are, for now, consistent with the credit rating agency’s base-case expectations, it said in a statement on Monday. The banks were previously placed on RWN to reflect the weak operating environment.
https://www.businesstimes.com.sg/banking-finance/fitch-affirms-aa-score-on-singapore-banks-holds-negative-earnings-outlook

Companies’ Brief

FCT to price preferential offering at S$2.34 to S$2.42 per unit
The manager of Frasers Centrepoint Trust (FCT) is undertaking a private placement at an issue price of between S$2.35 and S$2.435 per unit, as well as a non-renounceable preferential offering at between S$2.34 and S$2.42 per unit. The equity fundraising will partially finance the real estate investment trust’s (Reit) acquisition of the remaining 63.11 per cent stake in
https://www.businesstimes.com.sg/companies-markets/fct-to-price-preferential-offering-at-s234-to-s242-per-unit
https://www.businesstimes.com.sg/companies-markets/frasers-centrepoint-trusts-placement-preferential-offering-priced-at-bottom-end
https://www.businesstimes.com.sg/companies-markets/frasers-centrepoint-trust-plans-up-to-s144b-equity-fundraising

FCT’s manager responds to concerns over Bedok Point sale
The manager of Frasers Centrepoint Trust (FCT) has responded to shareholder concerns over the $108 million sale of Bedok Point mall, which was initially acquired at $129 million. It noted that the mall’s smaller size and the lack of direct connections to transport nodes limited its ability to be the dominant mall in Bedok Town Centre. Despite proactive leasing and repositioning strategies to stabilise its performance, competition remained stiff due to larger and better new retail offerings, it added.
https://www.straitstimes.com/business/companies-markets/fcts-manager-responds-to-concerns-over-bedok-point-sale

EHT makes changes to board committees
Eagle Hospitality Trust on Monday announced fresh changes to its composition of board committees, a monthzafter it dropped independent director Carl Gabriel Florian Stubbe. The board of directors of the managers have appointed Lau Chun Wah as chairman of the special committee of the managers, and chairman of the nominating and remuneration committee (NRC) of the real estate investment trust (Reit) manager. Tarun Kataria was also appointed as a member of the NRC.
https://www.businesstimes.com.sg/companies-markets/eht-makes-changes-to-board-committees
https://www.businesstimes.com.sg/companies-markets/corporate-digest-1229

Changing hands
Tracking fund flows in the Singapore stock market
https://www.businesstimes.com.sg/companies-markets/changing-hands-129

Singapore shares up again, along with regional markets
The Straits Times Index (STI) rose for the second straight session on Monday, closing 10.73 points or 0.43 per cent higher at 2,483.01, after official data showed profits at China’s industrial firms grew for the fourth straight month in August, and Wall Street concluded last week on a positive note.
https://www.businesstimes.com.sg/companies-markets/singapore-shares-up-again-along-with-regional-markets

Views, Reviews, Forum & Others

Workplace injuries down 25% amid dip in economic activity
Workplace injuries fell by 25 per cent in the first half of this year, likely due to the suspension of selected workplace activities from April to June amid the coronavirus pandemic. Workplace fatalities, however, saw just a slight improvement over the same period, with falls from height and vehicular-related incidents accounting for the most deaths.
https://www.straitstimes.com/singapore/manpower/workplace-injuries-down-25-amid-dip-in-economic-activity
https://www.channelnewsasia.com/news/singapore/covid-19-workplace-injuries-accidents-first-half-2020-fatalities-13155150

OneSME platform to help Singapore, China firms expand reach, boost trade
A cross-border digital trade platform for small and medium-sized enterprises (SMEs) in Singapore and China will give local SMEs a new avenue for expansion as they look for ways to grow and thrive amid the Covid-19 pandemic. Previously known as the Asian SME Hub, the OneSME platform will connect business-to-business (B2B) platforms in the two countries to help local SMEs expand their overseas reach and tap demand from Chinese SMEs for Singapore products.
https://www.businesstimes.com.sg/sme/onesme-platform-to-help-singapore-china-firms-expand-reach-boost-trade
https://www.businesstimes.com.sg/sme/electronic-kyc-financing-and-smart-matching-among-onesme-trade-platform-features
https://www.straitstimes.com/business/companies-markets/platform-can-help-spore-smes-access-china-buyers

From tech to jobs, the future of work needs thought
Remote working has largely been viewed as a boon for employees, but it could also yield advantages for employers. These range from seeing a spike in employee productivity, to office rationalisation and tapping into new pools of talent, some firms that are considering making permanent changes to the workplace have said.
https://www.businesstimes.com.sg/hub-projects/from-tech-to-jobs-the-future-of-work-needs-thought

Digital push amid Covid-19 pandemic helps charities but challenges remain
Charities were forced to boost their online presence so that they could keep offering services amid the pandemic, but many organisations are finding that going digital is reaping other benefits as well.
https://www.straitstimes.com/singapore/digital-push-helps-charities-but-challenges-remain

Firm aims to install 10,000 EV charging points by 2030
Home-grown solar power company Sunseap Group has set up an electric mobility unit called Charge+, with an aim to install 10,000 electric vehicle (EV) charging points here by 2030. The number is more than one-third of the 28,000 which the Government said Singapore would have by the end of the decade, and could make the company the largest EV charging provider here. Charge+ chief executive Goh Chee Kiong told The Straits Times that installation will begin in the first quarter of next year at commercial, industrial and residential premises.
https://www.straitstimes.com/singapore/transport/firm-aims-to-install-10000-ev-charging-points-by-2030
https://www.straitstimes.com/singapore/transport/local-solar-power-firm-to-install-10000-electric-vehicle-charging-points-here-by

For people to trust AI, build fairness into it
Not long ago, professional networking platform LinkedIn published a fairness toolkit, which is an open source software library that other companies can use to measure fairness in their own AI models. This is an addition to the list of companies and governments that have tried to address the issue of fairness in the use of AI. Google lists some tips on checking for unfair biases on their website, as well as links to their own research papers on this topic.
https://www.businesstimes.com.sg/opinion/for-people-to-trust-ai-build-fairness-into-it

Why Brexit breakthrough is only half the battle ahead
A new, potentially final, round of Brexit talks started on Monday, with a breakthrough still elusive. Yet, even if a deal is agreed before October’s deadlines, a further major challenge could come from the ratification process. Given that negotiations remain on a knife-edge, the ratification phase has not yet been explored in great detail by much of the media, despite the fact that it is a key, distinctive stage in what is the most complex peace-time dialogue ever undertaken by the two sides.
https://www.businesstimes.com.sg/opinion/why-brexit-breakthrough-is-only-half-the-battle-ahead

Make public disclosure of the climate-crisis plans of businesses mandatory for sustainable economy
As the climate crisis intensifies, US environmental policy has moved dangerously backward, with nearly 70 environmental rules reversed during this administration, and 30 more reversals in process. This intransigent, head-in-the-sand approach will not alter the reality of climate change, nor the risks and opportunities it presents the economy.
https://www.businesstimes.com.sg/opinion/make-public-disclosure-of-the-climate-crisis-plans-of-businesses-mandatory-for-sustainable

Commentary: This is the end of business conferences as we know it
The meetings, incentives, conferencing and exhibitions (MICE) industry has not been spared the devastating impact of the COVID-19 pandemic. Both the supply – event organisers and exhibitors – and demand – corporate attendees and tourists – have literally evaporated. Borrowing famed author Spencer Johnson’s best-selling change management fable, it is time for the MICE industry to “move with the cheese” and keep relevant with new opportunities.
https://www.channelnewsasia.com/news/commentary/mice-business-conferences-exhibitions-events-singapore-covid-13137918

Update on COVID-19 (Coronavirus Disease 2019) Situation

One-year-old among six imported Covid-19 cases from India, France and the Philippines
Six imported cases of Covid-19 were confirmed on Monday (Sept 28), including two children, aged one and three, who returned from India on Sept 15. The remaining four were a permanent resident and a work pass holder returning on Sept 16 also from India, a work pass holder from France and a work permit holder from the Philippines, said the Ministry of Health (MOH).
https://www.businesstimes.com.sg/government-economy/one-year-old-among-six-imported-covid-19-cases-from-india-france-and-the
https://www.straitstimes.com/singapore/covid-19-one-year-old-amongst-six-imported-cases-from-india-france-and-the-philippines

15 new Covid-19 cases in Singapore, with 6 imported and 2 in the community
There were 15 new coronavirus cases confirmed as at Monday noon (Sept 28), taking Singapore’s total to 57,715. They included two community cases, both work pass holders, said the Ministry of Health (MOH). There were also six imported cases, who had been placed on stay-home notice upon arrival in Singapore. More details will be announced on Monday night.
https://www.straitstimes.com/singapore/health/15-new-covid-19-cases-in-singapore-with-6-imported-and-2-in-the-community
https://www.channelnewsasia.com/news/singapore/covid-19-new-cases-singapore-community-imported-moh-sep-27-13153240

World News Day: Covid-19 pandemic underscores need for good public communication and credible media, says panel
The Covid-19 pandemic has underscored the importance of public communication, as well as the need for institutions such as the media to build up trust with their audiences, said panellists during a discussion on World News Day on Monday (Sept 28). Public communication is often overlooked as a pillar of response to outbreaks, said the panel, and having credible news organisations is critical to such communication.
https://www.straitstimes.com/singapore/covid-19-pandemic-underscores-need-for-good-public-communication-credible-media-panel
https://www.straitstimes.com/singapore/more-than-150-news-outlets-mark-world-news-day-with-journalism-showcase-panel-discussions

No rush of workers in CBD on Monday morning even as Covid-19 rules ease for more people to return to workplaces
There appeared to be no rush in the central business district on Monday (Sept 28) morning as rules were eased to allow more people to return to workplaces. When The Straits Times visited Raffles Place during morning rush hour at around 9am, there was a slow but steady stream of people making their way from the MRT station to their workplaces.
https://www.straitstimes.com/singapore/coronavirus-no-rush-of-workers-in-cbd-on-monday-morning-as-rules-ease-to-allow-more-people
*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