DAILY NEWS

Daily News – 24 May 2022 (Tue)

Singapore Real Estate

Pair of Chinatown shophouses up on the market with S$53m guide price
A pair of freehold Chinatown shophouses has been put up for sale via public tender with a guide price of S$53 million, said exclusive marketing agent Savills Singapore on Monday (May 23). Located at 79 and 81 Pagoda Street, the shophouses are zoned for commercial use under the Urban Redevelopment Authority’s Master Plan 2019.
https://www.businesstimes.com.sg/real-estate/pair-of-chinatown-shophouses-up-on-the-market-with-s53m-guide-price

Global capital flows to real estate hit new high in Q1 2022: JLL
Diminishing operational uncertainty, robust demand and abundant liquidity spurred a flurry of activity in global real estate, leading to Q1 2022 being the most active first quarter on record for capital market investment volumes.
https://www.businesstimes.com.sg/real-estate/global-capital-flows-to-real-estate-hit-new-high-in-q1-2022-jll

HDB launching some 4,500 BTO flats including 2 PLH projects in May
Applicants for public housing in the May Build-To-Order (BTO) exercise can look forward to 2 projects under the Prime Location Public Housing (PLH) model as part of 4,500 units to be made available.
https://www.businesstimes.com.sg/real-estate/hdb-launching-some-4500-bto-flats-including-2-plh-projects-in-may
https://www.straitstimes.com/singapore/housing/hdb-to-launch-2-bto-projects-in-may-under-prime-location-public-housing-model-in-bukit-merah-queenstown

Singapore Economy

Singapore core inflation hits 3.3% in April
Singapore’s core consumer prices have continued to climb on increases in the cost of food and other goods, as well as electricity and gas, according to figures out on Monday (May 23). Core inflation – which excludes accommodation and private transport costs – jumped to 3.3 per cent in April, up from 2.9 per cent in March. This is its highest level since early 2012.
https://www.businesstimes.com.sg/government-economy/singapore-core-inflation-hits-33-in-april
https://www.straitstimes.com/business/singapores-core-inflation-up-33-in-april-fuelled-by-hikes-in-electricity-and-gas-tariffs

Pessimism surrounds S’pore growth outlook as global economic headwinds gather
Singapore – Singapore’s growth outlook is becoming more and more gloomy as policymakers worldwide run out of ideas to tame inflation while maintaining the pace of economic recovery.
https://www.straitstimes.com/business/economy/pessimism-surrounds-spore-growth-outlook-as-global-economic-headwinds-gather

Supplementary Budget? Economists look to more policy moves to mitigate Singapore inflation
The upward creep of core inflation might prompt Singapore to step in with both fiscal and monetary policy measures, economists said on Monday (May 23), as they warned of the risk that consumer prices could bust the upper end of official forecasts in 2022.
https://www.businesstimes.com.sg/government-economy/supplementary-budget-economists-look-to-more-policy-moves-to-mitigate-singapore

Travellers in Asia-Pacific see higher fares than other regions amid travel recovery: Mastercard
Travellers in the Asia-Pacific region experience higher fares compared to other regions, with airfares in Singapore averaging 27 per cent above pre-pandemic levels. The increased cost of travel is driven by higher operating costs and supply-side constraints such as air transportation employment, which remains below pre-pandemic levels across the region, according to a report by the Mastercard Economics Institute on Monday (May 23).
https://www.businesstimes.com.sg/government-economy/travellers-in-asia-pacific-see-higher-fares-than-other-regions-amid-travel

Long-term growth seen for travel industry despite short-term headwinds: S Iswaran
While ongoing inflationary pressures may dampen the tourism industry’s recovery in the near term, the long-term growth potential of the industry remains as there is a hunger among consumers for travel, said Transport Minister S Iswaran on Monday (May 23).
https://www.businesstimes.com.sg/government-economy/long-term-growth-seen-for-travel-industry-despite-short-term-headwinds-s-iswaran

Companies’ Brief

OUE and OUE Lippo Healthcare form joint venture with medical specialist groups in Singapore
3 medical specialist groups and Echo Healthcare Management, a joint venture by OUE and OUE Lippo Healthcare (OUELH), have formed a partnership called Echo Healthcare Services.
https://www.businesstimes.com.sg/companies-markets/oue-and-oue-lippo-healthcare-form-joint-venture-with-medical-specialist-groups-in

MCT, MNACT unitholders approve merger to create third largest Reit in Singapore
Unitholders of Mapletree Commercial Trust (MCT) and Mapletree North Asia Commercial Trust (MNACT) have voted in favour of a merger to create one of Asia’s 10 largest real estate investment trusts (Reits).
https://www.businesstimes.com.sg/companies-markets/mct-mnact-unitholders-approve-merger-to-create-third-largest-reit-in-singapore
https://www.straitstimes.com/business/property/mct-mnact-unitholders-approve-merger-to-create-third-largest-reit-in-singapore

Views, Reviews, Forum and Others

Suburban condos can continue to outperform prime ones
Many people dream of owning a condominium unit close to the Orchard Road shopping belt or in the established private residential enclave of Bukit Timah or in the new downtown area of Marina Bay.
https://www.businesstimes.com.sg/opinion/suburban-condos-can-continue-to-outperform-prime-ones

Stagflation risk rising, but growth in Asia is still the base case scenario
As inflation continues to climb and global growth is crimped by slowdowns in China and the United States, Katrina Ell, senior Asia-Pacific (APAC) economist at Moody’s Analytics, described the risk of stagflation in major economies as “its highest in decades”.
https://www.businesstimes.com.sg/global-enterprise/stagflation-risk-rising-but-growth-in-asia-is-still-the-base-case-scenario

Update on COVID-19 (Coronavirus Disease 2019) situation

New centres open to offer both Covid-19 testing and vaccination
Five new centres which can conduct both Covid-19 testing and vaccination operations will open on Tuesday (May 24), helping to consolidate and chart the next phase of Singapore’s Covid-19 operations.
https://www.businesstimes.com.sg/government-economy/new-centres-open-to-offer-both-covid-19-testing-and-vaccination
https://www.straitstimes.com/singapore/new-centres-open-to-offer-both-covid-19-testing-and-vaccination-over-1000-people-sign-up-for-novavax-jab

More than 1,000 people sign up for Novavax’s non-mRNA Covid-19 vaccine
Singapore – More than 1,000 people have signed up and booked slots to get the Covid-19 vaccine developed by Novavax as at Monday (May 23). Bookings for Nuvaxovid – the first non-mRNA vaccine recommended as a booster dose by the Expert Committee on Covid-19 Vaccination – were opened to residents aged 18 and above since May 13.
https://www.straitstimes.com/singapore/more-than-1000-people-sign-up-to-take-novavaxs-non-mrna-covid-19-vaccine

*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