DAILY NEWS

Daily News – 1, 2 & 3 January 2022 (Sat, Sun & Mon)

Singapore Real Estate

Private home prices climb 5%, HDB resale prices up 3.2% in Q4 2021: flash data
Prices of private homes in Singapore rose for the seventh consecutive quarter and at a faster pace in the September-December period last year, according to flash estimates by the Urban Redevelopment Authority (URA) on Monday (Jan 3).
https://www.businesstimes.com.sg/real-estate/private-home-prices-climb-5-hdb-resale-prices-up-32-in-q4-2021-flash-data
https://www.straitstimes.com/singapore/housing/hdb-resale-prices-surged-125-in-2021-the-biggest-rise-since-2010-flash-data

HDB delivers about 14,500 homes in 2021 despite disruptions caused by pandemic
Singapore – About 14,500 Housing Board (HDB) flats were delivered in 2021 despite disruptions to the construction industry caused by the Covid-19 pandemic. This number is a more than 50 per cent increase over the 9,400 flats handed over in 2020, and higher than the 13,500 units delivered in pre-pandemic 2019.
https://www.straitstimes.com/singapore/housing/hdb-delivers-about-14500-homes-in-2021-despite-disruptions-caused-by-pandemic

MAS to make home loans more transparent
Singapore – Sky-high credit card debt that leaves home owners struggling to pay their mortgages can often mean default is not far down the track, but one bank has a pleasant surprise in store for some of these borrowers.
https://www.straitstimes.com/business/invest/mas-to-make-home-loans-more-transparent?login=true

Singapore Economy

Singapore economy grows 5.9% in Q4 and 7.2% in 2021, better than expected: Flash data
Singapore – Singapore’s economy wrapped up 2021 with its fastest growth in more than a decade, putting behind the Republic’s worst recession the year before when the Covid-19 pandemic struck. The economy grew 7.2 per cent last year, the most since 2010 and higher than earlier estimates, the Ministry of Trade and Industry (MTI) said on Monday (Jan 3).
https://www.straitstimes.com/business/economy/singapore-economy-grows-59-in-q4-and-72-in-2021-better-than-expected
https://www.businesstimes.com.sg/government-economy/singapores-gdp-grew-72-in-2021-on-the-back-of-59-q4-growth

Singapore’s GDP to grow 3-5% in 2022, says PM Lee as he outlines reasons for coming GST hike
Budget 2022 will lay the basis for “sound and sustainable government finances” for the next stage of Singapore’s development, said Prime Minister Lee Hsien Loong on Friday (Dec 31). In his annual New Year Message, he explained the need for a vibrant economy to generate the resources needed to realise the country’s goals, and why the government must have “reliable and adequate” revenues to carry out its social programmes.
https://www.businesstimes.com.sg/government-economy/singapores-gdp-to-grow-3-5-in-2022-says-pm-lee-as-he-outlines-reasons-for-coming
https://www.straitstimes.com/singapore/politics/2022-will-be-time-of-transition-as-economy-recovers-budget-will-touch-on-gst-pm-lee

Covid jabs, tests boost demand for medical services at turn of year
Clinics and general practitioners have reported better business in recent months, on the back of booster vaccination jabs and more Covid-19 testing for travel and live events. Medical industry players to which The Business Times spoke said that they remain cautiously optimistic for their business outlook for the first quarter of 2022.
https://www.businesstimes.com.sg/government-economy/covid-jabs-tests-boost-demand-for-medical-services-at-turn-of-year

Need to keep generating new growth, build fairer society: PM
It has been a long and hard fight against Covid-19 and, as Singapore enters a new year, the fight is not over yet, Prime Minister Lee Hsien Loong said in his New Year message. But he said the immediate tasks go beyond managing the pandemic, and Singapore must continue to generate new growth, new jobs and prosperity in a post-pandemic economy, as well as build a fairer society.
https://www.straitstimes.com/opinion/need-to-keep-generating-new-growth-build-fairer-society-pm

A GST hike in 2022 would imply hope, more than fear
There is never a good time to make an unpopular and possibly growth-hurting move such as raising the Goods and Services Tax (GST) rate. But some timings may be better or worse than others. If the government decides to implement this hike in 2022, as suggested in Prime Minister Lee Hsien Loong’s New Year Message, this would point to its confidence in Singapore’s continued recovery.
https://www.businesstimes.com.sg/opinion/a-gst-hike-in-2022-would-imply-hope-more-than-fear
https://www.straitstimes.com/opinion/st-editorial/sound-finances-for-a-sustainable-future

Companies’ Brief

Koh Brothers unit, Oiltek, lodges prospectus for Catalist IPO
Oiltek International, a subsidiary of Koh Brothers Eco Engineering has on Friday (Dec 31) lodged its preliminary offer document for an initial public offering (IPO) on the Catalist-board of the Singapore Exchange (SGX).
https://www.businesstimes.com.sg/companies-markets/koh-brothers-unit-oiltek-lodges-prospectus-for-catalist-ipo
https://www.straitstimes.com/business/companies-markets/koh-brothers-unit-oiltek-lodges-prospectus-for-catalist-ipo

Mapletree merger not win-win for MCT unitholders
The proposed merger between Mapletree Commercial Trust (MCT) and Mapletree North Asia Commercial Trust (MNACT) is being presented as a win-win deal. The reality though is that MCT holders are being asked to approve the acquisition of an underperforming real estate investment trust (Reit) at a hefty premium.
https://www.businesstimes.com.sg/companies-markets/mapletree-merger-not-win-win-for-mct-unitholders

Mapletree Commercial Trust, Mapletree North Asia Commercial Trust propose merger
The managers of Mapletree Commercial Trust (MCT) and Mapletree North Asia Commercial Trust (MNACT) have proposed a merger that will propel the combined entity to become one of Asia’s 10 largest real estate investment trusts (Reits).
https://www.businesstimes.com.sg/companies-markets/mapletree-commercial-trust-mapletree-north-asia-commercial-trust-propose-merger
https://www.straitstimes.com/business/companies-markets/mapletree-commercial-trust-mapletree-north-asia-commercial-trust-propose-merger

Views, Reviews, Forum & Others

Bolstering local tourism amid Covid-19
Singapore’s hotels and attractions could have been wiped out had there not been any local tourism in the past two years. The coronavirus pandemic forced nations, including Singapore, to restrict international travel severely.
https://www.straitstimes.com/opinion/st-editorial/bolstering-local-tourism-amid-covid-19-0

RCEP a boon to access and attractiveness for developing economies as investment destinations
The Regional Comprehensive Economic Partnership (RCEP) – the world’s largest free trade agreement (FTA) – finally entered into force on New Year’s Day, having been ratified by 10 of its 15 signatories so far. The agreement needed 8 long years of negotiations and was signed in 2020 in Hanoi by all 10 Asean member states – Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam – as well as Australia, China, Japan, South Korea and New Zealand.
https://www.businesstimes.com.sg/government-economy/rcep-a-boon-to-access-and-attractiveness-for-developing-economies-as-investment
https://www.businesstimes.com.sg/global-enterprise/rcep-free-trade-agreement-to-take-effect-for-10-countries-on-jan-1
https://www.straitstimes.com/business/economy/worlds-largest-free-trade-agreement-rcep-kicks-in-cutting-tariffs-for-92-of-goods-traded-among-parties

Back to office, tray return: 8 key changes to take note of in Singapore in new year
Singapore – As Singapore ushers in the new year, here are eight key changes to take note of in 2022:
https://www.straitstimes.com/singapore/back-to-office-tray-return-among-eight-key-changes-to-take-note-of-in-the-new-year

What’s going to drive Singapore’s investment management sector in 2022
Despite market volatility and price movement dramatically accelerating at certain industry and asset class levels during the Covid-19 pandemic, the investment management sector has fared well in 2021. While the overall outlook remains promising as we begin 2022, uncertainty around the Omicron variant, along with a host of other rapidly evolving dynamics, will continue to test leaders as they strategise for the future.
https://www.businesstimes.com.sg/wealth-investing/wealth-investing/whats-going-to-drive-singapores-investment-management-sector-in

Update on COVID-19 (Coronavirus Disease 2019) Situation

Work-related events of up to 1,000 people allowed from Jan 3
[Singapore] From Monday (Jan 3), companies will be allowed to hold work-related events of up to 1,000 people, a drastic increase from the current cap of only 50 participants. But events with more than 50 people cannot include the consumption of meals or beverages, unlike those with fewer than 50 participants.
https://www.businesstimes.com.sg/government-economy/work-related-events-of-up-to-1000-people-allowed-from-jan-3
https://www.straitstimes.com/singapore/work-related-events-of-up-to-1000-people-with-no-food-and-drinks-allowed-from-jan-3

S’pore companies to redeploy unvaccinated staff or let them work from home; termination is last resort
Singapore – Unvaccinated employees will be redeployed to roles that allow them to work remotely or continue working from home, with termination taken only as a last resort, companies and observers told The Straits Times.
https://www.straitstimes.com/singapore/spore-companies-to-redeploy-unvaccinated-staff-or-let-them-work-from-home-with-termination-as-last-resort

Enhanced testing regime for VTL travellers extended for another four weeks
Singapore – The enhanced testing regime for travellers entering Singapore on vaccinated travel lanes (VTLs) will be extended for another four weeks. The Ministry of Health (MOH) said in a statement on Friday (Dec 31) that the enhanced scheme, first rolled out for four weeks on Dec 6, has been effective in detecting imported Omicron cases among VTL travellers and reducing onward transmission.
https://www.straitstimes.com/singapore/enhanced-testing-regime-for-vtl-travellers-extended-for-another-four-weeks

*For more information, please visit the Ministry of Health (MOH) website at www.moh.gov.sg and refer to go.gov.sg/mohupdates for updates on the COVID-19 (Coronavirus Disease 2019) situation