DAILY NEWS

Daily News – 2, 3 & 4 April 2022 (Sat, Sun & Mon)

Singapore Real Estate

Go for older leasehold condo units?
In this fortnightly series, we address readers’ queries on investing issues. This week, we look at the value of older leasehold condo projects.
https://www.straitstimes.com/business/invest/inthemoney-go-for-older-leasehold-condo-units
https://www.straitstimes.com/business/invest/newer-units-have-better-facilities-older-ones-have-more-living-space

HDB resale prices climb at a slower pace of 2.3% in Q1: HDB flash estimates
Housing Board (HDB) resale prices climbed 2.3 per cent in Q1 2022, marking the 8th consecutive quarterly growth, according to HDB’s flash estimates released on Friday (Apr 1). However, the rise was not as steep as that of Q4 2021 which saw a record growth of 3.4 per cent.
https://www.businesstimes.com.sg/real-estate/hdb-resale-prices-climb-at-a-slower-pace-of-23-in-q1-hdb-flash-estimates

Work on 9 HDB commercial complexes hit by delays amid Covid-19
Singapore – Work at eight Housing Board commercial complexes has been hit by delays due to the Covid-19 situation, while upgrading at a ninth will be delayed by a year after its main contractor went bust.
https://www.straitstimes.com/singapore/housing/work-on-9-hdb-commercial-complexes-hit-by-delays-amid-covid-19

Singapore Economy

Border reopenings to fill non-PMET jobs; labour market to stay tight: economists
While Singapore’s border reopenings could ease manpower pressures in the coming months, they are unlikely to alleviate the shortage of professionals, managers, executives and technicians (PMET), said watchers.
https://www.businesstimes.com.sg/government-economy/border-reopenings-to-fill-non-pmet-jobs-labour-market-to-stay-tight-economists-0

Companies’ Brief

CapitaLand unit wins bids for prime residential sites in Wuhan, Chengdu for 3.5b yuan
CapitaLand Development (CLD), the development arm of CapitaLand Group, has won the bids for 2 prime residential sites in China for a total price of 3.5 billion yuan (S$748 million). CLD plans to build on these sites 1,581 homes catering to first-time homebuyers and upgraders, bringing its residential pipeline under development in China to 19,139 units…
https://www.businesstimes.com.sg/companies-markets/capitaland-unit-wins-bids-for-prime-residential-sites-in-wuhan-chengdu-for-35b
https://www.straitstimes.com/business/companies-markets/capitaland-unit-wins-bids-for-prime-housing-sites-in-wuhan-chengdu-for-748m

GuocoLand appoints new country managing director for China business
Property developer GuocoLand has appointed Peter Lee Wai Mun, most recently the deputy head of business development at Keppel Land China, as the country managing director of its wholly-owned subsidiary GuocoLand China, effective Friday (April 1).
https://www.businesstimes.com.sg/companies-markets/guocoland-appoints-new-country-managing-director-for-china-business

PropNex CEO expects local demand to drive growth
Propnex Realty is banking on strong local demand to drive growth in a market weighed down by inflation concerns and measures to cool the fervent run-up of recent years. PropNex, one of two real estate agencies that dominate transactions in both private and public housing, benefited from the bullishness that ran in 2021 across all market segments…
https://www.businesstimes.com.sg/companies-markets/propnex-ceo-expects-local-demand-to-drive-growth

Rajah & Tann Singapore unveils next crop of leaders
“BIG 4” law firm Rajah & Tann Singapore shook up its management by appointing 2 of its next generation of leaders as joint deputy managing partners on Friday (Apr 1). They are Ng Kim Beng, a partner specialising in international arbitration, construction and projects, and Kelvin Poon, who heads the law firm’s international arbitration practice and South Asia desk. Both are in their 40s.
https://www.businesstimes.com.sg/companies-markets/rajah-tann-singapore-unveils-next-crop-of-leaders

Singapore office S-Reits poised to benefit from positive rental momentum
Singapore’s Central Business District (CBD) saw Grade A office rents record the fastest quarterly growth since rents turned around in Q2 2021, according to JLL Singapore in a recent report. Grade A office rents in the CBD rose 2.3 per cent to S$10.46 per square foot (psf) per month (pm) in the latest quarter, up from Q4 2021’s S$10.23.
https://www.businesstimes.com.sg/companies-markets/singapore-office-s-reits-poised-to-benefit-from-positive-rental-momentum-0

Views, Reviews, Forum and Others

Post-Covid, small business support programmes need to deliver at scale
While we are not entirely out of the woods, the promise of greater vaccine access and better treatments illuminate a future without a crippling global health pandemic. For many, however, the fading health threat of Covid-19 will be replaced with the cruel reality that economic hardship does not recede as easily.
https://www.businesstimes.com.sg/opinion/post-covid-small-business-support-programmes-need-to-deliver-at-scale

Travel reimagined as journeys restart in 2022
Globetrotters enjoyed a golden age of travel before the pandemic, with proliferating air links and a world of open borders. “We could all travel farther, faster and more freely than ever before,” observed Mr Koh Buck Song, author of the book Around The World In 68 Days.
https://www.straitstimes.com/opinion/travel-reimagined-as-journeys-restart-in-2022

No one really understands real interest rates
Economists once thought they knew how borrowing costs affect the economy, but we have been proved wrong.
https://www.businesstimes.com.sg/wealth-investing/no-one-really-understands-real-interest-rates

AGM 2022 – business as usual or time for a reset?
In just two years, the pandemic has drastically changed the complexion of annual general meetings (AGMs). In 2020 when virtual AGMs first emerged, necessitated by the pandemic, companies were preoccupied more with meeting the new requirements and less on shareholders’ needs.
https://www.businesstimes.com.sg/wealth-investing/agm-2022-business-as-usual-or-time-for-a-reset

Strategists turn positive on China assets, citing attractive valuations, policy support
Strategists and some asset managers have pivoted towards a positive stance on China assets, citing attractive valuations and the China government’s avowed intention to support the economy at a time when some global central banks have turned hawkish.
https://www.businesstimes.com.sg/wealth-investing/strategists-turn-positive-on-china-assets-citing-attractive-valuations-policy-0

Cryptocurrencies: Just how much are they wrecking the environment?
Cryptocurrencies such as Bitcoin have grown significantly in popularity, but have also garnered much flack for the supposed damage they are inflicting on the environment. That impression comes from the fact that the mining of cryptocurrencies requires copious amounts of energy and generates hefty levels of electronic waste.
https://www.businesstimes.com.sg/wealth-investing/cryptocurrencies-just-how-much-are-they-wrecking-the-environment

Oil’s war-driven rise won’t fuel a bear market or recession
How high will oil prices climb? Global oil price surges have tended to cause fears of a global bear market and recession. Whilst Jurong Island’s centrality in Asian oil and oil products trading makes high prices a mixed blessing, if a global recession struck, the hit to world trade would likely send Singapore – and the Straits Times Index – reeling. Nosebleed energy prices can hurt.
https://www.businesstimes.com.sg/companies-markets/oils-war-driven-rise-wont-fuel-a-bear-market-or-recession

Despite geopolitical uncertainties, S’pore power sector can still hit climate targets
The war has become a catalyst to rethink global energy supplies: Surging fossil fuel prices, intense competition and rising geopolitical risk. With climate change impacts intensifying, will the crisis unite the world in stronger climate action and spending on cheaper renewable energy?
https://www.straitstimes.com/singapore/environment/despite-geopolitical-uncertainties-spore-power-sector-can-still-hit-climate-targets

Update on COVID-19 (Coronavirus Disease 2019) Situation

S’pore always on lookout for Covid-19 variants of concern but none significant recently: Ong Ye Kung
Singapore – Singapore is always watching out for variants of concern declared by the World Health Organisation (WHO) although no significant ones have been detected recently, said Health Minister Ong Ye Kung on Sunday (April 3).
https://www.straitstimes.com/singapore/spore-always-on-lookout-for-covid-19-variants-of-concern-but-none-significant-recently-ong-ye-kung

Easing of rules will see more Covid-19 cases, but healthcare system can bear burden, say task force ministers
Singapore – Singapore will see an uptick in Covid-19 cases now that restrictions have been eased, but its healthcare system is expected to be able to shoulder the burden. At the same time, people should continue to exercise social responsibility, given how unpredictable the virus is, stressed two of the ministers leading the country’s pandemic response.
https://www.straitstimes.com/singapore/health/easing-of-rules-will-see-more-covid-19-cases-but-healthcare-system-can-bear-burden-say-task-force-ministers

Surge in travellers between S’pore and Malaysia not a concern for Covid-19 situation here: Health experts
Singapore – Though tens of thousands of people have travelled between Johor and Singapore since the land borders reopened on April 1, experts who spoke to The Straits Times are not concerned about how this might potentially impact the Covid-19 situation here.
https://www.straitstimes.com/singapore/surge-in-travellers-between-spore-and-malaysia-not-a-concern-for-covid-19-situation-here-health-experts

Bosses normalise annual leave policy as borders, society reopen
The extra-flexible leave policies of recent years appear to be one-off pandemic-era concessions, as human resources (HR) departments roll back rules on the carry-over and encashment of unused days.
https://www.businesstimes.com.sg/government-economy/bosses-normalise-annual-leave-policy-as-borders-society-reopen-0

*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