Singapore Real Estate
$32b to $38b in construction contracts expected to be awarded in 2024: BCA
Singapore – Between $32 billion and $38 billion in construction contracts are expected to be awarded in 2024, the Building and Construction Authority (BCA) said on Jan 15. An estimated $33.8 billion worth of contracts were awarded in 2023, higher than the initial construction demand forecast of between $27 billion and $32 billion.
https://www.straitstimes.com/singapore/between-32-billion-to-38-billion-in-construction-contracts-to-be-awarded-in-2024-bca
https://www.theedgesingapore.com/news/construction/construction-demand-rise-38-billion-2024-bca
Fair and timely remuneration, more risk-sharing to cut exposure for consultants in public-sector projects
A slew of changes will be introduced to reduce the risks that construction players bear and increase the quality of built environment projects in the public sector. Tenders for these projects submitted by consultants, such as those from architectural and engineering firms, will be evaluated with a greater emphasis on quality.
https://www.businesstimes.com.sg/property/fair-and-timely-remuneration-more-risk-sharing-cut-exposure-consultants-public-sector
https://www.youtube.com/watch?v=x-O9-Z3dWzM
Fewer buyers paid COV for resale HDB flats in 2023, property market expected to moderate further
Singapore – Fewer buyers paid cash over valuation (COV) for their resale Housing Board flats in 2023, with about 15 per cent of buyers forking out COV for their units in the last three months of the year.
https://www.straitstimes.com/singapore/fewer-buyers-paid-cov-for-resale-hdb-flats-in-2023-property-prices-expected-to-moderate-further
https://www.youtube.com/watch?v=clecrJ8_FO0
December downtime brings developers’ 2023 new home sales to weakest in 15 years
New private home sales in December fell to their lowest monthly level in 15 years, taking the year’s total to their weakest since 2008. The slump in sales was not unexpected as developers held back on new project launches last year in the aftermath of successive market cooling measures and weak buying sentiment.
https://www.businesstimes.com.sg/property/december-downtime-brings-developers-2023-new-home-sales-weakest-15-years
https://www.straitstimes.com/business/new-private-home-sales-in-december-fall-to-lowest-level-since-january-2009https://www.channelnewsasia.com/business/december-private-home-sales-year-end-period-lull-lowest-january-2009-4048426
https://www.scmp.com/news/asia/southeast-asia/article/3248451/singapore-new-home-sales-hit-15-year-low-high-prices-interest-rates-cool-market
Five suggestions for property tax tweaks in Budget 2024
Residential property landlords are facing much higher property tax this year. The non-owner-occupier residential tax rate rose from between 10 and 20 per cent of annual value (AV) in 2022 and between 11 and 27 per cent of AV in 2023, to between 12 and 36 per cent of AV in 2024. Higher rates apply to pricier homes.
https://www.businesstimes.com.sg/opinion-features/five-suggestions-property-tax-tweaks-budget-2024
Singapore Economy
PM Lee reaffirms close ties with Brunei during meeting with Sultan Bolkiah
Singapore – Prime Minister Lee Hsien Loong met Brunei Sultan Hassanal Bolkiah at the Istana Nurul Iman in Bandar Seri Begawan on Jan 15, and reaffirmed Singapore’s commitment to the close partnership and ties between the two countries.
https://www.straitstimes.com/singapore/pm-lee-reaffirms-close-ties-with-brunei-during-meeting-with-sultan-bolkiah
Singapore SMEs brace for another year of rising costs
Even as Singapore’s inflation cools this year, small and medium-sized enterprises (SMEs) are expected to face continued – or even intensifying – cost pressures. Industry leaders noted four areas of concern: rents; labour costs; utilities and fuel charges; and pass-through costs from suppliers.
https://www.businesstimes.com.sg/singapore/smes/singapore-smes-brace-another-year-rising-costs
Global Economy & Real Estate
Property group Signa’s Prime unit can fund operations, administrator says
https://www.businesstimes.com.sg/property/property-group-signas-prime-unit-can-fund-operations-administrator-says
Bank of Canada surveys show inflation expectations are coming down
https://www.businesstimes.com.sg/international/bank-canada-surveys-show-inflation-expectations-are-coming-down
Canada home sales rise for first time in five months with rates easing
https://www.businesstimes.com.sg/property/canada-home-sales-rise-first-time-five-months-rates-easing
China needs reforms to halt ‘significant’ growth declines, IMF chief warns
https://www.businesstimes.com.sg/international/china-needs-reforms-halt-significant-growth-declines-imf-chief-warns
China set to reach 2023 growth goal as focus shifts to new year
https://www.businesstimes.com.sg/international/china-set-reach-2023-growth-goal-focus-shifts-new-year
China’s enhanced scrutiny of financial leasing likely to drive consolidation and weed out weaker firms, analysts say
https://www.scmp.com/business/banking-finance/article/3248525/chinas-enhanced-scrutiny-financial-leasing-likely-drive-consolidation-and-weed-out-weaker-firms
China’s private firms warned ‘days of runaway growth have gone’ amid debt crisis, urged to thrive overseas
https://www.scmp.com/economy/china-economy/article/3248509/chinas-private-firms-warned-days-runaway-growth-have-gone-amid-debt-crisis-urged-thrive-overseas
HSBC, Standard Chartered, Bank of China among lenders waiving fees for Hong Kong airport operator’s US$640 million retail bond
https://www.scmp.com/business/article/3248514/hsbc-standard-chartered-bank-china-among-lenders-waiving-fees-hong-kong-airport-operators-us640
Dubai sales of US$25 million homes double as global elite move in
https://www.businesstimes.com.sg/property/dubai-sales-us25-million-homes-double-global-elite-move
German economy contracts 0.3% in 2023
https://www.businesstimes.com.sg/international/german-economy-contracts-03-2023
https://www.straitstimes.com/business/economy/germany-sidesteps-recession-despite-year-end-contraction
Japan’s wholesale inflation flat in December
https://www.channelnewsasia.com/business/japans-wholesale-inflation-flat-december-4050146
https://www.businesstimes.com.sg/international/japans-input-inflation-flatlines-weakest-result-2021
JB-Singapore RTS Link: From hours to just 20-minute ‘seamless’ trip
https://www.businesstimes.com.sg/international/asean/rts-link-hours-just-20-minute-seamless-end-end-trip
Sweden’s core inflation slows somewhat less than forecast
https://www.businesstimes.com.sg/international/swedens-core-inflation-slows-somewhat-less-forecast
UK inflation will plunge to 1.5% in May, ING economist predicts
https://www.businesstimes.com.sg/international/uk-inflation-will-plunge-15-may-ing-economist-predicts
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