Singapore Real Estate
Upcoming Bayshore precinct to have a central park, green network linking its housing projects
Singapore – The upcoming 60ha Bayshore housing precinct in Upper East Coast Road will have a new central park, which will be part of a network of green spaces throughout the estate. These green spaces will serve as recreational areas for residents and provide “conducive habitats for flora and fauna to thrive”, said the Housing Board on Friday in a report responding to public feedback on an environmental study for the area published in November 2022.
https://www.straitstimes.com/singapore/housing/upcoming-bayshore-precinct-to-have-a-central-park-green-network-linking-its-housing-projects
The Cathay mall to close for revamp from August 2023
Come August, The Cathay mall will no longer be open to the public as it closes for a revamp, said its spokesperson on Friday (Feb 17). Works are set to begin in August and are expected to span about one and a half years. The mall targets to reopen in late 2024, ahead of Christmas, said the spokesperson, adding that all tenants of the mall have been informed and will move out by Aug 18.
https://www.businesstimes.com.sg/property/cathay-mall-close-revamp-august-2023
https://www.straitstimes.com/singapore/the-cathay-to-close-in-august-for-revamp-works-lasting-a-year-and-a-half
Where to buy and when to buy? BT seminar looks into opportunities in a volatile property market
Those on the hunt for residential property that gives “better bang for the buck”, particularly at today’s price levels in the Singapore market, should cast their eyes to the prime Core Central Region (CCR).
https://www.businesstimes.com.sg/property/where-buy-and-when-buy-bt-seminar-looks-opportunities-volatile-property-market
Resale HDB flat sellers unlikely to raise prices for first-time buyers despite higher grants, property agents say
Singapore — Although first-time resale flat buyers will receive increased housing grants, some property agents said they have not seen sellers raising their flat prices to capitalise on the larger budget.
https://www.todayonline.com/singapore/resale-hdb-flat-first-time-buyer-higher-housing-grant-2111821
Explainer | Will Singapore’s housing tweaks help families get their first homes more quickly?
Public housing affordability in Singapore has become a conversation-starter in recent months, as ballooning prices, sky-high rents and a vigorous back-and-forth between the government and its critics on the path ahead for Housing Development Board (HDB) flats – home to over 80 per cent of the population – thrusts the topic to the centre of national consciousness.
https://www.scmp.com/week-asia/economics/article/3210639/will-singapores-housing-tweaks-help-families-get-their-first-homes-more-quickly
Companies’ Brief
Ho Bee Land’s twin-engine growth strategy propels high ROEs
Ho Bee Land stands out among Singapore-listed property groups for its relatively high return on equity (ROE) numbers. In nine out of the past 10 years, the group’s ROE – which measures the rate of return on the capital provided by shareholders – has been at least 7.5 per cent.
https://www.businesstimes.com.sg/companies-markets/reits-property/ho-bee-lands-twin-engine-growth-strategy-propels-high-roes
Keppel announces distribution of 19,130 Sembmarine shares for every 1,000 Keppel shares held
Singapore – Keppel Corp shareholders will receive 19.13 new SembCorp Marine (Sembmarine) shares for every Keppel share they own. In short, for every 1,000 Keppel shares held, the shareholder will receive 19,130 Sembmarine shares.
https://www.straitstimes.com/business/keppel-announces-distribution-of-19000-sembmarine-shares-for-every-keppel-share-held
Hafary H2 profit increases 187.1% to S$19.8 million
Tile specialist Hafary Holdings posted a profit net of tax of S$19.8 million for the second half of the financial year ended Dec 31, 2022, up 187.1 per year on year from S$6.9 million. Revenue climbed up by 44.6 per cent to S$97.6 million, from S$67.5 million a year earlier.
https://www.businesstimes.com.sg/companies-markets/hafary-h2-profit-increases-1871-s198-million
Views Reviews, Forum and Others
Public Service Division announces new permanent secretary appointment, changes to two others from Apr 3
Singapore: The Public Service Division (PSD) on Friday (Feb 17) announced a new permanent secretary appointment as well as changes to permanent secretary appointments at the Ministry of Law (MinLaw) and Ministry of Foreign Affairs (MFA).
https://www.channelnewsasia.com/singapore/psd-new-permanent-secretary-law-luke-goh-mfa-loh-khum-yean-stanley-loh-3286041
https://www.straitstimes.com/singapore/nea-ceo-luke-goh-to-be-permanent-secretary-for-law
CPF salary ceiling should keep pace with inflation to avoid problems for Singapore in the future: Lawrence Wong
Singapore: The Central Provident Fund (CPF) salary ceiling should keep pace with inflation to avoid “storing up more problems” for Singapore, said Deputy Prime Minister Lawrence Wong. Responding to a question on the Ask The Finance Minister programme on CNA on Friday night (Feb 17), Mr Wong said he understood why the raised CPF salary ceiling is a concern for employers and individuals.
https://www.channelnewsasia.com/singapore/cpf-salary-ceiling-should-keep-pace-inflation-avoid-problems-singapore-future-lawrence-wong-3286131
Why the new CPF income ceiling will benefit more workers
There were a lot of instant giveaways in Budget 2023, but a measure concerning Central Provident Fund (CPF) contributions that will have far-reaching benefits may not be obvious to many workers. The changes are well-timed as CPF is likely in the minds of many people now, since February is usually when we might notice a bump in our CPF accounts from an extra dollop of contributions.
https://www.straitstimes.com/business/invest/why-the-new-cpf-income-ceiling-will-benefit-more-workers
Death of harbour pilot off S’pore’s Southern Islands is 5th workplace fatality in 2023
Singapore – The harbour pilot from PSA Marine who died after he fell overboard in the waters off the Southern Islands on Saturday is the fifth workplace fatality in 2023.
https://www.straitstimes.com/singapore/death-of-harbour-pilot-off-s-pore-s-southern-islands-is-5th-workplace-fatality-in-2023
Global Economy & Real Estate
What if interest rates remain high?
https://www.straitstimes.com/business/invest/what-if-interest-rates-remain-high
More Fed policymakers point to higher rates in inflation fight
https://www.straitstimes.com/business/economy/more-fed-policymakers-point-to-higher-rates-in-inflation-fight
US import prices fall in January; annual increase smallest in two years
https://www.businesstimes.com.sg/international/us-import-prices-fall-january-annual-increase-smallest-two-years
UK property asking prices show weakest Feb gain on record: Rightmove
https://www.businesstimes.com.sg/property/uk-property-asking-prices-show-weakest-feb-gain-record-rightmove
UK’s Purplebricks starts strategic review, forecasts bigger core loss
https://www.businesstimes.com.sg/property/uks-purplebricks-starts-strategic-review-forecasts-bigger-core-loss
UK retail sales unexpectedly rise but gloom seen persisting
https://www.businesstimes.com.sg/international/uk-retail-sales-unexpectedly-rise-gloom-seen-persisting
Even super-prime London property can’t defy market forces
https://www.businesstimes.com.sg/property/even-super-prime-london-property-cant-defy-market-forces
Portugal ends ‘golden visas’ to rein in property speculation
https://www.businesstimes.com.sg/property/portugal-ends-golden-visas-rein-property-speculation
Australia’s central bank says more rate pain needed to tame inflation
https://www.businesstimes.com.sg/international/australias-central-bank-says-more-rate-pain-needed-tame-inflation
Australian supermarkets set to capitalise on high inflation, but softer demand ahead
https://www.businesstimes.com.sg/international/australian-supermarkets-set-capitalise-high-inflation-softer-demand-ahead
Cautious optimism for China’s steady recovery
https://www.businesstimes.com.sg/international/global/cautious-optimism-chinas-steady-recovery
Chinese developers struggle to avoid defaults despite state help
https://www.businesstimes.com.sg/property/chinese-developers-struggle-avoid-defaults-despite-state-help
Chinese home sales post third weekly rise in a row – survey
https://www.channelnewsasia.com/business/chinese-home-sales-post-third-weekly-rise-row-survey-3290726
China quietly pivots from land sale limits to stem housing slump
https://www.straitstimes.com/business/china-quietly-pivots-from-land-sale-limits-to-stem-housing-slump
https://www.businesstimes.com.sg/property/china-quietly-pivots-land-sale-limits-stem-housing-slump
China’s mortgage rate cuts spur prepayment rush, threaten bank earnings
https://www.businesstimes.com.sg/property/chinas-mortgage-rate-cuts-spur-prepayment-rush-threaten-bank-earnings
https://www.channelnewsasia.com/business/analysischinas-mortgage-rate-cuts-spur-prepayment-rush-threaten-bank-earnings-3286161
China ramps up economic support with record cash injection
https://www.businesstimes.com.sg/international/global/china-ramps-economic-support-record-cash-injection
Hong Kong finance chief warns of challenges from fiscal deficit
https://www.businesstimes.com.sg/international/hong-kong-finance-chief-warns-challenges-fiscal-deficit
Japan consumer inflation rate seen accelerating to over 41-year high: Reuters poll
https://www.businesstimes.com.sg/international/japan-consumer-inflation-rate-seen-accelerating-over-41-year-high-reuters-poll
Malaysia’s Jan exports rise 1.6% y-o-y, below forecast
https://www.businesstimes.com.sg/international/asean/malaysias-jan-exports-rise-16-y-o-y-below-forecast
https://www.channelnewsasia.com/business/malaysias-jan-exports-rise-16-y-y-below-forecast-3290691
Malaysia seen returning to rate pause after a final hike to 3%
https://www.businesstimes.com.sg/international/asean/malaysia-seen-returning-rate-pause-after-final-hike-3
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