DAILY NEWS

Daily News – 15 July 2022 (Fri)

SINGAPORE REAL ESTATE

Residential property rentals expected to remain elevated this year after uptick in June
Condominium and Housing Board (HDB) rental prices continued their upward trajectory in June 2022, climbing by 2.1 per cent and 2.3 per cent from the previous month, respectively. This represents the 18th consecutive month of rental growth for condos as HDB rents rose for the 24th straight month, according to the latest flash figures from SRX Property and 99.co released on Thursday (Jul 14).
https://www.businesstimes.com.sg/real-estate/residential-property-rentals-expected-to-remain-elevated-this-year-after-uptick-in-june
https://www.straitstimes.com/singapore/housing/hdb-rents-rise-for-24th-straight-month-condo-rents-up-for-18th-straight-month-in-june

CK Asset hunting for land, JV collaboration in Singapore
Hong Kong-listed CK Holdings is looking to purchase land in Singapore and exploring the possibility of a joint venture with Hongkong Land and Keppel Land on a large commercial project, said its executive director.
https://www.businesstimes.com.sg/real-estate/ck-asset-hunting-for-land-jv-collaboration-in-singapore

Where HDB resale flats won’t break the bank
Prices of HDB resale flats have increased steadily over the past two years. In 2021, the Housing Development Board resale price index jumped 12.7 per cent year-on-year, which was the highest annual rate of growth in the past decade.
https://www.businesstimes.com.sg/real-estate/where-hdb-resale-flats-wont-break-the-bank

SINGAPORE ECONOMY

Singapore and Asian Development Bank ink MOU to promote investment and innovation in region
Singapore and the Asian Development Bank (ADB) have agreed to promote greater investment and innovation in the Asia Pacific, including in areas such as liveable cities and fintech, under a Memorandum of Understanding (MOU) signed on Thursday (Jul 14).
https://www.businesstimes.com.sg/government-economy/singapore-and-asian-development-bank-ink-mou-to-promote-investment-and-innovation
https://www.straitstimes.com/singapore/singapore-and-asian-development-bank-ink-agreement-to-spur-more-investment-and-innovation-in-asia-and-the-pacific

Singapore’s economy faces sharp slowdown into 2023, despite escaping recession so far
Singapore’s economy is not expected to sink into decline just yet, with overall growth tipped to remain positive into 2023 despite a sluggish second quarter. Still, gross domestic product (GDP) growth looks headed for a sharp slowdown, with watchers warning that the outlook for the year ahead is highly uncertain.
https://www.businesstimes.com.sg/government-economy/singapores-economy-faces-sharp-slowdown-into-2023-despite-escaping-recession-so

MAS’s move to strengthen SGD unlikely to be ‘game changer’ for USD/SGD upward trend: analysts
The surprise off-cycle move by Singapore’s central bank to tighten monetary policy is unlikely to weaken the US dollar’s (USD) strength against the Singapore dollar (SGD), analysts said. The USD saw a knee-jerk 1 per cent fall against the SGD about 20 minutes after the Monetary Authority of Singapore (MAS) made its off-cycle announcement, its second such move this year, to combat rising inflation, even as it raised its core inflation forecast range to 3-4 per cent, from 2.5-3.5 per cent.
https://www.businesstimes.com.sg/government-economy/mass-move-to-strengthen-sgd-unlikely-to-be-game-changer-for-usdsgd-upward-trend

Jury is out on whether MAS will tighten monetary policy again in October
Singapore’s central bank could further tighten monetary policy a fifth time in October if inflation continues to heat up, although some economists believe the likelihood may have diminished following its surprise move to frontload the tightening on Thursday morning (Jul 14).
https://www.businesstimes.com.sg/government-economy/jury-is-out-on-whether-mas-will-tighten-monetary-policy-again-in-october

As inflation threatens to worsen, MAS moves to keep pace with global tightening tide
Singapore – Economists here were expecting an off-cycle move by the Monetary Authority of Singapore (MAS) but not so soon. Most had expected it to come after Singapore’s latest consumer price data is released on July 25.
https://www.straitstimes.com/business/economy/as-inflation-threatens-mas-moves-to-keep-pace-with-global-tightening-tide

Singdollar holds steady against US dollar, rises against peers after MAS surprise move
Singapore – The Singapore dollar was trading higher against most major currencies after the Monetary Authority of Singapore (MAS) surprised financial markets by tightening monetary policy on Thursday (July 14).
https://www.straitstimes.com/business/economy/singdollar-holds-steady-against-us-dollar-rises-against-peers-after-mas-surprise-move

Hiking rates early won’t mean catching a break later
Such is the determination these days to look tough on inflation that to even risk being portrayed as dovish is a stigma, regardless of merit. The relentlessness with which many central banks are raising interest rates into a slowing global economy shows there’s little reward in modest, albeit consistent, steps.
https://www.businesstimes.com.sg/opinion/hiking-rates-early-wont-mean-catching-a-break-later

Slower economic growth on the cards
With inflation continuing to rage, central banks are intensifying their tightening of monetary policies. In the last week alone, there have been sharp interest rate hikes in Canada, New Zealand, the Philippines and South Korea.
https://www.straitstimes.com/opinion/st-editorial/the-straits-times-says-slower-economic-growth-on-the-cards

Singapore retail sales returning to pre-pandemic levels, but headwinds persist
Singapore’s retail sector is showing signs of picking up, although retailers face looming headwinds in the form of inflation and a potential recession, according to the National University of Singapore’s Institute of Real Estate and Urban Studies (IREUS).
https://www.businesstimes.com.sg/real-estate/singapore-retail-sales-returning-to-pre-pandemic-levels-but-headwinds-persist

Singapore, China renew currency-swap arrangement for 5 years
Singapore and mainland China’s bilateral currency-swap arrangement has been renewed for a further term of 5 years to 2027, paving the way for the central banks of the 2 countries to access liquidity in each other’s currencies.
https://www.businesstimes.com.sg/government-economy/singapore-china-renew-currency-swap-arrangement-for-5-years

Singapore’s tourist arrivals expected to hit 4m to 6m in 2022
International visitor arrivals to Singapore are expected to reach 4 million to 6 million for the full year as travel recovers amid eased Covid-19 curbs, said the Singapore Tourism Board (STB) on Thursday (Jul 14).
https://www.businesstimes.com.sg/government-economy/singapores-tourist-arrivals-expected-to-hit-4m-to-6m-in-2022
https://www.straitstimes.com/singapore/consumer/spore-expects-4-to-6-million-visitors-in-2022-top-visitor-markets-are-indonesia-india-and-malaysia

Post-Covid-19, what’s on Singaporeans’ minds? 10 things that stuck out in IPS survey
Singapore – One hopes it does not happen, but should there be another pandemic, Singapore is well prepared and ready to take it on. About 64 per cent of Singaporeans feel this way, based on the city-state’s performance dealing with Covid-19, according to recent research.
https://www.straitstimes.com/singapore/cost-of-living-top-worry-for-sporeans-6-key-points-from-study-on-life-after-covid-19-pandemic
https://www.straitstimes.com/singapore/6-in-10-singaporeans-trust-that-lawrence-wong-is-best-4g-leader-to-lead-country-in-post-covid-world-ips-survey

COMPANIES’ BRIEF

Genting Singapore draws takeover interest from MGM Resorts
Casino operator Genting Singapore is attracting takeover interest as tourists start coming back to the Asian travel hub, people with knowledge of the matter said. US rival MGM Resorts International recently approached the firm’s controlling shareholder, the billionaire Lim family, to express its interest in a deal, the people said.
https://www.straitstimes.com/business/companies-markets/genting-singapore-draws-takeover-interest-from-mgm-resorts

VIEWS, REVIEWS, FORUM AND OTHERS

Are cryptocurrency players too close for comfort?
Singapore – The cryptocurrency sector, where prices have yet to hit bottom, is bracing itself for a further onslaught as prominent player Celsius Network’s bankruptcy filings could shed light on how intertwined industry players are and how they recycle capital.
https://www.straitstimes.com/business/companies-markets/are-cryptocurrency-players-too-close-for-comfort

Third local monkeypox case reported in Singapore
The Ministry of Health (MOH) has confirmed the third local case of monkeypox on Thursday (Jul 14), bringing the total number of cases reported here to 6. In an update on its website on Thursday night, the ministry said the patient is a 41-year-old male Singaporean.
https://www.businesstimes.com.sg/government-economy/third-local-monkeypox-case-reported-in-singapore
https://www.straitstimes.com/singapore/health/third-local-monkeypox-case-reported-in-singapore