Singapore Real Estate
New private home sales up 17% in May from April, on the back of a doubling in launches
Developers in Singapore sold 1,038 private homes in May, 17 per cent higher than April’s take-up, but fewer than the 1,355 units moved in the corresponding month the year before. This made for the highest monthly number of private homes sold in a year, noted Christine Sun, OrangeTee & Tie senior vice-president of research and analytics.
https://www.businesstimes.com.sg/property/new-private-home-sales-17-may-april-back-doubling-launches
https://www.straitstimes.com/business/new-private-home-sales-cross-1000-unit-mark-in-may-buoyed-by-two-major-new-launches
https://www.todayonline.com/singapore/singapore-new-home-sales-1-year-high-despite-cooling-measures-2193766
https://www.channelnewsasia.com/singapore/ura-new-private-home-sales-may-2023-highest-12-months-3563761
https://www.edgeprop.sg/property-news/new-private-home-sales-hit-one-year-high-1038-units-sold-may
Singapore’s housing prices and rental growth could slow in 2H2023: Bloomberg Intelligence
Singapore’s home prices could rise less than 2% in 2H2023, and go up to 5% in 2023 amid the two property cooling measures that took place in the same year, says Ken Foong, an equity analyst at Bloomberg Intelligence specialising in Asean real estate.
https://www.theedgesingapore.com/news/property/singapores-housing-prices-and-rental-growth-could-slow-2h2023-bloomberg-intelligence
Singapore Economy
Singapore key exports surprise with larger-than-expected 14.7% drop in May
Singapore’s non-oil domestic exports (NODX) were down a surprising 14.7 per cent in May, a steeper slide than April’s 9.8 per cent contraction, data from Enterprise Singapore showed on Friday (Jun 16).
https://www.businesstimes.com.sg/singapore/singapore-key-exports-surprise-larger-expected-147-drop-may
https://www.straitstimes.com/business/singapore-key-exports-tumble-147-in-may-worse-than-expected
https://www.channelnewsasia.com/singapore/nodx-falls-eighth-consecutive-month-3566036
https://www.theedgesingapore.com/news/singapore-economy/may-nodx-down-147-mainly-due-hong-kong-malaysia-and-taiwan
Job market remains strong but signs of cooling could intensify if global economic troubles persist: Economists
Singapore — While the job market remains strong with six straight quarters of employment growth, there are signs that the labour market will continue to cool in the second half of the year should global economic troubles persist, say economists.
https://www.todayonline.com/singapore/job-market-strong-cooling-intensify-economic-troubles-2193606
Progressive Wage Model for waste management sector kicks in Jul 1
Ahead of the Progressive Wage Model (PWM) kicking in for the waste management sector on Jul 1, some firms have already raised their lower-wage workers’ salaries.
https://www.businesstimes.com.sg/singapore/economy-policy/progressive-wage-model-waste-management-sector-kicks-jul-1
Singapore climbs 10 places to 8th in global start-up ecosystem ranking
Singapore – Singapore climbed 10 places to eighth in Startup Genome’s latest global start-up ecosystem ranking, the first time it has entered the top 10. According to Startup Genome, a research and policy advisory firm focused on measuring the success of start-up ecosystems, Singapore is now ranked third in Asia, behind Tel Aviv (fifth globally) and Beijing (seventh globally).
https://www.straitstimes.com/business/singapore-jumps-10-places-to-8th-spot-in-global-start-up-ranking
Global Economy & Real Estate
US retail sales up in May; weekly jobless claims unchanged
https://www.businesstimes.com.sg/international/us-retail-sales-may-weekly-jobless-claims-unchanged
Canada’s housing data shows recovery accelerating before rate hike
https://www.businesstimes.com.sg/property/canadas-housing-data-shows-recovery-accelerating-rate-hike
ECB raises rates to 22-year high and signals more to come
https://www.businesstimes.com.sg/international/ecb-raises-rates-22-year-high-and-signals-more-come
German economy to shrink in 2023: economic institutes
https://www.businesstimes.com.sg/international/german-economy-shrink-2023-economic-institutes
Swedish inflation dips, Beyonce blamed for high prices
https://www.channelnewsasia.com/business/swedish-inflation-dips-beyonce-blamed-high-prices-3562161
Asia-Pacific office market to improve further, more resilient than global peers: reports
https://www.businesstimes.com.sg/property/asia-pacific-office-market-improve-further-more-resilient-global-peers-reports
China’s property investment slump deepens; home demand weak
https://www.businesstimes.com.sg/property/chinas-property-investment-slump-deepens-home-demand-weak
Cheap ‘like cabbage’ apartments in some Chinese cities draw buyers, and caution
https://www.straitstimes.com/business/cheap-like-cabbage-apartments-in-some-chinese-cities-draw-buyers-and-caution
https://www.channelnewsasia.com/business/cheap-cabbage-apartments-some-chinese-cities-draw-buyers-and-caution-3565981
With Hong Kong’s property market reeling from falling deals and prices, an uptick in rates will dampen mood further, analysts say
https://www.scmp.com/business/article/3224215/hong-kongs-property-market-reeling-falling-deals-and-prices-uptick-rates-will-dampen-mood-further
Investors need more details on Hong Kong’s mega San Tin technology-park project in Northern Metropolis, Colliers says
https://www.scmp.com/business/article/3224139/investors-need-more-details-hong-kongs-mega-technology-park-project-northern-metropolis-colliers
Taiwan pauses rate hikes as focus shifts to flagging economy
https://www.businesstimes.com.sg/international/taiwan-pauses-rate-hikes-focus-shifts-flagging-economy
South Korea’s house price decline in May, softest in 10 months
https://www.businesstimes.com.sg/property/south-koreas-house-price-decline-may-softest-10-months
https://www.channelnewsasia.com/business/south-koreas-house-price-decline-may-softest-10-months-3563611
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