Singapore Real Estate
Three office floors on Cecil Street up for sale with S$110m asking price
Three floors of strata office space at 20 Cecil Street have been put up for sale with an asking price of S$110 million, or about S$36 million to S$37 million per floor. The strata offices, which are located on high floors, have a combined gross floor area of 33,648 square feet (sq ft), or 11,216 sq ft per floor, joint marketing agents PropNex and Colliers said on Monday (Jan 9).
https://www.businesstimes.com.sg/property/three-office-floors-cecil-street-sale-s110m-asking-price
Freehold light industrial site along Whampoa River up for sale at S$65m
A three-storey freehold industrial building, the GS Building, has been put up for sale via tender on Monday (Jan 9) at the reserve price of S$65 million, said sole marketing agent Edmund Tie. The 18-strata-unit building sits on 16, 18 and 20 Lorong Ampas, along Whampoa River and Whampoa Park Connector and has a land area of approximately 3,426.7 sq m (36,885 sq ft).
https://www.businesstimes.com.sg/property/freehold-light-industrial-site-along-whampoa-river-sale-s65m
More property launches in 2023: Some developments to look out for in the months ahead Singapore:
More new private property developments are expected in 2023, with one already open for preview since Jan 1. After 21 projects were launched last year, analysts predict that 30 to more than 40 new launches could be launched this year, adding 10,000 to 12,000 new homes to the market.
https://www.channelnewsasia.com/singapore/property-launches-condo-2023-developments-3184056
Why concerns over housing affordability linger despite homes being generally affordable
Singapore has a high level of homeownership, and housing affordability appears to be good. Still, affordability concerns linger, perhaps for good reasons. In the first half of 2022, 90 per cent of buyers who collected the keys to their new Housing and Development Board (HDB) flats in non-mature estates had a mortgage servicing ratio of 25 per cent or lower for their HDB loans.
https://www.businesstimes.com.sg/property/why-concerns-over-housing-affordability-linger-despite-homes-being-generally-affordable
Some 4,700 potential violations reported, 69 agents investigated on ‘vacant’ BTO flat sales
The Housing & Development Board (HDB) received about 4,700 pieces of feedback on potential violations of Minimum Occupation Period (MOP) rules between 2017 and 2022, said Minister for National Development Desmond Lee in Parliament on Monday (Jan 9).
https://www.businesstimes.com.sg/property/some-4700-potential-violations-reported-69-agents-investigated-vacant-bto-flat-sales
https://www.straitstimes.com/singapore/politics/18-property-agents-disciplined-in-last-five-years-for-marketing-hdb-flats-which-breached-mop-rules
https://www.todayonline.com/singapore/property-agents-disciplined-over-breaches-relating-hdb-minimum-occupancy-rules-cases-rise-2086246
https://www.channelnewsasia.com/singapore/hdb-flats-minimum-occupation-period-mop-property-agents-disciplined-more-cases-desmond-lee-3192286
Singapore Economy
Russian crude oil price cap should not significantly impact Singapore: Gan Kim Yong
The price cap imposed by the Group of Seven (G7) nations on Russian crude oil is not expected to have a “significant direct impact” on Singapore’s energy and chemicals sector, said Minister for Trade and Industry Gan Kim Yong.
https://www.businesstimes.com.sg/singapore/economy-policy/russian-crude-oil-price-cap-should-not-significantly-impact-singapore-gan
85% of companies enrolled in scheme to help them scale up create new businesses, products
Enterprise Singapore’s programme to support local companies with high-growth potential to scale their operations has seen some “promising signs”, said Minister for Trade and Industry Gan Kim Yong.
https://www.businesstimes.com.sg/singapore/economy-policy/85-companies-enrolled-scheme-help-them-scale-create-new-businesses
Singapore’s unemployment rates stay low in November: MOM
Singapore’s unemployment rates dipped slightly in November and held steady at around pre-pandemic levels, according to the latest figures from the Ministry of Manpower (MOM) on Monday (Jan 9).
https://www.businesstimes.com.sg/singapore/singapores-unemployment-rates-stay-low-november-mom
https://www.straitstimes.com/business/singapore-unemployment-rates-stay-low-in-november-mom
To avoid abuse, foreign worker flexibility is for companies ‘aligned with Singapore’s goals’: Tan See Leng
Companies eligible for a new scheme that provides foreign labour flexibility have already worked closely with Singapore’s economic agencies and would be aligned with the country’s economic goals, said Second Minister for Trade and Industry Tan See Leng, responding to concerns about potential abuses of such flexibility.
https://www.businesstimes.com.sg/singapore/economy-policy/avoid-abuse-foreign-worker-flexibility-companies-aligned-singapores-0
Singapore’s Covid-19 measures have kept cases from China low; changes to travel volume to be ‘carefully’ calibrated
Singapore’s Covid-19 measures have kept imported infections and severe cases from China low despite the latter’s current wave, said Health Minister Ong Ye Kung in Parliament on Monday (Jan 9), explaining why Singapore is not adopting a blanket pre-departure test requirement.
https://www.businesstimes.com.sg/singapore/singapores-covid-19-measures-have-kept-cases-china-low-changes-travel-volume-be-carefully
https://www.channelnewsasia.com/singapore/singapore-covid-19-china-travellers-imported-cases-ong-ye-kung-3192251
https://www.todayonline.com/singapore/covid-19-china-measures-moh-ong-ye-kung-2086226
Global Economy & Real Estate
Global central banks aren’t declaring victory over inflation yet
https://www.businesstimes.com.sg/international/global/global-central-banks-arent-declaring-victory-over-inflation-yet
Federal Reserve to size up next rate hike with eye on inflation
https://www.businesstimes.com.sg/international/federal-reserve-size-next-rate-hike-eye-inflation
Bank regulator weighs new rules as Canada housing risks rise
https://www.businesstimes.com.sg/property/bank-regulator-weighs-new-rules-canada-housing-risks-rise
In post-Brexit era, the UK making slow but steady progress on its trade strategies
https://www.businesstimes.com.sg/international/global/post-brexit-era-uk-making-slow-steady-progress-its-trade-strategies
UK landlords on mortgage cliff edge as fixed-rate deals near end
https://www.businesstimes.com.sg/property/uk-landlords-mortgage-cliff-edge-fixed-rate-deals-near-end
UK commercial property values drop in 2022, wiping out 2021 gains: data
https://www.businesstimes.com.sg/property/uk-commercial-property-values-drop-2022-wiping-out-2021-gains-data
UK retailers got Christmas boost even as inflation hit volumes
https://www.businesstimes.com.sg/international/uk-retailers-got-christmas-boost-even-inflation-hit-volumes
UK jobs market softens again in December: REC
https://www.businesstimes.com.sg/international/uk-jobs-market-softens-again-december-rec
UK manufacturers say soaring energy costs may trigger job cuts
https://www.businesstimes.com.sg/international/uk-manufacturers-say-soaring-energy-costs-may-trigger-job-cuts
UK firms row back on plans to invest more in training
https://www.straitstimes.com/business/uk-firms-row-back-on-plans-to-invest-more-in-training
German real estate deals down by half in Q4: BNP
https://www.businesstimes.com.sg/companies-markets/german-real-estate-deals-down-half-q4-bnp
Around 40% of German companies expect output decline in 2023 – IW institute
https://www.channelnewsasia.com/business/around-40-german-companies-expect-output-decline-2023-iw-institute-3192211
ECB sees real wages declining despite ‘very strong’ nominal growth
https://www.businesstimes.com.sg/international/ecb-sees-real-wages-declining-despite-very-strong-nominal-growth
Hong Kong homebuyer optimism rises as china border reopens
https://www.businesstimes.com.sg/property/hong-kong-homebuyer-optimism-rises-china-border-reopens
Tokyo inflation hits 4% for first time since 1982, spending dips
https://www.businesstimes.com.sg/international/tokyo-inflation-hits-4-first-time-1982-spending-dips
https://www.straitstimes.com/business/tokyo-inflation-hits-4-pointing-to-stronger-than-thought-trend
https://www.channelnewsasia.com/business/consumer-inflation-japans-capital-exceeds-boj-target-7th-month-3194376
Japan Nov household spending unexpectedly falls 1.2% year/year
https://www.channelnewsasia.com/business/japan-nov-household-spending-unexpectedly-falls-12-year-year-3194371
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