Singapore Real Estate
One-off property tax rebate for owner-occupiers to take edge off tax spike in 2024
Singapore homeowners will face a higher property tax burden next year as both annual values (AVs) and tax rates rise, prompting the government to hand out a one-off rebate to soften the blow.
https://www.businesstimes.com.sg/property/one-property-tax-rebate-owner-occupiers-take-edge-tax-spike-2024
https://www.straitstimes.com/business/property-taxes-for-most-homes-to-rise-in-2024-govt-to-give-one-off-rebate-to-cushion-impact
https://www.todayonline.com/singapore/one-rebate-cushion-impact-property-tax-rises-mof-iras-2315806
https://www.channelnewsasia.com/singapore/property-tax-increase-government-one-rebate-mof-iras-3955931
https://www.scmp.com/news/asia/southeast-asia/article/3243376/singapore-offers-one-time-rebate-100-homeowners-cushion-impact-higher-property-taxes
Mind the adverse impact on returns from higher property taxes on homes
For some Singaporeans, owning one’s home for occupation while renting out another property for rental income and potential capital gains sounds like a great plan to fund retirement needs. However, there are major obstacles to becoming a residential property landlord. Private home prices have risen sharply, and home loans are pricier amid high interest rates.
https://www.businesstimes.com.sg/opinion-features/mind-adverse-impact-returns-higher-property-taxes-homes
Executive condominium sites launched for sale in Tengah, Tampines
Two executive condominium (EC) sites were launched for sale by the Housing and Development Board (HDB) on Thursday (Nov 30) in the board’s capacity as the government’s land sales (GLS) agent.
https://www.businesstimes.com.sg/property/executive-condominium-sites-launched-sale-tengah-tampines
https://www.straitstimes.com/singapore/housing/hdb-releases-tengah-ec-site-for-tender-tampines-site-on-reserve-list
Row of Smith Street shophouses up for tender to master tenant for rejuvenation project
A row of 13 state-owned shophouses from 11 to 37 Smith Street is up for tender to a single master tenant, as part of plans to rejuvenate the historic Chinatown conservation area. The master tenancy will cover a total land area of about 3,166 square metres (sq m), with a gross floor area of about 3,073 sq m. The lease is for five years, with an option to renew for another four years.
https://www.businesstimes.com.sg/property/row-smith-street-shophouses-tender-master-tenant-rejuvenation-project
https://www.straitstimes.com/singapore/smith-street-to-be-rejuvenated-to-increase-vibrancy-and-footfall-to-chinatown
Too many new hotels in Orchard Road? Experts weigh in on whether oversupply is a concern
Singapore – New and buzzy brand-name hotels are sprouting like mushrooms in and around Orchard Road in a sign of a strong tourism recovery, say hoteliers, experts and business associations.
https://www.straitstimes.com/singapore/consumer/too-many-new-hotels-on-orchard-road-oversupply-not-a-concern-as-s-pore-recovers-say-experts-hoteliers
Bedok assisted-living HDB flats to be launched in December
Some 250 community care apartment units in Bedok will be up for sale in December to help Singaporean seniors age independently. The community care apartments project, which integrates senior-friendly housing with on-site social activities and care services, is the third of its kind.
https://www.businesstimes.com.sg/singapore/bedok-assisted-living-hdb-flats-be-launched-december
https://www.straitstimes.com/singapore/housing/250-assisted-living-flats-to-be-launched-in-bedok-in-december
https://www.channelnewsasia.com/singapore/hdb-flats-seniors-bedok-december-bto-exercise-community-care-apartment-3955756
Singapore Economy
Singapore residents’ real median income falls 2.3% in 2023 due to high inflation
Real median income fell 2.3 per cent in 2023, as high inflation chipped away at nominal wage growth, said the Ministry of Manpower (MOM) in the advance release of its annual Labour Force in Singapore report on Thursday (Nov 30).
https://www.businesstimes.com.sg/singapore/singapore-residents-real-median-income-falls-23-2023-due-high-inflation
https://www.straitstimes.com/singapore/jobs/real-median-income-in-singapore-falls-23-in-2023-on-high-inflation
https://www.todayonline.com/singapore/real-median-incomes-dipped-23-cent-2023-due-high-inflation-expected-ease-2024-mom-2315711
https://www.channelnewsasia.com/singapore/employment-rate-dipped-2023-real-income-falls-mom-labour-report-advance-release-3955686
https://www.theedgesingapore.com/news/labour-market/singapore-real-income-falls-23-year-inflation-lingers
Annual value threshold for social support schemes to be raised in 2024
Singapore: The annual value (AV) threshold, one of several eligibility criteria for social support schemes, will be raised in 2024, allowing those in need to continue receiving support.
https://www.channelnewsasia.com/singapore/annual-value-threshold-raised-social-support-schemes-3955966
https://www.todayonline.com/singapore/property-value-ceiling-raised-social-support-schemes-2315846
https://www.straitstimes.com/business/annual-property-value-thresholds-for-social-support-schemes-to-rise-from-2024
Singapore maintains spot as world’s most expensive city, tied with Zurich: EIU
Singapore maintained its spot as the most expensive city in the world, tying with Zurich, an annual survey showed on Thursday (Nov 30). The pair overtook New York, which tied with Singapore last year for the pole position, based on findings from Economist Intelligence Unit’s (EIU) cost-of-living survey.
https://www.businesstimes.com.sg/international/singapore-maintains-spot-worlds-most-expensive-city-tied-zurich-eiu
Singapore’s billionaires increase wealth by almost a third in 2023: UBS
Billionaire wealth in Singapore grew by almost a third over the past year, rising 31.2 per cent to US$135.8 billion in 2023, from US$103.5 billion in 2022. Data from the UBS Billionaires Ambitions Report 2023 released Thursday (Nov 30) indicated that there were 41 billionaires in the city state in 2023, up from 34 in 2022.
https://www.businesstimes.com.sg/singapore/singapores-billionaires-increase-wealth-almost-third-2023-ubs
https://www.theedgesingapore.com/news/wealth/billionaires-have-accumulated-more-wealth-through-inheritance-entrepreneurship-ubs
https://www.scmp.com/business/article/3243370/singapore-ties-zurich-worlds-most-expensive-city-live-while-hong-kong-slips-one-spot-fifth-latest
Companies’ Brief
Marina Bay Sands said to seek up to S$10 billion loan for growth
Marina Bay Sands plans to tap banks for a loan of as much as S$10 billion as the luxury casino operator seeks to expand its hotel and entertainment business. The Las Vegas Sands owned resort may start marketing the deal as early as next quarter, according to people with knowledge of the matter, who asked not to be identified as the matter is private.
https://www.businesstimes.com.sg/companies-markets/marina-bay-sands-said-seek-s10-billion-loan-growth
https://www.straitstimes.com/business/las-vegas-sands-denies-report-marina-bay-sands-is-seeking-loan-of-up-to-10-billion-for-expansion
https://www.theedgesingapore.com/news/company-news/marina-bay-sands-said-seek-10-bil-loan-growth
Starhill Global Reit renews master lease with Ngee Ann City’s Toshin for initial 12 years
Starhill Global Reit has renewed its current master lease with Takashimaya manager Toshin Development Singapore due to expire in June 2025 for an initial term of 12 years. The Reit manager announced this in a bourse filing on Thursday (Nov 30).
https://www.businesstimes.com.sg/companies-markets/starhill-global-reit-renews-master-lease-ngee-ann-citys-toshin-initial-12-years
https://www.straitstimes.com/business/starhill-global-reit-renews-master-lease-with-ngee-ann-city-s-toshin-for-initial-12-years
https://www.theedgesingapore.com/news/reits/starhill-global-reit-renews-lease-ngee-ann-city-master-tenant-toshin-12-years
Global Economy & Real Estate
As inflation cools, Fed officials signal rate hikes likely done
https://www.businesstimes.com.sg/international/inflation-cools-fed-officials-signal-rate-hikes-likely-done
Federal Reserve officials shift tone but remain wary of markets’ aggressive rate cut bets
https://www.businesstimes.com.sg/companies-markets/banking-finance/federal-reserve-officials-shift-tone-remain-wary-markets
Rising rates are making it harder to buy homes globally
https://www.straitstimes.com/business/invest/rising-rates-are-making-it-harder-to-buy-homes-globally
Yellen says US economy does not need drastic tightening, ‘soft landing’ on track
https://www.straitstimes.com/business/economy/yellen-says-us-economy-does-not-need-drastic-tightening-soft-landing-on-track
US consumer spending slows; labour market steadily easing
https://www.businesstimes.com.sg/international/us-consumer-spending-slows-labour-market-steadily-easing
US pending home sales index drops to lowest level on record
https://www.businesstimes.com.sg/property/us-pending-home-sales-index-drops-lowest-level-record
Australia’s housing rebound loses steam
https://www.businesstimes.com.sg/property/australias-housing-rebound-loses-steam
Canada’s economy unexpectedly shrinks 1.1% in Q3 but skirts recession
https://www.businesstimes.com.sg/international/canadas-economy-unexpectedly-shrinks-11-q3-skirts-recession
China’s home sales spiral despite backstop plan for developers
https://www.businesstimes.com.sg/property/chinas-home-sales-spiral-despite-backstop-plan-developers
China’s property, demand weaknesses weigh heavy as factory, services activity dent economic recovery efforts
https://www.scmp.com/economy/economic-indicators/article/3243295/chinas-manufacturing-activity-remains-contraction-november-economic-gloom-mounts
China jobs: How much employment pressure is the world’s second-largest economy facing?
https://www.channelnewsasia.com/asia/china-job-market-employment-pressure-jobless-rate-graduates-3955671
Eurozone inflation tumbles, pitting ECB against markets
https://www.businesstimes.com.sg/international/eurozone-inflation-tumbles-pitting-ecb-against-markets
German jobless rate unexpectedly rises to highest since 2021
https://www.businesstimes.com.sg/international/german-jobless-rate-unexpectedly-rises-highest-2021
Hong Kong sees record number of failed land tenders
https://www.businesstimes.com.sg/international/global/hong-kong-sees-record-number-failed-land-tenders
https://www.scmp.com/business/article/3243391/hong-kong-sees-record-six-failed-land-tenders-elevated-interest-rates-depressed-home-prices-dampen
Hong Kong’s Sun Hung Kai prices Yoho West flats at 6-year low, readies for biggest weekend of property sales since July 2022
https://www.scmp.com/property/article/3243272/hong-kongs-sun-hung-kai-prices-yoho-west-flats-six-year-low-readies-biggest-weekend-property-sales
Waiting time for Hong Kong public rental flats climbs to 5.6 years, and figure expected to temporarily rise next yea
https://www.scmp.com/news/hong-kong/society/article/3243415/waiting-time-hong-kong-public-rental-flats-climbs-56-years-and-figure-expected-temporarily-rise-next
Hong Kong Oct retail sales up 5.6%, helped by inbound tourism
https://www.businesstimes.com.sg/international/hong-kong-oct-retail-sales-56-helped-inbound-tourism
https://www.channelnewsasia.com/business/hong-kong-oct-retail-sales-56-helped-inbound-tourism-3956256
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3243380/hong-kongs-retail-sales-rise-56-october-amid-continued-tourism-revival-and-government-bid-boost
Hong Kong looks on nervously as China respiratory illnesses rise
https://www.businesstimes.com.sg/international/hong-kong-looks-nervously-china-respiratory-illnesses-rise
Japan Nov factory activity shrinks faster as orders fall – PMI
https://www.channelnewsasia.com/business/japan-nov-factory-activity-shrinks-faster-orders-fall-pmi-3958031
Japan firms’ robust Q3 investment eases recession risks
https://www.channelnewsasia.com/business/japan-firms-robust-q3-investment-eases-recession-risks-3957996
Malaysia to pilot Singapore-styled progressive wage programme next June, says economic minister
https://www.channelnewsasia.com/asia/malaysia-singapore-progressive-wage-model-3956656
South Korea export growth accelerates in Nov, beating expectations
https://www.channelnewsasia.com/business/south-korea-export-growth-accelerates-nov-beating-expectations-3958011
Thailand to allow clubs, bars to stay open longer to boost tourism
https://www.businesstimes.com.sg/international/asean/thailand-allow-clubs-bars-stay-open-longer-boost-tourism
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