DAILY NEWS

Daily News – 9 Sep 2020 (Wed)

Singapore Real Estate

Singapore condo resale volume hits two-year high in Aug: SRX
Resale volume of non-landed private homes in Singapore hit a two-year high in August 2020, with an estimated 1,052 units resold in the month, up 7 per cent from the 983 units resold in July 2020. Overall resale prices edged up 0.4 per cent month on month and year on year, according to flash figures from real estate portal SRX Property on Tuesday.
https://www.businesstimes.com.sg/real-estate/singapore-condo-resale-volume-hits-two-year-high-in-aug-srx-0
https://www.straitstimes.com/business/property/private-home-resale-volume-hits-2-year-high-in-aug-srx

Resilient GCB market can weather market shocks
Good Class Bungalows (GCBs) are arguably the most exclusive and expensive pieces of real estate in Singapore. The most recent market shock before the Covid-19 pandemic this year was the property market cooling measures introduced by the Singapore government on July 5, 2018.
https://www.businesstimes.com.sg/real-estate/resilient-gcb-market-can-weather-market-shocks

Singapore Exchange can offer diversity as other exchanges enter Reit game
With the recent launches of real estate investment trust (Reit) regimes in the Philippines and India, and with China slated to launch its own pilot programme for Reits at the end of this year, Singapore may have to work harder to attract regional Reit listings. But there are also hurdles for these alternative listing venues to cross.
https://www.businesstimes.com.sg/companies-markets/singapore-exchange-can-offer-diversity-as-other-exchanges-enter-reit-game

Singapore Economy

Employment outlook for Q4 worsens among firms in Singapore
Employment expectations among businesses in Singapore have taken a turn for the worse for the last quarter of this year, while the overall business sentiment remains downbeat. On Tuesday, the Singapore Commercial Credit Bureau’s (SCCB) latest quarterly survey of 200 business owners and senior executives showed the indicator for employment expectations declining…
https://www.businesstimes.com.sg/government-economy/employment-outlook-for-q4-worsens-among-firms-in-singapore
https://www.straitstimes.com/business/economy/spore-firms-employment-outlook-for-q4-worsens-poll

Singapore’s business hub goal needs global talent: Chan
Singapore will remain open to top international talent even as the country accelerates its economic transformation efforts and invests in and enhances connectivity to the city-state. This is key as Singapore aspires to be the key nerve centre for businesses for trade, global supply and value chains, professional services, data, finance, technology, and talent said Minister of Trade and Industry Chan Chun Sing on Tuesday evening.
https://www.businesstimes.com.sg/government-economy/singapores-business-hub-goal-needs-global-talent-chan
https://www.straitstimes.com/business/economy/spore-to-stay-open-to-top-global-talent-as-it-transforms-economy

Companies’ Brief

CapitaLand Mall Trust secures first sustainability-linked loan
CapitaLand Mall Trust (CMT) has secured its first sustainability-linked loan of S$200 million from UOB, the CMT management announced on Tuesday. Under the loan, which was converted from a revolving credit facility, UOB will offer CMT tiered interest rates based on the trust’s achievements in the annual GRESB Real Estate assessment.
https://www.businesstimes.com.sg/companies-markets/capitaland-mall-trust-secures-first-sustainability-linked-loan

Moody’s changes FCT outlook to stable, affirms Baa2 rating on PGIM Asia Retail Fund deal
Moody’s Investors Service has affirmed Frasers Centrepoint Trust’s (FCT) Baa2 issuer rating and changed the outlook on the rating to stable from negative. The rating action comes after FCT proposed to acquire the balance 63.1 per cent stake in PGIM Real Estate Asia Retail Fund (ARF), raise up to S$1.39 billion through an equity offering, and divest Bedok Point for S$108 million to its sponsor Frasers Property.
https://www.businesstimes.com.sg/companies-markets/moodys-changes-fct-outlook-to-stable-affirms-baa2-rating-on-pgim-asia-retail-fund

Keppel Reit to issue S$150m 3.15% fixed-rate perps
Keppel Reit’s trustee has priced S$150 million of fixed-rate subordinated perpetual securities at 3.15 per cent, the real estate investment trust (Reit) manager announced late on Monday night. Net proceeds from this issue after deducting expenses will be used to refinance the trustee’s existing S$150 million, 4.98 per cent subordinated perps.
https://www.businesstimes.com.sg/companies-markets/keppel-reit-to-issue-s150m-315-fixed-rate-perps

Keppel prices 8b yen worth of five-year notes at 0.88%
Keppel Corporation has priced 8 billion yen (S$103.5 million) worth of five-year notes due 2025 at 0.88 per cent per annum, it said on Tuesday night. The notes are expected to be issued on or about Sept 15, under Keppel Corp’s US$5 billion multi-currency medium-term note programme.
https://www.businesstimes.com.sg/companies-markets/keppel-prices-8b-yen-worth-of-five-year-notes-at-088

Wing Tai Holdings proposes to buy back up to S$85m of notes
Wing Tai Holdings is proposing to repurchase up to S$85 million worth of notes originally issued under its S$1 billion medium-term note programme. The property developer said on Tuesday that it wants to buy back up to S$30 million in aggregate principal amount of its 4 per cent notes due 2021, S$25 million of its 4.5 per cent notes due 2022; S$15 million of its 4.25 per cent notes due 2023, and S$15 million of its 4.7 per cent notes due 2024.
https://www.businesstimes.com.sg/companies-markets/wing-tai-holdings-proposes-to-buy-back-up-to-s85m-of-notes
https://www.businesstimes.com.sg/companies-markets/corporate-digest-1214

Views, Reviews, Forum & Others

Singapore faces far graver issues than foreign workforce in our midst
The issue of foreign labour in Singapore was given a full and proper airing last week, with Members of Parliament across the political divide taking the opportunity to voice the grievances of Singaporeans who have been displaced by foreigners in the job market.
https://www.businesstimes.com.sg/opinion/singapore-faces-far-graver-issues-than-foreign-workforce-in-our-midst

Laying the foundations for Asia’s digital workforce
The global pandemic has disrupted the livelihoods of individuals and businesses across Asia. But the ensuing crisis has also brought about an accelerated, widespread adoption of new technologies, as well as behavioural and consumption changes towards a digital world.
https://www.businesstimes.com.sg/opinion/laying-the-foundations-for-asias-digital-workforce

Investing with the conundrum of low interest rates and low inflation rate
Almost half a year has passed since the World Health Organisation (WHO) declared the coronavirus outbreak a pandemic. Since then, we have witnessed global economies slipping into recession, as activities came to a standstill amid the social distancing measures and border lockdowns around the world.
https://www.businesstimes.com.sg/wealth-investing/investing-with-the-conundrum-of-low-interest-rates-and-low-inflation-rate

What lies ahead: Deflation, inflation or stagflation?
One of the hottest topics under discussion these days among economists, investors and bankers is what kind of “flation” we will get over the next three years. Will it be more deflation, a rise of inflation, or a combination of both, namely “stagflation” (a word that combines economic stagnation and inflation)?
https://www.straitstimes.com/opinion/what-lies-ahead-deflation-inflation-or-stagflation-0

Update on COVID-19 (Coronavirus Disease 2019) Situation

NTU eateries among places visited by patients; new cluster of 14 cases at Punggol dorm
At least one infectious coronavirus patient had visited several places in Nanyang Technological University (NTU) between Aug 25 and 28, the Ministry of Health (MOH) announced yesterday. Three locations in the university were added to a list of places visited by coronavirus patients while they were infectious.
https://www.straitstimes.com/singapore/ntu-eateries-among-places-visited-by-patients-new-cluster-of-14-cases-at-punggol-dorm

No need to avoid places visited by Covid-19 cases
As Singapore continues to reopen its economy, more people are out and about, adding to the list of places visited by those with Covid-19.
https://www.straitstimes.com/singapore/no-need-to-avoid-places-visited-by-covid-19-cases

Asean must keep cooperating as post-virus normal beckons: Tan Chuan-Jin
Even as Asean combats the coronavirus, it has to prepare for the post-pandemic normal and continue to cooperate in areas of common interest, said Speaker of Parliament Tan Chuan-Jin. This includes more recent areas of collaboration, such as cyber security and developing smart cities, as well as longer-standing ones like stopping transboundary crime and tackling climate change, he added yesterday.
https://www.straitstimes.com/politics/asean-must-keep-cooperating-as-post-virus-normal-beckons-tan-chuan-jin

Community leaders play vital role amid downturn: Iswaran
Community leaders have an important role to play in raising awareness among residents about where job and skill opportunities are available. Minister for Communications and Information S. Iswaran said this in response to a question from a participant during a virtual dialogue with the People’s Association Indian Activity Executive Committees Council (Narpani Pearavai) yesterday.
https://www.straitstimes.com/singapore/community-leaders-play-vital-role-amid-downturn-iswaran

Charities, registered societies can delay AGMs until Dec 31
Charities, management corporations and registered societies are among the entities that will be able to delay their annual general meetings until Dec 31. This will give them more time to address issues in holding these sessions, whether virtually or physically, the Ministry of Law (MinLaw) said on Monday. Currently, existing provisions under the Covid-19 (Temporary Measures) Act allow for such meetings to be deferred to a date no later than Sept 30.
https://www.straitstimes.com/singapore/charities-registered-societies-can-delay-agms-until-dec-31
*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