DAILY NEWS

Daily News – 17 Aug 2022 (Wed)

SINGAPORE REAL ESTATE

GCB in White House Park fetches S$45.5 million or S$3,017 psf on land area
Amid the current lull in high-end landed residential property transactions, a bungalow along White House Park is being sold for S$45.5 million, which works out to S$3,017 per square foot on the freehold land area of 15,081 sq ft.
https://www.businesstimes.com.sg/real-estate/gcb-in-white-house-park-fetches-s455-million-or-s3017-psf-on-land-area

Unique selling points underpin the enduring love for Singapore homes
There are many reasons not to buy private homes for investment in Singapore. With net yield at around 2 per cent per annum, it may not make sense to borrow to help fund a home purchase, as home loan rates may exceed the yield from a home.
https://www.businesstimes.com.sg/opinion/unique-selling-points-underpin-the-enduring-love-for-singapore-homes

Cooling property market could signal weaker construction demand ahead
Construction companies have been on a tear this recent half-year on improved earnings following the relaxation of Covid-19 restrictions on the inflow of migrant workers. But the industry may be sailing into troubled waters as Singapore’s red-hot property market begins cooling.
https://www.businesstimes.com.sg/opinion/cooling-property-market-could-signal-weaker-construction-demand-ahead

Construction firms see post-Covid recovery, but workplace safety, dengue weigh on productivity
Construction firms have seen a turnaround in fortunes in the first half of the year as loosened Covid-19 restrictions have allowed more migrant workers to enter the workforce, giving the industry a much-needed shot in the arm.
https://www.businesstimes.com.sg/companies-markets/construction-firms-see-post-covid-recovery-but-workplace-safety-dengue-weigh-on

SINGAPORE ECONOMY

No timeline yet for taking over as PM, says Lawrence Wong
Singapore – A decision on when Deputy Prime Minister Lawrence Wong will take over as prime minister has yet to be made, but work is under way to prepare for him to take over from Prime Minister Lee Hsien Loong.
https://www.straitstimes.com/singapore/4g-succession-could-be-before-or-after-next-general-election-dpm-wong

Inflation in Singapore expected to peak in Q4 and stabilise: Lawrence Wong
Inflation in Singapore is expected to peak in the next 2 to 4 months and will start to ease thereafter, said Deputy Prime Minister and Finance Minister Lawrence Wong. He added that the extent of this easing towards the year-end and where the new inflation rates will stabilise at are big uncertainties.
https://www.businesstimes.com.sg/government-economy/inflation-in-singapore-expected-to-peak-in-q4-and-stabilise-lawrence-wong
https://www.straitstimes.com/singapore/inflation-in-singapore-expected-to-peak-in-q4-and-stabilise-says-dpm-wong

Singapore’s export growth continues 20-month streak of expansion in July but eases to 7%
Singapore’s key exports in July grew for the 20th straight month, albeit at a slower pace compared to the previous month, data from Enterprise Singapore showed on Wednesday (Aug 17). Non-oil domestic exports (NODX) rose 7 per cent year on year in July, easing from the previous month’s growth, which had been revised to 8.5 per cent.
https://www.businesstimes.com.sg/government-economy/singapores-export-growth-continues-20-month-streak-of-expansion-in-july-but-eases
https://www.straitstimes.com/business/economy/singapore-non-oil-exports-grow-at-slower-pace-of-7-in-july

Retail firms still need to improve non-wage perks to draw workers, say industry watchers
Retail firms hoping to attract more locals to join the sector with the roll-out of the Progressive Wage Model (PWM) would also need to improve non-wage factors such as progression and flexible work, industry watchers told The Business Times.
https://www.businesstimes.com.sg/government-economy/retail-firms-still-need-to-improve-non-wage-perks-to-draw-workers-say-industry

Asia’s underlying inflation accelerates, signalling further rate hikes
Its latest inflation scorecard shows that inflation is running hot in Singapore, South Korea and India; cold in Hong Kong; and warm for the rest of Asia (Indonesia, Thailand and the Philippines).
https://www.businesstimes.com.sg/global-enterprise/asias-underlying-inflation-accelerates-signalling-further-rate-hikes