DAILY NEWS

Daily News – 18 January 2022 (Tue)

Singapore Real Estate

Singapore new private home sales decline at slower pace than launches in December
Although developers released considerably fewer private residential units for sale in December 2021, all 3 market segments in Singapore recorded strong overall take-up rates of more than 100 per cent, said Edmund Tie head of research and consulting Lam Chern Woon.
https://www.businesstimes.com.sg/real-estate/singapore-new-private-home-sales-decline-at-slower-pace-than-launches-in-december
https://www.straitstimes.com/business/property/new-private-home-sales-catch-chill-from-cooling-measures-with-58-drop-in-december

Singapore Economy

Some business leaders in favour of raising GST in 2 steps to soften impact on households, businesses
Business leaders here said they are more in favour of a 2-step phased approach to introducing the upcoming Goods and Services Tax (GST) hike, as doing so would help to soften the impact it will have on households and businesses.
https://www.businesstimes.com.sg/government-economy/some-business-leaders-in-favour-of-raising-gst-in-2-steps-to-soften-impact-on

Long-term gains outweigh short-term pain of GST hike
Singapore – Like most policy decisions, raising taxes is a trade-off between short-term pain and long-term gain. And there is also no precedence of a tax being welcomed by taxpayers. The Government’s decision to raise the goods and services tax (GST) – a broad-based levy on consumption – by 2 percentage points in the upcoming Budget is no exception.
https://www.straitstimes.com/business/economy/long-term-gains-outweigh-short-term-pain-of-gst-hike

Singapore’s 2021 exports resilient against supply chain disruptions, momentum to continue into 2022
Despite supply-chain disruptions over the past year, Singapore’s key exports in December capped off a year of strong growth, and economists believe the momentum is likely to carry into 2022.
https://www.businesstimes.com.sg/government-economy/singapores-2021-exports-resilient-against-supply-chain-disruptions-momentum-to

Companies’ Brief

Chip Eng Seng’s CFO takes on new C-suite roles at education division
Mainboard-listed Chip Eng Seng’s group chief financial officer (CFO) Law Cheong Yan is stepping down from his role to become the new group chief corporate officer and chief operating officer of its education division, while Kenny Yong Shan Siong will take over as group CFO.
https://www.businesstimes.com.sg/companies-markets/chip-eng-sengs-cfo-takes-on-new-c-suite-roles-at-education-division

Straits Trading launches private placement to raise S$80.9m, priced at S$3.11 per share
The Straits Trading Company on Tuesday (Jan 18) announced it has launched its private placement to raise gross proceeds of S$80.9 million. The conglomerate-investment company will be issuing 26 million shares, priced at S$3.11 each, “to encourage both institutional and individual share ownership”, it said.
https://www.businesstimes.com.sg/companies-markets/straits-trading-launches-private-placement-to-raise-s809m-priced-at-s311-per-share

Proxy advisory says ALog-ESR deal process ‘questionable’, recommends voting against merger
Proxy advisory firm Institutional Shareholder Services (ISS) has recommended that unitholders of Ara Logos Logistics Trust (ALog Trust) vote against the merger with ESR-Reit at an extraordinary general meeting (EGM) to be held on Jan 27.
https://www.businesstimes.com.sg/companies-markets/wealth-investing/proxy-advisory-says-alog-esr-deal-process-questionable-recommends

Views, Reviews, Forum & Others

APAC real estate outlook positive in 2022, transaction volumes to hit record high: CBRE
Asia-pacific’s real estate market could hit a record high on the investment market front, with strong liquidity underpinning a projected 5 to 10 per cent year-on-year increase in transaction volumes, according to CBRE.
https://www.businesstimes.com.sg/global-enterprise/apac-real-estate-outlook-positive-in-2022-transaction-volumes-to-hit-record-high

Size helps but it’s not a panacea for Reits seeking to re-rate
Some investors like real estate investment trusts (Reits) to be safe if somewhat boring vehicles that pay steady distributions akin to bonds issued by high quality issuers.
https://www.businesstimes.com.sg/real-estate/size-helps-but-its-not-a-panacea-for-reits-seeking-to-re-rate

Hybrid work: It’s time employment policies caught up
Working from home has been the default since the start of the Covid-19 pandemic in 2020. Now, 50 per cent of employees who can work from home will be allowed to return to the office. While this means face-to-face meetings and in-person conversations are finally possible…
https://www.straitstimes.com/opinion/hybrid-work-its-time-employment-policies-catch-up

WEF looks ahead to post-pandemic world
The World Economic Forum (WEF) has long been perceived, by critics, as an exclusive club for the global elite. It is therefore ironic, for some, that the theme of this week’s conference is “working together, restoring trust”.
https://www.businesstimes.com.sg/opinion/wef-looks-ahead-to-post-pandemic-world

The challenge of double materiality: sustainability at a crossroads
One of the more significant announcements at the COP26 meetings in Glasgow in November 2021 concerned the launch of the International Sustainability Standards Board (ISSB) by the International Financial Reporting Standards (IFRS) Foundation.
https://www.businesstimes.com.sg/opinion/the-challenge-of-double-materiality-sustainability-at-a-crossroads

SMS scams: OCBC conducting probe into gaps in processes; MAS considering action to be taken
Singapore – OCBC Bank will be conducting a thorough probe to identify the deficiencies in its processes and implement the necessary measures to address them after a spate of SMS phishing scams, said the Monetary Authority of Singapore (MAS) on Monday (Jan 17).
https://www.straitstimes.com/tech/tech-news/ocbc-sms-scams-bank-conducting-probe-into-gaps-in-processes-mas-considering-actions-to-be-taken

BT Explains: What you need to know about SMS phishing
The sharp rise in phishing scams has cemented SMS as a weak link in online banking as more customers transact through their phones and attackers grow increasingly sophisticated. Nearly 470 OCBC customers have lost at least S$8.5 million to such scams since last December.
https://www.businesstimes.com.sg/banking-finance/bt-explains-what-you-need-to-know-about-sms-phishing

OCBC pays phishing victims; MAS says all customers should be treated fairly
OCBC said it has, to date, made goodwill payouts to more than 30 customers who fell prey to the recent SMS phishing scam impersonating the bank. Almost 470 customers have lost a total of S$8.5 million since last December.
https://www.businesstimes.com.sg/banking-finance/ocbc-pays-phishing-victims-mas-says-all-customers-should-be-treated-fairly
https://www.straitstimes.com/tech/tech-news/ocbc-bank-has-made-goodwill-payments-to-sms-scam-victims-since-jan-8

Update on COVID-19 (Coronavirus Disease 2019) Situation

1,165 new Covid-19 cases in Singapore; Omicron cases down
Working from home has been the default since the start of the Covid-19 pandemic in 2020. Now, 50 per cent of employees who can work from home will be allowed to return to the office. While this means face-to-face meetings and in-person conversations are finally possible, employers and employees will have more adjustments to make.
https://www.straitstimes.com/singapore/1165-new-covid-19-cases-in-singapore-omicron-cases-down

*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