DAILY NEWS

Daily News – 25 November 2021 (Thu)

Singapore Real Estate

New bonus GFA incentive scheme for developments which hit certain standards on digitalisation, productivity
Under a new 5-year scheme, private developments outside the Government Land Sales (GLS) programme will be able to enjoy up to 3 per cent bonus gross floor area (GFA) beyond the Master Plan Gross Plot Ratio (GPR) if they achieve enhanced standards in productivity, digitalisation, sustainability and quality.
https://www.businesstimes.com.sg/real-estate/new-bonus-gfa-incentive-scheme-for-developments-which-hit-certain-standards-on
https://www.straitstimes.com/singapore/housing/spore-property-developers-get-incentive-to-meet-higher-standards-in-3
https://www.zaobao.com.sg/finance/singapore/story20211125-1216789

Singapore Economy

Singapore trade tipped to cool in 2022 but analysts rosy on upside to ‘cautious’ official forecast
Singapore’s non-oil domestic export (NODX) growth will cool sharply in 2022 from a high base this year, though it is expected to stay in positive territory, official forecasts out on Wednesday (Nov 24) indicated. Still, some economists are looking for upside to a projection that even trade agency Enterprise Singapore (ESG) acknowledged is conservative.
https://www.businesstimes.com.sg/government-economy/singapore-trade-tipped-to-cool-in-2022-but-analysts-rosy-on-upside-to-cautious
https://www.straitstimes.com/business/economy/singapore-raises-2021-trade-forecasts-as-non-oil-exports-grow-9-in-q3

Singapore’s official 2022 growth forecast of 3-5% captures spread of private-sector predictions
Singapore’s official 2022 growth forecast of 3 per cent to 5 per cent has not surprised economists, most of whom maintained existing predictions within that range after it was announced by the Ministry of Trade and Industry (MTI) on Wednesday (Nov 24).
https://www.businesstimes.com.sg/government-economy/singapores-official-2022-growth-forecast-of-3-5-captures-spread-of-private-sector
https://www.straitstimes.com/business/economy/singapore-gdp-growth-to-slow-to-3-5-in-2022-after-7-gain-this-year

Spectre of high inflation looms large on Singapore’s 2022 growth outlook
Singapore – The rapid and persistent rise in prices may become the most pressing challenge next year for policymakers in Singapore and elsewhere, analysts said.If unabated, persistently high levels of inflation can hurt consumers by hitting their purchasing power. It can also cut margins for businesses by depriving them of their pricing power.
https://www.straitstimes.com/business/economy/spectre-of-high-inflation-looms-large-on-singapores-2022-growth-outlook

Singapore’s total Covid job losses far outstrip past recessions, despite resident employment recovery
Employment losses in the Covid-19 pandemic have vastly outstripped those in previous recessions, with a massive loss of non-resident workers far outweighing the recovery of resident employment, according to a box article in the Ministry of Trade and Industry’s (MTI) latest quarterly Economic Survey of Singapore, released on Wednesday (Nov 24).
https://www.businesstimes.com.sg/government-economy/singapores-total-covid-job-losses-far-outstrip-past-recessions-despite-resident

Businesses hope land VTL with Malaysia will let in new workers too
While Singapore’s business community welcomes the upcoming Vaccinated Travel Lane (VTL) across the Causeway between Singapore and Malaysia, many hope that new workers will be allowed to use the lane soon, to alleviate the labour crunch.
https://www.businesstimes.com.sg/government-economy/businesses-hope-vtl-land-will-allow-new-workers-too

Companies’ Brief

LHN applies to spin off and list logistics business on Catalist board
Property player LHN has applied to the Stock Exchange of Hong Kong to spin off and separately list the shares of LHN Logistics on the Catalist board of the Singapore Exchange, the company said in a bourse filing on Wednesday (Nov 24).
https://www.businesstimes.com.sg/companies-markets/lhn-applies-to-spin-off-and-list-logistics-business-on-catalist-board

Views, Reviews, Forum & Others

COP26 agreement on carbon markets is a welcome boost for market integrity
Carbon markets recently received a long-awaited boost at Glasgow. Towards the close of the 2021 United Nations Climate Change Conference (COP26), more than 100 negotiators hammered out an agreement on a broad framework to enable governments and companies to enter bilateral deals to swap and trade carbon credits, which are seen as essential in the race towards net-zero emissions.
https://www.businesstimes.com.sg/opinion/cop26-agreement-on-carbon-markets-is-a-welcome-boost-for-market-integrity

Update on COVID-19 (Coronavirus Disease 2019) Situation

Singapore reports 2,079 Covid-19 cases; weekly infection growth rate falls to 0.75
[Singapore] There were 2,079 new Covid-19 infections reported in Singapore on Wednesday (Nov 24), up from 1,782 on Tuesday. The Covid-19 weekly infection growth rate stood at 0.75, slightly down from 0.83 on Tuesday, said the Ministry of Health (MOH) in its daily update.
https://www.businesstimes.com.sg/government-economy/singapore-reports-2079-covid-19-cases-weekly-infection-growth-rate-falls-to-075
https://www.straitstimes.com/singapore/health/singapore-reports-2079-covid-19-cases-weekly-infection-growth-rate-falls-to-075

Singapore and Malaysia to launch VTL across Causeway from Nov 29
Singapore and Malaysia will launch the much-anticipated Vaccinated Travel Lane (VTL) for land, for a restricted group of travellers, on Nov 29 – the same day the quarantine-free scheme for air travel between the neighbours takes off as they restore connectivity.
https://www.businesstimes.com.sg/government-economy/singapore-and-malaysia-to-launch-vtl-across-causeway-from-nov-29
https://www.straitstimes.com/singapore/spore-to-review-capacity-for-malaysia-land-vtl-on-a-weekly-basis-gan-kim-yong

S’pore’s Covid-19 certificate now recognised as equivalent of EU’s certificate
Singapore – Travellers going between Singapore and the European Union (EU) will have an easier time proving their Covid-19 vaccination status from Thursday (Nov 25). The European Commission announced on Wednesday that Covid-19 certificates issued by Singapore are now recognised as the equivalent of the EU’s Digital Covid Certificate.
https://www.straitstimes.com/singapore/health/spores-covid-19-certificates-now-equivalent-to-european-unions

*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