Singapore Real Estate
New private home sales up in February despite buyer’s stamp duty hike on pricier homes
Singapore – New launch Terra Hill in Pasir Panjang and a healthy take-up of prime district private homes helped shore up developers’ sales in February. But buyers remained, for the most part, wary in the face of rising interest rates, tighter loan conditions, higher taxes and a slowing economy.
https://www.straitstimes.com/business/new-private-home-sales-up-in-february-despite-buyer-s-stamp-duty-hike-on-pricier-homes
https://www.businesstimes.com.sg/property/new-private-homes-sold-february-99-january-down-203-year-year
https://www.channelnewsasia.com/singapore/increased-buyer-stamp-duty-private-home-sales-rise-february-2023-3348271
https://www.edgeprop.sg/property-news/developers-sell-432-private-new-homes-february-99-higher-m-o-m
Three shophouses on Geylang Road on the market for $23 mil
Singapore (EdgeProp) – Three adjoining conservation shophouses at 489, 491 and 493 Geylang Road are up for sale through an expression of interest exercise with a guide price of $23 million. The shophouses are to be sold collectively, with the price working out to $3,113 psf on the total floor area, says marketing agent CBRE.
https://www.edgeprop.sg/property-news/three-shophouses-geylang-road-market-23-mil
Singapore Economy
5 Budget forum highlights: Over 95% of CDC vouchers claimed; Govt to help firms reduce costs
Singapore – The need to maintain economic competitiveness and support for businesses amid rising costs was among the key topics addressed by Deputy Prime Minister Lawrence Wong during the Lianhe Zaobao Singapore Budget 2023 Business Forum, sponsored by UOB and held at Capitol Theatre.
https://www.straitstimes.com/singapore/5-budget-forum-highlights-over-95-of-2023-cdc-vouchers-claimed-gov-t-will-continue-support-for-businesses-amid-higher-costs
As geopolitics reshape global economy, is Singapore’s financial hub status at risk?
Singapore – Singapore’s coveted status as an international financial hub has been painstakingly built over the past 25 years but the fast-changing world and the technological forces being unleashed are creating challenges for policymakers as they try to preserve the country’s pivotal role in the global economy.
https://www.straitstimes.com/business/as-geopolitics-reshape-global-economy-is-singapore-s-financial-hub-status-at-risk
Tighter rules for corporate finance advisers may weigh on listings’ attractiveness
Tougher standards for corporate finance (CF) advisers introduced by the Monetary Authority of Singapore (MAS) may have an impact on the timeline needed for listings. They could also reduce the attractiveness of listings as a means for raising capital.
https://www.businesstimes.com.sg/companies-markets/tighter-rules-corporate-finance-advisers-may-weigh-listings-attractiveness
Singapore’s F&B industry back to pre-Covid levels but cautious outlook remains
An uncertain economic outlook has not dampened Singaporeans’ appetite for good food, with business for most mid- to high-end restaurants reaching or exceeding pre-Covid levels. This comes even as higher operating costs and manpower woes eat into companies’ profit margins.
https://www.businesstimes.com.sg/lifestyle/singapores-fb-industry-back-pre-covid-levels-cautious-outlook-remains
SMEs can tap digitalisation, grants to mitigate rising costs: business leaders
As small and medium-sized enterprises (SMEs) in Singapore grapple with rising costs, they should consider adopting digital tools and making greater use of government schemes to mitigate these costs, said business leaders at a post-Budget webinar on Tuesday (Mar 14).
https://www.businesstimes.com.sg/singapore/smes/smes-can-tap-digitalisation-grants-mitigate-rising-costs-business-leaders
‘Layoffs on everyone’s minds’: Some Singapore tech workers fear fallout after more job cuts at Meta
Singapore — The latest round of job cuts at Meta has led some workers in the technology field here, including one Apple employee, to fear for their job security. Speaking to TODAY on Wednesday (March 15), a 33-year-old contract worker with tech firm Apple said that although the company has assured the teams that there will not be job cuts, employees such as herself remain worried about their future.
https://www.todayonline.com/singapore/layoffs-tech-workers-singapore-fear-fallout-meta-job-cuts-2130261
Companies’ Brief
Cushman & Wakefield brokers CapitaLand purchase of Beijing’s Suning Life Plaza
Singapore (EdgeProp) – Last month, CapitaLand Investment (CLI) announced the acquisition of two assets in China through the CapitaLand China Opportunistic Partners Programme (CCOP Programme). The fund has raised $1.1 billion in committed equity to invest in special situation opportunities in China.
https://www.edgeprop.sg/property-news/cushman-wakefield-brokers-capitaland-purchase-beijing%E2%80%99s-suning-life-plaza
Ho Bee hasn’t clinched a Singapore residential plot in over a decade. That may be a good thing
Ho Bee Land has been achieving relatively high return on equity (ROE) of at least 7.5 per cent in eight out of the past 10 years. This can be credited to the group’s strategy of building up a strong recurring income stream. Ho Bee’s rental income has grown from S$14.4 million in 2012 to S$259.7 million in 2022, largely from its UK and Singapore office assets.
https://www.businesstimes.com.sg/opinion-features/columns/ho-bee-hasnt-clinched-singapore-residential-plot-over-decade-may-be-good
It may not be a market darling, but Hong Fok sits on a gold mine
Singapore – The name Hong Fok Corporation may not necessarily endear itself to many in the market. The listed property company’s directors are reputedly among the best paid in Singapore. Yet it has not been known to be particularly engaging or generous with shareholders.
https://www.straitstimes.com/business/it-may-not-be-a-market-darling-but-hong-fok-sits-on-a-gold-mine
Global Economy & Real Estate
Fed gets more room to pause rate hikes after drops in producer prices, retail sales
https://www.businesstimes.com.sg/international/fed-gets-more-room-pause-rate-hikes-after-drops-producer-prices-retail-sales
https://www.channelnewsasia.com/business/us-retail-sales-and-producer-prices-fall-easing-fed-pressure-3349451
US 30-year mortgage rates retreat for first time in five weeks
https://www.businesstimes.com.sg/property/us-30-year-mortgage-rates-retreat-first-time-five-weeks
US retail sales fall in February; January revised higher
https://www.businesstimes.com.sg/international/us-retail-sales-fall-february-january-revised-higher
US producer prices unexpectedly fall in February
https://www.businesstimes.com.sg/international/us-producer-prices-unexpectedly-fall-february
What the loss of Silicon Valley Bank means for Silicon Valley
https://www.businesstimes.com.sg/opinion-features/what-loss-silicon-valley-bank-means-silicon-valley
UK economy will avoid recession this year, says Hunt
https://www.businesstimes.com.sg/international/uk-economy-will-avoid-recession-year-says-hunt
Germany’s IfW predicts 0.5% GDP growth in 2023 amid stubbornly high inflation
https://www.businesstimes.com.sg/international/germanys-ifw-predicts-05-gdp-growth-2023-amid-stubbornly-high-inflation
New Zealand on brink of recession after economy contracts
https://www.straitstimes.com/business/new-zealand-on-brink-of-recession-after-economy-contracts
Sweden faces recession as housing market troubles take toll on economy
https://www.businesstimes.com.sg/international/sweden-faces-recession-housing-market-troubles-take-toll-economy
Australia employment rebounds in Feb, jobless rate drops to 3.5%
https://www.businesstimes.com.sg/international/australia-employment-rebounds-feb-jobless-rate-drops-35
China’s economy shows signs of recovery, though impact of Covid-19 curbs persist
https://www.straitstimes.com/asia/china-s-economy-shows-signs-of-recovery-though-impact-of-covid-19-curbs-persist
China Feb new home prices rise at fastest pace since July 2021
https://www.channelnewsasia.com/business/china-feb-new-home-prices-rise-fastest-pace-july-2021-3350841
https://www.businesstimes.com.sg/property/china-home-prices-rise-first-time-18-months-after-stimulus
China’s property sector draws closer to exit from protracted slump
https://www.businesstimes.com.sg/property/chinas-property-sector-draws-closer-exit-protracted-slump
https://www.channelnewsasia.com/business/chinas-property-sector-draws-closer-exit-protracted-slump-3347946
South Korea home prices fall again in February, but pace moderates
https://www.businesstimes.com.sg/property/south-korea-home-prices-fall-again-february-pace-moderates
https://www.channelnewsasia.com/business/south-korea-home-prices-fall-again-feb-pace-moderates-3348206
South Korea likely to extend market stabilisation steps as risks grow
https://www.businesstimes.com.sg/international/south-korea-likely-extend-market-stabilisation-steps-risks-grow
Disclaimer & Note:
Real Estate Developers’ Association of Singapore (REDAS) does not warrant the accuracy, adequacy or completeness of the information and expressly disclaims liability for errors or omissions therein. The content, accuracy, and opinions expressed are not investigated, verified, monitored, nor endorsed by REDAS. Every effort is taken to ensure that all information extracted is correct at the time of dissemination.
The Daily News is issued as news gathering for the convenience and benefits of REDAS’ members only and not for mass circulation. Members are advised to exercise discretion in the use and dissemination of the information. The news links are time-sensitive and require registration of fee-based digital subscriptions.