DAILY NEWS

Daily News – 3 Sep 2020 (Thu)

Singapore Real Estate

GCB land in Queen Astrid Park for sale with S$126.8m guide price
A plot of Good Class Bungalow (GCB) residential redevelopment land in the Queen Astrid Park GCB Area is up for sale by tender with a guide price of S$126.8 million, exclusive marketing agent Knight Frank Singapore said on Wednesday.
https://www.businesstimes.com.sg/real-estate/gcb-land-in-queen-astrid-park-for-sale-with-s1268m-guide-price
https://www.straitstimes.com/business/property/queen-astrid-gardens-launches-collective-sale-1268-million-guide-price-for-huge

Owners responsible for upkeep of buildings, says BCA
The maintenance of air-conditioning mechanical ventilation (ACMV) ducts within buildings is not subject to regulatory requirements, said the Building and Construction Authority (BCA) in a statement yesterday. A BCA spokesman told The Straits Times that “building owners are responsible for the maintenance of their buildings, by ensuring that all parts of their buildings are maintained in a state of good and serviceable condition”.
https://www.straitstimes.com/singapore/owners-responsible-for-upkeep-of-buildings-says-bca

Singapore Economy

Singapore leads in innovation for Asia-Pacific, and ranks eighth globally
Singapore has emerged in pole position in the Asia-Pacific for the seventh consecutive year in this year’s Global Innovation Index (GII). Globally, the city-state has kept its eighth placing. The GII, co-published by Cornell University, Insead and the World Intellectual Property Organization (WIPO), surveys 131 economies around the world, using 80 indicators as a gauge of innovative activities and measurable results.
https://www.businesstimes.com.sg/government-economy/singapore-leads-in-innovation-for-asia-pacific-and-ranks-eighth-globally

Global companies still keen on Singapore despite pandemic
Foreign investors are still keen on Singapore, despite the “depressed economic climate”, Prime Minister Lee Hsien Loong said on Wednesday. Indeed, multinational companies (MNCs) have been adding local headcount and expanding facilities, even with the deadly Covid-19 pandemic.
https://www.businesstimes.com.sg/government-economy/global-companies-still-keen-on-singapore-despite-pandemic
https://www.straitstimes.com/politics/global-firms-still-keen-to-invest-do-more-here

Singapore must guard its reputation for openness: PM Lee
Singapore must continue to welcome talent and investment that creates opportunities for its people, and maintain its reputation for such openness, said Prime Minister Lee Hsien Loong in Parliament on Wednesday, with business associations cheering the assurance provided.
https://www.businesstimes.com.sg/government-economy/singapore-must-guard-its-reputation-for-openness-pm-lee
https://www.straitstimes.com/politics/spore-must-avoid-going-down-path-of-polarised-politics-pm

Reserves needed to prepare for contingencies: DPM Heng Swee Keat
The economy in the future will be more volatile. Because of this, it is key that Singaporeans adopt a mindset that the country has to prepare for contingencies, “the one big unknown”, when planning the use of its reserves, rather than focus on how much can be spent from the money accumulated over the years, said Deputy Prime Minister Heng Swee Keat yesterday.
https://www.straitstimes.com/politics/reserves-needed-to-prepare-for-contingencies-dpm

MAS: Resilient supply chains, workforce needed to move beyond Covid-19 crisis
Singapore will have to build resilience in its supply chains and workforce to move beyond the current crisis, said Monetary Authority of Singapore (MAS) managing director Ravi Menon yesterday.
https://www.straitstimes.com/business/economy/mas-resilient-supply-chains-workforce-needed-to-move-beyond-covid-19-crisis

Businesses exploring new areas of growth during pandemic: Halimah
Businesses are concerned about what happens when government support during the coronavirus pandemic tapers off, but they are also using this time to explore opportunities, said President Halimah Yacob yesterday.
https://www.straitstimes.com/business/economy/businesses-exploring-new-areas-of-growth-during-pandemic-halimah

Coronavirus: Singapore, South Korea set up fast lane for essential travel
Singapore and South Korea have concluded a fast-lane arrangement which will allow for essential business and official travel between the two countries from tomorrow. Singapore’s Ministry of Foreign Affairs (MFA) said yesterday that the arrangement will help restore connectivity and support economic recovery. It added that the necessary public health safeguards will be in place.
https://www.straitstimes.com/singapore/transport/spore-south-korea-set-up-fast-lane-for-essential-travel

Companies’ Brief

CapitaLand obtains two-year S$200m SORA-SOFR loan from UOB
United Overseas Bank (UOB) and CapitaLand have entered into an agreement for a two-year S$200 million term loan which references both the Singapore Overnight Rate Average (SORA) and the Secured Overnight Financing Rate (SOFR). The dual-tranche loan is the first of its kind in Singapore, the lender and the real estate giant said in a joint statement on Thursday morning.
https://www.businesstimes.com.sg/companies-markets/capitaland-obtains-two-year-s200m-sora-sofr-loan-from-uob

PropertyGuru bags S$300m from TPG, KKR to boost growth
US private equity giants TPG Capital and KKR, as PropertyGuru’s largest shareholders, have pumped an additional S$300 million into the South-east Asia-focused property technology firm. The fresh injection, raised from two recent rounds of new funding, will accelerate PropertyGuru’s growth strategy across its key markets, said the Singapore-based startup, which pulled the plug on a A$380.2 million (S$380.5 million) initial public offering (IPO) less than a year ago.
https://www.businesstimes.com.sg/real-estate/propertyguru-bags-s300m-from-tpg-kkr-to-boost-growth
https://www.straitstimes.com/business/property/propertyguru-raises-300m-to-accelerate-growth-across-s-e-asia

Property portal 99 Group to hire 100 tech staff
Property portal 99 Group is hiring around 100 additional technology staff over the next 12 months to boost its tech workforce. These include positions such as front-and back-end engineers, app developers, product managers, user experience and user interface designers and data analysts, said the Singapore-based firm yesterday.
https://www.straitstimes.com/business/property/property-portal-99-group-to-hire-100-tech-staff

Surbana Jurong’s international CEO Teo Eng Cheong quits
Temasek-owned urban, infrastructure and managed services consultancy Surbana Jurong on Wednesday confirmed that its chief executive officer (international) Teo Eng Cheong has resigned after close to five years in the role.
https://www.businesstimes.com.sg/real-estate/surbana-jurongs-international-ceo-teo-eng-cheong-quits-0
https://www.straitstimes.com/business/companies-markets/surbana-jurongs-international-chief-executive-resigns

Views, Reviews, Forum & Others

Technological change beyond Covid-19
There are 47 robots at work in Jewel Changi Airport and in the airport’s terminals. They represent the face of automation that helps to keep Changi Airport humming along every day. The use of robots and other machines at a time of rising unemployment might appear counter-intuitive, but it is part of the push for automation that is important for Singapore to stay abreast of global trends.
https://www.straitstimes.com/opinion/st-editorial/technological-change-beyond-covid-19-0

This is how S’pore will face its challenges
This year, we opened Parliament sooner than we usually do after a general election, because we have urgent business dealing with Covid-19 and the economy. Covid-19 has caused a massive upheaval in our lives. After eight gruelling months, we have stabilised our situation. But it has taken a tremendous effort to get here.
https://www.straitstimes.com/opinion/this-is-how-spore-will-face-its-challenges

Leveraging infrastructure investments for faster recovery
The infrastructure sector has been an unsung hero in this pandemic. Despite the complete disruption to how our economies operate, core infrastructure like power, water, communications and most transport systems has kept the economy operational. True to form, infrastructure has literally kept the lights (and the Internet!) on.
https://www.businesstimes.com.sg/opinion/leveraging-infrastructure-investments-for-faster-recovery

Covid fallout accelerating financial sector tech race
The Covid-19 pandemic is accelerating the technology race in the financial sector as companies adapt to new operating parameters. Increasingly, these companies are deploying new technologies that are more cost-effective and can make sense of and act on huge swathes of data.
https://www.businesstimes.com.sg/opinion/covid-fallout-accelerating-financial-sector-tech-race

Govt looking at simpler liquidation process for pandemic-hit firms
Businesses that are hurt by the coronavirus pandemic and need to liquidate will soon be able to do so in an easier way. The Government is looking at a simplified liquidation scheme to help these businesses wind up so that the people behind the businesses are not hurt in the long term, said Second Minister for Law Edwin Tong yesterday.
https://www.straitstimes.com/business/govt-looking-at-simpler-liquidation-process-for-pandemic-hit-firms

Update on COVID-19 (Coronavirus Disease 2019) Situation

Covid-19’s ongoing impact, here and abroad
The pandemic made for a rough first half worldwide, with second-quarter growth hit by lockdowns and containment measures – including in Singapore, where “circuit-breaker” measures were in place from April till June. Past the year’s halfway mark, indicators are picking up as some cities emerge from lockdown, though others might be seeing a second wave of infections. B
https://www.businesstimes.com.sg/infographics/covid-19%E2%80%99s-ongoing-impact-here-and-abroad

Coronavirus: Three new clusters at dorms; 49 new cases reported
Three new coronavirus clusters in worker dormitories were announced by the Ministry of Health (MOH) yesterday. The first, Changi Lodge II at 80 Tanah Merah Coast Road, was linked to six cases, while North Coast Lodge in Admiralty was linked to seven cases. Two new patients from Toh Guan Dormitory at 19A Toh Guan Road East were linked to five previous cases.
https://www.straitstimes.com/singapore/three-new-clusters-at-dorms-49-new-cases-reported

Covid-19 not nation’s last health crisis, as PM Lee warns of Disease X
Covid-19 will not be Singapore’s last public health crisis, and the country can apply lessons it has learnt in managing this disease to prepare for future pandemics, said Prime Minister Lee Hsien Loong.
https://www.straitstimes.com/politics/covid-19-not-nations-last-health-crisis-as-pm-warns-of-disease-x

Don’t be lulled into letting Covid-19 guard down: PM Lee
Prime Minister Lee Hsien Loong warned that Singapore cannot let its guard down in fighting Covid-19, even if the situation is getting better here. He cited a recent survey by The Straits Times published on Aug 16 that showed almost half of the respondents were weary of pandemic safety measures.
https://www.straitstimes.com/politics/dont-be-lulled-into-letting-covid-19-guard-down-pm
https://www.straitstimes.com/politics/spore-handled-pandemic-well-with-some-lessons-to-be-drawn
https://www.businesstimes.com.sg/government-economy/singapore-has-done-well-so-far-in-covid-19-fight-but-must-learn-from-early
*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