The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 16 June 2023 (Fri)

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.


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.



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).


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.


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.


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).



Global Economy & Real Estate


US retail sales up in May; weekly jobless claims unchanged


Canada’s housing data shows recovery accelerating before rate hike


ECB raises rates to 22-year high and signals more to come


German economy to shrink in 2023: economic institutes


Swedish inflation dips, Beyonce blamed for high prices


Asia-Pacific office market to improve further, more resilient than global peers: reports


China’s property investment slump deepens; home demand weak


Cheap ‘like cabbage’ apartments in some Chinese cities draw buyers, and caution


With Hong Kong’s property market reeling from falling deals and prices, an uptick in rates will dampen mood further, analysts say


Investors need more details on Hong Kong’s mega San Tin technology-park project in Northern Metropolis, Colliers says


Taiwan pauses rate hikes as focus shifts to flagging economy


South Korea’s house price decline in May, softest in 10 months



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