DAILY NEWS

Daily News – 4 Jun 2020 (Thu)

Singapore Real Estate

GSM Building on Middle Road launched for en bloc sale
GSM Building at 141 Middle Road has been launched for sale by tender. This comes after the minimum consent level required for the site to be launched for an en bloc sale was achieved, marketing agent Mount Everest Properties said.
https://www.businesstimes.com.sg/real-estate/gsm-building-on-middle-road-launched-for-en-bloc-sale

Singapore landlords need a post Covid-19 remake
Singapore (Bloomberg News) – Every third dollar changing hands on Singapore Exchange is because of someone buying or selling units in a real estate investment trust (Reit). But has the city’s Reit mania gone a bit too far? The coronavirus pandemic has raised hard questions that have only simmered under the surface until now.
https://www.straitstimes.com/business/property/singapore-landlords-need-a-post-covid-19-remake
https://www.businesstimes.com.sg/real-estate/singapore-landlords-need%C2%A0a-post-covid%C2%A0remake

Government, banks offer more relief to cash-strapped landlords
The government may be mandating that commercial landlords help their tenants, but it will also assist landlords who face cash flow constraints as a result of providing relief to their tenants. The Ministry of Finance (MOF), the Monetary Authority of Singapore (MAS) and a number of government agencies on Wednesday announced a package of measures to help such landlords with their existing loan commitments to ease their cash flow needs.
https://www.businesstimes.com.sg/real-estate/government-banks-offer-more-relief-to-cash-strapped-landlords
https://www.straitstimes.com/business/more-help-for-some-landlords-facing-cash-flow-issues

Mandate for landlords’ rent waivers exception to the norm
This year is turning out to be a rather bad year for landlords. First, most of their tenants had to be shuttered to prevent the spread of Covid-19. Then, landlords were told to exercise leniency when it came to demanding rentals. Now, new legislation will make it mandatory for landlords to waive rents for small and medium-sized enterprise (SME) tenants.
https://www.businesstimes.com.sg/companies-markets/mandate-for-landlords-rent-waivers-exception-to-the-norm

More rental help for SME tenants with at least 35% revenue fall
Additional rental waivers – with the cost borne by landlords – will be given to eligible small and medium-sized enterprises (SMEs) that have suffered at least 35 per cent fall in revenue, on top of mandatory waivers funded by the government, under new legislation to be introduced on Friday.
https://www.businesstimes.com.sg/government-economy/more-rental-help-for-sme-tenants-with-at-least-35-revenue-fall
https://www.straitstimes.com/business/more-rent-waivers-help-on-the-way-for-hard-hit-smes

Work can resume on over 5,400 home renovation projects: BCA
The Building and Construction Authority (BCA) has approved all applications for residential renovation projects previously suspended due to the Covid-19 circuit breaker, it said on Wednesday. This means that work can now resume on more than 5,400 such projects.
https://www.businesstimes.com.sg/real-estate/work-can-resume-on-over-5400-home-renovation-projects-bca
https://www.straitstimes.com/singapore/housing/over-5400-suspended-home-renovation-projects-get-nod-for-restart

Singapore Economy

Singapore PMI rises in May, recovers from April lows
In May, Singapore’s factory sentiment improved both overall and in the electronics sector for the first time this year, recovering from April’s levels, which were the lowest since 2008. But both readings were still in contractionary territory for the fourth straight month, with economists warning that headwinds persist.
https://www.businesstimes.com.sg/government-economy/singapore-pmi-rises-in-may-recovers-from-april-lows
https://www.straitstimes.com/business/economy/spore-pmi-bounces-off-11-year-low-but-remains-in-contraction

Companies’ Brief

Kimly expects to complete purchase of two coffeeshops soon
Catalist-listed coffeeshop consolidator Kimly has completed the acquisitions of six food outlets first announced on Feb 21 for S$35.5 million, and will acquire the remaining two coffeeshops for S$20.3 million soon.
https://www.businesstimes.com.sg/companies-markets/kimly-expects-to-complete-purchase-of-two-coffeeshops-soon

Starhill Global Reit gets upgrade to ‘buy’ on attractive valuation: RHB
RHB Research on Wednesday upgraded Starhill Global Reit to “buy” from “neutral” on attractive valuation compared to its retail peers. The research house, however, lowered its target price on the Reit to 63 Singapore cents from 76 cents.
https://www.businesstimes.com.sg/companies-markets/starhill-global-reit-gets-upgrade-to-buy-on-attractive-valuation-rhb

Views, Reviews, Forum & Others

Strategies for the rebound as manufacturing adapts to the new normal
As covid-19 restrictions begin to ease in Singapore and across the globe, manufacturers are learning the importance of being able to quickly adjust operational strategies, procurement and the supply chain. Even when better times seem to be coming slowly but surely, the key to staying operational is also to be able to handle the next lockdown with prudence.
https://www.businesstimes.com.sg/opinion/strategies-for-the-rebound-as-manufacturing-adapts-to-the-new-normal

Checkout time for the department store?
It is no secret that the fortunes of department stores have been dwindling, amid changing consumer preferences and the rise of e-commerce. As the Covid-19 pandemic forces retailers worldwide to shut their doors, the department store model of sprawling stores and large inventories that span every imaginable category has been put under additional strain.
https://www.straitstimes.com/opinion/checkout-time-for-the-department-store

Singapore leads Asian stock surge on hopes of sharp economic recovery
SINGAPORE led Asia’s stock markets on Wednesday in a rally on hopes that the global economy will rebound as lockdown measures ease.The optimism from the reopening of economies continues to reign and fuel gains for global markets, sidelining geopolitical tensions and civil unrest across the US.
https://www.businesstimes.com.sg/stocks/singapore-leads-asian-stock-surge-on-hopes-of-sharp-economic-recovery

No one is too old to hire, too qualified to adapt: Tharman
No employer should think someone is too old to hire, or that those with higher skills are overqualified or not adaptable enough, Senior Minister Tharman Shanmugaratnam said yesterday, in a Facebook post on the jobs challenge for Singapore amid the Covid-19 pandemic.
https://www.straitstimes.com/singapore/manpower/no-one-is-too-old-to-hire-too-qualified-to-adapt-tharman

Singapore Budget 2020

Employers who abuse Jobs Support Scheme face fines, jail: Taxman
The taxman has warned employers who abuse the Jobs Support Scheme (JSS) to obtain higher payouts that they would be charged under the Penal Code and face up to 10 years’ imprisonment and a fine. The Inland Revenue Authority of Singapore (Iras) also said yesterday it was aware of possible abuses by employers to get higher payouts.
https://www.straitstimes.com/singapore/employers-who-abuse-jobs-support-scheme-face-fines-jail-taxman

Update on COVID-19 (Coronavirus Disease 2019) Situation

81-year-old woman is only Singaporean among 7 new coronavirus community cases
An 81-year-old woman is the only Singaporean among seven new community Covid-19 cases announced on Wednesday. The Ministry of Health (MOH) confirmed 569 new coronarivus cases on Wednesday, bringing the total in Singapore to 36,405. Of the new cases, 562 are foreign workers living in dormitories. There were no imported cases, and 99 per cent of the new cases are linked to known clusters.
https://www.businesstimes.com.sg/government-economy/81-year-old-woman-is-only-singaporean-among-7-new-coronavirus-community-cases

3 workplaces told to shut for insisting staff return to office
Three workplaces were forced to stop operations for failing to implement adequate safe management measures, including instructing employees to return to the office instead of allowing them to work from home, said the Ministry of Manpower (MOM) yesterday evening.
https://www.straitstimes.com/singapore/3-workplaces-told-to-shut-for-insisting-staff-return-to-office
https://www.businesstimes.com.sg/government-economy/3-workplaces-told-to-stop-operations-for-not-adhering-to-safe-management-measures

Experts warn of hidden reservoirs of coronavirus infections in Singapore
With six out of the seven new community cases announced yesterday being asymptomatic, it is clear there are hidden reservoirs of Covid-19 infections in the community, experts said, as Singapore enters the third day of its reopening this morning.
https://www.straitstimes.com/singapore/experts-warn-of-hidden-reservoirs-of-infections

Singapore-China business travel starts from June 8 with strict curbs
Tough conditions set for Singapore- China travel to resume will likely see only the most essential trips being taken. On the plus side, as Singapore moves to ease border restrictions, business and official travellers who tap the Singapore-China fast lane will not have to serve a two-week quarantine when they travel between the two countries – but they must take swab tests at their own cost.
https://www.businesstimes.com.sg/government-economy/singapore-china-business-travel-starts-from-june-8-with-strict-curbs
https://www.straitstimes.com/singapore/transport/spore-to-resume-essential-business-travel-with-china
https://www.straitstimes.com/business/economy/firms-welcome-move-to-reopen-travel-with-china

Drive-through Covid-19 swab test facility launched at One Farrer Hotel
As Singapore ramps up coronavirus-testing efforts, the first drive-through testing facility has been launched at One Farrer Hotel, which has been repurposed as a temporary hospital facility. Apart from getting their Covid-19 test swabs while seated in their cars, people can opt to use swab booths nearby.
https://www.straitstimes.com/singapore/health/drive-through-covid-19-swab-test-facility-launched-at-one-farrer-hotel
*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