On Dec 15, the US Federal Reserve’s (Fed) Federal Open Market Committee (FOMC) meeting pointed to three rate hikes in 2022, two rate hikes in 2023, and a further three hikes in 2024. “That’s a 3-2-3,” says Carmen Lee, head of OCBC Investment Research on Dec 16. This is in reference to the Fed’s intention for three interest rate hikes in 2022, two rate hikes in 2023 and three rate hikes in 2024.

Lee admitted to having a late night on Dec 15, when she was hit with a double whammy. On top of the Fed’s announcement, the Singapore government also announced a slew of property cooling measures.

“The agencies have done extremely well this year and outperformed property stocks. The discrepancy was unwarranted,” she adds, in reference to the gains made by PropNex and APAC Realty. Both companies run agencies and their revenue is tied to the value of property transactions done by their agents. PropNex and APAC Realty are up 116% and 70% year-to-date.

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