DAILY NEWS

Daily News – 7, 8 & 9 Nov 2020 (Sat, Sun & Mon)

Singapore Real Estate

S$1.65m can get you a home on Sentosa
Staying on Sentosa may seem literally like a distant idea, but more Singaporeans are seeing the virtue of getting away from the bustle of the city. In the second half of this year, more locals have snapped up homes on Sentosa, where a 1,100 sq ft apartment can be had for about S$1.65 million.
https://www.businesstimes.com.sg/real-estate/s165m-can-get-you-a-home-on-sentosa
https://www.straitstimes.com/business/invest/with-prices-so-low-time-to-buy-a-home-on-sentosa-0

Singapore hits pause on building new data centres; short-term rents up
Singapore authorities have nudged data centre players to stop building new ones on this land-scarce island, triggering a rise in short-term rental rates. A moratorium on constructing new data centres was “implicitly imposed” since early last year during a closed-door session with government agencies and industry players, The Business Times understands.
https://www.businesstimes.com.sg/real-estate/singapore-hits-pause-on-building-new-data-centres-short-term-rents-up

Scare tactics to lure property investors come under fire
The Singapore authorities have criticised the “irresponsible” actions of some property investment educators and real estate agents who use scare tactics to attract customers to their investment courses. In particular, these people have been flagged for actively pushing the message that “HDB flats will become worthless after 99 years” on social media, so that worried owners will pay thousands of dollars to sign up for their investment courses or sell their Housing Board flats to invest in private or commercial properties.
https://www.straitstimes.com/business/invest/scare-tactics-to-lure-property-investors-come-under-fire

Sold on the idea of ‘resort living’ when site was just bare land
When IT consultant Alec Wing and his wife saw the show unit for The Berth by the Cove in 2004, it was love at first sight. The Berth was the very first condominium development on Sentosa and Mr Wing has been the proud owner of a Sentosa Cove home ever since.
https://www.straitstimes.com/singapore/sold-on-the-idea-of-resort-living-when-site-was-just-bare-land-0

Drawn to relaxed lifestyle, investment opportunities
Patience is key when it comes to getting a good real estate deal amid the kind of uncertainty we are going through now. Food and beverage consultant Sandra Lim and her husband opted for the slow and steady approach by renting homes at Sentosa Cove before they were finally ready to buy.
https://www.straitstimes.com/business/invest/drawn-to-relaxed-lifestyle-investment-opportunities-0

Entrepreneur made $18m profit by selling dream home
Selling a dream home might be an emotional wrench for many of us, but the $18 million profit entrepreneur Mathilda Koh reaped certainly helped dull the pain. Ms Koh, the 46-year-old founder and chief executive of home-grown beauty brand Bioskin, told The Sunday Times that she was more than happy to pack up and move when a Chinese businessman offered her $26 million for her Sentosa Cove home in 2013.
https://www.straitstimes.com/business/invest/entrepreneur-made-18m-profit-by-selling-dream-home-0

Buy properties with little cash? It’s too good to be true
The marketing materials of a property education company claim that it can help its students buy properties with little or no cash down payment. To prove that its “secret” formula – taught only to those in paid courses – works, it shows photographs of past participants who had apparent success, such as buying two properties in 18 days.
https://www.straitstimes.com/business/invest/buy-properties-with-little-cash-its-too-good-to-be-true-0

Why HDB flats are still the best investment for most families
They take a swipe at many Singaporeans’ most expensive assets – their Housing Board (HDB) flats – and say that these units will have zero value after 99 years. Using this scare tactic, these “investment gurus” then promise to teach people how to protect their wealth via property investments – after they pay for a course.
https://www.straitstimes.com/business/invest/why-hdb-flats-are-still-the-best-investment-for-most-families-0

Entangled rope led to Novena worksite fatal accident: MOM
The Ministry of Manpower (MOM) has called for changes in the way a component of tower cranes used at construction sites should be handled, after an incident last year led to the death of one worker and an injury to another.
https://www.straitstimes.com/singapore/entangled-rope-led-to-novena-worksite-fatal-accident-mom

Reits (Nov 07-08, 2020)
https://www.businesstimes.com.sg/real-estate/reits-nov-07-08-2020

Singapore Economy

Covid-19, economic downturn are political challenges too: PM
Tackling Covid-19 and handling the downturn are not merely matters of public health and economics respectively, but political challenges as well, Prime Minister Lee Hsien Loong said on Sunday at the People’s Action Party’s (PAP) party conference. After July’s General Election, the PAP must focus on those two priorities which prompted the election, with good policies and strong political leadership, he said.
https://www.businesstimes.com.sg/government-economy/covid-19-economic-downturn-are-political-challenges-too-pm
https://www.straitstimes.com/singapore/politics/keep-cycle-of-good-governance-and-stability-going-pm

Addressing competition from foreigners while keeping economy open
Lower-income groups and the issue of inequality will get special attention from the Government as it helps companies and workers through the Covid-19 crisis, said Prime Minister Lee Hsien Loong. Speaking at the People’s Action Party (PAP) biennial conference, PM Lee said a major worry about the pandemic is that it could hurt lower-income families disproportionately, and undo years of progress made to level up low-wage workers.
https://www.straitstimes.com/singapore/politics/addressing-competition-from-foreigners-while-keeping-economy-open

Companies’ Brief

Corporate digest
https://www.businesstimes.com.sg/companies-markets/corporate-digest-1254

Views, Reviews, Forum & Others

Answering the call to fight climate change
Chia Ngiang Hong, President, Real Estate Developers’ Association of Singapore (REDAS)
With buildings consuming 40 per cent of global energy and creating 30 per cent of greenhouse gas emissions, it is imperative that developers promote the ”Sustainable Energy for All” agenda through renewables such as solar energy and investments in green buildings.
https://www.businesstimes.com.sg/views-from-the-top/answering-the-call-to-fight-climate-change

Sad sign of the times for retail sector
Singaporeans are no strangers to the ups and downs of the economy and the impact of a sharp downturn, not least on the retail sector. However, there was a palpable sense of shock at news that department store stalwart Robinsons was calling it a day after 162 years.
https://www.straitstimes.com/opinion/st-editorial/sad-sign-of-the-times-for-retail-sector-0

Sub-1% mortgages draw well-heeled borrowers
Buying a private home just got cheaper with a promotional rate of sub-1 per cent offered by Citibank. The market has been abuzz in recent weeks about an aggressive home loan promotion by the US bank, which is for affluent clients who take a home loan of at least S$800,000.
https://www.businesstimes.com.sg/banking-finance/sub-1-mortgages-draw-well-heeled-borrowers

7 in 10 SMEs confident of repaying loans in 2021: DBS
Seven in 10 small and medium-sized enterprises (SMEs) in Singapore’s most embattled sectors are confident of meeting their repayment obligations for government-backed loans in 2021, said a DBS survey. But a minority – about 3 per cent – said that they will have to wind up their business, with about a fifth of SMEs indicating that they are “exhausted” from dealing with the Covid-19 economic fallout.
https://www.businesstimes.com.sg/banking-finance/7-in-10-smes-confident-of-repaying-loans-in-2021-dbs
https://www.straitstimes.com/business/banking/most-smes-confident-of-meeting-loan-repayment-obligations-survey

South-east Asian shoppers seize on new e-commerce events
Brands are expected to head into the Singles’ Day e-commerce event on Nov 11 on a wave of regional consumer interest, judging from the trend in recent months. “Double Days” sales, such as 9.9 or 10.10, have proven to be big oppotunities for South-east Asian retailers, according to data from advertising technology company Criteo.
https://www.businesstimes.com.sg/government-economy/south-east-asian-shoppers-seize-on-new-e-commerce-events

Pay later, not never: What ‘buy now, pay later’ spells for consumer debt and the easy credit business model
There’s a new way to borrow at the checkout counter, and it’s finding favour with shoppers on a tight budget. Termed “buy now, pay later” (BNPL), these interest-free, short-term payment plans have captured a sizeable audience in credit-starved, cash-strapped millennials and Gen Zs.
https://www.businesstimes.com.sg/brunch/pay-later-not-never-what-buy-now-pay-later-spells-for-consumer-debt-and-the-easy-credit

Update on COVID-19 (Coronavirus Disease 2019) Situation

Two new Covid-19 cases in Singapore, both imported
[Singapore] There were two new coronavirus cases confirmed as at Sunday noon, taking Singapore’s total to 58,056. Both were imported cases who had been placed on stay-home notices when they arrived in Singapore, said the Ministry of Health (MOH) on Sunday. There were no new cases in the community or from worker’s dormitories.
https://www.businesstimes.com.sg/government-economy/two-new-covid-19-cases-in-singapore-both-imported
https://www.straitstimes.com/singapore/two-new-covid-19-infections-here-both-cases-imported-asymptomatic

22 visitors from China arrive here on first day of unilateral border opening
Twenty-two travellers from China flew here last Friday, the first day Singapore unilaterally opened its borders to visitors from the mainland. All tested negative for Covid-19 on arriving here, the Civil Aviation Authority of Singapore (CAAS) told The Straits Times.
https://www.straitstimes.com/singapore/22-visitors-from-china-arrive-here-on-first-day-of-unilateral-border-opening

Trial reopening for nightspots, but not many will be partying
A “Small number” of nightlife establishments will be allowed to resume business as early as next month under trials, while those that decide to pivot or exit the industry altogether will receive financial assistance, said the Ministry of Trade and Industry (MTI) and the Ministry of Home Affairs (MHA) on Friday.
https://www.businesstimes.com.sg/sme/trial-reopening-for-nightspots-but-not-many-will-be-partying
https://www.straitstimes.com/singapore/nightlife-aid-measures-welcomed-but-some-say-they-are-not-enough

Simulation shows how cough droplets spread in tropical climate
Researchers here have developed a simulation which more accurately models the spread of droplets when a person with Covid-19 coughs in Singapore’s tropical environment. The team from the Agency for Science, Technology and Research’s (A*Star) Institute of High Performance Computing said now that they have the ability to simulate this, they are working with public agencies to plan group size limits and safe management measures.
https://www.straitstimes.com/singapore/health/simulation-shows-how-cough-droplets-spread-in-tropical-climate

Stricter SHN rules for travellers from Estonia, Norway
Anyone entering Singapore from Monday who has travelled in the past two weeks to Estonia and Norway will have to serve a stay-home notice (SHN) at dedicated facilities. The Ministry of Health (MOH) said yesterday that these travellers will have to serve the two-week notice even if they had obtained approval to opt out earlier.
https://www.straitstimes.com/singapore/stricter-shn-rules-for-travellers-from-estonia-norway
*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