DAILY NEWS

Daily News – 8 Oct 2020 (Thu)

Singapore Real Estate

Upper Thomson storage facility for sale with S$100m guide price
A freehold strata-titled storage facility at 50 Tagore Lane has been put on the market via expression of interest with an indicative price of S$100 million, marketing agent Cushman & Wakefield said on Wednesday. The property comprises individual units with separate strata titles.
https://www.businesstimes.com.sg/real-estate/upper-thomson-storage-facility-for-sale-with-s100m-guide-price

East Coast shophouse, home to Boon Tong Kee chicken rice, up for sale
A freehold three-storey conservation shophouse – known for the popular Boon Tong Kee chicken rice restaurant tenanted there – has been launched for sale with an indicative price of S$9.5 million. The price tag works out to about S$2,369 per square foot based on the total existing built-up area of 4,010 square feet (sq ft), said sole marketing agent CBRE on Wednesday.
https://www.businesstimes.com.sg/real-estate/east-coast-shophouse-home-to-boon-tong-kee-chicken-rice-up-for-sale
https://www.straitstimes.com/business/property/east-coast-rd-shophouse-used-by-boon-tong-kee-up-for-sale

Caldecott Hill freehold bungalow for sale with S$27m indicative price
A good Class Bungalow (GCB) within the Caldecott Hill Estate has been put on the market via an expression of interest (EOI) exercise. Exclusive marketing agent SRI told The Business Times (BT) that the indicative price stands at S$27 million. This is a trustee sale – a tender on behalf of the trustees of the estate. Located at 204 Lornie Road in District 11, the freehold property sits on a land area spanning 2,347.6 square metres (25,270 square feet).
https://www.businesstimes.com.sg/real-estate/caldecott-hill-freehold-bungalow-for-sale-with-s27m-indicative-price

Evelyn Road site in Newton up for sale with guide price of S$20m
A freehold residential redevelopment site at 1C Evelyn Road in District 11 is up for sale via expression of interest with a guide price of S$20 million, sole marketing agent JLL said on Wednesday. This translates to about S$1,467 per square foot (sq ft) per plot ratio based on a 9,873 sq ft site with a gross plot ratio of 2.8, inclusive of development charge.
https://www.businesstimes.com.sg/real-estate/evelyn-road-site-in-newton-up-for-sale-with-guide-price-of-s20m

Flexible workspaces, tech giants are bright spots for Singapore office demand
The expected demand for more flexible workspaces and a ramp-up of operations by tech giants could help to cushion the softness in office leasing demand in Singapore. This comes amid the year-to-date decline of 3.4 per cent in Central Business District (CBD) Grade A office rents and further weakness expected in Q4 2020, said a report by real-estate services and investment management firm Colliers International.
https://www.businesstimes.com.sg/real-estate/flexible-workspaces-tech-giants-are-bright-spots-for-singapore-office-demand

URA refines e-services for buying, developing property
The Urban Redevelopment Authority (URA) has improved its online services to help members of the public, businesses and industry professionals make better-informed decisions relating to property development and transactions. Enhanced versions of its URA Space and Real Estate Information System (Realis) have been launched, the land-use planning authority said yesterday.
https://www.straitstimes.com/singapore/housing/ura-refines-e-services-for-buying-developing-property

Punggol: From village to modern waterfront town
A decade ago, Punggol was known mainly for its lalang fields and a lone tree atop a small hill – since removed – that graced many Instagram photos. Even further back, Punggol was called Kampung Punggol, a rural village known for fishing, poultry and pig farming, as well as its seafood restaurants and boating facilities.
https://www.straitstimes.com/singapore/housing/punggol-from-village-to-modern-waterfront-town

Singapore Economy

MAS tipped to stand pat on Singdollar policy next week
The central bank has been tipped to leave Singapore’s currency settings untouched next Wednesday, after adopting easing measures at the last two half-yearly policy reviews. That’s as there’s little work left for monetary policy to do at this point, according to analysts, who believe expectations of economic recovery help stave off the need for more easing.
https://www.businesstimes.com.sg/government-economy/mas-tipped-to-stand-pat-on-singdollar-policy-next-week

August unemployment rate hits decade-high; worst is not over
Singapore’s unemployment rate in August rose to its highest level in over a decade, and economists believe the worst is yet to be over. Resident unemployment rate, which includes Singaporeans and permanent residents, hit 4.5 per cent in August, a 0.4-percentage point increase from the previous month, according to data from the Ministry of Manpower (MOM) on Wednesday.
https://www.businesstimes.com.sg/government-economy/august-unemployment-rte-hits-decade-high-worst-is-not-over
https://www.straitstimes.com/singapore/jobs/resident-unemployment-rate-rises-to-45-in-august-mom

Job-matching not a straightforward process, improvements needed: DPM
The process of matching job vacancies to people is “not straightforward” and there is scope for the system to be improved, said Deputy Prime Minister and Finance Minister Heng Swee Keat on Wednesday. “If we persist in the effort, I think jobseekers will be able to find something that they may like.
https://www.businesstimes.com.sg/government-economy/job-matching-not-a-straightforward-process-improvements-needed-dpm
https://www.straitstimes.com/singapore/jobs/matching-of-job-seekers-to-vacancies-to-be-improved

Companies’ Brief

CDL names insurance industry veteran as non-executive independent director
Property giant City Developments Limited (CDL) on Wednesday evening announced the appointment of Colin Ong as a non-executive independent director of the company from Oct 7. He has been the executive senior director of Great Eastern Financial Advisers since 2011, and has clocked 28 years in the insurance industry.
https://www.businesstimes.com.sg/companies-markets/cdl-names-insurance-industry-veteran-as-non-executive-independent-director

Frasers Centrepoint Trust uses private placement proceeds to pare down revolving credit facilities
Over half of Frasers Centrepoint Trust’s gross proceeds raised from its private placement has been allocated to temporarily pare down its revolving credit facilities, the real estate investment trust’s (Reit) manager said in a bourse filing on Wednesday.
https://www.businesstimes.com.sg/companies-markets/frasers-centrepoint-trust-uses-private-placement-proceeds-to-pare-down-revolving

Views, Reviews, Forum & Others

Bringing financial institutions together to support green recovery and sustainability
Positive progress has been made in green finance globally despite the Covid-19 pandemic. One notable example is the growing consensus among central banks and regulators that enhanced environmental risk analysis is essential to greening global investments and protecting the financial system.
https://www.businesstimes.com.sg/opinion/bringing-financial-institutions-together-to-support-green-recovery-and-sustainability

Support start-ups by older PMETs
As Singapore’s economy matures, the challenge of creating high-value-adding jobs for the growing professional, managerial, executive and technician (PMET) workforce has received increasing policy attention. Between 2008 and 2018, the supply of PMETs has increased with the share of Singapore’s labour force, with tertiary education qualification rising from 42.6 per cent to 56.2 per cent.
https://www.straitstimes.com/opinion/support-start-ups-by-older-pmets-0

Wirecard shutdown leaves some complacent merchants stranded
Complacency, resistance to change and wishful thinking were what led to some large businesses being left high and dry by Wirecard’s cessation of its payments-processing services in Singapore last week, industry watchers say.
https://www.businesstimes.com.sg/banking-finance/wirecard-shutdown-leaves-some-complacent-merchants-stranded
https://www.straitstimes.com/business/thousands-face-online-payment-disruptions-after-wirecards-exit
https://www.straitstimes.com/business/banking/m1-safra-starbucks-customers-affected-by-online-payment-disruptions-due-to

S’poreans want air travel bubble with S. Korea: Survey
South Korea was the top choice in a poll asking which country Singapore should negotiate with for an air travel bubble agreement. The country was the clear favourite with 40.7 per cent of the vote, followed by Japan with 17.7 per cent and Thailand with 16.9 per cent. Malaysia (11.6 per cent), New Zealand (8.6 per cent) and China (4.5 per cent) rounded out the list.
https://www.straitstimes.com/singapore/sporeans-want-air-travel-bubble-with-s-korea-survey

Keppel Club offered SICC Bukit course; NTUC declines offer
Keppel Club – one of the oldest golf clubs in Singapore – looks to have finally found a new home. After years of negotiations, the historic 116-year-old club at Bukit Chermin is set to move to its new premises at Singapore Island Country Club’s (SICC)’s Bukit location along Sime Road.
https://www.businesstimes.com.sg/life-culture/keppel-club-offered-sicc-bukit-course-ntuc-declines-offer
https://www.straitstimes.com/sport/golf/ntuc-will-not-take-up-offer-to-manage-sicc-golf-course

Asia billionaire wealth up 36%; tech, healthcare players pull ahead of peers
The fortunes of Asia’s wealthiest have grown more polarising, with billionaires in the booming tech and healthcare sectors pulling ahead of their peers as the Covid-19 crisis accelerates the divergence. Total billionaire wealth in the region rebounded by 36 per cent to US$3.3 trillion from April to end-July this year, showing signs of a post-pandemic recovery, fresh data from UBS and PwC’s annual billionaire report showed on Wednesday.
https://www.businesstimes.com.sg/banking-finance/asia-billionaire-wealth-up-36-tech-healthcare-players-pull-ahead-of-peers
https://www.straitstimes.com/business/spore-gains-3-billionaires-as-asia-pacific-tops-list-report

Update on COVID-19 (Coronavirus Disease 2019) Situation

10 new Covid-19 cases in Singapore; none in community
Ten new coronavirus cases were confirmed yesterday, taking Singapore’s total to 57,840. They included four infections in worker dormitories and six imported cases who had been placed on stay-home notices upon their arrival in Singapore, said the Ministry of Health (MOH).
https://www.straitstimes.com/singapore/10-new-covid-19-cases-in-singapore-none-in-community

NCID to enrol Covid-19 patients for international antibody trial
Covid-19 patients in Singapore will be involved in an international trial to test an antibody treatment for the coronavirus infection. The National Centre for Infectious Diseases (NCID) said in a statement yesterday that it is ready to enrol the first patients for the monoclonal antibody treatment trial. It did not indicate how many will be involved in the trial or when they will join the trial.
https://www.straitstimes.com/singapore/health/ncid-to-enrol-covid-19-patients-for-international-antibody-trial

Firm behind Singapore’s potential vaccine to test freeze-dried version
Singapore’s potential Covid-19 vaccine could well be one which can be manufactured, shipped and stored with ease, as the company behind it is working on a version which does not need ultra-cold conditions for it to survive.
https://www.straitstimes.com/singapore/health/firm-behind-spores-potential-vaccine-to-test-freeze-dried-version
https://www.straitstimes.com/singapore/health/biotech-firm-to-test-freeze-dried-version-of-covid-19-vaccine
*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