DAILY NEWS

SINGAPORE REAL ESTATE

Far East Organization sells Tuas logistics warehouse building for S$120.6m
Things may have generally quietened on the property investment sales front with the year-end holiday season, but there are still some mid-sized deals taking place.
https://www.businesstimes.com.sg/property/far-east-organization-sells-tuas-logistics-warehouse-building-s1206m

Singapore’s tourism sector to see sustained recovery on the back of healthy pipeline of events and offerings
Singapore’s tourism industry, though not yet at pre-pandemic levels, is expected to continue its recovery into the new year. With leisure travel still regaining ground in the wake of the Covid-19 pandemic, the business travel and meetings, incentives, conventions and exhibitions (BT-Mice) segment is expected to do the heavy lifting.
https://www.businesstimes.com.sg/singapore/singapores-tourism-sector-see-sustained-recovery-back-healthy-pipeline-events-and

Singapore tourist arrivals dip from post-Covid record to 816,254 in November
Singapore’s international visitor arrivals slipped in November to 816,254, slightly down from October’s 816,758 and breaking a nine-month growth streak, going by latest figures from Singapore Tourism Board (STB) on Tuesday (Dec 13).
https://www.businesstimes.com.sg/singapore/singapore-tourist-arrivals-dip-post-covid-record-816254-november

SINGAPORE ECONOMY

Firms that drive S’pore’s growth can apply for higher quota of S Pass or work permits under new scheme
Firms that move the needle in advancing Singapore’s key economic priorities will temporarily be allowed to hire a few more foreign workers than permitted by the prevailing quotas for their industry. This is to ensure that their efforts to keep Singapore competitive are not derailed by manpower shortages.
https://www.businesstimes.com.sg/singapore/companies-can-get-extra-s-pass-work-permit-quota-if-they-meet-criteria-economic
https://www.straitstimes.com/business/5-more-of-workforce-can-be-s-pass-or-work-permit-holders-at-firms-that-hire-train-local-workers
https://www.channelnewsasia.com/singapore/m-sep-foreign-workers-s-pass-work-permit-manpower-strategic-economic-priorities-mom-3131111
https://www.todayonline.com/singapore/sep-temporary-increase-foreign-workers-2066621

Logistics, hospitality sectors likely to benefit from new M-SEP scheme allowing more foreign hires
Under a new scheme that kicked in on Tuesday, firms that advance Singapore’s key economic priorities will be allowed to temporarily hire a few more foreign workers beyond prevailing S Pass and work permit quotas for their industry.
https://www.straitstimes.com/singapore/jobs/logistics-hospitality-sector-among-those-likely-to-benefit-from-m-sep-scheme

Economists downgrade Singapore’s 2023 growth forecast to 1.8%: survey
Private-sector economists have slashed their 2023 forecast for Singapore’s economic growth to 1.8 per cent – down from 2.8 per cent before – while raising their inflation forecasts, in the latest quarterly survey of professional forecasters published by the Monetary Authority of Singapore (MAS) on Wednesday (Dec 14).
https://www.businesstimes.com.sg/singapore/economy-policy/economists-downgrade-singapores-2023-growth-forecast-18-survey?login=true

Singapore business confidence hits one-year low for Q1 2023: SCCB
Local business sentiment has moderated for the fourth straight quarter, hitting a one-year low for the first quarter of 2023, amid a mixed outlook across various sectors.
https://www.businesstimes.com.sg/singapore/smes/singapore-business-confidence-hits-one-year-low-q1-2023-sccb
https://www.theedgesingapore.com/news/singapore-economy/business-sentiment-transportation-financial-and-construction-sectors-most

COMPANIES’ BRIEF

BlackRock’s top bet is shunning sovereign bonds in all scenarios
The chorus of buy calls on government bonds is growing louder but BlackRock begs to differ. The firm’s top conviction is to avoid long-term sovereign securities as inflation will continue to outpace central bank targets.
https://www.businesstimes.com.sg/companies-markets/blackrocks-top-bet-shunning-sovereign-bonds-all-scenarios
https://www.straitstimes.com/business/blackrock-s-top-bet-is-shunning-sovereign-bonds-in-all-scenarios

Chip Eng Seng to acquire remaining 30% of Maldives JV for US$1.3 million
Chip Eng Seng Corp will acquire the 30 per cent stake it does not already own in a Maldives joint-venture (JV) company for US$1.3 million, the property company announced in a Tuesday (Dec 13) bourse filing.
https://www.businesstimes.com.sg/companies-markets/chip-eng-seng-acquire-remaining-30-maldives-jv-us13-million

Chip Eng Seng shareholders should reject the raw deal offered by the Tangs
A major shareholder is again trying to buy up an unloved listed property group at a discounted price. Gordon and Celine Tang are making an offer for Chip Eng Seng, with an eye to privatising it.
https://www.businesstimes.com.sg/opinion-features/chip-eng-seng-shareholders-should-reject-raw-deal-offered-tangs

Real estate platform Ohmyhome expects to raise over US$14.6m in IPO
Ohmyhome, a Singapore-based real estate platform, has filed for a US initial public offering (IPO) aiming to raise over US$14.6 million, according to a US Securities and Exchange Commission (SEC) document seen by The Business Times on Tuesday (Dec 13).
https://www.businesstimes.com.sg/startups-tech/real-estate-platform-ohmyhome-expects-raise-over-us146m-ipo
https://www.straitstimes.com/business/real-estate-platform-ohmyhome-expects-to-raise-around-20-million-in-ipo

GLOBAL ECONOMY & GLOBAL REAL ESTATE