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Weekly News Select
Jun 5, 2020 / Issue 23
Top News for the Week
• 7,800 BTO flats on offer in August; some projects may see delay of 6 months
• HDB resale volume dips to 30-year low in May, but prices hold up
• More rental help for SME tenants with at least 35% revenue fall
• Singapore agrees to suspend HSR project till Dec 31
• Singapore PMI rises in May, recovers from April lows
• Singapore in talks with Australia, South Korea on 'green lanes' for travel
• Singapore-China business travel starts from June 8 with strict curbs
Residential
Coronavirus: 7,800 BTO flats on offer in August; some projects may see delay of 6
months
Home buyers who could not apply for a Build-To-Order (BTO) Housing Board flat this month
because of the circuit breaker will be able to do so in three months, as the flats originally scheduled
for launch this month will be combined with the August BTO exercise.
This is even as the HDB said that some BTO projects are expected to be delayed by up to six
months due to the coronavirus outbreak.
The HDB will offer about 7,800 BTO flats in Ang Mo Kio, Bishan, Choa Chu Kang, Geylang,
Pasir Ris, Tampines, Tengah and Woodlands in August.
Another 5,700 flats in Bishan, Sembawang, Tampines, Tengah and Toa Payoh will be offered in
November.
Of these, the flats in Choa Chu Kang and Tampines North from the August launch, and those in
Tengah from the November launch, will have shorter waiting times, the HDB said.
Property experts believe that the larger number of flats in August could mean a higher chance for
applicants to secure a flat.
Huttons Asia director of research Lee Sze Teck said: "Buyers have a wide pool of flats to choose
from, and this may dilute the subscription rate."
Link to the story:
https://www.straitstimes.com/singapore/housing/7800-bto-flats-on-offer-in-august-some-projects-may-see-delay-of-
6-months
HDB resale volume dips to 30-year low in May, but prices hold up
Housing and Development Board (HDB) flat resale volumes tumbled still further last month,
following the already record low number of flats resold in April and dropping to levels not seen in
the last thirty years, figures from a real estate portal showed.
Just 364 flats changed hands in May, a 13.9 per cent decrease from the 423 resold in April. Both
figures logged during the circuit breaker months were lower than the previous record low of 778
flats resold 30 years ago in May 1990.
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Jun 5, 2020 / Issue 23
The resale market fared worse than it had in previous disease outbreaks too. In May 2003, the
corresponding month during the severe acute respiratory syndrome outbreak, resale volume still
managed to reach 2,272 flats.
Prices, however, held steady in May, even increasing 0.1 per cent compared to April. People on
average paid about S$3,000 more than the flats' estimated value last month.
Links to the story:
https://www.businesstimes.com.sg/real-estate/hdb-resale-volume-dips-to-30-year-low-in-may-but-prices-hold-up
https://www.straitstimes.com/singapore/hdb-resale-volume-hits-new-low-but-prices-hold-steady
To beat ABSD, 38 Jervois developer launches fire sale to clear units
The developer of 38 Jervois has launched a fire sale slashing prices by up to S$547,320 so that it
will not incur the Additional Buyer's Stamp Duty (ABSD).
The discounts range from 13 per cent to 24 per cent for the remaining 16 units in the 27-unit
freehold boutique condo which received its temporary occupation permit in March 2019.
In dollar terms, the smallest discount is S$275,900 for the 818 square feet (sq ft) show flat unit
which now goes for S$1.82 million, or S$2,223 per sq ft (psf). The biggest discount of S$547,320
is for a 915 sq ft unit on the fourth level, bringing the price down to S$1.92 million or S$2,102
psf.
Buyers are told that the transactions will only go through if all 16 units are taken up, hence the
expressions of interest. The developer will confirm the booking within seven days from June 15.
Link to the story:
https://www.businesstimes.com.sg/real-estate/to-beat-absd-38-jervois-developer-launches-fire-sale-to-clear-units
Commercial
Tech firms, startups likely to still drive demand for CBD space
As tech companies and startups continue to make public their plans for remote work, market
watchers remain optimistic that the technology sector will not downsize offices.
They predict that tech firms will continue to be a key driver of prime office space demand in the
central business district (CBD) over the next few years.
Market watchers say this could be due to the ample liquidity in the startup scene, driven by huge
funding rounds and a robust entrepreneurial scene. As startups and investor communities grow and
become more sophisticated, part of their strategy for positioning could include an office in the
CBD as well.
Link to the story:
https://www.businesstimes.com.sg/garage/tech-firms-startups-likely-to-still-drive-demand-for-cbd-space
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Saudi group tipped as buyer of ex-Chevron House retail, banking units
An entity linked to Saudi Arabia-based Olayan Group is understood to be the party that entered
into an expression of interest (EOI) last month to buy the retail podium and the three lowest office
floors at 30 Raffles Place, formerly known as Chevron House, for S$315 million.
Olayan Group is a private multinational enterprise set up in 1947 by Suliman Saleh Olayan. It is
involved in a gamut of sectors including automotive, industrial equipment and services,
construction-related businesses, fast-moving consumer goods, food franchising and investment
and real estate, according to information on its website.
Its international property portfolio includes 550 Madison Avenue (formerly known as the Sony
Building) in New York and the Knightsbridge Estate in London.
Link to the story:
https://www.businesstimes.com.sg/real-estate/saudi-group-tipped-as-buyer-of-ex-chevron-house-retail-banking-units
Covid-19 will likely speed up shift to decentralise CBD, experts say
The Covid-19 pandemic will likely accelerate the shift towards decentralising the Central Business
District (CBD) by bringing workplaces closer to homes while increasing recreational and
residential options in the city centre, industry observers say.
The pandemic has raised awareness of the need for risk management and business continuity
planning, while lockdowns and forced telecommuting have revealed that some functions within
organisations can operate from home.
This does not mean an end to corporate offices and the CBD, but downsizing may be on the cards.
The URA said it is closely monitoring the pandemic's impact on businesses' office space
requirements.
Link to the story:
https://www.straitstimes.com/business/covid-19-will-likely-speed-up-shift-to-decentralise-cbd-experts-say
GSM Building on Middle Road launched for en bloc sale
GSM Building at 141 Middle Road has been launched for sale by tender.
The asking price is in the region of S$98 million, while the upgrading premium is about S$18.6
million.
The building has a land area of about 12,003 sq ft, with a balance lease term of about 61 years.
Under the Urban Redevelopment Authority's Master Plan 2019, the site is zoned for commercial
use, with a 4.2 plot ratio and a height restriction of up to 16 storeys, subject to planning approval,
the marketing agent said.
The tender exercise for GSM Building will close at 3pm on July 16.
Link to the story:
https://www.businesstimes.com.sg/real-estate/gsm-building-on-middle-road-launched-for-en-bloc-sale
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Jun 5, 2020 / Issue 23
Retail
Covid-19 claims first Singapore Michelin-starred victim
The Covid-19 pandemic has claimed its first Michelin-starred victim, with Vianney Massot
Restaurant set to close permanently by the end of this month.
The one-starred fine dining French eatery in Hong Kong Street, which has already stopped its
takeaway and delivery service, is the most high profile name yet in a string of closures that have
rocked the food and beverage (F&B) industry since the start of the virus outbreak.
There are currently 44 Michelin-starred restaurants in Singapore, of which 37 have one star each.
Link to the story:
https://www.businesstimes.com.sg/consumer/covid-19-claims-first-singapore-michelin-starred-victim
Government
Earlier, faster reopening raises risk of new Covid-19 cases, says Gan
Reopening Singapore too early and too quickly could lead to an increase in the number of Covid-
19 cases, undoing the efforts of the "circuit-breaker" measures, Health Minister Gan Kim Yong
said as he urged patience.
He cautioned against reopening too early and too quickly, because of a real risk of a resurgence in
the number of cases or clusters, which may require the government to reimpose strict measures
that would slow down the pace of opening.
The number of community cases has been in a steady decline - from 31 cases a day in early April
to four a day now - he said this is probably the effect of the circuit breaker.
A rise in the number of new community cases is to be expected as activity levels and person-to-
person interaction increase with the lifting of the circuit breaker, he added. This is why the multi-
ministry task force, Singapore's coronavirus response team, has taken a cautious and graduated
approach to ensure safe opening in Phase One, Mr Gan said.
Links to the story:
https://www.businesstimes.com.sg/government-economy/earlier-faster-reopening-raises-risk-of-new-covid-19-
cases-says-gan
https://www.straitstimes.com/politics/dining-at-fb-outlets-not-possible-in-phase-one-gan
More rental help for SME tenants with at least 35% revenue fall
Additional rental waivers - with the cost borne by landlords - will be given to eligible small and
medium-sized enterprises (SMEs) that have suffered at least 35 per cent fall in revenue, on top of
mandatory waivers funded by the government, under new legislation to be introduced.
Previous direct monetary assistance given by landlords, including passing on property tax rebates,
can be used to offset the mandated waivers. Landlords unable to provide the additional waivers
can seek an assessment, with qualifying landlords only having to give half the amount.
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Jun 5, 2020 / Issue 23
The Bill also sets out a repayment scheme for arrears, provides relief for tenants that cannot vacate
business premises due to Covid-19, and caps late payment interest or charges for certain contracts.
It amends an earlier act that gives temporary relief for some contractual obligations due to Covid-
19.
The new legislation, under which the government and landlords share the cost of mandatory rental
waivers for SMEs, was announced in last week's Fortitude Budget, with more details given by the
Law Ministry. SMEs are defined as firms with turnover of up to S$100 million at the group level
in 2019.
With the government funding the equivalent of about two months' rent for qualifying commercial
properties, and about one month for industrial or office properties, landlords must in turn grant a
two-month waiver of base rent for April and May to SME tenants in commercial properties, and a
one-month waiver of base rent for April to SME tenants in industrial or office properties. Base rent
excludes any gross turnover payable, maintenance fees, and charges for services such as cleaning
and security.
The tenancy must have been entered into before March 25, 2020.
Links to the story:
https://www.businesstimes.com.sg/government-economy/more-rental-help-for-sme-tenants-with-at-least-35-
revenue-fall
https://www.straitstimes.com/business/more-rent-waivers-help-on-the-way-for-hard-hit-smes
Government, banks offer more relief to cash-strapped landlords
The government may be mandating that commercial landlords help their tenants, but it will also
assist landlords who face cash flow constraints as a result of providing relief to their tenants.
The Ministry of Finance (MOF), the Monetary Authority of Singapore (MAS) and a number of
government agencies announced a package of measures to help such landlords with their existing
loan commitments to ease their cash flow needs.
These measures complement earlier announced relief measures such as deferment of principal
payments on commercial property loans for individual landlords and deferment of principal
payments on secured term loans for SME and corporate landlords.
Now, banks and finance houses are allowing individual landlords who are current in their loan
repayments as at Feb 1, 2020 to defer both principal and interest payments up to Dec 31, 2020 if
they are required under the Covid-19 Amendment Bill to provide their tenants rental waivers or
payment rescheduling.
Links to the story:
https://www.businesstimes.com.sg/real-estate/government-banks-offer-more-relief-to-cash-strapped-landlords
https://www.straitstimes.com/business/more-help-for-some-landlords-facing-cash-flow-issues
National Jobs Council to tap tripartite partners: Tharman
Singapore cannot wait for the employment market to recover on its own and avoid the risk of
treating rising unemployment as a new normal, Senior Minister and Coordinating Minister for
Social Policies Tharman Shanmugaratnam said.
His comments follow a first meeting by the National Jobs Council, which has been tasked to
implement the S$2 billion SGUnited Jobs and Skills Package announced at the Fortitude Budget.
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Jun 5, 2020 / Issue 23
Chaired by Mr Tharman and with Deputy Prime Minister and Finance Minister Heng Swee Keat
as advisor, the council outlined its priority areas in creating over 95,000 job and training
opportunities for Singaporeans.
First, it will identify and develop job opportunities for Singaporeans amid the pandemic and in its
aftermath, the council said in a statement.
Secondly, it will rally and mobilise tripartite partners and training providers to establish a sizeable
bank of SGUnited Jobs and skills opportunities. These will cater to various sectors and every skill
level, it said.
Finally, it wants to enable Singaporeans to take full advantage of these opportunities through job
creation and matching, attachments and retraining for reskilling and job redesign through business
transformation.
The council added that it will align its work with that of the Future Economy Council and the
Emerging Stronger Taskforce.
Links to the story:
https://www.businesstimes.com.sg/government-economy/national-jobs-council-to-tap-tripartite-partners-tharman
https://www.straitstimes.com/singapore/new-council-to-create-jobs-on-unprecedented-scale
https://www.straitstimes.com/singapore/manpower/no-one-is-too-old-to-hire-too-qualified-to-adapt-tharman
Firms that 'disguise' layoffs could have JSS wage support withdrawn: Josephine Teo
Companies found to have disguised their retrenchments could have their wage support and work
pass privileges withdrawn, Manpower Minister Josephine Teo said.
However, she noted that the bigger challenge in today's context is not that employers pretend it is
not a retrenchment, but that they may not have the means to fulfil their obligations.
The tripartite partners have therefore agreed that in instances of genuine financial difficulty,
retrenchment benefit may be renegotiated or moderated, she said, and the norms may have to be
set aside in these abnormal times.
Links to the story:
https://www.businesstimes.com.sg/government-economy/firms-that-disguise-layoffs-could-have-jss-wage-support-
withdrawn-josephine-teo
Singapore embarks on 'epic challenge' to help job seekers
As an economic storm gathers on its doorstep, Singapore is preparing to meet it and do all it can
to create pathways and opportunities for job seekers, Manpower Minister Josephine Teo said.
To help both fresh entrants to the job market and those who might find themselves seeking
employment as a fallout of the Covid-19 slowdown, the Government aims to set up satellite career
centres in all 24 Housing Board towns. This will help job seekers find the most suitable pathway
for them, she said.
There are now five career centres islandwide as well as partnerships with the National Trades
Union Congress' Employment and Employability Institute (e2i), social service offices, community
development councils, and self-help groups. Job seekers can also get help online on the
MyCareersFuture.sg portal.
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Links to the story:
https://www.straitstimes.com/singapore/singapore-embarks-on-epic-challenge-to-help-job-seekers
https://www.straitstimes.com/singapore/reasons-for-hope-in-face-of-gathering-storm-teo
https://www.straitstimes.com/politics/over-5000-jobs-in-the-pipeline-for-digital-sector-iswaran
Work can resume on over 5,400 home renovation projects: BCA
The Building and Construction Authority (BCA) has approved all applications for residential
renovation projects previously suspended due to the Covid-19 circuit breaker, it said.
This means that work can now resume on more than 5,400 such projects.
BCA said all new applications to resume residential renovation works will be approved within two
days, if the submission is in order.
Links to the story:
https://www.businesstimes.com.sg/real-estate/work-can-resume-on-over-5400-home-renovation-projects-bca
https://www.straitstimes.com/singapore/housing/over-5400-suspended-home-renovation-projects-get-nod-for-restart
New measures for foreign workers, dorm operators, employers from June 2
Foreign workers, their employers and dormitory operators must comply with a slew of measures
before they are allowed to return to work after Singapore's "circuit breaker" period comes to an
end on June 1.
Among the measures, dorm operators have to implement tight entry and exit controls while
limiting inter-mixing within the facility. They have to complete a checklist of measures and
provide the Ministry of Manpower (MOM) an updated register of all residents housed in the
dormitory, the ministry said.
On the employers' part, they would need to show proof of approval by relevant government
agencies to resume work, among other measures. Both dorm operators and employers would also
need to work together to plan staggered pick-up and drop-off times.
As for migrant workers, they need to monitor their health and report their daily health status using
MOM's FWMOMCare mobile app, as well as activate the latest version of the TraceTogether app.
Links to the story:
https://www.businesstimes.com.sg/government-economy/new-measures-for-foreign-workers-dorm-operators-
employers-from-june-2
https://www.straitstimes.com/singapore/employers-seeking-levy-rebates-must-let-mom-deploy-foreign-workers
https://www.straitstimes.com/singapore/manpower/new-measures-for-foreign-workers-resuming-work
https://www.straitstimes.com/singapore/manpower/safeguards-as-foreign-workers-return-to-work
60,000 new bed spaces for migrant workers by end-2020
Some 60,000 new bed spaces will be ready for migrant workers by end-2020, while another close
to 60,000 with "new designs and new standards" will be added within the next two years, National
Development Minister Lawrence Wong said.
While the early new bed spaces are to be housed in "new quick build" dormitories (QBDs) and 36
unused state properties that include former schools and vacant factories on eight sites, Mr Wong
said that the subsequent 60,000 spaces to be housed in 11 new dorms is part of a longer-term plan
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for new purpose-built dorms which will have reduced density and more resilience against the risk
of pandemics.
The new purpose-built dorms being planned for the next "several years" can house up to 100,000
workers, according to a spokesperson from the Ministry of National Development.
The eight sites identified for the QBDs are Kranji Way, 1 Tuas Avenue 2, Tuas South Avenue 10,
Jalan Tukang, Admiralty Street, Choa Chu Kang Grove, Choa Chu Kang Way and Tampines
Industrial Avenue 2.
Links to the story:
https://www.businesstimes.com.sg/government-economy/60000-new-bed-spaces-for-migrant-workers-by-end-2020
https://www.straitstimes.com/singapore/former-jcs-among-36-sites-to-be-used-for-housing-migrant-workers
https://www.straitstimes.com/singapore/new-standards-to-be-piloted-at-upcoming-quick-build-dorms
https://www.straitstimes.com/singapore/plans-to-overhaul-housing-for-foreign-workers-unveiled
MSF-funded social services will resume in phases
A range of social services funded by the Ministry of Social and Family Development (MSF),
including day centres for those with disabilities and special student care centres, will reopen in
phases from 2 June.
Priority will be given to critical services deemed to be addressing "higher needs", Social and
Family Development Minister Desmond Lee said, as he stressed continued safety measures for all
staff and clients.
Link to the story:
https://www.straitstimes.com/singapore/msf-funded-social-services-will-resume-in-phases
Singapore agrees to suspend HSR project till Dec 31
Singapore has agreed to further suspend the High-Speed Rail (HSR) project - which would link it
with Kuala Lumpur - for seven months, till the end of the year.
The announcements came the same day as the deadline to decide on the project's fate, after both
countries agreed in September 2018 to suspend it for about two years.
That decision had pushed the completion date for the 350km rail line from end-2026 to January
2031.
Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-agrees-to-suspend-hsr-project-till-dec-31
https://www.straitstimes.com/singapore/transport/suspension-of-spore-kl-high-speed-rail-gets-final-extension-to-
dec-31
https://www.straitstimes.com/singapore/transport/malaysia-seeks-to-extend-suspension-of-hsr-project
SG Digital Office to encourage digitalisation among seniors, hawkers
The Singapore government will be setting up a new digitalisation office to double down on
outreach efforts to the hardest-to-reach segments of society and encourage them to adopt digital
tools.
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This new SG Digital Office (SDO) will recruit 1,000 digital ambassadors by the end of June to
help stallholders and seniors learn how to use digital tools - skills which the government says are
more important than ever, given disruptions caused by the ongoing Covid-19 pandemic.
These ambassadors will cover all 112 hawker centres and wet markets in June to encourage
stallholders to adopt SGQR codes for e-payment and to avoid having to handle cash, the Infocomm
Media Development Authority and the Ministry of Communications and Information said in a
joint release.
This outreach will be ramped up in July to include coffee shops and industrial canteens. With the
SDO leading a "whole-of-nation" movement to accelerate Singapore's digitalisation push, the goal
is to get 18,000 stallholders on the unified e-payment solution by June 2021.
Links to the story:
https://www.businesstimes.com.sg/technology/sg-digital-office-to-encourage-digitalisation-among-seniors-hawkers
https://www.straitstimes.com/singapore/new-outfit-to-boost-spores-digitalisation-capabilities
https://www.straitstimes.com/politics/pandemic-highlights-critical-need-for-digitalisation
Economy
Singapore PMI rises in May, recovers from April lows
In May, Singapore's factory sentiment improved both overall and in the electronics sector for the
first time this year, recovering from April's levels, which were the lowest since 2008. But both
readings were still in contractionary territory for the fourth straight month, with economists
warning that headwinds persist.
The Purchasing Managers' Index (PMI) - an early indicator of factory activity - rose 2.1 points to
46.8 in May, while the electronics sector PMI rose 3.4 points to 46.2. A reading below 50 indicates
contraction, and above 50, growth.
The improvements in both overall and electronics PMI were due to slower contractions in the key
indexes of new orders, new exports, factory output and employment, said the Singapore Institute
of Purchasing and Materials Management (SIPMM), which compiles the index, in its release.
Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-pmi-rises-in-may-recovers-from-april-lows
https://www.straitstimes.com/business/economy/spore-pmi-bounces-off-11-year-low-but-remains-in-contraction
Non-resident deposits in Singapore jump 44% to record S$62b in April
Singapore saw a record jump in deposits in April as investors rushed to park funds here given its
status as a safe haven amidst global market volatility, said analysts.
Deposits from residents outside Singapore jumped 44 per cent to its highest level of S$62.14
billion, according to data by the Monetary Authority of Singapore. This includes deposits from
persons with registered addresses outside Singapore such as overseas residents, Singaporeans
working abroad and companies with a registered overseas address.
Meanwhile, foreign currency deposits at banks here soared almost four times to a record S$26.97
billion in April from a year ago.
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Singdollar-denominated deposits - which make up the bulk of deposits - also went up 10 per cent
to S$716.6 billion in April from a year ago, the highest it has been.
Collectively, Singdollar and foreign currency deposits saw the largest jump in terms of absolute
growth on a month-on-month basis.
Links to the story:
https://www.businesstimes.com.sg/banking-finance/non-resident-deposits-in-singapore-jump-44-to-record-s62b-in-
april
https://www.straitstimes.com/business/banking/surge-in-spore-bank-deposits-reflects-risk-aversion-inflows-from-
markets
Consumer loans dive in April as circuit breaker kicks in
Consumer loans in Singapore continued to dive in April, with credit card loans clocking their
steepest fall on record as the Republic's circuit breaker took effect on April 7, keeping people at
home and most retail outlets shut, according to the latest data from the Monetary Authority of
Singapore (MAS).
Economists noted that the slide in consumer loans will likely persist in May, with recovery to be
seen only when retail shops, property and car showrooms open.
In April, consumer loans fell 0.9 per cent from the month before to S$255.89 billion - slightly
better than the 1.4 per cent contraction in March. However, its plunge of 3 per cent on a year-on-
year basis marks its worst decline on record.
Unsecured personal loans - excluding credit cards - also contributed to the fall, down 2.8 per cent
to S$35.79 billion. This would reflect borrowings for education and renovation purposes, among
others.
Links to the story:
https://www.businesstimes.com.sg/government-economy/consumer-loans-dive-in-april-as-circuit-breaker-kicks-in
https://www.straitstimes.com/business/banking/bank-lending-dips-for-2nd-straight-month-consumer-loans-shrink
Uncertain job prospects ahead but steps being taken to help
As the world battles an unprecedented pandemic, Singapore's job market is heading into uncertain
territory - with vacancies likely to shrink, employers reluctant to hire and a large pool of workers
expected to be looking for jobs in the coming months, Manpower Minister Josephine Teo said.
That is why she wants to roll out more traineeships, especially for mid-career job seekers - even
beyond the numbers indicated in the Fortitude Budget - so that they can gain work experience
while waiting for a permanent position.
Giving a sense of the challenges ahead as the pandemic drags the economy towards a recession,
Mrs Teo said preliminary data showed that even in March, the ratio of job vacancies to unemployed
people stood at 0.71.
This means that there were just seven vacancies for every 10 unemployed people. But this could
worsen rapidly.
Links to the story:
https://www.straitstimes.com/singapore/manpower/uncertain-job-prospects-ahead-but-steps-being-taken-to-help
https://www.straitstimes.com/singapore/transport/rail-sector-remains-bright-spot-for-jobs-says-khaw
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https://www.straitstimes.com/singapore/manpower/traineeships-can-pay-off-for-mid-career-job-seekers-companies
Great Eastern offering 1,000 jobs, places for interns and trainees
Great Eastern Holdings is offering vacancies, traineeships and internships to give job seekers,
graduates and students opportunities amid the economic and employment uncertainty brought
about by Covid-19, it said.
Up to 1,000 vacancies will be available for those looking to join the insurer's growing agency
force.
The company will launch a specialised programme this month, named The Lifeproof Academy, to
provide support and mentorship to those interested in financial planning as a career.
In addition, Great Eastern is offering over 200 traineeship positions of up to 12 months, under the
government's SGUnited Traineeships Programme. These will be available to graduates from the
Institute of Technical Education, polytechnics, universities and other private institutions.
It added that it will continue its corporate management associate programme for university
graduates.
Meanwhile, over 100 internship placements are available to students from institutes of higher
learning. These internships will provide insights into the insurance industry and operations, and
prepare students for the workforce.
Links to the story:
https://www.businesstimes.com.sg/companies-markets/great-eastern-offering-1000-jobs-places-for-interns-and-
trainees
https://www.straitstimes.com/business/banking/great-eastern-offering-grads-students-a-start-in-job-market
Chan Chun Sing sees bright spots for Singapore in the new normal
Singapore will have to live with the coronavirus at least for the next one or two years. This is the
new normal envisioned by Trade and Industry Minister Chan Chun Sing in an interview with The
Straits Times.
Companies must get used to remaining in a permanently distanced state until a vaccine is found or
rapid, affordable test kits for Covid-19, akin to pregnancy test kits, are developed.
But along with the challenges, there will be opportunities as well for companies here, he added,
highlighting the shifts in the economy and changes in the way people will work. Certain established
industries, such as retail and food and beverage, may see some decline, but newer ones like 5G
and biopharma will thrive.
Similarly, the nature of jobs may change, and workers will have to be au fait with digital
technologies even if they belong to sectors that did not use them before.
Links to the story:
https://www.straitstimes.com/politics/chan-sees-bright-spots-for-spore-in-the-new-normal
https://www.straitstimes.com/politics/as-some-sectors-thrive-others-need-new-business-model-minister
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www.huttonsgroup.comWeekly News Select
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$13b secured to create thousands of jobs: Chan Chun Sing
A total of $13 billion in investment commitments has been secured by Singapore in the first four
months of this year - among the highest in recent years. This will create thousands of jobs in areas
such as electronics, energy and chemicals.
Among the companies that have made investment commitments are tech firm Micron, which
intends to add 1,500 jobs here over the next few years, and ExxonMobil, which is expanding its
refining and petrochemical complex.
The amount secured by the Economic Development Board (EDB) is higher than the yearly
amounts secured from 2013 to 2018, and exceeds the $8 billion to $10 billion initially projected
for the whole of this year. EDB secured $15.2 billion last year.
Link to the story:
https://www.straitstimes.com/singapore/13b-secured-to-create-thousands-of-jobs-chan
Hospitality
Singapore in talks with Australia, South Korea on 'green lanes' for travel
Talks are under way with South Korea and Australia to establish "green lanes" for travel in the
Covid-19 environment, said Trade and Industry Minister Chan Chun Sing.
Singapore is also having such discussions with New Zealand and Malaysia, while China became
the first country to establish a green lane with the Republic.
Mr Chan said Singapore is in simultaneous discussions with "as many countries as possible" on
forming green lanes, and that such discussions are taking place on a bilateral level, not a
multilateral one.
Such arrangements allow for the restoration of connectivity and facilitation of short-term essential
business and official travel between countries, subject to safeguards against the coronavirus.
Link to the story:
https://www.straitstimes.com/singapore/transport/singapore-in-talks-with-australia-s-korea-on-green-lanes-for-travel
Singapore-China business travel starts from June 8 with strict curbs
Tough conditions set for Singapore- China travel to resume will likely see only the most essential
trips being taken.
On the plus side, as Singapore moves to ease border restrictions, business and official travellers
who tap the Singapore-China fast lane will not have to serve a two-week quarantine when they
travel between the two countries - but they must take swab tests at their own cost.
Under the fast-lane agreement to be launched on June 8, travellers will also have to be sponsored
by a company or government agency of the destination country, as well as cover their own cost of
medical treatment if they test positive for Covid-19.
The swab tests must be done in both countries - the first one within 48 hours of departure and the
second, on arrival. Travellers also have to stay isolated for one to two days on arrival, pending the
test results.
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Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-china-business-travel-starts-from-june-8-with-
strict-curbs
https://www.straitstimes.com/singapore/transport/spore-to-resume-essential-business-travel-with-china
https://www.straitstimes.com/business/economy/firms-welcome-move-to-reopen-travel-with-china
https://www.straitstimes.com/singapore/sino-singapore-fast-lane-for-essential-business-official-travel
https://www.straitstimes.com/singapore/spore-china-to-launch-essential-travel-fast-lane
https://www.businesstimes.com.sg/government-economy/businesses-welcome-singapore-china-fast-lane
Banyan Tree lays off 30% of 180-strong S'pore workforce
Hospitality group Banyan Tree has laid off about 30 per cent of its workforce in Singapore.
It has around 180 people working in its corporate office and headquarters here.
The company is also helping staff to find new roles or is offering them flexible employment.
It set up an internal portal called Laguna Jobs to provide affected workers with operational roles
when needed.
The company is also offering complimentary classes within its human resources training academy
to help affected staff gain new skills so they can find other jobs.
Link to the story:
https://www.straitstimes.com/business/companies-markets/banyan-tree-lays-off-30-of-180-strong-spore-workforce
Coronavirus: Visitor arrivals to Singapore hit historic low in April
The number of visitors to Singapore plummeted to a historic low of 748 in April, the first full
month since a ban on short-term visitors was put in place.
The Straits Times understands that these visitors were allowed entry due to extenuating
circumstances.
The figure represents a near 100 per cent drop from the 1.6 million tourists that came in the same
month last year, according to figures published by the Singapore Tourism Board (STB) on the
Singapore Tourism Analytics Network website.
The average length of stay, however, shot up more than 1,000 per cent, from 3 days to 39 days.
Data shows that Indonesia was the top source of visitors in April, with about 200 arrivals, followed
by Thailand with 153 and Malaysia with 96.
There were only 18 visitors from China, Singapore's traditional top source market.
Link to the story:
https://www.straitstimes.com/singapore/visitor-arrivals-to-singapore-hit-historic-low-in-april-0
Industrial
Pandemic prompts manufacturers to rejig supply chains, operations
As business gradually resumes in the recovery phase of Singapore's pandemic response,
manufacturers here are making major changes to their supply chains and operations in facilities
both locally and abroad. This is both to comply with regulations and to ensure they are well-
prepared for similar crises in future, they told The Business Times.
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Consultants said most companies will likely diversify their supply chains and operations by
choosing suppliers closer to home in the short term, while setting up facilities in more countries.
Companies said they will actively lower their risks by changing common practices such as picking
suppliers based on cost rather than proximity and operating on a "just-in-time" basis with minimal
inventory. If they have factories in more than one country, they will also look to create localised
supply chains for each location.
Links to the story:
https://www.businesstimes.com.sg/government-economy/pandemic-prompts-manufacturers-to-rejig-supply-chains-
operations
Contact:
Lee Sze Teck
Head, Research
(65) 6500 6510
szetecklee@huttonsgroup.com
This document has been prepared by Huttons Asia for general information only. Huttons Asia does not guarantee warrant or represent that the
information contained in this document is correct. Any interested party should undertake their own enquiries as to the accuracy of the information.
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