💻 Bytes Of This Week (20 May - 26 May)

📊 Market bytes

⬆️ Straits Times Index up from 3313.34 on Monday (20th May) to 3316.56 before closing on Friday (25th May)
→ This was up from 3313.48 which was closed on the previous week

📈 Top Performing Stocks of the week includes

1. Azeus Systems Holdings SGX:BBW

2. Jardine Cycle & Carriage SGX:C07

3. Tianjin Pharm Da Ren Tang GRP SGX:T14

4. Venture Corporation SGX:V03

5. Great Eastern HLDGS SGX:G07

6. Yangzijiang Shipbuilding HLDGS SGX:BS6

7. Keppel SGX:BN4

8. Micro-Mechanics (Holdings) SGX:5DD

🌟 Exclusive bytes 🌟

bytedot to Attend AsiaTech x Singapore 2024!

Exciting news is brewing in the tech world! bytedot has secured its spot at the prestigious AsiaTech x Singapore 2024 event, happening from May 29th to May 31st.

We are bringing you an exclusive sneak peek into what's in store for this groundbreaking event.

About Asia Tech x Singapore

Asia Tech x Singapore (ATxSG) stands as Asia's pinnacle tech event, jointly crafted by the Infocomm Media Development Authority (IMDA) and Informa Tech, with the esteemed support of the Singapore Tourism Board. The event boasts two main segments:

ATxSummit:
Orchestrated by IMDA, ATxSummit (May 30th - May 31st) takes center stage at Capella Singapore, featuring an exclusive Plenary session and conferences covering AI, Governance, Quantum Computing, Sustainability, and more.

ATxEnterprise:
Hosted at Singapore EXPO from May 29th to May 31st, ATxEnterprise, organised by Informa Tech, caters to B2B enterprises across various sectors including Technology, Broadcast Media, Infocomm, Satellite Communications, and startups.

This segment includes conferences and exhibitions such as BroadcastAsia, CommunicAsia, SatelliteAsia, TechXLR8, InnovFest x Elevating Founders, and the newest addition, The AI Summit Singapore.

Stay tuned for our AsiaTech x Singapore Coverage this coming week!

🇸🇬 Main bytes

1️⃣ Revitalising Turf City: New Homes and Heritage Blend in Bukit Timah

Singapore's iconic Turf City is set for a transformation, with plans unveiled for up to 20,000 new homes, marking the return of public housing to Bukit Timah after nearly four decades.

Minister for National Development Desmond Lee announced the inclusive development, emphasising its accessibility and proximity to workplaces, aligning with Singaporeans' aspirations.

The Urban Redevelopment Authority (URA) envisions a car-lite, pedestrian-friendly environment with excellent public transport access.

Future residents will enjoy connectivity to MRT stations and ample amenities within walking distance, promoting community bonding and sustainability.

Key to the plan is the preservation of heritage and environment.

The site's rich history as a former racecourse will be honoured, with strategies to retain heritage buildings and significant green spaces. Urban design guidelines will ensure harmony with the surroundings, while high-rise housing near transport nodes maximises space and convenience.

The development reflects Singapore's commitment to inclusivity, integrating rental and sold flats and introducing diversity into neighbourhoods.

Despite initial concerns, studies show a high openness towards diversity among Singaporeans, fostering a multicultural society.

Extensive engagement with residents, heritage, and nature groups has shaped the plans, ensuring alignment with community needs and aspirations.

Collaboration with nature groups highlights efforts to preserve biodiversity, while engagements with former workers and residents capture invaluable anecdotes and suggestions.

The exhibition at The URA Centre invites public feedback, underscoring Singapore's participatory approach to urban planning.

2️⃣ Singapore private homes still most expensive in Asia-Pacific; HDB flats most attainable

Singapore maintains its status as the Asia-Pacific region's leader in high-priced private residential homes, as revealed in the latest Urban Land Institute (ULI) report.

With a median price of US$1.3 million, Singapore outpaces other major cities like Hong Kong and Sydney.

Despite this, the report highlights Singapore's public housing as the most attainable for home ownership, with nearly 90% ownership rate and a favourable price-to-income ratio.

The report underscores the resilience of Singapore's property market, with private home prices rising by 7% in 2023 despite government cooling measures.

These measures, including increased stamp duty rates and tightened loan-to-value ratios, aimed to moderate demand, particularly from foreign buyers.

However, the report notes a significant drop in foreign demand and home sales following these measures.

While Singapore's private housing remains pricey per square meter, its price-to-income ratio is relatively lower compared to other cities like Hong Kong and Beijing.

Additionally, renting in Singapore is notably more affordable than buying, although rental prices for two-bedroom apartments have surpassed those in Hong Kong, Tokyo, and Seoul.

The report also highlights Singapore's innovative approach to housing, with the government piloting long-stay serviced apartments to cater to evolving housing needs.

This initiative reflects a broader trend in other cities like China, Australia, and Bangkok, where rental housing initiatives are gaining traction.

As Singapore continues to navigate its real estate landscape, developments like the recent land sale in Zion Road for mixed-use projects signal a dynamic shift towards more diverse housing options.

With ongoing efforts to balance luxury with accessibility, Singapore aims to provide sustainable housing solutions for its residents amidst evolving market dynamics.

3️⃣ Challenges and Opportunities Ahead Singapore's Economic Landscape

Singapore's economic growth in the first quarter of 2024 saw a modest expansion, reflecting a slowdown compared to the previous quarter, mainly attributed to subdued growth in the export-driven manufacturing sector.

Despite this, there's optimism for a gradual pickup in growth throughout the year, as per the Ministry of Trade and Industry (MTI).

MTI's forecast for Singapore's GDP growth for 2024 remains between 1% to 3%, anticipating a gradual recovery driven by improvements in the manufacturing and trade sectors.

However, the economy remains vulnerable to global economic uncertainties, including geopolitical tensions and inflationary pressures in advanced economies.

While the manufacturing sector experienced contraction, the services sector showed resilience, particularly in areas like air travel, tourism, and finance.

The recovery in these sectors, alongside positive spillover effects from potential growth in electronics, is expected to contribute to Singapore's economic resilience.

Despite challenges, there are bright spots on the horizon.

Forward-looking indicators suggest a potential turnaround in the manufacturing sector, especially in electronics, driven by global tech trends and increasing AI applications.

Forecasts by leading financial institutions expect Singapore's GDP growth to hover around 2% for 2024, signalling cautious optimism amidst evolving global economic dynamics.

🛰️Tech bytes

1️⃣ Empowering SMEs: Singapore's AI Revolution Accelerates

Singapore's small and medium-sized enterprises (SMEs) are set to receive a significant boost in AI integration thanks to a new collaboration between Microsoft, Enterprise Singapore (EnterpriseSG), and AI Singapore (AISG).

Announced on May 21, this partnership aims to enhance productivity for over 1,000 local SMEs by leveraging Microsoft Copilot, an AI assistant integrated into Microsoft applications.

EnterpriseSG will subsidise 50% of the Microsoft Copilot license costs for eligible SMEs for a year, allowing them to purchase up to 50 user licenses at a reduced rate.

Moreover, Microsoft and EnterpriseSG, in collaboration with AISG, will provide support to build AI capabilities beyond Copilot, ensuring responsible AI use and fostering SMEs' long-term growth.

As part of this initiative, Microsoft has also teamed up with the Infocomm Media Development Authority (IMDA) to enhance AI capabilities for digitally mature SMEs.

Through workshops and tech advisory sessions, over 200 SMEs will identify business needs, while IMDA will fund eligible companies to develop and deploy generative AI solutions using tools like Azure OpenAI and Copilot.

This partnership underscores Singapore's commitment to advancing its AI capabilities, aligned with the National AI Strategy 2.0. With a $1 billion investment over the next five years, Singapore aims to triple its AI workforce and make all industries proficient in AI.

This initiative not only boosts productivity but also ensures Singapore remains competitive in the global digital economy.

🚗 Transport bytes

1️⃣ Lower ERP Rates for June School Holidays

As Singapore gears up for the June school holidays from May 27 to June 23, motorists can expect some relief with lower Electronic Road Pricing (ERP) rates at seven locations across the island.

The Land Transport Authority (LTA) announced a reduction of $1 at 13 gantries during specific time periods, aimed at easing traffic flow during the holiday season.

Drivers traversing key routes such as the Ayer Rajah Expressway (AYE), Central Expressway (CTE), Kallang-Paya Lebar Expressway (KPE), and Pan-Island Expressway (PIE) will benefit from these lowered rates.

For instance, during peak hours, motorists on the AYE after Jurong Town Hall towards the city will only be charged $1 from 7.30am to 8.30am, providing some respite during busy commuting times.

Similarly, reduced rates will apply at other designated locations and time slots, ensuring smoother travel experiences for motorists during the holiday period.

Notably, these adjusted rates will revert to their original prices after the school holidays, ensuring continuity in traffic management measures.

This move by LTA reflects a proactive approach to address traffic congestion concerns during peak holiday seasons, aligning with ongoing efforts to enhance Singapore's transportation infrastructure and optimise road usage efficiency.

With these temporary adjustments, commuters can anticipate a more seamless journey as they navigate through the city during the upcoming school break.

2️⃣ Decline in Active Mobility Offences Signals Safer Roads: LTA Data

According to recent data released by the Land Transport Authority (LTA), active mobility offences in Singapore have seen a significant decrease over the past three years.

In 2023, there were 5,228 recorded offences, marking a notable 35% drop from the 8,014 offences in 2021 and a 25% decrease from the 6,996 recorded in 2022.

The most common offences included riding electric bicycles or motorised personal mobility devices (PMDs) on footpaths, using non-compliant active mobility devices on public paths, and riding e-bikes or e-scooters without a mandatory theory test certificate.

LTA identified that non-compliant devices, often illegally modified, posed safety risks due to non-compliance with safety standards.

Despite regulations banning motorised PMDs from footpaths since April 2020, some riders cited convenience and time pressure as reasons for infringing these rules.

Food delivery riders, for instance, mentioned using e-bikes on footpaths to save time when collecting orders situated far from parking lots.

Another prevalent offence involved riding non-compliant bicycles on public roads or paths, particularly brakeless bicycles known as "fixies".

While some riders enjoy the adrenaline rush and aesthetic appeal of brakeless bikes, regulations introduced after a fatal accident in 2020 require all bicycles to have at least one working handbrake for safety reasons.

Although fines and penalties exist for offenders, the regulations aim to ensure responsible behaviour on the roads.

By maintaining a safer environment for all road users, the decline in active mobility offences underscores ongoing efforts to enhance road safety and promote compliance with regulations governing active mobility devices in Singapore.

💬 Editor’s byte

Thank you for sticking with us! We are looking forward to provide you with more exciting coverage and exclusive bytes!

As always, your continued readership is greatly appreciated. If you have any feedback, whether it pertains to the content or any other aspect of bytedot, please don't hesitate to reach out to us at byte@bytedot.sg

We're excited to bring you more insightful content in the next newsletter. Until then, stay safe and well-informed!

Cheers, D from bytedot

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