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Weekly News Select
                                                                                                    Feb 5, 2021 / Issue 5

Top News for the Week
        •   The Reef at King’s Dock achieves 65% sales; average price of $2,330psf
        •   Even with travel at a standstill, home purchases by foreigners improved after circuit
            breaker
        •   Develop standardised verification for Covid-19 tests and vaccines so international
            travel can resume: PM
        •   Singapore can vaccinate about 80,000 a day when all 40 centres are up
        •   Singapore approves Moderna's Covid-19 vaccine
        •   Singapore PMI continues its rise in January to 50.7
        •   Bankruptcy cases in Singapore at 5-year low amid Covid-19 relief measures
        •   STB sees tourism arrivals and receipts remaining weak in 2021

Residential
The Reef at King’s Dock achieves 65% sales; average price of $2,330psf
On Jan 30, joint venture partners, Mapletree Investments and Keppel Land, sold 280 out of 300
units released at The Reef at King's Dock. This means that 93% of the units released have been
sold in a single day. The sales figure is equivalent to 65.3% of the 429 units in the project. Prices
of units sold ranged from $2,000 to $2,800 psf, with average price achieved of $2,330 psf.
Units sold were said to be a good mix of one- to three-bedroom units. The 116 one-bedroom and
one-bedroom-plus-study units at The Reef have been fully sold at prices starting from $924,000.
“It’s a very unique project,” notes Mark Yip, CEO of Huttons Asia. “It is hard to find a lifestyle
resort home with the sea and marina at your doorstep. The floating deck is the first in Singapore.”
Lee Sze Teck, director of research at Huttons Asia says. “Developers will be keen to ride on the
sales momentum in January to push out new luxury projects in the coming months,” he notes.
Projects in the Core Central Region (CCR) that are expected to preview in the coming months
include GuocoLand’s 558-unit Midtown Modern; the 138-unit Klimt Cairnhill (redevelopment of
the former Cairnhill Mansion) by Low Keng Huat; the 39-unit 16 Cairnhill by joint venture
partners, Tiong Seng Holdings and Ocean Sky International; as well as City Developments’ 540-
unit Irwell Hill Residences.

Links to the story:
https://www.edgeprop.sg/property-news/reef-king%E2%80%99s-dock-achieves-65-sales-average-price-2330psf
https://www.straitstimes.com/business/property/strong-demand-for-the-reef-at-kings-dock-condo-units-on-launch-
weekend
https://www.businesstimes.com.sg/real-estate/the-reef-at-kings-dock-sells-over-90-of-300-units

URA looking into property agents' commissions, say sources
The Urban Redevelopment Authority (URA) is sussing out the latest commission rates that
developers pay to agents to sell new private residential properties in Singapore, The Business
Times (BT) understands.

                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
Feb 5, 2021 / Issue 5

Industry participants told BT that URA recently queried housing developers on how much they
are offering property agents to market their new launches. This comes amid a spike in commissions
and market speculation of fresh cooling measures, as home prices remain on an uptrend despite
economic woes.
In response to BT's queries, a URA spokesperson said: "URA does not regulate the commission
rates paid by developers to their appointed sales agent. As part of our monitoring of the property
market, we engage developers regularly to obtain information and provide feedback."

Link to the story:
https://www.businesstimes.com.sg/real-estate/ura-looking-into-property-agents-commissions-say-sources

Even with travel at a standstill, home purchases by foreigners improved after circuit
breaker
Private home purchases by foreign buyers picked up in the wake of the circuit breaker last year,
even as travel curbs remained largely in place.
While this may appear counter-intuitive at first glance, it is not as improbable as it seems. These
buyers could have transacted through Singapore-based proxies or taken the plunge after virtual
viewings.
Properties in prime districts 9 and 10 held the most allure for NPRs, the data shows, pointing
towards well-heeled buyers. District 9 saw 71 purchases between June and December 2020, while
District 10 racked up 66 purchases. Other popular districts include districts 3 and 5, where 42 units
and 44 units were transacted respectively.
Drilling down by nationality, the Chinese led purchases among NPRs with 142 units of the 500 or
so transactions that took place between June and December 2020. American NPRs were in second
position with 75 units. At the same time, there were 174 buyers where the nationality was
unspecified.

Link to the story:
https://www.businesstimes.com.sg/government-economy/even-with-travel-at-a-standstill-home-purchases-by-
foreigners-improved-after

HDB launches 3,740 BTO flats in 7 projects including first community care
apartments for seniors
In its first sales exercise of the year, the Housing and Development Board (HDB) on Feb 4
launched 3,740 Build-To-Order (BTO) flats for sale, including the first community care
apartments for seniors.
The flats on offer are spread across seven housing projects in the non-mature towns of Bukit Batok
and Tengah, and the mature towns of Kallang-Whampoa and Toa Payoh (Bidadari).Prices for flats
in the non-mature towns such as Bukit Batok range from S$101,000 for a two-room flexi unit to
S$384,000 for a five-room unit, excluding grants.Prices for flats in mature estates such as Toa
Payoh range from S$312,000 for a three-room flat to S$612,000 for a five-room flat, excluding
grants.
Property analysts expect strong demand, particularly for the flats in mature estates, after last year’s
BTO launches were heavily subscribed, especially the larger units.

Weekly News Select
                                                                                                    Feb 5, 2021 / Issue 5

Mr Lee Sze Teck, director of research at property agency Huttons Asia, said that the completion
period of between three and four years for the BTO flats in Toa Payoh is reasonable. “We expect
them to attract many applicants including those who were worried about the longer construction
periods in earlier launches.” While the city fringe location of the flats in Kallang-Whampoa is
attractive, it has a longer completion period of five years. That may shift prospective applicants to
the resale market, Mr Lee added.

Links to the story:
https://www.todayonline.com/singapore/hdb-launches-3740-bto-flats-7-projects-including-first-community-care-
apartments-seniors
https://www.straitstimes.com/singapore/housing/hdb-launches-3740-bto-flats-in-seven-projects-including-spore-
first-assisted
https://www.businesstimes.com.sg/real-estate/13-hdb-resale-flats-sold-for-over-s1m-in-jan
https://www.straitstimes.com/singapore/housing/13-hdb-resale-flats-sold-for-at-least-1m-in-jan-prices-rise-for-7th-
straight-month
https://www.straitstimes.com/singapore/housing/upcoming-bto-flats-in-queenstown-and-jurong-east-in-august-sales-
launch-first-in

Commercial
Google co-founder Brin opens family office in Singapore
The family office of Google co-founder Sergey Brin is setting up a branch in Singapore, joining
the rush of uber-wealthy clans toward the South-east Asian financial hub.
Bayshore Global Management, the California-based firm that services Mr Brin, established an
office in Singapore late last year, according to documents filed with the corporate regulator.
Deputy chief investment officer Marie Young was appointed as a director of the unit.
Mr Brin is the world's ninth-richest person, with a net worth of US$86.5 billion, according to the
Bloomberg Billionaires Index. He is the latest tycoon to take advantage of Singapore's low taxes,
high security and generous incentives for family offices, which manage the lives and wealth of the
super-rich.

Links to the story:
https://www.businesstimes.com.sg/banking-finance/google-co-founder-brin-opens-family-office-in-singapore
https://www.straitstimes.com/business/banking/google-co-founder-sergey-brins-family-office-to-open-in-singapore

Retail
BHG concept store opens in former Robinsons space at Raffles City
A new concept store selling beauty, fashion as well as home and living products has taken over
shop units on two levels vacated by Robinsons at Raffles City Shopping Centre.
One Assembly, a partnership between BHG Singapore and Raffles City Singapore, held its soft
launch, ahead of its official opening early next month.
Like its predecessor, One Assembly will offer a range of products including kitchenware and
mattresses, as well as items from Osim and luxury brand Tiffany & Co.

                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
                                                                                                    Feb 5, 2021 / Issue 5

Link to the story:
https://www.straitstimes.com/singapore/consumer/bhg-concept-store-opens-in-former-robinsons-space-at-raffles-
city

Metro mulls fate of remaining two stores here
As Robinsons bows out of the retail scene and department stores face waning prospects, the end
of the last two Metro stores in Singapore may be nigh.
Metro Holdings group chief executive Yip Hoong Mun said with a few years left on the leases at
Paragon and Causeway Point, Metro would focus on cost discipline and building up its e-
commerce capabilities. This is necessary to run the two stores "as profitably as possible".
He noted that the stores may be sustained for longer if the group can come to a "win-win situation"
with its landlords on rent, a key cost component. However, "at the end of it, it has to be what makes
sense for the company, and for shareholders".

Links to the story:
https://www.businesstimes.com.sg/companies-markets/metro-mulls-fate-of-remaining-two-stores-here
https://www.businesstimes.com.sg/companies-markets/metro-seeks-deals-in-industrial-property-student-housing-
suburban-malls

Retailers seeking avenues to renegotiate leases
Ahead of this year's Budget on Feb 16, retail tenants are hoping for measures to help them
renegotiate lease terms with landlords, as fair tenancy talks make slow progress and some landlords
seek higher rents.
A new fair tenancy framework has been in the works since last year, after a long tussle over rental
rebates brought what retail tenants see as a long-standing inequality between tenants and landlords
to the fore.
Areas addressed include access to rental information and "lease terms and conditions that would
promote a more efficient and effective free-market dynamic in the retail sector".

Link to the story:
https://www.businesstimes.com.sg/sme/retailers-seeking-avenues-to-renegotiate-leases

HDB to conduct study on value of heartland shops in Singapore
Proposals are being weighed up to bolster heartland shops with a range of steps in the mix such as
lowering operating costs, selling goods online and boosting staff skills.
The measures are preliminary at this stage but could follow a Government study that will look at
the social and economic value of HDB shops and the benefits they can bring to local communities.
The study will also look at the impact Covid-19 has had on heartland shops and assess factors that
can help them stay viable amid shifting demographics and trends.

Links to the story:
https://www.straitstimes.com/singapore/housing/hdb-to-conduct-study-on-value-of-heartland-shops
https://www.straitstimes.com/singapore/housing/community-bonding-familiarity-among-benefits-of-setting-up-
shop-in-the-heartlands

                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
Feb 5, 2021 / Issue 5

F&B, retail firms hope for continued government support this year
With the waning of government support measures that kept many local companies afloat over the
past year, firms in the retail and food and beverage (F&B) sector are bracing for things to get
tougher before they get better in 2021.
Companies told The Business Times that they hope Budget 2021 will maintain some level of
support for the sector, as revenues are still below pre-Covid levels while costs of business continue
to rise.
In particular, the costs of rent and labour have increased by between 12 and 18 per cent over the
past year. Those in F&B also estimated that food costs rose by the same extent. As a result, the
businesses' overall costs have been driven up by 10 to 30 per cent.
Factors driving up business costs include restrictions on travel, store capacity and marketing
activities. Low consumer confidence is also keeping a lid on spending among locals, who are now
the only market for many businesses.

Link to the story:
https://www.businesstimes.com.sg/sme/singapore-budget-2021/fb-retail-firms-hope-for-continued-government-
support-this-year

Government
Develop standardised verification for Covid-19 tests and vaccines so international
travel can resume: PM
Countries should work together to develop a robust system to verify the authenticity of Covid-19
tests and vaccinations, said Prime Minister Lee Hsien Loong.
A standardised system is essential to reopen borders and resume international travel, he said in a
special address to the World Economic Forum (WEF) Davos Agenda 2021.
If countries are to tackle Covid-19 coherently, international cooperation and multilateral efforts,
as well as an international order underpinned by stable great power relations, are critical, Mr Lee
said.

Links to the story:
https://www.businesstimes.com.sg/government-economy/develop-standardised-verification-for-covid-19-tests-and-
vaccines-so
https://www.straitstimes.com/singapore/politics/develop-standardised-verification-system-for-covid-19-tests-
vaccines-for

Singapore can vaccinate about 80,000 a day when all 40 centres are up
Singapore would be able to immunise about 80,000 individuals a day once it sets up all 40 Covid-
19 vaccination centres across the island, Senior Minister of State for Health Janil Puthucheary said.
These vaccination centres will be located in high population catchment areas and along public
transport routes for greater accessibility, he told Parliament in response to a slew of questions
surrounding Covid-19 vaccines.

Weekly News Select
                                                                                                    Feb 5, 2021 / Issue 5

Besides the vaccination centres, all 20 polyclinics and selected Public Health Preparedness Clinics
will also serve as vaccination sites from Feb 1.

Link to the story:
https://www.businesstimes.com.sg/government-economy/singapore-can-vaccinate-about-80000-a-day-when-all-40-
centres-are-up

Singapore approves Moderna's Covid-19 vaccine
Singapore has approved Moderna's Covid-19 vaccine for use in the city-state, and expects the first
shipment to arrive around March.
The vaccine is the second to be authorised for use by the Health Science Authority (HSA) after
the Pfizer-BioNTech vaccine, which is now being administered in the city-state.
It will be progressively rolled out to individuals aged 18 years and up, said the Ministry of Health
(MOH) in a separate statement. Singapore is the first in Asia to approve the Moderna Covid-19
vaccine.
Moderna's Covid-19 vaccine has demonstrated a high vaccine efficacy of 94 per cent, where
benefits outweigh the known risks, said HSA in a statement. This means that there is a 94 per cent
reduction of symptomatic Covid-19 disease in a vaccinated group of people, versus a similarly
sized group of unvaccinated people, it added.

Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-approves-modernas-covid-19-vaccine
https://www.straitstimes.com/singapore/health/spore-approves-modernas-covid-19-vaccine-first-shipment-to-arrive-
around-march

Latest rules on electronic transactions designed to help businesses save costs
The Electronic Transactions (Amendment) Bill, which was passed in Parliament will help
businesses significantly reduce costs but it is ultimately up to businesses to choose if they adopt
the use of electronic transferable records (ETRs) said Minister for Communications and
Information S Iswaran at the closing speech of his second reading of the bill.
Mr Iswaran, who is also Minister-in-charge of Trade Relations, was addressing concerns raised by
Members of Parliament (MPs) which were mostly focused around how to ensure businesses, in
particular small and medium-sized enterprises (SMEs), can digitalise in a sustainable and effective
manner.
Asked what help is being extended to businesses as they make the transition, Mr Iswaran noted
that the Infocomm Media Development Authority (IMDA) works with trade associations and
chambers to reach out to SMEs through industry events and webinars, and that IMDA's SME
Digital Tech Hub provides specialist digital technology advisory to SMEs that have advanced
digital needs such as data analytics and cybersecurity.

Links to the story:
https://www.businesstimes.com.sg/government-economy/latest-rules-on-electronic-transactions-designed-to-help-
businesses-save-costs
https://www.straitstimes.com/singapore/politics/new-laws-involving-electronic-transactions-to-reduce-costly-
paperwork-in-trade

                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
                                                                                                    Feb 5, 2021 / Issue 5

$900 million given to landlords under rental relief framework to help tenants stay
afloat
As the pandemic swept Singapore and many distressed tenants found themselves struggling to
cope with their rentals, a relief framework put in place last year kept many businesses afloat while
propping up their landlords.
About $900 million in cash grants was given out to eligible property owners under the rental relief
framework last year. Tenants did not need to pay rent for the period covered under the framework.
The owners also received $1.8 billion of property tax rebates, the Inland Revenue Authority of
Singapore told The Straits Times.
In addition, 115,990 notices of cash grant were issued to property owners with tenants who were
eligible for rental relief.

Links to the story:
https://www.straitstimes.com/business/economy/900-million-given-to-landlords-under-rental-relief-framework-to-
help-tenants-stay
https://www.straitstimes.com/business/economy/rentals-lack-of-fair-tenancy-laws-among-issues-worrying-tenants

Singapore-Johor RTS Link: Second civil contract for viaduct and tunnels awarded
The second civil contract for the construction of the Johor Baru-Singapore Rapid Transit System
(RTS) Link was awarded, a week after Singapore broke ground on the cross-border rail shuttle
service connecting the island with Malaysia.
The S$180 million contract covering the construction of a 25-metre-tall viaduct spanning the Strait
of Johor and connecting rail tunnels was given to China Communications Construction Company
(Singapore Branch), which is currently constructing the Boon Lay station on the Jurong Region
Line, the Land Transport Authority (LTA) said.
The construction firm, which has previously completed rail projects in other countries such as
China and Kenya, is expected to start work on the viaduct and tunnels in Singapore next quarter.
The 4-km RTS Link is expected to be operational in end-2026 and connect commuters to Bukit
Chagar in Johor Baru, where construction began last November.

Links to the story:
https://www.businesstimes.com.sg/transport/singapore-johor-rts-link-second-civil-contract-for-viaduct-and-tunnels-
awarded-0
https://www.straitstimes.com/singapore/transport/second-civil-contract-to-build-25m-tall-viaduct-and-tunnels-for-
spore-johor-rts

Water demand to nearly double over next 30 years: PM Lee
Singapore currently consumes 430 million gallons of water per day, and water demand is expected
to almost double in the next 30 years, Prime Minister Lee Hsien Loong said.
Speaking at the official opening of Keppel Marina East Desalination Plant, he said local
catchments and water imported from Malaysia are already insufficient to meet daily needs, and
supply has been supplemented with NEWater and desalination.
Keppel's Marina East desalination plant is the country's fourth plant. In a few months, a fifth plant
will open on Jurong Island.

                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
                                                                                                    Feb 5, 2021 / Issue 5

The government will continue to plan ahead to build up infrastructure ahead of time, and to invest
and develop new technologies to secure the country's water supply, he pledged, but urged
Singaporeans to also play a part and use water only when they truly need to.

Links to the story:
https://www.businesstimes.com.sg/government-economy/water-demand-to-nearly-double-over-next-30-years-pm-
lee
https://www.straitstimes.com/singapore/singapores-fourth-desalination-plant-officially-opens-can-treat-both-sea-
and-reservoir

Economy
Singapore PMI continues its rise in January to 50.7
Singapore’s manufacturing sentiment continued to improve in January, up from December and
marking the seventh month of implied expansion, according to the latest Singapore Institute of
Purchasing and Materials Management (SIPMM) Purchasing Managers' Index (PMI) release.
Sentiment in the key electronics sector also remained expansionary for the sixth straight month,
though easing from the month before.
The PMI, a forward indicator of factory activity, was 50.7 in January, up 0.2 point from December
and the highest since March 2019. A reading above 50 points indicates expansion; one below 50
implies contraction.

Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-pmi-continues-its-rise-in-january-to-507
https://www.straitstimes.com/business/economy/singapore-factory-activity-continues-uptrend-expands-for-seventh-
month-in-january

Bankruptcy cases in Singapore at 5-year low amid Covid-19 relief measures
Even as the Covid-19 pandemic ravages the economy, the number of people who were made
bankrupt last year sank to the lowest in five years.
Bankruptcy orders tumbled more than 40 per cent to 965 from 1,645 in 2019. Figures from the
Law Ministry's Insolvency Office website showed more than 1,600 bankruptcy orders were made
annually between 2016 and 2018.
Experts said the drop in numbers could be due to the Covid-19 (Temporary Measures) Act and
government support schemes which provided temporary relief for financially distressed
individuals.

Link to the story:
https://www.straitstimes.com/business/economy/bankruptcy-cases-in-singapore-at-5-year-low-amid-covid-19-relief-
measures

Rising optimism may not lead to job market rebound: economists
More companies now expect business prospects to improve than to worsen in the next six months
- a U-turn from the persistent gloom during last year's coronavirus blues.

                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
Feb 5, 2021 / Issue 5

A net weighted balance of 32 per cent of manufacturers expect business conditions from January
to June to beat the last quarter of 2020 - up from -3 per cent the quarter before, and its highest level
since the wake of the global financial crisis.
A net weighted balance of 7 per cent of services companies expect improvement - the first positive
reading after four quarters, and a rebound from the trough of -58 per cent in the first quarter of
2020.
But the return to optimism is not expected to move the needle on economic forecasts and will not
translate into a job market rebound, economists told The Business Times.

Links to the story:
https://www.businesstimes.com.sg/government-economy/rising-optimism-may-not-lead-to-job-market-rebound-
economists
https://www.straitstimes.com/business/economy/singapore-firms-turn-positive-on-business-outlook-with-covid-19-
vaccine-roll-outs

Most Singapore SMEs surveyed gloomy on outlook for 2021, says QBE
Stormy skies will loom over their businesses, despite the sun peeking out from behind the clouds
in 2021, if you ask small and medium-sized enterprises (SMEs). Many are counting on the
Government to shield them from the rain.
While they feel an increased positivity towards the economic climate in 2021, SME owners said
in a survey by insurance company QBE that their own businesses are likely to remain a little under
the weather.
Although more than six in 10 SMEs polled expect the economic climate to either stay the same or
improve in the next 12 months, 81 per cent indicated that they do not expect their businesses to
grow in 2021 and 39 per cent expect to downsize their workforce.

Link to the story:
https://www.straitstimes.com/business/economy/gloomy-outlook-for-smes-in-2021-qbe-poll

Housing loans lift bank lending in December amid rising home prices
Housing loans in Singapore extended its growth streak for the fourth straight month last December,
on the back of rising private home prices.
On a monthly basis, housing loans - which make up three quarters of consumer lending - climbed
0.4 per cent to S$201.36 billion in December, consequently lifting total consumer loans by 0.5 per
cent to S$259.62 billion, data from the Monetary Authority of Singapore showed.
Other consumer lending segments also saw an uptick in December.
Unsecured personal loans, excluding credit cards, grew 0.6 per cent to S$37.82 billion month on
month. Car loans were up 0.2 per cent to S$8.35 billion, while credit card loans rose 1.7 per cent
to S$10.31 billion.
Loans for share financing remained the only segment to buck the trend, down 0.8 per cent month
on month to S$1.78 billion in December.

Links to the story:
https://www.businesstimes.com.sg/banking-finance/housing-loans-lift-bank-lending-in-december-amid-rising-home-
prices

Weekly News Select
Feb 5, 2021 / Issue 5

https://www.straitstimes.com/business/economy/home-loans-boost-singapore-bank-lending-in-december-mas-data

Micron Technology on track to hire 1,500 'high-skilled' staff
Semiconductor giant Micron Technology is on track in its hiring of 1,500 people in Singapore over
the next few years despite the challenges the pandemic has brought.
These "very high skilled roles" are for Micron's expanded wafer fabrication facility at North Coast
Drive, and are required to keep up with the demand for chips, said its executive vice-president of
global operations Manish Bhatia.
Other roles the firm is hiring for include those related to product and test engineering. There are
also openings in global quality, supply chain and procurement roles, as Singapore is also the base
for the firm's operational headquarters outside the United States.

Link to the story:
https://www.straitstimes.com/business/economy/micron-technology-on-track-to-hire-1500-high-skilled-staff

Razer to create 1,000 roles for new Asean HQ at one-north
Gaming hardware and fintech firm Razer will hire about 1,000 positions for its new South-east
Asia headquarters at Singapore's one-north technology business park.
The firm's chief executive officer (CEO) Tan Min-Liang wrote about the decision in a LinkedIn
post. It is, however, unclear what type of positions Razer will be looking to fill, and whether they
will be contract, temporary or full-time positions.
Razer currently has an office in Singapore's Chai Chee industrial estate. The new one-north
headquarters was originally expected to be ready for move-in by mid-2020, but the official opening
has been shifted to the second quarter of this year.

Link to the story:
https://www.businesstimes.com.sg/garage/razer-to-create-1000-roles-for-new-asean-hq-at-one-north

Aviation sector expected to continue receiving support, given strategic value
Observers expect the government to adopt a targeted approach to the hard-hit aviation sector in the
upcoming Budget, with several existing relief measures including the Jobs Support Scheme (JSS)
likely to be extended. This is particularly so given the sector's strategic national value.
The aviation sector is among those accorded the highest tier of wage support under the JSS, while
the Enhanced Aviation Support Package offers rebates on landing and parking charges as well as
rental relief for airlines, ground-handlers and cargo agents.
Although vaccines are being administered across the world, air traffic is not expected to return to
its previous levels soon.
The aviation sector contributed over 12 per cent of Singapore's gross domestic product and
employed 375,000 people pre-pandemic.

Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-budget-2021/aviation-sector-expected-to-
continue-receiving-support

Weekly News Select
Feb 5, 2021 / Issue 5

https://www.businesstimes.com.sg/government-economy/singapore-budget-2021/tourism-firms-hope-for-tax-relief-
special-grants-in-budget

South Korea, Singapore lead world in innovation; US drops out of top 10
South Korea returned to first place in the latest Bloomberg Innovation Index, while the US dropped
out of a top 10 that features a cluster of European countries.
South Korea regained the crown from Germany, which dropped to fourth place. The Asian nation
has now topped the index for seven of the nine years that it has been published.
Singapore and Switzerland each moved up one spot to rank second and third.

Link to the story:
https://www.straitstimes.com/world/united-states/south-korea-singapore-lead-world-in-innovation-us-drops-out-of-
top-10

Shophouse
Six shophouses at Joo Chiat Place sold for more than S$2m each
Six shophouses at Joo Chiat Place have been sold for prices ranging from S$2.65 million to S$2.72
million.
Four out of six of the two-bedroom units were sold in the past eight months, bought mainly by
young Singaporean couples.
The freehold residentials, which are 2.5-storeys high, occupy 900 sq ft of land area and 2,100 sq
ft of built-up area. This brings the units, which were sold after refurnishing works by Ong and Ong
Architects, to an average of about S$2,800 psf.

Link to the story:
https://www.businesstimes.com.sg/real-estate/six-shophouses-at-joo-chiat-place-sold-for-more-than-s2m-each

Hospitality
STB sees tourism arrivals and receipts remaining weak in 2021
After the toughest year on record, Singapore's tourism arrivals and receipts are still expected to
remain weak in 2021, said the Singapore Tourism Board (STB) in a statement.
"Even with the development of several vaccines, it will take time for mass leisure travel and
traveller confidence to return," it noted.
Visitor arrivals fell 85.7 per cent year on year in 2020 to just 2.7 million, "nearly all from the first
two months of 2020" before travel curbs tightened amid the pandemic.
For the first three quarters of 2020, tourism receipts fell 78.4 per cent to S$4.4 billion. The full-
year figures are not yet available.

Links to the story:
https://www.businesstimes.com.sg/government-economy/stb-sees-tourism-arrivals-and-receipts-remaining-weak-in-
2021

Weekly News Select
Feb 5, 2021 / Issue 5

https://www.straitstimes.com/singapore/consumer/27-million-visitors-in-singapore-in-2020-lowest-in-four-decades-
due-to-covid-19

River Hongbao to be held at Gardens by the Bay this year; visitors must book time
slots
River Hongbao will take place at Gardens by the Bay this year, in an unprecedented move to ensure
the safety of visitors amid the Covid-19 pandemic.
Festivities will begin on Feb 10 and last till Feb 16.
The event is free, but ticketed, as part of crowd control measures. Members of the public will have
to book a time slot on the River Hongbao website. Time slots will be released in batches from Feb
3, 11am.
Up to 2,000 visitors are allowed per time slot, which is either 90 minutes or two hours long. Up to
four people can be registered per booking.
Visitors will be assigned to one of three entrances to the Gardens to prevent crowding.

Link to the story:
https://www.straitstimes.com/singapore/consumer/river-hongbao-at-gardens-by-the-bay-this-year-lantern-displays-
pre-recorded-acts

Singapore keeps key links going with very selective quarantine-free entry
The Lion City is still open for business: Key global travellers who need to enter Singapore are
given flexibility by the authorities, even if they do not qualify for the inbound travel channels
formally in place here.
Stay-home notice (SHN) requirements can even be waived for some of these business and essential
visitors, although government agencies told The Business Times that the number of short-term
entries remains low and SHN exemptions are not a given.
This is as watchers stress Singapore's continued importance as a business and travel hub in the
region.
When approached, the authorities did not confirm the number of inbound travellers who enter
under special arrangements, or the criteria used to assess and approve applications.

Link to the story:
https://www.businesstimes.com.sg/government-economy/singapore-keeps-key-links-going-with-very-selective-
quarantine-free-entry

WEF meeting in Singapore moved to August amid pandemic
The World Economic Forum (WEF) special annual meeting in Singapore will now take place from
Aug 17 to 20, several months after it was to have been held from May 25 to 28.
The move is in light of global travel restrictions and the international challenges in combating the
virus at this stage, said the Ministry of Trade and Industry (MTI) in a statement.
WEF said in a separate statement that the change to the meeting's timing is reflective of the
international challenges in containing the pandemic.

Weekly News Select
Feb 5, 2021 / Issue 5

Links to the story:
https://www.businesstimes.com.sg/government-economy/wef-meeting-in-singapore-moved-to-august-amid-
pandemic
https://www.straitstimes.com/singapore/world-economic-forum-in-singapore-postponed-from-may-to-aug-17-20

Industrial
Singapore seeking frontier firms for 'Manufacturing 2030'
Singapore wants to attract companies at the frontier of manufacturing, to secure the Republic's
spot in global value chains, said Trade and Industry Minister Chan Chun Sing.
He added that to do so, the government would continue to invest in the manufacturing ecosystem,
build research capabilities, and promote Industry 4.0 adoption.
The plan involves attracting frontier companies with specialised capabilities that can secure
Singapore a niche in global value chains.
The government will also invest in research to encourage innovation, said Mr Chan. The Research,
Innovation and Enterprise (RIE) 2025 plan has set aside S$25 billion for basic and applied
research, with manufacturing as an identified priority, in addition to healthcare, sustainability and
the digital economy.
Centres of Innovation have also been set up to develop new Industry 4.0 technologies. An
Advanced Manufacturing Training Academy has been established to identify emerging skills for
workforce training.

Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-seeking-frontier-firms-for-manufacturing-2030
https://www.straitstimes.com/business/economy/singapore-to-grow-manufacturing-base-attract-top-industry-
players-chan-chun-sing

Global manufacturing giant Zebra Technologies opens Asia-Pacific headquarters in
Singapore
Multinational corporation Zebra Technologies is investing in its reach in Singapore in a bid to
attract high-skilled, quality talent here.
The US company, which is known for its products and services in sectors such as manufacturing,
transport and logistics, on Feb 3 formally opened its expanded Asia-Pacific headquarters in Frasers
Tower in Cecil Street.
It now has 154 staff in Singapore, a four-fold increase since a branch opened here in 2008.
The new 21,000 sq ft office houses a number of new facilities, including a print research and
development centre.

Link to the story:
https://www.straitstimes.com/business/global-manufacturing-giant-zebra-technologies-opens-asia-pacific-
headquarters-in-singapore

Weekly News Select
                                                                                                                       Feb 5, 2021 / Issue 5

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

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