Singapore Real Estate
Singapore office landlords bank on green leases, ESG compliance to woo tenants at higher rents
A Green Mark. Carbon calculations. An intelligent building monitor that counts its own resource usage and tells you how much power and water it has saved. These buzzy details are not just high-tech functions that look great displayed in a shiny office lobby, they are increasingly being built into office leasing contracts as landlords go green to woo tenants with sustainability checklists.
https://www.businesstimes.com.sg/property/singapore-office-landlords-bank-green-leases-esg-compliance-woo-tenants-higher-rents
High COE prices will not hurt private housing deman
Do high COE prices for cars hurt private housing demand? A cash-rich buyer who pays more to buy a car may have to trim his budget on a home purchase accordingly. Servicing the car loan is much costlier, with higher interest rates and car prices for a buyer who uses a loan.
https://www.businesstimes.com.sg/opinion-features/high-coe-prices-will-not-hurt-private-housing-demand
Singapore Economy
Singapore’s economy grows 1.2% in 2023, but ‘much will depend’ on global tensions in 2024: PM Lee
Singapore’s economy grew 1.2 per cent in 2023, and is expected to grow by 1 to 3 per cent in 2024, “but much will depend on the external environment”, said Prime Minister Lee Hsien Loong on Sunday (Dec 31) evening in his annual New Year Message.
https://www.businesstimes.com.sg/singapore/singapores-economy-grows-12-2023-much-will-depend-global-tensions-2024-pm-lee
https://www.straitstimes.com/business/singapore-economy-grows-28-in-q4-as-manufacturing-recovers-2023-growth-at-12
https://www.todayonline.com/singapore/singapore-economy-2023-prime-minister-lee-hsien-loong-new-year-message-2334586
https://www.channelnewsasia.com/singapore/pm-lee-new-year-message-2024-singapore-gdp-grew-12-cent-2023-4018631
https://www.theedgesingapore.com/news/singapore-economy/singapores-gdp-grew-28-4q2023-and-12-2023
Singapore avoids recession in 2023, but 2024 and beyond will be “less favourable”: PM Lee | Video
In his New Year message, Prime Minister Lee Hsien Loong said that while Singapore avoided a recession in 2023, the external environment will be less favourable to the country’s security and prosperity “for some years to come”.
https://www.channelnewsasia.com/watch/singapore-avoids-recession-2023-2024-and-beyond-will-be-less-favourable-pm-lee-video-4018871
https://www.theedgesingapore.com/news/singapore-economy/singapore-avoids-recession-pm-lee-warns-troubled-word
https://www.scmp.com/news/asia/southeast-asia/article/3246819/singapores-economy-avoids-recession-2023-grows-12-cent-pm-lee
Q4 growth of 2.8%, with manufacturing upturn, pushes Singapore’s 2023 full-year growth to 1.2%
Singapore’s economy expanded 1.2 per cent year on year in 2023, pulled up by stronger growth in the fourth quarter, advance estimates from the Ministry of Trade and Industry (MTI) showed on Tuesday (Jan 2).
https://www.businesstimes.com.sg/singapore/q4-growth-28-manufacturing-upturn-pushes-singapores-2023-full-year-growth-12
https://www.channelnewsasia.com/singapore/singapore-q4-2023-gdp-advance-estimates-mti-economy-4020241
https://www.todayonline.com/singapore/lookahead-2024-economy-inflation-interest-2334946
Lower borrowing costs in Singapore likely if the US Fed cuts rates in 2024
The United States Federal Reserve is expected to pivot towards interest rate cuts in 2024, a move that would bring relief to Singaporeans through lower mortgage rates, but also cut their returns on fixed deposits and Singapore Government bonds.
https://www.straitstimes.com/business/lower-borrowing-costs-in-singapore-likely-if-the-us-fed-cuts-rates-in-2024
Singapore’s nominal wage growth may slow further in 2024 as labour market cools
Singapore’s nominal wage growth may slow further in 2024, as the labour market cools to the pre-pandemic norm amid economic uncertainty. Yet unlike 2023, when high inflation caused wages to shrink in real terms, there is a chance of real wage growth this year as inflation slows.
https://www.businesstimes.com.sg/singapore/singapores-nominal-wage-growth-slow-2024-labour-market-tightness-eases
2024 GST hike: Singaporeans headed to shops for year-end furniture sales before increase
Singapore – Mr Khairul Azhar, 33, is moving to his new home in May 2024, but has already spent more than $8,000 on kitchen appliances in December. The associate creative director went to at least three retail stores such as Audio House, Best Denki and Harvey Norman on a hunt for household items, so he could lock in prices before the goods and services tax (GST) hike.
https://www.straitstimes.com/singapore/2024-gst-hike-s-poreans-head-to-shops-for-year-end-furniture-sales-before-impending-increase
https://www.scmp.com/week-asia/economics/article/3246735/singapore-residents-feel-2024-gst-hikes-psychological-pinch-even-governments-cushioning-measures
Companies’ Brief
2023 ‘unusually difficult year’, but CLI’s CEO is ‘confident’ about what is to come
The year 2023 has been “unusually difficult”, said Capitaland Investment’s (CLI) group CEO Lee Chee Koon in a New Year message to staff. Despite working “extremely hard” and remaining clear and focused on the group’s goals, CLI will face asset valuation losses for the FY2023 ended Dec 31, 2023, across the various markets it is operating in.
https://www.theedgesingapore.com/news/company-news/2023-unusually-difficult-year-clis-ceo-confident-about-what-come
Keppel delivers higher shareholder returns in 2023 amid transformation efforts
Conglomerate Keppel has delivered total shareholder returns of 61.1 per cent for 2023, on the back of the company’s overhaul to be a global asset manager and operator that is more dynamic and asset-light in nature, said chief executive Loh Chin Hua in a New Year message to employees on Monday (Jan 1).
https://www.businesstimes.com.sg/companies-markets/keppel-delivers-higher-shareholder-returns-2023-amid-transformation-efforts
https://www.straitstimes.com/business/keppel-delivers-higher-shareholder-returns-in-2023-amid-transformation-efforts
Global Economy & Real Estate
US overtakes China as South Korea’s top export market
https://www.businesstimes.com.sg/international/us-overtakes-china-south-koreas-top-export-market
US jobs numbers to show healthy hiring, easing pay growth
https://www.businesstimes.com.sg/international/us-jobs-numbers-show-healthy-hiring-easing-pay-growth
Australian home prices surged 8% in 2023 but rates, inflation cloud outlook
https://www.businesstimes.com.sg/property/australian-home-prices-surged-8-2023-rates-inflation-cloud-outlook
Australian talent scheme lures 1,339 Hong Kong residents over 4 years with tech sector workers securing most visas
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3246920/australian-talent-scheme-lures-1339-hong-kong-residents-over-4-years-tech-sector-workers-securing
How Asia can lead the global energy race to net zero
https://www.businesstimes.com.sg/esg/how-asia-can-lead-global-energy-race-net-zero
Real estate stress is brewing in Asian markets other than China
https://www.businesstimes.com.sg/property/real-estate-stress-brewing-asian-markets-other-china
China’s home developers suffer further sales skid to end miserable 2023, as 2024 offers slim hope amid depressed demand
https://www.scmp.com/business/china-business/article/3246908/chinas-home-developers-suffer-further-sales-skid-end-miserable-2023-2024-offers-slim-hope-amid
China home sales fall again as policy shifts fail to stem decline
https://www.businesstimes.com.sg/property/china-home-sales-fall-again-policy-shifts-fail-stem-decline
https://www.channelnewsasia.com/business/chinas-new-home-prices-dec-4th-straight-month-survey-4019436
China factory activity contracts more than expected in December
https://www.businesstimes.com.sg/international/china-factory-activity-contracts-more-expected-december
https://www.straitstimes.com/business/economy/china-factory-activity-n-december-posts-worst-contraction-in-six-months
https://www.channelnewsasia.com/business/china-dec-factory-contraction-deepens-more-stimulus-cards-4018431
CEOs at top Hong Kong builders, landlords share optimism on outlook, see sustainability as key issue amid market stress
https://www.scmp.com/business/article/3246818/ceos-top-hong-kong-builders-landlords-share-optimism-outlook-see-sustainability-key-issue-amid
Hong Kong’s luxury retail sector likely to regain ground lost to protests, pandemic in 2024 as high-end brands make a return
https://www.scmp.com/business/article/3246779/hong-kongs-luxury-retail-sector-likely-regain-ground-lost-protests-pandemic-2024-high-end-brands
War budget casts shadow over Israel’s first rate cut since Covid
https://www.businesstimes.com.sg/international/war-budget-casts-shadow-over-israels-first-rate-cut-covid
South Korea exports grow in sign of momentum for 2024
https://www.businesstimes.com.sg/international/south-korea-exports-grow-sign-momentum-2024
https://www.straitstimes.com/business/south-korea-exports-grw-in-sign-of-momentum-for-2024
S Korea factory activity contracts on cooling new orders -PMI
https://www.channelnewsasia.com/business/s-korea-factory-activity-contracts-cooling-new-orders-pmi-4020256
UK property becoming more affordable at quickest pace in decades
https://www.businesstimes.com.sg/property/uk-property-becoming-more-affordable-quickest-pace-decadesv
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