DAILY NEWS

Daily News – 24 June 2022 (Fri)

Singapore Real Estate

GCB transactions fall amid widening price gap, weak sentiment on multiple fronts
Transactions have fallen dramatically in the Good Class Bungalow (GCB) market, amid a widening buyer-seller price gap, coupled with weak sentiment in recent months from the stock market, cryptocurrency, macroeconomic and geopolitical fronts.
https://www.businesstimes.com.sg/real-estate/gcb-transactions-fall-amid-widening-price-gap-weak-sentiment-on-multiple-fronts

Leases starting to reflect fair tenancy code of conduct, but tenants still call for legislation
New or renewed retail leases are starting to reflect Singapore’s year-old industry-led code of conduct (COC) for fair tenancy, but tenants still look forward to legislation, which could happen as early as this year.
https://www.businesstimes.com.sg/sme/leases-starting-to-reflect-fair-tenancy-code-of-conduct-but-tenants-still-call-for-legislation

i12 Katong reopens after two-year revamp, with co-working spaces, automated F&B concept
Singapore – After a two-year revamp, i12 Katong officially opened on Thursday (June 23) with co-working spaces and technology-backed retail concepts. The six-storey mall, located at the intersection of East Coast Road and Joo Chiat Road, will have over 150 retail and food and beverage (F&B) stores opening progressively.
https://www.straitstimes.com/singapore/consumer/i12-katong-reopens-after-two-year-revamp-with-co-working-spaces-automated-fb-concept

Tighter workplace safety regulations in the works following spate of worksite deaths
A harmonised disqualification criteria is being developed for public sector construction tenders to disqualify contractors with poor work practices, announced Manpower Minister Tan See Leng on Thursday (Jun 23).
https://www.businesstimes.com.sg/government-economy/tighter-workplace-safety-regulations-in-the-works-following-spate-of-worksite
https://www.straitstimes.com/singapore/mom-raising-safety-officer-requirements-for-work-sites-reviewing-penalty-system-tan-see-leng

New workers, tight deadlines may be factors in recent spate of workplace accidents: Experts
Singapore – An outflow of experienced workers, coupled with tight delivery timelines amid the pandemic could be contributing factors to a recent rise in workplace accidents and deaths, said industry experts.
https://www.straitstimes.com/singapore/inexperienced-workers-tight-deadlines-may-have-contributed-to-recent-spate-of-workplace-accidents-say-experts

Singapore Economy

Singapore headline inflation hits 5.6% in May on broad-based increase in consumer prices
Singapore consumer prices continued to climb in May, with headline inflation hitting 5.6 per cent, up from 5.4 per cent in April, according to the latest data on Thursday (Jun 23). The consumer price index (CPI) reading now stands at its highest since late 2011, and beat the median forecast of 5.5 per cent in a private Bloomberg poll.
https://www.businesstimes.com.sg/government-economy/singapore-headline-inflation-hits-56-in-may-on-broad-based-increase-in-consumer

Analysts see rising risk of off-cycle central bank tightening as Singapore core inflation climbs
The Monetary Authority of Singapore (MAS) is expected to tighten policy settings at its half-yearly review in October – but may now be pushed to do so even earlier, analysts have said. The latest warning came as consumer prices in Singapore continued their upwards creep in May.
https://www.businesstimes.com.sg/government-economy/analysts-see-rising-risk-of-off-cycle-central-bank-tightening-as-singapore-core

Singapore factory output grows 13.8% in May as semiconductor production surges
Singapore’s factory output in May grew faster than the previous month on the back of a surge in semiconductor production, according to data from the Singapore Economic Development Board (EDB) on Friday (Jun 24).
https://www.businesstimes.com.sg/government-economy/singapore-factory-output-grows-138-in-may-as-semiconductor-production-surges
https://www.straitstimes.com/business/economy/singapore-factory-output-surprises-with-138-jump-in-may-as-chip-demand-surges

Targeted package to blunt inflation pain
With all-items inflation running at more than a decade high of 5.6 per cent as at May, the $1.5 billion relief package announced by Deputy Prime Minister and Finance Minister Lawrence Wong on Tuesday will cushion some of the resulting pain
https://www.straitstimes.com/opinion/st-editorial/the-straits-times-says-targeted-package-to-blunt-inflation-pain

Companies’ Brief

Brokers’ take: DBS expects Mercatus deal to support capital values for suburban retail malls
DBS Group Research on Thursday (Jun 23) said it expects the potential sale of Mercatus Co-operative’s stakes in AMK Hub, Jurong Point, Nex and Swing By @ Thomson Plaza to support capital values for retail malls in the suburban space.
https://www.businesstimes.com.sg/companies-markets/brokers-take-dbs-expects-mercatus-deal-to-support-capital-values-for-suburban

Park Hotel Management director sued over series of fund transfers at subsidiary Park Hotel CQ
Park Hotel CQ (PHCQ), along with its liquidators, have filed a lawsuit against Park Hotel Management (PHMPL) director, Allen Law Ching Hung, over some S$6.5 million in funds that were transferred out of PHCQ.
https://www.businesstimes.com.sg/real-estate/park-hotel-management-director-sued-over-series-of-fund-transfers-at-subsidiary-park

Update on COVID-19 (Coronavirus Disease 2019) situation

Singapore unlikely to roll back Covid-19 rules due to wave driven by Omicron subvariants: Experts
Singapore – It is unlikely that Singapore will tighten Covid-19 rules across the board in response to the recent upswing in virus cases, public health experts told The Straits Times. This is especially since the country is in a good position to deal with the next wave and any rollback will have a significant impact on the economy and society.
https://www.straitstimes.com/singapore/health/singapore-unlikely-to-roll-back-covid-19-rules-due-to-ba4ba5-wave-experts

*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