Singapore Real Estate
Land betterment charge rates for non-landed residential use raised by 0.3% on average
The government has announced muted increases in land betterment charge (LBC) rates for non-landed and landed residential uses, as well as for hotel use, reflecting the current flat land values and growing caution in property investment sentiment amid rising interest rates and uncertainty.
https://www.businesstimes.com.sg/property/land-betterment-charge-rates-non-landed-residential-use-raised-03-average
https://www.straitstimes.com/business/marginal-rise-in-land-betterment-charges-may-boost-appeal-of-some-en-bloc-sites
Singapore hotels’ average room rate slips to five-month low in January; still higher on the year
Hotels’ average room rate (ARR) in the Republic eased in January to the lowest since August 2022, but remained far above January 2022’s levels, Singapore Tourism Board data showed on Tuesday (Feb 28). All other measures also fell on the month, but rose on the year.
https://www.businesstimes.com.sg/singapore/singapore-hotels-average-room-rate-slips-five-month-low-january-still-higher-year
Excelsior Hotel and shopping complex up for collective sale at S$458 million
Excelsior Hotel and Shopping Complex is trying its luck for a collective sale as it banks on the projected recovery in Singapore’s hospitality sector following the reopening of borders. Located in the planning district of City Hall, Excelsior at 5 Coleman Street launched a collective sale by public tender after securing the 80 per cent requisite mandate at a reserve price of S$458 million.
https://www.businesstimes.com.sg/property/excelsior-hotel-and-shopping-complex-collective-sale-s458-million
https://www.straitstimes.com/business/excelsior-hotel-and-shopping-complex-up-for-collective-sale-at-458-million
https://www.edgeprop.sg/property-news/excelsior-hotel-and-shopping-centre-collective-sale-458-mil
B2 industrial site at Jalan Papan launched for sale by JTC
Singapore (EdgeProp) – JTC has launched a B2 industrial site site at Jalan Papan (Plot 8) for tender under the first half of the 2023 IGLS Programme. It is the second of four Confirmed List sites under the programme.
https://www.edgeprop.sg/property-news/b2-industrial-site-jalan-papan-launched-sale-jtc
Low-carbon ‘tiny houses’ to be available for short stays on Lazarus Island
Singapore: Visitors to Lazarus Island will soon be able to book eco-friendly “tiny houses” for a short stay, as well as enjoy new amenities and leisure activities. This was announced by Minister of State for Trade and Industry Alvin Tan at the Committee of Supply debate on Tuesday (Feb 28).
https://www.channelnewsasia.com/singapore/lazarus-island-accommodation-ecofriendly-tiny-houses-sentosa-staycation-3309756
https://www.todayonline.com/singapore/tiny-houses-lazarus-island-singapore-bookings-mid-april-2118801
https://www.straitstimes.com/singapore/politics/new-tiny-houses-to-open-for-short-term-stays-in-lazarus-island-in-april
HDB to launch BTO flats in Bedok and Serangoon in May for first time in years; includes 5-room units
Singapore – The mature estates of Bedok and Serangoon will get new Housing Board flats for the first time in about seven and nine years respectively, as 1,960 flats will be launched across both towns in the next Build-To-Order (BTO) sales exercise in May.
https://www.straitstimes.com/singapore/housing/hdb-to-launch-bto-flats-in-bedok-and-serangoon-in-may-for-first-time-in-years-includes-5-room-units
Singapore Economy
Singapore vows to keep economy competitive despite global headwinds
Singapore – Even as the economic landscape becomes more challenging, Singapore will spare no effort to remain a competitive global business hub, said Minister for Trade and Industry Gan Kim Yong on Tuesday.
https://www.straitstimes.com/singapore/politics/singapore-vows-to-keep-economy-competitive-despite-global-headwinds
https://www.channelnewsasia.com/business/industry-transformation-map-professional-services-industry-3800-new-jobs-3310851
Singapore to grant first conditional approval for proposals to import low-carbon electricity ‘soon’
Singapore: Singapore expects to grant its first conditional approval for proposals to import low-carbon electricity “soon”, said Second Minister for Trade and Industry Tan See Leng on Tuesday (Feb 28).
https://www.channelnewsasia.com/singapore/singapore-import-low-carbon-electricity-conditional-approval-3311031
Singapore to launch blueprint, advisory panel for digital infrastructure
The Ministry of Communications and Information (MCI) is developing a road map for Singapore’s long-term ambitions for its connectivity infrastructure. The road map will span plans for broadband, mobile and WiFi networks that provide domestic connectivity, and subsea cables that provide international connectivity.
https://www.businesstimes.com.sg/singapore/economy-policy/singapore-launch-blueprint-advisory-panel-digital-infrastructure
https://www.channelnewsasia.com/singapore/5g-use-case-hyundai-ev-manufacturing-river-cleaning-electric-vessel-3311301
Companies’ Brief
Straits Trading reports FY2022 earnings of $551.3 million, led by divestment gains
The Straits Trading Company has reported earnings of $551.3 million for FY2022, up 135% versus $234.3 million recorded in the preceding year ended Dec 31 2021, thanks to divestment gains of its stake ARA Asset Management.
https://www.theedgesingapore.com/capital/results/straits-trading-reports-fy2022-earnings-5513-million-led-divestment-gains
Wee Cho Yaw to step down from UOI board, Wee Ee Cheong to succeed as chairman
United Overseas Insurance (UOI) on Tuesday (Feb 28) announced a slew of changes to the board and management, with Wee Cho Yaw to step down as chairman on Apr 14. His son, Wee Ee Cheong, a director since 1991 and chief executive officer (CEO) of UOB, will succeed him as chairman on the same date.
https://www.businesstimes.com.sg/companies-markets/wee-cho-yaw-step-down-uoi-board-wee-ee-cheong-succeed-chairman
https://www.theedgesingapore.com/news/new-appointments/wee-cho-yaw-step-down-chairman-board-uoi-wee-ee-cheong-become-next-chairman
Yanlord Land reports 2HFY2022 earnings of RMB155.6 mil, 92% lower y-o-y
Yanlord Land Group has reported earnings of RMB155.6 million ($30.2 million) for the 2HFY2022 ended Dec 31, 2022, 92% lower than earnings of RMB1.83 billion in the 2HFY2021. FY2022 earnings stood 42% lower y-o-y at RMB1.53 billion.
https://www.theedgesingapore.com/capital/results/yanlord-land-reports-2hfy2022-earnings-rmb1556-mil-92-lower-y-o-y
Global Economy & Real Estate
More US homebuyers are paying in cash, sweeping a majority of sales in some markets
https://www.businesstimes.com.sg/property/more-us-homebuyers-are-paying-cash-sweeping-majority-sales-some-markets
US housing cools further, with prices down 2.7% from June peak
https://www.businesstimes.com.sg/property/us-housing-cools-further-prices-down-27-june-peak
US goods trade deficit widens in January; wholesale inventories decline
https://www.businesstimes.com.sg/international/us-goods-trade-deficit-widens-january-wholesale-inventories-decline
Australia economy slows in Q4 as headwinds mount
https://www.businesstimes.com.sg/international/australia-economy-slows-q4-headwinds-mount
Sydney’s property prices up for the first time in 13 months
https://www.businesstimes.com.sg/property/sydneys-property-prices-first-time-13-months
https://www.straitstimes.com/business/sydney-property-prices-climb-for-first-time-in-13-months
Pockets of opportunity in Apac real estate from higher borrowing costs
https://www.businesstimes.com.sg/international/global/pockets-opportunity-apac-real-estate-higher-borrowing-costs
China says its economic recovery is still not solid
https://www.businesstimes.com.sg/international/china-says-its-economic-recovery-still-not-solid
China’s factories swing back to growth on removal of COVID curbs – Caixin PMI
https://www.channelnewsasia.com/business/chinas-factories-swing-back-growth-removal-covid-curbs-caixin-pmi-3314026
https://www.businesstimes.com.sg/international/global/chinas-factory-activity-expands-fastest-pace-2012
https://www.theedgesingapore.com/news/global-economy/chinas-factory-activity-tops-decade-high-boosting-recovery
https://www.scmp.com/economy/economic-indicators/article/3211896/chinas-factory-services-activity-continued-recovery-february
China Feb non-manufacturing activity extends growth – official PMI
https://www.channelnewsasia.com/business/china-feb-non-manufacturing-activity-extends-growth-official-pmi-3313981
Relocating Hong Kong residents withdrew US$219 million from pensions in Q4, down 28% year-on-year
https://www.channelnewsasia.com/business/relocating-hong-kong-residents-withdrew-us219-million-pensions-q4-down-28-year-year-3311706
Taiwan central bank sees inflation slowing to around 2% this year
https://www.channelnewsasia.com/business/taiwan-central-bank-sees-inflation-slowing-around-2-year-3313976
Japan’s lower house approves record budget
https://www.businesstimes.com.sg/international/japans-lower-house-approves-record-budget
Japan factory activity shrinks the most in 2-1/2 years
https://www.channelnewsasia.com/business/japan-factory-activity-shrinks-most-2-1-2-years-3313861
South Korea February exports fall for fifth month, with pace easing on calendar effects
https://www.channelnewsasia.com/business/south-korea-february-exports-fall-fifth-month-pace-easing-calendar-effects-3313836
https://www.businesstimes.com.sg/international/south-koreas-export-slump-deepens-drag-global-slowdown-chips
Disclaimer & Note:
Real Estate Developers’ Association of Singapore (REDAS) does not warrant the accuracy, adequacy or completeness of the information and expressly disclaims liability for errors or omissions therein. The content, accuracy, and opinions expressed are not investigated, verified, monitored, nor endorsed by REDAS. Every effort is taken to ensure that all information extracted is correct at the time of dissemination.
The Daily News is issued as news gathering for the convenience and benefits of REDAS’ members only and not for mass circulation. Members are advised to exercise discretion in the use and dissemination of the information. The news links are time-sensitive and require registration of fee-based digital subscriptions.