DAILY NEWS

Daily News – 8 Mar 2022 (Tue)

Singapore Real Estate

Strata units in GB Building for sale; Oxley Tower F&B units re-launched at lower guide price
Three strata commercial units in GB Building have been launched for sale through an expression of interest (EOI) exercise, announced exclusive marketing agent PropNex on Monday (Mar 7). The portfolio of 3 commercial units has an overall guide price of S$69 million, and a combined strata floor area of 31,086 square feet (sq ft).
https://www.businesstimes.com.sg/real-estate/strata-units-in-gb-building-for-sale-oxley-tower-fb-units-re-launched-at-lower-guide-0

Singapore new home sales sink 27% in February
New home sales sank in February in the absence of major new launches. Chinese New Year festivities and the declining inventory of unsold new homes also dampened sales during the month, analysts said.
https://www.businesstimes.com.sg/real-estate/singapore-new-home-sales-sink-27-in-february

Singapore Economy

Singapore economy at risk if Russia-Ukraine crisis hits global growth and drives inflation up
Singapore – Singapore’s economy might be less directly impacted by the war in Ukraine or the sanctions on Russia, but a potential hit to global growth and rising inflation can eventually put a dent on its economic outlook.
https://www.straitstimes.com/business/economy/singapore-economy-at-risk-if-russia-ukraine-crisis-hits-global-growth-and-drives-inflation-up

Views, Reviews, Forum & Others

Seeing value in pursuing further studies in real estate
Deadlines loom for local students armed with freshly minted GCE A-Level results to apply for places at local universities. Is studying real estate worth considering? An academic once told me that some parents objected to their offspring pursuing studies in real estate because they did not want their children to become property agents.
https://www.businesstimes.com.sg/real-estate/seeing-value-in-pursuing-further-studies-in-real-estate

Caveat emptor – Pitfalls in the red-hot Australian property market
From a distance it may look as if nothing can derail the Australian property market. Australia’s median property price rose 22 per cent last year – its best performance in three decades. In fact, there has been a 25-year bull market in capital city property prices.
https://www.businesstimes.com.sg/opinion/caveat-emptor-pitfalls-in-the-red-hot-australian-property-market-0

Price of 95-octane petrol surges past S$3 per litre at Shell, Esso
Local pump prices continued their steep upward climb this week, rising as much as 27 Singapore cents per litre. According to petrol and diesel price tracker Fuel Kaki, Esso posted the highest price increases of at least 20 cents for each grade of fuel.
https://www.businesstimes.com.sg/energy-commodities/price-of-95-octane-petrol-surges-past-s3-per-litre-at-shell-esso

Oil’s relentless rally cools after soaring to highest since 2008
Singapore (Bloomberg, Reuters) – Oil fell on Tuesday (March 8) following a wild open to the week as crude’s sizzling rally to a 14-year high cooled after Germany indicated its reluctance to ban Russia energy imports.
https://www.straitstimes.com/business/companies-markets/oils-relentless-rally-cools-after-soaring-to-highest-since-2008

World food prices rocket 20.7% to record high in Feb with Ukraine war just starting
Singapore (Reuters) – World food prices hit a record high in February, jumping 20.7 per cent from a year earlier, led by a surge in the costs of vegetable oils and dairy products, the UN food agency said.
https://www.straitstimes.com/business/economy/world-food-prices-skyrocket-207-to-hit-record-high-in-february-with-ukraine-war-just-starting

Singapore Budget 2022

Strong enforcement measures will guard against new EP system fraud
There will be strong enforcement measures to guard against employers attempting to game the Complementarity Assessment Framework (Compass), the new points-based system to assess Employment Pass (EP) applicants and their employers, said Manpower Minister Tan See Leng in Parliament on Monday (Mar 7).
https://www.businesstimes.com.sg/government-economy/strong-enforcement-measures-will-guard-against-new-ep-system-fraud-0
https://www.straitstimes.com/singapore/politics/budget-debate-new-foreign-workforce-points-system-not-about-moving-goalposts-says-tan-see-leng

New tripartite standard to improve well-being of lower-wage workers
A new Tripartite Standard on Advancing Well-being of Lower-Wage Workers will set out good employment practices, while accreditation for the Progressive Wage Model (PWM) will also be introduced.
https://www.businesstimes.com.sg/government-economy/new-tripartite-standard-to-improve-well-being-of-lower-wage-workers

Update on COVID-19 (Coronavirus Disease 2019) Situation

S’pore reports 13,520 new Covid-19 cases with 1,477 patients hospitalised
Singapore – Daily Covid-19 cases and hospitalisations in Singapore on Monday (March 7) inched slightly upwards to a total of 13,520 new cases and 1,477 people hospitalised, after falling since the start of March.
https://www.straitstimes.com/singapore/spore-reports-13520-new-covid-19-cases-with-1477-patients-hospitalised

Malaysia to reopen all international borders, including Causeway, Second Link checkpoints
Malaysia is all set to reopen its international borders – including the land checkpoints at the Causeway and the Second Link – after 2 years of being shut due to the coronavirus pandemic, with Prime Minister Ismail Sabri Yaakob expected to announce the exact opening date on Tuesday (Mar 8).
https://www.businesstimes.com.sg/government-economy/malaysia-to-reopen-all-international-borders-including-causeway-second-link
https://www.straitstimes.com/asia/se-asia/malaysias-immigration-dept-chief-were-all-set-for-border-reopening

*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