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Weekly News Select
Oct 2, 2020 / Issue 40
Top News for the Week
• Hong Leong's Penrose project about 60% sold
• Private home prices may end 2020 in positive territory despite economic malaise:
analysts
• URA clampdown on option re-issue may have some cooling effect on property
market
• Redas calls for ABSD deferment for first-time HDB upgraders to private property
• HDB upgraders likely to sustain strong condo sales: DBS
• HDB resale prices up 1.4% in Q3 despite economic gloom
• MinLaw to curb number of owners a proxy can represent at meetings on enbloc sales
• DPM Heng to speak on progress in tackling Covid-19 on Monday
• MediShield Life to be enhanced, but premiums set to rise
• Singapore industrial output up a surprise 13.7% in August
• SIA ditches idea for flight to nowhere; will instead offer ground-based experiences
• STB paves way to allow for 'cruises to nowhere' from S'pore
• August visitor arrivals pick up, but floodgates still shut
Residential
Hong Leong's Penrose project about 60% sold
Hong Leong Holdings sold 341 units of its 566-unit Penrose condominium over the weekend as at
5pm on Sep 27.
Nearly 85 per cent of buyers were Singaporeans and the rest were Singapore permanent residents
and foreigners. Keen interest was also seen from HDB upgraders across areas islandwide, said
Hong Leong in a media statement.
The staggering sales numbers were the result of timing and sensitive pricing, said Betsy Chng,
head of sales and marketing at Hong Leong.
The group said that the take-up was good across all unit types. The balloting process took place
virtually on Friday between the developer and its appointed property agencies to determine the
queue sequence of buyers for booking day.
Links to the story:
https://www.businesstimes.com.sg/companies-markets/hong-leongs-penrose-project-about-60-sold
https://www.straitstimes.com/business/property/60-of-penrose-condo-units-sold-over-launch-weekend
Private home prices may end 2020 in positive territory despite economic malaise:
analysts
Private residential property prices for 2020 as a whole may end in positive territory, some analysts
say, after prices rose 0.8 per cent quarter-on-quarter (q-o-q) in Q3, nudging the overall price index
up 0.1 per cent year-to-date.
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Oct 2, 2020 / Issue 40
The 0.8 per cent increase in Q3 was led by non-landed properties in the Rest of Central Region
(RCR) and Outside of Central Region (OCR) - driven partly by HDB homeowners upgrading to
private homes - as well as from the landed segment, analysts said. In Q2, private home prices saw
a smaller increase of 0.3 per cent.
The URA will release its full set of real estate statistics for the third quarter on Oct 23.
Links to the story:
https://www.businesstimes.com.sg/real-estate/private-home-prices-may-end-2020-in-positive-territory-despite-
economic-malaise-analysts
https://www.businesstimes.com.sg/real-estate/private-home-purchases-at-odds-with-headline-economic-toll-0
https://www.straitstimes.com/business/property/private-home-prices-rise-faster-in-q3-despite-covid-19-recession
URA clampdown on option re-issue may have some cooling effect on property market
The Urban Redevelopment Authority (URA) has curbed private housing developers from re-
issuing the option to purchase (OTP) to the same buyers of the same unit with immediate effect,
amid worries that "financial discipline" is slackening despite the recession.
URA's Controller of Housing has imposed new conditions in the sale licences issued to developers.
These include restricting developers from providing upfront agreements to purchasers to re-issue
the OTPs, restricting developers from re-issuing OTPs to the same purchasers for the same unit
within 12 months after the expiry of the earlier OTP and requiring developers to inform purchasers
of this condition upfront.
The URA further noted that while the current validity period in the standard OTP is generally
sufficient for most purchasers, there are some who might require more time, including those who
need to complete the sale of their existing property before exercising the option.
Therefore, upon application by such purchasers or developers, the authority is prepared to extend
the validity period of the OTP up to 12 weeks from the OTP date. In the past, OTP validities could
be extended for up to eight weeks or re-issued upon expiry.
Links to the story:
https://www.businesstimes.com.sg/real-estate/ura-clampdown-on-option-re-issue-may-have-some-cooling-effect-on-
property-market
https://www.straitstimes.com/business/property/new-guidelines-to-encourage-prudent-private-home-buying
https://www.straitstimes.com/business/property/ura-curbs-developers-re-issuing-otp-come-amid-apparent-robust-
home-sales-during
https://www.todayonline.com/singapore/developers-no-longer-allowed-extend-option-purchase-period-buyers-
without-uras-approval
Redas calls for ABSD deferment for first-time HDB upgraders to private property
The head of the Real Estate Developers' Association of Singapore has urged the government to
urgently consider allowing first-time upgraders from an HDB flat to a private property to defer
payment of the additional buyer's stamp duty (ABSD) till six months after the completion of the
private property.
Currently, HDB upgraders who buy a new executive condominium (EC) unit get ABSD remission.
(ECs are a public-private housing hybrid.) This group is given six months to dispose of their HDB
flats after having collected the key to their new EC home.
Buyers of private property have to pay 12 per cent ABSD if they have not sold their existing home.
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Oct 2, 2020 / Issue 40
Link to the story:
https://www.businesstimes.com.sg/real-estate/redas-calls-for-absd-deferment-for-first-time-hdb-upgraders-to-
private-property
HDB upgraders likely to sustain strong condo sales: DBS
HDB upgraders recycling their flats into private homes will likely continue to buttress private
residential projects, based on recent strong sales at the latter, notwithstanding the coronavirus
pandemic.
Sales volumes at private residential projects continued to be driven by Singaporeans as the key
buyers, DBS Group Research wrote while dubbing the Singapore property market "a bed of roses".
The city-state's private residential sales totalled 7,600 units in the year to date, up 7 per cent from
a year ago.
The sales volume for 2020 could come in at 10,000 units or more to beat the 2019 sales volume if
the strong momentum were to persist in the remaining months of this year, they added.
Link to the story:
https://www.businesstimes.com.sg/real-estate/hdb-upgraders-likely-to-sustain-strong-condo-sales-dbs
Sold for $3.4m in 8min, online
It took only eight minutes for a 21/2-storey semi-detached house in Toh Tuck Road to be sold for
$3.4 million in a virtual auction.
The freehold property at 69 Toh Tuck Road, which has a land area of 3,340 sq ft, was "fiercely
contested" at a virtual auction event.
Bidding began at $3 million. Four groups of buyers made a total of 15 bids, with the last seven
bids put up in the three minutes before the hammer fell at $3.4 million, or $1,017 per sq ft (psf).
The house went to a Singaporean family who bought it for their own use. The family declined to
be interviewed.
Link to the story:
https://www.straitstimes.com/business/property/sold-for-34m-in-8min-online
MinLaw to curb number of owners a proxy can represent at meetings on enbloc sales
The Ministry of Law (MinLaw) will restrict the number of owners that a proxy can represent at
general meetings for en bloc sales, starting next year, to "minimise the risk of proxy abuse".
MinLaw will do so by amending the Second Schedule of the Land Titles (Strata) Act (LTSA), it
said in a statement.
At present, under the LTSA, an owner of a strata-titled property may appoint a proxy to attend
general meetings for en bloc sales and vote on proposals or the election of collective-sale
committee members on his or her behalf - but there is now no limit to the number of owners a
proxy may represent.
The Second Schedule of the LTSA will be amended to set a cap for proxy holders at either 2 per
cent of the total number of lots in a strata development or at two lots, whichever is higher.
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Oct 2, 2020 / Issue 40
It will also improve the form of instrument to appoint a proxy, to allow the proxy giver to explicitly
direct the proxy to vote as the proxy giver intended.
Developments should make the necessary preparations before the LTSA amendments take effect
in January 2021, to ensure compliance with the proxy restrictions.
Links to the story:
https://www.businesstimes.com.sg/companies-markets/minlaw-to-curb-number-of-owners-a-proxy-can-represent-at-
meetings-on-enbloc-sales
https://www.straitstimes.com/singapore/new-curbs-on-proxies-at-general-meetings-for-collective-sales
Shoebox apartment market down on recession shakeout
Demand for shoebox units in the primary market fell in the first eight months of 2020 from a year
ago as pain from unemployment and wage cuts for the usual buyers of such small, private homes
came up against fewer choices amid weaker supply.
The recession has also hit rental demand for such units, given the economic impact felt by
expatriate tenants.
The number of shoebox units - defined as 506 sq ft and below - sold as a proportion of the total
number of non-landed private homes transacted shrank from 16.9 per cent in Jan-Aug 2019 to 12.1
per cent in Jan-Aug 2020, according to data.
Link to the story:
https://www.businesstimes.com.sg/real-estate/shoebox-apartment-market-down-on-recession-shakeout
Goh Cheng Liang family buys Thye Hong's Garlick Ave GCB
The family of Singaporean billionaire Goh Cheng Liang is said to be the buyer of a bungalow
sitting on 101,550 sq ft of freehold land in Garlick Avenue.
The price is understood to be about S$93 million. Located within the Garlick Avenue Good-Class
Bungalow (GCB) Area, the property is being sold by some members of the Lee family of the Thye
Hong group, which used to make biscuits.
The transaction, which was entered into earlier this month, is expected to be completed before the
end of the year.
Link to the story:
https://www.businesstimes.com.sg/real-estate/goh-cheng-liang-family-buys-thye-hongs-garlick-ave-gcb
Upcoming Tengah town to get direct link to PIE by 2027
Motorists and residents of the upcoming Tengah town in the west will have direct access to the
Pan-Island Expressway by 2027.
The Land Transport Authority (LTA) will be calling a tender for new connections which will
include a flyover, and which will also give residents in Jurong town another link to the PIE.
The project involves building new roads and modifying existing ones.
It includes a 0.5km dual four-lane flyover along PIE near the exit to Jurong Canal Drive, a road
junction below the flyover that will connect the PIE, Jurong Canal Drive and Tengah Boulevard
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Oct 2, 2020 / Issue 40
leading to Tengah town, and widening of the PIE between Hong Kah Flyover and Bukit Batok
Flyover.
Link to the story:
https://www.straitstimes.com/singapore/transport/upcoming-tengah-town-to-get-direct-link-to-pie-by-2027
HDB resale prices up 1.4% in Q3 despite economic gloom
Resale prices for Housing Board flats increased in the third quarter of this year, with the resale
price index reaching 133.7, said the Housing and Development Board (HDB) on Oct 1.
This is an increase of 1.4 per cent from the previous quarter.
Last quarter's performance also marked a significant improvement from the previous quarters. The
resale price index had risen by a marginal 0.3 per cent in Q2 after staying flat in the first quarter
of the year.
HDB will release the final figures, with more detailed public housing data, on Oct 23.
Links to the story:
https://www.businesstimes.com.sg/real-estate/hdb-resale-prices-up-14-in-q3-despite-economic-gloom
https://www.businesstimes.com.sg/real-estate/pinnacleduxton-five-room-flat-sets-resale-record-at-s126m-0
https://www.straitstimes.com/singapore/housing/prices-of-hdb-resale-flats-up-14-in-third-quarter
HDB extends suspension of late payment fee, offers rent relief
Suspension of late payment charges on Housing Board (HDB) mortgage arrears will be further
extended to March next year, as Singaporeans continue to grapple with the economic impact of
the Covid-19 pandemic.
Families living in public rental flats will also have their rent slashed by half for three months, from
this month to December, National Development Minister Desmond Lee announced.
Late payment charges for these HDB rental households will also continue to be suspended until
the end of next March.
Link to the story:
https://www.straitstimes.com/singapore/housing/hdb-extends-suspension-of-late-payment-fee-offers-rent-relief
Commercial
MYP to sell ABI Plaza for S$200m to Artemis Ventures
Real estate investment firm MYP, which is controlled by Indonesian billionaire Tahir's family,
announced it plans to sell ABI Plaza in Tanjong Pagar for S$200 million.
The buyer, Artemis Ventures, is a Singapore-incorporated investment holding company and linked
to a private fund managed by CapitaLand Fund Management.
Mainboard-listed MYP's wholly-owned unit Grace Shine and Artemis inked a conditional sale and
purchase agreement (SPA) on Sept 24.
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Oct 2, 2020 / Issue 40
Link to the story:
https://www.businesstimes.com.sg/real-estate/myp-to-sell-abi-plaza-for-s200m-to-artemis-ventures
Yio Chu Kang Road childcare centre put on market with S$14.8m guide price
A second childcare-related property is up for sale this week, with consultancies describing this
kind of asset as "rare".
The centre at 331 Yio Chu Kang Road is for sale via expression of interest (EOI), with the
marketing agent expecting offers in excess of S$14.8 million for the property.
The property is a 999-year leasehold, three-storey building with a basement. It has a site area of
about 10,851 sq ft and a gross floor area of 19,431 sq ft.
The property is available for sale with vacant possession, and the purchaser has the option of
continuing operations as a childcare centre. Under the prevailing Master Plan, the site is zoned
"residential" with a gross plot ratio of 1.4. It was previously approved for use as a commercial
school, students' hostel and nursing home.
The EOI exercise for 331 Yio Chu Kang Road closes at 3pm on Nov 5.
Link to the story:
https://www.businesstimes.com.sg/real-estate/yio-chu-kang-road-childcare-centre-put-on-market-with-s148m-guide-
price
Citi to open its largest wealth hub globally in Singapore in December
Citi will open its largest wealth hub globally in Singapore in December, tapping into growing
wealth with a safely-distanced personal touch.
The new wealth hub at 268 Orchard can house more than 300 relationship managers and product
specialists, and features built-in facilities to host tailored lifestyle events for clients, as well as
investment seminars. Officially named Citi Wealth Hub at 268 Orchard, it will occupy an area of
30,000 sq ft across four floors in town.
Accounting for the "new normal" safe-distancing measures, portable plexi guard shields will be
installed throughout the wealth hub, while safe distancing of at least two metres will be enforced.
An antimicrobial coating will be applied on all high-touch surfaces and all rooms will also be
disinfected after each use.
The bank has closed its iconic MacDonald House branch, and told The Business Times in March
that it would move out of its outlet in Paragon too.
Links to the story:
https://www.businesstimes.com.sg/banking-finance/citi-to-open-its-largest-wealth-hub-globally-in-singapore-in-
december-0
https://www.straitstimes.com/business/banking/citi-to-open-wealth-advisory-hub-here-in-dec
Amazon to take Citigroup's office space in Singapore
Amazon is planning to take over some of Citigroup's office space in Singapore at a time when a
number of the e-commerce giant's Chinese tech rivals are expanding here.
The online retail giant will lease three floors covering about 90,000 sq ft at Asia Square Tower 1
in the heart of the financial district, according to people with knowledge of the plans.
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Oct 2, 2020 / Issue 40
Amazon's plans in Singapore come as some of China's biggest tech corporations such as Tencent
Holdings, Alibaba Group Holding and ByteDance make the island state their beachhead for the
rest of Asia.
Singapore is becoming a regional base for both Western and Chinese companies because of its
developed financial and legal system. It is becoming more attractive to some as Beijing tightens
its grip on Hong Kong.
Amazon currently has about 200 job openings in Singapore for roles covering data analytics, sales
and advertising, business development, marketing and public relations, according to its career site.
Links to the story:
https://www.businesstimes.com.sg/real-estate/amazon-to-take-citigroups-office-space-in-singapore
https://www.straitstimes.com/business/companies-markets/amazon-said-to-be-taking-over-some-citi-office-space-
in-spore
Plant-based meat firm sets up R&D centre and HQ in S'pore
New plant-based meat alternative player Next Gen has put roots down in Singapore with a research
and development (R&D) centre and its headquarters here.
The home-grown firm, which has six employees including its co-founders and chief technology
officer, intends to put out its alternative chicken product by March next year.
Next Gen currently has manufacturing capacity that can supply about 9,000 restaurants a year,
through its partner in the Netherlands.
Link to the story:
https://www.straitstimes.com/business/companies-markets/plant-based-meat-firm-sets-up-rd-centre-and-hq-in-spore
Retail
No walk in the park for SuperPark creditors, staff
The signs on the doors of SuperPark Singapore, an indoor playground at Suntec City that has been
closed since the circuit breaker in April, and its social media pages suggest it will reopen soon.
But behind its closed doors, legal and financial woes have ensued, while creditors and employees
have been left in the lurch.
SuperPark Singapore and its counterparts in Hong Kong, Bangkok and Kuala Lumpur are
subsidiaries of holding company SuperPark Asia Group, which is now under interim judicial
management. The latter has S$18 million in liabilities, based on documents provided by creditors
and seen by The Business Times. SuperPark Asia's Finnish parent SuperPark Oy was to have
provided some financial support, but it fell short.
SuperPark Asia brought the Finnish brand of indoor activity parks to Asia in 2017, starting with
Hong Kong. It opened outlets in Singapore and Kuala Lumpur in 2018, and in Bangkok last
November.
Link to the story:
https://www.businesstimes.com.sg/consumer/no-walk-in-the-park-for-superpark-creditors-staff
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Oct 2, 2020 / Issue 40
Government
DPM Heng to speak on progress in tackling Covid-19 on Monday
Deputy Prime Minister and Finance Minister Heng Swee Keat will deliver a ministerial statement
next Monday on Singapore's progress in tackling Covid-19, the country's fiscal position, and
strategies to emerge stronger from the crisis as an economy and as a society.
The statement will provide the context for a Supplementary Supply Bill to be tabled in Parliament,
in order to implement previously-announced re-allocations of government funds.
Mr Heng, who is also Coordinating Minister for Economic Policies, will deliver the statement in
Parliament at 1.30pm, the Ministry of Finance said.
Links to the story:
https://www.businesstimes.com.sg/government-economy/dpm-heng-to-speak-on-progress-in-tackling-covid-19-on-
monday
https://www.straitstimes.com/singapore/dpm-heng-to-speak-on-covid-19-spores-fiscal-position
MediShield Life to be enhanced, but premiums set to rise
A council set up to review the MediShield Life insurance plan has proposed a number of
enhancements to ensure that a greater proportion of subsidised bills are covered.
Premiums, however, are set to rise; this will be the first adjustment since the scheme's launch in
2015. Over the past four years, MediShield Life paid out S$3.5 billion for 2.3 million claims.
Payouts have risen by close to 40 per cent and the number of claimants by almost 30 per cent.
To cushion the premium hike, the government has committed about S$2.2 billion for premium
subsidies and support over the next three years. Health Minister Gan Kim Yong said in a recorded
message: "I want to assure Singaporeans that the government will continue to help you with your
premiums. No one will lose MediShield Life coverage because of financial difficulties.''
The net premium increase for Singapore citizens will be kept to about 10 per cent in the first year,
thanks to government subsidies.
The support package comprises S$1.8 billion in subsidies for the lower to middle income and for
Pioneer and Merdeka Generation policyholders, among others.
There is another one-off Covid-19 subsidy of about S$360 million over the next two years. This
helps to subsidise 70 per cent of the net increase in premiums in the first year, followed by 30 per
cent in the second year.
The MediShield Life Council is inviting public feedback to the proposals, which will close on Oct
20.
Links to the story:
https://www.businesstimes.com.sg/wealth-investing/medishield-life-to-be-enhanced-but-premiums-set-to-rise-0
https://www.straitstimes.com/singapore/health/medishield-life-coverage-set-to-widen-next-year
https://www.straitstimes.com/singapore/health/medishield-life-review-5-key-benefits-for-singaporeans-0
https://www.straitstimes.com/singapore/health/covid-19-subsidies-for-sporeans-to-offset-rise-in-premiums
https://www.straitstimes.com/singapore/lower-payouts-proposed-for-patients-at-private-hospitals
https://www.straitstimes.com/singapore/health/how-the-insurance-scheme-affects-you
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www.huttonsgroup.comWeekly News Select
Oct 2, 2020 / Issue 40
Singapore to explore reinstating essential travel to Sichuan
The Republic will explore ways to facilitate essential business and official travel to Sichuan
province in south-western China, Second Minister for Trade and Industry and Manpower Tan See
Leng said.
Dr Tan said at the 21st Singapore-Sichuan Trade and Investment Committee Meeting, where he
was a co-chair, that there is strong interest in resuming travel between Singapore and Sichuan.
Reinstating travel between Singapore and Chengdu will hopefully "help to kick-start business
exchanges as both of our economies recover from the pandemic", said Dr Tan, who is also Minister
in the Prime Minister's Office.
Trade between Sichuan, one of China's largest provinces, and Singapore reached US$1.25 billion
between January and August this year, a jump of more than 20 per cent compared with a year ago.
The Republic is also Sichuan's largest foreign investor so far, with cumulative investments of some
US$7.55 billion across 665 projects ranging from infrastructure to innovation.
Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-to-explore-reinstating-essential-travel-to-
sichuan-0
https://www.straitstimes.com/business/companies-markets/singapore-to-explore-reinstating-essential-travel-to-
sichuan
New Asean regional centre to tackle future of work
Singapore has launched a new regional centre to help Asean member-states prepare for the future
of work.
The Regional Centre for the Future of Work (RCFW) will have three focus areas: embracing
technology for inclusive growth; workplace safety and health for sustainable work; and tripartism.
The RCFW has three advisers, among them Asean secretary-general Lim Jock Hoi. The centre
will be staffed by a team from Singapore's Ministry of Manpower (MOM), according to a ministry
spokesperson.
Singapore first mooted the idea for the new centre as a regional initiative to Asean leaders and
International Labour Organisation (ILO) representatives last April, at the Singapore Conference
on the Future of Work.
Links to the story:
https://www.businesstimes.com.sg/government-economy/new-asean-regional-centre-to-tackle-future-of-work
https://www.straitstimes.com/singapore/manpower/new-centre-to-help-prepare-asean-for-the-future-of-work
Singapore to allow visitors from Australia, Vietnam from Oct 8
Singapore will lift border restrictions for visitors from Australia - excluding Victoria state - and
Vietnam from Oct 8, the Civil Aviation Authority of Singapore (CAAS) announced.
Visitors travelling from Australia and Vietnam can apply for an Air Travel Pass for entry into
Singapore on or after Oct 8. They will have to take a swab test upon arrival at the airport and will
be allowed to go about their activities in Singapore if the result is negative. They will not need to
serve the stay-home notice but have to comply with other requirements including activating the
TraceTogether app during their stay here.
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Oct 2, 2020 / Issue 40
Singapore citizens, permanent residents and long-term pass holders returning from Australia
(excluding Victoria state) and Vietnam will also be able to take a Covid-19 test upon arrival.
Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-to-allow-visitors-from-australia-vietnam-from-
oct-8
https://www.straitstimes.com/singapore/transport/singapore-lifts-restrictions-on-visitors-from-australia-vietnam
Covid-19 temporary relief changes come into effect
Changes to Singapore's Covid-19 temporary relief framework came into force on Sept 30,
including greater powers for government-appointed assessors of rental disputes, and a mechanism
for parties to certain contracts to obtain relief in the case of delays caused by the pandemic.
The relevant amendments to the Covid-19 (Temporary Measures) Act were passed in Parliament
earlier in September. Rental relief assessors, who are appointed by the Ministry of Law (MinLaw)
to deal with disputes arising from the temporary relief measures, are now able to determine the
amount of rent to be waived in certain circumstances.
This is when the amount to be waived is affected by maintenance or service charges; when it can
be offset by earlier provided assistance; when the tenant is occupying the property for only part of
the relief period; or when there are multiple sub-tenants, not all of whom may be eligible for
waivers.
The expanded powers only apply to unresolved disputes involving any of the above.
Applications for relief must be submitted by May 31, 2021.
Links to the story:
https://www.businesstimes.com.sg/government-economy/covid-19-temporary-relief-changes-come-into-effect
https://www.straitstimes.com/business/more-pandemic-relief-legislation-for-firms-individuals-minlaw
Singapore set to fine-tune debt moratorium schemes
Singapore will soon calibrate its debt moratorium schemes, with the regulator looking to extend
its programmes to certain borrowers beyond Dec 31 this year, while also ensuring that those with
the ability to pay should begin repayment before the moratoriums expire, The Business Times
understands.
The total value of deferred mortgages in Singapore as at end-June make up almost 10 per cent of
all outstanding mortgages.
The total value of secured loans that have been deferred by small and medium-sized enterprises
(SMEs) here was more than S$11.4 billion as at June 30. This is roughly 25-30 per cent of more
than S$40 billion in secured loans currently taken by SMEs that MAS estimated in March could
qualify for debt moratoriums.
The upcoming fine-tuning of the debt moratorium schemes comes as the General Insurance
Association of Singapore and the Life Insurance Association, Singapore just this month moved to
extend premium-deferment measures for policyholders.
Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-set-to-fine-tune-debt-moratorium-schemes
https://www.straitstimes.com/business/banking/mas-banks-said-to-be-in-talks-to-extend-debt-relief-scheme
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15km green corridor to link East Coast Park to Changi Beach Park
Cycling or even walking from East Coast Park to Changi Beach Park could soon be a more
comfortable and enriching experience, as plans are afoot for a 15km-long green corridor that will
connect both parks.
The new central green corridor will run along New Upper Changi Road and Loyang Way, Deputy
Prime Minister Heng Swee Keat said, and will also connect to other parks and gardens in the area
via a network of community corridors.
Residents can also expect more nature-based amenities to be built and connected to this green
network in the east, with plans for more community and therapeutic gardens, and nature play
gardens for children, said Mr Heng, who is an MP for East Coast GRC.
There is no timeline yet for when the green corridor will be ready.
Link to the story:
https://www.straitstimes.com/singapore/environment/15km-green-corridor-to-link-east-coast-park-to-changi-beach-
park
Singapore and Japan launch travel lane for business professionals
More business executives and professionals will now be able to travel between Singapore and
Japan, using a new "residence track" announced by the Ministry of Foreign Affairs (MFA).
Under the new residence track, executives and professionals who are work pass holders will be
able to travel between the two countries, subject to safeguards. These safeguards, together with the
detailed eligibility criteria and application process, will be made available on the websites of
Singapore and Japan's ministries of foreign affairs by Sept 30.
Japan has residence tracks in place with a number of other countries - Thailand, Vietnam,
Malaysia, Cambodia, Laos, Myanmar and Taiwan, to date. These arrangements allow cross-border
travel subject to a 14-day quarantine period.
Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-and-japan-launch-travel-lane-for-business-
professionals-0
https://www.straitstimes.com/singapore/singapore-japan-launch-residence-track-for-business-travellers
Safeguards to prevent abuse of tourism voucher scheme
While hoteliers and tourist attraction operators prepare to welcome Singaporeans making use of
the government's SingapoRediscovers Vouchers, analysts said it will be important to erect
safeguards to prevent abuse that dilutes the scheme's targeted support of the industry.
And indeed, the Singapore Tourism Board (STB) confirmed to The Business Times that such
safeguards will be built into the scheme before the vouchers are launched at year-end.
Under a S$320 million programme unveiled mid-September, adult citizens each get S$100 in
credits for hotel stays and tour and attraction tickets. The scheme runs from December 2020 to
June 2021. Vouchers will be distributed through the authenticated SingPass system.
STB told BT that precautions will be put in place, with details to be released in November.
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Links to the story:
https://www.businesstimes.com.sg/government-economy/safeguards-to-prevent-abuse-of-tourism-voucher-scheme
https://www.straitstimes.com/singapore/staycations-attractions-popular-picks-for-use-of-tourism-vouchers
Economy
Singapore industrial output up a surprise 13.7% in August
Singapore’s factory output soared by a surprising 13.7 per cent year on year in August, led by
strong growth in electronics, according to Singapore Economic Development Board figures.
The performance bodes well for overall gross domestic product (GDP) in the third quarter, with
the economic contraction expected to ease, said economists.
Outstripping economists' expectations of 2.2 per cent growth, the latest figure was the first
expansion after three months and a rebound from July's 7.6 per cent fall.
Excluding the volatile biomedical cluster, industrial production rose 15.3 per cent. On a
seasonally-adjusted, monthly basis, industrial production was up 13.9 per cent in August, or 4.8
per cent excluding biomedical manufacturing.
Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-industrial-output-up-a-surprise-137-in-august
https://www.straitstimes.com/business/economy/spore-factory-output-ends-slumber-with-137-growth
IMDA, mobile network operators to hire, reskill 1,000 professionals for 5G
The Infocomm Media Development Authority (IMDA) has partnered mobile network operators
(MNOs) in Singapore to hire and reskill 1,000 professionals to support the Republic's 5G rollout.
Of these, 30 per cent are new roles, while the rest are telecom professionals who will be upskilled
in the areas of 5G networks, cybersecurity and solution engineering to future-proof their jobs,
IMDA said. It added that demand for 5G professionals is expected to grow as Singapore's 5G
rollout gathers momentum and more enterprises participate in the ecosystem.
Under the TechSkills Accelerator initiative, IMDA has set up 5G Workforce Transformation
Committees with the MNOs to oversee the planning and development of their 5G workforce
capabilities. These committees will identify short-form training or longer-term structured schemes
that the MNOs can tap for their specific needs, with IMDA support for costs such as salaries,
training development fees and course fees.
The authority will also appoint a consortium, comprising the National University of Singapore
(NUS) and Singapore Polytechnic, as the 5G and telecoms programme manager.
The consortium will aggregate hiring and training requirements from the committees and wider
5G ecosystem players to co-develop quality training to meet demand and enable Singaporeans to
take on 5G jobs.
Links to the story:
https://www.businesstimes.com.sg/government-economy/imda-mobile-network-operators-to-hire-reskill-1000-
professionals-for-5g
https://www.straitstimes.com/singapore/manpower/1000-jobs-in-5g-technology-to-be-created-by-year-end
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'Cautious optimism' in retail, F&B, but SMEs' outlook at record low
Business sentiment among small and medium-sized enterprises (SMEs) in Singapore have dipped
to a record low, but those in the retail and food and beverage (F&B) sectors appear encouraged by
the reopening of physical stores, according to an industry survey.
The SBF-Experian SME Index for October 2020 to March 2021 fell to 46.3, the lowest reading
since the index began in 2009, exceeding the previous all-time low of 48.3 logged in April this
year.
The index, a joint initiative of the Singapore Business Federation (SBF) and information service
Experian, is based on a survey of more than 2,100 SMEs across six sectors conducted between
July 13 and Aug 21.
Links to the story:
https://www.businesstimes.com.sg/government-economy/cautious-optimism-in-retail-fb-but-smes-outlook-at-
record-low
https://www.straitstimes.com/business/economy/spore-sme-business-sentiment-sinks-to-all-time-low
Phase 3 reopening will not see big jump in business: economists
Economists and firms remain cautious about the economic promise of the third and final phase of
Singapore's reopening amid the Covid-19 pandemic, given global uncertainty and the necessarily
uneven nature of any recovery.
Phase three will see the relaxation of border-control measures and of curbs on the number of people
who can gather when dining out, visiting other homes, or going to places of worship.
Link to the story:
https://www.businesstimes.com.sg/government-economy/phase-3-reopening-will-not-see-big-jump-in-business-
economists
Government traineeship scheme eases out amid supply-demand mismatch
Employers looking to host potential workers under the SGUnited Traineeships Programme are
being encouraged to offer positions to mid-career individuals under another programme instead.
This is because the traineeship programme, under which the government covers 80 per cent of
each worker's training allowance, has more positions available than the number of fresh or recent
graduates likely to take them up.
A total of 16,500 traineeships and company attachments have currently been made available under
the SGUnited Traineeships Programme and SGUnited Mid-Career Pathways Programme. This is
fewer than the government's initial target to create up to 21,000 positions under the traineeship
programme.
Just over 1,000 fresh or recent graduates have so far been enrolled in traineeships with over 340
companies. WSG said it is currently unable to provide the enrolment numbers of mid-career
individuals.
Link to the story:
https://www.businesstimes.com.sg/government-economy/government-traineeship-scheme-eases-out-amid-supply-
demand-mismatch
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Singapore's allure as asset management hub set to continue
Singapore is unlikely to lose its shine as an asset management hub even in the midst of the Covid-
19 pandemic, as developments such as the Variable Capital Companies (VCC) framework and the
Republic's reputational strength continue to draw attention from asset managers around the world,
said industry watchers.
This comes as total assets managed by Singapore-based asset managers surged 15.7 per cent to hit
S$4 trillion in 2019, up from 5.4 per cent previously, according to the annual Singapore Asset
Management Survey released by the Monetary Authority of Singapore (MAS).
This is driven by strong market performance and net inflows from investors, in line with the global
trend where assets under management (AUM) went up 15 per cent to US$89 trillion last year.
In Singapore, there was a net increase of 108 registered and licensed asset managers last year,
bringing the total to 895.
Growth in AUM came from both the traditional and alternative assets, with the traditional sector
seeing a strong rebound in 2019, registering 25 per cent growth.
Links to the story:
https://www.businesstimes.com.sg/banking-finance/singapores-allure-as-asset-management-hub-set-to-continue
https://www.straitstimes.com/business/economy/singapores-asset-management-industry-expands-by-157-mas
9,000 professional services opportunities offered since April
More than 1,500 companies have offered about 9,000 opportunities in the professional services
sector, Manpower Minister Josephine Teo said.
Among them, 5,870 of these opportunities are jobs, of which 81 per cent are for professionals,
managers, executives and technicians (PMETs), according to the Ministry of Manpower (MOM).
The remaining 3,150 opportunities are traineeships, attachments and training places.
The update is part of a series of "job situation reports" that MOM has been issuing for various
sectors in Singapore.
Links to the story:
https://www.businesstimes.com.sg/government-economy/9000-professional-services-opportunities-offered-since-
april
https://www.straitstimes.com/singapore/manpower/pay-support-to-speed-up-job-offers-in-key-sector-minister
https://www.straitstimes.com/business/economy/need-to-stay-open-to-talent-for-sporeans-to-get-opportunities
S'pore still 2nd most digitally competitive in global ranking
Singapore kept its position as the second most digitally competitive in the world, after the United
States, in the latest edition of the IMD World Digital Competitiveness Ranking.
Rounding out the top five are Denmark, Sweden and Hong Kong, according to the Swiss business
school Institute for Management Development (IMD). The ranking, which is in its fourth year,
measures the capacity of 63 nations and economies to use digital technologies as a driver for
economic transformation in business, government and wider society.
This year's survey was carried out from February to May, during the peak of the Covid-19
pandemic.
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Link to the story:
https://www.straitstimes.com/tech/spore-still-2nd-most-digitally-competitive-in-global-ranking
Shophouse
Shophouses on Baghdad Street, in Telok Ayer area up for sale
Six shophouses - three on Baghdad Street, and three in the Telok Ayer area - were put up for sale.
With the sites for all six shophouses zoned for commercial use, purchases are open to both local
and foreign buyers, with no additional buyer's stamp duty to be imposed.
Three adjoining prime shophouses at 14, 16 and 18 Baghdad Street are up for sale as an entirety
by expression of interest (EOI) at an indicative price of S$7.64 million. This works out to about
S$3,000 per sq ft.
The shophouses are held under an individual land title and have a wide road frontage into Baghdad
Street. They have a total floor area of about 2,548 sq ft and sit on a combined land area of around
1,605 sq ft, with a tenure balance of 74 years.
The EOI exercise closes on Nov 6.
Separately, a portfolio of three conservation shophouses located within District 1, at Stanley Street,
Telok Ayer Street and Smith Street, is up for sale via EOI for a total of S$31 million.
The first is a freehold, 2.5 storey intermediate shophouse at 151 Telok Ayer Street, with a land
area of approximately 1,574 sq ft and a built-up area of some 3,198 sq ft. The guide price for the
Telok Ayer Street shophouse is S$11.7 million.
The second shophouse from this portfolio up for sale is at 14 Stanley Street. The 2.5-storey
intermediate shophouse off Cecil Street has a land area of approximately 1,491 sq ft and a built-
up area of about 3,295 sq ft. The guide price for the Stanley Street shophouse is S$11.5 million.
The third and final property is located at 8 Smith Street, and runs on a 200-year leasehold tenure
with effect from August 1872. The shophouse has a land area of about 2,096 sq ft, and a built-up
area of about 3,559 sq ft. The guide price for the Smith Street shophouse is S$7.8 million. The
properties can be purchased individually or as a portfolio.
The EOI for these three shophouses will close on Nov 3.
Link to the story:
https://www.businesstimes.com.sg/real-estate/shophouses-on-baghdad-street-in-telok-ayer-area-up-for-sale
Hospitality
STA Travel to wind up, with 682 customers listed as creditors
STA Travel, which had a strong presence in universities here, is winding up, affecting as many as
682 customers who are listed as creditors for sums possibly going up to $84,088.
It stopped operating on Sept 9 after its parent company based in Switzerland filed for insolvency
last month.
The potential creditors were listed in a notice issued by one of the appointed provisional liquidators
from audit firm Deloitte & Touche, on behalf of STA Travel.
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The smallest sum was $7. The biggest sum of $84,088 is said to be owed to an individual, but the
notice also lists organisations, including the National University of Singapore (NUS), Singapore
Management University (SMU), the Nanyang Technological University (NTU) and Republic
Polytechnic.
Link to the story:
https://www.straitstimes.com/singapore/sta-travel-to-wind-up-with-682-customers-listed-as-creditors
SIA ditches idea for flight to nowhere; will instead offer ground-based experiences
Singapore Airlines (SIA) has launched three programmes to offer the public a rare glimpse into
what goes on behind the scenes at the national icon, as well as give them an in-flight dining
experience in a stationary A380 superjumbo plane or at home.
Called the "Discover Your Singapore Airlines", the suite of experiences comes after a market study
and a comprehensive review, SIA said in a press statement.
The carrier said it considered factors such as the attractiveness of the initiatives to SIA customers
and members of the public, the environmental implications, and their financial viability.
More details of the experiences can be found on www.singaporeair.com/DiscoverYourSIA, but
bookings have to be made on the KrisShop website.
Links to the story:
https://www.businesstimes.com.sg/companies-markets/sia-ditches-idea-for-flight-to-nowhere-will-instead-offer-
ground-based-experiences
https://www.straitstimes.com/singapore/transport/sia-launches-in-plane-dining-training-centre-tours
https://www.straitstimes.com/singapore/transport/lunch-in-the-a-380-from-50-as-sia-reaches-out-to-customers
STB paves way to allow for 'cruises to nowhere' from S'pore
The Singapore Tourism Board (STB) is creating a health and safety framework that will allow for
"cruises to nowhere" departing from Singapore, in what could be the first step towards resuming
leisure travel.
It appointed classification society DNV GL Singapore to create a cruise compliance audit and
certification programme for cruise lines that want to restart sailings from the Republic.
Cruise ships have not been allowed to call here since March 13.
According to tender documents seen by The Straits Times, STB plans to allow "cruise to nowhere"
sailings out of Singapore, with a maximum capacity of 50 per cent of the usual capacity for the
first three months when sailings resume. It did not specify when this would be.
Link to the story:
https://www.straitstimes.com/singapore/stb-paves-way-to-allow-for-cruises-to-nowhere-from-spore
August visitor arrivals pick up, but floodgates still shut
Singapore's inbound travel figures improved again in August on the month before, but remained
severely depressed on a year-on-year basis, as the novel coronavirus pandemic battered tourism-
related industries.
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Singapore saw 8,910 visitors in August - higher by 30.3 per cent from 6,840 in July, but down
sharply from 1.74 million in the year-ago period.
Meanwhile, gazetted hotels took in a combined S$58 million in room revenue - up from S$35.1
million in July, but 84.9 per cent lower than the S$383.5 million in August last year.
Greater China and South-east Asia were the top sending regions in August, with a jump in Chinese
arrivals behind the latest increase in visitors.
Separately, gazetted tourist hotels saw average occupancy slip month on month to 62.1 per cent in
August - down from 65.1 per cent in July and 92.4 per cent in the year-ago period.
Link to the story:
https://www.businesstimes.com.sg/government-economy/august-visitor-arrivals-pick-up-but-floodgates-still-shut
Haw Par Villa to be closed until March 2021 for upgrading works
Visitors keen to snap photos of chicken-headed women, pig-headed men and deities battling
monsters at Haw Par Villa will have to wait until next year.
The popular theme park is closed from October 1 to March 31 next year for upgrading works,
according to a notice on its website.
When contacted, the Singapore Tourism Board (STB) said it will be conducting upgrading and
conservation works in Haw Par Villa.
These include enhanced night lighting works for the park, ventilation works for the 10 Courts of
Hell diorama, as well as conservation works for the sculptures.
Link to the story:
https://www.straitstimes.com/singapore/haw-par-villa-to-be-closed-until-march-2021-for-upgrading-works-0
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.
Huttons Asia excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability
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