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Weekly News Select
                                                                                                 Oct 23, 2020 / Issue 43

Top News for the Week
        •    Dysons sell Wallich Residence triplex penthouse for S$62m
        •    Over S$5.5b in Jobs Support Scheme payouts to be disbursed from Oct 29
        •    Pilots being rolled out on road to Phase 3
        •    Singapore likely to vaccinate parts of population from 2021
        •    Singapore property agents urged to be ethical, give accurate advice
        •    Singapore non-oil exports grow at 5.9% pace in Sept
        •    Singapore-HK airfares soar a day after news of travel bubble
        •    Rapid Covid tests give hope to organisers of larger events
        •    Jurong Innovation District has S$420m new investments

Residential
Dysons sell Wallich Residence triplex penthouse for S$62m
The Dysons behind the eponymous British consumer electronics company are selling their triplex
penthouse at Wallich Residence in Tanjong Pagar for S$62 million or close to S$3,000 per sq ft
on the strata area of 21,108 sq ft, BT understands.
This is lower than the S$73.8 million or S$3,496 psf which the Dysons paid early last year for the
residence - Singapore's tallest, perched on the top three levels of the 64-storey, 290-metre high
Guoco Tower.
The property is held under Dyson Ltd founder James Dyson's wife, Deirdre.
The buyer is said to be Indonesia-born tycoon Leo Koguan; the US citizen and Texas resident is
the co-founder and chairman of IT provider SHI International, which has more than 20,000
customers including Boeing and AT&T according to information on the Forbes website.

Links to the story:
https://www.businesstimes.com.sg/real-estate/dysons-sell-wallich-residence-triplex-penthouse-for-s62m
https://www.straitstimes.com/business/property/dyson-sells-singapore-luxury-penthouse-for-62m

1,000 households opt in for Tengah's cool new feature
Nearly 1,000 households have signed up for the centralised cooling system (CCS) in the upcoming
"forest town" of Tengah, where some 8,000 Build-To-Order (BTO) flats have been launched so
far.
Home owners who opt for the energy-efficient system will save around 15 per cent to 20 per cent
in upfront costs compared with current market rates, and up to 30 per cent in life cycle costs,
energy utilities provider SP Group, which runs the system in Tengah, said.
The CCS is one of many smart features that will be implemented in Tengah, which is billed as a
"smart energy" town powered by artificial intelligence.

Link to the story:
https://www.straitstimes.com/singapore/housing/1000-households-opt-in-for-tengahs-cool-new-feature

                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
Oct 23, 2020 / Issue 43

Commercial
Tencent chooses co-working space for its first Singapore office
Tencent Holdings has chosen a co-working space for its first office in Singapore, joining other
Chinese technology giants in using the city state as a launching pad into the rest of Asia.
The WeChat owner - which said last month it would open an office in Singapore - will have almost
200 seats at JustCo's co-working space in OCBC Centre East at Raffles Place. This was according
to people familiar with the plans who asked not to be named because the matter is private. The
space amounts to 10,000 sq ft.
The lease runs for one year, giving China's largest social media and video gaming company
flexibility to seek a larger space as it adds staff, the sources said.

Link to the story:
https://www.straitstimes.com/business/property/tencent-chooses-co-working-space-for-its-first-spore-office

Major hedge fund D.E. Shaw set to open office in Singapore
D.E. Shaw & Co will open an office in Singapore next year, joining other hedge funds expanding
in the city state to extend their reach in Asia.
The firm, one of the world's biggest hedge funds with more than US$50 billion (S$68 billion) in
investment capital, has applied for a fund management licence from the Singapore central bank,
adding to existing Asian operations in Hong Kong and Shanghai, according to a statement.
It is the latest fund management giant to open Asian offices beyond Hong Kong amid rising social
and political uncertainty in the city. Billionaire Ken Griffin's Citadel announced in August it would
open an office in Singapore. London-based Marshall Wace is doing the same, the Financial Times
reported last month.

Link to the story:
https://www.straitstimes.com/business/banking/major-hedge-fund-de-shaw-set-to-open-office-in-spore

Regional hub for US dairy exports launched in S'pore
The United States Dairy Export Council virtually launched its new centre at Singapore's Robertson
Quay.
It will serve as the regional hub for US dairy exports, further solidifying Singapore as the US dairy
industry's base in the area.
The centre is funded by US dairy farmers and processors and will be an innovation and education
hub, with a demonstration kitchen, a sensory evaluation lab, and meeting and training rooms.
Its aim is to become a platform for discovering South-east Asian uses for US dairy products.

Link to the story:
https://www.straitstimes.com/singapore/regional-hub-for-us-dairy-exports-launched-in-spore

Weekly News Select
                                                                                                 Oct 23, 2020 / Issue 43

Another office floor at GB Building for sale, with guide price of S$9.8m
An entire floor of GB Building in Singapore's central business district has been launched for sale
with a guide price of nearly S$9.8 million.
Located on the seventh storey of the 143 Cecil Street tower, the sale offering has been renovated
and features a regular floor plate with a column-free layout.
Its price tag works out to about S$1,800 per sq ft based on the strata area of 5,425 sq ft.

Link to the story:
https://www.businesstimes.com.sg/real-estate/another-office-floor-at-gb-building-for-sale-with-guide-price-of-s98m

Retail
Singapore retail rents stabilising at suburban malls; may bottom out by early 2021
The increased activity in Singapore's retail sector hints at a bottoming out of rents by the end of
2020 or early 2021, said in a report.
Overall retail rents are expected to fall by 10 per cent to 15 per cent for the whole of this year due
to recessionary pressures and safe-distancing restrictions.
However, in the suburban region, rents of retailers will likely decline by just 7.5 per cent or less.
In the third quarter this year, prime retail rents islandwide decreased by 10.3 per cent year on year
to average S$27.40 per sq ft per month, as safedistancing measures and border controls remained
in place.
This drop was largely led by the 11 per cent fall in gross rents for prime retail spaces along the
Orchard Road shopping belt, as stores there continued to struggle with the absence of international
tourists.
Quarter on quarter, rents of prime retail spaces in suburban areas dipped by 1.4 per cent, compared
to bigger declines of 6.4 per cent in Orchard, 7 per cent in Marina Centre, City Hall and Bugis,
and 4.5 per cent in the city fringe.

Link to the story:
https://www.businesstimes.com.sg/real-estate/singapore-retail-rents-stabilising-at-suburban-malls-may-bottom-out-
by-early-2021
https://www.straitstimes.com/business/property/retail-rents-may-bottom-out-by-early-2021-report

Government
Pilots being rolled out on road to Phase 3
Pre-event testing is being piloted as part of efforts to move Singapore towards Phase 3, said the
Multi-Ministry Taskforce (MTF).
Some of these more stringent measures could include testing customers before they enter a venue
and potentially using CCTV monitors to ensure there is compliance with safe-management
measures at all times, he said.

                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
                                                                                                 Oct 23, 2020 / Issue 43

Antigen rapid test kits (ARTs) will be deployed for the pre-event testing pilot. They can return
fairly accurate results within half an hour. Polymerase Chain Reaction (PCR) tests, which are the
most accurate tests available, take one to two days. According to the Ministry of Health, the ARTs
will be able to pick up at least 80 per cent of individuals who are infected with Covid-19, and will
produce 3 per cent false positives in healthy individuals.
For this pilot, which will take place from mid-October to December, the ARTs and confirmatory
PCR tests will be offered free of charge.
Separately, all Singapore citizens, permanent residents, and long-term pass holders travelling
overseas will be able to access government subsidies and insurance coverage (Medishield
Life/Integrated Plans or private insurance) for their medical bills, if they have onset of Covid-19
symptoms within 14 days of their return to Singapore.
This is in line with the progressive move to reopen our borders and as the country moves toward
Phase Three - which could take place by the end of this year, said the MTF.
There are two prerequisites before Singapore can move into Phase 3: These are a higher take-up
rate for TraceTogether and an expanded deployment of TraceTogether-only SafeEntry (TT-only
SE), where visitors are required to check in to an event venue through either scanning the
TraceTogether app on their phone or through the token.
TT-only SE has been trialled at selected venues where people are likely to be in close contact for
prolonged periods, or where human traffic is high, since August. It will be rolled out in venues
with activities that involve large groups of people, such as live performances, business events,
places of worship, from now till mid-November.
By December, it will be implemented at all popular venues where SE is currently mandatory.

Links to the story:
https://www.businesstimes.com.sg/government-economy/pilots-being-rolled-out-on-road-to-phase-3
https://www.straitstimes.com/singapore/task-force-spells-out-steps-to-get-to-phase-3-by-year-end
https://www.straitstimes.com/singapore/use-of-tracetogether-app-or-token-mandatory-by-end-dec
https://www.straitstimes.com/singapore/gan-explains-why-task-force-chose-to-increase-group-sizes-to-8-for-phase-
three
https://www.straitstimes.com/singapore/health/residents-who-travel-can-now-tap-subsidies-for-treatment

Over S$5.5b in Jobs Support Scheme payouts to be disbursed from Oct 29
Over S$5.5 billion in payouts under the Jobs Support Scheme (JSS) will be disbursed to more than
140,000 employers from Oct 29, to subsidise the June to August wages of about 1.9 million local
employees.
The latest payout brings the total amount of JSS support to more than S$21.5 billion, the Ministry
of Finance (MOF) and Inland Revenue Authority of Singapore (Iras) said in a joint statement.
Those in the aviation, tourism and built-environment sectors will receive 75 per cent support;
employers in the food services, retail, arts and entertainment, land transport, and marine and
offshore will receive 50 per cent.
Employers in all other sectors will receive 25 per cent.

Links to the story:
https://www.businesstimes.com.sg/government-economy/over-s55b-in-jobs-support-scheme-payouts-to-be-
disbursed-from-oct-29-0
https://www.straitstimes.com/singapore/politics/over-55b-to-be-paid-out-in-jobs-support-from-oct-29

                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
Oct 23, 2020 / Issue 43

https://www.straitstimes.com/singapore/politics/experts-welcome-payouts-but-worry-jss-alone-wont-save-some-
firms-jobs

Groups of up to 20 allowed for walking, cycling, kayaking tours
Walking, cycling and kayaking tours will be able to accommodate up to 20 people from Nov 1.
The number is double the current limit.
But tours will still be subject to prevailing social gathering sizes, which means that 20 people must
be split into four groups, with no intermingling allowed, the Singapore Tourism Board (STB) said
in an update.
The larger group size will support the tourism industry and allow more Singapore residents to
rediscover their home through unique tour experiences, the STB said.
All licensed travel agents and tour operators can also now resume on-site operations, though tour
itineraries and schedules must still be submitted for approval.

Link to the story:
https://www.straitstimes.com/singapore/groups-of-up-to-20-allowed-for-walking-cycling-kayaking-tours

TraceTogether to be compulsory at cinemas
Checking in with the TraceTogether app or token will soon be compulsory for all cinemagoers,
with the new measure to be rolled out progressively at cinema halls from October 26.
There will be a grace period until Nov 16 for cinema operators to fully implement TraceTogether,
after which it will be the only option for patrons for entry.
This means that cinemagoers will no longer be able to gain entry by scanning SafeEntry QR codes
with their phone cameras or the SingPass mobile app, or the bar codes on their NRICs.

Link to the story:
https://www.straitstimes.com/tech/tracetogether-to-be-compulsory-at-cinemas

Polyclinic coming up in Bidadari by 2027
The new Bidadari estate will have a polyclinic by 2027, co-located with a nursing home in Upper
Aljunied Road.
It is one of 12 new polyclinics that the Government is planning to launch by 2030. With the
additions, Singapore will have 32 polyclinics located around the island by then.
Co-locating the nursing home with the polyclinic will facilitate synergy between the healthcare
facilities through the sharing of services to support seniors and polyclinic patients as their care
needs evolve, said the Ministry of Health.
Three other polyclinics that are yet to be opened - in Bukit Panjang and Kaki Bukit, as well as a
redeveloped one in Jurong - will also be co-located with nursing homes.

Link to the story:
https://www.straitstimes.com/singapore/health/polyclinic-coming-up-in-bidadari-by-2027

Weekly News Select
Oct 23, 2020 / Issue 43

Singapore likely to vaccinate parts of population from 2021
Singapore will most likely make plans to vaccinate different segments of the population against
Covid-19 from next year.
Those who are more vulnerable to the coronavirus and those at higher risk of getting infected, such
as healthcare professionals and others in front-line roles, may get priority for vaccination, the
Ministry of Health's director of medical services Kenneth Mak told a virtual press conference.
Details of the prioritisation will be worked out by an expert panel, which will also study the various
vaccine options.

Link to the story:
https://www.straitstimes.com/singapore/singapore-likely-to-vaccinate-parts-of-population-from-2021

Singapore property agents urged to be ethical, give accurate advice
Property agents in Singapore should be ethical, build trust with consumers and "pay special
attention to ensure advice rendered is accurate, measured and takes into consideration the overall
economic outlook".

This is even as the industry is exploring new ways of marketing properties and reaching out to
consumers online, said Tan Kiat How, Minister of State for National Development.
A best-practice guide for consumer ratings of property agents has also been launched.
Huttons Asia has adopted the best practice guide.

Links to the story:
https://www.businesstimes.com.sg/real-estate/singapore-property-agents-urged-to-be-ethical-give-accurate-advice
https://www.straitstimes.com/singapore/housing/new-guide-standardises-ratings-of-property-agents

Inward-looking policies will have great long-term harm: Iswaran
Free trade agreements (FTAs) took the spotlight, as 600 business leaders gathered for the
Singapore Business Federation's (SBF) FTA Day 2020.
Participants at the half-day virtual event agreed on the importance of forging resilient supply
chains and advancing in the digital economy.
In a media interview for the event, Minister-in-charge of Trade Relations S Iswaran warned that
Singapore's future depends on the Republic's response to the challenging economic environment.
"Retreating into inward-looking policies might give us a short-term sense of righteousness, in the
case of some. But in the long term, it will do great harm to the potential for growth opportunities
and the raising of living standards for all our people," he said.

Links to the story:
https://www.businesstimes.com.sg/government-economy/inward-looking-policies-will-have-great-long-term-harm-
iswaran
https://www.straitstimes.com/business/economy/global-integration-will-help-spore-firms-grow-create-jobs-iswaran

Weekly News Select
Oct 23, 2020 / Issue 43

Economy
Singapore non-oil exports grow at 5.9% pace in Sept
Exporters had another good month in September but the slower pace has prompted analysts to
warn that the road to recovery remains bumpy.
Non-oil domestic exports (Nodx) rose 5.9 per cent over the same month last year, but that was
markedly down on August's 7.7 per cent expansion and missed the 11.5 per cent rise forecast by
economists in a Bloomberg poll.
Nodx has now risen in seven out of nine months of this year compared with only one month of
gain last year.
Last month's Nodx was mainly driven by electronic goods from a low base last year, Enterprise
Singapore data noted, with shipments up 21.4 per cent year on year after a 5.7 per cent increase in
August. Exports of integrated circuits shot up 30.1 per cent, disk media products grew 15.2 per
cent while PC parts expanded 22.7 per cent.

Links to the story:
https://www.straitstimes.com/business/economy/spore-non-oil-exports-grow-at-59-pace-in-sept
https://www.businesstimes.com.sg/government-economy/singapore-key-exports-tipped-to-cool-towards-year-end

Agencies 'firing on all cylinders' to create jobs; capabilities can be acquired over time
Singapore’s trade ministry and economic agencies are "firing on all cylinders" to create more jobs
and keep the local labour market tight, said Trade and Industry Minister Chan Chun Sing.
Speaking at a press conference, he outlined a three-pronged strategy for job creation. First, to
encourage more startups to base themselves in Singapore, thereby creating the next generation of
unicorns.
Second, to help Singapore companies digitalise and expand into new markets, goods and services.
And third, to attract "queen bee" multinationals to Singapore.
This last prong, which he described as an evergreen approach, has seen many leading global
companies catalyse local industries over the years, benefitting the supporting ecosystems of small
and medium-sized enterprises here.

Links to the story:
https://www.businesstimes.com.sg/government-economy/agencies-firing-on-all-cylinders-to-create-jobs-
capabilities-can-be-acquired-over
https://www.straitstimes.com/business/economy/chan-electronics-outperformed-others-will-remain-major-
employment-source

A 'great pity' if more Singaporeans do not take up good jobs in electronics: Minister
The electronics industry has "tremendous growth potential", said Manpower Minister Josephine
Teo as the segment was the only one within the manufacturing sector to see an increase in total
employment - 1,000 jobs - in the second quarter of this year.
This was partly due to a surge in demand for digital goods and services during the circuit-breaker,
amid travel restrictions, safe-distancing measures and remote working arrangements.

Weekly News Select
Oct 23, 2020 / Issue 43

From April to September, over 130 electronics firms have offered more than 2,800 jobs and
training opportunities under the SGUnited Jobs and Skills initiative. Of these, 65 per cent - or
1,880 - were job offers.
However, over that April to September period, just 220 people have been placed into the 2,800
opportunities. The MOM report noted that close to half of these individuals were workers above
the age of 40.

Links to the story:
https://www.businesstimes.com.sg/government-economy/a-great-pity-if-more-singaporeans-do-not-take-up-good-
jobs-in-electronics
https://www.straitstimes.com/business/jobs-on-offer-in-growing-electronics-industry
https://www.straitstimes.com/singapore/jobs/electronics-industry-opened-up-1900-jobs-since-april

Singapore retains top spot in Asia on retirement income index
A global league table assessing retirement income systems has again put Singapore at top spot in
Asia and seventh overall.
The ranking comes amid concerns that the coronavirus pandemic will hit future pensions, with
reduced contributions, lower investment returns and higher government debt.
The Mercer CFA Institute Global Pension Index report examined 39 retirement income systems
covering almost two-thirds of the world's population using a combination of responses gathered
from May to July and publicly available data. The Netherlands led the way, followed by Denmark
and Israel.
The index, now in its 12th edition, assesses each retirement system through adequacy, integrity
and sustainability.

Link to the story:
https://www.straitstimes.com/business/banking/singapore-retains-top-spot-in-asia-on-retirement-income-index

Mid-career talents can avail of 500 new training opportunities
Skillsfuture Singapore (SSG) will add 500 training opportunities in leading Industry 4.0 tech firms
to the SGUnited Jobs and Skills for Advanced Manufacturing programme.
This was announced by the statutory board at the Industrial Transformation (ITAP) Asia-Pacific
2020 event. It brings the total number of training opportunities offered for advanced manufacturing
to 2,300.
The new opportunities are offered to mid-career talents under the SGUnited Mid-Career Pathways
Programme by advanced manufacturing firms such as Bosch and Siemens.

Links to the story:
https://www.businesstimes.com.sg/government-economy/mid-career-talents-can-avail-of-500-new-training-
opportunities
https://www.straitstimes.com/singapore/jobs/2300-new-training-places-in-advanced-manufacturing-for-job-seekers

Weekly News Select
Oct 23, 2020 / Issue 43

Online shopping looks hot - but 80% of e-tailers are in the red
Interest in the online retail sub-sector has been growing in recent years, but appears to have surged
amid the pandemic. According to a data analysis firm, studying data from the Accounting and
Corporate Regulatory Authority (Acra), there were 8,275 active entities that retail via the Internet
as at June this year, a 28 per cent rise year on year.
This is a big jump from the 13.2 per cent increase from June 2018 to June 2019 (5,690 entities to
6,443 in the sub-sector).
Meanwhile, other retail sub-sectors have seen little change to their active entity numbers over the
past two years.
Yet, the low barriers to entry also make for intense competition - not just from local players, but
online stores globally as well. And the competition is set to increase as the pandemic pushes
incumbent retail brands and department stores into the online sphere.
Already, about four in five online retailers were loss making in 2018 and 2019 - 78.4 per cent and
80.5 per cent respectively, according to the study of corporate filings for those financial years.

Link to the story:
https://www.businesstimes.com.sg/consumer/online-shopping-looks-hot-but-80-of-e-tailers-are-in-the-red

Singapore workers focus on staying relevant in tight job market: poll
Employees in Singapore - especially those who are older - are getting worried about being
retrenched or becoming irrelevant in the increasingly uncertain and tight job market.
A UOB survey found that nine in 10 of those employed in the city-state believe they will need to
reskill or upskill to stay competitive in the post-pandemic world.
Employees also expect it will be tough to secure new roles, given the recession. Some 88 per cent
of Singapore respondents are of the view that companies will prefer candidates that can perform
multiple roles.
The majority of respondents (87 per cent) expect employers to digitalise instead of hiring staff, or
turn to retrenchments (88 per cent), as means to cut costs.

Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-workers-focus-on-staying-relevant-in-tight-job-
market-poll
https://www.straitstimes.com/business/economy/survey-9-in-10-workers-see-need-to-boost-skills-in-uncertain-job-
market

Singapore maritime sector to offer 1,000 traineeships, attachments
Singapore citizens and permanent residents will be able to access 1,000 traineeships, company
attachments and training opportunities in the maritime sector in the coming months.
These openings will be in the industry's new growth areas such as automation, digitalisation and
supply chain integration.
They are provided by the Maritime and Port Authority of Singapore (MPA), Workforce Singapore
(WSG), SkillsFuture Singapore (SSG), Singapore Shipping Association (SSA), maritime
companies and institutes of higher learning.

Weekly News Select
Oct 23, 2020 / Issue 43

The opportunities will be available under the SGUnited Jobs and Skills Initiative, to support the
transformation of the maritime sector, the organisations said in a joint statement.

Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-maritime-sector-to-offer-1000-traineeships-
attachments
https://www.straitstimes.com/singapore/1000-traineeships-attachments-on-offer-in-growing-maritime-sector

Shophouse
Market for shophouses wakes up in the third quarter
After a slow first half, the Singapore shophouse market started to stir in the third quarter on the
back of pent-up demand following the 21/2-month period when property viewings were not
allowed.
The value of shophouse transactions had slumped in the second quarter, with the ban on property
viewings from April 7 to June 18 during Singapore's partial lockdown to stem the transmission of
Covid-19.
With the second phase of reopening on June 19, activity is picking up. The value of shophouse
deals in the third quarter of this year rose to S$173.2 million - from S$117 million in Q2 2020 and
S$152 million in Q1.
The shophouse transaction value for the first nine months stands at S$442.2 million, down 28 per
cent from S$611.6 million in the year-ago period.

Link to the story:
https://www.businesstimes.com.sg/real-estate/market-for-shophouses-wakes-up-in-the-third-quarter

Shophouse blitz: Tiong Bahru, River Valley, Bugis assets up for grabs
A slew of shophouses in Singapore have been put up for sale or have been transacted, as the market
heats up after a months-long lull from pandemic-related restrictions.
A row of freehold conserved shophouses at 265, 267, 269 and 271 Outram Road has been offered
via an expression of interest (EOI) exercise with an indicative price of at least S$50 million.
The price tag translates to about S$2,733 per sq ft based on an existing gross floor area of 18,295
sq ft.
The four shophouses' EOI exercise closes on Nov 19, 3pm.
Meanwhile, three adjoining freehold shophouses at 262, 264 and 266 River Valley Road are also
available via an EOI exercise.
They carry a guide price of S$2,500 per sq ft based on the total built-up area of 8,778 sq ft. That
works out to an overall price tag of about S$21.9 million, although the three can also be purchased
separately and have individual land titles.
They sit on a corner plot with a combined land area of 3,702 sq ft.
The EOI exercise for the River Valley trio will close on Dec 2 at 3pm.
In the Telok Ayer Conservation Area, the home of the popular Swee Kee Eating House - also
known as Ka-Soh - is being offered for purchase with a price tag starting from S$18 million, or
about S$3,871 per sq ft based on a built-up area of 4,650 sq ft.

Weekly News Select
Oct 23, 2020 / Issue 43

Its tender closes on Nov 26, 3pm.
Over in Bugis, a shophouse on Tan Quee Lan Street and two along Bali Lane are up for grabs.
The 5 Tan Quee Lan Street shophouse's indicative price starts at S$15 million. 13-14 Bali Lane
has also been put on the market, with the owner seeking S$9.5-9.8 million.
The tenders for 5 Tan Quee Lan Street and 13-14 Bali Lane will close at 3pm on Nov 26.

Links to the story:
https://www.businesstimes.com.sg/real-estate/shophouse-blitz-tiong-bahru-river-valley-bugis-assets-up-for-grabs
https://www.straitstimes.com/business/property/buyers-flocking-back-into-spore-shophouse-market

Hospitality
Singapore-HK airfares soar a day after news of travel bubble
The cost of air tickets between Singapore and Hong Kong soared, just a day after plans for a travel
bubble between the two places were announced.
The cheapest price on the Singapore Airlines website for a return economy ticket was $558 last
night for flights up to the end of December, up from around $400. Travellers to either destination
will not have to serve a quarantine as long as they test negative for Covid-19.

Link to the story:
https://www.straitstimes.com/singapore/singapore-hk-airfares-soar-a-day-after-news-of-travel-bubble

With curbs on overseas travel, more heading to Southern Islands
As the global pandemic rages on, more locals have been heading to Singapore's Southern Islands
for their dose of sun, sea and sand.
Some spots have proven particularly popular - since beaches reopened in June, the average
monthly visitorship to St John's, Lazarus and Seringat islands, which are linked to one another,
has been up by 60 per cent compared with last year.
Ferry operators and yacht rental firms said that since the circuit breaker measures were eased, there
has been strong demand from people looking for a quick getaway.

Link to the story:
https://www.straitstimes.com/life/travel/with-curbs-on-overseas-travel-more-heading-to-southern-islands

Rapid Covid tests give hope to organisers of larger events
Events businesses are welcoming the use of Covid-19 rapid tests to enable larger gatherings, such
as weddings, conventions and live shows.
But industry players remain unsure over the finer details of antigen rapid tests (ARTs) deployment,
such as logistics, costs and buy-in.
The short validity of the ART poses another obstacle for organisers. The Ministry of Health (MOH)
has said that ART results will only be valid for 24 hours from the time of the swab. Attendees may
need to either get tested off-site no more than 24 hours before the end of an event, or arrive early
to be tested on site.

Weekly News Select
                                                                                                 Oct 23, 2020 / Issue 43

Meanwhile, pre-event testing is also not expected to replace existing safety measures such as mask-
wearing, safe distancing and group size limits, since positive cases could go undetected with less-
sensitive ARTs.

Links to the story:
https://www.businesstimes.com.sg/government-economy/rapid-covid-tests-give-hope-to-organisers-of-larger-events
https://www.straitstimes.com/singapore/health/free-pre-admission-covid-19-rapid-tests-for-some-mass-events
https://www.straitstimes.com/singapore/health/participants-of-some-mass-events-to-get-antigen-rapid-tests
https://www.straitstimes.com/singapore/immunity-exemption-for-recovered-patients-within-180-days-of-positive-
test
https://www.straitstimes.com/singapore/health/weddings-at-hdb-common-areas-to-be-allowed-soon
https://www.straitstimes.com/singapore/health/pilot-schemes-being-considered-for-nightlife-sector

SIA returns to New York with non-stop service from Nov 9
Singapore Airlines (SIA) will return to New York from Nov 9 with non-stop flights to New York's
John F Kennedy International Airport as it seeks to rebuild its network.
At over 18 hours long, the new service is the world's longest, and will be operated thrice weekly.
The flag carrier's non-stop service to Newark Liberty International Airport in New Jersey
previously held that title, but the airline halted the route in March as the pandemic paralysed travel.
It operates non-stop services to Los Angeles, but has suspended its direct service to San Francisco.
SIA also served JFK through a one-stop service via Frankfurt.
The new direct flight will be operated using SIA's Airbus A350-900 aircraft which has a three
class configuration of 42 business class, 24 premium economy and 187 economy class seats.

Links to the story:
https://www.businesstimes.com.sg/companies-markets/sia-returns-to-new-york-with-non-stop-service-from-nov-9
https://www.straitstimes.com/singapore/sia-to-start-3-non-stop-flights-to-new-york-weekly-in-november

Luring tourists here with 3D models of Singapore icons
Prospective tourists will soon be able to view 3D models of Singapore icons like the Merlion from
their living room, as part of an augmented reality (AR) push by the Singapore Tourism Board
(STB).
The tourism board is building a database of such content that businesses in the industry can use to
promote Singapore as a destination and enhance their on-site experience, Mr Poh Chi Chuan,
STB's acting chief technology officer, told The Straits Times in an interview.
This will help local businesses provide a better end-to-end experience for visitors, which will be
key in the future of travel as consumers become more selective in their destination choices, he
said.

Link to the story:
https://www.straitstimes.com/singapore/luring-tourists-here-with-3d-models-of-singapore-icons

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Weekly News Select
                                                                                                Oct 23, 2020 / Issue 43

Industrial
Jurong Innovation District has S$420m new investments
Despite the Covid-19 pandemic, the Jurong Innovation District (JID) has received S$420 million
in new investments over the past year, JTC announced, in line with the opening of Industry 4.0
event Industrial Transformation Asia-Pacific.
The investments are for facilities that will be ready over the next few years, from this November
to early 2023, said JTC, which master-planned and developed the JID.
Hyundai Motor Group is among the new entrants to the 600ha district. By end-2022, Hyundai will
establish the Hyundai Motor Group Innovation Centre in Singapore, an open innovation lab aiming
to develop future mobility technologies for global markets.
Two new investments are in the area of additive manufacturing.
By this November, DMG MORI, a German manufacturing company, will set up a new facility to
provide technology development and technical support for its machine tools, systems and software,
as well as additive manufacturing equipment.
By end-2021, Makino will open its Additive Manufacturing Centre of Excellence, offering
prototyping and consultancy services, and conducting training to support adoption of additive
manufacturing.
Further ahead, by the first quarter of 2023, Konica Minolta will set up a new regional headquarters
to showcase innovative technology, while computer numerical control (CNC) and industrial robot
manufacturer Fanuc will open a centre providing CNC and robotics equipment maintenance and
servicing, and showcasing its newest technology.
With the latest investments, JID has attracted close to a total of S$2 billion in private investment
to date.

Links to the story:
https://www.businesstimes.com.sg/government-economy/jurong-innovation-district-has-s420m-new-investments
https://www.businesstimes.com.sg/government-economy/singapore-as-resilient-hub-for-advanced-global-
manufacturing
https://www.straitstimes.com/singapore/dpm-spore-can-be-resilient-advanced-manufacturing-base
https://www.straitstimes.com/business/economy/singapore-expo-hosts-mice-event-with-hybrid-participation
https://www.straitstimes.com/singapore/new-training-office-to-design-courses-that-help-workers-excel
https://www.straitstimes.com/business/companies-markets/collaborations-will-lift-additive-manufacturing-
capabilities

More manufacturers adopting digital solutions amid pandemic
Firms in the sector embarked on more than 1,300 projects to upgrade and transform their
businesses with help from Enterprise Singapore (ESG) between January and August.
This is about 65 per cent up on the number in the same period last year, ESG noted.
The main areas of focus are in technology deployment and automation, process redesign and
digitalisation solutions, such as human resource management systems.
Manufacturing contributes about 20 per cent to Singapore's economy and employs about 472,000
workers.

               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
                                                                                                 Oct 23, 2020 / Issue 43

It grew about 3.5 per cent year on year in the first six months of this year despite the pandemic,
supported by higher output in the biomedical manufacturing and precision engineering clusters.

Links to the story:
https://www.straitstimes.com/business/economy/more-manufacturers-adopting-digital-solutions-amid-pandemic
https://www.straitstimes.com/business/companies-markets/investing-in-new-solutions-pays-off
https://www.straitstimes.com/business/companies-markets/seafood-supplier-reels-in-benefits-from-machines
https://www.straitstimes.com/business/companies-markets/automation-helps-firm-cope-with-labour-crunch

Thermo Fisher partners EDB for US$130m sterile fill-and-finish facility
Thermo Fisher Scientific's plans to build a new US$130 million sterile fill-and-finish facility in
Singapore, with the support of the Singapore Economic Development Board (EDB), will create
some 300 jobs once operational in 2022.
The investment is an "important addition to the manufacturing capacity needed by global
pharmaceutical and vaccine companies in the ongoing fight against Covid-19," EDB chairman Beh
Swan Gin said in a press release.
The new facility will initially include a high-speed sterile line approved for live virus filling - the
first such large-scale capability in Singapore - followed by an additional line for standard fill or
finish.
The facility will also have cleanroom capacity, labs, warehousing and offices to support
production. Once operational in 2022, the facility could manufacture up to 30 million sterile doses
per month and employ more than 300 people.

Link to the story:
https://www.businesstimes.com.sg/government-economy/thermo-fisher-partners-edb-for-us130m-sterile-fill-and-
finish-facility

Japanese firm's ops in Singapore rolling out regional e-gaming
Japanese gaming specialist Digital Entertainment Asset (DEA) has set up operations in Singapore
to roll out regional online gaming - or e-gaming - that will run on its proprietary blockchain
platform.
Founded by technopreneur Naohito Yoshida, DEA will use its PlayMining platform to offer
regional gamers access to games and digital art collections as well as the ability to interact with
Japanese manga characters.
Mr Yoshida told The Straits Times that DEA's offerings stand apart from the competition as it
enables users to earn cryptocurrency, which can ultimately be converted to cash.
"We provide our entertainment content for free, and what you earn in the game can be used in real
life. It provides a real income opportunity for the gamer," he said.

Link to the story:
https://www.straitstimes.com/business/companies-markets/japanese-firms-ops-in-spore-rolling-out-regional-e-
gaming

                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
Oct 23, 2020 / Issue 43

Gothic-style industrial building launched for sale
The Mill, an industrial building located at 5, Jalan Kilang in Bukit Merah, has been launched for
sale via private treaty for S$28 million.
Completed in 2017, the Neo-Gothic six-storey property sits on a plot spanning 11,800 sq ft with a
99-year land tenure that began on July 1, 1961. It has a gross floor area (GFA) of 27,000 sq ft with
a plot ratio of 2.5, and is zoned for B1 or light industrial use.
Based on the GFA, the price tag works out to about S$1,037 per sq ft - higher than the S$600-to
S$700 psf asking prices of other industrial buildings in the area.

Link to the story:
https://www.businesstimes.com.sg/real-estate/gothic-style-industrial-building-launched-for-sale

Consortium to build plant-based protein facility in Singapore
A food production company which makes JUST Egg, an egg substitute from mung beans, has tied
up with a consortium to build and run a plant-protein production facility in Singapore.
The consortium is led by Proterra Investment Partners Asia, an investment-management firm
focused on the food and agribusiness sectors. The consortium will invest up to US$100 million,
while egg-substitute maker Eat Just will put in up to US$20 million for the facility.
The factory will generate "thousands of tonnes of protein", Eat Just said in a statement. It already
has protein facilities in North America and Germany, and the one in Singapore is its first in Asia.
Eat Just said it picked the Republic because the government has provided an "enabling
environment" for the project.
The company added that it is working out details, but expects to break ground before the end of
Q1 2021. "Once built, the facility will create a number of jobs in Singapore, although exact
projections are yet to be determined," Eat Just told BT.

Link to the story:
https://www.businesstimes.com.sg/consumer/consortium-to-build-plant-based-protein-facility-in-singapore

Singapore's city-fringe business park rents to rise as firms cut costs
Rents for business parks in Singapore's city fringe are projected to rise as more firms seek out
business parks with Grade-A office specifications in a bid to cut their real-estate costs.
In the third quarter of 2020, rents of business parks in the city fringe stood at S$5.91 per sq ft per
month (psf/month), up 0.2 per cent quarter on quarter and 2.4 per cent higher from a year ago.
This trend is expected to reverse only after Grade-A CBD rents decline by a projected 20 per cent
next year and become more affordable for occupiers again.

Links to the story:
https://www.businesstimes.com.sg/real-estate/singapores-city-fringe-business-park-rents-to-rise-as-firms-cut-costs
https://www.straitstimes.com/business/property/city-fringe-business-park-rents-to-rise-as-firms-cut-costs

Weekly News Select
Oct 23, 2020 / Issue 43

JTC, SBF to work together to help firms in Industry 4.0 journey
JTC and the Singapore Business Federation (SBF) will work together to support manufacturers -
particularly small and medium-sized enterprises (SMEs) - in their Industry 4.0 journeys, under the
new JTC-SBF Industry Transformation Initiative.
The aim is to support more than 300 companies in the next two years, through workshops,
capability-building initiatives tailored for each firm's digital readiness, and link-ups with
technology partners.
Both organisations signed a memorandum of understanding for this initiative at the Industry 4.0
trade fair Industrial Transformation Asia-Pacific.

Links to the story:
https://www.businesstimes.com.sg/government-economy/jtc-sbf-to-work-together-to-help-firms-in-industry-40-
journey
https://www.businesstimes.com.sg/government-economy/i40-solutions-key-for-businesses-to-stay-ahead-amid-
global-uncertainty
https://www.straitstimes.com/business/economy/sbf-jtc-partnership-to-help-firms-adopt-smart-solutions

Industrial property rents, prices continue slide
The slide in Singapore industrial property rents and prices continued in the third quarter, with the
pace of decline gathering pace though occupancy improved, latest figures from JTC Corp show.
The industrial land and infrastructure agency said the rise in occupancy was driven by an increase
in demand for storage amid a delay in new completions.
JTC's All Industrial rental index shed 0.9 per cent quarter on quarter in the third quarter of this
year, after having slipped 0.7 per cent in Q2 and 0.1 per cent in Q1.
The All Industrial property price index eased 2.2 per cent q on q in the third quarter of this year,
after falling 1.1 per cent in Q2 and 0.4 per cent in Q1.
The vacancy rate eased to 10.4 per cent at end Q3, down 0.2 percentage point on a q-o-q basis;
year on year, the decline was 0.3 percentage point.

Links to the story:
https://www.businesstimes.com.sg/real-estate/industrial-property-rents-prices-continue-slide
https://www.straitstimes.com/business/property/industrial-rents-prices-extend-decline-in-3rd-quarter

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

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