Singapore Real Estate
What to watch in Singapore’s industrial and logistics space this year
Inflation, resilience to supply chain disruption and cost control are expected to be key themes for the industrial and logistics (warehousing) space sector in 2023. On the demand side, the industries that are expected to do well this year are advanced manufacturing, food and novel food consumer services, as well as logistics and supply chain.
https://www.businesstimes.com.sg/property/what-watch-singapores-industrial-and-logistics-space-year
Return of China property buyers in bigger numbers unlikely to impact prices in Singapore: Analysts
Singapore: The easing of COVID-19 measures in China is likely to see a renewed interest from its nationals in buying property in Singapore, but not in such numbers that prices here will be affected much, property analysts said.
https://www.channelnewsasia.com/singapore/china-nationals-buying-property-singapore-housing-prices-3216596
Singapore Economy
High business, parenting costs among MPs’ top concerns on first day of Budget debate
Concerns over rising costs – whether for businesses or families – were a recurring theme on the first day of debate on Budget 2023, as Members of Parliament (MPs) suggested ways to mitigate this impact.
https://www.businesstimes.com.sg/singapore/high-business-parenting-costs-among-mps-top-concerns-first-day-budget-debate
https://www.channelnewsasia.com/singapore/budget-2023-debate-working-mothers-middle-class-cpf-ceiling-jobs-skills-integrators-3295851
https://www.todayonline.com/singapore/budget-2023-debate-cost-living-sandwich-generation-mps-2114186
Budget debate: MPs raise questions about S’pore’s fiscal space and how to raise revenue
Singapore – Singapore’s fiscal position came under scrutiny on Wednesday, as Parliament sat to debate the Budget. Amid calls for spending, there were also calls for prudence, with some MPs wondering if Singapore would have enough fiscal room in future.
https://www.straitstimes.com/singapore/politics/budget-debate-mps-raise-questions-about-s-pore-s-fiscal-space-and-how-to-raise-revenue
MOM does not “micro-manage” foreign work pass numbers: Tan See Leng
Singapore does not change the number of foreign work passes it issues in response to business fluctuations, said Manpower Minister Tan See Leng on Wednesday (Feb 22), in response to a question about the jobs outlook in the information and communications (I&C) sector.
https://www.businesstimes.com.sg/singapore/economy-policy/mom-does-not-micro-manage-foreign-work-pass-numbers-tan-see-leng
https://www.channelnewsasia.com/singapore/foreign-worker-work-pass-ep-s-pass-manpower-ministry-mom-3296426
Business, industry transformation must accompany workers’ productivity gains: Zaqy
Beyond improving each worker’s productivity directly in training, companies must also take ownership in driving wider business transformations to improve productivity, said Senior Minister of State for Manpower Zaqy Mohamad in Parliament on Wednesday (Feb 22).
https://www.businesstimes.com.sg/singapore/business-industry-transformation-must-accompany-workers-productivity-gains-zaqy
https://www.straitstimes.com/singapore/politics/businesses-can-focus-on-productivity-tap-schemes-to-stay-competitive-say-mps
Singapore must continue cross-sector green push in 2023
Two months into 2023, it’s apparent that nations are staying committed to their long-term green ambitions despite some short-term headwinds, with Asia set to play a pivotal role in making or breaking our planet’s race towards net zero.
https://www.businesstimes.com.sg/opinion-features/singapore-must-continue-cross-sector-green-push-2023
Companies’ Brief
CapitaLand Investment H2 profit falls 33.8% to S$428 million
CapitaLand Investment (CLI) on Thursday (Feb 23) posted a 33.8 per cent drop in net profit to S$428 million for the six months ended Dec 31, 2022, compared with S$647 million the year before.
https://www.businesstimes.com.sg/companies-markets/capitaland-investment-h2-profit-falls-338-s428-million
https://www.straitstimes.com/business/capitaland-investment-h2-profit-falls-338-to-428-million
https://www.theedgesingapore.com/capital/results/cli-reports-fy2022-earnings-861-mil-plans-distribution-clas-units
City Developments’ H2 profit rises 42% on disposal gains, higher revenue
City Developments Limited (CDL) on Thursday (Feb 23) posted a net profit of S$165.8 million for the half year ended December 2022, up 42 per cent from S$116.8 million of restated H2 FY2021 income.
https://www.businesstimes.com.sg/companies-markets/city-developments-h2-profit-rises-42-disposal-gains-higher-revenue
https://www.straitstimes.com/business/cdl-second-half-profit-up-42-on-disposal-gains-higher-revenue
https://www.theedgesingapore.com/capital/results/cdl-marks-60th-anniversary-style-record-earnings-and-total-fy2022-dividends-28-cents
Keppel Corp shares to trade ex-distribution on Feb 23; SGX says short sellers must deliver shares
Shares of Keppel Corporation will trade ex-distribution when the market opens on Thursday (Feb 23), meaning those who buy the stock from that date will no longer be entitled to the distribution in specie of 19.1 Sembcorp Marine (Sembmarine) shares per Keppel share held.
https://www.businesstimes.com.sg/companies-markets/keppel-corp-shares-trade-ex-distribution-feb-23-sgx-says-short-sellers-must
https://www.straitstimes.com/business/keppel-om-hive-off-will-not-greatly-impact-nta-and-is-earnings-accretive-says-keppel-corp
Sing Holdings reports earnings of $5.3 mil for the 2HFY2022, 20.1% lower y-o-y
Sing Holdings 5IC has reported earnings of $5.3 million for the 2HFY2022, 20.1% lower than the earnings of $6.7 million in the same period the year before. For the FY2022, earnings increased by 10.3% y-o-y to $10.8 million, which includes the sales proceeds from completed industrial units and rental income from the group’s investment properties.
https://www.theedgesingapore.com/capital/results/sing-holdings-reports-earnings-53-mil-2hfy2022-201-lower-y-o-y
Global Economy & Real Estate
With inflation still the focus, Fed minutes show openness to higher rates endgame
https://www.businesstimes.com.sg/international/inflation-still-focus-fed-minutes-show-openness-higher-rates-endgame
https://www.channelnewsasia.com/business/inflation-still-focus-fed-minutes-show-openness-higher-rates-endgame-3297751
On Feb 1, ‘almost all’ Fed officials backed smaller rate hike
https://www.straitstimes.com/business/economy/on-feb-1-almost-all-fed-officials-backed-smaller-rate-hike
US housing market posts US$2.3 trillion drop, biggest since 2008
https://www.businesstimes.com.sg/property/us-housing-market-posts-us23-trillion-drop-biggest-2008
https://www.straitstimes.com/business/us-housing-market-posts-3-trillion-drop-biggest-since-2008
Pimco-owned office landlord defaults on US$1.7 billion mortgage
https://www.businesstimes.com.sg/property/pimco-owned-office-landlord-defaults-us17-billion-mortgage
US mortgage interest rates jump to highest level since November: MBA
https://www.businesstimes.com.sg/property/us-mortgage-interest-rates-jump-highest-level-november-mba
UK inflation to fall to just above 2% by end of 2023, Citi says
https://www.businesstimes.com.sg/international/uk-inflation-fall-just-above-2-end-2023-citi-says
German inflation remains high at start of year
https://www.businesstimes.com.sg/international/german-inflation-remains-high-start-year
Rents surging most in 15 years set to smash Australia households
https://www.businesstimes.com.sg/property/rents-surging-most-15-years-set-smash-australia-households
https://www.straitstimes.com/asia/australianz/rents-surging-most-in-15-years-set-to-smash-australia-households
Australia business investment hits 7-year top in Q4, outlook upbeat
https://www.businesstimes.com.sg/international/australia-business-investment-hits-7-year-top-q4-outlook-upbeat
https://www.channelnewsasia.com/business/australia-business-investment-hits-7-yr-top-q4-outlook-upbeat-3298221
China expects sharp rebound in tourism this year
https://www.channelnewsasia.com/business/china-expects-sharp-rebound-tourism-year-3295306
https://www.scmp.com/economy/china-economy/article/3211113/china-tourism-set-new-phase-strengthening-coming-months-will-travellers-tap-savings
Hong Kong needs incentives for philanthropy to compete with Singapore in luring family offices, study says
https://www.scmp.com/business/article/3211186/hong-kong-needs-incentives-philanthropy-compete-singapore-luring-family-offices-study-says
Hong Kong Budget: Tax rate cut for first-time home buyers
https://www.businesstimes.com.sg/international/global/hong-kong-budget-tax-rate-cut-first-time-home-buyers
https://www.channelnewsasia.com/business/hong-kong-recovery-handouts-covid-19-shock-3295596
https://www.scmp.com/business/article/3211062/hong-kong-gives-first-home-buyers-leg-adjustment-decade-old-duty
Hong Kong GDP to grow 3.5%-5.5% in 2023 – financial sec
https://www.channelnewsasia.com/business/hong-kong-gdp-grow-35-55-2023-financial-sec-3295601
Taiwan revises down 2023 GDP growth forecast on export slump
https://www.businesstimes.com.sg/international/taiwan-revises-down-2023-gdp-growth-forecast-export-slump
https://www.channelnewsasia.com/business/taiwan-revises-down-2023-gdp-growth-forecast-export-slump-3296011
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