The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 31st Mar (Tue) 2020


Singapore Real Estate

Rent rebates not enough to save retailers as virus-related curbs slash traffic further
As heightened distancing measures tighten the noose around tenants’ necks, the Singapore Retailers Association (SRA) over the weekend appealed to landlords for rental support beyond rebates, echoing recent calls from other quarters.

GCB in Cluny Park being sold for S$40m
A Bungalow in Cluny Park near the Singapore Botanic Gardens is being transacted for S$40 million, or nearly S$1,964 per square foot based on the freehold land area of 20,369 sq ft. On the site is a bungalow completed more than two decades ago; market watchers expect the buyer to redevelop the property, which is in the Cluny Hill Good Class Bungalow (GCB) Area.

Loyang industrial site up for sale at S$8.8m guide price
An industrial site at 32 Loyang Crescent is up for sale via expression of interest, with owners seeking offers in the region of S$8.8 million, exclusive marketing agent JLL said on Monday. The asset, situated within the Loyang industrial estate, has a total gross floor area of around 36,902 square feet (sq ft). It sits on a 45,439 sq ft site with a plot ratio of 2.5 and a remaining tenure of about 31 years.

Two Nanyang Optical shops may take break as sales slide
Nanyang Optical may temporarily shut two stores – at Paragon and Ngee Ann City – after sales plunged more than 70 per cent on the weekend amid new coronavirus crowd control rules. The landlord of its Ngee Ann City store is still reviewing whether to give any rent relief, said Mr Bernard Yang, managing director of the chain, which has been operating in Singapore since the 1960s.

Retractable drying rack among new upgrades for ageing flats
Heavy bamboo poles loaded with laundry will soon be a thing of the past in some 230,000 Housing Board flats, as they will be replaced with a new retractable clothes drying rack. Flats built between 1987 and 1997 will be eligible for the upgrade under the extended Home Improvement Programme (HIP), HDB said yesterday.


Singapore Economy

MAS’ double-tap policy easing still an exercise in restraint
Singapore’s central bank brought out the big guns on Monday. It eased its exchange rate-based monetary policy in a one-two punch, amid the economic devastation of the deadly Covid-19 pandemic. Both the slope and mid-point of the Singdollar nominal effective exchange rate policy band (S$NEER) were tweaked by the Monetary Authority of Singapore (MAS), setting the Singapore dollar on a weaker path.

Analysts expect volatility in USD/SGD in the near term
Analysts are expecting the Singapore dollar to remain weak in the near term before it begins to strengthen towards the end of 2020, hopefully on the back of economic recovery. On Monday morning, the Singdollar saw a brief spike against the US dollar, shortly after the central bank eased monetary policy in a widely anticipated move due to expectations of a coronavirus-led slowdown.

MAS warns of job losses, slower wage growth as recession looms
The Monetary Authority of Singapore (MAS) expects increasing job losses and fewer pay rises this year as the economy heads into its worst recession on record. The central bank said the job market will worsen amid a sharp drop in both economic activity and demand for goods and services at home and abroad.

Govt’s real firepower to fight Covid-19 is fiscal stimulus: DPM
Monetary policy is important for Singapore to confront the Covid-19 pandemic, but the real firepower comes from the government’s fiscal stimulus. “Our monetary and fiscal policy need to complement each other. We look at how to maintain price stability and the conditions for longer term growth,” said Deputy Prime Minister and Minister for Finance Heng Swee Keat on Monday.

Tap govt support, trim other costs before pay cuts: NWC
Employers affected by the Covid-19 pandemic should first reduce non-wage costs and tap government support before looking to reduce their workers’ wages. Retrenchment should be a last resort, said the National Wages Council (NWC), in releasing its annual guidelines yesterday.


Companies’ Brief

CDL names veteran hotelier as group CEO of M&C Hotels
The board of City Developments Limited (CDL) has appointed Clarence Tan as the group chief executive officer of Millennium & Copthorne (M&C) Hotels, effective this Thursday. He will be the first to take the helm after the delisting of the hotel arm of CDL, the company announced on Monday.

Second Chance Properties Q2 net profit falls 23.1% to S$1.4m
Mainboard-Listed Second Chance Properties on Monday posted a 23.1 per cent drop in net profit in its second quarter ended Feb 29, despite a slight increase in revenue. The difference was due mainly to a fair-value loss on financial assets of S$0.7 million in the second quarter this year, compared to a fair-value gain of S$0.2 million last year.

Why does Covid-19 get the blame when Eagle Hospitality Trust’s woes predate it?
Urban Commons (UC), the sponsor of Eagle Hospitality Trust (EHT) and master lessee for all of the Reit’s hotels, has reneged on its latest monthly fixed rent payment to EHT, barely 10 months after selling its assets into the Reit last May.


Views, Reviews, Forum & Others

Survive or thrive with the unprecedented Resilience Budget
At the end of the current economic storm, two types of companies will emerge – those that survive but remain status quo, and those that thrive. The difference: the latter took the downtime to transform. The Covid-19 outbreak is unprecedented on many fronts, notably the scale and impact on lifestyle, business and the economy.

Global cooperation must still drive post-pandemic recovery and growth
One need not be an astute economic and political observer to predict that the global pandemic now ravaging the world, particularly the United States and members of the European Union (EU), is going to unleash powerful anti-globalisation sentiments and accelerate the drive towards localism and nationalism.

Companies gear up for supply chain realignment
China’s contribution to global manufacturing has grown steadily over the past decade. Various estimates indicate that it accounts for anywhere between 27 and 50 per cent of global manufacturing output. The world’s reliance on China, though, has never been more evident than in the past few months.

S’pore and Japan firms to explore hydrogen for energy
Five Singapore and two Japanese companies will explore ways to use hydrogen as a low-carbon energy source here. The Singapore firms – PSA Corporation, Jurong Port, City Gas, Sembcorp Industries and Singapore LNG Corporation – will evaluate and develop a business case for the feasibility of importing and using hydrogen here.


Update on COVID-19 (Coronavirus Disease 2019) situation

Firms urged to back staff who need 2nd job due to Covid-19
Employers should support local staff who want to take on a second job to supplement their incomes if they have been affected by a shorter work week or temporary layoffs due to the Covid-19 pandemic, the National Wages Council (NWC) said yesterday.


Global Economy & Global Real Estate

Oil at 17-year low as demand plunges

Dollar snaps losing streak as investors opt for safety

Frozen UK home market leaves buyers stranded

UK public sector contractor Kier cuts pay for 6,500 employees

Nordic nations reel as 660,000 jobs take a hit

Coronavirus closures: Outrage in Germany as Adidas, H&M halt rent payments

Airbnb to pay out US$250m to hosts to help ease Covid-19 cancellation pain

With 735,000 jobs lost, rich Nordic nations are in shock

Can you really sell your house on Zoom?

Wuhan businesses reopen as Beijing moves to revive virus-hit economy

China’s March official factory activity unexpectedly expands after steep contraction

China unexpectedly cuts key rate, pumps $10b into coronavirus-hit money markets

Tokyo Olympics to open on July 23 next year

Japan factory output growth slows in February as coronavirus fallout widens

Japan’s ruling party plans 100t yen stimulus to fight virus hit

Japan draws flak for keeping ‘unambitious’ carbon target

South Korea’s February factory output contracts most in over 11 years

HK luxury apartment landlords slash rents to attract tenants

Dubai property group Limitless seeks advisers for restructuring


Additional Articles of Interests – Local & Overseas Real Estate

Local & Overseas Real Estate – Full Article

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