Weekly News Select Sept 11, 2020 / Issue 37

Top News for the Week • Savills Residential, Huttons Asia to merge in further sector consolidation • Penrose condo's early-bird prices start from S$788,000 this weekend • August new home sales surge to 11-month high on pent-up demand • Singapore condo resale volume hits two-year high in Aug • Limited supply of 5-room BTO flats in central region in last five years • Firms to get up to S$30,000 for each new worker if they hire more locals in next 6 months • Coronavirus: Singapore to work with G-20, other bodies to restart travel • Opening of six TEL stations delayed till first quarter 2021 • July retail sales surge after phase two reopening

Residential Savills Residential, Huttons Asia to merge in further sector consolidation The consolidation among property agencies here continues. This time around, Savills Singapore's associates arm - Savills Residential - will merge with Huttons Asia. Savills Singapore is also Huttons' largest shareholder. The move will see Huttons strengthen its current pool of 3,044 brokers, with all 582 Savills commission-only residential brokers being invited to join. This is expected to enhance Huttons' capabilities in clinching appointments from developers to market their residential projects for sale. The post-merger business will trade as "Huttons - in association with Savills". Currently, Savills is not represented on the Huttons board. Huttons is a home-grown property agency set up in 2002. Savills Singapore acquired a stake in the company in 2005.

Links to the story: https://www.businesstimes.com.sg/real-estate/savills-residential-huttons-asia-to-merge-in-further-sector- consolidation https://www.edgeprop.sg/property-news/savills-huttons-merger-secure-latter%E2%80%99s-position-fourth-biggest- agency

Penrose condo's early-bird prices start from S$788,000 this weekend A 99-year leasehold condominium jointly developed by Hong Leong Holdings and City Developments Limited will begin previews by appointment from Sept 12, Hong Leong Group said in a statement. This is Hong Leong Group's first project to be launched this year. Early-bird prices for Penrose condominium, which is located at Sims Drive in District 14, start from S$788,000 for units with one bedroom, S$943,000 for those with two bedrooms, S$1.33 million for three bedrooms and S$2.11 million for four bedrooms.

The development comprises five 18-storey towers housing 566 units. Sizes of one-bedroom units start from 474 sq ft, 646 sq ft for two-bedroom units, 936 sq ft for three-bedroom units, and 1,389 sq ft for four-bedroom units. In terms of per square foot (psf), one-bedroom units start from S$1,662 psf, two bedroom units from S$1,460 psf, three-bedders from S$1,421 psf and four bedroom units from S$1,519 psf. The temporary occupation permit is expected to be obtained in July 2024, Hong Leong Group said.

Link to the story: https://www.businesstimes.com.sg/real-estate/penrose-condos-early-bird-prices-start-from-s788000-this-weekend

August new home sales surge to 11-month high on pent-up demand Pent-up demand continues to drive new home sales with 1,227 units sold in Singapore in August, an 11-month high with confident buyers pushing prices upwards amid worsening economic conditions and rising unemployment. The high number of transactions surprised some because it was also the Hungry Ghost month, but it got an extra lift from Forett At Bukit Timah, a freehold development that was launched on Aug 8 - the first private residential project launch since the "circuit breaker" ended on June 1. A total of 212 units have been sold as of Aug 31. It is also up 13.6 per cent year-on-year and 9.3 per cent over July's 1,080. Including ECs, 1,276 units were sold in August.

Link to the story: https://www.businesstimes.com.sg/real-estate/august-new-home-sales-surge-to-11-month-high-on-pent-up-demand

Condo, HDB rental volumes tumble in Aug: SRX Rents for HDB flats and private apartments held steady in August but leasings took a big hit, with rental volumes falling to levels lower than during the circuit breaker period, going by flash data from a real estate portal. August leasings for private condominiums and apartments tumbled 20.4 per cent month on month to 2,716 units. This is 47 per cent lower than a year ago and 42 per cent less than the five-year average volume for the month of August. The volume for HDB flats in August also fell, by 16.7 per cent from July to 1,025 flats. This is 46.2 per cent lower than a year ago and 44.1 per cent below the five-year average volume for August.

Links to the story: https://www.businesstimes.com.sg/real-estate/condo-hdb-rental-volumes-tumble-in-aug-srx https://www.straitstimes.com/singapore/condo-hdb-rental-volumes-tumble-again-in-august-srx

Singapore condo resale volume hits two-year high in Aug Resale volume of non-landed private homes in Singapore hit a two-year high in August 2020, with an estimated 1,052 units resold in the month, up 7 per cent from the 983 units resold in July 2020.

Overall resale prices edged up 0.4 per cent month on month and year on year, according to flash figures from a real estate portal. This comes as the property market recovers from the slowdown encountered during Singapore's "circuit breaker" period, benefiting from pent-up demand. By region, 59.5 per cent of the units sold came from sales in the outside of central region (OCR), 20.8 per cent from the core central region (CCR) and 19.7 per cent from the rest of central region (RCR) or city fringes. Condo prices in the CCR and RCR declined year on year by 3.1 per cent and 1.7 per cent respectively, while OCR prices rose by 2.8 per cent.

Links to the story: https://www.businesstimes.com.sg/real-estate/singapore-condo-resale-volume-hits-two-year-high-in-aug-srx-0 https://www.straitstimes.com/business/property/private-home-resale-volume-hits-2-year-high-in-aug-srx

Limited supply of 5-room BTO flats in central region in last five years For many Singaporeans, successfully balloting for a Build-To-Order (BTO) flat in a centrally located mature housing estate is akin to striking the lottery. Competition is stiff in the hotly sought-after estates of Toa Payoh and Geylang, especially for bigger flats. But in the last five years, there has not been a single five-room BTO flat launched outside of the Bidadari estate, which is part of Toa Payoh town. The Housing Board has launched 9,273 four-room BTO flats in centrally located mature estates since 2015, but only 642 five-room flats in the same timeframe. That is one five-room flat for every 14 four-room flats. The flats are spread out in Bidadari across three BTO projects: Alkaff Vista, Alkaff Oasis and Woodleigh Hillside. In response to queries from The Sunday Times about the limited supply of five-room BTO flats in the last five years, HDB said: "Land for new housing in these areas is limited. Hence, more four- room and smaller BTO flats are provided to allow more families to live closer to the city." In addition, around 500 five-room flats in the central region have been offered in the last five years under the Sale of Balance Flats exercises, Re-Offer of Balance Flats exercises and open booking of flats. They are located in Bukit Merah, Kallang/Whampoa, Queenstown and Toa Payoh, among others, said HDB. HDB said four-room flats, which come with three bedrooms and two bathrooms, remain the "mainstay" of HDB's BTO supply. They are typically 90 sq m in size. Five-room flats, which also come with three bedrooms and two bathrooms, are slightly larger at 110 sq m.

Link to the story: https://www.straitstimes.com/singapore/housing/limited-supply-of-5-room-bto-flats-in-central-region-in-last-five- years

Commercial Singapore's new VCC Act the main event drawing funds here Demand for Singapore office space will remain slack for a while as companies continue to shed workers to deal with the Covid-19 pandemic, but fund managers and family offices which have been increasing their presence here could mitigate some of the spare capacity. Fund or asset management companies are flocking here, with many said to be from Hong Kong due to concerns over a new security law, but it is Singapore's new Variable Capital Companies (VCC) regime that is the main appeal, a game changer for the fund management industry. There are now 109 VCC funds, according to Accounting and Corporate Regulatory Authority filings.

Link to the story: https://www.businesstimes.com.sg/companies-markets/singapores-new-vcc-act-the-main-event-drawing-funds-here

Campus-style development for one-north by end-2021 A cluster of 12 heritage bungalows in Rochester Park in Buona Vista will house a mix of office, retail and food outlets as part of a new integrated development to be built by the end of next year. These black-and-white bungalows, some of which used to be leased out to food and beverage operators, will soon be part of Singapore's first campus-style integrated development spread across 2.4ha of land in one-north, said CapitaLand in a press statement. Rochester Commons, the 400,000 sq ft project developed and managed by the company, will have a 17-storey Grade A office tower. Of the 12 bungalows, seven are for offices and the remaining five for food and beverage or retail use. The development cost for Rochester Commons is around $550 million. It will also have a hotel that will be operated by CapitaLand's lodging unit, The Ascott Limited, under the Citadines Connect brand.

Link to the story: https://www.straitstimes.com/business/property/campus-style-development-for-one-north-by-end-2021

Lendlease to set up product development centre in Singapore International property group Lendlease said it will set up a S$40 million product development centre in Singapore to accelerate the digital transformation of the property and construction sector. Australia-based Lendlease said it will employ 50 software application developers in the first year, and will continue to expand the team in the next few years. It added that it will seek out "top local tech talents" in Singapore, where at least one in five will be "aspiring graduates". Slated to open by October, the centre is being established with the support of the Singapore Economic Development Board (EDB).

Links to the story: https://www.businesstimes.com.sg/real-estate/lendlease-to-set-up-product-development-centre-in-singapore https://www.straitstimes.com/singapore/lendlease-eyes-tech-talent-for-40m-product-development-centre

Government Employers urged to step up flexi-hours to ease crowding risk Employers are urged to introduce flexi-working hours so that workers can travel during off-peak hours and help reduce the risk of crowding, as Singapore looks into letting more people return safely to the workplace. The call came from Lawrence Wong, co-chairman of the multi-ministry task force (MTF) to deal with the spread of the coronavirus, when it was also announced that seniors in group of five can resume group activities like exercises and board game. But singing classes will not be allowed. Mr Wong also warned that food and beverage (F&B) operators who breach safe management measures would be slapped with a fine or ordered to close their outlets. He said enforcement agencies will be stepping up spot checks as well as enforcement actions. The move will kick in with immediate effect. In a move to ramp up contact tracing efforts, Vivian Balakrishnan, the Minister-in-charge of the Smart Nation Initiative, announced that Trace Together tokens would be distributed nationwide from Sep 14, starting in Jalan Besar and Tanjong Pagar districts, where there are large number of seniors. A pilot programme would also kick off requiring people to use either the free TraceTogether tokens or the app to check in at certain venues, including places where larger number of people are gathered. This comes as Singapore prepares to let bigger meetings and conferences with up to 250 participants take place.

Links to the story: https://www.businesstimes.com.sg/government-economy/employers-urged-to-step-up-flexi-hours-to-ease-crowding- risk https://www.straitstimes.com/singapore/tracetogether-tokens-to-be-distributed-from-monday https://www.straitstimes.com/singapore/pilot-to-require-check-ins-using-tracetogether https://www.straitstimes.com/singapore/health/new-service-for-people-to-check-if-they-were-near-covid-19-cases https://www.straitstimes.com/singapore/health/companies-urged-to-put-in-place-flexible-working-hours https://www.straitstimes.com/singapore/eateries-that-flout-rules-to-be-penalised-for-first-offence

Firms to get up to S$30,000 for each new worker if they hire more locals in next 6 months Firms which hire more locals in the next six months stand to get up to S$15,000 for each worker under 40 years old, and up to S$30,000 for each aged 40 and up. A joint statement by the Ministry of Manpower and the Inland Revenue Authority of Singapore said that the payouts, to be made over 12 months from March 2021, will come from a S$1.0 billion fund under the Jobs Growth Incentive (JGI) scheme. The payouts will be automatically computed each month based on the firm's Central Provident Fund contributions.

Under the JGI scheme, the government will co-pay 25 per cent of the first S$5,000 of the gross monthly salary for each new local hire below 40. This doubles to 50 per cent for each worker aged 40 and above. The scheme will apply only to firms set up on or before Aug 16.

Links to the story: https://www.businesstimes.com.sg/government-economy/firms-to-get-up-to-s30000-for-each-new-worker-if-they- hire-more-locals-in-next-6 https://www.straitstimes.com/politics/firms-that-hire-local-workers-to-get-more-wage-support

Self-employed relief expect to total S$2b, more than budgeted S$1.2b The Self-Employed Person Income Relief Scheme is expected to cost S$2 billion in total with the disbursement of the third and final tranche in October, far more than the S$1.2 billion set aside in the Resilience Budget in March, Manpower Minister Josephine Teo said in Parliament. Over S$1.1 billion has already been disbursed in the first two tranches, she said in response to Member of Parliament Cheng Li Hui. The means-tested scheme is to help self-employed persons with less means or family support to weather this crisis, with payouts of S$3,000 each in May, July, and October. So far, 190,000 individuals have received payouts, of whom 100,000 qualified automatically and 90,000 qualified after applying.

Links to the story: https://www.businesstimes.com.sg/government-economy/self-employed-relief-expect-to-total-s2b-more-than- budgeted-s12b https://www.straitstimes.com/politics/ministries-to-study-extending-income-relief-for-self-employed-persons https://www.straitstimes.com/singapore/one-in-three-applications-for-covid-19-support-grant-rejected

Live-streaming House proceedings given go-ahead in principle The government has agreed "in principle" to the live streaming of Parliamentary proceedings, but is still harbouring its earlier reservations to the idea. Minister for Communications and Information S Iswaran, who announced the move, during Parliament's debate on the President's Address, said the government has noted the global and technological trends which have made online streaming commonplace; legislatures in other countries are already live-streaming proceedings. He said: "My ministry will study the technical and implementation details. Our aim, as always, will be to achieve transparency, accountability and accessibility while preserving the integrity and dignity of Parliamentary proceedings."

Links to the story: https://www.businesstimes.com.sg/government-economy/live-streaming-house-proceedings-given-go-ahead-in- principle https://www.straitstimes.com/politics/in-principle-agreement-to-live-stream-parliament-sittings

Coronavirus: Singapore to work with G-20, other bodies to restart travel Singapore will work with the Group of 20 countries and international organisations to look into gradually restarting cross-border travel, Foreign Minister Vivian Balakrishnan said. This resumption of international traffic amid the Covid-19 pandemic will be done safely through comprehensive testing and rigorous contact tracing, he said. His comments came after Singapore's announcement of fast-lane arrangements on consecutive days with Brunei and South Korea earlier this week. The lanes will allow for essential business and official travel between Singapore and the two countries.

Link to the story: https://www.straitstimes.com/world/singapore-to-work-with-g-20-other-bodies-to-restart-travel

Coronavirus: Small-scale live shows to be trialled at selected venues Small-scale live performances will be held at selected venues from Sept 11, the National Arts Council (NAC) said in an advisory issued. Trials have been scheduled at venues managed by the NAC, Esplanade, Singapore Chinese Orchestra (SCO), Singapore Symphony Orchestra (SSO), Singapore Chinese Cultural Centre and Arts House. This is a cautious step towards the reopening of live performance venues, which have been closed since March 26 in a bid to curb the spread of Covid-19. Not all the trials will be open to the public, and audiences are to be capped at 50. Minimum distances between audience members will be implemented, and no interactions between the audience and performers or crew will be allowed.

Link to the story: https://www.straitstimes.com/lifestyle/arts/small-scale-live-shows-to-be-trialled-at-selected-venues

Opening of six TEL stations delayed till first quarter 2021 The completion of the six stations in the second stage of the Thomson-East Coast Line (TEL) will be delayed by three months due to the impact of Covid-19, said Transport Minister Ong Ye Kung. Hence, the stations - from Springleaf to Caldecott - will open only in the first quarter of next year, having initially been scheduled to open later this year. He added that the Government remains committed to significantly expanding the MRT network, from around 230km today to 360km by the early 2030s. This includes opening the remaining stages of the TEL and completing the circle with Circle Line Stage 6. It also includes the building of the North East Line extension, Jurong Region Line and Cross Island Line.

Link to the story: https://www.straitstimes.com/politics/opening-of-six-tel-stations-delayed-till-first-quarter-2021

Price transparency guidelines to fight misleading practices kick in from Nov 1 In a move to protect shoppers from being misled, the Competition and Consumer Commission of Singapore (CCCS) has issued a set of guidelines to stamp out fake discounts and free offers as well as add-on fees in advertisements by businesses.

Errant retailers and other suppliers of goods and services engaging in deceptive price practices have up to two months to clean up their act, before the guidelines kick in on Nov 1. At a virtual press conference, the CCS said the guidelines would set out how the competition and consumer watchdog interpret and wield the Consumer Protection (Fair Trading) Act (CPFTA) with regard to display and advertisement of price practices like time-limited discounts, free offers and price comparisons. The guidelines cover four key areas - drip pricing, price comparison, discounts and use of the term "free".

Links to the story: https://www.businesstimes.com.sg/consumer/price-transparency-guidelines-to-fight-misleading-practices-kick-in- from-nov-1 https://www.straitstimes.com/singapore/guidelines-on-pricing-practices-to-kick-in-on-nov-1 https://www.straitstimes.com/singapore/consumer-protection-laws-under-review-to-provide-more-teeth

Auditor-General flags public agencies' lapses in IT controls, procurement Weaknesses in IT controls continue to be a point of concern for a number of government agencies, and audits have turned up lapses in procurement, contract and operations management at entities such as JTC Corporation. In its annual audit report released, the Auditor-General's Office (AGO) flagged issues in three ministries and eight statutory boards. These include information technology weaknesses at national water agency PUB, as well as gaps in the management of business grant programmes under Workforce Singapore (WSG) and Enterprise Singapore (ESG).

Links to the story: https://www.businesstimes.com.sg/government-economy/auditor-general-flags-public-agencies-lapses-in-it- controls-procurement https://www.straitstimes.com/politics/auditor-general-flags-gaps-in-it-controls-at-several-govt-agencies https://www.straitstimes.com/politics/over-budget-project-suspected-illegal-subletting-flagged

Pools, gym, upgraded hawker centre coming up in Yishun Yishun residents can look forward to a new integrated development at Chong Pang City that will have swimming pools, a gym and fitness studios, as well as an upgraded hawker centre and community club. The construction of the 0.9ha development at Yishun New Town's first neighbourhood town centre is slated to be completed in 2027. The multi-storey development, which will be tentatively named Chill @ Chong Pang, will be located at the site of Chong Pang Community Club (CC) in Yishun Ring Road and Block 102 Yishun Avenue 5. The CC will be redeveloped and the block acquired. The new development will also have space for commercial shops, and will provide more parking space.

Link to the story: https://www.straitstimes.com/singapore/pools-gym-upgraded-hawker-centre-coming-up-in-yishun

Foreigners from India must take virus test before entering Singapore All travellers from India who are not Singaporeans or permanent residents will have to take a Covid-19 test before departing for Singapore. From 17 Sept, they will have to present a valid negative test result from a polymerase chain reaction test, which must be taken within 72 hours before their flight here. This new and more stringent border restriction, which covers travellers who were in India within 14 days of their arrival in Singapore, will apply on top of existing requirements - a two-week stay- home notice (SHN) at dedicated SHN facilities and a further negative Covid-19 test before the end of the SHN.

Link to the story: https://www.businesstimes.com.sg/real-estate/gcb-land-in-queen-astrid-park-for-sale-with-s1268m-guide-price

Economy July retail sales surge after phase two reopening Retail sales shot up in July as the beleaguered sector continues its recovery from the Covid-19 crunch. Turnover surged 27.4 per cent over June levels on a seasonally adjusted basis, helped in part by a lower base in that month, the Department of Statistics (SingStat) noted. Most physical stores were closed from April 1 to June 18 due to the circuit breaker imposed to prevent the spread of the coronavirus. The biggest winners in July were department stores, where revenue rose 109.4 per cent, while motor vehicle sales surged 100.3 per cent as certificate of entitlement bidding resumed that month. Wearing apparel and footwear sales jumped 82.7 per cent month on month, watches and jewellery added 66.3 per cent, recreational goods were up 62.2 per cent and furniture and household equipment advanced 36.2 per cent. If motor vehicles were excluded, seasonally adjusted retail sales would have increased 19.5 per cent.

Links to the story: https://www.straitstimes.com/business/economy/july-retail-sales-surge-after-phase-two-reopening https://www.businesstimes.com.sg/government-economy/pent-up-demand-cant-return-retail-sales-to-growth- analysts

Private-sector economists lower full-year growth forecast to -6% Private-sector economists now expect Singapore's gross domestic product (GDP) to contract 6 per cent this year, worsening slightly from earlier expectations of a 5.8 per cent fall, according to the latest quarterly Monetary Authority of Singapore (MAS) survey of professional forecasters. After a 13.2 per cent fall in the second quarter, the economy is expected to contract by a milder 7.6 per cent year on year in the third quarter. For the expected recovery in 2021, respondents see full-year growth coming in at 5.5 per cent, up from 4.8 per cent in the last survey.

Links to the story: https://www.businesstimes.com.sg/government-economy/private-sector-economists-lower-full-year-growth- forecast-to-6 https://www.straitstimes.com/business/economy/economy-tipped-to-shrink-6-this-year

China Life Singapore to hire more than 500 consultants in next five years China Life Insurance (Singapore), which normally sells its insurance products through banks and financial companies, now plans to hire more than 500 consultants in Singapore over the next five years to provide a more dedicated service to its clients. The company launched a project called Agency Channel, which is intended to serve as a bridge between Singapore and China in bringing insurtech solutions to the market. China Life Singapore, a unit of Beijing-based insurer China Life, said it will develop a competitive compensation structure that leads to multiple options in career progression for its consultants. All consultants will need to pass the relevant exams by the Singapore College of Insurance and undergo a 90-day in-house training programme to ensure that their skills meet the company's expectations.

Links to the story: https://www.businesstimes.com.sg/companies-markets/china-life-singapore-to-hire-more-than-500-consultants-in- next-five-years https://www.straitstimes.com/business/china-life-spore-hiring-500-consultants-in-next-five-years

Espressif seeks talent for Singapore R&D office Espressif Systems, the China-based fabless semiconductor firm founded by Singaporean Teo Swee Ann, plans to hire 80 engineers over the next two years for a research and development centre in Singapore. The Shanghai-headquartered company has already started hiring in the city-state, but does not have a specific launch date in mind for the office here, Mr Teo told The Business Times in a recent video call interview. Founded in 2008, Espressif manufactures its flagship ESP32 and ESP8266 series of microchips and software, as well as other Wi-Fi-and-bluetooth, AI (artificial intelligence) and Internet of Things (IoT) solutions.

Link to the story: https://www.businesstimes.com.sg/garage/espressif-seeks-talent-for-singapore-rd-office

5,280 Singaporeans retrenched in first half of 2020 In the first half of 2020, 5,280 Singaporeans were retrenched, said Manpower Minister Josephine Teo in Parliament, during a sitting which saw multiple Members of Parliament raising concerns about employment issues and fair consideration. The retrenchment numbers are preliminary figures from survey data, said Mrs Teo. In the first half of the year, there were also 11,000 citizens affected by temporary layoffs, compared to 33,000 non-citizens, she said, responding to a question from Workers' Party MP He Ting Ru.

Earlier, Ministry of Manpower (MOM) figures showed overall retrenchments - including citizens and non-citizens - of 6,700 in the second quarter and 3,220 in the first quarter. Fielding questions on fair hiring, Mrs Teo said that 400 firms are on the Fair Consideration Framework (FCF) watchlist for reasons related to foreign hiring practices, but added that it would be counter-productive to name these firms. Separately, she gave an update on opportunities for job seekers. The government has helped to place 24,000 people into new jobs, with about half in the public sector, and another quarter in the modern services and lifestyle sectors. Over 1,000 fresh graduates have taken up SGUnited Traineeships, and close to 700 trainees have enrolled in SGUnited Skills Programme courses.

Links to the story: https://www.businesstimes.com.sg/government-economy/5280-singaporeans-retrenched-in-first-half-of-2020 https://www.straitstimes.com/business/economy/over-5000-citizens-retrenched-between-january-and-june

Staying open key to creating tech jobs for Singaporeans Singapore has to remain open to different types of companies in the technology sector, and their need to tap a diverse talent base, including foreign workers, so as to ensure good jobs for citizens, Minister for Communications and Information S. Iswaran told Parliament. "Our challenge is to work with these companies to continue creating career opportunities for Singaporeans, while recognising that we must allow them to have the necessary diversity in their talent base, especially in emerging areas, in order to strengthen our position as a digital tech hub," he said. The TechSkills Accelerator programme, which equips workers with digital skills, has placed about 6,600 Singaporeans in tech jobs so far. And the Infocomm Media Development Authority is looking to place and train an additional 5,500 Singaporeans in tech jobs over the next two to three years, he added.

Link to the story: https://www.straitstimes.com/politics/staying-open-key-to-creating-tech-jobs-for-singaporeans

Job policies seen as key to supporting re-hiring, even as layoffs re-entry rate holds up Residents’ hiring prospects held up in Singapore in the first half of the year, despite the Covid-19 downturn. But the time that it takes for retrenched workers to land on their feet will depend in the months ahead on both the path of the virus outbreak and job support from government measures, watchers remarked. The re-employment rate for local workers who were laid off in the first quarter stood at 39 per cent as at June, according to data from the Ministry of Manpower (MOM). While this was lower than the figure of 47 per cent for the comparable period in 2018, Manpower Minister Josephine Teo noted that the recent re-employment came despite "the much-weaker hiring sentiment" and the challenge of job-hunting during the "circuit breaker" shutdown.

Links to the story: https://www.businesstimes.com.sg/government-economy/job-policies-seen-as-key-to-supporting-re-hiring-even-as- layoffs-re-entry-rate https://www.straitstimes.com/singapore/manpower/companies-continued-to-hire-in-q2-but-at-slower-pace-mom https://www.straitstimes.com/singapore/manpower/thousands-of-jobs-may-go-in-next-6-months-experts

SGInnovate to create more jobs, traineeships in deep tech industry SGInnovate announced two initiatives to create more job opportunities for Singaporean students, fresh graduates and mid-career professionals looking to start a career in deep tech. More than 200 apprenticeships and full-time roles will be offered in over 30 deep-tech companies and startups at a virtual showcase to be held on Sept 12. Positions available include technical roles in areas such as software development and robotics engineering, as well as sales and business development.

Links to the story: https://www.businesstimes.com.sg/government-economy/sginnovate-to-create-more-jobs-traineeships-in-deep-tech- industry-0 https://www.straitstimes.com/singapore/manpower/200-deep-tech-apprenticeships-full-time-positions-on-offer-at- fair https://www.straitstimes.com/singapore/manpower/medtech-firm-hiring-staff-to-grow-business-in-mass-testing-for- virus

Tourism spillover from Mice restart will be minimal: analysts Singapore will allow meetings, incentives, conventions and exhibitions (Mice) events from October, with the attendance cap raised to 250, from the previous limit of 50 people. The reopening of the Mice sector, which contributed close to 1 per cent of gross domestic product before the coronavirus crisis, was pitched by policy-makers as critical to Singapore's economic well-being. But, even while analysts welcomed the move, they warned that the economic spillover to industries such as food and beverage (F&B) services could be negligible for now, as international travel remains limited.

Links to the story: https://www.businesstimes.com.sg/government-economy/tourism-spillover-from-mice-restart-will-be-minimal- analysts https://www.straitstimes.com/singapore/spore-to-allow-bigger-mice-events-with-up-to-250-people https://www.straitstimes.com/singapore/industry-players-welcome-move-to-restart-mice-sector

Employment outlook for Q4 worsens among firms in Singapore Employment expectations among businesses in Singapore have taken a turn for the worse for the last quarter of this year, while the overall business sentiment remains downbeat. The Singapore Commercial Credit Bureau's (SCCB) latest quarterly survey of 200 business owners and senior executives showed the indicator for employment expectations declining to -13.19 percentage points in the fourth quarter, from -3.29 percentage points in the previous quarter. That level of sentiment is also the most negative for 2020.

It is a contrast from the previous quarter, when employment sentiment had improved, from -4.98 percentage points in the second quarter to -3.29 percentage points in the third quarter. The weakened employment sentiment is largely due to "a tepid outlook in global economic activities which has impacted firms in external-oriented sectors".

Links to the story: https://www.businesstimes.com.sg/government-economy/employment-outlook-for-q4-worsens-among-firms-in- singapore https://www.straitstimes.com/business/economy/spore-firms-employment-outlook-for-q4-worsens-poll

SIA to eliminate 4,300 positions Battered by the pandemic, Singapore Airlines (SIA) will cull 4,300 positions as a slower-than- expected recovery in travel demand forces the airline group to restructure to face a new normal. Of the 4,300 positions, 2,400 staff in Singapore and abroad could be hit by lay-offs, while the remaining 1,900 roles will be accounted for through natural attrition, a recruitment freeze and voluntary-departure schemes. Collectively, SIA, SilkAir and Scoot employed over 21,000 staff at the end of the previous financial year. BT understands from sources that the number of Singaporeans affected by lay-offs are a single- digit percentage of the 2,400 roles.

Links to the story: https://www.businesstimes.com.sg/companies-markets/sia-to-eliminate-4300-positions https://www.straitstimes.com/singapore/transport/2400-sia-staff-affected-as-group-cuts-4300-positions

Waze to shut S'pore, Asia-Pacific sales offices, cut 5% of global staff Navigation app Waze is closing its sales office in Singapore and laying off about 30 people or 5 per cent of its 555-strong global workforce, as the Covid-19 pandemic has resulted in fewer vehicles on the road in many countries. The company did not say how many employees in Singapore are affected by the layoffs.

Links to the story: https://www.straitstimes.com/business/waze-to-shut-spore-asia-pacific-sales-offices-cut-5-of-global-staff

Contact: Lee Sze Teck Head, Research (65) 6500 6510 [email protected]

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