DAILY NEWS

Daily News – 2 Sept 2022 (Fri)

SINGAPORE REAL ESTATE

New measures show resolve to stem workplace deaths, but they should be made to stick
That was how Senior Minister of State for Manpower Zaqy Mohamad described a series of steps announced on Thursday to curb an alarming rise in work-related deaths and injuries this year. In a first, a safety timeout to review their safety procedures is being made mandatory for companies in higher-risk sectors, as well as sectors that use heavy or industrial vehicles.
https://www.straitstimes.com/singapore/correspondents-take-new-measures-show-resolve-to-stem-workplace-deaths-but-they-should-be-made-to-stick

MOM imposes ‘heightened safety’ period; errant firms to be barred from hiring new foreign workers for up to 3 months
Singapore — A six-month “heightened safety” period has been imposed by the Ministry of Manpower (MOM) to address a recent spate of workplace fatalities. The labour movement welcomed the move that was announced on Thursday (Sept 1) but said that “more should be done” to prevent safety lapses.
https://www.todayonline.com/singapore/heightened-safety-workplace-fatalities-mom-1982246

Private rents to rise further but recession could dampen ‘super bull cycle’: Savills
With private residential rents in Singapore already up by 11.7 per cent for the first half of the year, Savills Research is raising its year-on-year growth forecast for all of 2022 to 15-20 per cent, from 10-15 per cent previously.
https://www.businesstimes.com.sg/real-estate/private-rents-to-rise-further-but-recession-could-dampen-super-bull-cycle-savills

S-Reits in good position to stave off challenges from competing Asian Reit markets
Singapore’s real estate investment trust (Reit) market is facing increasing competition from up-and-coming counterparts across Asia, where the asset class is gaining popularity among investors. But market watchers say Singapore-listed Reits (S-Reits) – currently the second largest Reit market in the Asia-Pacific outside Japan – are likely to stave off challenges from the likes of Hong Kong, India, Australia, the Philippines and Thailand.
https://www.businesstimes.com.sg/companies-markets/s-reits-in-good-position-to-stave-off-challenges-from-competing-asian-reit-markets

Logistics, industrial Reits best-placed to weather economic slowdown: Fitch Ratings
Real estate investment trusts (Reits) in the logistics and industrial spaces are the most resilient against rising inflation and interest rates amid an expected economic slowdown in 2023, according to Fitch Ratings.
https://www.businesstimes.com.sg/real-estate/logistics-industrial-reits-best-placed-to-weather-economic-slowdown-fitch-ratings

First BTO project in Dover Forest to be launched in November; 1,330 flats up for sale
Singapore – The first public housing site in Dover Forest will be launched in the next Build-To-Order (BTO) sales exercise in November, with around 1,330 three-room and four-room flats up for sale.
https://www.straitstimes.com/singapore/housing/first-bto-project-in-dover-forest-to-be-launched-in-november-1330-flats-up-for-sale

Commentary: With ever-rising rent, does it make sense for millennials to move out now?
Singapore: More young people in Singapore today are breaking with tradition and moving out before marriage. The number of single Singaporean residents under 35 living away from their parents more than doubled between 2015 to 2020.
https://www.channelnewsasia.com/commentary/rent-buy-condo-hdb-property-market-price-invest-mortgage-2914971

SINGAPORE ECONOMY

Economists downgrade 2022 Singapore GDP forecast to 3.5%, raise core inflation outlook to 3.8%: survey
Private-Sector economists have again dialed down their expectations for the Singapore economy, according to a quarterly survey of professional forecasters by the Republic’s central bank on Thursday (Sep 1).
https://www.businesstimes.com.sg/government-economy/economists-downgrade-2022-singapore-gdp-forecast-to-35-raise-core-inflation
https://www.straitstimes.com/business/economy/economists-cut-singapore-2022-growth-forecast-on-inflation-global-slowdown-woes-mas-poll

Tuas mega port officially opens with 3 berths; PM Lee says it will be critical engine driving economy
Singapore – The first phase of Tuas Port was officially opened on Thursday – with 500 workers running three berths at what will eventually be the world’s biggest fully automated port. At the opening, Prime Minister Lee Hsien Loong said the port will be a critical engine driving Singapore’s economy, reinforcing its status as an international maritime centre.
https://www.straitstimes.com/singapore/tuas-port-officially-opens-with-3-berths-500-workers-as-freight-volumes-reach-record-high-levels
https://www.todayonline.com/singapore/tuas-port-opens-officially-will-be-critical-engine-driving-singapores-economy-pm-lee-1982096