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Weekly News Select
Mar 25, 2022 / Issue 12
Top News for the Week
• At least 144 victims lost S$190,000 this year from latest rental scam: SPF
• Mask rules, group size cap, border curbs eased as Singapore reaches 'turning point'
• New framework will allow vaccinated travellers to enter Singapore quarantine-free
from Apr 1
• No Covid test for land travel between Singapore and Malaysia from Apr 1
• Singapore's Q2 net employment outlook strongest in a decade but lower than global
average: survey
• S'poreans saved more during the Covid-19 pandemic than before
• Singapore's productivity grew 3.9% per annum from 2019 to 2021 despite Covid-19:
DPM Heng
• Singapore economy likely to grow in 2022 but don't rule out recession, stagflation:
Lawrence Wong
• Drop in core inflation unlikely to delay more monetary policy tightening in April
Residential
At least 144 victims lost S$190,000 this year from latest rental scam: SPF
The resurgence of a particular rental scam variant has been noted by the Singapore Police Force
(SPF).
Losses have amounted to about or over S$190,000 with at least 144 victims having fallen prey to
such scams since January 2022, according to a press statement on Mar 21.
The SPF advises members of the public to be wary of unknown numbers with the "+65" prefix,
especially if they are using WhatsApp.
They should also beware of property listings on alternative platforms and verify the legitimacy of
a listing by ensuring that the contact number matches the one on the Council for Estate Agencies
(CEA)'s website, where details on agencies are listed.
"Property agents are not authorised to handle cash transactions. Therefore, no payments should be
made before a house viewing," said the SPF.
"Do not transfer money to unknown persons."
Links to the story:
https://www.businesstimes.com.sg/government-economy/at-least-144-victims-lost-s190000-this-year-from-latest-
rental-scam-spf
https://www.straitstimes.com/singapore/courts-crime/police-warn-of-scam-involving-fake-property-agents-who-ask-
for-deposits-to-view-homes
High Point back on market after HK-listed buyer pulls out of deal
Freehold condominium High Point is taking another shot at a collective sale with a reserve price
of S$550 million after Hong Kong-listed developer Shun Tak Holdings called off the en bloc deal
in December.
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Mar 25, 2022 / Issue 12
At S$550 million, this works out to S$2,508 psf ppr after factoring in the 7 per cent bonus gross
floor area (GFA) for balconies. The development charge payable for the 7 per cent bonus GFA is
about S$18.8 million.
The tender is being relaunched within the life cycle of the existing collective sale agreement
(CSA), which will expire end-September 2022.
Links to the story:
https://www.businesstimes.com.sg/real-estate/high-point-back-on-market-after-hk-listed-buyer-pulls-out-of-deal
https://www.straitstimes.com/business/property/high-point-condo-relaunched-for-en-bloc-sale-at-550m-after-shun-
tak-aborted-deal
Lakeside Apartments to go up for collective sale again at S$240m
Lakeside Apartments at 9E, 9F Yuan Ching Road will be put up for collective sale again on Mar
22 at a reserve price of S$240 million.
The reserve price works out to a land rate of S$1,077 psf ppr, including a lease top-up premium
and development charge.
The collective sale tender will close at 2 pm on May 25.
Link to the story:
https://www.businesstimes.com.sg/real-estate/lakeside-apartments-to-go-up-for-collective-sale-again-at-s240m
S'pore home owners to face higher interest rates for home loans
Home owners will have to brace themselves for higher interest rates for home loans - whether
floating or fixed - as rates in the United States go up.
The US Federal Reserve raised rates by 25 basis points this week, and has signalled that there will
be more hikes this year.
But even with higher interest rates, bankers are not concerned the development will derail the
property market.
Links to the story:
https://www.straitstimes.com/business/banking/what-can-home-owners-do-amid-rising-home-loan-rates
https://www.businesstimes.com.sg/banking-finance/singapore-mortgages-may-rise-as-much-as-075-this-year-
following-fed-hikes
Current income cap to own BTO flats still reasonable for now
The current income ceiling that buyers need to meet to buy a build-to-order (BTO) Housing
Development Board (HDB) flat still looks reasonable for now.
In fact, buyers can look to other options available in the mass market if they require a home for
themselves, said analysts.
Analysts noted that it is still too soon for a price revision, noting that the income cap was last raised
in 2019. The income cap had been raised 3 times every 4 years in the past decade - in 2011, 2015
and 2019. Prior to that, the ceiling was kept unchanged for over a decade.
Link to the story:
https://www.businesstimes.com.sg/real-estate/current-income-cap-to-own-bto-flats-still-reasonable-for-now-analysts
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Mar 25, 2022 / Issue 12
Commercial
Verdun House up for en-bloc sale again with S$55m reserve price
Verdun House at Farrer Park has been relaunched for an en-bloc sale via tender at a reserve price
of S$55 million.
The 4-storey freehold building was previously put up for en-bloc sale at the same reserve price in
August 2021. Prior to that, it had also been launched for sale in March 2018, with a guide price of
S$60 million.
The current reserve price of S$55 million reflects S$1,790 per sq ft on the property's potential
commercial gross floor area of 30,727 sq ft.
The site has a land area of 7,300 sq ft, and is zoned "commercial" in the Urban Redevelopment
Authority's 2019 Master Plan with a plot ratio of 4.2. No development charge is payable upon its
redevelopment to its potential gross plot ratio.
The tender exercise will close on Apr 26 at 2.30 pm.
Links to the story:
https://www.businesstimes.com.sg/real-estate/verdun-house-up-for-en-bloc-sale-again-with-s55m-reserve-price
https://www.straitstimes.com/business/property/verdun-house-in-farrer-park-relaunched-for-sale-en-bloc-at-55m-in-
third-attempt
Government
Mask rules, group size cap, border curbs eased as Singapore reaches 'turning point'
Masks off outdoors, social gatherings of up to 10 people, and quarantine-free entry for all fully
vaccinated travellers. More than 2 years into the Covid-19 pandemic, Singapore is making its most
sweeping relaxations to domestic and border restrictions yet.
These changes mark "a major step towards living with Covid-19", Prime Minister Lee Hsien
Loong told the public on Mar 24, though he added "they stop short of a complete opening up".
"After this major step, we will wait a while to let the situation stabilise," he said, noting that "we
may have to backtrack and tighten up our restrictions again" if a more dangerous virus variant
emerges.
On the international front, Singapore and Malaysia will reopen their land border to all fully
vaccinated travellers from Apr 1, without the need for testing or quarantine.
Singapore will allow quarantine-free air and sea entry for all fully vaccinated travellers, including
short-term visitors.
Separately, the expert committee on Covid-19 vaccination has recommended that those aged 80
and above, as well as other at-risk individuals, get a second booster dose of the vaccine around 5
months after their first booster.
Links to the story:
https://www.businesstimes.com.sg/government-economy/mask-rules-group-size-cap-border-curbs-eased-as-
singapore-reaches-turning-point
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Mar 25, 2022 / Issue 12
https://www.straitstimes.com/singapore/singapore-to-ease-border-restrictions-travel-to-be-almost-like-before-covid-
19-pm-lee
New framework will allow vaccinated travellers to enter Singapore quarantine-free
from Apr 1
From Apr 1, Singapore will allow fully vaccinated travellers and non-vaccinated children to enter
quarantine-free and without the need to use Vaccinated Travel Lanes (VTLs) or apply for related
passes, in a move that analysts see as providing a boost to the travel and tourism sector.
Fully vaccinated travellers will still need to take a pre-departure test within 2 days of leaving for
Singapore, but will not be subject to the antigen rapid test (ART) upon arrival.
The new Vaccinated Travel Framework (VTF) applies to travellers arriving via air or sea
checkpoints from countries or regions in the General Travel Category - provided that they had in
the prior 7 days not been in Restricted Category areas. There are currently no places listed in the
latter category.
With the move to the VTF, existing VTLs and unilateral opening arrangements will be retired. The
VTF will also replace sea-based VTLs for all ferry routes. There will no longer be designated VTL
(Sea) ferry services, and the weekly quota will be lifted.
Links to the story:
https://www.businesstimes.com.sg/government-economy/new-framework-will-allow-vaccinated-travellers-to-enter-
singapore-quarantine-free
https://www.straitstimes.com/singapore/transport/all-vaccinated-travellers-to-be-allowed-to-enter-spore-without-
quarantine-no-more-need-for-designated-flights-vtls-replaced
No Covid test for land travel between Singapore and Malaysia from Apr 1
From Apr 1, fully vaccinated travellers travelling between Singapore and Malaysia by land at the
Causeway and Tuas Second Link will be allowed to enter either country without needing to take a
Covid-19 test or undergo quarantine.
The new rules will apply to all categories of travellers and modes of transport via the land borders,
said Prime Minister (PM) Lee Hsien Loong and his Malaysian counterpart Prime Minister Ismail
Sabri Yaakob in a joint statement on Mar 24.
This means that in addition to designated vaccinated travel bus services, fully vaccinated travellers
may cross the land borders via private vehicles such as cars and motorcycles.
Links to the story:
https://www.businesstimes.com.sg/government-economy/no-covid-test-for-land-travel-between-singapore-and-
malaysia-from-apr-1
https://www.straitstimes.com/singapore/singapore-malaysia-to-reopen-land-borders-on-april-1
Singapore's net zero emissions target by 2050 for power sector 'realistic'
As an "alternative energy-disadvantaged" country, Singapore is expected to bank on electricity
imports and low-carbon hydrogen as it embarks on the path to decarbonise and hit net-zero
emissions by mid century, showed a latest energy market report.
While the potential supply mix - this will also include geothermal and solar power - vary depending
on how the energy landscape globally evolves, the Energy 2050 Committee Report that was
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www.huttonsgroup.comWeekly News Select
Mar 25, 2022 / Issue 12
commissioned by the Energy Market Authority (EMA) concluded that it is both "technically
viable" and "realistic" for Singapore's power sector to achieve net-zero emissions by the timeline
it has set for itself.
Links to the story:
https://www.businesstimes.com.sg/energy-commodities/singapores-net-zero-emissions-target-by-2050-for-power-
sector-realistic-report
https://www.straitstimes.com/singapore/environment/importing-more-clean-energy-among-ways-to-help-
singapores-power-sector-reach-net-zero-emissions-by-2050-report
Economy
Singapore's Q2 net employment outlook strongest in a decade but lower than global
average: survey
Singapore’s net employment outlook has improved to its strongest level in a decade, with growth
expected in most industries except restaurants and hotels, according to a survey.
Some 42 per cent of Singapore employers expect to increase their headcount for the second quarter
of the year, up from 39 per cent in Q1, based on a survey of more than 500 employers here.
At the same time, 17 per cent expect to lay off their workers in Q2, down from 1 in 4 in the previous
quarter.
Those who plan to keep their workforce levels steady now comprise 39 per cent of the responses,
up from Q1's 35 per cent. Just 2 per cent said they are undecided, up from 1 per cent in the
preceding quarter.
This brings the seasonally adjusted net employment outlook score to +25 per cent for Q2, the
strongest level since Q4 2011. The global average is +29 per cent, with 46 per cent of employers
planning to hire.
Links to the story:
https://www.businesstimes.com.sg/government-economy/singapores-q2-net-employment-outlook-strongest-in-a-
decade-but-lower-than-global
https://www.straitstimes.com/singapore/jobs/hiring-outlook-most-favourable-in-almost-11-years-survey
S'poreans saved more during the Covid-19 pandemic than before
Personal savings of Singapore households hit a five-year high during the Covid-19 pandemic in
2020, as Singaporeans shored up emergency funds to tide over the crisis.
Personal savings reached a peak of $103 billion in 2020, according to updated figures by the
Singapore Department of Statistics.
This was an increase from $67 billion in 2017, $71 billion in 2018 and $74 billion in 2019.
Experts said the drive to save was due to households shoring up funds - especially when jobs were
in peril - as well as having fewer opportunities to spend when shops were closed.
Link to the story:
https://www.straitstimes.com/business/singaporeans-saved-more-during-the-covid-19-pandemic-than-before
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www.huttonsgroup.comWeekly News Select
Mar 25, 2022 / Issue 12
Singapore's productivity grew 3.9% per annum from 2019 to 2021 despite Covid-19:
DPM Heng
Despite disruptions from Covid-19, Singapore's productivity grew 3.9 per cent per annum from
2019 to 2021, likely driven by its economic transformation efforts that had begun before the
pandemic.
The increase in productivity levels during the pandemic is also higher than that in the years before,
Deputy Prime Minister Heng Swee Keat revealed in a keynote address at the Singapore Apex
Business Summit 2022.
In the 3 years prior to the introduction of Industry Transformation Maps (ITM), Singapore's
productivity growth stood at 2.3 per cent per annum, which Heng said was better than that of most
other advanced economies.
Links to the story:
https://www.businesstimes.com.sg/government-economy/singapores-productivity-grew-39-per-annum-from-2019-
to-2021-despite-covid-19-dpm
https://www.straitstimes.com/business/spore-needs-to-build-a-more-resilient-ecosystem-with-frequent-global-
shocks-to-come-heng-swee-keat
Singapore economy likely to grow in 2022 but don't rule out recession, stagflation:
Lawrence Wong
Singapore’s baseline assumption is that its economy is still able to grow this year, but adverse
situations such as a recession or stagflation cannot be ruled out, owing to uncertainties arising from
the deepening crisis in Ukraine, said Finance Minister Lawrence Wong on Mar 22.
"It may well be that we can still continue to grow, which is still our assumption today, that our
baseline assumption and projection is still that we are able to continue growing as an economy this
year," he told more than 3,000 business leaders and government officials during a luncheon plenary
at the Singapore Apex Business Summit 2022.
If the global economy stagnates amid high inflation, resulting in what is known as stagflation,
Singapore would be affected too, even if its direct links with Russia and Ukraine are limited, he
said.
Links to the story:
https://www.businesstimes.com.sg/government-economy/singapore-economy-likely-to-grow-in-2022-but-dont-rule-
out-recession-stagflation
https://www.straitstimes.com/business/transforming-to-rely-less-on-labour-and-energy-will-make-singapore-firms-
stronger-lawrence-wong
Drop in core inflation unlikely to delay more monetary policy tightening in April
Core inflation came in a shade below analyst expectations in February - but the latest reading is
not expected to deter the Monetary Authority of Singapore (MAS) from tightening policy next
month.
That's as policymakers will have to contend with a rise in food and fuel prices, exacerbated by the
Russian invasion of Ukraine, as well as the growing threat of "stagflation".
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3 Bishan Place #05-01, CPF Building, S (579838) | Tel. (65) 6253 0030 | Fax (65) 6253 0090
www.huttonsgroup.comWeekly News Select
Mar 25, 2022 / Issue 12
The MAS and Ministry of Trade and Industry (MTI) on Mar 23 reported that core inflation, which
excludes private transport and accommodation, eased to 2.2 per cent in February. This was below
both January's print of 2.4 per cent and the median estimate of 2.6 per cent in a Bloomberg poll.
That's even as the all-items consumer price index (CPI) reading hit a 9-year high of 4.3 per cent,
up from 4 per cent in January, which the MAS and MTI attributed to a stronger increase in car
prices.
Economists across the board continue to expect the MAS to tighten Singapore dollar nominal
effective exchange rate (S$NEER) settings at its upcoming half-yearly review - even after a pre-
emptive, off-cycle tightening in January.
Links to the story:
https://www.businesstimes.com.sg/government-economy/drop-in-core-inflation-unlikely-to-delay-more-monetary-
policy-tightening-in-april
https://www.straitstimes.com/business/economy/singapore-core-inflation-eases-in-february-but-jump-in-car-prices-
drive-up-overall-inflation
SAP, EDB launch new S$250m engineering lab here
Multinational software corporation SAP on Mar 23 launched SAP Labs Singapore, a S$250
million engineering lab that aims to develop solutions in areas such as digital supply chains,
sustainability, machine learning and artificial intelligence (AI).
The lab's launch was supported by the Singapore Economic Development Board (EDB), the
company said.
SAP aims to hire 200 digital professionals for the new facility this year, intending to bring its
headcount in Singapore to more than 500 such employees by 2025.
SAP Labs Singapore is the first such facility by the company in South-east Asia, and its 21st
globally. Its Labs Network aims to encourage thought leadership globally and in local ecosystems,
with labs established in countries like China, South Korea, France and the United States.
Links to the story:
https://www.businesstimes.com.sg/technology/sap-edb-launch-new-s250m-engineering-lab-here
https://www.straitstimes.com/business/companies-markets/software-giant-sap-opens-250-million-lab-in-singapore-
to-add-500-jobs
Sony Music opens flagship S-E Asia headquarters in Singapore
Music and entertainment group Sony Music is cementing its long-term commitment to Singapore
and South-east Asia as it opened its flagship headquarters in Singapore on March 23.
The company has declined to disclose the investment sum for this regional HQ, located in Duo
Tower in the Bugis area.
The new office houses Sony Music Entertainment, Sony Music Publishing and artiste and label
services company The Orchard.
It also serves as the base for Sony Interactive Entertainment, the creators of PlayStation.
The office will have an initial staff strength of 32, with close to 20 positions already filled.
Link to the story:
https://www.straitstimes.com/business/companies-markets/sony-music-opens-flagship-s-e-asia-headquarters-in-
singapore
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3 Bishan Place #05-01, CPF Building, S (579838) | Tel. (65) 6253 0030 | Fax (65) 6253 0090
www.huttonsgroup.comWeekly News Select
Mar 25, 2022 / Issue 12
Hospitality
VTLs have boosted international visitor arrivals in Singapore, but number of tourists
still low
The number of international visitor arrivals is on the rise as Singapore readies to open up its borders
to all vaccinated travellers.
But industry players and observers are still waiting for a significant recovery in inbound tourism,
with tourists currently a fraction of the travellers entering under the Vaccinated Travel Lane (VTL)
scheme.
The bulk of short-term VTL arrivals comprises people visiting friends and relatives in Singapore,
which would have a minimal impact on tourism spending, such as on accommodation, they said.
Links to the story:
https://www.straitstimes.com/singapore/transport/vtls-have-boosted-international-visitor-arrivals-but-number-of-
tourists-still-low
https://www.straitstimes.com/singapore/consumer/more-visitors-since-start-of-vtls-but-leisure-travel-has-yet-to-see-
strong-rebound
https://www.straitstimes.com/singapore/politics/large-scale-business-and-leisure-events-to-resume-in-tourism-
sector-low-yen-ling
Outbound travel to trump inbound travel in the short term with reopening
Travel and tourism players expect a boost once the new framework for fully vaccinated travellers
to Singapore kicks in from Apr 1 - though outbound travel may pick up faster than inbound travel.
Separately, the easing of domestic restrictions from Mar 29 will also inject some much-needed
"buzz" to the MICE (meetings, incentives, conferences and exhibitions) sector, said operators.
Links to the story:
https://www.businesstimes.com.sg/government-economy/outbound-travel-to-trump-inbound-travel-in-the-short-
term-with-reopening
Contact:
Lee Sze Teck
Head, Research
szetecklee@huttonsgroup.com
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information contained in this document is correct. Any interested party should undertake their own enquiries as to the accuracy of the information.
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