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.
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.
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.
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.
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.
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”.
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.
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.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.
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.
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.
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.
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.
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.
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.
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.
Global Economy & Real Estate
Red Sea could be a 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
Global corporate dividends hit record US$1.66 trillion in 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
China’s economic data needs to be ‘richer’ to boost transparency, investor confidence
China’s first two consumption-related Reits close flat in 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
Property investor LaSalle says 30% of European office space may be ‘obsolete’
Hong Kong’s apartment glut is set to keep prices down after tax cut
Major Hong Kong grocery chain U Select shuts stores as 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
Thailand expects to complete free trade talks with EU next year, PM says
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.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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