DAILY NEWS

Daily News – 23, 24 & 25 July 2022 (Sat, Sun & Mon)

SINGAPORE REAL ESTATE

REDAS会长：房地产行业仍受人力紧缩房贷利率上扬影响
全球宏观经济正面对许多增长逆风，但我国经济维持韧性，本地房地产市场也继续吸引着投资。新加坡产业发展商公会（REDAS）会长谢仰丰说，本地房地产行业逐步复苏，不少企业在面对经济逆风之际，正加紧提高运营灵活性和财务韧性，为整体行业复苏做好准备。
https://www.zaobao.com.sg/finance/singapore/story20220723-1295562

AMO Residence sells over 98% of its 372 units on launch weekend
AMO Residence, the year’s first major new launch in the Outside Central Region (OCR), was met with sizzling demand as it sold nearly all its 372 units on the first day of its launch on Saturday (Jul 23).
https://www.businesstimes.com.sg/real-estate/amo-residence-sells-over-98-of-its-372-units-on-launch-weekend
https://www.straitstimes.com/business/property/amo-residence-condo-in-ang-mo-kio-over-98-sold-on-first-day-of-launch

S-Reits which took part in the 2021 GRESB real estate assessment
Eighteen S-Reits out of over 1,500 property companies, Reits, funds and developers participated in the 2021 GRESB Real Estate Assessment. According to GRESB, the assessment is an investor-driven global ESG benchmark and reporting framework for listed property companies, private property funds, developers and investors that invest directly in real estate.
https://www.businesstimes.com.sg/companies-markets/s-reits-which-took-part-in-the-2021-gresb-real-estate-assessment

Retailers and F&B operators face challenging days as landlords seek pre-pandemic level rent
Singapore – When Mr Kevin Ngan renewed his restaurant leases last year, one landlord cut rent by 10 per cent, while rent for the other two units jumped by up to 25 per cent. Mr Ngan, who runs Good Luck restaurant in Haji Lane, leases three units from different landlords along the same stretch in Kampong Glam.
https://www.straitstimes.com/business/property/retailers-and-fb-operators-face-challenging-days-as-landlords-seek-pre-pandemic-level-rent

The pitfalls of sharing a property
Singapore – If you have a property that you want to give to your children, you should consider the various implications before you hand over shares to them. Money, stocks or even assets such as gold can easily be divided or sold but it’s harder to share or enjoy the inheritance if not all of the children live in the property.
https://www.straitstimes.com/business/invest/the-pitfalls-of-sharing-a-property

When joint owners of properties fight
Singapore – Many people like to join forces to buy investment properties as it lets them fund the purchase collectively but you need to ensure you have an exit strategy before taking the plunge.
https://www.straitstimes.com/business/invest/when-joint-owners-of-properties-fight

Me & My Money: Investing in property to reach longer-term goal
Singapore – Taking an aggressive approach to property investing is a key part of real estate entrepreneur Lorraine Tan’s strategy to grow her wealth and meet longer-term goals.
https://www.straitstimes.com/business/invest/me-my-money-investing-in-property-to-reach-longer-term-goal

SINGAPORE ECONOMY

Recession now looks like the price to pay for beating inflation
After underestimating the worst inflation outbreak in decades, central banks are now driving their economies headlong toward recession in order to tame prices. The stark outlook is stoking fears that policy makers will end up overreaching as they push ahead with aggressive interest-rate hikes, just as some now concede they overstimulated through the pandemic recovery.
https://www.businesstimes.com.sg/opinion/recession-now-looks-like-the-price-to-pay-for-beating-inflation

IMF urges Singapore to boost public spending and targeted fiscal support in post-pandemic recovery
Singapore may need to adopt “a slower pace of fiscal surplus accumulation”, the executive board of the International Monetary Fund (IMF) has recommended. That’s even as IMF directors suggested, in a report on Friday (Jul 22), that Singapore make fiscal policy the first line of defence against downside risks, though monetary policymakers were also advised “to take further action if higher inflation becomes more persistent” than projected.
https://www.businesstimes.com.sg/government-economy/imf-urges-singapore-to-boost-public-spending-and-targeted-fiscal-support-in-post

askST: What has Singdollar, inflation and currency exchange to do with MAS’ net loss?
Singapore – The central bank on Tuesday (July 19) announced that it recorded a net loss – the first time in nine years – of $7.4 billion for the financial year ended March 31, 2022. The Monetary Authority of Singapore’s (MAS) annual report stated that the loss was led mainly by a huge negative currency translation effect.
https://www.straitstimes.com/business/economy/askst-what-has-singdollar-inflation-and-currency-exchange-to-do-with-mas-net-loss

5 challenges in Singapore’s social compact – and the way forward
Singapore – Faced with strains ranging from a global pandemic to a world with a hot war and rising great-power tensions, whether a country holds together or comes apart depends on its social compact: a shared understanding of the responsibilities people have to one another in a society.
https://www.straitstimes.com/singapore/politics/5-challenges-in-singapores-social-compact-and-the-way-forward

Singapore hotels rake in highest revenue per available room since start of Covid-19 pandemic: STB data
Singapore hotels raked in the highest revenue per available room (RevPAR) in June, the highest since the Covid-19 pandemic began. Average room rates also hit a 6-year high, data from the Singapore Tourism Board (STB) showed.
https://www.businesstimes.com.sg/government-economy/singapore-hotels-rake-in-highest-revenue-per-available-room-since-start-of-covid

Tourists stay longer as S’pore seen as safe place for first trip since Covid-19 hit
Singapore – Hospitality observers and travellers say that many tourists are coming to Singapore – and staying longer – because the country is perceived as a safe destination for their first trip since the Covid-19 pandemic hit in 2020.
https://www.straitstimes.com/singapore/consumer/tourists-stay-longer-in-spore-as-it-is-seen-as-safe-destination-for-first-trips-since-covid-19-hit

Changi’s T4 back in action from Sep 13; 16 airlines to relocate there in stages
Changi Airport’s Terminal 4 (T4) will resume operations from Sep 13, after a more than 2 year hiatus due to the Covid-19 pandemic. Sixteen airlines, including Cathay Pacific, Korean Air and the AirAsia Group, will relocate to T4 progressively, said the Changi Airport Group (CAG) in a statement on Friday (Jul 22).
https://www.businesstimes.com.sg/transport/changis-t4-back-in-action-from-sep-13-16-airlines-to-relocate-there-in-stages
https://www.straitstimes.com/singapore/changi-airport-terminal-4-to-reopen-on-sept-13-amid-increased-demand-for-travel

COMPANIES’ BRIEF

GuocoLand CEO has his sights set on creating a multi-platform real estate company
While GuocoLand might be best known as a developer, chief executive Cheng Hsing Yao harbours ambitions to create a premium real estate brand in Asia as GuocoLand builds up its end-to-end capabilities.
https://www.businesstimes.com.sg/leadership-management/guocoland-ceo-has-his-sights-set-on-creating-a-multi-platform-real-estate

Developer Pan Hong cautiously optimistic that housing demand in China will return progressively
Singapore Exchange-listed property developer Pan Hong is cautiously optimistic that core housing demand in China will improve as Chinese cities start to introduce measures to support the housing market.
https://www.businesstimes.com.sg/companies-markets/developer-pan-hong-cautiously-optimistic-that-housing-demand-in-china-will-return

VIEWS, REVIEWS, FORUM AND OTHERS

Why is the world worried about China’s property crisis?
China’s troubled property sector suffered another blow this month when frustrated homebuyers stopped making mortgage payments on units in unfinished projects. The boycott came with many developers struggling to manage mountains of debt, and fears swirling that the crisis could spread to the rest of the Chinese – and global – economy.
https://www.businesstimes.com.sg/real-estate/why-is-the-world-worried-about-chinas-property-crisis
https://www.straitstimes.com/business/property/why-is-the-world-worried-about-chinas-property-crisis

The time is right to invest in sustainable Asian cities
Asian cities have experienced rapid urbanisation, driven by the rural-urban migration of people seeking a higher quality of life and better economic opportunities. A report from the United Nations (UN) estimates that an additional 1.2 billion people will live in Asian cities by 2050.
https://www.businesstimes.com.sg/wealth-investing/the-time-is-right-to-invest-in-sustainable-asian-cities

7th and 8th cases of monkeypox confirmed in Singapore
Singapore – Two more cases of monkeypox were reported on Sunday (July 24), with one a 46-year-old man from Estonia and the other a 26-year-old Singaporean man.
https://www.straitstimes.com/singapore/health/7th-and-8th-cases-of-monkeypox-confirmed-in-singapore

Large-scale restrictions in Singapore unnecessary despite WHO declaring monkeypox global emergency: Experts
Experts in Singapore have said there is currently no need for any widespread or major health restrictions to stem the spread of monkeypox. This comes after the World Health Organisation (WHO) declared monkeypox a global health emergency on Saturday (Jul 23).
https://www.businesstimes.com.sg/government-economy/large-scale-restrictions-in-singapore-unnecessary-despite-who-declaring-monkeypox
https://www.straitstimes.com/singapore/health/large-scale-restrictions-here-unnecessary-despite-who-declaring-monkeypox-global-emergency-experts

ST Explains: Monkeypox is a global health emergency. What happens now?
The World Health Organisation on Saturday (July 23) declared the monkeypox outbreak a public health emergency of international concern (PHEIC), the highest level of alert for a disease, due to its rapid spread around the world.
https://www.straitstimes.com/world/st-explains-monkeypox-is-a-global-health-emergency-what-happens-now

Monkeypox: From beginnings in Africa to becoming a global health emergency
The World Health Organisation (WHO) on Saturday (July 23) declared the monkeypox outbreak, which has affected nearly 16,000 people in 72 countries, to be a global health emergency – the highest alarm it can sound.
https://www.straitstimes.com/world/monkeypox-from-beginnings-in-africa-to-global-spread

Older and younger bosses don’t agree on remote work
Bosses and workers rarely agree on what matters when it comes to the future of work. But there’s division even within the C-suite, particularly regarding the disparate treatment remote and in-office workers can face.
https://www.businesstimes.com.sg/leadership-management/older-and-younger-bosses-dont-agree-on-remote-work

UPDATE ON COVID-19 (CORONAVIRUS DISEASE 2019) SITUATION

6 new local cases of Omicron sub-variant BA.2.75 reported: MOH
Singapore – Six new local infections of the Omicron sub-variant BA.2.75 were reported on Friday (July 22), adding to the two imported infections first detected on July 14. All individuals were isolated upon testing positive, and had mild symptoms, said the Ministry of Health.
https://www.straitstimes.com/singapore/6-new-local-cases-of-omicron-sub-variant-ba275-reported-moh

Covid-19 vaccination appointments required at polyclinics for those under 80
Singapore – Individuals under 80 years old who want to get their Covid-19 vaccinations at polyclinics here will now have to book appointments to do so. This is to allow the 23 polyclinics here to better handle patients with pressing healthcare needs, said the Ministry of Health (MOH) on Friday (July 22).
https://www.straitstimes.com/singapore/health/covid-19-vaccination-appointments-required-at-polyclinics-for-those-under-80

*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