DAILY NEWS

Daily News – 3 March 2022 (Thu)

Singapore Real Estate

24 flats at Haig Road up for collective sale with S$48m indicative price
A block of 24 flats along Haig Road will be put up for collective sale via tender with an indicative price of S$48 million on Thursday (Mar 3), sole marketing agent Colliers announced on Wednesday.
https://www.businesstimes.com.sg/real-estate/24-flats-at-haig-road-up-for-collective-sale-with-s48m-indicative-price-0

HDB amends plans for 2 developments following environmental studies, public consultations
Singapore – The Housing Board has adjusted its plans for two upcoming developments and is studying if it can modify plans for a third, following environmental studies and consultations with nature groups.
https://www.straitstimes.com/singapore/housing/hdb-amends-plans-for-2-developments-following-environmental-studies-public-consultations

Singapore Economy

Singapore could act to tackle higher costs from war in Ukraine
Singapore is closely watching external economic risks to growth and inflation, and will not hesitate to take steps to protect jobs and to help with higher costs, Finance Minister Lawrence Wong said on Wednesday (Mar 2), in the wake of Russia’s invasion of neighbouring Ukraine.
https://www.businesstimes.com.sg/government-economy/singapore-could-act-to-tackle-higher-costs-from-war-in-ukraine
https://www.straitstimes.com/business/economy/singapore-manufacturing-grows-at-slower-pace-in-february-amid-ukraine-crisis-fears

Singapore February PMI records sharpest fall in 2 years
Singapore’s manufacturing sentiment in February saw its sharpest decline in nearly 2 years, due in part to seasonal reasons, although firms also appear to have been spooked by the escalating tensions between Russia and Ukraine.
https://www.businesstimes.com.sg/government-economy/singapore-february-pmi-records-sharpest-fall-in-2-years

Companies’ Brief

CDL commits undisclosed investment sum to venture capital firm Taronga Ventures
City Developments Limited (CDL) has committed an undisclosed sum of investment to venture capital firm Taronga Ventures for its Asian built environment technology fund, RealTech Ventures Fund.
https://www.businesstimes.com.sg/companies-markets/cdl-commits-undisclosed-investment-sum-to-venture-capital-firm-taronga-ventures

GIC and Temasek have small exposure to Russia
Singapore sovereign funds GIC and Temasek Holdings have a “surprisingly” small exposure to Russia, said the Global SWF in its March newsletter. Global SWF is a data platform that tracks state-owned investors (SOIs), including sovereign wealth and public pension funds. Its newsletter outlines the latest exposures and activities of various SOIs.
https://www.businesstimes.com.sg/government-economy/gic-and-temasek-have-small-exposure-to-russia

OKH Global to divest holdings in two companies to repay loans
Property Developer OKH Global has entered into a conditional share sale agreement to dispose of its holdings in Equalbase and in Deltanvil for S$51.4 million. This is more than the counter’s current market capitalisation at S$28.2 million.
https://www.businesstimes.com.sg/companies-markets/okh-global-to-divest-holdings-in-two-companies-to-repay-loans

Brokers’ take: DBS upgrades Yanlord Land to ‘buy’ on solid long-term outlook
DBS Group Research on Wednesday (Mar 2) upgraded its call on Yanlord Land Group from “hold” to “buy”, following the property developer’s earnings performance for the financial year ended Dec 31, 2021.
https://www.businesstimes.com.sg/companies-markets/brokers-take-dbs-upgrades-yanlord-land-to-buy-on-solid-long-term-outlook

S-Reits can weather rising inflation to gain returns, says OCBC
Singapore-listed real estate investment trusts (S-Reits) should be able to mitigate rising inflation, despite higher inflationary pressure possibly impacting margins in the sector, said OCBC Investment Research on Tuesday (Mar 1).
https://www.businesstimes.com.sg/companies-markets/s-reits-can-weather-rising-inflation-to-gain-returns-says-ocbc

Views, Reviews, Forum & Others

Ways to further bolster Singapore’s workforce transformation
As Singapore recovers from the pandemic, there is urgency to hasten efforts to transform our workforce to drive socioeconomic growth. For this, a balanced approach is needed. On one hand, we need to help businesses and workforces in sectors that are still recovering from the pandemic to pivot and transform.
https://www.businesstimes.com.sg/opinion/ways-to-further-bolster-singapores-workforce-transformation-0

World must heed climate change alerts
The latest report by the Intergovernmental Panel on Climate Change (IPCC), the United Nations’ top climate science body, reiterates the urgency of meeting the threat of environmental destruction because the extent and magnitude of its impact are larger than estimated in previous assessments.
https://www.straitstimes.com/opinion/st-editorial/world-must-heed-climate-change-alerts-0

Singapore Budget 2022

Singapore government not accumulating more reserves than necessary: Wong
The risks for Singapore’s reserves are tilted to the downside and the government is not looking to accumulate more reserves than necessary, said Finance Minister Lawrence Wong in Parliament on Wednesday (Mar 2).
https://www.businesstimes.com.sg/government-economy/singapore-government-not-accumulating-more-reserves-than-necessary-wong
https://www.straitstimes.com/singapore/politics/budget-debate-singapore-will-not-change-its-approach-to-reserves-because-it-needs-to-think-of-next-generation-lawrence-wong

Budget debate: S’pore must maintain fair and progressive system of taxes and benefits, says Lawrence Wong
Singapore – Even as it seeks to raise revenues to meet growing spending needs, Singapore must insist on “keeping faith” with both current and future generations through a fiscal structure that is fair, inclusive and progressive, Finance Minister Lawrence Wong said.
https://www.straitstimes.com/singapore/politics/budget-debate-spore-must-maintain-fair-and-progressive-system-of-taxes-and-benefits-says-lawrence-wong

Lawrence Wong debunks opposition’s alternatives to GST hike
Minister for Finance Lawrence Wong has rebutted opposition calls to raise public revenues from sources beyond a planned goods and services tax (GST) increase, as he called on lawmakers to beware proposed alternatives that “are not prudent and will come at the detriment of the next generation”.
https://www.businesstimes.com.sg/government-economy/lawrence-wong-debunks-oppositions-alternatives-to-gst-hike
https://www.straitstimes.com/singapore/politics/lawrence-wong-rebuts-proposals-by-the-workers-party-to-raise-revenue-in-lieu-of-gst-hike
https://www.straitstimes.com/singapore/politics/budget-2022-simplistic-and-divisive-to-tax-the-rich-big-firms-and-future-generation-instead-of-gst-hike-lawrence-wong

Burden of GST hike falls on the better-off: Lawrence Wong
The burden of the upcoming goods and services tax (GST) hike will mostly be borne by the well-off, as offsets will ensure that the effective GST rates for low-income households remain unchanged, said Finance Minister Lawrence Wong in Parliament on Wednesday (Mar 2).
https://www.businesstimes.com.sg/government-economy/burden-of-gst-hike-falls-on-the-better-off-lawrence-wong
https://www.straitstimes.com/multimedia/the-big-story-not-true-that-the-gst-hike-hurts-the-poor-says-lawrence-wong

Budget debate: Govt to consider publishing estimates on impact of corporate tax changes on S’pore: Lawrence Wong
Singapore – The Government will consider putting out more information and estimates on the impact of changes to international taxation rules on Singapore to provide for more informed debate, said Finance Minister Lawrence Wong.
https://www.straitstimes.com/singapore/politics/govt-to-consider-publishing-estimates-on-impact-of-corporate-tax-changes-on-spore-lawrence-wong

Budget debate: MOF worked with agencies to cut $600m off costs for 2021 projects
Singapore – The Ministry of Finance (MOF) managed to cut costs amounting to $600 million, of projects submitted for approval last year, said Second Minister for Finance Indranee Rajah on Wednesday (March 2).
https://www.straitstimes.com/singapore/politics/budget-debate-mof-worked-with-agencies-to-cut-600m-off-costs-for-2021-projects

Update on COVID-19 (Coronavirus Disease 2019) Situation

Singapore’s Covid-19 weekly infection growth rate drops to 0.98 with 19,159 new cases
[Singapore] The Covid-19 weekly infection growth rate dipped to 0.98 on Wednesday (Mar 2), the first time it has gone below one since Jan 3, the Ministry of Health (MOH) said in its nightly update. The infection growth rate was at 1.02 on Tuesday.
https://www.businesstimes.com.sg/government-economy/singapores-covid-19-weekly-infection-growth-rate-drops-to-098-with-19159-new
https://www.straitstimes.com/singapore/covid-19-weekly-infection-growth-rate-in-spore-drops-to-098-19159-new-cases

*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