SINGAPORE REAL ESTATE
STB receives no proposals for Jurong Lake District integrated tourism development
The Government’s plan to build a tourism development in Jurong Lake District has hit a snag, after a tender seeking proposals for the project drew a blank.
https://www.straitstimes.com/singapore/stb-receives-no-proposals-for-jurong-lake-district-integrated-tourism-development
Branch wars: Banks woo customers with elaborately decked physical spaces
Banks in Singapore are beautifying their local branches in hopes of delivering something different to their customers, with large lounges and non-financial services on offer.
https://www.businesstimes.com.sg/companies-markets/branch-wars-banks-woo-customers-elaborately-decked-physical-spaces
SINGAPORE ECONOMY
EU and Asean leaders keen on more cooperation in digital and green economies: PM Lee
Asean and European Union leaders have much interest in working more closely together, said Prime Minister Lee Hsien Loong. The two regional groupings have committed to doing so, including in the digital and green economies, following the conclusion of the one-day Asean-EU Commemorative Summit held in Brussels on Wednesday.
https://www.businesstimes.com.sg/international/eu-and-asean-leaders-keen-more-cooperation-digital-and-green-economies-pm-lee
https://www.straitstimes.com/singapore/politics/eu-and-asean-leaders-keen-on-more-cooperation-in-digital-and-green-economies-pm-lee
https://www.channelnewsasia.com/singapore/european-union-digital-partnership-artificial-intelligence-skills-economy-3145806
New Singapore-EU pact to boost cooperation and establish common framework in digital realm
Ties between Singapore and the European Union will expand into the digital realm under a new pact which will see the two sides working together on issues such as making safe data exchange possible and using digital solutions to make supply chains more resilient.
https://www.businesstimes.com.sg/international/new-singapore-eu-pact-boost-cooperation-and-establish-common-framework-digital-realm
https://www.straitstimes.com/singapore/politics/new-singapore-eu-pact-to-boost-cooperation-and-establish-common-framework-in-digital-realm
Job vacancies ease for second straight quarter: MOM
Labour market tightness in Singapore eased in the third quarter, as the total number of job vacancies fell for the second straight quarter, according to the Ministry of Manpower’s (MOM) Labour Market Report on Thursday (Dec 15).
https://www.businesstimes.com.sg/singapore/job-vacancies-ease-second-straight-quarter-mom
Private economists lift S’pore’s inflation forecast for both this year and next
The prospect of prices continuing to rise has hardened over the past three months as professional forecasters raised their forecast for inflation in Singapore for both 2022 and 2023.
https://www.straitstimes.com/business/private-economists-lift-singapore-inflation-forecast-for-both-this-year-and-next
GST increase: As Jan 1 ‘deadline’ approaches, businesses and shoppers make the most of sales pitches, offers
Riding on the upcoming increase in the Goods and Services Tax (GST) from Jan 1, along with the year-end festive sales, some businesses are bidding customers to buy what they want now or pay more later, with extended delivery offered where available.
https://www.todayonline.com/singapore/gst-increase-jan-1-businesses-shoppers-offers-sales-2071481
Fed’s higher rates for longer will hit borrowing costs in Singapore
The US Federal Reserve on Wednesday hiked interest rates by 50 basis points to a 15-year high and, more significantly, signalled that rates will have to move up more than previously anticipated and stay there for longer.
https://www.straitstimes.com/business/fed-s-higher-rates-for-longer-will-hit-borrowing-costs-in-singapore
Festive F&B demand dampened by Singaporeans flying out
After months of strong business, Singapore’s food and beverage (F&B) industry sees a potential festive slowdown as more locals head abroad for the holidays. This is despite a rise in corporate and tourist demand.
https://www.businesstimes.com.sg/singapore/smes/festive-fb-demand-dampened-singaporeans-flying-out
Harnessing green financing to push the boundaries of innovation
Environmental sustainability has become a top global agenda in recent years. Governments are looking to enact policies and strengthen their mitigation measures for climate change even as they continue to drive economic development.
https://www.businesstimes.com.sg/singapore/smes/harnessing-green-financing-push-boundaries-innovation
COVID-weary Chinese millionaires eye Singapore amid ‘chaos and unpredictability’ at home
Singapore is becoming a magnet for Chinese professionals and the wealthy who want to flee economic and COVID-19 problems at home.
https://www.channelnewsasia.com/singapore/chinese-millionaires-professionals-move-family-business-migration-3145686
COMPANIES’ BRIEF
BlackRock ceases to be substantial shareholder of Keppel
Asset manager BlackRock has ceased to be a substantial shareholder of Keppel Corp after selling S$8.9 million worth of shares, lowering its stake from 5.03 per cent to 4.96 per cent.
https://www.businesstimes.com.sg/companies-markets/blackrock-ceases-be-substantial-shareholder-keppel
CDLHT unit enters new 10-year lease agreement for Maldives resort
A unit under CDL Hospitality Trusts has inked a new 10-year lease agreement with a unit of Banyan Tree Holdings for the Angsana Velavaru resort in the Maldives.
https://www.businesstimes.com.sg/companies-markets/cdlht-unit-enters-new-10-year-lease-agreement-maldives-resort
https://www.theedgesingapore.com/news/company-news/cdl-hospitality-trusts-enters-another-10-year-lease-agreement-banyan-tree-angsana
Chip Eng Seng offer turns unconditional; closing date extended to Jan 19
Chip Eng Seng chairman Celine Tang and her husband Gordon Tang’s mandatory cash offer to acquire the property player at S$0.75 per share has been declared unconditional in all respects.
https://www.businesstimes.com.sg/companies-markets/chip-eng-seng-offer-turns-unconditional-closing-date-extended-jan-19
https://www.straitstimes.com/business/chip-eng-seng-offer-turns-unconditional-closing-date-extended-to-jan-19
GLOBAL ECONOMY & GLOBAL REAL ESTATE
WHO chief hopes COVID-19 will no longer be emergency in 2023
https://www.channelnewsasia.com/world/covid-19-world-health-organization-chief-hopes-no-longer-emergency-2023-3144811
US existing home sales to slide to 11-year low in 2023
https://www.businesstimes.com.sg/property/us-existing-home-sales-slide-11-year-low-2023
Federal Reserve pledges more rate hikes despite fears of US economy stalling
https://www.businesstimes.com.sg/international/federal-reserve-pledges-more-rate-hikes-despite-fears-us-economy-stalling
London rents lag rest of UK after shift to remote work
https://www.businesstimes.com.sg/property/london-rents-lag-rest-uk-after-shift-remote-work
UK households less sensitive to rate hikes
https://www.businesstimes.com.sg/companies-markets/uk-households-less-sensitive-rate-hikes
Germany’s recession to be milder than expected in 2023: Ifo
https://www.businesstimes.com.sg/international/germanys-recession-be-milder-expected-2023-ifo
Hong Kong central bank raises interest rate after Federal Reserve hike
https://www.businesstimes.com.sg/international/hong-kong-central-bank-raises-interest-rate-after-federal-reserve-hike-0
Thai economy in recovery, bolstered by tourists, minister says
https://www.businesstimes.com.sg/international/thai-economy-recovery-bolstered-tourists-minister-says
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Real Estate Developers’ Association of Singapore does not warrant the accuracy, adequacy or completeness of the information and expressly disclaims liability for errors or omissions therein. The content, accuracy, and opinions expressed are not investigated, verified, monitored, nor endorsed by Real Estate Developers’ Association of Singapore. Every effort is taken to ensure that all information extracted is correct at the time of dissemination 15 Dec, 2022.