DAILY NEWS

Daily News – 25 March 2022 (Fri)

Singapore Real Estate

Singapore capital dominates Asian outbound real estate investment in 2021
Capital from Singapore accounted for the majority of Asia’s US$54.6 billion in outbound commercial real estate investment in 2021, a CBRE report says. Outbound flows from Asia rebounded from 2020, surging 69 per cent year on year to that amount, exceeding pre-pandemic volumes.
https://www.businesstimes.com.sg/real-estate/singapore-capital-dominates-asian-outbound-real-estate-investment-in-2021

Slower property auctions in March; sole sale is a freehold retail shop in Sim Lim Tower transacted at S$1.455m
After a burst of interest in property auctions last month, Knight Frank’s March auction saw only one property go under the hammer this week, with two others sold before the auction event. A freehold retail shop at Sim Lim Tower was sold at the single bid price of S$1.455 million, lower than the original guide price of S$1.53 million and opening price of S$1.46 million. Spanning 710 square feet (sq ft), the owner-sale property is just a stone’s throw away from Jalan Besar MRT.
https://www.businesstimes.com.sg/real-estate/slower-property-auctions-in-march-sole-sale-is-a-freehold-retail-shop-in-sim-lim-tower

Current income cap to own BTO flats still reasonable for now: analysts
The current income ceiling that buyers need to meet to buy a build-to-order (BTO) Housing Development Board (HDB) flat still looks reasonable for now. In fact, buyers can look to other options available in the mass market if they require a home for themselves, said analysts.
https://www.businesstimes.com.sg/real-estate/current-income-cap-to-own-bto-flats-still-reasonable-for-now-analysts-0

Singapore Economy

Stagflation and why it occurs
The global economy faces the risk of recession or stagflation if the Russia-led war in Ukraine is prolonged, and Singapore could be adversely affected in these scenarios, despite its limited links to Russia and Ukraine, warned Finance Minister Lawrence Wong at an event on Tuesday (Mar 22).
https://www.businesstimes.com.sg/government-economy/stagflation-and-why-it-occurs

Companies’ Brief

Time for Keppel to build capabilities, and not just gather assets
Keppel Corp’s failed bid to acquire Singapore Press Holdings (SPH) should direct the company’s focus towards building capabilities. Following a protracted bidding war to acquire Singapore Press Holding (SPH), shareholders of SPH have voted in favour of the acquisition by Cuscaden Peak.
https://www.businesstimes.com.sg/companies-markets/time-for-keppel-to-build-capabilities-and-not-just-gather-assets

Shangri-La pares FY21 loss to US$290.6m as revenue rises
Shangri-La Asia on Thursday (Mar 24) stemmed some losses for its full year ended Dec 31, 2021, paring its FY2021 net loss to US$290.6 million, from US$460.2 million a year ago. Loss per share stood at 8.13 US cents, compared with the loss per share of 12.89 US cents a year ago.
https://www.businesstimes.com.sg/companies-markets/shangri-la-pares-fy21-loss-to-us2906m-as-revenue-rises

Views, Reviews, Forum and Others

Why ‘shrinkflation’ means you are paying the same for less
(Financial Times) – Inflation is everywhere. Labour shortages, supply chain bottlenecks and rising post-pandemic demand were already pushing up costs. Now Russia’s invasion of Ukraine is squeezing the supply of food and energy.
https://www.straitstimes.com/opinion/why-shrinkflation-means-you-are-paying-the-same-for-less

Update on COVID-19 (Coronavirus Disease 2019) Situation

Daily new Covid-19 cases in Singapore falls to 8,478
[Singapore] Daily new Covid-19 infections reported in Singapore fell on Thursday (Mar 24) to 8,478 cases, down from the 8,940 reported on Wednesday. The number of patients hospitalised fell to 873 cases on Thursday, down from 951 the day before.
https://www.businesstimes.com.sg/government-economy/daily-new-covid-19-cases-in-singapore-falls-to-8478
https://www.straitstimes.com/singapore/health/daily-new-covid-19-cases-in-singapore-falls-to-8478

Some will continue to mask up outdoors, even when it becomes optional
Singapore – Each day, business analyst Sethu Raman Ganesh Kumar goes on a three-hour walk, covering between 16km and 18km. His mask is something he never leaves behind. And even though he no longer needs to don one for his walks from Tuesday (March 29), the 38-year-old said he would still adopt a careful approach.
https://www.straitstimes.com/singapore/some-will-continue-to-mask-up-outdoors-even-when-it-becomes-optional

Sport: Exercising casually outdoors? No need for masks from Tuesday
Singapore – Those engaging in physical activities outdoors will no longer need to don masks while doing so from Tuesday (March 29). This was among a number of key changes to measures implemented in the fight against the pandemic, that Prime Minister Lee Hsien Loong announced on Thursday (March 24), as Singapore moves towards a new phase of living with Covid-19.
https://www.straitstimes.com/sport/sport-exercising-casually-outdoors-you-dont-need-to-wear-a-mask-from-tuesday

Overjoyed F&B owners fret over labour crunch as dining limits double
With dining limits soon to be doubled to 10 vaccinated persons in Singapore, food and beverage (F&B) operators, although overjoyed, are finding themselves in another pickle: labour crunch. But the excitement was palpable among several F&B operators that The Business Times (BT) spoke with on Thursday (May 24), shortly after the Covid-19 multi-ministry taskforce announced Singapore’s “decisive moves” to live with Covid-19 in a live broadcast.
https://www.businesstimes.com.sg/government-economy/overjoyed-fb-owners-fret-over-labour-crunch-as-dining-limits-double

No Covid test for land travel between Singapore and Malaysia from Apr 1
From Apr 1, fully vaccinated travellers travelling between Singapore and Malaysia by land at the Causeway and Tuas Second Link will be allowed to enter either country without needing to take a Covid-19 test or undergo quarantine.
https://www.businesstimes.com.sg/government-economy/no-covid-test-for-land-travel-between-singapore-and-malaysia-from-apr-1
https://www.straitstimes.com/singapore/singapore-malaysia-to-reopen-land-borders-on-april-1

Mask rules, group size cap, border curbs eased as Singapore reaches ‘turning point’
Masks off outdoors, social gatherings of up to 10 people, and quarantine-free entry for all fully vaccinated travellers. More than 2 years into the Covid-19 pandemic, Singapore is making its most sweeping relaxations to domestic and border restrictions yet.
https://www.businesstimes.com.sg/government-economy/mask-rules-group-size-cap-border-curbs-eased-as-singapore-reaches-turning-point

Fully-vaccinated Singapore residents, long-term pass holders no longer need to pay for Covid-19 treatment post-travel
With the introduction of the Vaccinated Travel Framework, fully-vaccinated Singaporeans, permanent residents and long-term pass holders will no longer need to cover their own Covid-related medical bills after travelling.
https://www.businesstimes.com.sg/government-economy/fully-vaccinated-singapore-residents-long-term-pass-holders-no-longer-need-to-pay

Singapore lifts Covid restrictions on social events, live performances and alcohol past 10.30pm
Singapore will lift restrictions on large-scale social events, live performances and alcohol consumption beyond 10.30pm from Mar 29, marking a “decisive move” for the Republic in its endeavour to live with Covid-19.
https://www.businesstimes.com.sg/government-economy/singapore-lifts-covid-restrictions-on-social-events-live-performances-and-alcohol

Covid-19 rules for migrant workers eased; no need for exit pass to visit recreation centres
Singapore – Vaccinated migrant workers will not need to apply for exit passes to visit recreation centres from April 1, and the latest Covid-19 safety measures for the wider community will also apply to those living in dormitories.
https://www.straitstimes.com/singapore/covid-19-rules-for-migrant-workers-further-eased-those-vaccinated-can-visit-recreation-centres-without-exit-pass

*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