DAILY NEWS

Daily News – 29 Dec 2020 (Tue)

Singapore Real Estate

Single-owner plots, older CBD office sites in spotlight amid residential sales buzz: report
Single-owner plots and older central business district (CBD) offices are now in the spotlight as residential property developers eye strong residential sales. Cushman & Wakefield (C&W) expects more buzz in residential investment activity in the early part of 2021 as residential sales continue to keep pace, it said in its market outlook 2021 series.
https://www.businesstimes.com.sg/real-estate/single-owner-plots-older-cbd-office-sites-in-spotlight-amid-residential-sales-buzz
https://www.straitstimes.com/business/property/single-owner-plots-older-cbd-office-sites-will-appeal-in-2021-amid-residential

35 public housing projects recognised at HDB awards
The architecture firm behind the design of three blocks at St George’s Towers Build-To-Order (BTO) project has bagged a top design award for Housing and Development Board (HDB) projects, in a year that saw the board name a record number of winners.
https://www.businesstimes.com.sg/real-estate/35-public-housing-projects-recognised-at-hdb-awards
https://www.straitstimes.com/singapore/housing/best-blocks

Construction firms look to cost savings with their transport capacity for workers back to normal
The lifting of the 25 per cent reduction in maximum passenger capacity (MPC) for transportation provided by employers, such as private buses, vans and lorries, comes as a breath of fresh air to players in the construction industry, who said that this will help reduce transportation costs and improve productivity.
https://www.businesstimes.com.sg/government-economy/construction-firms-look-to-cost-savings-with-their-transport-capacity-for-workers

Singapore Economy

Singapore-NZ digital economy pact to take effect on Jan 7
Singapore’s Digital Economy Partnership Agreement (Depa) with New Zealand will enter into force on Jan 7. This follows the ratification of the pact by both countries, said the Ministry of Trade and Industry (MTI) yesterday. It is the first digital economy agreement that Singapore concluded and signed.
https://www.straitstimes.com/business/singapore-nz-digital-economy-pact-to-take-effect-on-jan-7

Asian firms upbeat about business outlook in next six months: poll
Asian firms are at their most optimistic since the coronavirus outbreak, even as they continue to worry about persistent cases of Covid-19 and possible scarcity of vaccines in parts of the world. According to the Thomson Reuters/Insead Asian Business Sentiment Index, the outlook for Asian companies in the next six months jumped to 62 this quarter, from 53 in the third quarter.
https://www.businesstimes.com.sg/government-economy/asian-firms-upbeat-about-business-outlook-in-next-six-months-poll

Companies’ Brief

Chip Eng Seng scraps kindergarten tie-up with Repton
The collaboration between Singapore’s Chip Eng Seng Corp and British firm Repton International Schools to establish international kindergartens in certain Asia-Pacific countries will terminate on March 31, 2021. This came after Chip Eng Seng reviewed the tie-up in the context of its overall investments in the education business segment, in light of the rapidly changing environment amid the Covid-19 pandemic and other factors, the mainboard-listed company said in a filing on Monday evening.
https://www.businesstimes.com.sg/companies-markets/chip-eng-seng-scraps-kindergarten-tie-up-with-repton
https://www.straitstimes.com/business/companies-markets/chip-eng-seng-scraps-kindergarten-tie-up-with-repton

Starhill Global Reit obtains S$550m in term loan, revolving credit facilities
The trustee of Starhill Global Real Estate Investment Trust (Starhill Global Reit) has entered into a five-year unsecured S$550 million facility agreement with a club of banks. The agreement is for S$250 million in term loan facilities and S$300 million in revolving credit facilities (RCFs). Of the RCFs, S$100 million is uncommitted, said Starhill Global Reit’s manager on Monday evening.
https://www.businesstimes.com.sg/companies-markets/starhill-global-reit-obtains-s550m-in-term-loan-revolving-credit-facilities

Chaly Mah to succeed Surbana Jurong’s Liew Mun Leong
Surbana Jurong has appointed Chaly Mah Chee Kheong as its new chairman after receiving board approval of a recommendation by the group’s executive resource and compensation committee. Mr Mah will succeed the urban and infrastructure consultancy’s founding chairman Liew Mun Leong with effect from Jan 1, 2021.
https://www.businesstimes.com.sg/real-estate/chaly-mah-to-succeed-surbana-jurongs-liew-mun-leong-0
https://www.straitstimes.com/business/chaly-mah-to-succeed-surbana-jurongs-liew-mun-leong

First Reit plunges 34.6% after announcing proposed rights issue
Units of First Real Estate Investment Trust (First Reit) sank on Monday after its manager proposed a rights issue with an indicative issue price of 20 Singapore cents per unit. The counter closed on Monday at 26.5 cents, down 34.6 per cent or 14 cents from the previous close on Dec 24.
https://www.businesstimes.com.sg/companies-markets/first-reit-plunges-346-after-announcing-proposed-rights-issue

Views, Reviews, Forum & Others

Work-from-home divides real estate into the good, bad and ugly
Work-from-home (WFH) and lockdowns have carved up the real estate sector into a handful of winners and many more losers. The resulting split into the good, the bad and the ugly presents a challenge for investors who expect diverging valuations to revert to historic averages in 2021.
https://www.businesstimes.com.sg/real-estate/work-from-home-divides-real-estate-into-the-good-bad-and-ugly

Scrutinising environmental risk in portfolios: time for action
A consultation exercise by the Monetary Authority in Singapore in June has put the fund management industry on notice that environmental risk assessment will be put front and centre of portfolio management and overall governance. Based on a set of guidelines, consideration of environmental risk will have broad implications across a range of activities including research and portfolio construction, risk management and stewardship.
https://www.businesstimes.com.sg/opinion/scrutinising-environmental-risk-in-portfolios-time-for-action

Economic reordering in the making?
The latest report published by the British think-tank, the Centre for Economics and Business Research (CEBR), forecasts that the Chinese economy will overtake that of the United States in 2028, five years earlier than expected. This projection in its annual World Economic League Table is based largely on Beijing’s “skilful handling” of the Covid-19 pandemic.
https://www.straitstimes.com/opinion/st-editorial/economic-reordering-in-the-making-0

How Covid-19 will change travel in 2021
Last month, Qantas Airways announced that once a coronavirus vaccine was available, passengers hoping to fly on the airline would need to prove that they had taken it. Mr Alan Joyce, the airline’s chief executive, described the need for proof of vaccination as “a necessity”.
https://www.straitstimes.com/opinion/how-covid-19-will-change-travel-in-2021-0

Update on COVID-19 (Coronavirus Disease 2019) Situation

SIA cabin crew member is sole community case; four imported
A Singapore Airlines cabin crew member who works as a part-time private-hire driver with Grab was the sole Covid-19 case in the community confirmed yesterday, said the Ministry of Health (MOH). There were also four new imported cases, taking Singapore’s total to 58,529.
https://www.straitstimes.com/singapore/sia-cabin-crew-member-is-sole-community-case-four-imported

Singapore steps cautiously into phase 3 as some rules are eased
Singapore cautiously entered phase three of its reopening yesterday, with most people not willing to explore the new boundaries that allow larger groups to dine together and meet socially. Instead, patrons remained watchful and stuck to small groups for their meals at hawker centres in Ghim Moh and Toa Payoh, while diligently observing social distancing measures in malls such as Junction 8 in Bishan.
https://www.straitstimes.com/singapore/singapore-steps-cautiously-into-phase-3-as-some-rules-are-eased

Bosses unlikely to mandate vaccination for staff, say experts
When the Covid-19 vaccines are rolled out from next year for most residents, interior design firm Design 4 Space plans to dangle a trip to Japan to encourage its staff to get the shots. Although the vaccination programme here is voluntary, the company’s chief executive Richard Yea is encouraging his more than 70 employees to get vaccinated.
https://www.straitstimes.com/singapore/bosses-unlikely-to-mandate-vaccination-for-staff-say-experts
*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