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Weekly News Select
                                                                                                    Jul 3, 2020 / Issue 27

Top News for the Week
        •    Beauty World site set to catalyse area's rejuvenation
        •    1.1% drop in URA's Q2 private home price index 'mild', say analysts
        •    HDB resale prices up 0.2% in Q2 amid Covid-19 outbreak: flash estimates
        •    Singapore GE2020: Delayed BTO projects to be given priority
        •    Singapore GE2020: All 93 seats contested as Singapore heads for 'crisis election' on
             July 10
        •    No plans to increase population to 10 million, says Government
        •    Phase two will likely stay in place for months
        •    $1.36b package to help builders resume work safely
        •    Biomed boost fails to save Singapore's May factory output from surprise drop
        •    13 tourism draws, including casinos, can reopen from 1 July

Residential
Beauty World site set to catalyse area's rejuvenation
A just-released 99-year leasehold commercial and residential site near Beauty World MRT station
has many strong attributes, say property consultants.
However, the cloud of uncertainty amid the Covid-19-induced economic slowdown and its big-
ticket investment quantum - the land price alone is widely expected to be at least S$1 billion - may
cause potential bidders to be cautious, they added.
On a brighter note, overall business sentiment may lift by the time the Urban Redevelopment
Authority's (URA) dual-envelope tender for the 3.22-hectare plot along Jalan Anak Bukit closes
in nine months' time, on March 30, 2021.
Property consultants polled by The Business Times expect the site to fetch anywhere from just a
single bid to 10 bids. Their forecasts of the top bid too vary widely, from S$750-1,250 per sq ft
per plot ratio (psf ppr). In absolute price terms, this would range from S$780 million to S$1.3
billion.
The site can be developed upto a maximum gross floor area (GFA) of 96,551 (sq m), or nearly
1.04 million sq ft. Of this, at least 5,000 sq m shall be for a bus intechange. Up to 20,000 sq m
GFA shall be for commercial use.
The remaining GFA shall be for residential use - potentially equating to about 845 residential units.
The residential component could comprise private flats, serviced apartments, or a combination of
the two.
Huttons Asia's research director Lee Sze Teck said that "integrated developments are favoured by
(home) buyers for the seamless connectivity to a MRT station and bus interchange and a mall".
The upcoming Bukit Timah Community Building, which will include a market and hawker centre,
will bring added convenience to the whole Beauty World area, he added.

Links to the story:
https://www.businesstimes.com.sg/real-estate/beauty-world-site-set-to-catalyse-areas-rejuvenation
https://www.straitstimes.com/business/property/dual-envelope-tender-launched-for-jalan-anak-bukit-site

                Huttons Asia Pte Ltd | L3008899K | ROC No. 200210087C | GST Reg No. 20-0210087-C
               3 Bishan Place #05-01, CPF Building, S (579838) | Tel. (65) 6253 0030 | Fax (65) 6253 0090
                                              www.huttonsgroup.com

Weekly News Select
Jul 3, 2020 / Issue 27

1.1% drop in URA's Q2 private home price index 'mild', say analysts
The Urban Redevelopment Authority's benchmark overall private home price index fell for the
second consecutive quarter. It eased 1.1 per cent quarter-on-quarter (q-o-q) in Q2 2020 based on
the flash estimate, after slipping 1.0 per cent in Q1 2020.
Suburban non-landed private home prices remained unchanged in the April to June period.
Property consultants generally said that a price decline in Q2 was to be expected, given the drop
in transaction volumes during the circuit- breaker partial lockdown to contain the Covid-19 bug.
All things considered - the severe setback in terms of disruption to business activity and movement
of people during the circuit breaker - most consultants termed the drop in URA's benchmark index
in Q2 as "mild" or "gentle".

Links to the story:
https://www.businesstimes.com.sg/real-estate/11-drop-in-uras-q2-private-home-price-index-mild-say-analysts
https://www.straitstimes.com/business/property/private-home-prices-slide-further-in-second-quarter-amid-circuit-
breaker

Mount Emily property launched for collective sale by tender
A freehold residential property in Mount Emily Road has been launched for sale by tender at a
guide price of S$24 million.
The indicative price translates to about S$1,485 per sq ft on the existing gross floor area (GFA).
All the owners have given consent for the collective sale.
Located at 2, 4 and 6 Mount Emily Road, the property comprises adjoining units of three-storey
buildings with basement and attic. It sits on a total site area of 515.5 square metres (sq m), with an
existing GFA of 1,499.3 sq m.
Under the Urban Redevelopment Authority's Master Plan 2019, the property is zoned for
residential use with a plot ratio of 2.1.
The tender exercise for the property closes at 3pm on Aug 11.

Link to the story:
https://www.businesstimes.com.sg/real-estate/mount-emily-property-launched-for-collective-sale-by-tender

Singapore GE2020: Delayed BTO projects to be given priority
Build-To-Order (BTO) projects that have been delayed due to the Covid-19 outbreak will get
priority for completion once construction resumes, Minister of State for National Development
and Manpower Zaqy Mohamad said.
The Housing Board said in late May that some projects could be delayed by up to six months,
although it plans to launch about 7,800 BTO flats next month.
These flats will be in Ang Mo Kio, Bishan, Choa Chu Kang, Geylang, Pasir Ris, Tampines, Tengah
and Woodlands.

Link to the story:
https://www.straitstimes.com/politics/delayed-bto-projects-to-be-given-priority

Weekly News Select
Jul 3, 2020 / Issue 27

HDB resale prices up 0.2% in Q2 amid Covid-19 outbreak: flash estimates
Housing and Development Board (HDB) resale prices increased marginally in the second quarter
of 2020 amid the Covid-19 outbreak, compared with the first quarter of the year.
The resale price index was 131.8, up 0.2 per cent from the previous quarter, according to HDB
flash estimates released.
The prices rose marginally after staying flat in the first quarter of the year. The final figures, with
more detailed public housing data, will be released on July 24.
HDB said that it will offer about 7,800 Build-To-Order (BTO) flats in Ang Mo Kio, Bishan, Choa
Chu Kang, Geylang, Pasir Ris, Tampines, Tengah and Woodlands in August.
Another 5,700 flats in Bishan, Sembawang, Tampines, Tengah and Toa Payoh will be available in
November. Of these, the flats in Choa Chu Kang, Tampines North and Tengah will have a shorter
waiting time.

Links to the story:
https://www.businesstimes.com.sg/real-estate/hdb-resale-prices-up-02-in-q2-amid-covid-19-outbreak-flash-
estimates
https://www.straitstimes.com/singapore/housing/hdb-resale-prices-rise-02-flash-data

Commercial
Allianz, Korean pension service set up Asia-Pac property fund
Allianz has teamed up with The National Pension Service of Korea (NPS) to set up a property fund
with US$2.3 billion equity. With leverage, the fund will have the capacity to invest in US$4.6
billion of real estate in the Asia-Pacific region.
Allianz group of companies and South Korea’s NPS will contribute 50:50 to the closed-end fund’s
equity. In addition, Allianz Real Estate is the investment manager and general partner of the fund,
Allianz Real Estate Asia-Pacific Core I (AREAP Core I).
Domiciled here, the fund will pursue equity investments in Singapore, Japan, Australia, Hong
Kong and China across office, logistics, multifamily residential and student housing sectors.

Link to the story:
https://www.businesstimes.com.sg/real-estate/allianz-korean-pension-service-set-up-asia-pac-property-fund

Life science investor Novo to set up Asia office in S'pore
Life science investor Novo Holdings will set up its Asia office in Singapore.
The Denmark-based company, which has US$62 billion (S$86 billion) in assets, is expected to
focus on three fields in the region.
First, making sizeable investments in leading life sciences companies; second, providing
expansion capital to high-growth life sciences firms; and third, investing in venture-stage biotech
and medical technology operations.

Link to the story:
https://www.straitstimes.com/business/companies-markets/life-science-investor-novo-to-set-up-asia-office-in-spore

Weekly News Select
Jul 3, 2020 / Issue 27

Retail
Home-Fix to be wound up as Covid-19 dashes plans of revival
Hardware firm Home-Fix, which was forced to shutter all its retail stores in Singapore last
December amid financial woes, will now be wound up for good, despite six months of debt
restructuring and plans to revive itself in a different form.
It had its application to wind up - filed by its judicial manager - approved in a hearing at the High
Court.
The Business Times understands that the coronavirus pandemic put paid to Home-Fix's plans to
revive itself by tapping other services it offers, including home repairs, training courses and e-
commerce. When the first two could not operate eventually due to the circuit-breaker period, sales
from the online retail store were insufficient to sustain the company.
Talks with three potential investors also failed to make headway because of the coronavirus crisis.

Link to the story:
https://www.businesstimes.com.sg/sme/home-fix-to-be-wound-up-as-covid-19-dashes-plans-of-revival

Nightspots here more subdued than a week ago
The atmosphere at popular nightspots in Singapore was markedly more sober last night - one week
into phase two of post-circuit breaker measures, after initial episodes of over-exuberance led to
some individuals and businesses running afoul of the law.
Holland Village was unusually subdued when The Straits Times visited, although there was a
substantial dinner crowd at most bars and eateries, as well as the hawker centre, and the durian
stall was doing a roaring trade.
But foot traffic was conspicuously light on the main thoroughfare Lorong Mambong, with only
groups of smokers and short queues of diners outside some restaurants.

Link to the story:
https://www.straitstimes.com/singapore/nightspots-here-more-subdued-than-a-week-ago

Tokyu Hands closing its outlet in Westgate next month
Tokyu Hands is closing its Westgate outlet next month, the Japanese retailer said in a Facebook
post.
Customers have about a month to patronise the Tokyu Hands outlet, before its last day of
operations on Aug 2.
A Westgate spokesman said Tokyu Hands' closure follows the expiration of its lease. It will be
replaced by Sports & Travel Gear, a multi-label store. Two new anchor tenants, Harvey Norman
and supermarket retailer Eccellente by HAO mart, will open in the second half of this year.

Link to the story:
https://www.straitstimes.com/singapore/tokyu-hands-closing-its-outlet-in-westgate-next-month

Weekly News Select
Jul 3, 2020 / Issue 27

Government
Singapore GE2020: All 93 seats contested as Singapore heads for 'crisis election' on
July 10
Singapore will see all seats contested for the second general election in a row, in a contest that
takes place amid a global pandemic and a time of crisis.
Nomination Day saw a total of 192 candidates file papers to contest all 93 seats in 17 group
representation constituencies and 14 single-member constituencies.
The ruling People's Action Party (PAP) is the only party fighting for every seat, while the leading
opposition Workers' Party (WP) is fielding 21 candidates this time around, fewer than the 28 in
2015.
The Progress Singapore Party (PSP) has the largest contingent among the opposition, with 24
candidates in its maiden outing.
There are 2.65 million voters registered to vote in the election.

Links to the story:
https://www.straitstimes.com/politics/all-93-seats-contested-as-singapore-heads-for-crisis-election-on-july-10
https://www.businesstimes.com.sg/government-economy/dpm-heng-in-surprise-switch-as-battle-lines-are-drawn-
for-all-93-seats

No plans to increase population to 10 million, says Government
Singapore has no plans to increase its population to 10 million as claimed on some online
platforms, said the National Population and Talent Division (NPTD).
In a statement refuting these claims, it said it "would like to state categorically that these statements
are untrue".
It added: "The Government has not proposed, planned nor targeted for Singapore to increase its
population to 10 million. The Government regularly explains its approach to population planning,
including through annual updates at the Committee of Supply debates."
In fact, the population is expected to remain significantly below 6.9 million by 2030, according to
an update on Singapore's population outlook provided in Parliament in March 2018.

Link to the story:
https://www.straitstimes.com/politics/no-plans-to-increase-population-to-10-million-says-government

Phase two will likely stay in place for months
Restrictions such as limiting gatherings to groups of five people or fewer will likely remain for
some time despite more activities resuming under phase two of Singapore's reopening, National
Development Minister Lawrence Wong said.
Mr Wong told a virtual press conference that phase two, which started two weeks ago, will run for
months before the next level kicks in.
Although the multi-ministry task force tackling Covid-19 had earlier pointed to some rules that
may be relaxed during this phase, Singapore is "not moving to any such relaxation any time soon".

Weekly News Select
Jul 3, 2020 / Issue 27

Large-scale events, such as concerts and conferences, will not be allowed to take place, and venues
like bars and pubs have to remain closed.
Infection numbers are expected to increase as more activities resume, said the task force, which is
casting a wider net around virus cases and testing more aggressively.
It does not rule out tightening some measures if case numbers rise much faster than expected or
when large clusters pop up.

Link to the story:
https://www.straitstimes.com/singapore/phase-two-will-likely-stay-in-place-for-months

Work on Hume station set to start in Q4
The Land Transport Authority (LTA) confirmed that works for Hume station are slated to start in
the fourth quarter of the year.
However, a spokesman told The Straits Times that due to the Covid-19 situation, the actual
commencement date would be subject to approval by various authorities and agencies.
The works include the installation of electrical and mechanical services, and architectural works.
Critical works such as touch voltage protection, electrical works and the installation of platform
screen doors will be carried out adjacent to operational train tracks.
She said: "As announced last year, the targeted completion for Hume station is in 2025."

Link to the story:
https://www.straitstimes.com/singapore/transport/work-on-hume-station-set-to-start-in-q4

Builders can consider hostels for worker housing; but safe-distancing rules stay
Desperate to ride out the lull in backpacker tourism amid the novel coronavirus pandemic, the
owners of some 40 boutique hostels in Singapore are calling for the authorities to actively
encourage firms to use their premises to house foreign workers.
The Singapore Backpacker's Hostel Alliance, as these property owners are calling themselves,
collectively own over 3,000 available beds spaces around Chinatown, Little India and Bugis,
among other areas.
During a virtual meeting with representatives from various government agencies, the alliance was
granted a small relief: the Building and Construction Authority agreed to add their addresses into
an advisory for construction firms to consider as accommodation options for their workers.
But the authorities did not accede to the alliance's other requests. Among other things, it had asked
for more subsidies to help relieve operating costs, as well as relaxation of certain safe distancing
guidelines.

Link to the story:
https://www.businesstimes.com.sg/government-economy/builders-can-consider-hostels-for-worker-housing-but-
safe-distancing-rules-stay

$1.36b package to help builders resume work safely
A new $1.36 billion fund has been set up to help construction companies, among the hardest hit
by the Covid-19 pandemic, safely restart work.

Weekly News Select
                                                                                                    Jul 3, 2020 / Issue 27

The Construction Support Package, as it is called, will help co-fund some of the extra costs
construction firms have to incur to comply with more stringent virus safety measures.
It will also help to relieve half of the non-manpower costs - capped at 1.8 per cent of the contract
sum - construction firms in public sector projects will incur due to the slower pace of work during
this period, said the Building and Construction Authority.
The Government will continue to bear the costs of Covid-19 testing for the sector until March 31.
Separately, foreign worker levy rebates of $90 per month will be given for each work permit holder
from August this year to end-2021, with a possibility of extension till end-2022.

Link to the story:
https://www.straitstimes.com/singapore/136b-package-to-help-builders-resume-work-safely

Over S$100m in extra funding for agriculture, maritime startups
Startups in agriculture and maritime industries now have more than S$100 million in additional
funding to tap on, with Enterprise Singapore (ESG) announcing new allocation to both sectors.
ESG said it has set aside over S$55 million to accelerate the growth of promising local agriculture
and aquaculture companies, while its investment arm SEEDS Capital, together with six co-
investment partners, will pump a combined S$50 million into more than 50 maritime technology
startups in Singapore.
The funding for the former is part of the government agency's efforts to develop an agri-food tech
ecosystem that uses innovation and scalable solutions to meet evolving needs, Senior Minister of
State for Trade and Industry Koh Poh Koon said at a ministerial visit to precision agritech startup
Singrow.

Links to the story:
https://www.businesstimes.com.sg/garage/over-s100m-in-extra-funding-for-agriculture-maritime-startups
https://www.straitstimes.com/singapore/agri-food-tech-firms-can-tap-55m-grant

Economy
Biomed boost fails to save Singapore's May factory output from surprise drop
Sustained strength in pharmaceutical production was not enough to save Singapore's factory output
from a surprise fall in May, after two straight months of growth.
Economists have now stuck to forecasts of a double-digit economic contraction in the second
quarter, even as the Republic emerges from a two-month quasi-lockdown to contain the spread of
the novel coronavirus.
Still, the looming recession will be on the shoulders of the services and construction sectors, while
manufacturing has potential upsides in store.
Industrial production fell by 7.4 per cent year on year in May, in line with a drop in non-oil
domestic exports reported earlier, according to preliminary data.
May's broad-based decline was 10.4 per cent after excluding the volatile biomedical manufacturing
cluster.

                Huttons Asia Pte Ltd | L3008899K | ROC No. 200210087C | GST Reg No. 20-0210087-C
               3 Bishan Place #05-01, CPF Building, S (579838) | Tel. (65) 6253 0030 | Fax (65) 6253 0090
                                              www.huttonsgroup.com

Weekly News Select
Jul 3, 2020 / Issue 27

Links to the story:
https://www.businesstimes.com.sg/government-economy/biomed-boost-fails-to-save-singapores-may-factory-
output-from-surprise-drop
https://www.straitstimes.com/business/economy/spores-manufacturing-output-falls-as-biomedical-growth-cools

Singapore firms see more payment delays in Q2; retail and services post highest
jumps
Payment delays among firms in Singapore have risen for another quarter, with retail and services
posting the highest jumps out of all sectors, amid the economy's coronavirus-induced partial
lockdown.
According to the Singapore Commercial Credit Bureau (SCCB), slow payments, defined as those
made at least 30 days above terms, increased to 45.78 per cent in Q2, up 3.20 percentage points
from 42.58 per cent in Q1, which had marked a near three-year low.
Year on year, slow payments were up 8.68 percentage points to 45.78 per cent in Q2 2020.

Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-firms-see-more-payment-delays-in-q2-retail-
and-services-post-highest-0
https://www.straitstimes.com/business/economy/spore-firms-payment-delays-rise-in-q2

China joins S'pore-NZ initiative to keep supply chains open
China has pledged to uphold trade and supply chain connections during the coronavirus pandemic.
The commitment to maintaining cross-border flows of necessities was launched by Singapore and
New Zealand in March.
Since then, several nations from across the world have joined the pact.
China is the 12th nation to ink the statement, Singapore's Ministry of Trade and Industry said.
Other signatories include Australia, Brunei, Canada, Chile, Laos, Myanmar, Nauru, the United
Arab Emirates and Uruguay.

Link to the story:
https://www.straitstimes.com/business/economy/china-joins-spore-nz-initiative-to-keep-supply-chains-open

Fewer business closures in May but experts warn of spike later
The number of business entities that closed in May was similar to previous months despite the
pandemic-induced downturn.
There were 3,706 closures in May - including companies, sole proprietorships and limited liability
partnerships - down slightly from April's 3,771, Accounting and Corporate Regulatory Authority
(Acra) data noted earlier this month.
It was also lower than the 5,509 closures in May last year - although that number can fluctuate due
to removal of dormant entities by Acra.
The absence of a surge in closures amid the pandemic is probably because of the time needed for
a firm to complete the deregistration process so a spike could come later in the year, experts
warned.

Weekly News Select
                                                                                                    Jul 3, 2020 / Issue 27

Companies are also getting government support, which could have helped to stave off closures in
the first few months of this year, but the real impact of the pandemic on business closures is likely
to be felt more intensely when this help is no longer provided.

Link to the story:
https://www.straitstimes.com/business/fewer-business-closures-in-may-but-experts-warn-of-spike-later

Jobs in some international schools in danger if enrolment falls along with expat
numbers
International schools are bracing for a possible fall in enrolment numbers as expatriate numbers
slide due to the Covid-19 pandemic, but for the more popular schools, it could mean a shorter wait-
list for prospective students.
A spokesperson from Overseas Family School (OFS) told The Business Times that interested
parents who are making enquiries at the school are now "struggling" to get their work passes
approved by the Ministry of Manpower. This has created uncertainty for expatriates who were
originally scheduled to move here.
While OFS is trying to keep all its teachers, the spokesperson said some may have to be let go in
a worst-case scenario, if enrolment numbers do fall. This is especially since the school does not
get much in wage support through schemes like the Jobs Support Scheme, since the bulk of its
faculty staff are foreigners.

Link to the story:
https://www.businesstimes.com.sg/government-economy/jobs-in-some-international-schools-in-danger-if-
enrolment-falls-along-with-expat

Hospitality
13 tourism draws, including casinos, can reopen from 1 July
The Singapore Tourism Board (STB) said that tourism businesses in Singapore will be permitted
to resume operations in stages from July 1, starting with 13 attractions.
STB will also allow domestic tour operators to begin submitting their applications to resume
operations.
This is part of the resumption of activities in Phase Two after the "circuit breaker", STB explained.
The following attractions, including selected components in the two integrated resorts (IRs), have
submitted their reopening proposals. The Ministry of Trade and Industry (MTI) and STB have
carefully assessed their proposals and will allow them to reopen from July 1:
    •       Bounce
    •       Flower Dome at Gardens by the Bay
    •       Jurong Bird Park
    •       Madame Tussauds
    •       River Safari
    •       Singapore Zoo
    •       Zero Latency

                Huttons Asia Pte Ltd | L3008899K | ROC No. 200210087C | GST Reg No. 20-0210087-C
               3 Bishan Place #05-01, CPF Building, S (579838) | Tel. (65) 6253 0030 | Fax (65) 6253 0090
                                              www.huttonsgroup.com

Weekly News Select
Jul 3, 2020 / Issue 27

• ArtScience Museum, Sands SkyPark and Observation Deck and Casino at Marina Bay
Sands
• Universal Studios Singapore, S.E.A. Aquarium and Casino at Resorts World Sentosa.

Links to the story:
https://www.businesstimes.com.sg/government-economy/13-tourism-draws-including-casinos-can-reopen-from-
wednesday-0
https://www.straitstimes.com/singapore/universal-studios-zoo-among-attractions-reopening-in-july
https://www.straitstimes.com/singapore/advance-bookings-needed-at-some-spots
https://www.straitstimes.com/singapore/key-attractions-at-integrated-resorts-reopen-to-smaller-number-of-visitors

Tour operators eye S'poreans as services resume
As attractions reopen and tours gradually resume, tour operators plan to focus on domestic tourism
and encourage Singaporeans to explore their own backyard.
The Singapore Tourism Board (STB) announced that tour operators could submit applications to
resume tour activities and may resume operations after receiving approval from the Ministry of
Trade and Industry.
There are currently 2,994 licensed tourist guides and more than 30 tour operators in Singapore,
according to STB.
Though safety precautions will have to be implemented and tours will be limited to a maximum
of five participants at any one time, operators said they are glad as this signals a start towards
recovery for the industry.

Link to the story:
https://www.straitstimes.com/singapore/tour-operators-eye-sporeans-as-services-resume

Industrial
ESR-Reit secures two new tenants at 8 Tuas South Lane
ESR-REIT has secured two new tenants at 8 Tuas South Lane. Collectively, the new tenants have
leased 284,700 square feet (sq ft) at the property, the industrial Reit's (real estate investment trust)
manager said.
The tenants are global logistics provider Pacific Integrated Logistics, and Royal's Engineering &
Trading (S), a local company in the construction industry specialising in plumbing and electrical
works.
Pacific Integrated Logistics operates in 16 locations across 11 countries, tapping the fast-
expanding Euro-Asia rail freight network to provide customised logistics solutions. It has leased
around 206,000 sq ft of space, which equates to an estimated 26.9 per cent of the total net leasable
area (NLA) of 8 Tuas South Lane.
Meanwhile, Royal's Engineering & Trading (S) is occupying around 78,700 sq ft, which translates
to an estimated 10.3 per cent of the total NLA of the property.

Link to the story:
https://www.businesstimes.com.sg/companies-markets/esr-reit-secures-two-new-tenants-at-8-tuas-south-lane-0

Weekly News Select
Jul 3, 2020 / Issue 27

NTT Data to set up R&D centre in S'pore
Top Japanese data solutions firm NTT Data is launching a centre of excellence in Singapore with
LeapThought, a New Zealand strategic consultancy.
It is aimed at boosting the construction sector's productivity as well as resilience against Covid-
19, labour shortages and supply chain disruptions.

Link to the story:
https://www.straitstimes.com/asia/east-asia/ntt-data-to-set-up-rd-centre-in-spore

Contact:
Lee Sze Teck
Head, Research
(65) 6500 6510
szetecklee@huttonsgroup.com

This document has been prepared by Huttons Asia for general information only. Huttons Asia does not guarantee warrant or represent that the
information contained in this document is correct. Any interested party should undertake their own enquiries as to the accuracy of the information.
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