The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 11, 12 & 13 Feb 2023 (Sat, Sun & Mon)

Singapore Real Estate


Multi-storey car park at Textile Centre in Jalan Sultan on the market for S$36 million
A multi-storey car park in Textile Centre, an ageing mixed development at the corner of Jalan Sultan and North Bridge Road, has been put up for sale with a guide price of S$36 million. The price is for a 685-lot car park (the biggest strata-titled car park in district 7, according to the property’s marketing agent) as well as a 4,838 sq ft adjacent plot of land that is used as the car park’s driveway and for the loading and unloading area in the development.


Preview of Terra Hill condo in Pasir Panjang pegs starting price at S$1.5 million
Freehold luxury development Terra Hill started previews on Friday (Feb 10), with prices for the 270-unit project in Pasir Panjang starting at S$1.5 million for a two-bedroom unit. Two-bedroom units are sized from 624 sq ft to 807 sq ft.


Hong How re-enters Singapore residential market with launch of Claydence on Still Road
Singapore(EdgeProp) – Property developer Hong How Land intends to launch Claydence, its boutique condominium at the corner of Still Road and Koon Seng Road, on Feb 11. This will mark “Hong How Group’s return to residential projects after over 15 years”, says Teo Teck Weng, director of Hong How Land, a joint venture between Hong How Corp (60%) and Marrion Capital (40%).


Freehold condo units for under $600,000? They still exist in Singapore’s heated property market
Singapore – Even as property prices spiral upwards, there remain condominium units that can be owned for slightly over half a million dollars. The catch is that these homes, which cost between $550,000 and $588,888 on average in the resale market, are less than 500 sq ft.


Co-living here to stay amid soaring housing costs: NUS poll
Property players in Singapore expect the co-living market to continue growing, especially amid skyrocketing housing costs and growing inflationary pressures, according to a quarterly survey. And more than half of the survey respondents believe that co-living will become a permanent fixture in the local property market.


9,700 households have sold part of their remaining leases back to HDB since 2009
About 9,700 households have taken up the Housing Board’s (HDB) Lease Buyback Scheme as at December 2022, with nearly 70 per cent of them receiving between S$100,000 and S$200,000 for selling part of their remaining flat leases to the board.


6 BTO and 15 resale flats acquired by HDB over minimum occupation period breaches since 2017
Singapore – Of 21 HDB flats acquired by the Housing Board from 2017 to November 2022 over breaches of minimum occupation period (MOP) rules, six were purchased from the board and 15 from the open market.



Singapore Economy


Singapore’s 2022 GDP growth lower than advance estimates at 3.6%, 2023 forecast kept at 0.5-2.5%
Singapore’s economy grew 3.6 per cent in 2022, revised down from January’s advance estimate of 3.8 per cent, data from the Ministry of Trade and Industry (MTI) showed on Monday (Feb 13). This was slower than 2021’s 8.9 per cent growth rate, which has been revised upwards from the earlier figure of 7.6 per cent.


Singapore’s export growth slows to 3% in 2022; expected to be flat or decline in 2023
Singapore’s non-oil domestic exports’ (NODX) growth slowed to 3 per cent in 2022 from 12.1 per cent in 2021, in line with earlier estimates, according to Enterprise Singapore (EnterpriseSG) figures on Monday (Feb 13).


Budget 2023: Global headwinds mean Singapore policymakers will be walking a tightrope
Singapore – Tuesday’s Budget will test Singapore’s ability to manage challenges posed by the global economic slowdown, geopolitical tensions, surging inflation and interest rates and the cost of climate change.


A ‘People’s Budget’ that will almost certainly be expansionary
There were two developments last week that will shape Deputy Prime Minister and Finance Minister Lawrence Wong’s Budget Statement to be delivered on Tuesday (Feb 14). First, with Singapore adjusting the Disease Outbreak Response System Condition level from yellow to green from Monday (Feb 13), we can expect pandemic-related fiscal expenditures to be reduced significantly in the upcoming financial year 2023-2024.


Productivity is not enough – to tackle costs, Budget 2023 can offer help with sustainability
Businesses are looking to Budget 2023 for some relief from rising costs. But the standard solution of transformation may be of limited help this time, as many businesses that have dutifully transformed are still adversely affected by inflation and rising interest rates.



Companies’ Brief


Property tycoon Koh Wee Meng in another privatisation deal with 12 cents offer for Global Dragon
Property tycoon Koh Wee Meng, via an entity called JK Global Wealth, plans to privatise another developer Global Dragon, which he controls, with an offer of 12 cents per share. Back in October 2021, Koh Wee Meng had privatised Fragrance Group, another company that he controls.


LHN unit Coliwoo buys GSM Building for S$80 million, matching valuation
Coliwoo(TK), an indirect wholly owned subsidiary of Singapore-listed LHN, will acquire the strata-titled GSM Building at Middle Road for S$80 million excluding the goods and services tax (GST), the company said on Friday (Feb 10).



Views Reviews, Forum and Others


Workplace accidents: Maximum fine upped to S$50,000, CEOs of errant firms must attend training as heightened safety period extended
Singapore — The Ministry of Manpower (MOM) will extend the heightened safety period and impose higher fines on companies found to have serious safety breaches. In a press release on Friday (Feb 10), MOM said the extension will be for three months starting from March 1.


Iras raises penalties for late filing of tax returns
Employers under the Auto-Inclusion Scheme (AIS) who file their taxes late will now face an increased maximum fine of S$5,000, up from S$1,000 previously, the Inland Revenue Authority of Singapore (Iras) announced on Friday (Feb 10).



Global Economy & Real Estate


US consumer sentiment hits more than one-year high


US consumer prices revised higher in December, November


UK economy shows zero growth, narrowly avoiding recession


As UK mortgage rates soar, residential property prices could see dips of up to 10%: analysts


UK wage and inflation data set to fuel further BOE rate hikes


UK firms plan biggest pay rises since 2012 to fill staff gaps


Tenants are fleeing London at record pace to escape rising rents


Berlin’s barren housing market is putting its tech boom at risk


The rise of the millionaire renters


Turkey’s once mighty developers under fire after quake


Cross-border travel resumption with China gives much-needed boost to Macau, Hong Kong

Hong Kong’s Lee faces stern test over US$3.4 billion bid to ease housing shortage


Japan government debt tops 1,000 trillion yen, under pressure to spend further


Malaysia Q4 GDP growth up 7% on year; not likely to enter recession in 2023: central bank


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