Singapore Real Estate
Largely stable Singapore property market expected for 2024
Developers are expected to lower their bids for Government Land Sales (GLS) sites due to uncertain market conditions, thinning margins and previous record-breaking bids, but Savills Singapore expects residential values to remain resilient.
https://www.businesstimes.com.sg/property/largely-stable-singapore-property-market-expected-2024-savills
HDB’s deficit for FY2022 widens to record S$5.4 billion
The Housing and Development Board (HDB) reported a net deficit of S$5.4 billion for its financial year 2022, breaking the S$4.4 billion record set in FY2021. Like in the previous year, the latest net deficit figure was largely due to a shortfall on the public housing programme.
https://www.businesstimes.com.sg/property/hdbs-deficit-fy2022-widens-record-s54-billion
https://www.straitstimes.com/singapore/housing/more-flats-completed-upgrading-of-ageing-homes-push-hdb-to-record-538b-deficit
https://www.todayonline.com/singapore/hdb-reports-record-deficit-s538b-fy2022-delivers-largest-number-flats-last-5-years-2294176
https://www.channelnewsasia.com/singapore/hdb-annual-deficit-rise-fy2022-bto-flat-supply-subsidies-cpf-grants-3885421
Singapore Economy
Singapore manufacturing, services business outlook slightly more optimistic for next 6 months
Singapore’s manufacturers and services firms are slightly more positive about business conditions in the next six months, separate quarterly surveys showed on Tuesday (Oct 31).
https://www.businesstimes.com.sg/singapore/singapore-manufacturing-services-business-outlook-slightly-more-optimistic-next-6-months
https://www.straitstimes.com/business/s-pore-s-manufacturing-and-services-sectors-overall-positive-despite-economic-uncertainties
New Acra anti-money laundering rules musn’t hamper ease of doing business in Singapore, say industry players
Corporate service providers said they welcome upgrades to Singapore’s anti-money laundering (AML) regime, but hope regulators would bear in mind that the system is “not broken”.
https://www.businesstimes.com.sg/companies-markets/new-acra-anti-money-laundering-rules-musnt-hamper-ease-doing-business-singapore
National Wages Council proposes 5.5% to 7.5% pay hike for lower-wage workers
Employers should give their lower-wage workers a built-in wage increase of 5.5 per cent to 7.5 per cent, or at least S$85 to S$105, whichever is higher, the National Wages Council (NWC) said in its 2023/2024 wage guidelines on Tuesday (Oct 31).
https://www.businesstimes.com.sg/singapore/national-wages-council-proposes-55-75-pay-hike-lower-wage-workers
https://www.straitstimes.com/singapore/jobs/give-staff-one-off-sum-amid-rising-cost-of-living-at-least-55-pay-bump-for-lower-wage-workers-nwc
https://www.todayonline.com/singapore/national-wages-council-urges-employers-give-workers-one-payment-help-higher-cost-living-2294171
https://www.channelnewsasia.com/singapore/one-payment-cost-living-inflation-workers-national-wages-council-nwc-3885196
Companies’ Brief
CapitaLand Investment and Thai developer to set up S$1 billion healthcare and wellness fund
CapitaLand Investment (CLI) has partnered Thai real estate developer Pruksa Holding (PSH) to set up a healthcare and wellness fund to the tune of S$1 billion.
https://www.businesstimes.com.sg/companies-markets/capitaland-investment-and-thai-developer-set-s1-billion-healthcare-and-wellness
https://www.theedgesingapore.com/news/funds/cli-establishes-wellness-and-healthcare-related-real-estate-fund-thailands-psh
Brokers’ take: CGS-CIMB cuts CDL Hospitality Trusts’ target on lower non-hotel revenue, higher costs
CGS-CIMB trimmed its target price for CDL Hospitality Trusts (CDLHT) to S$1.43 from S$1.55, to account for lower non-room revenue for its Singapore assets.
https://www.businesstimes.com.sg/companies-markets/brokers-take-cgs-cimb-cuts-cdl-hospitality-trusts-target-lower-non-hotel-revenue
WeWork plans to file for bankruptcy as early as next week: source
WeWork plans to file for bankruptcy as early as next week, a source familiar with the matter said on Tuesday (Oct 31), as the SoftBank Group-backed company struggles with a massive debt pile and hefty losses.
https://www.businesstimes.com.sg/property/wework-plans-file-bankruptcy-early-next-week-source
https://www.straitstimes.com/business/wework-plans-to-file-for-bankruptcy-as-early-as-next-week-source
https://www.channelnewsasia.com/business/wework-plans-file-bankruptcy-early-next-week-report-3887751
Global Economy & Real Estate
Global real estate fundraising slumps 71% with rate risk
https://www.businesstimes.com.sg/property/global-real-estate-fundraising-slumps-71-rate-risk
US Fed poised to keep rates unchanged as it opens key meeting
https://www.businesstimes.com.sg/international/us-fed-poised-keep-rates-unchanged-it-opens-key-meeting
https://www.channelnewsasia.com/business/us-fed-poised-keep-rates-unchanged-it-opens-key-meeting-3886716
US home prices set new record with seven-month streak of gains
https://www.businesstimes.com.sg/property/us-home-prices-set-new-record-seven-month-streak-gains
US consumer confidence drops to five-month low
https://www.businesstimes.com.sg/international/us-consumer-confidence-drops-five-month-low
US employment costs increase 1.1% on a pickup in wage growth
https://www.businesstimes.com.sg/international/us-employment-costs-increase-11-pickup-wage-growth
https://www.straitstimes.com/business/economy/us-employment-costs-increase-11-on-a-pickup-in-wage-growth
IMF urges Australia to tighten policy further to quell inflation
https://www.businesstimes.com.sg/international/imf-urges-australia-tighten-policy-further-quell-inflation
https://www.straitstimes.com/business/imf-urges-australia-to-tighten-policy-further-to-quell-inflation
China to develop Xinjiang free trade zone despite Western sanctions
https://www.businesstimes.com.sg/international/china-develop-xinjiang-free-trade-zone-despite-western-sanctions
Eurozone inflation sinks to two-year low as economy contracts
https://www.businesstimes.com.sg/international/eurozone-inflation-sinks-two-year-low-economy-contracts
https://www.straitstimes.com/business/economy/euro-zone-inflation-sinks-to-2-year-low-as-economy-contracts
Hong Kong economy grows slower than expected as recovery cools
https://www.businesstimes.com.sg/international/hong-kong-economy-grows-slower-expected-recovery-cools
https://www.theedgesingapore.com/news/china-focus/hong-kong-economy-grows-slower-expected-recovery-cools
Number of Hongkongers ‘under water’ on their mortgages more than triples amid slumping home prices
https://www.scmp.com/business/article/3239847/number-hongkongers-under-water-their-mortgages-more-triples-amid-slumping-home-prices
Hong Kong, Sydney among Asia-Pacific cities facing ‘unprecedented shortage’ of green office buildings: JLL
https://www.scmp.com/business/article/3239700/hong-kong-sydney-among-asia-pacific-cities-facing-unprecedented-shortage-green-office-buildings-jll
Hong Kong’s services expertise can fuel growth in Greater Bay Area, former mainland China official says
https://www.scmp.com/economy/china-economy/article/3239818/hong-kongs-services-expertise-can-fuel-growth-greater-bay-area-former-mainland-china-official-says
Japan new economic package to total about $112 billion – Asahi
https://www.channelnewsasia.com/business/japan-new-economic-package-total-about-112-billion-asahi-3887686
Japan’s factory activity squeezed by weak demand, inflation in Oct – PMI
https://www.channelnewsasia.com/business/japans-factory-activity-squeezed-weak-demand-inflation-oct-pmi-3887876
https://www.businesstimes.com.sg/international/japans-factory-activity-squeezed-weak-demand-inflation-october-pmi
RBNZ says full impact of interest-rate hikes still to be seen
https://www.businesstimes.com.sg/international/rbnz-says-full-impact-interest-rate-hikes-still-be-seen
New Zealand jobless rate climbs in Q3, market sees end to rate hikes
https://www.businesstimes.com.sg/international/new-zealand-jobless-rate-climbs-q3-market-sees-end-rate-hikes
South Korea Oct exports rise for first time in 13 months
https://www.channelnewsasia.com/business/south-korea-oct-exports-rise-first-time-13-months-3887836
S.Korea factory activity extends downturn, but decline in new orders eases
https://www.channelnewsasia.com/business/s-korea-factory-activity-extends-downturn-decline-new-orders-eases-3887871
Taiwan’s economic growth surprises in Q3 on strong domestic demand
https://www.businesstimes.com.sg/international/taiwans-economic-growth-surprises-q3-strong-domestic-demand
https://www.channelnewsasia.com/business/taiwans-economic-growth-surprises-q3-strong-domestic-demand-3885816
UK property slowdown causes surge in firms in critical distress
https://www.businesstimes.com.sg/property/uk-property-slowdown-causes-surge-firms-critical-distress
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