SINGAPORE REAL ESTATE
Joan Road Good-Class Bungalow on market with S$48m guide price
Those on the hunt for prime freehold Good-Class Bungalows (GCB) now have another possible property to consider – a 29,483 square foot (sq ft) site with an indicative price of S$48 million on Joan Road in District 11.
https://www.businesstimes.com.sg/real-estate/joan-road-good-class-bungalow-on-market-with-s48m-guide-price
HDB resale prices continue upward trend in April as sales volumes flatten: SRX, 99.co
Resale prices of Housing and Development Board (HDB) flats continued to rise for the 22nd straight month in April, while volumes inched up from the month before, according to flash estimates from property portal SRX and 99.co released on Thursday (May 5).
https://www.businesstimes.com.sg/real-estate/hdb-resale-prices-continue-upward-trend-in-april-as-sales-volumes-flatten-srx-99co
https://www.straitstimes.com/singapore/housing/hdb-resale-prices-rise-for-22nd-straight-month-pinnacle-4-room-flat-sells-for-record-1228m
How well do Singapore homes really hedge against inflation?
Although residential properties in Singapore may potentially serve as an inflation hedge in the long run – that is, over at least a decade – investors should still bear in mind the likelihood of shorter-term periods when home prices are falling while inflation soars.
https://www.businesstimes.com.sg/real-estate/how-well-do-singapore-homes-really-hedge-against-inflation
SINGAPORE ECONOMY
Singapore ‘unlikely’ to have recession after Fed hike but near-term risks remain, say economists
Expectations for Singapore’s monetary policy or growth trajectory were largely unshaken by Wednesday’s (May 4) rate hike in the United States, and a recession looks unlikely for now – though some economists still see a risk of a slowdown, independent of the Fed’s decision.
https://www.businesstimes.com.sg/government-economy/singapore-unlikely-to-have-recession-after-fed-hike-but-near-term-risks-remain
Singapore retail sales up 8.7% in March, reversing February’s decline
Singapore’s retail sales rose 8.7 per cent year on year in March, reversing the previous month’s decrease of 3.5 per cent – coming as a surprise to economists as market consensus came in at a much slower 0.7 per cent growth prediction.
https://www.businesstimes.com.sg/government-economy/singapore-retail-sales-up-87-in-march-reversing-februarys-decline
https://www.straitstimes.com/business/economy/singapore-retail-sales-rise-87-in-march-amid-easing-of-covid-19-rules
Troubles of world’s biggest economies may become Singapore’s problem as experts flag recession risk
Singapore – Singapore not only imports virtually everything it consumes and exports most of what it makes, but it also gets its boom and bust economic cycles from overseas. So, when three key trading partners are in trouble, it should expect challenges ahead.
https://www.straitstimes.com/business/economy/troubles-of-worlds-biggest-economies-may-become-singapores-problem-as-experts-flag-recession-risk
COMPANIES’ BRIEF
Keong Hong warns of expected H1 net loss, blames virus-related business conditions
Mainboard-listed construction player Keong Hong Holdings is warning of an expected net loss for the 6 months to Mar 31, 2022, the board said in a profit guidance on Thursday (May 5).
https://www.businesstimes.com.sg/companies-markets/keong-hong-warns-of-expected-h1-net-loss-blames-virus-related-business-conditions
Aims Apac Reit in ‘exclusive due diligence’ to acquire Sydney office property
Aims Apac Reit (AA Reit) is in exclusive due diligence to acquire Avaya House, an office property located in Macquarie Park in Sydney, Australia, its manager said on Friday morning.
https://www.businesstimes.com.sg/companies-markets/aims-apac-reit-in-exclusive-due-diligence-to-acquire-sydney-office-property
FLCT raises H1 DPU by 1.3% to S$0.0385 on contributions from FY2021 acquisitions
Frasers Logistics and Commercial Trust (FLCT)’s distribution per unit (DPU) rose by 1.3 per cent to S$0.0385 for its first half ended March 31, 2022, from S$0.038 a year ago.
https://www.businesstimes.com.sg/companies-markets/flct-raises-h1-dpu-by-13-to-s00385-on-contributions-from-fy2021-acquisitions
VIEWS, REVIEWS, FORUM AND OTHERS
Rate hikes alone may not beat inflation
The United States Federal Reserve lived up to expectations by hiking its benchmark Fed Funds rate by 0.5 percentage point on Wednesday to between 0.75 and 1 per cent. But whether this will be able to quell inflationary pressures and pull off a soft landing for the US economy remains an open question.
https://www.straitstimes.com/opinion/st-editorial/the-straits-times-says-rate-hikes-alone-may-not-beat-inflation
Six in 10 in Singapore prepared to request pay rise amid labour crunch, inflation: Survey
Singapore – Workers in Singapore have high expectations of being given a pay rise and are ready to push their employers to get it, as costs of living increase amid a sharp labour crunch. Human resources services company ADP said on Thursday (May 5) its annual People At Work report found six in 10 workers in Singapore are prepared to request a raise.
https://www.straitstimes.com/singapore/jobs/six-in-10-in-singapore-prepared-to-request-pay-rise-amid-labour-crunch-inflation
Inflation gains keeping South-east Asia central bankers on edge
Consumer prices picked up at the fastest pace in 3 years in the Philippines and moderated only slightly in Thailand in April, complicating central bankers’ efforts to keep post-Covid recoveries on track.
https://www.businesstimes.com.sg/asean-business/inflation-gains-keeping-south-east-asia-central-bankers-on-edge
Zero-commission trades do not mean free trades in many cases
Their advertisements tout free shares and zero-commission trades, but online brokerages such as Tiger Brokers and moomoo can be expensive – as one customer recently found out.
https://www.businesstimes.com.sg/companies-markets/zero-commission-trades-do-not-mean-free-trades-in-many-cases
UPDATE ON COVID-19 (CORONAVIRUS DISEASE 2019) SITUATION
4,733 new Covid-19 cases reported in Singapore, up from 1,638 cases on May 4
The number of new Covid-19 cases reported in Singapore surged on Thursday (May 5) to 4,733, said the Ministry of Health (MOH) in an update on its website. This was higher than the 1,638 cases reported on Wednesday.
https://www.businesstimes.com.sg/government-economy/4733-new-covid-19-cases-reported-in-singapore-up-from-1638-cases-on-may-4
https://www.straitstimes.com/singapore/health/4733-new-covid-19-cases-reported-in-spore-up-from-1638-cases-on-may-4
Changi Airport passenger volume close to 40% of pre-pandemic levels as at end-April: Iswaran
Passenger volume at Singapore’s Changi Airport has more than doubled to reach close to 40 per cent of pre-Covid levels in end-April, up from about 18 per cent in March, said Transport Minister S Iswaran on Wednesday (May 4).
https://www.businesstimes.com.sg/government-economy/changi-airport-passenger-volume-close-to-40-of-pre-pandemic-levels-as-at-end
*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
GLOBAL ECONOMY & GLOBAL REAL ESTATE
Evidence mounts for need to study Pfizer’s Paxlovid for long Covid-19: researchers
https://www.businesstimes.com.sg/government-economy/evidence-mounts-for-need-to-study-pfizers-paxlovid-for-long-covid-19-researchers
Two Omicron sub-variants driving Covid-19 spike in South Africa, says WHO
https://www.straitstimes.com/world/europe/two-omicron-sub-variants-driving-covid-19-spike-in-south-africa-says-who
US weekly jobless claims increase; lay-offs creep up in April
https://www.businesstimes.com.sg/government-economy/us-weekly-jobless-claims-increase-lay-offs-creep-up-in-april
US mortgage rates jump to 5.27%, highest since 2009
https://www.businesstimes.com.sg/real-estate/us-mortgage-rates-jump-to-527-highest-since-2009
US productivity drops on weaker output as labour costs jump
https://www.businesstimes.com.sg/government-economy/us-productivity-drops-on-weaker-output-as-labour-costs-jump
Dorsey-led Block’s profit disappoints as bitcoin boost fades
https://www.businesstimes.com.sg/companies-markets/dorsey-led-blocks-profit-disappoints-as-bitcoin-boost-fades
Britain’s Barratt upbeat on housing demand, urges rethink on safety levy
https://www.businesstimes.com.sg/companies-markets/britains-barratt-upbeat-on-housing-demand-urges-rethink-on-safety-levy
UK business activity slows to 3-month low as inflation soars: PMI
https://www.businesstimes.com.sg/government-economy/uk-business-activity-slows-to-3-month-low-as-inflation-soars-pmi
Bank of England set for fourth straight rate hike to fight inflation
https://www.businesstimes.com.sg/government-economy/bank-of-england-set-for-fourth-straight-rate-hike-to-fight-inflation
Euro’s post Fed glow fades on bleak German industrial orders
https://www.businesstimes.com.sg/companies-markets/euros-post-fed-glow-fades-on-bleak-german-industrial-orders
Europe’s economy is ‘de facto stagnating’, ECB official says
https://www.straitstimes.com/business/economy/europes-economy-is-de-facto-stagnating-ecb-official-says
Turkey’s inflation soars to 70% in April, driven by energy and food
https://www.straitstimes.com/business/economy/turkeys-inflation-soars-to-70-in-april-driven-by-energy-and-food
Australia’s central bank sharply raises inflation forecasts, flags more rate hikes
https://www.straitstimes.com/business/economy/australias-central-bank-sharply-raises-inflation-forecasts-flags-more-rate-hikes
China’s domestic spending on Labour Day holiday travel tumbles 43% over Covid-19 curbs
https://www.businesstimes.com.sg/government-economy/chinas-domestic-spending-on-labour-day-holiday-travel-tumbles-43-over-covid-19
China’s Covid controls makes EU firms consider shifting investments: chamber
https://www.businesstimes.com.sg/government-economy/chinas-covid-controls-makes-eu-firms-consider-shifting-investments-chamber
Beijing will roll out more support measures to stabilise jobs
https://www.businesstimes.com.sg/government-economy/beijing-will-roll-out-more-support-measures-to-stabilise-jobs
Millions in Beijing urged to work from home to fight Covid-19 outbreak
https://www.businesstimes.com.sg/government-economy/millions-in-beijing-urged-to-work-from-home-to-fight-covid-19-outbreak
https://www.straitstimes.com/asia/east-asia/millions-in-beijing-back-to-work-after-break-urged-to-work-from-home-to-fight-covid-19
Japan premier pledges to relax border controls by next month
https://www.businesstimes.com.sg/government-economy/japan-premier-pledges-to-relax-border-controls-by-next-month
https://www.straitstimes.com/asia/east-asia/japan-premier-kishida-pledges-to-relax-border-controls-by-next-month
Tokyo consumer prices rise at fastest pace in 7 years
https://www.businesstimes.com.sg/government-economy/tokyo-consumer-prices-rise-at-fastest-pace-in-7-years
https://www.straitstimes.com/business/economy/tokyo-consumer-prices-rise-at-fastest-pace-in-7-years
Thai inflation slows in April, but pace seen quickening
https://www.businesstimes.com.sg/government-economy/thai-inflation-slows-in-april-but-pace-seen-quickening