DAILY NEWS

Daily News – 18 November 2021 (Thu)

Singapore Real Estate

Rochor BTO flats launched under prime location model; HDB to claw back 6% of resale price
A total of 4,501 Build-To-Order (BTO) flats were launched for sale by the Housing Board on Wednesday (Nov 17), including 960 units in Rochor – the first project under a new prime location public housing (PLH) model – which comes with a 6 per cent subsidy clawback clause upon their resale.
https://www.businesstimes.com.sg/real-estate/rochor-bto-flats-launched-under-prime-location-model-hdb-to-claw-back-6-of-resale-price
https://www.straitstimes.com/singapore/housing/hdb-launches-over-4501-bto-flats-first-prime-location-project-in-rochor-comes-with

Residential sites at Hillview Terrace to be launched for sale on Nov 18
Residential sites located at Hillview Terrace will be launched for sale via tender on Thursday (Nov 18), said marketing agents Colliers and OrangeTee Advisory on Wednesday (Nov 17). 31 to 35 and 50 to 64 Hillview Terrace – 11 freehold factory units – will be put up for sale with an indicative price of S$122 million.
https://www.businesstimes.com.sg/real-estate/residential-sites-at-hillview-terrace-to-be-launched-for-sale-on-nov-18

Singapore Economy

Pay growth to return to pre-Covid levels as economy recovers
Singapore salaries are headed for a rebound in 2022, as employers play catch-up in the recovery from the pandemic-induced economic downturn. Pay could go up by an average of 3.5 per cent, going by the findings of recent polls that were released separately by professional services firm Mercer and employee services provider ECA International.
https://www.businesstimes.com.sg/government-economy/pay-growth-to-return-to-pre-covid-levels-as-economy-recovers-0

Most Asean economies to see faster GDP growth
Most Asean economies are likely to see accelerating gross domestic product (GDP) growth and above-average earnings gains as they recover from Covid setbacks, Goldman Sachs said at its 2022 outlook media roundtable. The US investment bank has upgraded Indonesia and Singapore to overweight, and Thailand to market weight.
https://www.businesstimes.com.sg/government-economy/most-asean-economies-to-see-faster-gdp-growth

Singapore wealth tax ‘not so easy to implement’: PM Lee
Prime Minister Lee Hsien Loong said that efforts to ease inequalities through wealth taxes face challenges including ensuring fairness and risks to the city-state’s competitiveness. “We need to find a system of taxation which is progressive and which people will accept as fair,” he said on Wednesday (Nov 17) in a dialogue at the Bloomberg New Economy Forum in Singapore.
https://www.businesstimes.com.sg/government-economy/singapore-wealth-tax-not-so-easy-to-implement-pm-lee

Government will not focus on taxing individuals based on their net wealth: Lawrence Wong
In introducing a wealth tax in Singapore, the government will not focus on taxing individuals based on their net wealth, but will look at the entire system of taxes here and identify areas which can be further strengthened instead, said Finance Minister Lawrence Wong on Wednesday (Nov 17).
https://www.businesstimes.com.sg/government-economy/government-will-not-focus-on-taxing-individuals-based-on-their-net-wealth
https://www.straitstimes.com/business/singapore-aims-to-ensure-tax-enhancements-do-not-undermine-its-competitiveness-lawrence

Banking, investment chiefs say high inflation levels no longer transitory
Singapore – Higher inflation is expected over the next few years as the world emerges from the Covid-19 pandemic, according to senior bankers at a forum in Singapore on Wednesday (Nov 17). UBS Group chairman Axel Weber told the event that while growth and economic recovery should continue…
https://www.straitstimes.com/business/economy/banking-investment-chiefs-say-high-inflation-levels-no-longer-transitory

Asean factory reopening raises prospects for Singapore exports growth into 2022
Demand from the other Asian markets helped propel Singapore trade to an 11th month of growth in October, as non-oil domestic exports (NODX) rose at their fastest pace in 4 years. NODX rose by 17.9 per cent year on year in October, up from 12 per cent growth in the month prior…
https://www.businesstimes.com.sg/government-economy/asean-factory-reopening-raises-prospects-for-singapore-exports-growth-into-2022
https://www.straitstimes.com/business/economy/singapore-non-oil-exports-strengthen-with-179-jump-in-october

Companies’ Brief

Singapore companies feted for their resilience during the pandemic
After taking a hiatus last year, a special edition of the Singapore Corporate Awards (SCA) returned on Wednesday (Nov 17) to recognise 26 listed companies that led the way in corporate governance and sustaining shareholder returns during the Covid-19 pandemic.
https://www.businesstimes.com.sg/companies-markets/singapore-companies-feted-for-their-resilience-during-the-pandemic
https://www.straitstimes.com/business/companies-markets/singapore-companies-feted-for-their-resilience-during-the-pandemic

Views, Reviews, Forum & Others

Singapore of the future: How to make the city endearing
How can Singapore make itself more endearing to its citizens and, in the process, develop a stronger sense of identity and belonging among Singaporeans? This question rears its head as the Urban Redevelopment Authority (URA) is engaging the public as part of its review every decade of Singapore’s urban development and land use policies over the next 50 years.
https://www.straitstimes.com/opinion/singapore-of-the-future-how-to-make-the-city-endearing

The oldest asset class of all still dominates modern wealth
Are real estate prices today the equivalent of bread prices? It’s a question that was recently asked by a trade union leader in Germany, where there has been a push to seize corporate-owned rental units and put them in public ownership. Many Dutch cities want to ban investors from buying cheap homes to rent out.
https://www.businesstimes.com.sg/opinion/the-oldest-asset-class-of-all-still-dominates-modern-wealth

Climate focus pushes Singapore insurers to reshape business models
With the recent 2021 United Nations Climate Change Conference (COP26) in Glasgow sparking renewed discussions on the insurance industry’s role in reducing emissions, Singapore insurers are also planning ahead on how to intensify their focus in this area by embedding zero-carbon targets and managing climate risks in their business and operating models.
https://www.businesstimes.com.sg/opinion/climate-focus-pushes-singapore-insurers-to-reshape-business-models

Dual governance methods, more independent director involvement crucial for family businesses: panel
Family-run businesses, which currently make up about 60 per cent of companies listed on the Singapore Exchange (SGX), require better governance and due diligence processes, as well as greater involvement from independent directors, said speakers at a panel discussion organised by the Singapore Institute of Directors (SID).
https://www.businesstimes.com.sg/companies-markets/dual-governance-methods-more-independent-director-involvement-crucial-for-family

Assets of APAC family offices rise, thanks to strong public, private market gains: study
Despite challenges arising from the Covid-19 pandemic, wealth levels of the richest families in the Asia-Pacific rose, with 29 per cent reporting a significant increase. The Asia Pacific Family Office Report 2021 found that 75 per cent of families in the survey saw their wealth rise over the past 12 months, thanks to a confluence of factors…
https://www.businesstimes.com.sg/wealth-investing/assets-of-apac-family-offices-rise-thanks-to-strong-public-private-market-gains

Update on COVID-19 (Coronavirus Disease 2019) Situation

S’pore’s ICU utilisation rate falls to 62.6%; 3,474 new Covid-19 cases reported
Singapore – The overall intensive care unit (ICU) utilisation rate in Singapore has fallen to 62.6 per cent, down from 63.3 per cent on Tuesday (Nov 16). The Ministry of Health (MOH) in its daily Covid-19 update also said there were 3,474 new Covid-19 infections reported in Singapore on Wednesday (Nov 17), up from 2,069 the day before.
https://www.straitstimes.com/singapore/spores-icu-utilisation-rate-falls-to-626-3474-new-covid-19-cases-7-deaths-reported

S’pore easing Covid-19 measures step by step to avoid U-turns, human cost: PM Lee
Singapore – Singapore has had to change course along its journey in tackling Covid-19, and is trying to persuade its people that it is necessary to accept a few thousand cases a day, said Prime Minister Lee Hsien Loong on Wednesday (Nov 17).
https://www.straitstimes.com/singapore/spore-easing-covid-19-measures-step-by-step-to-avoid-u-turns-human-cost-pm-lee

Strict Covid-19 testing for high-profile Bloomberg forum as S’pore revives global event hub ambition
Singapore – One of the most-watched global events to be held in Singapore since the start of the pandemic was under way on Wednesday (Nov 17) in a meticulously planned albeit muted fashion, as the Republic took another step towards business as usual as a leading events hub.
https://www.straitstimes.com/singapore/strict-testing-designated-shuttle-buses-for-high-profile-bloomberg-forum-as-spore-revives

*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