SINGAPORE (Apr 13): Phillip Capital has upgraded its rating on the Singapore REITs sector to “overweight”, preferring the office and industrial sub-sectors. But expects the retail sector to be the greatest casualty of Singapore’s containment measures and Covid-19 Bill.

Some of Singapore’s containment measures include the closure of bars, entertainment venues and enrichment centres from Mar 26, as well as the “circuit breaker” period from Apr 7 to May 4, which sees the closure of schools and workplaces, and suspension of business that cannot be conducted through telecommuting – except for essential services and key economic sectors.

The Covid-19 (Temporary Measures) Bill was proposed by the Ministry of Law on April 1 to provide temporary relief for the inability to perform contractual obligations. This includes leases for non-residential and will prevent the contracting party from taking legal actions against or terminating the lease of the non-performing party. If passed, the measures will be in place for six months from the commencement of the Act and may be extended for up to 12 months.

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