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Weekly News Select
Nov 27, 2020 / Issue 48

Top News for the Week
• Possible land supply crunch in 2021
• UOL chief joins plea to help genuine HDB upgraders with ABSD remission
• 5-room Toa Payoh BTO flats oversubscribed by 6 times
• Sharp rebound in 2021 won't take economy to pre-Covid levels: MTI
• Headline, core inflation down in Oct after marginal increases
• Q3 total merchandise trade shrinks; full-year forecast upgraded
• Singapore October industrial output falls 0.9%
• Productivity grew by 2.8% a year in last decade on capital investments
• Over 12,000 openings in ICT sector; 95% of them in PMET roles
• Travel bubble between HK and S'pore suspended
• STB warns against high redemption fees for SingapoRediscovers Vouchers

Residential
Possible land supply crunch in 2021
The residential land sales market saw a stirring of interest in the past two months. Listed property
developer Roxy-Pacific Holdings acquired 15 terraced houses in the Guillemard area for $93
million innNovember 2020. This makes it the largest collective sale in 2020 and brings the total
number of reported collective sales this year to four, which is almost similar to 2019.
Just a month earlier, the first government land sales (GLS) tender at Tanah Merah Kechil Link
after the lifting of the “circuit breaker” drew a whopping 15 bidders and a top bid of $930 psf per
plot ratio (ppr). It was awarded to MCC Land on Nov 13.
Developers sold an estimated 7,379 units in the first nine months of 2020, which is 1.2% lower
than the same period in 2019. This trend is similar to what was observed during the SARS crisis
when sales rebounded strongly. Pent-up demand notwithstanding, the Covid-19 pandemic has
brought interest rates down as governments around the world inject funds to support the economy
and investors flock to stable assets which offer more predictable returns.
The surge in demand has led to dwindling unsold, uncompleted units in the market. Current unsold,
uncompleted units stand at 26,483 and it has been trending downwards since 1Q2019. The last en-
bloc cycle started in 2016 when the unsold, uncompleted units dropped to around 20,000 units. If
the sales momentum continues in 1Q2021, the number of uncompleted, unsold inventory is likely
to dip below 20,000 units.
If the supply of land from the GLS programme or the en-bloc market is not increased to meet the
strong demand, simple economic theory points to rising land prices which is something that
nobody desires.
With unsold, uncompleted stock running low and stronger economic growth in 2021, it is timely
to consider increasing the land supply under the GLS programme to ensure that there is a steady
supply of residential units to meet demand.

Link to the story:
https://www.edgeprop.sg/property-news/possible-land-supply-crunch-2021

Weekly News Select
Nov 27, 2020 / Issue 48

UOL chief joins plea to help genuine HDB upgraders with ABSD remission
Another plea has gone out, calling for genuine first-time HDB upgraders upgrading to a private
condo home to be allowed to defer payment of the additional buyer's stamp duty (ABSD).
This time, the call came from UOL group chief executive Liam Wee Sin.
He told reporters at the launch of the company's latest residential project: "It is our hope that the
government will grant ABSD remission - similar to that given to EC (executive condominium)
buyers - giving them time to sell their HDB home six months after collecting their keys."
Mr Liam, turning to UOL's latest project to be launched, said the developer is quite optimistic
about selling the units because the prices are "realistic and affordable".
Called Clavon, it is along Clementi Avenue 1 and integrates work and living trends; it features
flexible spaces, smart-home amenities and technology solutions for a safe living environment.
Pricing of the 640-unit condominium, comprising two 37-storey towers, starts at S$1,475 per sq
ft.
Clavon offers units of between one and five bedrooms, the sizes of which range from 527 square
feet (sq ft) to 1,690 sq ft. About 56 per cent of the 640 units in the development are one- and two-
bedroom units of between 527 sq ft and 764 sq ft.
More than half the units are priced below S$1.5 million. A one-bedroom unit starts at S$800,000,
a two-bedder from S$1 million, a three-bedder from S$1.45 million, a four-bedder from S$1.9
million and a five-bedder, from S$2.5 million.
Clavon is expected to be completed in the first quarter of 2025.

Links to the story:
https://www.businesstimes.com.sg/real-estate/uol-chief-joins-plea-to-help-genuine-hdb-upgraders-with-absd-
remission
https://www.straitstimes.com/business/property/uol-chief-calls-for-stamp-duty-deferment-for-hdb-upgraders

URA, HDB release Ang Mo Kio condo plot and Tengah EC site
The Urban Redevelopment Authority (URA) and the Housing & Development Board (HDB)
released two residential land parcels under the second half of the 2020 government land sales
(GLS) programme, and analysts are expecting keen bidding from developers.
The URA site at Ang Mo Kio Avenue 1 and the HDB executive condominium (EC) site at Tengah
Garden Walk were launched for sale under the confirmed list.
Taken together, the two sites with a lease period of 99 years each, and can yield about 985
residential units, though the actual number of dwelling units provided by the developer may vary,
URA and HDB said in a press statement.
The Ang Mo Kio land parcel which is estimated to yield 370 units, has a site area of about 12,679
sq m, and a maximum gross floor area (GFA) of 31,699 sq m.
The maximum building height is four storeys in the low-rise zone and 103 m Singapore height
datum (SHD) in the high-rise zone.
The second land parcel at Tengah has a site area of about 22,021 sq m and a maximum GFA of
61,659 sq m.
It is expected to yield 615 EC units, and has a maximum building height of 60 metres SHD.

Weekly News Select
Nov 27, 2020 / Issue 48

Links to the story:
https://www.businesstimes.com.sg/real-estate/ura-hdb-release-ang-mo-kio-condo-plot-and-tengah-ec-site
https://www.straitstimes.com/business/property/sites-for-homes-in-tengah-ang-mo-kio-up-for-sale

Lee Foundation unit sells Haig Road property
Casuarina Properties, controlled by the Lee Foundation and members of the Lee family, has sold
11 landed homes on 25,054 sq ft of freehold land at the Haig Road/Haig Lane corner for S$32.8
million.
Located opposite Tanjong Katong Secondary School, the District 15 plot can be redeveloped into
a low-rise apartment project with up to 32 units of an average size of 100 sq m gross floor area
(GFA).
Under the Urban Redevelopment Authority's Master Plan 2019, the site is zoned for residential
use with 1.4 gross plot ratio (ratio of maximum GFA to land area) and can be developed up to five
storeys.
The price works out to S$943 per sq ft per plot ratio (psf ppr) inclusive of an estimated
development charge (DC) of S$264,602 payable to the state.
Assuming the developer taps the 7 per cent bonus GFA for balconies, the unit land price works
out to a lower S$924 psf ppr (inclusive of S$1.86 million DC).
The property is being bought by a consortium that includes entities connected to Patrick Kho of
Lian Huat Group, Terence Goon of Nobel Design, and Von Lee and David Ong, both of 2E Capital.

Link to the story:
https://www.businesstimes.com.sg/real-estate/lee-foundation-unit-sells-haig-road-property

Semi-detached house near Orchard Road up for tender
A freehold two-storey semi-detached house at 61 Jalan Kelawar has been offered for sale by tender.
Offers are expected at around S$7.8 million, which translates to about S$2,529 per sq ft based on
the site area of 3,100 sq ft.
The house is regular in shape and has a nine-metre frontage along Jalan Kelawar. The tender will
close at 3pm on Dec 22.

Link to the story:
https://www.businesstimes.com.sg/real-estate/semi-detached-house-near-orchard-road-up-for-tender

5-room Toa Payoh BTO flats oversubscribed by 6 times
Undeterred by the high price tag, home seekers rushed for the five-room Build-To-Order (BTO)
flats in Toa Payoh (Bidadari) - the most expensive units in this month's sales launch.
Each of the 144 five-room flats in Bartley Beacon had more than six first-time applicants vying
for the unit. Second-time applicants face an even bleaker prospect, with more than 152 applicants
vying for each five-roomer.
The 910 four-room flats in Bartley Beacon and ParkView @ Bidadari were less popular, attracting
around three first-time applicants for each unit.
Also in demand were the four-room flats in Bishan Ridges, with close to five first-time applicants
vying for each of the 1,222 flats.

Weekly News Select
Nov 27, 2020 / Issue 48

In Tampines, there were around three first-time applicants for each of the 360 four-room and 244
five-room flats in a housing project named Tampines GreenEmerald.
Bigger flats in the non-mature estate of Sembawang were also hotly contested, with more than four
first-time applicants vying for each of the 184 five-room flats in the Sun Sails project.
In Tengah, the first Housing Board new town in over 20 years, there were almost three first-time
applicants for each of the 327 five-room flats and around two applicants for each of the 570 four-
room flats.

Link to the story:
https://www.straitstimes.com/singapore/housing/5-room-toa-payoh-bto-flats-oversubscribed-by-6-times

Commercial
Mizuho to cut Singapore office space on work-from-home success
Mizuho Financial Group is set to trim its Singapore office space, as the Japanese bank looks to
revamp the workplace in global financial centres in the wake of the pandemic.
Japan's third-largest lender is looking to cut about 16 per cent of space - equivalent to less than
one floor - at Asia Square Tower 2 in the financial district, said people with knowledge of the
matter.
Mizuho is an anchor tenant in the building, occupying four floors measuring about 9,755 sq m.
The bank is also looking how to make better use of its backup office at Changi Business Park, the
sources added. It occupies 18,580 sq m there as part of its business continuity plan.

Links to the story:
https://www.businesstimes.com.sg/real-estate/mizuho-to-cut-singapore-office-space-on-work-from-home-success
https://www.straitstimes.com/business/banking/mizuho-to-cut-office-space-in-spore-sources

Allianz-linked entity moves to buy stake in OUE Bayfront
An entity linked to Allianz Real Estate is said to be in exclusive due diligence with a view to
acquiring a partial stake in OUE Bayfront.
The deal is expected to price the asset - the jewel in OUE Commercial Reit's crown - at about
S$3,200 per sq ft of net lettable area, or S$1.28 billion.
Assuming the intending buyer picks up a 50 per cent stake, the absolute quantum would come up
to around S$640 million.
Market watchers suggest Allianz could be acting on behalf of The National Pension Service of
Korea (NPS).

Link to the story:
https://www.businesstimes.com.sg/real-estate/allianz-linked-entity-moves-to-buy-stake-in-oue-bayfront

Weekly News Select
                                                                                                Nov 27, 2020 / Issue 48

Government
Relook training, job design, to address workers' Covid-19 stresses: DPM
Singapore business leaders will need to focus on redesigning jobs and reskilling their workforce
to help prepare for the future of work, particularly as workers come under the "stresses and strains"
of the Covid-19 pandemic, Deputy Prime Minister Heng Swee Keat said.
Mr Heng was speaking at a panel as part of the Singapore Business Awards (SBA), organised by
The Business Times and logistics firm DHL Express Singapore.
"I think the stress on the workers in having to adapt to this change will be very significant. So it's
important for us, as business leaders, not to just think of our own bottomline, but how do you take
care of our workers, how to bring the workers along.
"The redesign of jobs and the retraining (and) reskilling of workers will be a critical part of this.
And I hope that we can do all this together well. And this is how we can emerge stronger, because
Covid is going to change the landscape significantly."

Link to the story:
https://www.businesstimes.com.sg/government-economy/relook-training-job-design-to-address-workers-covid-19-
stresses-dpm

LTA awards S$932.8m contract for Johor Bahru-Singapore RTS Link
Singapore’s Land Transport Authority (LTA) has awarded the first of two civil contracts for the
construction of a long-awaited cross-border train service between the city-state and Malaysia's
Johor Bahru.
Penta-Ocean Construction bagged the S$932.8 million contract, which covers the construction of
the Woodlands North station for the Johor Bahru-Singapore Rapid Transit System (RTS) Link,
tunnels as well as the Customs, Immigration and Quarantine (CIQ) building in Singapore.
Construction for the RTS Link is expected to start in the first quarter of next year, with passenger
service slated to commence in end-2026.
LTA said in a statement that the second civil contract for this project, which includes the
construction of the RTS Link viaduct, will be awarded in the first quarter of 2021.

Links to the story:
https://www.businesstimes.com.sg/transport/lta-awards-s9328m-contract-for-johor-bahru-singapore-rts-link
https://www.straitstimes.com/singapore/933m-first-civil-contract-awarded-for-jb-singapore-rts-link

Economy
Sharp rebound in 2021 won't take economy to pre-Covid levels: MTI
The Singapore economy is tipped to rebound sharply next year, on the low base from the ongoing
recession.
While gross domestic product (GDP) is forecast to grow by 4 per cent to 6 per cent year on year
in 2021, it will still be weaker in dollar terms than before the novel coronavirus hit.

                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
                                                                                                Nov 27, 2020 / Issue 48

That's even as the Ministry of Trade and Industry (MTI) trimmed this year's forecast range to
between 6 per cent and 6.5 per cent, from 5 per cent to 7 per cent before.
Singapore's GDP shrank by 5.8 per cent year on year in the third quarter, beating official advance
estimates of a 7 per cent decline, on better-than-expected factory output in September.
The latest print was led by an expansion of 10 per cent in the manufacturing sector, up from
advance estimates of 2 per cent growth and reversing an earlier 0.8 per cent dip.
All the same, service industries shrank by 8.4 per cent year on year in the quarter, slightly worse
than the preliminary figure of 8 per cent contraction, while the plunge in construction was revised
to 46.6 per cent, down from 44.7 per cent in flash data.
The construction sector, as well as travel-related and consumer-facing services, are all expected to
recover year on year in 2021 yet remain below pre-Covid-19 levels, the MTI said.

Links to the story:
https://www.businesstimes.com.sg/government-economy/sharp-rebound-in-2021-wont-take-economy-to-pre-covid-
levels-mti
https://www.straitstimes.com/business/economy/spore-economy-turns-corner-on-long-road-to-recovery
https://www.straitstimes.com/business/economy/manufacturing-to-lead-recovery-but-services-will-pick-up-in-2021-
analysts
https://www.straitstimes.com/singapore/health/singapore-to-look-at-boosting-manufacture-of-pharmaceutical-
products
https://www.straitstimes.com/business/economy/spore-must-adapt-to-realities-of-covid-19-world-says-chan

Headline, core inflation down in Oct after marginal increases
Singapore’s headline and core inflation both took a surprise deflationary turn in October to -0.2
per cent, after two months of marginal increases, according to Department of Statistics (Singstat)
consumer price index (CPI) figures. Economists had expected both readings to be neutral at zero
per cent.
Core inflation, which excludes the costs of private road transport and accommodation, intensified
its decline from September's -0.1 per cent figure, with steeper falls in the costs of services, and of
retail and other goods. Food inflation was also lower than in September, at 1.7 per cent.
The only core CPI categories with positive year-on-year inflation in October were food,
communication (0.8 per cent), and household durables and services (0.7 per cent).
The greatest declines in October were prices of clothing and footwear (-4.3 per cent), recreation
and culture (-2 per cent), and healthcare (-1.7 per cent).
The MAS and MTI kept their forecasts for both core and headline inflation to come in between -
0.5 per cent and zero per cent in 2020, as well as their 2021 forecasts for core inflation to average
zero per cent to 1 per cent, and headline inflation to be between -0.5 per cent and 0.5 per cent.

Links to the story:
https://www.businesstimes.com.sg/government-economy/headline-core-inflation-down-in-oct-after-marginal-
increases
https://www.straitstimes.com/business/economy/singapores-core-and-overall-inflation-shrink-in-october

                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
Nov 27, 2020 / Issue 48

Q3 total merchandise trade shrinks; full-year forecast upgraded
Singapore’s authorities upgraded their full-year projection for total merchandise trade and non-oil
domestic exports (NODX), as the Republic's third-quarter total merchandise trade continued to
shrink but at a slower pace.
Total merchandise trade declined by 6.3 per cent year-on-year in Q3, easing from a 15.3 per cent
fall in the April-June period, according to data from Enterprise Singapore (ESG).
Total services trade fell by 18.5 per cent in Q3, following the 22.4 per cent decline in the previous
three months.
NODX grew by 6.5 per cent in Q3, extending the 5.9 per cent growth in Q2. Domestic exports of
electronic products grew by 9.5 per cent, while that of non-electronic products grew by 5.7 per
cent.
Overall, ESG is expecting total trade to decline in 2020, due to lower oil prices and weaker demand
compared to a year ago.
ESG's 2020 growth projection for total merchandise trade has now been adjusted upwards to -7.5
to -7 per cent, while it is expecting NODX to grow by 4 to 4.5 per cent.
For 2021, total merchandise trade could grow by 1 to 3 per cent, with NODX increasing by 0 to 2
per cent, ESG said.

Links to the story:
https://www.businesstimes.com.sg/government-economy/us-china-trade-spat-had-mixed-impact-on-singapore-
exports-mti
https://www.straitstimes.com/business/economy/trade-nodx-tipped-to-grow-next-year-as-global-economy-expands

Singapore October industrial output falls 0.9%
Singapore’s factory output fell 0.9 per cent year on year in October with a decline in electronics
output and poorer biomedical performance, confounding economists' expectations of a 7.3 per cent
growth, Singapore Economic Development Board figures showed.
It was a sharp about-turn from September's revised growth figure of 25.6 per cent, which had been
boosted by the volatile biomedical cluster and a strong showing by electronics.
Excluding biomedical manufacturing, October's fall was steeper, at 2.7 per cent. On a seasonally
adjusted month-on-month basis, manufacturing output was down 19 per cent, or 2.9 per cent
excluding biomedical manufacturing, ending the trend of four months of sequential growth.

Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-october-industrial-output-falls-09
https://www.straitstimes.com/business/economy/spore-factory-output-down-09-in-oct

Productivity grew by 2.8% a year in last decade on capital investments
Labour productivity grew by 2.8 per cent a year from 2009 to 2019, according to a report.
The rise in real value-added per actual hour worked (AHW) was driven mainly by capital intensity
improvements in non-residential construction and research and development (R&D), said
economists from the Ministry of Trade and Industry (MTI).
Capital intensity, or the amount of equipment, intellectual property and infrastructure used for
production, boosts productivity when there is more capital for each man-hour.

Weekly News Select
                                                                                               Nov 27, 2020 / Issue 48

Besides capital intensity, Singapore also charted better labour quality, as well as total factor
productivity, which measures work efficiency.

Link to the story:
https://www.businesstimes.com.sg/government-economy/productivity-grew-by-28-a-year-in-last-decade-on-capital-
investments

IBM to hire, train 300 Singaporeans in emerging tech
Oover the next four years, IBM will hire and train 300 Singaporean professionals in emerging tech
areas under a memorandum of intent signed on Friday by IBM and the Infocomm Media
Development Authority (IMDA), and witnessed by Minister for Communications and Information
S Iswaran.
The roles include digital consultants, big-data engineers, data scientists, cloud architects, UX (user
experience) designers and full-stack digital developers.
Some 240 professionals will be trained under the TechSkills Accelerator (TeSA) Company-Led
Training programme; another 60 mid-career professionals will join the TeSA Mid-Career Advance
programme.
All this comes under IBM's Future-Ready Intelligent Digital Workforce Programme, which aims
to meet the demand for technology consulting and deep technical skills as industries transform
digitally.
The move is in support of the SGUnited Jobs and Skills Package. More information will be
available at the IBM Services Job Fair on Nov 28, or on IBM's website and social media.

Links to the story:
https://www.businesstimes.com.sg/government-economy/ibm-to-hire-train-300-singaporeans-in-emerging-tech
https://www.straitstimes.com/business/ibm-to-hire-and-train-300-sporeans-over-next-4-years

Over 12,000 openings in ICT sector; 95% of them in PMET roles
With keen competition for talent from the infocomm technology (ICT) sector, it is important to
not lose sight of the importance of startups and SMEs as they are essential to ensure the ecosystem
stays vibrant, said Manpower Minister Josephine Teo.
There will be 750 more places available over the next three years to help SMEs reskill their
workers and address their manpower needs said the Ministry of Manpower (MOM) and the
Infocomm Media Development Authority (IMDA) in its latest jobs situation report.
ICT is the sector with the highest placements under the SGUnited Jobs and Skills Package, with
some 7,190 jobseekers placed into jobs, company hosted traineeships and attachments, as well as
training places between April to early November.
About 1,830 of the placements were PMET jobs and 330 non-PMET jobs.
There are more than 12,000 ICT openings as of early-November, of which about 95 per cent are
in PMET roles such as software, web and applications developers as well as network engineers.

Links to the story:
https://www.businesstimes.com.sg/government-economy/over-12000-openings-in-ict-sector-95-of-them-in-pmet-
roles
https://www.straitstimes.com/singapore/jobs/95-of-over-12000-jobs-available-in-ict-sector-are-for-pmets

               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
                                                                                               Nov 27, 2020 / Issue 48

Dyson to invest £2.75b in Singapore, Philippines and UK
Technology company Dyson will pump £2.75 billion (S$4.92 billion) over the next five years into
Singapore, the Philippines and the United Kingdom, as it ramps up investments in new
technologies and products.
Dyson did not provide a breakdown of the investment amount for each of the three countries.
The company, which is opening a global head office in Singapore, will hire additional engineers
and scientists in fields such as software, machine learning and robotics.

Links to the story:
https://www.businesstimes.com.sg/technology/dyson-to-invest-%C2%A3275b-in-singapore-philippines-and-uk
https://www.straitstimes.com/business/dyson-plans-49b-in-investments-across-singapore-uk-philippines

Clean energy pivot will yield green jobs, but time needed to fill them
Oil majors are cutting jobs in traditional business segments as they move to cleaner energy, and
their downstream suppliers will follow suit.
However, given the economic importance of the oil-and-gas (O&G) industry in Singapore, it will
take time for the workforce to make the same shift, although the green jobs of the future could be
more attractive.

Links to the story:
https://www.businesstimes.com.sg/energy-commodities/clean-energy-pivot-will-yield-green-jobs-but-time-needed-
to-fill-them
https://www.businesstimes.com.sg/government-economy/foreigners-still-needed-in-clean-energy-manual-roles

Singapore's financial sector is hiring, but tech skills are key
Singapore's financial services sector has held steady against the economic toll of the pandemic,
creating some 1,900 net jobs for Singaporeans in the first half of the year.
But this trend may not be here to stay, as rising demand for tech roles in the industry continues to
outstrip the ability to build up the relevant skills, said Ravi Menon, managing director of the
Monetary Authority of Singapore (MAS), at a webinar hosted by MAS and the Institute of Banking
and Finance (IBF) Singapore.
A pilot employment outlook survey by MAS found that financial institutions in Singapore are
planning to offer 1,800 newly created jobs from July 2020 to July 2021. But to be clear, tech-
related roles lead the hiring demand, accounting for 880 - or 49 per cent - of the new jobs.
Overall, over 60 per cent of the new positions are targeted at experienced hires or specialists,
signalling a need to step up mid-career hiring and training for Singaporeans.
Against this backdrop, MAS and IBF have rolled out fresh measures to help enhance the career
prospects of Singaporeans in the financial sector and better position financial institutions for
growth.
A Work-Study Support Programme will be launched to develop "job-ready" graduates as the
longer-term strategy to build a Singaporean talent pipeline for the sector.

               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
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Weekly News Select
                                                                                                Nov 27, 2020 / Issue 48

The scheme will fund 80 per cent of the internship stipend, capped at S$1,000 per month, for
Singaporean undergraduates who serve their internships at financial institutions as part of the
SkillsFuture Work-Study Degree Programme.

Links to the story:
https://www.businesstimes.com.sg/government-economy/singapores-financial-sector-is-hiring-but-tech-skills-are-
key
https://www.straitstimes.com/business/banking/financial-sector-moves-to-develop-sporean-core
https://www.straitstimes.com/singapore/jobs/continuous-upskilling-vital-as-new-roles-emerge-panellists
https://www.straitstimes.com/singapore/jobs/jobs-traineeships-on-offer-in-financial-services-sector

Singapore's 2019 income gap improves, but could widen in 2020 due to Covid-19
Although Singapore's Gini coefficient, a measure of income inequality, dipped below 0.4 for the
first time in at least a decade in 2019, economists caution that the income gap could again widen
this year due to severe disruption from the Covid-19 pandemic. A Gini coefficient above 0.4 is
widely considered to indicate a large income gap.
Singapore has seen decreasing income inequality in 2019, with the value falling to 0.398 from
0.403 in 2018, after accounting for taxes and transfers, the Ministry of Finance (MOF) said in the
sixth edition of the Singapore Public Sector Outcomes Review (SPOR).
However, given the uneven impact the Covid-19 pandemic has had on the low-income group,
economists believe the income gap could inadvertently widen in 2020.

Links to the story:
https://www.businesstimes.com.sg/government-economy/singapores-2019-income-gap-improves-but-could-widen-
in-2020-due-to-covid-19
https://www.straitstimes.com/singapore/politics/singapore-sees-rising-incomes-falling-inequality

Shophouse
New Bridge Road shophouses up for sale
At least three shophouses on one end of New Bridge Road have been put up for sale this month.
The latest to go on the market is a corner conservation shophouse at 11 New Bridge Road, which
houses Song Fa Bak Kut Teh's flagship outlet on the ground floor.
The 99-year leasehold property, located opposite Clarke Quay MRT station, carries a guide price
of S$16.9 million. It takes up an area of 1,452 sq ft, and has an existing gross floor area (GFA) of
5,324 sq ft.
The expression of interest exercise for this property closes at 3pm on Dec 22.
Earlier this month, its neighbouring units, conservation shophouses at 13 and 15 New Bridge Road,
were launched for sale. The two adjoining leasehold shophouses had an indicative price of S$6.2
million each, excluding the premium payable for lease renewal.

Link to the story:
https://www.businesstimes.com.sg/real-estate/new-bridge-road-shophouses-up-for-sale

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                                                                                                Nov 27, 2020 / Issue 48

Hospitality
Travel bubble between HK and S'pore suspended
The launch of the Singapore-Hong Kong air travel bubble will be deferred for two weeks, and the
new launch date will be announced later, Transport Minister Ong Ye Kung said.
In a Facebook post, Mr Ong said that he and Hong Kong Secretary for Commerce and Economic
Development Edward Yau agreed that it would be better to defer the launch, given the evolving
situation in Hong Kong.
"We will review within two weeks on the new launch date and update again," he wrote.

Links to the story:
https://www.straitstimes.com/singapore/transport/travel-bubble-between-hk-and-spore-suspended
https://www.straitstimes.com/singapore/transport/travellers-disappointed-over-suspended-travel-bubble-with-hk

Singapore taking steps to be top spot for global events: Chan Chun Sing
As a key travel and transit hub in the region, Singapore has scope to establish itself as a safe and
secure meeting place for businesses amid Covid-19, Trade and Industry Minister Chan Chun Sing
said.
"Whoever can ensure visitors' health security in a faster and better way will gain a competitive
advantage. Singapore recognises this and has every intention to be amongst the leading lights in
this area," he said. "If we are able to build and operationalise these capabilities, it will set us apart
from many other competitors."
Mr Chan said Singapore is "not going to play defensive by just trying to get back to where we
were" in the Mice space.
Beyond that, Singapore wants to break new ground and establish a new level of experiences that
the country can provide.
He said that the Republic's lack of a large local population and its reliance on external visitors
mean that it cannot shut itself off from the world, and needs to adopt a risk-management rather
than a risk-elimination approach.

Links to the story:
https://www.straitstimes.com/business/spore-taking-steps-to-be-top-spot-for-global-events-chan
https://www.businesstimes.com.sg/government-economy/wider-shared-framework-will-cut-quarantine

Jetstar to operate transit flights via S'pore from six S-E Asian cities
Changi Airport will open up further to transit passengers, with Jetstar Asia announcing that those
on its flights from six South-east Asian cities will be able to transit via Singapore to other
destinations from Dec 1.
It is the fourth airline allowed to operate such transit flights after the three airlines under the
Singapore Airlines (SIA) Group - SIA, Scoot and SilkAir - began doing so in August.
The transit flights apply to Jetstar Asia passengers departing from Bangkok, Ho Chi Minh City,
Jakarta, Kuala Lumpur, Penang and Phnom Penh.

                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
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Weekly News Select
                                                                                                 Nov 27, 2020 / Issue 48

Link to the story:
https://www.straitstimes.com/singapore/jetstar-to-operate-transit-flights-via-spore-from-six-s-e-asian-cities

STB warns against high redemption fees for SingapoRediscovers Vouchers
The Singapore Tourism Board (STB) has said it will monitor the commission rates charged by the
booking platforms handling the SingapoRediscovers Vouchers redemption and penalise errant
platforms, following concerns from the industry over reportedly eye-watering fees proposed by
some.
However, The Business Times (BT) understands that some of them had intended to charge
commission fees ranging from 8 to 10 per cent, and as much as 25 per cent, on bookings made
using the vouchers, drawing backlash from tourism operators.
In response to queries, STB said that it had secured "lower-than-average" commission rates and
shorter credit terms for merchants as part of its tender for booking partners, and that the five
authorised platforms are "contractually required to honour these rates".

Links to the story:
https://www.businesstimes.com.sg/sme/stb-warns-against-high-redemption-fees-for-singaporediscovers-vouchers
https://www.businesstimes.com.sg/government-economy/singpass-required-to-redeem-singaporediscovers-
vouchers-says-stb
https://www.straitstimes.com/singapore/consumer/redeem-tourism-vouchers-online-from-dec-1
https://www.straitstimes.com/singapore/more-choices-with-multiple-redemption-platforms-observers
https://www.straitstimes.com/singapore/consumer/vouchers-can-be-used-for-hotel-stays-local-attractions-and-tours
https://www.straitstimes.com/singapore/consumer/concerns-that-redemption-process-may-be-too-complex-for-some

Virtual events pose monetisation challenge for MICE industry
With virtual and hybrid events serving as the meetings, incentives, conventions and exhibitions
(MICE) industry's only lifeline in the Covid-19 crisis, companies are grappling with the challenge
of turning a profit from these event formats for longer-term survival.
Although the shift online has eliminated many traditional costs such as transport, food and venue
rental, virtual and hybrid events still demand the same amount of preparation, if not more, as a
conventional physical event. Yet many clients have reduced their budgets for such events, and
participants are less willing to pay the prices that they used to for physical conferences.
With all these challenges, companies in the MICE industry are unlikely to see 2020 revenue reach
even half of last year's, despite running virtual events for several months now.

Link to the story:
https://www.businesstimes.com.sg/sme/virtual-events-pose-monetisation-challenge-for-mice-industry

Events sector gearing up to help Republic retain its edge
With several pilot events under way and others to come, Singapore's meetings, incentives,
conventions and exhibitions (Mice) industry is gearing up to ensure that the Republic retains its
position as a leading Mice hub.

                 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
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Weekly News Select
                                                                                                Nov 27, 2020 / Issue 48

Experts said that there is a first-mover advantage to be captured, and Singapore's handling of the
coronavirus crisis means that it is ready to reinforce its position as a global Mice destination, but
with the necessary precautions in place.
The Singapore Tourism Board (STB) is currently processing up to 50 applications to hold pilot
Mice events with up to 250 participants each. At least 20 pilot events have been approved so far.

Link to the story:
https://www.straitstimes.com/business/events-sector-gearing-up-to-help-republic-retain-its-edge

Business travel still low, stay-home notice a hurdle
Essential business travel in and out of Singapore is still muted despite moves by the Ministry of
Trade and Industry (MTI) and other agencies.
Foreign delegates can apply to enter Singapore to attend larger-scale meetings, incentives,
conventions and exhibitions (Mice) events that are now being piloted by MTI and Singapore
Tourism Board (STB).
These include the 65 foreign delegates from 14 countries who are attending the two-day
TravelRevive trade show in Singapore this week.
But an MTI spokesperson told BT, when asked: "The number of non-resident visitors who
travelled to Singapore to conduct such essential business activities remains low."

Link to the story:
https://www.businesstimes.com.sg/government-economy/business-travel-still-low-stay-home-notice-a-hurdle

Chingay Parade to go fully digital, showcase talent videos next year
The annual Chingay Parade will be back again next year, but will go fully digital for the first time.
And Singapore residents will get a chance to take part in the parade as part of a community
engagement campaign called Jalan Jalan with Chingay, said the People's Association (PA) in a
statement.
Individuals and groups can submit a one-minute video showcasing their hidden talents for the
We've Got Talent category, or submit a video of their singing prowess for the Sing With Me
category.
There is also a dance competition, which aims to showcase young people performing dance
numbers that combine different elements of local dance cultures - jazzed up with their own unique
styles and interpretations.
The organisers will select video submissions from any of these categories to win prizes and feature
in the Chingay show, which will be broadcast on Feb 20 at 8pm.

Link to the story:
https://www.straitstimes.com/singapore/chingay-parade-to-go-fully-digital-showcase-talent-videos-next-year

                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
Nov 27, 2020 / Issue 48

Industrial
Airbus Singapore campus opens nine months after schedule
A S$38 million campus bringing together all of airplane maker Airbus' operations in Singapore
was officially opened in Seletar, nearly nine months after it was initially scheduled.
This made the 51,000 sq m facility - occupying an area slightly more than seven football fields - a
"statement of confidence" in Singapore, Trade and Industry Minister Chan Chun Sing said at its
inauguration.
New facilities include a three-storey office building that will serve as the company's regional hub
for Airbus' commercial aircraft, defence, space and helicopter businesses in the region, as well as
a second warehouse that will increase the company's storage capacity by over 70 per cent.
There will also be a branch of Airbus' global leadership university which provides training for its
employees, the second one in Asia after Beijing, and a facility from which a new regional operation
for Skywise, the company's digital service platform, can be launched.
The European giant employs around 800 people in Singapore and more than 60,000 worldwide,
and already has a training centre and spare parts distribution facility at the site in Seletar.

Links to the story:
https://www.businesstimes.com.sg/companies-markets/airbus-singapore-campus-opens-nine-months-after-schedule
https://www.straitstimes.com/singapore/planemaker-airbus-opens-38m-campus-in-singapore

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

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