DAILY NEWS

Daily News – 29, 30 & 31 May 2021 (Sat, Sun & Mon)

Singapore Real Estate

What makes a $1 million HDB flat
More HDB resale flats have been sold for a million dollars and such transactions have been grabbing headlines. The number of million-dollar flats hit a high last year with 82 transactions inked despite the pandemic.
https://www.straitstimes.com/business/invest/what-makes-a-1m-hdb-flat

Rental rebates will go directly to private commercial property tenants
Small and medium-sized enterprises as well as non-profit organisations which are tenants in privately owned commercial properties can expect to get cash payouts directly from the Inland Revenue Authority of Singapore. The rebates were previously given to landlords to pass down to tenants.
https://www.straitstimes.com/singapore/rental-rebates-will-go-directly-to-private-commercial-property-tenants
https://www.straitstimes.com/singapore/eligible-smes-non-profit-organisations-in-commercial-properties-to-get-rental-relief

Singapore Economy

PM Lee to address nation live at 4pm on Covid-19 plans
Singapore Prime Minister Lee Hsien Loong will address the nation in a live broadcast on Monday to share more on how Singapore plans to keep Covid-19 under control while progressively opening up again. In a Facebook post on Sunday, Mr Lee wrote: “The solution: testing, contact tracing, and vaccinating, all faster, and more. Also: What will the new normal be like?”
https://www.businesstimes.com.sg/government-economy/pm-lee-to-address-nation-live-at-4pm-on-covid-19-plans
https://www.straitstimes.com/singapore/politics/pm-lee-to-speak-on-plans-to-keep-covid-19-under-control-while-reopening

Slump and recovery: The two faces of Singapore’s economy
The start of the year has bode well for some industries, while others continue to slump. Insight looks at what lies ahead for sectors at both ends of the spectrum, and the challenges that stand in the way of recovery.
https://www.straitstimes.com/singapore/slump-and-recovery-the-two-faces-of-singapores-economy

Manufacturing to drive nation’s recovery for another year
The recent Covid-19 resurgence may have baked in the prospects of an uneven and gradual economic recovery through the year led by the trade-driven manufacturing sector. That suggests the pace of growth will depend on the health of external demand for goods and services produced in Singapore – a critical node for global trade.
https://www.straitstimes.com/business/economy/manufacturing-to-drive-nations-recovery-for-another-year

S$800m Covid-19 aid package for firms and individuals
The government will enhance its support measures to the tune of S$800 million to help companies and individuals during the current Phase 2 (Heightened Alert), said Finance Minister Lawrence Wong on Friday. This move comes about two weeks after further restrictions…
https://www.businesstimes.com.sg/government-economy/s800m-covid-19-aid-package-for-firms-and-individuals
https://www.straitstimes.com/singapore/800m-covid-19-support-package-to-help-firms-workers

Having occasional flare-ups might be the new normal to be faced
Friday’s announcement of S$800 million in Covid-19 support – and the suggestion that the existing tightened measures seem to be working for now – might have brought some relief to onlookers. But Finance Minister Lawrence Wong, who delivered the news, also warned that fluctuating circumstances and occasional outbreaks may well be the new normal.
https://www.businesstimes.com.sg/government-economy/having-occasional-flare-ups-might-be-the-new-normal-to-be-faced

S’pore won’t dip into reserves to fund new support package: Wong
Singapore will not dip into its reserves to fund a new $800 million Covid-19 support package, said Finance Minister Lawrence Wong. Instead, it will pay for the package by reallocating development expenditure, some of which can be capitalised under the recently passed Significant Infrastructure Government Loan Act.
https://www.straitstimes.com/singapore/spore-wont-dip-into-reserves-to-fund-new-support-package-wong

Covid-19 crisis brings opportunities for some retailers
Some retailers are expanding their presence in Singapore even as others have made their exit amid the Covid-19 pandemic. Consumers’ changing needs as more people work and study from home have given opportunities to retailers who cater to them.
https://www.straitstimes.com/singapore/consumer/covid-19-crisis-brings-opportunities-for-some-retailers

Companies’ Brief

Chip Eng Seng, Ho Bee Land chairs up stakes
For the four trading sessions that spanned May 21 to 27, the Straits Times Index (STI) gained 1.7 per cent bringing its total return for the 2021 year to May 20 to 13.0 per cent. Within the STI, OCBC, DBS, Singapore Telecommunications, Singapore Airlines, and Genting Singapore received the highest net institutional inflows from May 21 to 27.
https://www.businesstimes.com.sg/companies-markets/chip-eng-seng-ho-bee-land-chairs-up-stakes

Keppel unit to develop landed housing project in Ho Chi Minh City district
A unit of Keppel Land is buying 60 per cent of Phuoc Kien Construction Investment Joint Stock Company for about S$21.6 million. This will allow Keppel’s unit – VN Prosperity – to jointly develop a landed housing project in the Nha Be District of Ho Chi Minh City, Vietnam.
https://www.businesstimes.com.sg/companies-markets/keppel-unit-to-develop-landed-housing-project-in-ho-chi-minh-city-district

Keppel saved $68m from energy-efficient initiatives
Green initiatives might seem like a burden for companies already grappling with a challenging operating environment, but they have paid off in spades for Keppel Group. The firm’s energy-efficient initiatives saved an estimated 1,040,420 gigajoules of energy, translating to cost savings of around $68 million last year.
https://www.straitstimes.com/business/companies-markets/keppel-saved-68m-from-energy-efficient-initiatives

PropertyGuru to acquire REA Group’s Malaysia, Thailand units
[Singapore] Singapore real estate startup PropertyGuru has agreed to acquire all of the shares in REA Group’s operating entities in Malaysia and Thailand, marking the biggest acquisition in its 14-year history. PropertyGuru will acquire iProperty.com.my and Brickz.my in Malaysia and thinkofliving.com and Prakard.com in Thailand from Australia’s REA Group…
https://www.businesstimes.com.sg/garage/propertyguru-to-acquire-rea-groups-malaysia-thailand-units

Investors continue to favour Reit ETFs
The ascent of passive investing saw assets under management (AUM) in pure Reit Exchange Traded Funds (ETFs) exceed US$40 billion globally. The combined AUM of Reit ETFs with exposure to Asia-Pacific ex-Japan was close to US$770 million as at end April 2021.
https://www.businesstimes.com.sg/companies-markets/investors-continue-to-favour-reit-etfs

Views, Reviews, Forum & Others

Giving broad, equitable access to vaccines
Chia Ngiang Hong, President, Real Estate Developers’ Association of Singapore (REDAS)
A temporary waiver of patent rights may increase output of vaccines but it could give rise to potential adverse consequences if standards are compromised and possible side effects are not diligently and continuously monitored. Mass production of vaccines that are questionable will do more harm to public health and erode public confidence in vaccination efforts.
https://www.businesstimes.com.sg/views-from-the-top/giving-broad-equitable-access-to-vaccines

Have vaccination, will travel
Despite all those perky surveys telling us the vast majority of people wish to travel internationally right now, do we really? And what caveats apply? One question we continue to pose to our global audience is whether international air travel should be limited to vaccinated passengers.
https://www.businesstimes.com.sg/opinion/have-vaccination-will-travel

Singapore, Hong Kong play complementary roles in wealth management
Hong Kong is the top capital market for Chinese enterprises venturing abroad. Data from the Hong Kong Stock Exchange (HKSE) showed that as at end-March this year, H-share and red-chip companies have a combined market value of over HK$12 trillion (S$2 trillion), making up 23 per cent of the total market value of all companies listed on the HKSE.
https://www.businesstimes.com.sg/asean-business/singapore-hong-kong-play-complementary-roles-in-wealth-management

Rich China tycoons park family offices in S’pore
Maegan Zhao, 37, came to Singapore with her young son three years ago to assess its living and education environment. She decided to enrol him in United World College, where he will start studying next year. Ms Zhao’s family is involved in the business of private equity and mergers and acquisitions.
https://www.businesstimes.com.sg/asean-business/rich-china-tycoons-park-family-offices-in-spore

The super rich are choosing Singapore as the world’s safest haven
When Singaporean car dealer Keith Oh first read the Facebook message, he was not sure if it was real. A Chinese client ordered a S$1.1 million Bentley – sight unseen – over the social network. “They just asked for the price and when we could do the delivery, that’s all,” he said. “It’s a million dollars to us, but it’s probably nothing to them.”
https://www.businesstimes.com.sg/government-economy/the-super-rich-are-choosing-singapore-as-the-worlds-safest-haven

Finance Minister Lawrence Wong appointed to MAS board; Ong Ye Kung to step down
Minister of Finance Lawrence Wong has been appointed deputy chairman of the board of directors in the Monetary Authority of Singapore (MAS), in a slew of changes announced on Friday. His appointment to the board will be for a term of three years from June 1, 2021, to May 31, 2024, along with Deborah Ong, who recently retired as a partner of PricewaterhouseCoopers Singapore.
https://www.businesstimes.com.sg/government-economy/finance-minister-lawrence-wong-appointed-to-mas-board-ong-ye-kung-to-step-down
https://www.straitstimes.com/business/banking/lawrence-wong-appointed-to-mas-board

Update on COVID-19 (Coronavirus Disease 2019) Situation

95-year-old dies of Covid; 5 new cases linked to NTUC Foodfare
A 95-year-old Singaporean woman died from Covid-19 complications on Sunday. She was confirmed to be infected with the coronavirus on May 17 when she was warded at Changi General Hospital for an unrelated medical condition, the Ministry of Health (MOH) said on Sunday.
https://www.businesstimes.com.sg/government-economy/95-year-old-dies-of-covid-5-new-cases-linked-to-ntuc-foodfare
https://www.straitstimes.com/singapore/sporean-95-dies-of-covid-19-new-cluster-in-sengkang-with-7-cases

Imported case from Nepal not linked to airport cluster: MOH
A Covid-19 patient who alleged that she could have been infected at Changi Airport after arriving from Nepal on April 25 was unlikely to have caught the virus in Singapore. The Ministry of Health (MOH) said yesterday that its investigations have confirmed that the woman’s infection is not related to those in the Changi Airport Terminal 3 cluster.
https://www.straitstimes.com/singapore/imported-case-from-nepal-not-linked-to-airport-cluster-moh

Likely no tightening of Covid-19 restrictions for now with cases stabilising: Lawrence Wong
There may not be a need to further tighten Covid-19 restrictions, as the current measures appear to be effective in controlling the spread of the coronavirus, Finance Minister Lawrence Wong said on Friday. “For now, we believe that measures are working, they are having an effect in helping us curb the spread of the virus…
https://www.businesstimes.com.sg/government-economy/likely-no-tightening-of-covid-19-restrictions-for-now-with-cases-stabilising
https://www.straitstimes.com/singapore/no-need-to-further-tighten-covid-19-curbs-for-now-says-minister

Mild fever or sore throat? You must still seek help, say docs
The Covid-19 clusters that have formed here have been linked to variants of concern circulating around the world. Despite reminders and Singapore being in a state of heightened alert, some people have ignored a fever or other respiratory symptoms for a few days before seeing a doctor, only to find out later that they have Covid-19.
https://www.straitstimes.com/singapore/health/mild-fever-or-sore-throat-you-must-still-seek-help-say-docs

Experts warn B1617 is turning more dominant worldwide
The B1617 variant of the Sars-CoV-2 virus causing Covid-19 is becoming increasingly dominant worldwide and could worsen the pandemic, especially in countries with low vaccination rates, said experts in their latest assessment of the virus.
https://www.straitstimes.com/singapore/experts-warn-b1617-is-turning-more-dominant-worldwide

New measure will help against virus, but some have concerns
Infectious diseases experts say a new requirement, in which Singapore citizens and permanent residents (PRs) must test negative for Covid-19 before being allowed to return home from high-risk countries, will help to protect front-line staff at the airport.
https://www.straitstimes.com/singapore/new-measure-will-help-against-virus-but-some-have-concerns
https://www.straitstimes.com/singapore/sporeans-planning-to-return-adjust-to-new-requirement

Cleaners in higher-risk areas get priority for vaccination
Cleaners deployed to higher-risk areas, such as airports, are being prioritised for Covid-19 vaccination, while other cleaners have been encouraged to get their shots, amid a growing number of infections among such workers.
https://www.straitstimes.com/singapore/cleaners-in-higher-risk-areas-get-priority-for-vaccination

Some antibodies may worsen Covid-19, study finds
Certain types of Covid-19-neutralising antibodies – which prevent the Sars-CoV-2 virus from infecting a person’s cells – may end up worsening the disease, scientists have found. When the Sars-CoV-2 virus attacks the body, its spike protein binds to a receptor enzyme known as ACE2 in the host cell and, in some instances, causes the viral cell and the host cell membranes to fuse.
https://www.straitstimes.com/singapore/some-antibodies-may-worsen-covid-19-study-finds

*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