DAILY NEWS

Daily News – 6 Oct 2020 (Tue)

Singapore Real Estate

Bigger is better for Singapore home buyers
Home owners are trading up, spurred to take that plunge of a bigger financial commitment by the work from home trend which has led to a surge in sales of large condos. These are defined as more than 1,200 square feet (sq ft) in size. The most popular large units are in the 1,200 – 1,400 sq ft size as these are more affordable compared to even bigger ones.
https://www.businesstimes.com.sg/real-estate/bigger-is-better-for-singapore-home-buyers

Trading in ultra-luxe homes slows
Pandemic or not, trading in the most expensive homes in Singapore has continued. But hitting the 2019 volume is unlikely as buyers have become more selective. There are many buyers for good class bungalows (GCBs), the most prestigious type of landed property in Singapore. But at that level, these individuals are also selective, said Henry Lim, ERA head of GCB division.
https://www.businesstimes.com.sg/magazines/wealth-october-2020/trading-in-ultra-luxe-homes-slows

S-Reits in the spotlight
Real Estate Investment Trusts have staged a strong rebound since the March trough, despite a continuing overhang over specific sectors. Genevieve Cua asks the experts for their near-term views on the asset class
https://www.businesstimes.com.sg/magazines/wealth-october-2020/s-reits-in-the-spotlight

Singapore Economy

Heng unveils extensions to support schemes, new economic strategy
How Singapore responds to Covid-19 today will shape the country’s growth in the coming five to 10 years, Deputy Prime Minister and Finance Minister Heng Swee Keat said in Parliament on Monday. In a ministerial statement, he gave an overview of the government’s approach to Covid-19 over the next six months – including extensions to support schemes – and its refreshed economic strategy for the future.
https://www.businesstimes.com.sg/government-economy/heng-unveils-extensions-to-support-schemes-new-economic-strategy
https://www.straitstimes.com/politics/measures-could-save-155000-jobs-pave-way-for-future-dpm

DPM Heng pledges to revive Singapore’s status as air hub
Disruptions from Covid-19 may have thrown a spanner in the works for Singapore to be a well-connected air hub, but the Government is doubling down on efforts to restore the country’s connectivity. Pledging to revive Singapore’s status as an air hub when global travel resumes, Deputy Prime Minister Heng Swee Keat also said in Parliament yesterday that the Government will work on building up the country to be a Global-Asia confluence of technology, innovation and enterprise.
https://www.straitstimes.com/politics/dpm-heng-pledges-to-revive-singapores-status-as-air-hub

Singapore’s revenue position set to remain weak for some time
Singapore’s challenging fiscal position is the result of a global pandemic that no one could have predicted, Deputy Prime Minister Heng Swee Keat said yesterday. But what is within the nation’s control is how to use its fiscal resources well to respond to the Covid-19 crisis and prepare for the future, he told Parliament in a ministerial statement.
https://www.straitstimes.com/politics/singapores-revenue-position-set-to-remain-weak-for-some-time

How resilient economy, going green can boost growth post-coronavirus
To prepare for growth in the post-coronavirus years, Singapore needs to produce essential food and medical supplies locally, invest in and adopt energy-efficient technologies, and seek new business opportunities in the growing “green” economy.
https://www.straitstimes.com/singapore/how-resilient-economy-going-green-can-boost-growth-post-coronavirus

Support for vulnerable workers, reskilling seen as key to inclusivity
Singapore aims to grow not just a vibrant, innovative economy, but also an inclusive one in which growth uplifts all Singaporeans, said Deputy Prime Minister Heng Swee Keat yesterday. It will be achieved in two ways, he added, in a ministerial statement in Parliament.
https://www.straitstimes.com/politics/support-for-vulnerable-workers-reskilling-seen-as-key-to-inclusivity

Plans for 3rd phase of reopening to be revealed in weeks
More details on when Singapore will enter the third stage of its phased reopening will be released by the multi-ministry task force in the coming weeks, said Deputy Prime Minister Heng Swee Keat yesterday. This road map will include the expected timeline for moving to phase three, changes to current regulations on the size of group gatherings, and participation at mass events, Mr Heng told Parliament.
https://www.straitstimes.com/singapore/plans-for-3rd-phase-of-reopening-to-be-revealed-in-weeks

Singapore retail sales down 5.7% in August
Singapore retail sales dropped 5.7 per cent on the year in August, an improvement from the 8.5 per cent year-on-year decline recorded in July, according to the Singapore Department of Statistics (SingStat) on Monday.
https://www.businesstimes.com.sg/government-economy/singapore-retail-sales-down-57-in-august
https://www.straitstimes.com/business/economy/slight-pickup-in-singapore-retail-sales-for-august

Pandemic has renewed push to future-proof Singapore
Even as policymakers around the world are moving to contain the economic fallout from the Covid-19 pandemic, farsighted ones are no doubt already latched on to the next most important question: what should we do to be better prepared for the future?
https://www.businesstimes.com.sg/government-economy/pandemic-has-renewed-push-to-future-proof-singapore

Local firms mixed on impact of debt moratorium extension
Small and medium-sized enterprises (SMEs) had mixed reactions on being given another three to six months to resume full loan repayments under a debt moratorium programme extension, with some concerned over the accumulation of interest while others welcomed the reprieve.
https://www.businesstimes.com.sg/sme/local-firms-mixed-on-impact-of-debt-moratorium-extension
https://www.straitstimes.com/business/demand-for-loans-moratoriums-has-slowed-since-q2-peak

New bill to ease hassle for small firms seeking to restructure or wind up
With the number of financially distressed companies expected to rise as debt moratoriums wear off, the government is seeking to make it easier for micro and small enterprises to restructure their debts or wind up their business.
https://www.businesstimes.com.sg/government-economy/new-bill-to-ease-hassle-for-small-firms-seeking-to-restructure-or-wind-up
https://www.straitstimes.com/politics/making-it-easier-for-small-firms-to-restructure-debt-wind-up-business

Targeted credit relief measures unveiled for SMEs, individuals
Singapore banks believe that loan requests and deferments by individuals and small and medium-sized enterprises (SMEs) already peaked earlier in the year, and do not expect a significant number to seek further relief.
https://www.businesstimes.com.sg/government-economy/targeted-credit-relief-measures-unveiled-for-smes-individuals
https://www.straitstimes.com/politics/extension-of-help-for-firms-cash-flow-training-needs
https://www.straitstimes.com/business/credit-relief-measures-to-continue-into-2021

Scaled-down Orchard Road Christmas light-up to bank on domestic shoppers
Merchants on Singapore’s prime Orchard Road shopping belt are banking on domestic shoppers to boost sales this Christmas, even as the tentpole Christmas light-up will be scaled down due to the pandemic. This year’s Christmas light-up on Orchard Road will take place on a “more modest scale”, with street activities called off to minimise the chances of crowds gathering, said organiser Orchard Road Business Association (ORBA) on Monday.
https://www.businesstimes.com.sg/government-economy/scaled-down-orchard-road-christmas-light-up-to-bank-on-domestic-shoppers
https://www.straitstimes.com/singapore/get-set-for-a-quieter-christmas-light-up-in-orchard-this-year

Companies’ Brief

Not a zero-sum game
In land-scarce Singapore, property development is a highly competitive, capital intensive business, where developers vie fiercely for the prized X factor that could lift a project in a landscape already replete with skyscrapers. GuocoLand group managing director Cheng Hsing Yao believes, however, that despite competition real estate development is not a zero-sum game. That is, all parties – stakeholders including buyers and tenants of units and the surrounding community – must benefit.
https://www.businesstimes.com.sg/magazines/wealth-october-2020/not-a-zero-sum-game

More billion-dollar equity deals expected in Asean with markets rebound: Citi
Citi is expecting more billion-dollar deals in South-east Asia’s equity capital markets over the next 12 months as markets rebound, with the region looking to play catch up to the rest of the world. The big transactions are likely to come from tech, household consumer and healthcare players – the clear winners from the Covid-19 crisis…
https://www.businesstimes.com.sg/banking-finance/more-billion-dollar-equity-deals-expected-in-asean-with-markets-rebound-citi

RHB ‘overweight’ on Singapore property sector
Shares of Singapore-listed real estate developers are trading at deep discounts to their book values and revalued net asset values (RNAV), offering “good value” at current levels. That is according to RHB analyst Vijay Natarajan, who kept his “overweight” rating on the sector in an update on Monday morning and picked CapitaLand as the top “buy” idea.
https://www.businesstimes.com.sg/companies-markets/rhb-overweight-on-singapore-property-sector

A new era for construction services
QXY Resources hopes to light the way forward for construction services, by leading in the implementation of new technology
https://www.businesstimes.com.sg/sme/a-new-era-for-construction-services

Views, Reviews, Forum & Others

Data breaches: Stiffer fines, mandatory notification proposed
A company found guilty of a data breach can be fined up to 10 per cent of its annual turnover in Singapore, under a change in the law that protects personal data. The stiffer fine, however, will be imposed only on companies with an annual turnover that exceeds $10 million. Currently, the maximum a company can be fined for a data breach is $1 million.
https://www.straitstimes.com/politics/data-breaches-stiffer-fines-mandatory-notification-proposed

Upcoming travel show to pilot new Mice safety measures
A travel event next month will be the first trade show here to pilot new safety measures for Mice (meetings, incentives, conventions and exhibitions) events, such as automated registration kiosks, amid the Covid-19 pandemic.
https://www.straitstimes.com/singapore/upcoming-travel-show-to-pilot-new-mice-safety-measures

Update on COVID-19 (Coronavirus Disease 2019) Situation

Seven new Covid-19 cases, including one imported, one in the community
A Sheng Siong outlet in Tanglin Halt was visited by an infectious coronavirus patient on Sept 27 between 6.05pm and 6.35pm, said the Ministry of Health (MOH) yesterday. The ministry provides a list of locations that infectious Covid-19 patients visited for at least 30 minutes and the times they were there so that people who were there at the same time can monitor their own health closely for two weeks from the date of their visit.
https://www.straitstimes.com/singapore/seven-new-covid-19-cases-including-one-imported-one-in-the-community

Dorscon level to stay at orange till global situation improves
The Disease Outbreak Response System Condition (Dorscon) level will continue to remain at orange until the global situation improves, Health Minister Gan Kim Yong said in Parliament yesterday.
https://www.straitstimes.com/politics/dorscon-level-to-stay-at-orange-till-global-situation-improves

Social, dining group size: 5-person cap may be reviewed
The government has started to pilot activities with a larger number of attendees, such as trade exhibitions, conferences and religious worship sessions, said Health Minister Gan Kim Yong in Parliament on Monday. If the pilots are successful, the lessons learned may be applied to allow more large-scale events to go ahead.
https://www.businesstimes.com.sg/government-economy/social-dining-group-size-5-person-cap-may-be-reviewed
https://www.straitstimes.com/politics/five-person-limit-could-be-eased-if-everyone-keeps-guard-up-gan
https://www.straitstimes.com/politics/covid-19-rules-may-be-eased-if-situation-is-under-control-gan

7.6 million free masks collected in 4th nationwide distribution
Around 7.6 million free reusable antimicrobial masks were collected by residents in Temasek Foundation’s second nationwide distribution exercise. The Temasek initiative was the fourth such exercise nationwide to help protect residents against Covid-19.
https://www.straitstimes.com/singapore/76-million-free-masks-collected-in-4th-nationwide-distribution
*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