The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 15 Feb 2023 (Wed)

Singapore Real Estate


Budget 2023: Buyers’ stamp duties for property purchases to be raised from Feb 15Singapore – Buyer’s stamp duties (BSD) for higher-value residential and non-residential properties will be raised with effect from Wednesday, Finance Minister Lawrence Wong said in his Budget speech on Tuesday.


Budget 2023: Buyer’s Stamp Duty hike unlikely to hurt property demand; some see it as wealth tax
Singapore will introduce a higher marginal Buyer’s Stamp Duty (BSD) for higher-value residential and non-residential properties that will kick in from Wednesday (Feb 15), but market watchers say the move will hardly put a dent in property demand.


Commentary: Taxing the wealthy makes sense when there is little room for higher income tax or GST
Singapore: In his Budget 2023 speech on Tuesday (Feb 14), Deputy Prime Minister and Finance Minister Lawrence Wong continued his approach to wealth taxes, increasing buyer’s stamp duty (BSD) for higher-value properties and further taxing luxury cars.


Prepare to pay up to enjoy the safety of investing in Singapore property
This year’s Budget had some bad news for property buyers: Singapore is introducing higher marginal Buyer’s Stamp Duty (BSD) for higher-value residential and non-residential properties. The news follows higher property taxes that hit many homeowners.


Non-residents from China accounted for 1% of private property transactions in 2022: Indranee
Singapore – Non-residents from China are not involved in a significant number of property and rental transactions in Singapore, said Second Minister for National Development Indranee Rajah in Parliament on Tuesday.


GS Building sold to JVA Venture for S$67 million

GS building has been sold to JVA Venture for S$67 million, a notch higher than its reserve price of S$65 million. Located at 16, 18 and 20 Lorong Ampas, along Whampoa River and Whampoa Park Connector, the freehold site seats a three-storey industrial building comprising 18 strata units.


Budget 2023: First-time homebuyers to get up to S$30k in increased CPF housing grants, additional BTO ballot
First-time homebuyers in Singapore will benefit from an increase of up to S$30,000 in Central Provident Fund (CPF) Housing Grants when buying resale HDB flats, while specific groups applying under the Build-To-Order (BTO) system will receive an additional ballot for their applications.


Budget 2023: Higher housing grants may shift demand to HDB resale market: analysts
First-time homebuyers eyeing the HDB resale market will get up to S$30,000 more in housing grants to help them buy the pricier flats, but the support may prop up demand and prices for resale flats, analysts said.



Singapore Budget 2023


Budget 2023: Govt will help S’poreans tide over tough times and uncertainties, says PM Lee
Singapore – Singaporeans will get Government help to tide over difficult times, even as the country faces major uncertainties including inflation and geopolitical challenges, said Prime Minister Lee Hsien Loong on Tuesday.


Budget 2023: Major uncertainties in year ahead; government to plan for potential downside scenarios
Finance Minister Lawrence Wong on Tuesday (Feb 14) painted a mixed picture of Singapore’s growth prospects in 2023, as he warned of the uncertainty caused by economic declines in major economies and a potentially longer period of high inflation.


Budget 2023 aims to reposition Singapore’s resilience for a new era
Singapore’s Budget 2023 comes at a pivotal moment, as the country adapts to secure a promising future amid global challenges. The plans announced by Deputy Prime Minister and Minister for Finance Lawrence Wong will chart paths to create resilience for our continuing prosperity in a changing world.


Budget 2023: S$2 billion deficit in FY22, S$0.4 billion deficit for FY23
The government expects a deficit of S$0.4 billion – or about 0.1 per cent of gross domestic product (GDP) – in FY2023, which is in line with projected economic conditions for the year, said Finance Minister Lawrence Wong on Tuesday (Feb 14).


Budget 2023: Singapore expects second straight deficit, narrowing to S$0.4b in FY23
The Budget for the 2023 financial year is expected to run Singapore’s second consecutive deficit as the government shifts from dealing with the pandemic to addressing concerns about the cost of living and global uncertainties.


Budget 2023: Government will not draw from past reserves for FY23 Covid-19 expenditures
The Singapore government will not tap past reserves to pay for Covid-19 public health expenditures in FY2023. Instead, it will fund further Covid-19 public health expenditures from its revenues.


Budget 2023: Singapore to introduce 15% minimum effective tax rate for large MNEs in 2025
Singapore – A global minimum effective tax rate of 15 per cent will be introduced for large Singapore multinational enterprises (MNEs) in 2025, amid a broader international move to ensure a more transparent tax environment.


Budget 2023: Tax deduction for donations extended again; volunteer scheme enhanced
The Singapore government will extend tax incentives and enhance existing schemes to encourage charitable giving and corporate volunteerism, said Finance Minister Lawrence Wong in his Budget speech on Tuesday (Feb 14).


Budget 2023: More progressive tax changes to help fund social support
Higher top-end taxes for properties and cars were among progressive moves in a Budget that focused on strengthening the social compact and bolstering national resilience in a post-Covid era.


Budget 2023: New tax incentive scheme for donors with family offices
Donors with family offices operating in Singapore will soon be able to claim a 100 per cent tax deduction for overseas donations through a new Philanthropy Tax Incentive Scheme for Family Offices.


Budget 2023: Funding boosts for enterprises will help Singapore develop globally competitive firms
TOP-UPS to the SME (small and medium-sized enterprise) Co-Investment Fund and the Singapore Global Enterprises initiative will increase the availability of capital to firms, and help Singapore develop a pipeline of globally competitive businesses, said industry observers.


Budget 2023: Singapore raises Progressive Wage Credit Scheme by $2.4 bil, enhances labour market support
As part of Budget 2023, deputy prime minister Lawrence Wong announced that Singapore would maintain the increase to the Progressive Wage Credit Scheme (PWCS), and top up the fund by $2.4 billion.


Budget 2023: CPF monthly salary ceiling will be raised from S$6,000 to S$8,000 by 2026
Singapore: The Central Provident Fund (CPF) monthly salary ceiling will be increased in stages from S$6,000 to S$8,000 by 2026, Finance Minister Lawrence Wong announced in his Budget speech on Tuesday (Feb 14).


Snap Insight: Raising CPF monthly salary ceiling will reduce take-home pay for some, but there are payoffs
Singapore: The announcement of a staggered increase in the Central Provident Fund (CPF) monthly salary ceiling, from S$6,000 per month now to S$8,000 by 2026, in this year’s Budget is hugely significant.


Budget 2023: Boost to Assurance Package, GST voucher scheme to target rising cost of living
The Singapore government will make several enhancements to existing support measures to help Singaporeans cope with higher inflation and cushion any impact of goods and services tax (GST) increases.


Budget 2023: Up to S$400 cash for eligible Singaporeans, more CDC vouchers to allay cost-of-living concerns
Singapore: The Government will hand out a one-time “cost-of-living special payment” and another S$300 in Community Development Council (CDC) vouchers to allay inflation concerns.


Budget 2023: What payouts and rebates Singaporeans can expect
Singapore – A range of payouts, top-ups and rebates was announced in Budget 2023 to help Singaporeans deal with higher inflation and the increase in GST, which was raised from 7 per cent to 8 per cent in January 2023.


Singaporeans must be ready to seize new growth opportunities overseas, say observers
Singapore: Even as more Singaporeans get out of their comfort zones and venture overseas to seize new growth opportunities, the country has to find ways to keep them rooted so they will return to contribute their expertise.



Global Economy & Real Estate


World economy faces growing services-trade barriers


Fed officials keep door open to peak policy rate above 5.1%


IMF chief says global fight against hot inflation showing gains


US inflation eases but policymakers’ battle not over


Airbnb confident on revenue as travel demand defies recession fears


London is the world’s second most expensive city for driving


UK renters are three times as likely to suffer food insecurity


New Zealand inflation expectations drop before RBNZ rate review


Australia’s real-estate boom is running out of steam


Taiwan to reopen borders to Hong Kong, Macau residents next week


Japan’s weak GDP rebound poses challenge for BOJ’s exit path


South Korea Jan import price growth at near 2-year low


Thailand to impose 300 baht entry fee for foreign travellers from June as tourism booms


Malaysia to cut subsidies to manage ballooning debt: Anwar



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