Singapore Real Estate
Sceneca Residence sells 60% of 268 units on launch day at average S$2,072 psf
This year’s first new residential launch Sceneca Residence met with firm demand on its first day of sales. Househunters bought up 60 per cent or 160 units of the 268-unit project in eastern Singapore, with units transacted at an average of S$2,072 per square foot (psf) on Saturday (Jan 14), said joint developers MCC Singapore, Ekovest Development and The Place Holdings.
https://www.businesstimes.com.sg/property/sceneca-residence-sells-60-268-units-launch-day-average-s2072-psf
https://www.straitstimes.com/business/property/sceneca-residence-sells-60-of-units-on-launch-day-at-average-2072-psf
https://www.theedgesingapore.com/news/property/sceneca-residence-first-new-launch-2023-hits-60-sales-first-day
Executive condos gain cachet as resale units generate windfall profits
Singapore – Executive condominiums (ECs) are gaining cachet with Housing Board upgraders as the gap between the median prices of new ECs and new condominiums in the suburbs has widened in recent years.
https://www.straitstimes.com/business/executive-condos-gain-cachet-as-resale-units-snag-windfall-profits
Singapore Economy
Singapore tourism expected to recover in 2024, S$110m to be pumped into new events
The recovery of Singapore’s tourism sector has accelerated and is now expected to show next year, ahead of the earlier forecast mid-2020s, according to Minister of State for Culture, Community and Youth Alvin Tan
https://www.businesstimes.com.sg/singapore/singapore-tourism-expected-recover-2024-s110m-be-pumped-new-events
First digital trade deal between Singapore, South Korea comes into effect on Jan 14
The Korea-Singapore Digital Partnership Agreement (KSDPA) comes into effect on Saturday (Jan 14). The agreement, which marks the first digital trade deal between the two countries, was signed by South Korea’s Minister for Trade Dukgeun Ahn and Singapore’s Second Minister for Trade and Industry Tan See Leng on Nov 21, 2022.
https://www.businesstimes.com.sg/singapore/first-digital-trade-deal-between-singapore-south-korea-comes-effect-jan-14
https://www.straitstimes.com/business/singapore-and-south-korea-partner-up-to-grow-digital-ecosystem
Commentary: Prepare to pay more for GST in 2023 and beyond
Singapore: Timing is everything when it comes to introducing a new tax or raising tax rates. With an impending slowing economy and growing global recession amid rising inflation and interest rates, it might not have been the most ideal time for the Goods and Services Tax (GST) rate to be raised to 8 per cent on Jan 1.
https://www.channelnewsasia.com/commentary/gst-changes-2023-imported-online-shopping-digital-learning-travel-3202956
PMETs more likely to find meaning and purpose in work compared to other occupations: IPS
Singgapore: Professionals, managers, executives and technicians (PMET) are significantly more likely to find meaning and purpose in their work compared to clerical or service workers and cleaners and labourers, a survey showed.
https://www.channelnewsasia.com/singapore/pmets-more-likely-find-meaning-and-purpose-work-compared-other-occupations-ips-3204161
Singaporean youth less likely than older generations to have seen their social status rise: IPS study
Singapore — Younger people between the ages 21 and 34 are less likely to have seen their social status rise, compared to those who are older, a study by the Institute of Policy Studies (IPS) released on Monday (Jan 16) has shown.
https://www.todayonline.com/singapore/youth-social-status-ips-study-2089046
Companies’ Brief
Recent acquisitions made by CapitaLand India Trust and ARA US Hospitality Trust
Singapore-Listed real estate investment trust (S-Reit) acquisitions continue into 2023 with ARA US Hospitality Trust recent proposed acquisition of a Colorado Hilton-branded hotel in the US for US$29 million.
https://www.businesstimes.com.sg/companies-markets/recent-acquisitions-made-capitaland-india-trust-and-ara-us-hospitality-trust
Lian Beng H1 earnings up 48% to S$22m on higher construction revenue
Construction and property development firm Lian Beng Group on Thursday (Jan 12) posted a 48 per cent rise in earnings to S$22 million for the first half ended November. The increase was largely driven by revenue from its construction segment, which rose 14.1 per cent to S$354 million in H1, from S$310.1 million in the previous year.
https://www.businesstimes.com.sg/companies-markets/lian-beng-h1-earnings-48-s22m-higher-construction-revenue
https://www.theedgesingapore.com/news/results/lian-beng-reports-1hfy2023-earnings-22-million-48-y-o-y
Centurion-Lian Beng joint venture wins tender for foreign workers’ dormitory
A joint venture (JV) by Centurion and Lian Beng has been awarded a JTC tender for the lease of land, to develop and use as a foreign workers’ dormitory. The land is located at Ubi Avenue 3 and the tendered price is about S$40.2 million.
https://www.businesstimes.com.sg/companies-markets/centurion-lian-beng-joint-venture-wins-tender-foreign-workers-dormitory
https://www.theedgesingapore.com/news/construction/centurion-lian-beng-joint-venture-wins-tender-ubi-workers-dormitory-402-million
Views, Reviews, Forum and Others
Higher rentals, fewer rooms for migrant workers in dorms drive up costs for employers
Singapore – Finding dormitory spaces to rent for migrant workers has become a challenge, with companies reporting a shortage that has driven up costs. Some large and medium-sized construction companies said they are concerned with the situation and are bracing themselves for higher fees when their current tenancy contracts expire.
https://www.straitstimes.com/singapore/higher-rentals-fewer-rooms-for-migrant-workers-in-dorms-drive-up-costs-for-employers
Worker dies after falling four storeys at Bedok condominium while painting building facade
Singapore: A 37-year-old worker died on Thursday (Jan 12) after falling four storeys while painting the facade of a condominium block in Bedok. The incident happened at around 3.50pm at 738 Bedok Reservoir Road, the Ministry of Manpower (MOM) said on Saturday. That is the address of Waterfront Isle condominium.
https://www.channelnewsasia.com/singapore/workplace-death-fatality-myanmar-worker-dies-fall-four-storeys-bedok-condominium-painting-3206166
https://www.straitstimes.com/singapore/painter-dies-after-falling-four-storeys-at-bedok-condominium-in-first-workplace-death-of-2023
3 mRNA vaccine shots enough to keep healthy people well-protected, even for new Covid-19 variants
Singapore – People in Singapore who have received their mRNA booster shots are well protected against severe Covid-19, and this applies even when it involves new virus variants like the Kraken, said Professor Ooi Eng Eong, an expert in emerging infectious diseases at Duke-NUS Medical School.
https://www.straitstimes.com/singapore/health/3-mrna-vaccine-shots-enough-to-keep-healthy-people-well-protected-even-for-new-covid-19-variants
Global Economy & Real Estate
IMF says fragmentation could cost global economy up to 7% of GDP
https://www.businesstimes.com.sg/international/imf-says-fragmentation-could-cost-global-economy-7-gdp
https://www.channelnewsasia.com/business/imf-says-fragmentation-could-cost-global-economy-7-gdp-3208186
US household formation late last year seen slowing further
https://www.businesstimes.com.sg/property/us-household-formation-late-last-year-seen-slowing-further
US consumers’ year-ahead inflation views drop to lowest since April 2021
https://www.businesstimes.com.sg/international/us-consumers-year-ahead-inflation-views-drop-lowest-april-2021
House Oversight Committee chair urges spending cuts to avoid US debt default
https://www.businesstimes.com.sg/international/house-oversight-committee-chair-urges-spending-cuts-avoid-us-debt-default
UK first-time home-buyers’ mortgage costs highest since 2008: Nationwide
https://www.businesstimes.com.sg/property/uk-first-time-home-buyers-mortgage-costs-highest-2008-nationwide
UK economy shocks with 0.1% gain in November
https://www.businesstimes.com.sg/international/uk-economy-shocks-01-gain-november
Britain’s housing market is flashing red and Sunak’s Tories are scared
https://www.businesstimes.com.sg/property/britains-housing-market-flashing-red-and-sunaks-tories-are-scared
France sees investment in commercial real estate tumble by 52%
https://www.businesstimes.com.sg/property/france-sees-investment-commercial-real-estate-tumble-52
China boost for flagging world economy looms as reopening starts
https://www.businesstimes.com.sg/international/china-boost-flagging-world-economy-looms-reopening-starts
https://www.straitstimes.com/asia/east-asia/china-s-boost-for-flagging-world-economy-looms-as-reopening-starts
China’s reopening may not be enough to change global slowdown
https://www.businesstimes.com.sg/international/global/chinas-reopening-may-not-be-enough-change-global-slowdown
Commentary: China might not get the economic boost it expects in 2023 from ending zero-COVID
https://www.channelnewsasia.com/commentary/china-reopening-economic-boost-covid-recovery-recession-3203476
Travel bookings to South-east Asia from mainland China surge over 10 times post-reopening
https://www.businesstimes.com.sg/international/travel-bookings-south-east-asia-mainland-china-surge-over-10-times-post-reopening
Air travel recovers in China amid Covid-19 infection worries
https://www.businesstimes.com.sg/international/air-travel-recovers-china-amid-covid-19-infection-worries
China to support financing for quality developers, adjust borrowing curbs
https://www.businesstimes.com.sg/property/china-support-financing-quality-developers-adjust-borrowing-curbs
China’s 2022 growth seen as its lowest in 40 years
https://www.businesstimes.com.sg/international/chinas-2022-growth-seen-its-lowest-40-years
https://www.straitstimes.com/asia/east-asia/chinas-2022-growth-seen-as-its-lowest-in-40-years
https://www.channelnewsasia.com/asia/china-2022-growth-seen-lowest-40-years-covid-19-economy-lockdown-gdp-3207171
China’s exports, imports tumble sharply in Dec, cloud 2023 growth outlook
https://www.businesstimes.com.sg/international/global/chinas-exports-imports-tumble-sharply-dec-cloud-2023-growth-outlook
Japan Dec core CPI tipped at 41-year-high 4%, twice BOJ’s 2% target: poll
https://www.businesstimes.com.sg/international/japan-dec-core-cpi-tipped-41-year-high-4-twice-bojs-2-target-poll
Japan’s sharp wholesale price rise points to growing inflationary pressure
https://www.channelnewsasia.com/business/japans-sharp-wholesale-price-rise-points-growing-inflationary-pressure-3208271
https://www.businesstimes.com.sg/international/japans-sharp-wholesale-price-rise-heaps-pressure-bojs-ultra-easy-policy
South Korea December import price growth slowest in 21 months
https://www.businesstimes.com.sg/international/south-korea-december-import-price-growth-slowest-21-months
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