Singapore Real Estate
LBC rates up average 0.1% to 3% for commercial, residential, industrial and hotel use groups
The government has raised land betterment charge (LBC) rates on average by 0.1 per cent to nearly 3 per cent for commercial, residential, industrial and hotel use groups for the next six months. However, LBC rates for the place of worship and civic and community institution use group have been increased by about 6 per cent on average.
Duxton Reserve, Park Avenue Changi hotels in due diligence by prospective buyers
Singapore hospitality properties continue to draw investment demand. Duxton Reserve Singapore, Autograph Collection is said to be under exclusive due diligence. Word in the market is that the price is about S$80 million.
More EC units resold for profit of at least $1 million in 2024
Singapore – The number of executive condominium (EC) units resold for at least $1 million in gross profit more than doubled to 38 in 2024, from 15 in 2023, according to PLB Research data.
https://www.straitstimes.com/singapore/more-ec-units-resold-for-profit-of-at-least-1-million-in-2024
Singapore Economy/News
Singapore’s fiscal strength is a competitive advantage, not detrimental to Singaporeans: PM Wong
Singapore’s fiscal strength is a “vital source of competitive advantage”, and unexpected surpluses are better than surprise shortfalls, said Finance Minister and Prime Minister Lawrence Wong, rounding up the third and final day of the Budget debate on Friday (Feb 28).
https://www.zaobao.com.sg/news/singapore/story20250228-5947968
Costs and competition are unavoidable, but the government will help businesses transform: PM Wong
Costs and competition are unavoidable, but Singapore’s government will continue to help businesses that are willing to transform, said Finance Minister and Prime Minister Lawrence Wong on Friday (Feb 28).
GST hike did not ‘turbocharge’ inflation, says PM Wong as he acknowledges cost-of-living concerns
Singapore – The GST increase did not lead to a “turbocharging” of inflation, said Prime Minister Lawrence Wong, noting that price increases moderated after the tax rate was raised in 2023 and 2024.
https://www.zaobao.com.sg/news/singapore/story20250301-5947701
Extended GST grace period for SMEs among initiatives to help firms in Singapore: MOF
The Ministry of Finance on Feb 28 announced new and enhanced measures aimed at fostering a more pro-business environment, as well as simplifying rules and processes for companies here. From July 1, the Inland Revenue Authority of Singapore (Iras) will extend the grace period for businesses to begin charging goods and services tax (GST), from one month to two months after a business forecasts that it will cross $1 million in taxable turnover.
New scheme for public tenders covering both pilot and deployment phases; simpler tenders for construction, ICT
Singapore businesses will get better access to government contracts with two changes: a new scheme for tenders covering both pilot programmes and wider deployment, and offering simpler tenders to more sectors. “This means that the business can be assured of the opportunity to scale up its innovative product or service, if the pilot is successful,” said Senior Parliamentary Secretary for Finance Shawn Huang on Friday (Feb 28).
https://www.zaobao.com.sg/news/singapore/story20250228-5946750
MND Permanent Secretary Ow Foong Pheng to retire after 38 years in public service
Ministry of National Development Permanent Secretary Ow Foong Pheng will retire on April 1, after 38 years in the public service at multiple ministries. Her contributions include supporting the Government’s battle against severe acute respiratory syndrome (Sars) in 2003.
Business News
CDL shares tumble 6.5% after trading halt lifted amid boardroom tussle
Singapore – Shares of City Developments Limited (CDL) fell 6.5 per cent to $4.79 when trading in the company’s shares resumed on March 3 amid a boardroom battle for control of the property giant being played out in public.
https://www.straitstimes.com/business/companies-markets/cdl-lifts-trading-halt-amid-boardroom-tussle
Far East Orchard H2 net profit down 29.4% on lower fair value gains, higher costs
Hospitality and student housing player Far East Orchard’s net profit fell 29.4 per cent to S$40.7 million for the six months ended Dec 31, 2024, hit by lower fair value gains and higher expenses, the company said in a bourse filing on Friday (Feb 28).
HPL swings into the black with S$32.1 million H2 net profit, reversing H1 loss
Hotel Properties Limited (HPL) the real estate player owned by tycoon Ong Beng Seng, posted net profit of S$32.1 million for the second half ended Dec 31, plunging from S$578.2 million in the prior corresponding period
Other News
HDB investigating after concrete slab falls from height at Bedok BTO construction site
Singapore – The Housing Board is investigating an incident where a concrete panel slab fell off during hoisting at a construction site in Bedok on Feb 26. In response to The Straits Times’ query, HDB said the slab dislodged while being lifted at the Bedok South Blossoms Build-To-Order project site, and landed on the trailer it was being lifted from.
40 people evacuated from Bishan HDB block amid blaze reportedly caused by mosquito coil
Singapore – About 40 people were evacuated from a Bishan Housing Board block on March 1 during a blaze that is believed to have been sparked by an unattended mosquito coil. The Singapore Civil Defence Force (SCDF), replying to queries from The Straits Times, said it responded at about 1.30pm to the fire at Block 176 Bishan Street 13.
https://www.zaobao.com.sg/news/singapore/story20250302-5952899
Global Economy & Real Estate
US economy shows signs of strain from Trump’s tariffs and spending cuts
Trump heads towards tariff barrage on Canada, Mexico, China
US consumer spending falls in January; monthly inflation rises
Australia job ads fall 1.4% m/m in February: ANZ-Indeed data
Australian house prices rebound in February, spurred by rate cut
https://www.businesstimes.com.sg/property/australian-house-prices-rebound-february-spurred-rate-cut
Xi prepares to unveil China stimulus plan as trade war heats up
China’s leaders gather to hash out Trump tariff battle plans
China’s new-home sales steady on continued policy support
https://www.businesstimes.com.sg/property/chinas-new-home-sales-steady-continued-policy-support
China’s February second-hand home prices narrows for seventh straight month: report
ECB’s multi-trillion payments breakdown sends shudders through Europe
Land use in Hong Kong’s Northern Metropolis could be rezoned: Paul Chan
Hong Kong home prices soften for a second month in January
https://www.businesstimes.com.sg/property/hong-kong-home-prices-soften-second-month-january
8 residential sites Hong Kong to sell in 2025-26 will yield 4,450 private flats
Hong Kong’s weekend property sales reach 4-month high after stamp duty cuts
Mainland Chinese brands to lead retail leasing in troubled Hong Kong market
Exclusive | Have luxury Hong Kong estates made changes a year after Post exposed land grab?
New World Development reports losses as debt ratio worsens amid property slump
Japan’s consumers hunt for bargains as food inflation bites
https://www.businesstimes.com.sg/international/japans-consumers-hunt-bargains-food-inflation-bites
Why Mexican manufacturers seem unfazed by threat of Trump tariffs
South Korea’s industry minister seeks exemption from Trump’s tariffs
South Korea’s exports barely grow in February as Trump’s tariffs weigh
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