Singapore Real Estate / Built Environment
Singapore business parks hit by highest vacancy in 14 years: Savills
The vacancy rate for business parks across Singapore reached its highest level in 14 years, measuring 22.1 per cent in the last quarter of 2024, up from 21.6 per cent in the previous corresponding period.
29,000 older HDB flats to be upgraded in latest round of Home Improvement Programme
Some 29,000 flats built in 1997 or earlier have been chosen for the Housing Board’s Home Improvement Programme (HIP) and will get structural improvements and upgrades to bathrooms and entrances, among other things.
https://www.channelnewsasia.com/singapore/hdb-home-improvement-programme-29000-flats-4941461
https://www.zaobao.com.sg/news/singapore/story20250216-5885239
Singapore Economy/News
Singapore’s key exports chart surprise 2.1% slide in January as non-electronics shrink
Singapore’s non-oil domestic exports (NODX) surprised in January as it declined 2.1 per cent year on year, with electronics rising but non-electronics decreasing, data from Enterprise Singapore (EnterpriseSG) showed on Monday (Feb 17).
https://www.straitstimes.com/business/singapores-key-exports-contract-in-jan-amid-lunar-new-year
Trade deficit with US puts Singapore in a good position, but Trump tariffs could still disrupt trade: Analysts
Singapore’s trade deficit with the United States may help it avoid being targeted by tariffs, but the country still faces risks from trade tensions, economists said on Friday (Feb 14). Their comments came after US President Donald Trump signed a memo on “reciprocal tariffs” that would hit both allies and competitors, saying: “Whatever countries charge the United States of America, we will charge them.”
Budget 2025 may run generous deficit of up to S$6.6 billion, after FY2024 surplus: economists
Singapore should have the fiscal room for a generous deficit in Budget 2025 – the final Budget of the government’s term – thanks to an expected “bumper” surplus for the 2024 financial year, said economists.
More firms want inflation support, funding for digital adoption and sustainability projects in Budget 2025: UOB
Compared with the year before, more businesses are looking for inflation-related support to cope with rising costs, and also funding for them to launch digital adoption and sustainability projects, a UOB study has found.
More moves expected to promote innovation in Budget 2025, say industry watchers
Moves to enhance Singapore’s position as an innovation hub are expected to continue in Budget 2025, said industry watchers. Targeted tax incentives, grants or co-funding schemes could encourage companies to invest in areas that drive both business and societal impact.
Six things to look out for in Budget 2025
Finance Minister Lawrence Wong will deliver the Budget statement – his first as prime minister – at 3.30 pm on Tuesday (Feb 18). Jobs and skills, as well as Singapore’s economic strategies for the next bound, are expected to be key themes.
https://www.businesstimes.com.sg/singapore/six-things-look-out-budget-2025
Singapore voter rolls updated ahead of GE2025; public inspection open from Feb 15 to 28
Singapore’s voter rolls have been updated to contain the names of all eligible electors as at Feb 1, 2025, and will be open for public inspection from Feb 15 to 28.
https://www.channelnewsasia.com/singapore/ge2025-voter-rolls-updated-election-department-eld-4938191
Business News
Keppel DC Reit divests German data centre for 50 million euros
Keppel DC Reit is divesting Kelsterbach Data Centre in Frankfurt, Germany, for 50 million euros (S$70.6 million). On Monday (Feb 17), the real estate investment trust’s (Reit) manager said KDCR Netherlands 3, a wholly owned subsidiary of the Reit, entered into a sale and purchase agreement last week with an unrelated third party.
Meta layoffs hit Singapore as tech giant cuts global workforce
Job cuts by social media giant Meta have hit Singapore, according to public posts on professional networking platform LinkedIn and sources who spoke to The Straits Times (ST). This comes following a leaked internal memo by Meta’s vice-president of human resources Janelle Gale in February, which communicated its plans to carry out company-wide layoffs globally.
Paragon Reit appoints PrimePartners as IFA for privatisation offer
Paragon Real Estate Investment Trust (Reit) has appointed PrimePartners Corporate Finance as the independent financial adviser (IFA) for its privatisation offer, said the board via a bourse filing on Friday (Feb 14).
Views, Reviews, Forum and Others
First cycling bridge in Jurong West opens; residents can walk or cycle across PIE
The first cycling bridge in Jurong West, which can accommodate both pedestrians and cyclists, was officially opened on Feb 15. The new 110m-long and 8m-wide overhead bridge is a stone’s throw from Block 864A Jurong West Street 81 and straddles the PIE, providing residents with a means to cross the expressway.
https://www.zaobao.com.sg/news/singapore/story20250215-5882249
Acra waives late filing penalties till March 15, while it rectifies issues with its new portal
The Accounting and Corporate Regulatory Authority (Acra) will waive penalties for the late filing of annual returns till March 15, while it resolves e-service issues on its revamped business portal Bizfile. This deadline extension is Acra’s third since Dec 21.
Resurgence of fake sites, posts on govt payouts that phish for victims’ bank details: Police
Members of the public are advised to be cautious when claiming government payouts such as CDC vouchers, as there has been a resurgence of scams involving websites or infographics that direct victims to phishing links. These fake websites and infographics give information on payouts such as CDC vouchers, the Assurance Package cash, and GST Voucher (GSTV) cash.
https://www.zaobao.com.sg/news/singapore/story20250216-5885369
Global Economy & Real Estate
Lower inflation wouldn’t assure rate cuts, Fed’s Lorie Logan says
US retail sales post largest drop in nearly two years in January
US sees UK in ‘different light’ on trade: British minister
https://www.businesstimes.com.sg/international/us-sees-uk-different-light-trade-british-minister
Australia set for first rate cut since 2020 as trade risks mount
Australia to ban foreigners from buying some homes as costs soar
https://www.businesstimes.com.sg/property/australia-ban-foreigners-buying-some-homes-costs-soar
Defaulted Chinese companies face rising risks in court hearings
China’s property loan contraction eases after government support
China has record foreign investment outflow as US$168 billion exit
Eurozone economy fared a touch better than first estimated in Q4, data shows
Hong Kong to consider easing proposed regulations on subdivided flats
‘Difficult year’ ahead for Hong Kong developers as dwindling rate-cut hopes cloud outlook
Hong Kong pushes on with efforts to woo top European firms despite challenges
Hong Kong developer NWD sells out State Pavilia flats on offer amid ‘attractive’ pricing
Japan’s economy expands annualised 2.8% in Oct-Dec
Japan inflation likely hit 17-month-high in January on rising food prices – Reuters poll
Malaysia GDP growth meets target, expands 5.1% in 2024
https://www.businesstimes.com.sg/international/malaysia-gdp-growth-meets-target-expands-5-1-2024
Covid-19, influenza vaccination mandatory for high-risk Malaysian haj pilgrims
Six killed, 25 injured in South Korea after fire at construction site of Banyan Tree hotel
London faces UK’s worst home sales logjam before stamp duty hike
https://www.businesstimes.com.sg/property/london-faces-uks-worst-home-sales-logjam-stamp-duty-hike
UK PM vows ‘new towns’ to alleviate housing crunch
https://www.businesstimes.com.sg/property/uk-pm-vows-new-towns-alleviate-housing-crunch
From tax incentives to simplified rules, City of London needs fresh ideas to attract investment
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.