DAILY NEWS

Daily News – 14 June 2022 (Tue)

Singapore Real Estate

Condo resale prices grow 0.3% in May; volumes up 1.6%: 99.co, 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 99.co 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.
https://www.businesstimes.com.sg/real-estate/condo-resale-prices-grow-03-in-may-volumes-up-16-99co-srx
https://www.straitstimes.com/business/property/condo-resale-prices-rise-for-22nd-straight-month-in-may-more-units-sold

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.
https://www.businesstimes.com.sg/real-estate/island-site-with-5-club-street-shophouses-sold-for-s259m

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.
https://www.businesstimes.com.sg/real-estate/elizabeth-towers-on-orchard-road-relaunched-for-collective-sale-at-s630m
https://www.straitstimes.com/business/property/elizabeth-towers-on-orchard-road-relaunched-for-en-bloc-sale-at-630m

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.
https://www.businesstimes.com.sg/real-estate/entire-floor-at-suntec-city-tower-2-sold-for-s388m
https://www.straitstimes.com/business/property/spore-resident-buys-entire-floor-of-suntec-city-tower-2-for-388-million

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.
https://www.businesstimes.com.sg/government-economy/stiffer-penalties-for-companies-with-poor-workplace-safety-after-spike-in
https://www.straitstimes.com/singapore/stiffer-penalties-for-companies-with-poor-workplace-safety-after-spike-in-fatalities

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).
https://www.businesstimes.com.sg/sme/singapore-business-confidence-falls-for-another-quarter-in-q3-sccb
https://www.straitstimes.com/business/economy/singapore-business-confidence-weakens-for-2nd-straight-quarter-though-stays-positive

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.
https://www.straitstimes.com/business/public-feedback-sought-on-gst-changes-including-two-stage-hike-to-9-rate

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).
https://www.businesstimes.com.sg/government-economy/singaporeans-shy-away-from-skilled-trades-jobs-citing-poor-pay-and-prospects-poll

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.
https://www.businesstimes.com.sg/opinion/real-estate-may-not-hedge-effectively-against-inflation