DAILY NEWS

Daily News – 3 Dec 2020 (Thu)

Singapore Real Estate

Government raises modestly private housing supply from confirmed list of land sites
Singapore – The supply of private residential housing from confirmed sites under the government land sales (GLS) programme for the first half of next year has been modestly increased after being sharply reduced in the second half of this year due to the impact of the Covid-19 pandemic.
https://www.straitstimes.com/business/property/government-raises-modestly-private-housing-supply-from-confirmed-list-of-land
https://www.businesstimes.com.sg/real-estate/private-housing-supply-from-confirmed-land-sale-sites-up-171-for-h1-2021-mnd

HDB ‘lottery’ conundrum: analysts weigh in on ways to mitigate it
When certain HDB flats in the Dawson and Boon Tiong area completed their five-year minimum occupation period (MOP) this year, some owners unloaded them on the resale market for a startling 60-70 per cent gain. Of course, not all HDB flats can fetch that kind of profits, but such deals, among other factors, are raising concerns about the affordability of resale public housing units in prime locations.
https://www.businesstimes.com.sg/real-estate/hdb-lottery-conundrum-analysts-weigh-in-on-ways-to-mitigate-it

Singapore Economy

EU-Singapore FTA continues to open doors for companies a year on
A fortnight ago, the free trade agreement between tiny Singapore and the 27-member European Union (EU) quietly passed its first anniversary since the landmark accord – known as the EU-Singapore Free Trade Agreement (EUSFTA) – entered into force.
https://www.businesstimes.com.sg/government-economy/eu-singapore-fta-continues-to-open-doors-for-companies-a-year-on

As economies rebuild for a more sustainable future, opportunities abound
With the Covid-19 pandemic still raging on around the world, companies in Singapore – both the big boys and the smaller players – are feeling the effects of the vast disruption caused to their businesses and industries.
https://www.businesstimes.com.sg/government-economy/as-economies-rebuild-for-a-more-sustainable-future-opportunities-abound

MAS nudges financial firms on local high-tech skills transfers
The Monetary Authority of Singapore (MAS) is drilling down to the local mix in technology units of financial institutions in Singapore to ensure skills transfer for high-end tech jobs, and has had “bespoke conversations” with financial institutions on their localisation plans at tech units.
https://www.businesstimes.com.sg/government-economy/mas-nudges-financial-firms-on-local-high-tech-skills-transfers

S’pore firms forging ahead with business growth in Asia: Poll
Firms in Singapore are doubling down on expanding their business networks in Asia and building resilience in their supply chains despite having a more pessimistic economic outlook than businesses elsewhere, according to a survey.
https://www.straitstimes.com/business/spore-firms-forging-ahead-with-business-growth-in-asia-poll

Companies’ Brief

Barings to set up South-east Asia hub in Singapore
Investment management firm Barings is laying the groundwork for an office in Singapore to serve as its hub for South-east Asia investment activities. The office is expected to manage around US$1 billion in Asian equity strategies. It will be headed by SooHai Lim, managing director and head of Asia equities ex-China.
https://www.businesstimes.com.sg/banking-finance/barings-to-set-up-south-east-asia-hub-in-singapore

Credit Bureau Asia’s IPO 60.8 times subscribed
Credit Bureau Asia (CBA) received applications from retail investors for 60.8 times the number of shares available in the public portion of its initial public offering (IPO), it announced on Wednesday. With 1.5 million shares available to the public for subscription, it received more than 4,000 valid applications for about 91.3 million shares, with application monies received amounting to S$84.9 million.
https://www.businesstimes.com.sg/companies-markets/credit-bureau-asias-ipo-608-times-subscribed-0
https://www.straitstimes.com/business/companies-markets/credit-bureau-asia-debuts-on-sgx-at-215-above-ipo-price

JL Family Office unveils boutique property investment firm
JL Family Office has launched a boutique property investment firm, The Land Managers Holdings, with S$250 million initial capital commitment. It is on the lookout for value-add and developmental real estate opportunities in Singapore and gateway cities in Europe and Greater China.
https://www.businesstimes.com.sg/real-estate/jl-family-office-unveils-boutique-property-investment-firm

Ex-senior civil servant to succeed retiring SBF CEO
Singapore Business Federation (SBF) chief executive officer (CEO) Ho Meng Kit is retiring after 10 years, to be succeeded by the business chamber’s current deputy CEO and former senior civil servant Lam Yi Young, 48, who joined the SBF this July.
https://www.businesstimes.com.sg/government-economy/ex-senior-civil-servant-to-succeed-retiring-sbf-ceo
https://www.straitstimes.com/business/sbf-chief-exec-retiring-after-a-decade-of-service

One-proxy vote approach is well-established, but is it the best way?
The Securities Industry Council (SIC) has reminded all parties that the scheme of arrangement for the merger of Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (Sabana Reit) and ESR-Reit is a court-supervised process.
https://www.businesstimes.com.sg/companies-markets/one-proxy-vote-approach-is-well-established-but-is-it-the-best-way
https://www.straitstimes.com/business/companies-markets/merger-vote-process-same-as-any-in-spore-sabana-reit

Views, Reviews, Forum & Others

Reshaping supply chains with technology
The pandemic has brought simultaneous shocks to global supply chains; it’s unprecedented, but this will happen again, so organisations need to get prepared now. Yet recent research exposes a knowledge gap among business leaders when it comes to supply-chain digitisation.
https://www.businesstimes.com.sg/opinion/reshaping-supply-chains-with-technology

Covid-19 still active in the community
After more than two weeks of being clear of Covid-19 cases in the community, Singapore has seen a resurfacing of such cases – a sign that the virus has yet to be eradicated. It underscores the need for vigilance and to stick to safe distancing and other measures.
https://www.straitstimes.com/opinion/st-editorial/covid-19-still-active-in-the-community-0

Upgrade of Asean-EU ties comes at right time
Asean and the European Union have long been friends and partners. The virtual 23rd Asean-EU Ministerial Meeting on Tuesday has finally declared they are also strategic partners. The upgrade of the dialogue partnership to strategic partnership is good news.
https://www.straitstimes.com/opinion/upgrade-of-asean-eu-ties-comes-at-right-time-0

PM Lee, Muhyiddin discuss KL-Singapore High-Speed Rail project
Prime Minister Lee Hsien Loong and his Malaysian counterpart Muhyiddin Yassin had a discussion over video conference on the Kuala Lumpur-Singapore High-Speed Rail (HSR) project yesterday, both leaders said in a joint statement.
https://www.straitstimes.com/singapore/pm-lee-muhyiddin-discuss-kl-singapore-high-speed-rail-project

More staycations, food delivery and takeaway: Survey
Singapore residents are willing to spend more on staycations and also go on staycations more frequently, according to a survey conducted by the Singapore Management University’s Institute of Service Excellence. Sixty-three per cent of the 450 participants surveyed said they would maintain or increase the frequency of staycations, while 71 per cent said they would spend the same amount or more.
https://www.straitstimes.com/singapore/consumer/more-staycations-food-delivery-and-takeaway-survey

Singapore Budget 2021

Budget 2021 to seek growth opportunities
As Singapore heads into the new year with a record Budget deficit, the Government will have to be prudent in spending and make every dollar count, even as it saves jobs and keeps the economy afloat. This was Minister in the Prime Minister’s Office and Second Minister for Finance and National Development Indranee Rajah’s assessment of the challenges planners face as they prepare next year’s Budget.
https://www.straitstimes.com/singapore/politics/budget-2021-to-seek-growth-opportunities

S’poreans invited to share hopes and views on Budget
The Ministry of Finance has invited Singaporeans to share their views and hopes for the upcoming Budget, slated to be unveiled next February. They can do so until Jan 8 next year, through various channels. Government feedback unit Reach will have virtual and physical listening points set up at high-traffic areas, while the People’s Association and its grassroots organisations will reach out to Singaporeans via virtual engagement platforms such as Ask Kopi Kakis #shareyourviews.
https://www.straitstimes.com/singapore/politics/sporeans-invited-to-share-hopes-and-views-on-budget

Update on COVID-19 (Coronavirus Disease 2019) Situation

Two new imported cases; none in community
There were no new coronavirus cases in the community reported yesterday, but there were two imported ones, the Ministry of Health (MOH) said last night. This brings Singapore’s total to 58,230. The first case is a 52-year-old permanent resident who returned from India.
https://www.straitstimes.com/singapore/two-new-imported-cases-none-in-community

Singapore’s HSA reviewing Covid-19 vaccine data from Moderna
The Health Sciences Authority (HSA) has started evaluating the available data submitted by Covid-19 vaccine developer Moderna “to ensure expeditious review”, the authority said yesterday. HSA said it has been in discussion with the American biotechnology company on the submission plan for its vaccine.
https://www.straitstimes.com/singapore/health/singapores-hsa-reviewing-covid-19-vaccine-data-from-moderna
*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