DAILY NEWS

Daily News – 8 September 2021 (Wed)

Singapore Real Estate

Freehold’s premium may provide clue on valuing infrastructure spend
Property buyers in Singapore value freehold tenures enough to dish out a premium of 15-20 per cent over a 99-year leasehold condominium, going by findings from a study by the National University of Singapore (NUS).
https://www.businesstimes.com.sg/real-estate/freeholds-premium-may-provide-clue-on-valuing-infrastructure-spend

Buildings in S’pore have to meet higher standards to be certified green under refreshed scheme
New and existing buildings will now have to hit higher sustainability standards to be certified green, with the reduction of embodied carbon in developments as one of the criteria emphasised. The changes to the Building and Construction Authority (BCA) Green Mark scheme come as Singapore pushes towards its target to become a low-carbon built environment.
https://www.businesstimes.com.sg/government-economy/buildings-in-spore-have-to-meet-higher-standards-to-be-certified-green-under
https://www.straitstimes.com/singapore/buildings-in-spore-have-to-meet-higher-standards-to-be-certified-green-under-refreshed

Singapore Economy

Lawrence Wong urges companies, directors to start thinking ahead, restructure
Companies and directors should start thinking ahead and acting now as the need to restructure and transform will likely increase in the future, said finance minister Lawrence Wong. In a speech at the Singapore Institute of Directors’ Directors Conference on Wednesday, Mr Wong noted that “the gap between leaders and laggards will continue to widen” if firms do not continually innovate.
https://www.businesstimes.com.sg/government-economy/lawrence-wong-urges-companies-directors-to-start-thinking-ahead-restructure

Companies’ Brief

CapitaLand shares to cease trading from Sept 10
Shares of CapitaLand will change hands for the last time at the close of Sept 9, 2021 before they are suspended from 9am the following day, announced the property giant in a regulatory filing after market close on Monday.
https://www.businesstimes.com.sg/real-estate/capitaland-shares-to-cease-trading-from-sept-10
https://www.straitstimes.com/business/companies-markets/capitaland-shares-to-stop-trading-from-sept-10

Lessons from Greatearth’s bust: Integrated players best placed to tackle construction woes
The plight of defunct contractor Greatearth underscores the severity of the headwinds that have been plaguing the construction sector. Since the pandemic first broke, construction companies have seen work disrupted by the circuit breaker as well as stringent safe-distancing measures at worksites.
https://www.businesstimes.com.sg/companies-markets/lessons-from-greatearths-bust-integrated-players-best-placed-to-tackle

Keppel Corp prices S$400m 2.9% subordinated perps
Keppel Corporation announced on Tuesday the pricing of S$400 million in aggregate principal amount of 2.90 per cent subordinated perpetual securities. The securities will be issued in the denomination of S$250,000, with no fixed redemption date and will confer a right to receive distribution payments.
https://www.businesstimes.com.sg/companies-markets/keppel-corp-prices-s400m-29-subordinated-perps

Oxley offers to buy back 5.7% notes due 2022; reopens issue of 6.9% notes due 2024
Oxley Holdings is offering to purchase in cash a portion of its outstanding 5.7 per cent notes due 2022. The property developer is also proposing to issue new notes by reopening its existing 6.9 per cent notes due 2024 worth S$70 million…
https://www.businesstimes.com.sg/real-estate/oxley-offers-to-buy-back-57-notes-due-2022-reopens-issue-of-69-notes-due-2024
https://www.straitstimes.com/business/companies-markets/oxley-offers-to-buy-back-57-notes-due-2022-reopens-issue-of-69-notes-due

Park Hotel Farrer Park relaunches under Holiday Inn brand
The 300-room Park Hotel Farrer Park, owned by RB Capital and previously managed by Park Hotel Group, has been renamed Holiday Inn Singapore Little India, effective Tuesday. Its new manager, global hospitality company IHG Hotels & Resorts, told The Business Times that the hotel will undergo a renovation and relaunch “with a vibrant fresh identity and positioning”.
https://www.businesstimes.com.sg/real-estate/park-hotel-farrer-park-relaunches-under-holiday-inn-brand

Corporate digest
https://www.businesstimes.com.sg/companies-markets/corporate-digest-1444

Views, Reviews, Forum & Others

How readable is the roadmap to endemic Covid-19?
What a difference a weekend makes. Last Friday, the government’s multi-ministry taskforce on Covid-19 reiterated the country’s commitment to living with the virus, with tighter curbs only needed as a last resort. Then on Monday, taskforce co-chair Lawrence Wong called on the public to reduce their non-essential social activities over the next two weeks, warning that those last-resort measures remain on the table.
https://www.businesstimes.com.sg/opinion/how-readable-is-the-roadmap-to-endemic-covid-19

Integrating ESG risks into business strategy
The need for environmental, social, and governance (ESG) initiatives has never been higher. Companies increasingly need to display their ESG plans or risk losing access to insurance or financing. They are also expected to help advance healthier and more equitable societies through inclusive employee benefits, to attract a diverse workforce.
https://www.businesstimes.com.sg/opinion/integrating-esg-risks-into-business-strategy

Beyond Covid-19: Towards a net-zero world
A year on, we continue to see the world battle against Covid-19. It is the single biggest humanitarian crisis we have faced since World War II, as the pandemic ravages economies, and impacts countless lives and livelihoods.
https://www.businesstimes.com.sg/opinion/beyond-covid-19-towards-a-net-zero-world

Adjusting strategy to the pace of infections
The latest measures to contain the coronavirus pandemic reflect the gravity of an evolving situation, particularly the unsustainable pressure that could be put on intensive care units (ICUs) if the current trend of infection continues.
https://www.straitstimes.com/opinion/st-editorial/adjusting-strategy-to-the-pace-of-infections

Sieving out the champions in this era of digital disruption
History has shown that fighting disruption is futile – the fall of Nokia and failure of Kodak in transitioning to digital photography serve as cautionary tales. Today, in our “borderless” world, we experience how mobile Internet connectivity and e-commerce have transformed how traditional businesses operate, spanning from retail to banking and education.
https://www.businesstimes.com.sg/wealth-investing/sieving-out-the-champions-in-this-era-of-digital-disruption

Employers with at least 10 staff must notify MOM of all retrenchments from Nov 1
Employers with at least 10 staff will have to notify the Ministry of Manpower (MOM) of all layoffs from Nov 1, regardless of the number of employees affected, the ministry said on Tuesday. Currently, employers are only required to notify the authorities when they retrench five or more people within a six-month period.
https://www.businesstimes.com.sg/government-economy/employers-with-at-least-10-staff-must-notify-mom-of-all-retrenchments-from-nov-1
https://www.straitstimes.com/singapore/jobs/firms-with-at-least-10-staff-have-to-notify-mom-of-any-retrenchment

Towards financial wellness: Set your priorities and commit to a plan
Most Singaporeans are aware that they need a financial plan to serve as a guidepost towards financial wellness, particularly as they get older. Life, however, throws numerous curve balls that could derail the best-laid plans, including the health and economic crisis that is Covid-19.
https://www.businesstimes.com.sg/hub/towards-financial-wellness-set-your-priorities-and-commit-to-a-plan

Update on COVID-19 (Coronavirus Disease 2019) Situation

New Covid-19 cluster at madrasah in Braddell Road; Jurong Fishery Port cluster closed
Singapore – Singapore’s largest Covid-19 cluster in the community has been declared closed, the Ministry of Health (MOH) said in its daily update on Tuesday (Sept 7). The cluster linked to the Jurong Fishery Port and the Hong Lim Market and Food Centre, which had a total of 1,155 cases, has had no cases linked to it for a few weeks now.
https://www.straitstimes.com/singapore/health/one-new-cluster-with-8-cases-at-madrasah-irsyad-zuhri-al-islamiah-on-braddell-road

Snap 14-day WFH for firms if infected workers are in office in past week
Firms with employees who were in the workplace at any time in the seven days prior to testing positive for Covid-19 must require all employees able to do so to work from home (WFH) for 14 days. Employers must also take active steps to guard against potential outbreaks at the workplace by requiring workers on MCs to closely monitor their health before returning to the office…
https://www.businesstimes.com.sg/government-economy/snap-14-day-wfh-for-firms-if-infected-workers-are-in-office-in-past-week
https://www.straitstimes.com/singapore/immediate-14-day-wfh-for-firms-if-infected-workers-returned-to-office-in-past-week-mom

S’pore cannot rely solely on vaccines to fight Covid-19 Delta variant, must keep guard up, says NCID director
Singapore – When it comes to the Delta variant of Covid-19, one thing has become clear: Vaccination is not enough. This means Singapore cannot let up in its fight against the disease, said Professor Leo Yee Sin, executive director of the National Centre for Infectious Diseases (NCID).
https://www.straitstimes.com/singapore/health/we-cannot-rely-solely-on-vaccines-to-fight-covid-19-delta-variant-says-director-of

Healthway Medical Corporation to offer Sinopharm shots from Sept 8
Healthway Medical Corporation (HMC) on Tuesday announced it will begin administering the China National Pharmaceutical Group Corporation (Sinopharm) Covid-19 vaccine at three of its clinics from Sept 8, with plans to progressively roll out the vaccine to more of its network of clinics in the coming weeks.
https://www.businesstimes.com.sg/consumer/healthway-medical-corporation-to-offer-sinopharm-shots-from-sept-8
https://www.straitstimes.com/singapore/free-sinopharm-vaccine-for-1000-seniors-at-healthway-clinics-from-sept-8

Experts query move to study giving boosters to younger adults to lower infection rates
Local infectious diseases experts have questioned the Singapore government’s plan to study giving Covid-19 vaccine boosters to younger adults to reduce infection rates, saying there is currently no evidence that this group of people need boosters.
https://www.businesstimes.com.sg/government-economy/experts-query-move-to-study-giving-boosters-to-younger-adults-to-lower-infection
https://www.straitstimes.com/singapore/experts-question-move-to-study-giving-boosters-to-younger-adults-to-reduce-infection-rates

askST: If Singapore treats Covid-19 as endemic, can we view it like the common flu?
Singapore – Singapore has been living with Covid-19 for close to two years now, and has said it plans to treat the disease as endemic. Can it then be thought of in the same way as the common flu? The Straits Times speaks to Professor Leo Yee Sin, executive director of the National Centre for Infectious Diseases (NCID), to find out the answers to this and other questions.
https://www.straitstimes.com/singapore/health/if-singapore-treats-covid-19-as-endemic-can-we-view-it-like-the-common-flu

First flight carrying travellers from Germany vaccinated against Covid-19 to land in S’pore on Sept 8
Singapore – A pilot travel scheme to allow travellers vaccinated against Covid-19 to enter Singapore without quarantine will take off as planned on Wednesday (Sept 8). The first flight under the Vaccinated Travel Lane (VTL), SQ325, is expected to depart Frankfurt in Germany at 10pm local time on Tuesday (4am on Wednesday, Singapore time), and land at Changi Airport at 4.25pm on Wednesday.
https://www.straitstimes.com/singapore/transport/first-sia-flight-carrying-vaccinated-travellers-from-germany-to-land-on-sept-8

*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