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 Mar 2023 (Wed)

Singapore Real Estate


Tampines executive condominium site, Jalan Tembusu plot up for sale
The Urban Redevelopment Authority (URA) and Housing and Development Board (HDB) on Tuesday (Mar 14) released two residential land plots for sale. Both sites fall under the confirmed list in the first half 2023 government land sales programme.


Sub-sales in private property at 10-year high in 2022
Sub-sale volumes, a key indicator of speculative buying in Singapore’s private residential market, rose in 2022 to their highest level since 2013 with 765 transactions, a 34.7 per cent jump from the year-ago period.


S-REITs ‘feeling the chills’ of looming Fed rate hikes again: DBS
Singapore REITs (S-REITs) are “feeling the chills” of higher interest rates once again, say DBS Group Research analysts Geraldine Wong and Rachel Tan, after US Federal Reserve chief Jerome Powell signalled greater hikes ahead last week.



Singapore Economy


Global headwinds and slower growth may weigh on labour demand going forward, says MOM
Singapore’s labour market has improved “significantly” in 2022 on a y-o-y basis, with total employment growing by a record 227,800. The figure also reached some 2.9% above its pre-pandemic level.


Retrenchments in Singapore more than doubled in fourth quarter of 2022, driven by business restructuring
Singapore: Retrenchments in Singapore more than doubled in the fourth quarter of last year from the preceding quarter, driven by business restructuring, the Ministry of Manpower (MOM) said in its labour market report on Wednesday (Mar 15).


Fall of Silicon Valley Bank: The broader implications and why they matter to S’pore
Singapore – Financial markets globally have been roiled by the collapse of California-headquartered Silicon Valley Bank (SVB) and the closure of Signature Bank in New York state over the weekend.


Singapore’s Q2 business outlook deteriorates for fifth consecutive quarter: Singapore Commercial Credit Bureau
Singapore’s business outlook for Q2 2023 has continued to deteriorate, dragged down by poor sentiment in manufacturing and trade. Singapore Commercial Credit Bureau’s (SCCB) business optimism index (BOI) for Q2 2023 fell further to +4.6 percentage points from +4.73 percentage points the previous quarter, and from +5.35 percentage points for Q2 2022.



Companies’ Brief


Ho Bee Land sells industrial assets for S$115 million
Real estate company Ho Bee Land is selling two of its industrial properties to an unrelated third party for S$115 million. The buildings sit on contiguous freehold land and have been held for long-term investment.


Soilbuild unit ordered to pay subcontractor almost S$1 million, borne S$20K in adjudication costs
Soilbuild Construction Group’s subsidiary Soil-Build was on Monday (Mar 13) ordered by the Singapore Mediation Centre to pay a subcontractor almost S$1 million within seven days, and borne S$20,000 in costs in relation to the adjudication application.


Wing Tai buys Holland Tower for S$76.3 million
Wing Tai Holding wholly-owned subsidiary will acquire Holland Tower for S$76.3 million, translating to a land rate of S$1,746 per square foot per plot ratio (psf ppr), the group said on Wednesday (Mar 15).


Wing Tai Properties may see FY2022 loss on adverse change in fair value of JV properties
Wing Tai Holdings’ Hong Kong-based associate company, Wing Tai Properties, has issued a profit warning, stating that the group may report a loss for the financial year ended Dec 31, 2022. This is despite the company making HK$854.4 million (S$146.7 million) in profit in the previous FY.



Global Economy & Real Estate


Fed seen raising rates by 25 bps next week and in May

US consumer prices increase solidly in February

SVB collapse causes headaches for US Fed before rate decision

Fed’s Powell urged to recuse himself from SVB probe

Regret and blame in Silicon Valley after bank run

US’ affordable homes under threat as SVB falls

How customers of SVB and Signature will get their money back

Banking’s next threat might be commercial real estate

More than 130 European MPs demand tax on ultra-rich individuals

China’s economy shows signs of life at start of 2023 as industrial production, retail sales, investment grow

China property bulls see silver lining behind earnings debacle

Chinese consumers out of Covid gates with caution, rather than zest

Hong Kong tourism sector rejoices over mainland China’s visa resumption, while expatriates eye return to business travel


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