DAILY NEWS

Daily News – 25 May 2022 (Wed)

Singapore Real Estate

Property tax hikes won’t depress new launch prices, may hurt luxe home demand: NUS poll
Real estate honchos generally do not anticipate price cuts for new private home launches as a result of Singapore’s upcoming property tax increases, though some developers may try to buy more land in the suburbs, according to a quarterly survey.
https://www.businesstimes.com.sg/real-estate/property-tax-hikes-wont-depress-new-launch-prices-may-hurt-luxe-home-demand-nus-poll

Arts cluster Gillman Barracks set for another transformation
The quiet but beloved arts cluster Gillman Barracks is set for another round of transformation under the Singapore Land Authority (SLA), which promises a broader lifestyle mix of dining, leisure and arts offerings for all visitors.
https://www.businesstimes.com.sg/government-economy/arts-cluster-gillman-barracks-set-for-another-transformation
https://www.straitstimes.com/singapore/gillman-barracks-to-have-farmers-markets-more-fb-options-as-part-of-rejuvenation-plans

‘It came as a blow’: Gillman Barracks F&B tenants disappointed by launch of tenders for their sites
Food and beverage tenants at Gillman Barracks have expressed concern about having to give up their spaces after the Singapore Land Authority (SLA) on Tuesday (May 24) launched tenders for their sites.
https://www.straitstimes.com/singapore/gillman-barracks-tenants-dismayed-by-launch-of-tenders-for-their-sites

Singapore Economy

Singapore Q1 GDP up by 3.7% but external demand outlook is weaker now: MTI
The Singapore economy expanded by 3.7 per cent year on year in the first quarter of 2022, with uplift from the manufacturing, finance and insurance, and professional services. Still, the external demand outlook “has weakened compared to 3 months ago”, the Ministry of Trade and Industry (MTI) said in a statement on Wednesday morning (May 25).
https://www.businesstimes.com.sg/government-economy/singapore-q1-gdp-up-by-37-but-external-demand-outlook-is-weaker-now-mti
https://www.straitstimes.com/business/economy/singapore-gdp-growth-for-2022-likely-to-come-in-at-lower-end-of-3-5-forecast-mti

Singapore upgrades 2022 export forecasts on better-than-expected Q1 showing and higher oil prices
Singapore is upgrading its forecast of its key exports in 2022 on the account of better-than-expected first-quarter performance and higher oil prices expected to support oil trade, Enterprise Singapore (Enterprise SG) said in its quarterly trade review on Wednesday (May 25).
https://www.businesstimes.com.sg/government-economy/singapore-upgrades-2022-export-forecasts-on-better-than-expected-q1-showing-and
https://www.straitstimes.com/business/economy/spore-raises-2022-trade-forecasts-after-q1-outperforms-on-higher-oil-prices-strong-chip-demand

MAS and Swiss government body to promote data connectivity for financial services
The Monetary Authority of Singapore (MAS) and the Swiss State Secretariat for International Finance (SIF) have issued a joint statement about their plan to promote data connectivity for financial services.
https://www.businesstimes.com.sg/banking-finance/mas-and-swiss-government-body-to-promote-data-connectivity-for-financial-services
https://www.straitstimes.com/business/economy/mas-and-swiss-government-body-to-promote-data-connectivity-for-financial-services

Enterprises must be the vanguard of innovation and growth: DPM Heng
While the government can play a supportive role, ultimately, it must be enterprises that are the vanguard of innovation and growth, said Deputy Prime Minister Heng Swee Keat on Tuesday (May 24).
https://www.businesstimes.com.sg/government-economy/enterprises-must-be-the-vanguard-of-innovation-and-growth-dpm-heng

Jan-April tourist numbers exceed arrivals for whole of 2021, with easing of border curbs
The number of visitors to Singapore in the first four months of the year has exceeded figures for the whole of 2021, mainly due to a surge in arrivals in April after Singapore dropped most of its Covid-19 restrictions.
https://www.straitstimes.com/singapore/jan-april-tourist-numbers-exceed-arrivals-for-whole-of-2021-with-easing-of-border-curbs

SMEs tap Scale-up SG programme to establish new ventures, expand globally
Local semiconductor test solutions firm AEM Holdings has expanded its product offerings and completed five acquisitions in the past two years, with the support of a local growth programme.
https://www.straitstimes.com/business/smes-tap-scale-up-sg-programme-to-establish-new-ventures-expand-globally

Companies’ Brief

Brokers’ take: CGS-CIMB initiates CapitaLand Investment with ‘add’ on value of fund management business
CGS-CIMB is positive on CapitaLand Investment (CLI) post restructuring as it offers investors greater earnings visibility and higher return on equity. In a report on Monday (May 23), analyst Lock Mun Yee initiated coverage on the property play with an “add” call and target price of S$4.59, noting that the successful transformation of CLI’s fund management business could further boost its share price.
https://www.businesstimes.com.sg/companies-markets/brokers-take-cgs-cimb-initiates-capitaland-investment-with-add-on-value-of-fund

CDL sees home sales drop 41% in Q1, expects market to firm up
City Developments Limited (CDL) on Tuesday (May 24) posted a 41 per cent year-on-year drop in homes sold for the 3 months ended Mar 31, the first full quarter since cooling measures were implemented in December last year.
https://www.businesstimes.com.sg/companies-markets/cdl-sees-home-sales-drop-41-in-q1-expects-market-to-firm-up
https://www.straitstimes.com/business/property/cdl-sees-home-sales-drop-41-in-q1-expects-market-to-firm-up

Keppel O&M secures rig charter contracts worth up to S$120 million
Keppel Offshore & Marine’s (O&M) wholly-owned subsidiaries have signed contracts for the bareboat charter of 2 KFELS B Class rigs. In a press statement on Tuesday (May 24), Keppel Corp said the jackup rigs will be chartered to “an established drilling company” in the Middle East for deployment in the fourth quarter of 2022 for 3 years, with options for a year’s extension.
https://www.businesstimes.com.sg/companies-markets/keppel-om-secures-rig-charter-contracts-worth-up-to-s120-million

OUE Lippo Healthcare up 5.3% on new healthcare partnership
Shares of OUE Lippo Healthcare closed higher on Tuesday (May 24), after the healthcare group said it will form new partnerships to add to its healthcare network. The counter gained as much as 18.4 per cent or S$0.007 to trade at S$0.045 as at 9.04 am, before closing 5.3 per cent or S$0.002 higher at S$0.04 on Tuesday.
https://www.businesstimes.com.sg/stocks/hot-stock-oue-lippo-healthcare-up-53-on-new-healthcare-partnership

Views, Reviews, Forum and Others

Why Asia must adapt to keep its global supply chain crown
In ancient times, the cost of moving goods determined the production and distribution reach of a product. So, products made in a particular market found their way to the end consumer linearly across trade routes such as the Silk Road or the Spice Route.
https://www.businesstimes.com.sg/opinion/why-asia-must-adapt-to-keep-its-global-supply-chain-crown

Tapping technology to bring speed, accuracy to credit risk modelling
With all the disruption stemming from Covid-19 over the past two years, how sound are credit risk models? This was one of the questions we sought to answer with a global research study that surveyed 100 industry decision makers across Asia Pacific.
https://www.businesstimes.com.sg/opinion/tapping-technology-to-bring-speed-accuracy-to-credit-risk-modelling

Tight labour market benefits workers in move to skills-based hiring: Josephine Teo
Davos – A tight labour market may be a good thing, as this motivates companies to look at marginal candidates more closely and find ways to upskill them rather than overlook such prospects out of hand, Minister for Communications and Information Josephine Teo said on Monday (May 23).
https://www.straitstimes.com/world/tight-labour-market-benefits-workers-in-move-to-skills-based-hiring-josephine-teo

Update on COVID-19 (Coronavirus Disease 2019) situation

Courage Fund relief schemes end, but those who got Covid-19 before May 24 can still apply
The Ministry of Social and Family Development (MSF) and National Council of Social Service (NCSS) have closed all Covid-19 relief schemes under The Courage Fund with immediate effect, the two Government agencies announced on Tuesday (May 24).
https://www.straitstimes.com/singapore/msf-and-ncss-close-courage-fund-relief-schemes-but-those-who-contracted-covid-19-before-may-24-can-still-apply

*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