MAS promotes the use of e-hongbaos for the upcoming Chinese New Year

digital red packet via QR code

The Monetary Authority of Singapore (MAS) shared on Monday (Jan 11) that those marking the upcoming Chinese New Year are advised to offer e-hongbaos. This would help minimise queues for new bills and for individuals to do their part for the environment.

Individuals who want to use physical notes would need to make online bookings to receive the bills.

Pre-booking & pre-ordering required

For DBS Bank, Oversea-Chinese Banking Corporation (OCBC) and United Overseas Bank (UOB), pre-booking is mandatory. Before entering bank branches, visitors would need to schedule an appointment online. But there are exceptions for the elderly above 60 years old and people with disabilities.

Pre-order of new notes are available at Maybank and Standard Chartered starting Jan 18. The collection will be available from Jan 25.

DBS customers to take note
atms in Singapore

Image Credits: adaptiverecognition.com

DBS is expanding the number of online reservation slots up to two times this year to serve more people.

Users can also withdraw new banknotes from 61 pop-up automated teller machines (ATMs) throughout 41 locations from Jan 25 to Feb 11, marking an increase from 2020. This service does not require a reservation.

DBS’ new notes pop-up ATM map locator can advise approximate wait times at each venue to help its users avoid busy places. Click through the link before you make the trip down.

“Remote gifting” an ideal way forward

Here is a reminder that Singapore is currently in phase three of its reopening of the economy and social events of up to eight people are permitted.

The MAS said that e-hongbaos would facilitate virtual gifting across a range of visits, like video conferences. It is also more environmentally friendly to have e-hongbaos because it lowers the printing production. Also, it lessens eventual wastage of new bills returned to banks after the festivities.

Mr Bernard Wee, MAS’ assistant managing director for finance, risk and currency, commented that for each Lunar New Year, the carbon emissions produced by the development of new notes are forecasted at around 330 tonnes.

“This is equivalent to emissions from charging 5.7 million smartphones or one smartphone for every Singaporean resident for five days,” he added.

Banks share their thoughts on this
red packet recycling bins

Image Credits: fintechnews.sg

Customers who give e-hongbaos using PayNow can attach specifically designed holiday visuals! This includes Chinese New Year good wishes, revealed the Association of Banks in Singapore (ABS).

DBS adds that those who prefer to stick to physical hongbaos can choose to recycle them instead. Consumers can drop off used red packets into specific recycling bins at full-service DBS and POSB Bank branches.

According to the authorities, e-hongbaos are part of a broader move to e-gifting advocated by MAS and ABS.

“The coming Lunar New Year offers an opportunity for us to build on this momentum, to spread the benefits of e-gifting, and to forge new traditions with our families and friends,” Mr Wee remarked.

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Businessman loses litigation against kids over gold bars passed on to them

gold bars

A retired Indonesian-Chinese businessman, Mr Soemarto Sulistio, challenged four of his children to return his wife’s 122 gold bars but lost his lawsuit here in the High Court.

The story goes something like that. In 1989, Mr Sulistio and his wife Soemiati purchased gold bars using their joint account at the United Overseas Bank in Singapore.

At first, the couples kept the gold bars under both their names. But Mr Sulistio, now 87, signed documents to pass possession to his wife in 2016. In 2017, she passed away. He later learned that she had willed the gold bars to four of their five children.

Sued his children following an unsuccessful challenge to the will
sued in court

Image Credits: The Australian

He sued the four after a failed appeal to her will in Hong Kong. The signing of the documents did not modify the original intention to preserve the gold bars as joint possessions, Mr Sulistio said.

He asserted that he was the rightful owner of the gold bars, as the sole survivor. But Justice Valerie Thean rejected his claims.

The judge claimed in a written decision that there was no doubt that the pair originally had a collective goal of possessing the gold bars for their mutual good. However, she noticed that there was enough convincing evidence of a shift in their aim in 2016.

Signing of certificates as part of a wider agreement

Justice Thean discovered that as a component of a larger deal between the pair, Mr Sulistio endorsed the documents. It turns out that Madam Soemiati had requested for the gold bars in return for having their son Rudy to handle their Indonesian territory.

Mr Rudy was left out of the will of Madam Soemiati and came to the defence of his father in the lawsuit.

According to the judge, Madam Soemiati wanted to possess the gold bars for her interests. That is, if she were to pass on without using the gold bars, she would like to favour the defendants.

The couple’s marriage broke down in 2012
rose gold wedding bands

Image Credits: The Wedding Vow

In the 1950s, Mr Sulistio and Madam Soemiati were married and had three daughters and two sons. They stayed in Hong Kong as a couple.

Their daughters said their parents’ relationship deteriorated in 2012. It was partly because of the strained relationship between Madam Soemiati and Mr Sulistio’s nurse. Their eldest daughter suggested that Madam Soemiati was disappointed that the nurse bullied her, but Mr Sulistio did little to rectify the issue.

An attempt to guarantee her financial security

The court acknowledged the defendants’ allegation that the gold bars’ legal movement was part of an arrangement under which Madam Soemiati sought to ensure her financial stability.

Madam Soemiati, who was severely ill with increasing medical costs, was worried that her savings were depleted. This was due to vast amounts of money moved from joint accounts with her spouse to Mr Rudy.

Mr Rudy also did not dispute the acquisition of roughly US$7.2 million (S$9.5 million) between 2010 and 2016. Furthermore, according to the verdict, at least US$1 million remains unsubstantiated for.

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MOH may consider subsidising genetic disorder screening costs for IVF couples

IVF procedure

Parliamentary Secretary for Health Rahayu Mahzam revealed on Monday (Jan 4) that the Ministry of Health (MOH) is exploring the feasibility of helping to fund a treatment that enables in vitro fertilisation (IVF) couples to screen embryos for genetic defects.

At present, the procedure is accessible to patients at risk of transmitting severe genetic abnormalities caused by single gene defects or structural chromosomal differences. However, she stated that the operation’s price is high, at approximately S$10,000 to S$19,000 per cycle.

Ongoing discussions on Pre-implantation Genetic Diagnosis (PGD)
Parliamentary Secretary for Health Rahayu Mahzam and her son

Image Credits: Rahayu Mahzam

Ms Rahayu said that MOH is striving to make Pre-implantation Genetic Diagnosis (PGD) a standard clinical service for spouses who need it, and is researching whether making it available for subsidies is cost-effective.

Authorities are also in talks to charge PGD using Medisave. When ready, further information will be announced about the assessment. Ms Rahayu responded to Nee Soon GRC Member of Parliament (MP) Louis Ng’s adjournment motion on the need to offer better help for those pursuing IVF.

In her address to Mr Ng, Ms Rahayu observed that research had discovered proof that PGD could minimise the risk of severe genetic diseases. It could also improve the chances of bearing a baby to birth.

Request for IVF subsidy structure to be extended to PGD

Mr Ng had asked for the existing IVF subsidy scheme to be applied to PGD. This would give couples a rebate of 75 per cent on PGD for discounted IVF periods. “PGD is needed only by a small percentage of couples, so overall subsidy costs for the government are likely to be limited,” Mr Ng commented.

He also proposed that PGD should be permitted to be billed using Medisave but with a cap to not exhaust the budget. This has been the practice for IVF treatments. “Couples deserve their chance to have healthy children and we should support them,” he said.

Fertility as an “existential problem” for Singapore
Nee Soon GRC Member of Parliament (MP) Louis Ng

Image Credits: todayonline.com

Using data from the KK Women’s and Children’s Hospital, Mr Ng raised fertility as an “existential problem” for Singapore. Within a year of trying for a child, about 15 per cent of couples here find it tough to conceive.

Sharing some numbers, he claimed that over 7,700 assisted reproduction procedures were completed in 2017. This is a significant rise from about 5,500 in 2013. Citing his own experience, Mr Ng also told Parliament that his three daughters had been born by IVF. He and his wife could only have their first child after their seventh attempt at it.

Proposal to subsidise up to eight cycles of IVF

He recommended that the government help fund up to eight current IVF cycles (from six now). He also requested authorities to scrap the quotas for selected embryo transfer methods, enabling couples to use the subsidies for any transfer process.

The concept of “fertility leave” was also introduced by Mr Ng. This would encourage individuals to take time off work to go through IVF treatments.

“These proposals will help more couples undergoing IVF and most importantly reduce their stress levels as they embark on this stressful but potentially rewarding IVF journey,” he remarked.

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Singapore HDB resale prices and private home prices rose in 2020

HDB flats

The results are out. Based on flash estimates from the Housing and Development Board (HDB) on Monday (Jan 4), Singapore HDB resale prices increased by 0.1 per cent in 2019 to 4.8 per cent in 2020.

The HDB calculations also found that the resale price index, which includes statistics on the overall price fluctuations in the resale market for public housing, grew from 133.9 to 137.8.

Most significant quarterly rise in about 10 years

OrangeTee & Tie’s head of research and consultancy Christine Sun shared that the highest quarterly jump in around 10 years was the price spike in the fourth quarter of 2020. With a 3.8 per cent rise, the last peak was reported in the third quarter of 2011.

“The market recovery can be attributed to the slew of policy changes made over the past two years to make public housing more affordable for Singaporeans and enhance the attractiveness of older flats,” said Ms Sun.

She added that numerous new flats that demand higher prices have also been transacted over the past few months. This may have raised the total price index last quarter.

Flat at Pinnacle@Duxton sold at S$1.258 million
Pinnacle@Duxton

Image Credits: The Straits Times

For selected flats, some buyers were willing to fork out large sums. Up till November 2020, a whopping number of 72 resale flats were sold for over S$1 million. This includes one at the Pinnacle@Duxton, which recorded a sale price of S$1.258 million last September.

Ms Sun said that the long time of completion for recent Build-to-Order (BTO) releases and growing private home prices will continue to shift demand to the HDB resale market.

“Couples who are still doing well in their jobs may proceed with their upgrading plans, while those who are still affected by the pandemic may downgrade from private housing to HDB flats,” she noted. “This may result in more flats being put on the market as well as more flats changing hands in the coming months.”

Prices of resale flats are expected to rise further

According to the expert, prices for resale flats are projected to climb further by 2 per cent to 5 per cent this year. HDB said buyers may look forward to more specific data for the fourth quarter of 2020 on Jan 22.

Come February, HDB will offer about 3,700 BTO flats in Bukit Batok, Kallang Whampoa, Tengah, and Toa Payoh. There will also be another 3,800 BTO openings in Bukit Merah, Geylang, Tengah, and Woodlands in May.

“Given the economic uncertainty due to COVID-19, HDB is monitoring the housing market closely and will calibrate the supply if required,” said the board.

With that said, private property prices in Singapore are following suit.

Prices increase by 2.1 per cent in the fourth quarter
Singapore private property

Image Credits: Ohmyhome

The Urban Redevelopment Authority (URA) shared today (Jan 4) that in the fourth quarter of 2020, Singapore’s private property prices increased by 2.1 per cent compared to the third quarter.

Ms Sun said that after the second quarter of 2018 when prices increased 3.4 per cent quarter-on-quarter, the fourth-quarter surge was the highest quarterly rise. This is due to the remainder of the Central Region, which grew by 4.8 per cent in the fourth quarter, and the main Central Region, where prices rose by 3.3 per cent.

“There were a number of new projects launched in the fourth quarter of this year that could have driven prices higher in these regions,” Ms Sun remarked.

Analysts share how buyer sentiments may improve in 2021

A substantial amount of liquidity currently circulating in the financial sector will fuel Singapore’s property market. Buyer sentiments will pick up more on the growing anticipation of the vaccine and reopening under phase 3.

“Phase 3 could reflect potential economic stabilisation and opportunities for longer-term property price appreciation,” said Property analyst Ong Kah Seng.

“Overall private home prices may rise by 1 to 4 per cent while prices of new homes may grow at a faster pace of between 2 and 5 per cent in 2021,” Ms Sun added.

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10 Ideal Dates Based On Your Love Language

When you find the person that truly makes you happy and fulfilled, you will take the extra effort to build a long-lasting relationship. Strengthen the foundation that you built by having date nights or weekend getaways. Make your partner feel loved and appreciated by speaking their love language.

Dr. Gary Chapman is the renowned author of the “5 Love Languages”. It highlights that there are 5 ways that we can communicate love namely through: words of affirmation, receiving gifts, quality time, acts of service, or physical touch. Here are customized and inexpensive romantic ideas suited to your love languages:

RECEIVING GIFTS

For people who are fond of receiving gifts, dedicating the day to arts or shopping can be enjoyable. Schedule a painting night where you paint each other’s canvases. Exchange these trinkets of affection as the day ends. It is not only a fun activity, but also a memorable evening shared with your partner.

Another great idea is a shopping date. Add some spice by shopping for each other. Plan a shopping trip to your partner’s favorite malls. Create some guidelines such as your budget limits and your shopping categories. From an interesting book to a unique article of clothing, choose meaningful gifts for your partner. It is synonymous to playing a game with the added benefit of making your partner feel absolutely adored.

ACTS OF SERVICE

People who speak acts of service primarily feel appreciated when their partner does important things for them such as easing the list of responsibilities they have for the day. Cooking a delicious dinner at home is perfect. It eliminates a task on their to-do list and saves them from spending money. Moreover, you are showing your partner how much you care about him or her.

Another inexpensive date idea is having an art day at home. Gather all your art materials and complete a DIY project together. Make sure you pick a project that will add value to your lives.

QUALITY TIME

It is self-explanatory – people who have quality time as their love language want a fruitful date with their loved ones. You can either have a quiet dinner out or a refreshing hike. Spend uninterrupted time with your partner and chat about your day. Make sure to make a “no phones” policy to soak in each other’s company.

Alternatively, you may hike together. A nice view at the end of your walk will be an extra bonus. The most important thing is that you gave each other an opportunity to spend more time together. Take photos!

PHYSICAL TOUCH

For some people, they indulge in kisses and hugs. It does not have to be a total PDA. Simply make your partner feel safe by sharing a quick peck on the cheek or holding each other’s hands. You cannot go wrong with a couples massage. Either hire a professional or give each other massages.

You may also go ice skating or rollerblading. Hold your partner to avoid stumbling across the ice. Your muscles might be sore afterward, but your partner will be glad.

WORDS OF AFFIRMATION

What are words when you do not mean them when you say them? Express these loving words and show them through making a scavenger hunt or exchanging love letters. Start by creating a scavenger hunt with clues that are meaningful to your relationship (e.g., where your first date was). Add compliments in the process.

Image credits: unsplash.com

Next, you may exchange love letters. Sit down and write to each other. Watch your partner’s heart melt with your sweet words. Tell your partner why she or he is the reason your life has changed.

Sources: 1 & 2

 

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