Singapore property stocks hit by latest round of cooling measures

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SINGAPORE: Property stocks in Singapore took a hit on Thursday (Apr 27) after the government announced increased additional buyer’s stamp duty (ABSD) for residential properties.

Shares of City Developments fell as much as 6 per cent from Wednesday’s closing price, while UOL slipped 5.29 per cent at session lows.

Real estate agencies PropNex and Apac Realty dropped 6.51 per cent and 7.63 per cent.

The broad Straits Times Index dipped 0.69 per cent earlier in the day but closed 0.36 per cent lower.

The government announced late on Wednesday night that foreigners will have to pay 60 per cent ABSD on any residential property they buy, doubled from 30 per cent.

For Singapore citizens buying their second residential property, the ABSD was raised from 17 per cent to 20 per cent. Those who buy a third one will have to pay 30 per cent ABSD.

This is the third round of cooling measures since December 2021, when the ABSD raised for housing developers as well.

Commenting on the declining stock prices of property developers, Mr Gary Ng, a senior economist at Natixis Corporate and Investment Banking, said “a cooled real estate market can dampen (the) profit outlook”.

“Many Singaporean developers have wide coverage in different property sectors, and those who are less diversified and have a bigger focus on the residential market may face more pressure,” he said.

Mr Ng added that there could be more headwinds ahead for property firms in Singapore because the hike in ABSD for foreigners is “massive”.

Minister for National Development Desmond Lee said last September that foreigners accounted for around 3 per cent of private housing transactions in 2020 and 2021.

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‘Due processes’ followed in dropping SEA Games champion from squad: Fencing Singapore

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In a statement on Thursday, Fencing Singapore said it has been flexible when fencers meet “special circumstances”, noting that its athletes have been exempted from similar training requirements in the past.

“In such cases, upon being informed Fencing Singapore explores alternative arrangements to support the fencer’s needs, subject to sufficient lead time. 

“In Mr Lee’s case, with the SEA Games starting in May, this was not possible and we share in his disappointment,” the association said.

Fencing Singapore added that it had consider other national team members who were also aware of training requirements and “would have rightful expectations of taking Mr Lee’s place”.

It confirmed there would be no replacement for Mr Lee in the team event, while a fencer who “has met the necessary training requirements” will replace Mr Lee in the individual event.

In response to CNA’s queries, the Singapore National Olympic Council (SNOC) said Mr Si To Jian Tong was Mr Lee’s replacement in the individual event. 

A replacement request for the team event did not meet the criteria set by SEA Games organisers for late athlete replacements, said SNOC, which sets the selection criteria for major games and endorses nominations from national sports associations (NSAs).

“In addition to SNOC’s selection criteria, the selected athletes have to fulfil the NSA’s selection requirements to be nominated by the NSA to the SNOC for consideration,” SNOC added.

“We are guided by the NSAs in the areas of training requirements and these requirements are reflected in their selection policies.”

In a new Instagram post on Thursday, Mr Lee said: “It wasn’t meant to be a fight, it was just to share my situation and move on.

“Once again thank you to all for the words of encouragement … It really means a lot to me and I truly appreciate it.”

The 32nd SEA Games will be hosted by Cambodia and will run from May 5 to May 17.

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Digital CHAS subsidy cards to be launched on Singpass app

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The launch of the CHAS card on Singpass is part of the government’s efforts to digitalise more of its services to provide greater convenience to members of the public, said the Health Ministry.

For instance, digital driving licences were introduced on the Singpass app last year and digital vocational licences for drivers of taxis, buses, private-hire vehicles and omnibuses were similarly launched earlier this month.

MOH said it will continue to issue physical CHAS cards to cardholders after their applications or renewals have been approved.

The physical card will be mailed to the cardholders, and the digital card will be available on their Singpass app one day after they receive the SMS notification of the successful application.

“To protect against unauthorised access, CHAS cardholders should not capture screenshots of their digital CHAS card or share their Singpass login details with others,” the ministry said.

“Cardholders are also advised to practise good online safety habits, such as setting strong passwords for their devices, or securing access to their devices through their biometric data.”

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Rooftop solar panels, hydroponics farms: Climate education picks up pace in Singapore schools

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Science teacher Debbie See said: “Climate education and sustainability have definitely shifted significantly over the years with a greater sense of urgency now, because our students are seeing and feeling for themselves the impacts of climate change.”

This includes the extreme weather patterns and the rising sea levels, said Ms See, who has been teaching for 20 years.

“Therefore, there is definitely a greater focus in engaging our students on sustainability and having them take on a more active role in taking care of our planet. Because after all, they are the future caretakers of our planet.”

The school also teaches sustainable living through daily actions, such as reducing wastage by finishing their food.

Students who do so are rewarded with stamps, which can then be used to redeem stickers and pins.

Edgefield Primary School pupil Dash Chiang, who is in Primary 5, said: “I want to learn how to make something that can help clean water, but not just a filtration system. Something more complicated, something that’s more efficient and effective.” 

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Snap Insight: New Singapore property cooling measures do not address pain point of high rent

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HOUSING AFFORDABILITY STILL A CONCERN

Whether the additional taxes will cool the market is uncertain. Property players have already posted on social media urging investors to quickly purchase residential properties, before ABSD rates are adjusted even higher in future.

It is worth noting that the April cooling measures did not address one major pain point for the residential segment: Persistently high rents, which affect not only people who have called Singapore home for years, but Singaporeans waiting for their new homes to be completed.

The MAS macroeconomic review said home rental pressures may ease in the coming months as a significant supply of new housing units – almost 40,000 – will be completed across public and private housing markets in 2023.

But until high rents are tamed, foreigners and Singaporeans alike will be griping about housing affordability and the lack of options. How the situation will unfold in a fragile economic environment would be interesting to observe.

Ku Swee Yong is a director of real estate consulting firm International Property Advisor Pte Ltd and a researcher with the Singapore University of Social Sciences focused on autonomous vehicles and urban planning.

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Jail for man who paid Healing the Divide-linked doctor to swap COVID-19 vaccine for saline shots

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SINGAPORE: Wanting to enjoy the benefits of being vaccinated without actually receiving the COVID-19 jabs, a man paid S$6,000 to a doctor linked to anti-vaccination group Healing the Divide group.

In exchange, he and his unsuspecting wife received two injections that were recorded in Singapore’s National Immunisation Registry as Sinopharm COVID-19 jabs, but in reality, they contained just saline.

Australian national David Christopher Newton, 44, was sentenced to 16 weeks’ jail on Thursday (Apr 27).

He pleaded guilty to one charge of being party to a criminal conspiracy with Dr Jipson Quah and Quah’s assistant Thomas Chua Cheng Soon to cheat the Health Promotion Board (HPB) that he was fully vaccinated against COVID-19, when he was not.

A second charge involving his wife was taken into consideration.

The court heard that Newton joined the Healing the Divide group on Telegram around December 2021 and obtained Chua’s contact number from there.

Chua worked as a logistics supervisor for Quah, a 34-year-old Singaporean registered medical practitioner who owned several clinics.

THE CONSPIRACY

Newton told Chua that he had a job offer in Australia, but that he would face significant difficulty entering the country as he was unvaccinated. He asked if he could get certified as vaccinated without actually taking the jab. 

He also wanted his wife to be certified as being medically ineligible to receive any COVID-19 vaccine.

Chua said he would consult Quah, and later arranged for Newton and his wife to get fake vaccines at Mayfair Medical Clinic in Yishun for S$6,000.

Newton agreed, and the pair received saline injections, although his wife was under the impression she had gotten the Sinopharm vaccine.

The injections were given over two days to comply with requirements – Dec 29, 2021 and Jan 15, 2022.

Newton paid Chua S$6,000 in three parts – in advance, and after each set of injections. According to the prosecutor, Chua and Quah split the payment between themselves.

Quah documented in his clinic’s medical records system that Newton and his wife had received the Sinopharm vaccine and the records were sent to the National Immunisation Registry.

The Ministry of Health later alerted the police to Quah’s alleged role in enabling patients to be falsely certified as having been vaccinated with the Sinopharm vaccine.

Police investigations revealed that Newton was one of at least 17 such patients who instead received saline injections from Quah. 

The prosecutor sought 16 to 18 weeks’ jail for Newton, while defence lawyer Paul Loy sought a fine instead. In the alternative, he asked for four to eight weeks’ jail.

Mr Loy said his client was swiftly arrested, even before his TraceTogether records had been updated. He said Newton’s wife had a “condition” and his client was looking for an exemption.

JUDGE TAKES ISSUE WITH ARGUMENTS

District Judge Soh Tze Bian took issue with many of the arguments put forth by the defence. He told Newton’s lawyer that there are clear rules for exemption that everyone has to comply with instead of going to “do things on your own”.

“These rules apply to all, whether you are citizens or foreigners working here,” he said.

Mr Loy said Newton’s motivations should be contrasted with the motivations of his co-conspirators.

“You mean the doctors?” interjected the judge. “They have made their money. Assuming S$6,000, by 17. The doctor has been suspended, right?”

Mr Loy said his client was not a criminal and just had “a serious lapse in judgment”. He added that Newton would not reoffend.

Judge Soh said there was no way to be sure about this. “What if there’s mandatory vaccination for all again? We don’t know. In Rome, you do as Romans do,” he said.

The lawyer persisted and asked if it was fair to “throw the book” at a single patient, adding that there were at least 17 involved, but only his client had been charged.

The prosecutor jumped in to clarify that while Newton is the only patient who has been charged at the moment, the prosecution has yet to rule out charging others.

“The prosecutor talks about public disquiet,” said Mr Loy. “Public disquiet doesn’t arise because of press reports. Public disquiet is when people are talking about how things have happened and how the authorities were cheated.

“I daresay public disquiet might arise more if it transpires that everyone else is let off and this one individual is not.”

Deputy Public Prosecutor Etsuko Lim said Newton was not the same as the other patients, as he was the only one who applied to leave the country, bringing some urgency to this case.

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Time for a US-Japan-Taiwan security pact

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Japan is determined to uphold the international order in the Indo-Pacific but cannot achieve that goal alone.

Therefore Tokyo enhances its partnership with allies through minilateral arrangements like the Quadrilateral Security Dialogue and Trilateral Strategic Dialogue (with the United States and Australia).

Some even advocate Japan’s cooperation with another minilateral, the Australia-US-UK (AUKUS) pact, in high-tech areas like hypersonics or cybersecurity. The rise of such minilateral frameworks among like-minded countries can make the region more stable and resilient.

Yet another potential framework also merits attention: trilateral cooperation between the United States, Japan and Taiwan.

Pacific Forum recently published “The World After Taiwan’s Fall,” attracting attention throughout the region. In the volume, David Santoro, Ralph Cossa and other scholars emphasize the significance of Taiwan in maintaining the current rules-based order.

The United States is undoubtedly the biggest supporter of Taiwan – especially in military terms. The Taiwan Relations Act has since 1979 allowed for the transfer of defense articles, something the United States has honored across both Republican and Democratic administrations.

However, during a contingency on Taiwan, Washington would struggle to stave off an attack without Japanese help, chiefly because it has no military bases and deployments on the island. For the US military to rescue Taiwan, it needs proximate locations for operations.

Guam, the US territory with Andersen Air Force Base and Apra Harbor, could be a starting point for the US military. A more effective missile defense plan is also needed to protect Guam and continuously project power. The Philippines, under President Ferdinand Marcos Jr, has also offered the US military four additional bases which could be used in a contingency.

Kadena Air Base on Okinawa in Japan’s Ryukyu Islands. Photo: Ryukyu Shimpo

The closest US bases to Taiwan, however, are in Okinawa, part of the Japanese archipelago and the First Island Chain. Kadena Air Base is one such facility that would play a crucial role in a Taiwan contingency. It is 400 miles from Taipei and the only significant US base from which the Taiwan Strait can be reached without refueling.

Article 6 of the Treaty of Mutual Cooperation and Security between the United States and Japan grants the US military use of facilities and areas not only for defending Japan but also for “maintenance of international peace and security in the Far East.”

However, US bases are located on Japanese sovereign territory and Japan’s consent is not automatic. Prior consultation, before US military combat operations commence, is therefore critical in responding to a contingency in Taiwan.

Japan has its own reasons for concern over a Taiwan contingency. If Taiwan should fall, Okinawa would then be vulnerable to PRC takeover, as the Pacific Forum report warns.

Yonaguni, the westernmost island of Okinawa, is only about 70 miles from Taiwan. In 2016 the Japanese Self-Defense Forces (JSDF) established a camp on the island. The following year, then-commander of USPACOM Harry Harris and then-chief of staff of the Joint Staff Katsutoshi Kawano jointly visited the brand-new camp.

In December 2021, the late former prime minister Shinzo Abe insisted that a Taiwan contingency is the equivalent of a contingency for Japan. This should come as no surprise: In addition to strategic considerations, bilateral ties between Japan and Taiwan are underpinned by a deep friendship.

Japan is by far the most liked country among the Taiwanese public. Thousands of ordinary people in Taiwan expressed deep condolences for the assassination of Abe, due to his deep commitment to Taiwan.

The 9.0 magnitude earthquake and tsunami hit Japan in 2011, The Taiwanese people enthusiastically expressed solidarity with their Japanese friends. Taiwan, an island of just 23 million people, contributed the second-highest amount of donations following this disaster, behind only the United States.

Japan has tried to enshrine the Taiwan issue as the priority of the US-Japan alliance. In February 2005, the US secretaries of state and defense and the Japanese foreign and defense ministers held a ministerial 2+2 meeting. Already at the time, common strategic objectives of the joint statement included the Taiwan Strait.

Tensions in the Taiwan Strait is causing Japan to rethink its policy on the self-governing island. Image: Twitter / CNA

The joint statement of the 2+2 meeting in June 2011, “Toward a Deeper and Broader US-Japan Alliance: Building on 50 Years of Partnership,” encouraged “the peaceful resolution of cross-Strait issues through dialogue.”

During then-prime minister Yoshihide Suga’s visit to Washington in April 2021, the joint statement underscored the importance of peace and stability across the Taiwan Strait at the summit level for the first time since the end of formal diplomatic ties with Taipei. Following the leaders’ meeting, the G7 shared their concerns over the Strait.

At an incoming summit in Hiroshima in May, Japanese Prime Minister Fumio Kishida is expected to coordinate the G7 nations to express continued concern.

Notwithstanding, there is no platform to coordinate the efforts of the three sides. As Beijing takes more assertive actions, these three governments should act now. In my view, the three parties should discuss trilateral security cooperation.

Thinking about the triangle security-wise, the weakest side is the tie between Japan and Taiwan. The first challenge for trilateral cooperation is strengthening the security linkage between Tokyo and Taipei.

This new minilateral should start with modest steps. The framework should be functional during a contingent scenario, and establishing a communication channel will be critical, especially at the beginning, to plug the lack of contact.

Another gap to fill is cooperation in the maritime domain. Unlike in Ukraine, this would be a significant battle theater, but Taiwan’s navy and coast guard are far less – or not at all – integrated with their US and Japanese counterparts.

A big picture is definitely needed. But a small step is suitable for creating momentum, especially to avoid antagonizing Beijing too much and too soon. There could be several measures to take for practical use.

In 2022, it was reported that Japan was considering sending active-duty personnel from the JSDF instead of retired personnel. Someone with an active connection with the JSDF will be an essential channel between the two militaries.

Japan's Self-Defense Forces with the Patriot Advanced Capability-3 missile defense unit at a US Air Force on the outskirts of Tokyo in 2017. Photo: Reuters/Issei Kato
Japan’s Self-Defense Forces with the Patriot Advanced Capability-3 missile defense unit at a US Air Force on the outskirts of Tokyo in 2017. Photo: Agencies

As China steps up its efforts in the East and South China Seas, cooperation between the two island countries in the maritime domain is also critical. The memorandum of understanding regarding the collaboration between the US Coast Guard and its Taiwanese counterpart could be a good example to follow.

Based on the tangible results of security cooperation between Japan and Taiwan, a trilateral partnership could be established. In fact, trilateral collaboration has already been built up in Taipei. President Tsai Ing-wen has repeatedly touched on “GCTF” – the Global Cooperation and Training Framework – to advance cooperation in practical areas, including training, public health, and digital economy.

Honolulu could be another acceptable location to smooth communication among the three parties. The tropical city is host to US Indo-Pacific Command, and active personnel from the JSDF and other militaries are dispatched there.

As discussed above, Japan should pursue another minilateral framework in the Indo-Pacific to stabilize the region; it is high time to forge trilateral security cooperation among the United States, Japan, and Taiwan. And some minor steps would be fitting for the very beginning.

Masatoshi Murakami ([email protected]) ) is an associate professor at Kogakkan University in Japan and a visiting fellow with the Air Command and Staff College of Japan and the Nakasone Pease Institute. He previously worked with the Ministry of Foreign Affairs as a career diplomat and has conducted research as a visiting fellow at Pacific Forum this spring.

This article was first published by Pacific Forum. Asia Times is republishing it with permission.

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