Benjamin Choy, Group Chief Operating Officer, Natural Cool Holdings Limited
I am really concerned about the changes to the foreign workforce policies and its impact on the Built Environment sector as this industry is still currently facing a trifecta of labour, raw material and supply chain stresses. Given that many large projects have multi year timelines, I am anticipating continued cost uncertainty in this sector. I hope the government will reconsider the timeline for implementing changes to some of these policies to cushion their impact on this sector.
The rate hike may increase the price of rents if property owners choose to direct the additional costs to their tenants. However, this will only affect a niche group of landlords owning properties with rents above S$10,000 per month. The sales of luxury properties are unlikely to be affected as these tend to be purchased as trophy assets, whereas buyers are more focused on capital appreciation than just rental yield.
As an ESG fintech platform provider, we believe that the Singapore government’s decision to raise the carbon tax as well as to signal a policy regime of gradually increasing the cost of carbon over the coming decades, are necessary regulatory push to accelerate the nation’s adoption of green and sustainable finance.
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