SG Morning Call｜HDB Resale Prices, Volumes Rebound in October; Parliament Emphasized Importance of Investments Bill

Significant Investments Bill Is Part of Singapore’s Security Strategy in Turbulent World: Gan Kim Yong

The upcoming Significant Investments Review law is part of Singapore’s strategy to boost economic resilience and security – one of three key approaches in weathering the turbulent global order, said Minister for Trade and Industry Gan Kim Yong on Thursday (Nov 9).

This is even as Singapore expands connectivity to other markets and seeks new areas of cooperation, he said at the 39th Singapore Economic Roundtable, a biannual meeting of private sector economists, business leaders and policymakers to discuss major macroeconomic issues facing the domestic economy.

Introduced in Parliament earlier this month, the proposed law will scrutinise investments in “critical entities” not covered by existing sectoral legislation, so the risks of such investments can be managed more effectively.

HDB Resale Prices, Volumes Rebound in October As BTO Launch Underwhelms: SRX, 99.co

Resale prices of Housing and Development Board (HDB) flats rebounded in October, after booking their first decline in six months in September.

The number of flats that changed hands also recovered, rising 10.8 percent on the month to 2,200 flats transacted, flash estimates from 99.co and SRX showed on Thursday (Nov 9).

Stricter rules for the non-selection of a Build-To-Order (BTO) flat likely led buyers to look towards the resale market, said Mogul.sg chief research officer Nicholas Mak.

Singapore BNPL Players to Follow New Code of Conduct By March 2024

Singapore’s Buy Now, Pay Later Code of Conduct (BNPL Code) has entered its next phase of implementation, according to a working group of BNPL companies in the country.

The code, which aims to protect consumers and ensure responsible lending practices, requires existing players to comply from Nov 1, 2023 and be accredited by Mar 31 next year. New entrants must also go through the same process before offering BNPL services.

The BNPL Code was launched by the Singapore FinTech Association and some industry players in October 2022, under the guidance of the Monetary Authority of Singapore. Six BNPL companies operating under the code are Ablr, Atome, Grab, LatitudePay, SeaMoney, and ShopBack.