DAILY NEWS

Daily News – 6 Aug 2020 (Thu)

Singapore Real Estate

Four-storey mixed-use building at River Valley Road for sale with S$24m guide price
A four-storey mixed-use building at 286 and 288 River Valley Road is up for sale by expression of interest with a guide price of S$24 million, or about S$5,742 per square foot on land area, exclusive marketing agent CBRE said on Wednesday.
https://www.businesstimes.com.sg/real-estate/four-storey-mixed-use-building-at-river-valley-road-for-sale-with-s24m-guide-price

Singapore Economy

Online retail sales spike points to sustained structural shift
Retail takings jumped in June on a partial reopening from the two-month “circuit breaker”, but the sector is far from out of the woods. Receipts have not returned to where they were before the deadly novel coronavirus pandemic shook up everyday lifestyles and put the crimp on non-essential businesses.
https://www.businesstimes.com.sg/government-economy/online-retail-sales-spike-points-to-sustained-structural-shift
https://www.straitstimes.com/business/economy/spore-retail-sales-slump-eases-in-june

Companies’ Brief

Sabana defends ESR deal valuation but Quarz says reasoning ‘absurd’
The manager of Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (Sabana Reit) has insisted that its proposed deal with ESR-Reit does not necessarily undervalue Sabana as it is a merger and not an asset sale. But activist fund Quarz Capital Management criticised this reasoning as “absurd”.
https://www.businesstimes.com.sg/companies-markets/sabana-defends-esr-deal-valuation-but-quarz-says-reasoning-absurd

ESR-Reit will not raise offer price for Sabana in proposed merger
ESR-Reit does not intend to increase the scheme consideration for its proposed merger with Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (Sabana Reit), its manager said in a bourse filing on Thursday. Accordingly, the exchange ratio of 0.940 ESR-Reit units to one Sabana Reit unit is final, it added.
https://www.businesstimes.com.sg/companies-markets/esr-reit-will-not-raise-offer-price-for-sabana-in-proposed-merger

Newbie Simply Sakal bags management contract for 843-unit Siglap condo
Sakal Real Estate Partners, a relative newbie in the residential management-services industry, has clinched a mega contract – one for managing a condominium with over 800 units. This new client is the brand-new 843-unit Seaside Residences in Siglap, which is getting its temporary occupation permit (TOP) later this year.
https://www.businesstimes.com.sg/real-estate/newbie-simply-sakal-bags-management-contract-for-843-unit-siglap-condo

Yanlord, GIC investing up to $1.38b in China residential projects
Mainboard-listed developer Yanlord Land Group is partnering Singapore sovereign wealth fund GIC to co-invest in residential projects in China. Its wholly owned subsidiary, Yanlord (China) Investment Group, has entered into an agreement with a GIC affiliate to form an investment platform for that purpose, the firm said in an exchange filing after the stock market closed on Tuesday.
https://www.straitstimes.com/business/companies-markets/yanlord-gic-investing-up-to-138b-in-china-residential-projects

Hotel chain Accor cutting 1,000 jobs worldwide
Paris • France’s Accor, the world’s sixth-largest hotel chain, said on Tuesday that it was slashing 1,000 jobs worldwide in a major cost-cutting plan accelerated by the effects of the coronavirus pandemic. The group, which runs high-end chains such as Raffles and Sofitel and budget brands like Ibis, plans to cut costs by €200 million (S$325 million) by 2022, Agence France-Presse reported. Accor is the largest hotel operator in Singapore, currently managing 26 hotels. Aside from Raffles, Sofitel and Ibis, it also manages Swissotel, Fairmont Singapore, Novotel and Mercure.
https://www.straitstimes.com/business/hotel-chain-accor-cutting-1000-jobs-worldwide

Views, Reviews, Forum & Others

Smart buildings in a Covid-free World
Covid-19 has indelibly transformed the way society thinks and interacts. Extended lockdowns around the world have compelled most people to work from home. And while some may perceive this as temporary, the emerging sensibility is that social distancing and even semi-lockdowns will continue over the foreseeable future to safeguard public health.
https://www.businesstimes.com.sg/opinion/smart-buildings-in-a-covid-free-world

Borrowers in jobs at risk face tighter processing for new home loans
Home buyers are reportedly facing tighter credit assessment when they apply for mortgages – especially if they work in sectors that have been severely affected by Covid-19. On the other hand, for existing borrowers hoping to re-finance to cheaper home loans, banks are supportive and are easing the debt servicing criteria.
https://www.businesstimes.com.sg/banking-finance/borrowers-in-jobs-at-risk-face-tighter-processing-for-new-home-loans

Hard decisions ahead as downturn bites
With preliminary data showing that the unemployment rate rose to 2.9 per cent in June – the highest in over a decade – the National Wages Council (NWC) will reconvene this year to update its recommendations on wages. This is only the fourth time that the council is relooking its guidelines in the same year.
https://www.straitstimes.com/opinion/st-editorial/hard-decisions-ahead-as-downturn-bites

47 employers added to watch list over discriminatory hiring
A fresh group of 47 employers have been placed on the Fair Consideration Framework (FCF) watch list for potentially discriminatory hiring practices. They will have their Employment Pass (EP) applications for foreign hires closely scrutinised, and those who are recalcitrant or uncooperative will have their work pass privileges cut back.
https://www.straitstimes.com/singapore/47-employers-added-to-watch-list-over-discriminatory-hiring
https://www.straitstimes.com/singapore/some-firms-on-watch-list-didnt-cast-net-wide-enough-for-locals

WhatsApp pilots new fact-check feature in seven countries
Popular messaging service WhatsApp has stepped up the fight against disinformation and fake news by rolling out a new feature to allow users to check the contents of viral messages. The fact-check feature will appear as a magnifying glass icon next to messages that have been forwarded through five or more people.
https://www.straitstimes.com/world/whatsapp-pilots-new-fact-check-feature-in-seven-countries

Update on COVID-19 (Coronavirus Disease 2019) Situation

Jurong Point among places visited by coronavirus patients
The Popular bookstore at Jurong Point has been added to the list of public places visited by Covid-19 patients while they were still infectious. According to the Ministry of Health’s (MOH) update yesterday, the bookstore was visited by at least one Covid-19 case from 12.05pm to 2.30pm on July 26.
https://www.straitstimes.com/singapore/jurong-point-among-places-visited-by-virus-patients

Singapore to get first dibs on any successful Arcturus Covid-19 vaccine
Singapore sought out US Covid-19 vaccine developer Arcturus Therapeutics Holdings and is funding its research in order to secure the first doses of any successful final product, in a reflection of the growing urgency in the race for immunisation.
https://www.businesstimes.com.sg/government-economy/singapore-to-get-first-dibs-on-any-successful-arcturus-covid-19-vaccine

Coronavirus: 265,000 foreign workers get nod to return to work
The Covid-19 restrictions have forced firms in the construction, marine shipyard and process sectors to halt work since April, with many still unable to fully resume operations. But the dark days have begun to recede. As of Tuesday, 265,000 foreign workers in those three sectors have been given the green light to return to work, said the Ministry of Manpower (MOM).
https://www.straitstimes.com/singapore/manpower/265000-foreign-workers-get-nod-to-return-to-work
*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