The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 14 June 2022 (Tue)

Singapore Real Estate 

Condo resale prices grow 0.3% in May; volumes up 1.6%:, SRX
Singapore’s condominium resale prices rose for the 22nd straight month in May 2022, rising 1.6 per cent month on month and 8.4 per cent when compared to the same month the previous year. In a flash report released on Tuesday (Jun 14), SRX Property and said growth was led by resale price increases in the outside central region (OCR) and the rest of central region (RCR), where prices rose 0.5 per cent and 0.7 per cent, respectively.

Island site with 5 Club Street shophouses sold for S$25.9m
A standalone island site comprising 5 shophouses on Club Street has been sold via an expression of interest (EOI) exercise for S$25.9 million to mainboard-listed food services and property development company ABR Holdings.

Elizabeth Towers on Orchard Road relaunched for collective sale at S$630m
Freehold residential property Elizabeth Towers is up for collective sale again via public tender with a reserve price of S$630 million, said sole marketing agent Edmund Tie on Monday (Jun 13). The property was previously put up for sale at the same price in November 2021.

Entire floor at Suntec City Tower 2 sold for S$38.8m
An entire floor at Suntec City Tower 2 has been sold for S$38.8 million or a record-breaking S$3,300 per square foot (psf), marketing agent Huttons announced on Monday (Jun 13). The transaction marks the highest psf price ever achieved for an entire floor in Suntec City Tower 2, and the largest transaction by quantum price in 2022 so far.

Stiffer penalties for companies with poor workplace safety after spike in fatalities
Companies with poor workplace safety and health (WSH) performance will incur stiffer penalties from Tuesday (Jun 14). These include the doubling of composition fines for offences observed during safety inspections, up to a maximum of S$5,000, the Ministry of Manpower (MOM) said.


 Singapore Economy

Singapore business confidence falls for another quarter in Q3: SCCB
Local business sentiment has moderated slightly for the second consecutive quarter in the third quarter of 2022, amid a global economic slowdown and geopolitical uncertainties, said the Singapore Commercial Credit Bureau on Tuesday (Jun 14).

Public feedback sought on proposed changes to GST Act
Singapore – The public has been invited to provide feedback on proposed amendments to the Goods and Services Tax (GST) Act that include the effecting of the two-step change in GST rate from 7 per cent to 9 per cent.

Singaporeans shy away from skilled trades jobs, citing poor pay and prospects: poll
Singaporeans are more sceptical than the rest of the world about the career prospects of skilled tradesmen – even though they believe there is a shortage of such workers, according to a survey released on Monday (Jun 13).


Views, Reviews, Forum and Others 

Real estate may not hedge effectively against inflation
Inflation is rising globally and in Singapore.  Core inflation in Singapore – which excludes accommodation and private transport costs – jumped to 3.3 per cent in April, up from 2.9 per cent in March. This is its highest level since early 2012.


Global Economy & Global Real Estate

Property values fall across US, Europe on bite from inflation

Prologis wins Duke Realty bid as deal is boosted to US$26b

Amazon quietly buys land across the US, builds property empire

US dollar drives higher, yen tumbles to 1998 lows

Inflation data may push Fed to consider biggest rate hike since 1994

UK economy shrinks unexpectedly as Covid-19 testing winds down

WTO goes green as climate change impacts trade

UN urges WTO not to impose food export restrictions

China unveils steps to ease fiscal strains on local governments

Young South Korean homebuyers test Yoon’s vow to resolve affordability crisis

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