DAILY NEWS

Daily News – 30 Jun 2020 (Tue)

Singapore Real Estate

Mount Emily property launched for collective sale by tender
A freehold residential property in Mount Emily Road has been launched for sale by tender at a guide price of S$24 million, sole marketing agent Edmund Tie & Company said on Monday. The indicative price translates to about S$1,485 per square foot on the existing gross floor area (GFA). All the owners have given consent for the collective sale.
https://www.businesstimes.com.sg/real-estate/mount-emily-property-launched-for-collective-sale-by-tender
https://www.businesstimes.com.sg/real-estate/mount-emily-residential-block-up-for-collective-sale-with-s24m-guide-price

Builders can consider hostels for worker housing; but safe-distancing rules stay
Desperate to ride out the lull in backpacker tourism amid the novel coronavirus pandemic, the owners of some 40 boutique hostels in Singapore are calling for the authorities to actively encourage firms to use their premises to house foreign workers.
https://www.businesstimes.com.sg/government-economy/builders-can-consider-hostels-for-worker-housing-but-safe-distancing-rules-stay

Singapore Economy

Fewer business closures in May but experts warn of spike later
The number of business entities that closed last month was similar to previous months despite the pandemic-induced downturn. There were 3,706 closures in May – including companies, sole proprietorships and limited liability partnerships –
https://www.straitstimes.com/business/fewer-business-closures-in-may-but-experts-warn-of-spike-later

Companies’ Brief

Accordia Golf Trust’s sponsor offers to buy golf courses for S$804.1m
The sponsor of Accordia Golf Trust (AGT) has proposed to acquire the trust’s 88 golf courses in Japan for 61.8 billion Japanese yen (S$804.1 million), or an implied purchase consideration of S$0.732 per unit, AGT said on Monday.
https://www.businesstimes.com.sg/companies-markets/accordia-golf-trusts-sponsor-offers-to-buy-golf-courses-for-s8041m
https://www.straitstimes.com/business/companies-markets/accordia-golf-trust-offered-804m-by-sponsor-to-divest-all-its-japan-golf

Ascott Residence Trust
Ascott Residence Trust (ART) has announced a reset distribution rate of 3.07 per cent for the S$250 million perpetual issue that it has decided against redeeming on its first call date today. This rate is lower than the 4.68 per cent when the issue was launched, but marginally higher than the 3 per cent analysts had earlier estimated.
https://www.businesstimes.com.sg/companies-markets/corporate-digest-1166
https://www.businesstimes.com.sg/companies-markets/ascott-residence-trust-announces-307-reset-rate-for-perpetual-not-redeemed-on

Dasin Retail Trust placement 1.2 times subscribed; purchase price for China malls unchanged
Dasin Retail Trust’s placement was 1.2 times subscribed at an issue price of S$0.78 per unit – the lower end of its indicative price range of S$0.78 to S$0.80 per new unit. A total of 120.5 million new units will be issued to raise some S$94 million in gross proceeds.
https://www.businesstimes.com.sg/companies-markets/dasin-retail-trust-placement-12-times-subscribed-purchase-price-for-china-malls

First Reit unit serves termination notice on deal to develop hospital in Indonesia
Singapore (The Business Times) – A wholly-owned subsidiary of First Real Estate Investment Trust (First Reit) has served a termination notice to a Lippo Karawaci subsidiary to scrap an agreement for the development of a hospital in Surabaya, First Reit’s manager said late on Monday (June 29).
https://www.straitstimes.com/business/companies-markets/first-reit-unit-serves-termination-notice-on-deal-to-develop-hospital-in
https://www.businesstimes.com.sg/companies-markets/first-reit-unit-serves-termination-notice-on-development-agreement-for-indonesia

SPH to develop, run data-centre facilities with Keppel Corp units
Singapore Press Holdings (SPH), which publishes The Business Times, is setting up a joint venture (JV) with Keppel Corporation to develop and operate data centre facilities at SPH’s Genting Lane property. In a regulatory filing yesterday, SPH announced that it will hold 40 per cent of the JV company, named Memphis 1, while units of Keppel will hold the remaining 60 per cent.
https://www.businesstimes.com.sg/companies-markets/sph-to-develop-run-data-centre-facilities-with-keppel-corp-units
https://www.straitstimes.com/business/companies-markets/sph-to-develop-and-run-data-centre-facilities-with-keppel-corp-units

Temasek watching Keppel results as $4b bid hangs in balance
Temasek is prepared to drop a $4 billion bid for control of Keppel Corp should the Singapore conglomerate’s next earnings report trigger a clause that allows it to walk away, according to people familiar with the matter.
https://www.straitstimes.com/business/companies-markets/temasek-watching-keppel-results-as-4b-bid-hangs-in-balance

Views, Reviews, Forum & Others

A clarion call for firms to go digital
If there is one bright spark from the chaos caused by the coronavirus pandemic, it’s the fact that more companies in Singapore have – whether by choice or having their hand forced to some extent – embraced digitalisation in a big way.
https://www.businesstimes.com.sg/sme/a-clarion-call-for-firms-to-go-digital

IMF’s difficulties from epic virus challenge have only just begun
Emerging markets and developing countries are in dire economic plight amid the Covid-19 crisis. Eyes are turning to the world’s first responder, the International Monetary Fund (IMF), but the pandemic raises fundamental challenges for the Fund.
https://www.businesstimes.com.sg/opinion/imfs-difficulties-from-epic-virus-challenge-have-only-just-begun

There are reasons not to fear fiscal deficits and central bank financing
The severe economic downturn caused by the Covid-19 pandemic has forced governments worldwide to increase spending as tax revenues simultaneously collapsed. According to the Asian Development Bank (ADB) Covid-19 Policy Database, as at June 15, its 68 members had announced packages that amounted to a total of almost US$23 trillion.
https://www.businesstimes.com.sg/opinion/there-are-reasons-not-to-fear-fiscal-deficits-and-central-bank-financing

Jobs in some international schools in danger if enrolment falls along with expat numbers
International schools are bracing for a possible fall in enrolment numbers as expatriate numbers slide due to the Covid-19 pandemic, but for the more popular schools, it could mean a shorter wait-list for prospective students.
https://www.businesstimes.com.sg/government-economy/jobs-in-some-international-schools-in-danger-if-enrolment-falls-along-with-expat

Update on COVID-19 (Coronavirus Disease 2019) Situation

Coronavirus: Experts warn against letting guard down as community cases inch up
Singapore has seen an uptick in community cases 12 days into phase two of reopening the economy, which will be a concern if the trend continues, experts said. More than ever, people need to be vigilant and cautious, despite a clear sense of “crisis fatigue”, with many keen to return to their usual habits, said Professor Teo Yik Ying, dean of the National University of Singapore’s Saw Swee Hock School of Public Health.
https://www.straitstimes.com/singapore/experts-warn-against-letting-guard-down-as-community-cases-inch-up
*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