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The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 16 Feb 2023 (Thur)

Singapore Real Estate


New private residential units sold in January jump after December dip, still down 42.8% year on year
Sales of new private residential units in January made a strong recovery from the low volumes in December last year, with volume partly driven by returning demand from Chinese buyers.


At least 40 buyers rush to secure condo purchases before new buyer’s stamp duties kick in
Singapore – At least 40 new private home sales, mostly in the prime districts, were inked on the evening of Feb 14, as some buyers rushed to bring forward their purchases before buyer’s stamp duties (BSD) are raised the next day, according to ERA Realty Network.


Horizon Towers takes another shot at S$1.1 billion en bloc sal
Horizon Towers has been relaunched for collective sale again at an unchanged reserve price of S$1.1 billion. Including an estimated lease top-up premium of S$277 million, this works out to a S$2,049 per square foot per plot ratio (psf ppr) for the 204,742 sq ft site.


Shophouse on Hongkong Street on the market for $10.1 mil
Singapore (EdgeProp) – A shophouse at 18 Hongkong Street, located off Boat Quay in prime District 1, is up for sale with an asking price of $10.1 million. The four-storey walk-up property has an existing gross floor area (GFA) of 5,074 q ft, inclusive of outdoor balconies on the second, third and fourth floors. Hence, the asking price works out to $1,991 psf based on the existing GFA.


Additional BTO ballot chance for ‘prioritised first-timers’ a fairer move than reserving more flats for them: Analysts
Singapore — It is better to give Built-to-Order (BTO) flat applicants who are “prioritised first-timers” another ballot chance rather than allocating more units in such public housing developments to them, property analysts said.



Singapore Budget 2023


Budget 2023: Highlights of spending plans by 7 ministries for the year ahead
Singapore – Budget 2023 contains various measures to help tide Singaporeans over immediate cost-of-living pressures, as well as to grow the economy, equip workers with skills, strengthen Singapore’s social compact and build a more resilient nation


Singapore Budget 2023: Equipping Singaporeans for uncertain times ahead
This year’s Budget is about equipping Singaporeans to weather formidable challenges expected as a result of heightened global uncertainty. However, Singapore will not need to draw on past reserves after doing so for the last three financial years as the country normalises after the pandemic.



Companies’ Brief


Chip Eng Seng loses free float, to be delisted
Property player Chip Eng Seng : C29 0% said on Wednesday (Feb 15) that it has lost its free float and will be delisted, after obtaining 90.19 per cent valid acceptances to privatise. This translates to 708.27 million shares, as at 6 pm on Tuesday. That means that less than 10 per cent of its shares are now held by the public.


Analysts lift Far East Hospitality Trust’s TP on the back of higher FY2022 DPS
Analysts are remaining positive on Far East Hospitality Trust’s (FEHT) prospects after the hospitality REIT reported a 24.3% y-o-y increase in its distribution per stapled security (DPS) for the FY2022 ended Dec 31, 2022.


Straits Trading’s secured exchangeable bonds 1.9 times subscribed
Straits Trading’s S$370 million secured exchangeable bond offering has received applications for 1.9 times the amount on offer, the company said on Monday (Feb 13). This puts the total demand from investors in terms of value at approximately S$700 million. (*see amendment note)



Global Economy & Real Estate


US home builder confidence extends rebound in February, NAHB says


US economy keeps charging ahead, adding pressure on Fed to hike


US manufacturing output surges in January


US retail sales rebound strongly in January


Home price drop hits 15% in Canada as rates squeeze buyers


UK house prices up 9.8% in year to December


UK inflation rate falls more than expected to 10.1%


Germany to hike defence budget by up to US$10.7 billion in 2024


National Australia Bank says rates will soften economy, house prices as profit jumps


Asia’s central banks rebuild reserves as Fed rate bets accelerate


China home prices hold steady after declining for 16 months


Japan’s trade deficit smashes record amid global slowdown


South Korea’s house price decline slows in January on policy support


Thailand economy recovering steadily, tourism to drive 2023 growth


Malaysia to focus on living costs, raising wages as growth slows



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