Weekly News Select Oct 9, 2020 / Issue 41

Top News for the Week • Government relief measures for developers hit by construction disruptions • Grade A office leasing in Singapore still sluggish in Q3 amid work-from-home trend • Heng unveils extensions to support schemes, new economic strategy • Plans for 3rd phase of reopening to be revealed in weeks • Social, dining group size: 5-person cap may be reviewed • Targeted credit relief measures unveiled for SMEs, individuals • Singapore plans Air Travel Bubbles for general travellers to revive Changi air hub • Optimism in Singapore manufacturing hints at recovery • Singapore retail sales down 5.7% in August • August unemployment rate hits decade-high; worst is not over • Retrenchments hit 4.9 per 1,000 local employees in H1 • Scaled-down Orchard Road Christmas light-up to bank on domestic shoppers • Changi falls from 7th to 58th on the world's busiest airport list • Lim Chu Kang set for makeover into high-tech agri-food cluster

Residential Government relief measures for developers hit by construction disruptions Eligible property developers hit by disruptions to construction timelines due to Covid-19 can take up a set of additional temporary relief measures with immediate effect, the government said. Market watchers The Business Times spoke to said that these measures will cushion the impact of the slow resumption of work and the disruptive nature of the pandemic. The additional relief measures are: • A further six-month extension of the project completion period (PCP) for residential, commercial and industrial development projects; • A further six-month extension for the completion of residential development projects in relation to the remission of the Additional Buyer's Stamp Duty (ABSD) for housing developers; • An extension of the PCP by up to six months for residential development projects under the Qualifying Certificate (QC) regime for foreign housing developers. The latest measures are on top of those announced on May 6.

Links to the story: https://www.businesstimes.com.sg/government-economy/government-relief-measures-for-developers-hit-by- construction-disruptions https://www.straitstimes.com/business/additional-relief-for-property-developers-affected-by-pandemic

Good class bungalow in Lornie Road up for sale at $27 million A good class bungalow in Caldecott Hill Estate has gone on the market for $27 million. The sale is being carried out on behalf of the trustees of the estate.

The freehold property at 204 Lornie Road in District 11 sits on a land area of 2,347.6 sq m (25,270 sq ft) and is a 10-minute walk from the Upper Thomson neighbourhood and its restaurants and cafes. The expression of interest exercise for 204 Lornie Road closes at 3pm on Nov 11.

Link to the story: https://www.straitstimes.com/business/property/good-class-bungalow-in-lornie-road-up-for-sale-at-27-million

Bigger is better for Singapore home buyers Home owners are trading up, spurred to take that plunge of a bigger financial committment by the work from home trend which has led to a surge in sales of large condos. These are defined as more than 1,200 sq ft in size. The most popular large units are in the 1,200 - 1,400 sq ft size as these are more affordable compared to even bigger ones. Overall, in August, 582 condos of over 1,200 sq ft were sold, up 22.5 per cent from July's 475, and 44.4 per cent from August 2019. The 582 sales comprised 127 units in the expensive core central region, 274 in the rest of central region and 181 in the more affordable outside central region. The number is also a 27-month high (751 units in May 2018) and above the two-year average of 338 units (September 2018-August 2020). Rising prices did not deter buyers from upsizing. In July-August 2020, the median unit price of large units was S$1,319 per sq ft, 3.5 per cent higher than the same period in 2019 and 29.2 per cent higher than the same period five years ago.

Link to the story: https://www.businesstimes.com.sg/real-estate/bigger-is-better-for-singapore-home-buyers

HDB resale prices rise for third consecutive month in September Prices of Housing Board (HDB) resale flats increased for the third consecutive month in September, with demand remaining elevated after the nearly two-month-long circuit breaker period. HDB resale prices rose by 0.8 per cent in September compared with August, and was 3.1 per cent higher than the previous year. However, they are still 11.4 per cent lower than their peak in April 2013. In all, 2,489 HDB resale flats changed hands in September, a 2.2 per cent increase from August, flash estimates from a real estate portal.

Links to the story: https://www.businesstimes.com.sg/real-estate/hdb-resale-prices-rise-for-third-consecutive-month-in-september-srx https://www.straitstimes.com/business/property/hdb-resale-prices-rise-for-3rd-month

Designing smart, sustainable HDB homes for the future Smart-enabled homes with built-in smart power sockets and sensor-equipped lights in common areas are some new features residents in the upcoming Punggol Northshore district can look forward to.

Owners of these smart homes will be able to control just about any appliance that is connected to a power source - fans, lights and coffee machine - through a mobile application. Within the estate, smart lighting will rely on sensors to automatically dim and brighten based on human traffic, which saves energy in the long run. These features will also be found in new flats in the upcoming "forest town" of Tengah, the first of which are due to be completed in end-2022.

Link to the story: https://www.straitstimes.com/singapore/housing/designing-smart-sustainable-hdb-homes-for-the-future

Commercial Grade A office leasing in Singapore still sluggish in Q3 amid work-from-home trend Leasing activity for Grade A offices in Singapore came to a halt during the "circuit breaker" period and remained sluggish during the third quarter this year. In the face of business uncertainty, tenants with immediate lease expiries are seeking short-term renewals. And with office space under-utilised as work from home (WFH) remains the default, firms are conducting workplace strategy studies to determine their future office needs. Nonetheless, some vacated spaces are being taken up by other occupiers who are "seizing the opportunity to lease prime space at more attractive rental rates". Amid the worst recession on record, Grade A central business district (CBD) rents continued to decline by 5.1 per cent quarter on quarter to S$9.84 per sq ft per month in Q3 - in line with weak market sentiment. The office sector will also be reshaped by the increase in the remote-working trend due to structural impacts, which will affect leasing demand in the next 12 to 18 months.

Links to the story: https://www.businesstimes.com.sg/real-estate/grade-a-office-leasing-in-singapore-still-sluggish-in-q3-amid-work- from-home-trend https://www.straitstimes.com/business/property/singapore-office-rents-drop-in-q3-as-tenants-seek-short-term- renewals

Flexible workspaces, tech giants are bright spots for Singapore office demand The expected demand for more flexible workspaces and a ramp-up of operations by tech giants could help to cushion the softness in office leasing demand in Singapore. This comes amid the year-to-date decline of 3.4 per cent in Central Business District (CBD) Grade A office rents and further weakness expected in Q4 2020. In particular, CBD Grade A gross effective rents continued to moderate further by 2.3 per cent quarter on quarter to S$9.77 per sq ft per month (psf pm) in Q3 2020. Meanwhile, CBD Grade B rents slipped 2.4 per cent to S$8.09 psf pm in Q3 as compared with the previous quarter.

Links to the story: https://www.businesstimes.com.sg/real-estate/flexible-workspaces-tech-giants-are-bright-spots-for-singapore-office- demand

Retail Japanese tempura chain Tenya opens outlet in Orchard Central Get your fix of tendon (tempura on rice) when the popular Japanese chain Tempura Tendon Tenya makes its debut on Oct 15 at Orchard Central. The brand is best known for its value-for-money rice bowls. At $8.50, its signature Tenya Tendon features tempura black tiger prawn, red fish, tender squid, Japanese pumpkin and French beans - drizzled with a savoury glazing sauce made of soya sauce and grilled eel essence. The Seafood Tendon ($12.90) includes anago (saltwater eel), scallop, tempura black tiger prawn, Japanese pumpkin and French beans. The menu also offers an array of tendon or tempura served with either soba or udon (hot or cold, from $11.90). It also offers add-ons such as tori karaage ($4.90) and truffle fries ($3.90). For dessert, there is Hokkaido soft serve ($2), or a brownie slice with vanilla ice cream ($6.90).

Link to the story: https://www.straitstimes.com/lifestyle/food/japanese-tempura-chain-tenya-opens-outlet-in-orchard-central

Ovens go cold at F&B chain Bakerzin after 22 years Singapore restaurant chain Bakerzin is pulling the plug on its flagging business after over two decades of operations, The Business Times (BT) understands. All of Bakerzin's five outlets have closed, and the company gave notice of a creditors' meeting for the purpose of winding up. One of the items on the agenda is to confirm the appointment of the liquidator.

Link to the story: https://www.businesstimes.com.sg/sme/ovens-go-cold-at-fb-chain-bakerzin-after-22-years

Government Heng unveils extensions to support schemes, new economic strategy How Singapore responds to Covid-19 today will shape the country's growth in the coming five to 10 years, Deputy Prime Minister and Finance Minister Heng Swee Keat said in Parliament. In a ministerial statement, he gave an overview of the government's approach to Covid-19 over the next six months - including extensions to support schemes - and its refreshed economic strategy for the future. The Enhanced Training Support Package will be extended a further six months until the end of June 2021, and now covers the marine and offshore sector as well.

Various capability grants will be extended or enhanced, with details in coming weeks. Other schemes will be extended or adjusted to help firms with financing, including the Temporary Bridging Loan Programme, which will be extended for six months until September 2021, at reduced levels. Beyond these near-term efforts, Mr Heng spoke on preparing for the next lap of growth, building on the progress made with the Industry Transformation Maps since 2017. The "refreshed economic strategy for a post-Covid-19 world" has three priorities: remaking Singapore as a global-Asia node of technology, innovation and enterprise; redoubling efforts for inclusive growth; and investing in resilience and sustainability as a competitive advantage. Singapore's revenue position is expected to stay weak for a number of years, as Covid-19's effects on the global economy linger and Singapore's economy slows, said Mr Heng. And yet, expenditure will rise as the government continues to support households and businesses. The government will continue to pay for recurrent needs with recurrent revenues, and maintain "a disciplined and judicious use of borrowing", which would be reserved for long-term infrastructure which benefits many generations.

Links to the story: https://www.businesstimes.com.sg/government-economy/heng-unveils-extensions-to-support-schemes-new- economic-strategy https://www.straitstimes.com/politics/measures-could-save-155000-jobs-pave-way-for-future-dpm https://www.straitstimes.com/politics/dpm-heng-pledges-to-revive-singapores-status-as-air-hub https://www.straitstimes.com/politics/support-for-vulnerable-workers-reskilling-seen-as-key-to-inclusivity https://www.straitstimes.com/politics/singapores-revenue-position-set-to-remain-weak-for-some-time https://www.straitstimes.com/singapore/how-resilient-economy-going-green-can-boost-growth-post-coronavirus

Plans for 3rd phase of reopening to be revealed in weeks More details on when Singapore will enter the third stage of its phased reopening will be released by the multi-ministry task force in the coming weeks, said Deputy Prime Minister Heng Swee Keat. This road map will include the expected timeline for moving to phase three, changes to current regulations on the size of group gatherings, and participation at mass events, Mr Heng told Parliament. To further reopen safely in the coming months, Singapore is adopting a four-pronged strategy to put itself in the best position to fight Covid-19, he said. These four areas are: Securing early access to effective vaccines, enhancing testing capabilities, conducting swift contact tracing and isolation of infected individuals, and adhering to safe management measures. Safe management measures must also continue to be adhered to. "Keeping community infections low is the key to reopening our economy safely," he added.

Links to the story: https://www.straitstimes.com/singapore/plans-for-3rd-phase-of-reopening-to-be-revealed-in-weeks https://www.straitstimes.com/politics/dorscon-level-to-stay-at-orange-till-global-situation-improves

Social, dining group size: 5-person cap may be reviewed The government has started to pilot activities with a larger number of attendees, such as trade exhibitions, conferences and religious worship sessions, said Health Minister Gan Kim Yong in Parliament. If the pilots are successful, the lessons learned may be applied to allow more large-scale events to go ahead. The social and dining group size limit of five persons may also be reviewed, so that larger families or groups of friends can meet and have meals together, he said. In his speech, Mr Gan said the government's Covid-19 multi-ministry task force will give more details on its Phase Three roadmap in the coming weeks.

Links to the story: https://www.businesstimes.com.sg/government-economy/social-dining-group-size-5-person-cap-may-be-reviewed https://www.straitstimes.com/politics/five-person-limit-could-be-eased-if-everyone-keeps-guard-up-gan

Targeted credit relief measures unveiled for SMEs, individuals The Monetary Authority of Singapore (MAS) and the financial industry unveiled a slate of measures to soften the landing for those still struggling with the fallout from the pandemic. Chief among them is the extension of the debt moratorium expiry from the end of the year to 2021. These measures are more targeted in their approach; they provide additional support for sectors hit the hardest, and come with added requirements, such as the need to show proof of Covid-19 impact. Under the Extended Support Scheme - Standardised (ESS-S), SMEs in Tier 1 and 2 sectors may opt to defer, till 30 June 2021, 80 per cent of the principal payments on their secured loans from banks or finance companies, and loans under the Enhanced Working Capital Loan Scheme and Temporary Bridging Loan Programme of Enterprise Singapore (ESG). Applications open Nov 2, 2020. Tier 1 and 2 sectors comprise aviation/aerospace, tourism, hospitality, conventions and exhibitions, built environment, licensed food shops and food stalls, qualifying retail outlets, arts and entertainment, land transport, and marine and offshore. SMEs in other sectors may opt for deferment, but only up to March 31, 2021. Another helpline is being set up for SME borrowers with more than one lender: This is the Extended Support Scheme - Customised (or ESS-C), designed to facilitate the restructuring of a borrower's loans across multiple financial institutions. The scheme will be available from Nov 2 for any multi-banked SME for whom Credit Counselling Singapore's scheme for sole proprietors and partnerships (SPP Scheme) or the Ministry of Law's Simplified Insolvency Programme for qualified micro and small companies (MSCs) is not suitable. Aside from SMEs, individuals will also get some leeway with their loan commitments. From Nov 9 till June 30, 2021, those with residential, commercial and industrial property loans and who are unable to make loan repayments in full may apply to their bank or finance company to make reduced instalment payments pegged at 60 per cent of their monthly instalment, for up to nine months. For most individuals, the 60 per cent reduced monthly instalment will cover interest and partial principal payments.

This option is available to individuals who can furnish proof that they now earn at least 25 per cent less, and have property loan payments not more than 90 days past due.

Links to the story: https://www.businesstimes.com.sg/government-economy/targeted-credit-relief-measures-unveiled-for-smes- individuals https://www.straitstimes.com/politics/extension-of-help-for-firms-cash-flow-training-needs https://www.straitstimes.com/business/credit-relief-measures-to-continue-into-2021 https://www.straitstimes.com/business/some-firms-welcome-mas-extended-credit-relief-others-wary-of-downsides

New bill to ease hassle for small firms seeking to restructure or wind up With the number of financially distressed companies expected to rise as debt moratoriums wear off, the government is seeking to make it easier for micro and small enterprises to restructure their debts or wind up their business. A bill will be introduced in Parliament this month to set up the Simplified Insolvency Programme (SIP). This will enable eligible micro and small enterprises to restructure their debts or wind up the company through two temporary processes adapted from the existing framework in the Insolvency, Restructuring and Dissolution Act (IRDA). A typical scheme of arrangement requires two applications to the High Court, but under the SIP, only one is needed. The simplified winding-up process is a voluntary one instead of being court-ordered, removing the need for a court application. The SIP is just part of the government's efforts to help businesses facing financial distress. Another relief scheme that complements it - to help sole proprietors and partnerships (SPP) - is the SPP Scheme. To be ready for application by Nov 2, 2020, this scheme will be administered by Credit Counselling Singapore, with the support of The Association of Banks in Singapore, the Monetary Authority of Singapore, Enterprise Singapore (ESG) and the participating financial institutions under the ESG loan schemes.

Links to the story: https://www.businesstimes.com.sg/government-economy/new-bill-to-ease-hassle-for-small-firms-seeking-to- restructure-or-wind-up https://www.businesstimes.com.sg/sme/local-firms-mixed-on-impact-of-debt-moratorium-extension https://www.straitstimes.com/politics/making-it-easier-for-small-firms-to-restructure-debt-wind-up-business

Singapore plans Air Travel Bubbles for general travellers to revive Changi air hub Singapore is hoping to establish Air Travel Bubbles with safe countries or regions that would allow general travellers to cross borders without a controlled itinerary, Transport Minister Ong Ye Kung said. These Air Travel Bubbles are not the same as Reciprocal Green Lanes, which are for official and essential business travel, he added. Singapore currently has green lanes with Brunei, China, Japan, Malaysia and South Korea.

In a ministerial statement on the recovery of the aviation sector, Mr Ong said the risks can be further managed by setting a quota on the number of travellers per day and ensuring that everyone abides by a Covid-19 test protocol. Travellers would also need to apply for an Air Travel Pass before their journeys, to allow the authorities to plan for their arrivals and throttle down the numbers if the epidemic situation changes, he said.

Links to the story: https://www.businesstimes.com.sg/government-economy/singapore-plans-air-travel-bubbles-for-general-travellers- to-revive-changi-air https://www.straitstimes.com/singapore/politics/spore-explores-air-travel-bubbles-in-push-to-reopen-borders-safely https://www.straitstimes.com/singapore/politics/critical-to-revive-changi-air-hub-ong https://www.straitstimes.com/singapore/politics/new-rules-for-visitors-in-the-works-as-republic-opens-up-air-travel https://www.straitstimes.com/singapore/transport/airports-test-facility-can-swab-10k-people-each-day

MICE industry roadmap launched to guide resumption of business events The meetings, incentives, conventions and exhibitions (MICE) and events industry will have a clearer path to resuming business events safely and pivoting to hybrid events, with the launch of an industry roadmap by the Singapore Association of Convention and Exhibition Organisers and Suppliers (SACEOS). The Event Industry Resilience Roadmap (IRR) was launched with the support of the Singapore Tourism Board (STB) and Enterprise Singapore (ESG). It will provide guidance on implementing safe business events, solutions for hybrid events and an overview of new capabilities needed to transform the industry. The IRR is a "living" document that will be updated in line with the evolving pandemic situation and health and safety standards. This first release, known as IRR 1.0, will focus on SG SafeEvent Standard, an industry-led national accreditation programme for business events to be launched later this year, as well as hybrid events. The SG SafeEvent Standard will be awarded as a mark of assurance to events that meet necessary requirements for safety, compliance and well-being. Event organisers, venue operators and suppliers will also be able to attain SG SafeEvent certifications for their respective businesses.

Links to the story: https://www.businesstimes.com.sg/sme/mice-industry-roadmap-launched-to-guide-resumption-of-business-events https://www.straitstimes.com/singapore/road-map-launched-on-how-to-hold-mice-events-safely

Economy Optimism in Singapore manufacturing hints at recovery Singapore’s manufacturers appear to be optimistic about business prospects, with September's Purchasing Managers' Index (PMI) remaining in expansionary territory for the third straight month. September's reading saw a faster expansion at 50.3, inching up 0.2 point from August, according to data from the Singapore Institute of Purchasing and Materials Management (SIPMM).

The latest PMI reading was attributed to first-time expansion in the new orders index, and faster rates of expansion in the indices of new exports and factory output, SIPMM said. The electronics sector PMI posted its highest reading in two years to hit 50.9, an increase of 0.3 point from the previous month. This is also the sector's second straight month of expansion. SIPMM attributed September's reading to faster rates of expansion for the indexes of new orders, new exports, and factory output.

Links to the story: https://www.businesstimes.com.sg/government-economy/optimism-in-singapore-manufacturing-hints-at-recovery https://www.straitstimes.com/business/economy/factory-activity-expands-for-third-straight-month

Singapore retail sales down 5.7% in August Singapore retail sales dropped 5.7 per cent on the year in August, an improvement from the 8.5 per cent year-on-year decline recorded in July, according to the Singapore Department of Statistics (SingStat). The better performance was due to strong demand for both new and used cars, SingStat noted. Excluding sales from motor vehicles, retail sales fell 8.4 per cent year-on-year. On a seasonally-adjusted month-on-month basis, total retail sales were higher by 1.4 per cent. Excluding motor vehicles, sales increased 0.1 per cent on the month. Estimated total retail sales value stood at S$3.4 billion year-on-year, with 10.9 per cent coming from online transactions, according to SingStat data. Most retail industries continued to register year-on-year declines in sales in August. On a seasonally-adjusted month-on-month basis, however, most retail industries recorded growth in sales in August.

Links to the story: https://www.businesstimes.com.sg/government-economy/singapore-retail-sales-down-57-in-august https://www.straitstimes.com/business/economy/slight-pickup-in-singapore-retail-sales-for-august

August unemployment rate hits decade-high; worst is not over Singapore’s unemployment rate in August rose to its highest level in over a decade, and economists believe the worst is yet to be over. Resident unemployment rate, which includes Singaporeans and permanent residents, hit 4.5 per cent in August, a 0.4-percentage point increase from the previous month, according to data from the Ministry of Manpower (MOM) on Wednesday. Marginally faster than the 0.3-percentage point rise in July, August's reading is just a notch lower than the 4.9 per cent seen during the peak of the Global Financial Crisis (GFC) in September 2009. Meanwhile, August's overall unemployment rate, at 3.4 per cent, has edged past the previous recessionary high of 3.3 per cent, also seen in September 2009.x

Links to the story: https://www.businesstimes.com.sg/government-economy/august-unemployment-rate-hits-decade-high-worst-is-not- over https://www.businesstimes.com.sg/government-economy/job-matching-not-a-straightforward-process- improvements-needed-dpm

https://www.straitstimes.com/singapore/jobs/surge-in-jobs-created-but-many-vacancies-still-unfilled https://www.straitstimes.com/singapore/jobs/matching-of-job-seekers-to-vacancies-to-be-improved https://www.straitstimes.com/singapore/jobs/resident-unemployment-rate-rises-to-45-in-august-mom

Retrenchments hit 4.9 per 1,000 local employees in H1 The incidence of local retrenchment in Singapore was 4.9 per 1,000 local employees (Singaporeans and permanent residents) in the first half of 2020, said Manpower Minister Josephine Teo in Parliament. For senior workers aged 60 and above, the incidence of local retrenchment was 5.2 per 1,000 local employees. Half of the locals retrenched were women. Separately, employees on fixed-term contracts constitute about 8 per cent of all employees in the workforce. The number of contracts not renewed in H1 2020 has remained stable compared to H2 2019. The Ministry of Manpower (MOM) does not keep data on non-renewals of contracts by age groups, she said.

Links to the story: https://www.businesstimes.com.sg/government-economy/retrenchments-hit-49-per-1000-local-employees-in-h1 https://www.straitstimes.com/singapore/politics/9-in-10-eligible-employees-received-retrenchment-payouts

Ikea S'pore to hire 200 people for Jurong store despite fall in revenue Ikea Singapore will hire 200 people for its new Jurong store at suburban mall Jem despite a fall in revenue in its last financial year, the firm announced. The store - the third Ikea outlet here - is slated to open next year and will span around 6,500 sq m across three floors.

Link to the story: https://www.straitstimes.com/business/companies-markets/ikea-spore-to-hire-200-people-for-jurong-store-despite- fall-in-revenue

Sea to hire and train 500 S'poreans over next 2 years Singapore-based technology firm Sea, the parent company of e-commerce platform Shopee, will hire and train 500 Singaporeans over the next two years under a new collaboration with the Infocomm Media Development Authority (IMDA). Successful applicants, who will be trained in areas such as coding and data analytics through courses and on-the-job exposure, will comprise 400 entry-level job seekers and 100 mid-career hires with more than three years' experience. Sea said that all suitable trainees who complete the six-month training will be employed in technical roles across its various business entities, which include Shopee and Garena, the company's gaming arm. The available roles include those for software engineers, business analysts and user experience designers. Trainees will be paid a monthly salary while undergoing training, and will also be guided by a mentor within the same department.

Links to the story: https://www.straitstimes.com/tech/sea-to-hire-and-train-500-sporeans-over-next-2-years https://www.businesstimes.com.sg/government-economy/stronger-singapore-core-will-help-tech-firms-cope-with- new-labour-rules-iswaran

Foreign business chambers worry about anti-foreigner sentiments Foreign business chambers in Singapore are concerned about the rise in anti-foreigner sentiments and the possible effect on foreign investment, as they shared in an Oct 1 dialogue with Minister for Trade and Industry Chan Chun Sing, hosted by the Singapore Business Federation (SBF). The representatives from 16 foreign business chambers also called for further resumption of business travel and hoped for additional easing of safe management measures to support business recovery. The chambers highlighted the continued need for global talent, the existing systems for skills and knowledge transfer from foreign employees to Singaporeans, and their commitment to fair hiring practices. On business travel, participants called for further opening of borders with more countries, extension of the pilot business travel pass scheme to more companies and employees, and a shorter stay-home notice regime for business travellers.

Links to the story: https://www.businesstimes.com.sg/government-economy/foreign-business-chambers-worry-about-anti-foreigner- sentiments https://www.straitstimes.com/singapore/chan-says-spore-will-stay-open-as-business-leaders-worry-about-anti- foreigner-sentiment

80% of businesses see revenues hit, but most are retaining workers: SCCCI survey Some 80 per cent of businesses here are experiencing declines in revenue, according to an annual survey by the Singapore Chinese Chamber of Commerce & Industry (SCCCI) released. This is more than double the proportion of businesses (38.7 per cent) that reported revenue declines in 2019. Despite the upheaval, employers are retaining their workers. Nearly 78 per cent of respondents are maintaining or increasing their headcount from the year before. Only about 8 per cent of respondents reported having retrenched their workers. The SCCCI surveyed 1,025 businesses between June 11 and Aug 6 this year, of which 94 per cent were small and medium-sized enterprises (SMEs).

Links to the story: https://www.businesstimes.com.sg/government-economy/80-of-businesses-see-revenues-hit-but-most-are-retaining- workers-sccci-survey https://www.straitstimes.com/business/economy/companies-see-revenues-drop-put-overseas-plans-on-hold-survey

Shophouse East Coast shophouse, home to Boon Tong Kee chicken rice, up for sale A freehold three-storey conservation shophouse - known for the popular Boon Tong Kee chicken rice restaurant tenanted there - has been launched for sale with an indicative price of S$9.5 million. The price tag works out to about S$2,369 per sq ft based on the total existing built-up area of 4,010 sq ft. Located at 199 East Coast Road, the shophouse sits on a freehold site of about 1,795 sq ft. The property is zoned for commercial use with a plot ratio of 3.0 within the Joo Chiat Secondary Settlement, under the Urban Redevelopment Authority's Master Plan 2019. The maximum allowable gross floor area is about 5,385 sq ft, subject to the authorities' approval. The shophouse is fully tenanted. The ground and third floors are leased to the Boon Tong Kee restaurant, which has been operating at the premises for over 15 years. This will provide the incoming buyer with immediate rental income. The sale of 199 East Coast Road will be conducted via an expression of interest exercise, which closes at 3pm on Nov 12.

Links to the story: https://www.businesstimes.com.sg/real-estate/east-coast-shophouse-home-to-boon-tong-kee-chicken-rice-up-for- sale https://www.straitstimes.com/business/property/east-coast-rd-shophouse-used-by-boon-tong-kee-up-for-sale

Hospitality More are checking into hotels - for work With Covid-19 profoundly reworking the office concept, hotel operators have moved to selling flexible workspace in recent months for employees not yet able to head back to the office. Hotel operators told The Business Times (BT) that they have seen a good take-up for their work-from- hotel packages, though such offers may be only a temporary fix. InterContinental Singapore told BT that it has had 200 bookings since the launch of its package in mid-August. The hotel is now pulling in double the number of weekly bookings currently, compared to when the package was first introduced. Marriott Singapore Tang Plaza has received more than 300 bookings for its work-from-hotel package since its launch in August, with guests ranging from 20 to 50 years old, it said. The Ascott's lyf Funan Singapore said that between the launch of the service in August and Sept 23, the hybrid service that combines serviced residences, hotels and co-living apartments received more than 130 bookings. Over at The Fullerton Hotel Singapore, most of its guests who booked the work-from-hotel package have been corporates, with the hotel receiving more than 150 bookings in August.

Link to the story: https://www.businesstimes.com.sg/real-estate/more-are-checking-into-hotels-for-work

Scaled-down Orchard Road Christmas light-up to bank on domestic shoppers Merchants on Singapore's prime Orchard Road shopping belt are banking on domestic shoppers to boost sales this Christmas, even as the tentpole Christmas light-up will be scaled down due to the pandemic. This year's Christmas light-up on Orchard Road will take place on a "more modest scale", with street activities called off to minimise the chances of crowds gathering, said organiser Orchard Road Business Association (ORBA). Instead, virtual elements will be added. For instance, the lighting display, which will be up from Nov 13 to Jan 1, 2021, can be viewed through a 360-degree virtual "drive" for the first time. Also, the light-up ceremony, which will be held by ORBA and Community Chest, will be a closed- door event at Ion Orchard shopping mall. But it will be live-streamed on Community Chest's Facebook page and YouTube channel. This year, there will be no Great Christmas Village, which in previous years has featured food trucks, amusement rides, game booths and performances.

Links to the story: https://www.businesstimes.com.sg/government-economy/scaled-down-orchard-road-christmas-light-up-to-bank-on- domestic-shoppers https://www.straitstimes.com/singapore/get-set-for-a-quieter-christmas-light-up-in-orchard-this-year

Upcoming travel show to pilot new Mice safety measures A travel event next month will be the first trade show here to pilot new safety measures for Mice (meetings, incentives, conventions and exhibitions) events, such as automated registration kiosks, amid the Covid-19 pandemic. The TravelRevive trade show will also trial contactless technology following the easing of rules for Mice events announced last month. The two-day show runs from Nov 25 to 26 and will be held at the Marina Bay Sands Expo and Convention Centre. Other safety measures that will be in place for TravelRevive include plexiglass shields in exhibition booths and meeting pods, which will allow for private meetings between exhibitors and buyers.

Link to the story: https://www.straitstimes.com/singapore/upcoming-travel-show-to-pilot-new-mice-safety-measures

Changi falls from 7th to 58th on the world's busiest airport list Once the seventh busiest airport in the world for international passenger traffic, Changi Airport has now slipped to 58th place. At present, the airport serves only 1.5 per cent of Singapore's usual passenger volume and 6 per cent of the usual number of passenger flights - the weak figures compounded due to the lack of domestic air travel, said Transport Minister Ong Ye Kung in Parliament. There are now direct flights to just 49 cities in the world, as compared to 160 cities during pre- Covid-19 times.

However, cargo flights have gone up two-and-a-half times more, partially offsetting the reduction in passenger flights. Together, they make up 17 per cent of total flight volume.

Links to the story: https://www.businesstimes.com.sg/government-economy/changi-falls-from-7th-to-58th-on-the-worlds-busiest- airport-list https://www.straitstimes.com/singapore/politics/covid-19-has-caused-deep-crisis-for-sia-changi-airport-group- minister

Pilot cruises to nowhere for Singapore residents from Nov From November, cruises with enhanced safety protocols will be piloted for two cruise lines home- ported in Singapore. The pilot cruises will be "cruises to nowhere", that is, round trips with no ports of call. The Singapore Tourism Board (STB) is also developing a mandatory certification programme called CruiseSafe, which sets out stringent hygiene and safety measures that will be in force from before passengers board till after they disembark. The cruises will be open only to Singapore residents, and will sail at half their usual capacity, STB said in a statement. Kicking off the pilots is Genting Cruise Lines' ship, World Dream, from Nov 6. Then on Dec 1, Royal Caribbean International's vessel, Quantum of the Seas, will set sail.

Links to the story: https://www.businesstimes.com.sg/government-economy/pilot-cruises-to-nowhere-for-singapore-residents-from-nov https://www.straitstimes.com/singapore/consumer/spore-to-begin-cruises-to-nowhere-from-next-month https://www.straitstimes.com/singapore/consumer/operators-say-cruises-safer-cost-similar-to-staycations

Singapore offers Covid-19 insurance for short-term visitors Short-term visitors to Singapore are now able to purchase Covid-19 insurance that offers up to S$100,000 of hospitalisation cover, in case they are infected with the novel coronavirus during their time in the city-state. Dubbed ChangiAssure, the product is underwritten by local insurer HL Assurance and distributed by Changi Travel Services, a wholly-owned subsidiary of the Changi Airport Group. ChangiAssurance is available only for travellers from China, Brunei, Japan, Malaysia, New Zealand and South Korea. The insurance, which can be bought on or before arrival in Singapore, is offered in two tiers. The Basic plan provides up to S$8,000 of coverage for hospitalisation or expenses at a quarantine facility, in the event the cover holder is infected with Covid-19 during his or her time in Singapore. The Superior plan offers up to S$100,000 of coverage for the same purpose. On top of that, it also provides up to S$100,000 of coverage for accidental hospitalisation expenses unrelated to Covid- 19, as well as up to S$200,000 for death and disability in Singapore. This plan also covers travel inconveniences in Singapore such as loss of baggage and personal effects, travel delays and trip curtailment. Travellers above the age of 70 and below the age of three are ineligible.

Link to the story: https://www.businesstimes.com.sg/banking-finance/singapore-offers-covid-19-insurance-for-short-term-visitors

Industrial Lim Chu Kang set for makeover into high-tech agri-food cluster The Lim Chu Kang area looks set to be transformed into Singapore's food bowl as the country ramps up its drive to produce more food locally as a buffer against global supply shocks. About 390ha of land there will be redeveloped under a masterplan to create a "high-tech, highly productive and resource-efficient agri-food cluster", the Singapore Food Agency (SFA) said. The redevelopment will see the Lim Chu Kang area - currently home to a number of traditional farms - more than triple its current food production, it added. SFA will consult stakeholders such as farmers on the development of the masterplan over the next two to three years. Development works are expected to commence in 2024 and will be carried out in phases, the SFA added in a statement.

Link to the story: https://www.straitstimes.com/singapore/environment/lim-chu-kang-set-for-makeover-into-high-tech-agri-food- cluster

Upper Thomson storage facility for sale with S$100m guide price A freehold strata-titled storage facility at 50 Tagore Lane has been put on the market via expression of interest with an indicative price of S$100 million. The property comprises individual units with separate strata titles. It is being offered for sale together with an opportunity to buy the self-storage business of the seller, EBC Lifestyle Hub, which owns the entire building. The freehold development, named Entrepreneur Centre, has a total strata area of about 142,580 sq ft. It sits on a land area spanning 79,068 sq ft zoned for Business 1 use with a gross plot ratio of 2.0, according to the Urban Redevelopment Authority's Master Plan 2019. The expression of interest exercise ends on Nov 4.

Links to the story: https://www.businesstimes.com.sg/real-estate/upper-thomson-storage-facility-for-sale-with-s100m-guide-price

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

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