Singapore Economy
Singapore is 3rd-best country to relocate to and build family wealth, report says
The best country in which to build multi-generational wealth is Switzerland. The Alpine nation offers the best opportunities in the world for families looking to relocate and access the highest earnings and best career prospects for themselves and their children, according to a new index by citizenship advisory firm Henley & Partners. The United States came in second, while Singapore was third.
https://www.straitstimes.com/business/singapore-is-3rd-best-country-to-relocate-to-and-build-family-wealth-report-says
https://www.businesstimes.com.sg/international/global/switzerland-us-singapore-offer-best-opportunities-building-family-wealth
Paris-based IEA opens its first overseas office in Singapore; operations to begin in H2 2024
The International Energy Agency (IEA) is opening in Singapore its first office outside of its headquarters in Paris, announced the global energy authority at its 50th Anniversary Ministerial on Tuesday (Feb 13).
https://www.businesstimes.com.sg/singapore/paris-based-iea-opens-its-first-overseas-office-singapore-operations-begin-h2-2024
https://www.straitstimes.com/business/iea-and-singapore-will-set-up-regional-energy-centre-to-spur-asia-s-green-transition
Property stamp duty collection up 1.7% to S$4.51 billion in first 9 months of FY2023
Property stamp duty collected in the first nine months of the government’s current fiscal year rose 1.7 per cent from the previous year to S$4.51 billion. The slightly higher revenue – coming in a year of lower transaction volume and higher duty rates – was a reversal of the previous nine-month period, when stamp duty revenue fell 15.7 per cent.
https://www.businesstimes.com.sg/property/property-stamp-duty-collection-17-s451-billion-first-9-months-fy2023
Business News
CapitaLand Investment establishes CapitaLand Ascott Residence Asia Fund II to invest in lodging properties
CapitaLand Investment (CLI) has established its new lodging private fund, CapitaLand Ascott Residence Asia Fund II (CLARA II) to invest in serviced residences and coliving properties in gateway cities in key developed Asia Pacific (APAC) markets.
https://www.theedgesingapore.com/news/funds/capitaland-investment-establishes-capitaland-ascott-residence-asia-fund-ii-invest-lodging
Centurion expects ‘substantial increase’ in net profit for FY2023
Centurion on Tuesday (Feb 13) said that it expects to report a “substantial increase” in its net profit for the financial year ended Dec 31, 2023, compared to the year before.
https://www.businesstimes.com.sg/companies-markets/centurion-expects-substantial-increase-net-profit-fy2023
https://www.theedgesingapore.com/capital/results/centurion-corp-expects-substantial-earnings-increase-fy2023-profit-guidance
Far East Hospitality Trust posts 25.4% higher DPS of S$0.0217 for H2
Far East Hospitality Trust’s (FEHT) distribution per stapled security (DPS) for the second half ended December 2023 rose 25.4 per cent to S$0.0217, from S$0.0173 in H2 FY2022. Gross revenue gained 28.6 per cent year on year to S$54.8 million.
https://www.businesstimes.com.sg/companies-markets/far-east-hospitality-trust-posts-254-higher-dps-s00217-h2
Views, Reviews, Forum and Others
All foreigners can use automated lanes at checkpoints from second half of 2024: ICA
All foreign visitors to Singapore, regardless of their nationality, may soon clear immigration here at air, land and sea checkpoints using automated lanes from 2024. They will be able to do this without having to register beforehand.
https://www.businesstimes.com.sg/singapore/all-foreigners-can-use-automated-lanes-checkpoints-second-half-2024-ica
https://www.straitstimes.com/singapore/all-foreigners-can-use-automated-lanes-at-checkpoints-from-second-half-of-2024-ica
https://www.todayonline.com/singapore/230-more-automated-lanes-singapores-border-checkpoints-planned-2024-2362056
https://www.channelnewsasia.com/singapore/ica-230-more-automated-lanes-checkpoints-changi-woodlands-tuas-causeway-4116521
More crowd control measures for MBS drone show after large turnout sparks safety concerns
Singapore – Marina Bay Sands (MBS) is rolling out additional crowd control measures after its dragon-themed drone show drew a large turnout on Feb 10, sparking safety concerns.
https://www.straitstimes.com/singapore/more-crowd-control-measures-for-mbs-drone-show-after-large-turnout-sparks-safety-concerns
https://www.channelnewsasia.com/singapore/marina-bay-sands-dragon-drone-show-crowds-security-chinese-new-year-4116401
Global Economy & Real Estate
US Fed might defer rate cuts as inflation stays elevated: analysts
https://www.businesstimes.com.sg/international/us-fed-might-defer-rate-cuts-inflation-stays-elevated-analysts
https://www.theedgesingapore.com/news/us-economy/us-inflation-tops-forecasts-blow-fed-rate-cut-hopes
US proposes rule to boost investment advisor scrutiny
https://www.businesstimes.com.sg/international/us-proposes-rule-boost-investment-advisor-scrutiny
US consumer prices rise more than expected in January
https://www.businesstimes.com.sg/international/us-consumer-prices-rise-more-expected-january
https://www.straitstimes.com/business/economy/us-consumer-prices-rise-more-than-expected-in-january
https://www.channelnewsasia.com/business/us-consumer-inflation-falls-january-less-expected-4120606
US seeks more than US$1 billion from collapsed SVB for taxes
https://www.businesstimes.com.sg/companies-markets/banking-finance/us-seeks-more-us1-billion-collapsed-svb-taxes
Airbnb gives optimistic outlook buoyed by international trips
https://www.businesstimes.com.sg/property/airbnb-gives-optimistic-outlook-buoyed-international-trips
Soaring Sydney housing may lead to city ‘with no grandchildren’
https://www.businesstimes.com.sg/property/soaring-sydney-housing-may-lead-city-no-grandchildren
Australia’s biggest bank CEO cautions on risks to economy
https://www.businesstimes.com.sg/companies-markets/banking-finance/australias-biggest-bank-ceo-cautions-risks-economy
Canberra sets out to rebalance power in the workplace
https://www.businesstimes.com.sg/opinion-features/canberra-sets-out-rebalance-power-workplace
CCB, BOC and China Everbright among Chinese lenders that have injected billions into ‘whitelist’ housing projects
https://www.scmp.com/business/china-business/article/3251852/ccb-boc-and-china-everbright-among-chinese-lenders-have-injected-billions-whitelist-housing-projects
Mainland Chinese make only day trips to Hong Kong with focus on saving cash as city loses allure to southern rivals
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3251871/mainland-chinese-make-day-trips-hong-kong-focus-saving-cash-city-loses-allure-southern-rivals
German investor morale improves, rate cut hopes have ‘doping effect’
https://www.businesstimes.com.sg/international/german-investor-morale-improves-rate-cut-hopes-have-doping-effect
Hong Kong airport ranks fourth for passenger traffic in Asia-Pacific region, city urged to find ‘tourism niche’
https://www.scmp.com/news/hong-kong/transport/article/3251756/hong-kong-airport-ranks-fourth-passenger-traffic-asia-pacific-region-city-urged-find-tourism-niche
Hong Kong logs 540,000 tourist trips in first 3 days of Lunar New Year break, but residents make 1.1 million outbound journeys
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3251822/hong-kong-clocks-540000-trips-tourists-first-3-days-lunar-new-year-break-fails-measure-outgoing
Jobseekers, employers in Hong Kong’s financial services sector have kicked off 2024 on cautious note: recruiters
https://www.scmp.com/business/banking-finance/article/3251416/jobseekers-employers-hong-kongs-financial-services-sector-have-kicked-2024-cautious-note-recruiters
Japan GDP set to confirm slip to world’s fourth-largest economy
https://www.businesstimes.com.sg/international/global/japan-gdp-set-confirm-slip-worlds-fourth-largest-economy
https://www.straitstimes.com/business/japan-gdp-set-to-confirm-slip-to-world-s-4th-largest-economy
Bank of Korea board member Hwang flags real estate, household debt risks
https://www.channelnewsasia.com/business/bank-korea-board-member-hwang-flags-real-estate-household-debt-risks-4119386
Malaysia likely saw steady economic growth in Q4 on resilient consumption- Reuters poll
https://www.channelnewsasia.com/business/malaysia-likely-saw-steady-economic-growth-q4-resilient-consumption-reuters-poll-4121781
Marriott’s 2024 profit forecast lags estimates as US demand moderates
https://www.businesstimes.com.sg/companies-markets/marriotts-2024-profit-forecast-lags-estimates-us-demand-moderates
Traders bet on policy error in New Zealand as rate paths rupture
https://www.businesstimes.com.sg/international/traders-bet-policy-error-new-zealand-rate-paths-rupture
Moody’s posts Q4 profit below estimates as credit ratings unit disappoints; names new CFO
https://www.businesstimes.com.sg/international/moodys-posts-q4-profit-below-estimates-credit-ratings-unit-disappoints-names-new-cfo
Thailand’s pitching US$28 billion land bridge to the world, but foreign investors not ready to bite
https://www.businesstimes.com.sg/international/asean/thailands-pitching-us28-billion-land-bridge-world-foreign-investors-not-ready
Britain’s chronic housing shortage has become an election issue
https://www.businesstimes.com.sg/property/britains-chronic-housing-shortage-has-become-election-issue
UK wage growth stronger than expected, supporting BOE caution
https://www.businesstimes.com.sg/international/uk-wage-growth-stronger-expected-supporting-boe-caution
UK unemployment dips to 3.8% at end of 2023
https://www.businesstimes.com.sg/international/uk-unemployment-dips-38-end-2023
Disclaimer & Note:
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.
The Daily News is issued as news gathering for the convenience and benefits of REDAS’ members only and not for mass circulation. Members are advised to exercise discretion in the use and dissemination of the information. The news links are time-sensitive and require registration of fee-based digital subscriptions.