The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 1 Mar 2023 (Wed)

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.


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.


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.


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.


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).


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.



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.


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).


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.



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.


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.


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.




Global Economy & Real Estate


More US homebuyers are paying in cash, sweeping a majority of sales in some markets


US housing cools further, with prices down 2.7% from June peak


US goods trade deficit widens in January; wholesale inventories decline


Australia economy slows in Q4 as headwinds mount


Sydney’s property prices up for the first time in 13 months


Pockets of opportunity in Apac real estate from higher borrowing costs


China says its economic recovery is still not solid


China’s factories swing back to growth on removal of COVID curbs – Caixin PMI


China Feb non-manufacturing activity extends growth – official PMI


Relocating Hong Kong residents withdrew US$219 million from pensions in Q4, down 28% year-on-year


Taiwan central bank sees inflation slowing to around 2% this year


Japan’s lower house approves record budget


Japan factory activity shrinks the most in 2-1/2 years


South Korea February exports fall for fifth month, with pace easing on calendar effects



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