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The Leading Professional and Representative Body for the Real Estate Industry

DAILY NEWS

 

Daily News 13 Mar 2024 (Wed)

Singapore Real Estate

 

Home buyers need to be more cautious, prudent amid looming economic uncertainties: Desmond Lee

Singapore: The government has been “working very hard” over the last few years to restore stability in the housing market and balance the supply and demand of flats after disruptions caused by the COVID-19 pandemic, said Minister for National Development Desmond Lee.

https://www.channelnewsasia.com/singapore/housing-market-property-time-stabilise-disruptions-covid-19-desmond-lee-bto-home-hdb-flat-4188976

https://www.todayonline.com/singapore/home-buyers-need-be-more-cautious-prudent-amid-looming-economic-uncertainties-desmond-lee-2381121

 

Unsold private housing stock on the rise ahead of ramp-up in new launches in 2024

Singapore’s inventory of unsold new private homes rose 20 per cent over the last two years and is expected to continue growing in 2024, as more projects come to market. This could signal bad news for some residential projects that are approaching a critical sales deadline this year or the next – to clear almost all unsold units or stump up a hefty stamp duty payment running into the tens of millions of dollars.

https://www.businesstimes.com.sg/property/unsold-private-housing-stock-rise-ahead-ramp-new-launches-2024

 

Can a retiree afford to keep his pricey home in the era of rising annual values?

Private home rentals are moderating. They fell by 2.1 per cent quarter on quarter in Q4 2023, based on data from the Urban Redevelopment Authority. Still, residential landlords here have had a good run. Private home rentals rose 8.7 per cent in 2023, after jumping 29.7 per cent in 2022.

https://www.businesstimes.com.sg/opinion-features/can-retiree-afford-keep-his-pricey-home-era-rising-annual-values

 

 

Singapore Economy

 

New Bill proposes up to S$100,000 in fines for corporate service providers that breach anti-money laundering obligations

Corporate service providers (CSPs) can face up to S$100,000 in fines per instance if they fail to meet their anti-money laundering obligations. Fines will be imposed upon conviction of non-compliance with obligations related to detecting and preventing money laundering, financing the proliferation of weapons of mass destruction, and terrorism financing.

https://www.businesstimes.com.sg/singapore/new-bill-proposes-s-100-000-fines-corporate-service-providers-breach-anti-money-laundering-obligations

https://www.straitstimes.com/business/firms-providing-corporate-services-in-s-pore-to-face-tighter-scrutiny-under-proposed-law

 

Elevating Singapore’s advanced manufacturing cluster

The manufacturing sector is a key pillar of Singapore’s economy, contributing some 19 per cent of the country’s gross domestic product in 2023. Against the backdrop of growing global demand for manufacturing, in 2021, the Singapore government launched the Manufacturing 2030 initiative to enhance the value-add of the sector by 50 per cent between 2020 and 2030.

https://www.businesstimes.com.sg/opinion-features/elevating-singapore-s-advanced-manufacturing-cluster

 

One and done: why more Singapore couples are saying ‘no thanks’ to big families

Singaporean Amber Quah, 26, and her partner plan to build a family together after getting married, and they have decided they want to have only one child. They arrived at this decision after considering the cost of living and inflation, which would mean they both have to work full-time “to comfortably provide for our family”.

https://www.scmp.com/week-asia/people/article/3255108/one-and-done-why-more-singapore-couples-are-saying-no-thanks-big-families

 

More tech layoffs in 2024 likely, due to rising costs, greater automation, say experts

Singapore – Cost management, adjustments to over-hiring during Covid-19 and the emergence of new automation technologies have all contributed to a spate of layoffs in the tech sector in recent years.

https://www.straitstimes.com/business/more-tech-layoffs-in-2024-likely-due-to-rising-costs-and-greater-automation-say-experts

 

Government the most trusted institution in Singapore: Survey

Trust in the Government has increased slightly in Singapore, and it remains the most trusted institution here, according to an annual survey. The 2024 Edelman Trust Barometer, released on Mar 12 by global communications firm Edelman, showed an increase in trust in Singapore by 1 percentage point from 2023 across each of the four institutions of Government (77 per cent)…

https://www.businesstimes.com.sg/singapore/economy-policy/government-most-trusted-institution-singapore-survey

https://www.straitstimes.com/singapore/government-the-most-trusted-institution-in-s-pore-survey

 

Hiring outlook in Singapore weakens for 2nd quarter in a row: Survey

Singapore – Hiring sentiments in Singapore declined for a second consecutive quarter, driven by a sharp rise in employer pessimism in communication services, which include telecommunications and the media.

https://www.straitstimes.com/singapore/jobs/hiring-outlook-in-singapore-declines-for-2nd-quarter-in-a-row-survey

 

Over half in S’pore say society, technology changing too fast, and in ways that don’t benefit them: Survey

Singapore — More than half of people here believe that society and technology are changing too quickly and in ways that do not benefit them, a survey has found. More than one in four (28 per cent) of Singapore respondents also believe innovation is poorly managed, while 24 per cent say it is well managed, the survey by global public relations firm Edelman said.

https://www.todayonline.com/singapore/over-half-spore-say-society-tech-change-too-fast-not-benefit-survey-2381091

 

 

Business News

 

Far East Orchard to buy Glasgow site for purpose-built student accommodation

Far East Orchard has entered into an agreement through a subsidiary to buy a plot of land in Glasgow, with the intention to develop it into a 273-bed purpose-built student accommodation by 2026.

https://www.businesstimes.com.sg/companies-markets/reits-property/far-east-orchard-buy-glasgow-site-purpose-built-student-accommodation

https://www.theedgesingapore.com/news/property/far-east-orchard-and-woh-hup-buy-land-glasgow-51-mil-expand-uk-pbsa-portfolio

 

CapitaLand secures European Central Bank as new anchor tenant

CapitaLand Integrated Commercial Trust (CICT) and CapitaLand Investment (CLI) have secured the European Central Bank (ECB) as an anchor tenant for their jointly owned office building in Frankfurt.

https://www.businesstimes.com.sg/companies-markets/reits-property/capitaland-secures-european-central-bank-new-anchor-tenant

 

Keong Hong files notice of three straight years of losses

Keong Hong has given notice that it recorded pre-tax losses for the three most recently completed consecutive financial years, based on audited full-year consolidated accounts. Based on a Wednesday (Mar 13) filing, the mainboard-listed construction player’s six-month average daily market capitalisation as at Mar 12 stood at S$35 million.

https://www.businesstimes.com.sg/companies-markets/keong-hong-files-notice-three-straight-years-losses

https://www.theedgesingapore.com/news/company-news/keong-hong-gives-notice-three-years-consecutive-losses

 

Wharf sees more struggles ahead in Hong Kong, mainland China after reporting weak property sales, profit in 2023

Wharf (Holdings) said the slump in Hong Kong and mainland China’s property markets is likely to take more time for it to overcome, after the developer suffered another year of slower sales and earnings in 2023, while letting its land bank deplete to conserve cash.

https://www.scmp.com/business/article/3255087/wharf-sees-more-struggles-ahead-hong-kong-mainland-china-property-markets-after-reporting-weak-sales

 

 

Views, Reviews, Forum and Others

 

Construction recovery paves the way for Singapore-listed concrete, steel producers

Investor interest is building for locally listed construction material manufacturers, as they ride on a ramp-up in construction activity in Singapore. Peggy Mak, research manager at Phillip Securities Research, noted that some of the market leaders in the construction material space – such as ready-mix concrete producer Pan-United Corporation and steel manufacturing and solutions provider BRC Asia – have benefited from an increase in construction activity since May last year.

https://www.businesstimes.com.sg/companies-markets/construction-recovery-paves-way-singapore-listed-concrete-steel-producers

 

Construction material manufacturers mull green opportunities for growth

As awareness rises about environmental concerns, building materials companies may be able to benefit by producing greener materials. Peggy Mak, research manager at Phillip Securities Research, noted that while the ready-mix concrete space has generally produced the same sort of products in the past, there is now an opportunity for companies to differentiate with low-carbon products.

https://www.businesstimes.com.sg/companies-markets/construction-material-manufacturers-mull-green-opportunities-growth

 

 

Global Economy & Real Estate

 

Red Sea could be a seafarer no-go area following crew killings

https://www.businesstimes.com.sg/international/red-sea-could-be-seafarer-no-go-area-following-crew-killings

 

Airbnb bans security cameras inside guest homes

https://www.businesstimes.com.sg/property/airbnb-bans-security-cameras-inside-guest-homes1

https://www.channelnewsasia.com/business/airbnb-bans-security-cameras-inside-guest-homes-privacy-travel-4188071

 

Global corporate dividends hit record US$1.66 trillion in 2023

https://www.businesstimes.com.sg/international/global-corporate-dividends-hit-record-us-1.66-trillion-2023

 

US consumer inflation up unexpectedly in February

https://www.businesstimes.com.sg/international/us-consumer-inflation-unexpectedly-february

https://www.straitstimes.com/business/us-core-inflation-tops-forecasts-for-a-second-straight-month

https://www.channelnewsasia.com/business/us-consumer-inflation-unexpectedly-february-4189721

 

Australia business conditions improve in February, prices rise

https://www.businesstimes.com.sg/international/australia-business-conditions-improve-february-prices-rise

 

China’s economic data needs to be ‘richer’ to boost transparency, investor confidence

https://www.scmp.com/economy/economic-indicators/article/3255092/chinas-economic-data-needs-be-richer-boost-transparency-investor-confidence

 

China’s first two consumption-related Reits close flat in Shanghai debut

https://www.businesstimes.com.sg/property/china-s-first-two-consumption-related-reits-close-flat-shanghai-debut

 

China Vanke in debt swap talks with banks to stave off default

https://www.businesstimes.com.sg/property/china-vanke-debt-swap-talks-banks-stave-default

 

Moody’s downgrades major Chinese property developer Vanke

https://www.channelnewsasia.com/business/moodys-downgrades-major-chinese-property-developer-vanke-4188246

 

Property investor LaSalle says 30% of European office space may be ‘obsolete’

https://www.businesstimes.com.sg/property/property-investor-lasalle-says-30-european-office-space-may-be-obsolete

 

Hong Kong’s apartment glut is set to keep prices down after tax cut

https://www.businesstimes.com.sg/property/hong-kong-s-apartment-glut-set-keep-prices-down-after-tax-cut

 

Major Hong Kong grocery chain U Select shuts stores as China lures shoppers

https://www.businesstimes.com.sg/companies-markets/consumer-healthcare/major-hong-kong-grocery-chain-u-select-shuts-stores-china-lures-shoppers

 

Chinese nationals make up about 44% of active pass holders for Malaysia’s retirement residency visa scheme: Minister

https://www.channelnewsasia.com/asia/malaysia-mm2h-visa-china-nationals-wealthy-foreigners-residency-4189166
https://www.businesstimes.com.sg/international/asean/standstill-approvals-malaysia-s-residency-visa-may-dent-foreigners-interest

 

To fix a housing crisis, New York leaders seek to revive a 1950s idea

https://www.businesstimes.com.sg/property/fix-housing-crisis-new-york-leaders-seek-revive-1950s-idea

 

One of New York’s ‘worst landlords’ faces arrest over building neglect

https://www.businesstimes.com.sg/property/one-new-york-s-worst-landlords-faces-arrest-over-building-neglect

 

Thailand expects to complete free trade talks with EU next year, PM says

https://www.businesstimes.com.sg/international/asean/thailand-expects-complete-free-trade-talks-eu-next-year-pm-says

https://www.channelnewsasia.com/business/thailand-expects-complete-free-trade-talks-eu-next-year-pm-says-4188756

 

UK signs trade pact with Texas in effort to boost green industry

https://www.businesstimes.com.sg/international/uk-signs-trade-pact-texas-effort-boost-green-industry

 

UK unemployment rises unexpectedly, easing pay pressures

https://www.businesstimes.com.sg/international/uk-unemployment-rises-unexpectedly-easing-pay-pressures

https://www.straitstimes.com/business/economy/uk-regular-wages-rise-at-slowest-pace-since-oct-2022

 

UK house hunters speed up plans to beat price hike, survey shows

https://www.businesstimes.com.sg/property/uk-house-hunters-speed-plans-beat-price-hike-survey-shows

 

 

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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.

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