Singapore Real Estate
Developers’ 2022 sales slip to 14-year low on crimped supply, holiday lull
New private home sales plummeted to their lowest level since the global financial crisis in 2008, weighed down by an absence of new project launches and the seasonal year-end holiday lull.
https://www.businesstimes.com.sg/property/developers-2022-sales-slip-14-year-low-crimped-supply-holiday-lull
https://www.straitstimes.com/business/singapore-new-private-home-sales-plunge-to-14-year-low-in-december
https://www.channelnewsasia.com/singapore/private-housing-home-sales-units-ura-ecs-developers-3208716
Prime grade office rents rise 1.7% qoq, leading to landlord’s market: Knight Frank
Prime grade office rents in the Raffles Place/Marina Bay precinct rose 5.5 per cent on the year, or 1.7 per cent on the quarter in the fourth quarter of 2022, according to a report published by Knight Frank on Monday (Jan 16).
https://www.businesstimes.com.sg/property/prime-grade-office-rents-rise-17-qoq-leading-landlords-market-knight-frank
Singapore Economy
Govt working on ensuring basic retirement needs met, boosting skills: DPM Wong
Singapore – Singaporeans should be able to meet their basic retirement needs as long as they work and make regular Central Provident Fund (CPF) contributions, even as it becomes more difficult to consistently build up their retirement savings amid disruptions and volatility in the economy and their lives, said Deputy Prime Minister Lawrence Wong on Monday.
https://www.straitstimes.com/singapore/govt-working-on-ensuring-basic-retirement-needs-met-boost-skills-and-training-ecosystem-dpm-wong
Do more to address starting salary gap between graduates of different institutions: DPM Wong
Singapore – Singapore can do better to address the gap between the starting salaries of university graduates and those of Institute of Technical Education (ITE) and polytechnic graduates, said Deputy Prime Minister Lawrence Wong on Monday.
https://www.straitstimes.com/singapore/do-more-to-address-starting-salary-gap-between-graduates-of-different-institutions-dpm-wong
https://www.todayonline.com/singapore/raise-wages-goods-services-lawrence-wong-ips-2090371
Visitor numbers expected to double in 2023, tourism could recover to pre-pandemic levels next year: STB
Singapore — Singapore is expected to welcome double the number of international visitors this year compared to 2022, reaching up to 14 million visitors, or about three-quarters of pre-pandemic levels.
https://www.todayonline.com/singapore/visitor-numbers-expected-double-2023-tourism-could-recover-pre-pandemic-levels-next-year-stb-2090991
https://www.channelnewsasia.com/singapore/tourism-visitor-arrivals-receipts-2022-singapore-tourists-3209721
https://www.businesstimes.com.sg/singapore/tourism-receipts-total-s138b-s143b-2022-higher-forecasts-2023-stb
https://www.straitstimes.com/singapore/consumer/s-pore-s-2023-visitor-arrivals-to-double-to-12-14m-full-tourism-recovery-expected-by-2024-stb
Singapore exports down 20.6 per cent in December in third straight month of contraction
Singapore’s non-oil domestic exports (NODX) contracted again in December, dragged by declines in non-electronic shipments and declining deliveries to most of the Republic’s top 10 key markets, data from Enterprise Singapore (EnterpriseSG) showed on Tuesday (Jan 17).
https://www.businesstimes.com.sg/singapore/singapore-exports-down-206-cent-december-third-straight-month-contraction
https://www.straitstimes.com/business/singapore-non-oil-exports-fall-206-in-december-worse-than-expected
https://www.theedgesingapore.com/news/singapore-economy/singapores-december-nodx-declines-206-electronics-and-non-electronics-exports
Singapore’s inflation expectations dip with higher interest rates, global headwinds: poll
Singaporean’s’ headline inflation expectations for the year ahead fell to 3.8 per cent in a December poll from an 11-year high of 4.6 per cent in September 2022, according to the latest quarterly results of the Singapore Index of Inflation Expectations (Sindex).
https://www.businesstimes.com.sg/singapore/singapores-inflation-expectations-dip-higher-interest-rates-global-headwinds-poll
https://www.straitstimes.com/business/singapore-inflation-expectations-ease-from-11-year-high-on-slowing-growth-interest-rates-hikes
More energy, manufacturing and logistics firms among fastest growing in Singapore
While fintech, e-commerce and IT firms continued to be among the fastest growing in Singapore, several companies in the energy and utilities sector have topped the charts in terms of growth, according to a list of the 100 fastest growing firms here.
https://www.businesstimes.com.sg/singapore/more-energy-manufacturing-and-logistics-firms-among-fastest-growing-singapore
Views, Reviews, Forum and Others
New $4m tech grant for construction firms to address spike in crane-related workplace accidents
Singapore – Construction firms can now tap a $4 million grant to outfit their lorry cranes with technology that prevents them from being overloaded or toppling. This comes after the number of crane-related dangerous incidents nearly quadrupled to 15 cases in 2022, contributing to six of the 46 workplace fatalities that year.
https://www.straitstimes.com/singapore/new-4m-tech-grant-for-construction-firms-to-address-spike-in-crane-related-workplace-accidents
Johor Bahru-Singapore Rapid Transit System Link on track to be operational by end-2026
The Johor Bahru-Singapore Rapid Transit System (RTS) Link is on track to be completed by end-2026, as the foreign ministers of Singapore and Malaysia took note of the good progress in the project.
https://www.businesstimes.com.sg/singapore/johor-bahru-singapore-rapid-transit-system-link-track-be-operational-end-2026
https://www.straitstimes.com/asia/se-asia/johor-bahru-singapore-rapid-transit-system-link-on-track-to-be-operational-by-end-2026
https://www.channelnewsasia.com/asia/jb-singapore-rts-link-project-track-start-operations-end-2026-3209646
Global Economy & Real Estate
Global recession in 2023 seen as likely in WEF survey
https://www.businesstimes.com.sg/international/global-recession-2023-seen-likely-wef-survey
https://www.channelnewsasia.com/world/davos-2023-recession-casts-long-shadow-over-opening-wef-summit-3210106
Global jobs growth will halve in challenging 2023: ILO
https://www.businesstimes.com.sg/international/global-jobs-growth-will-halve-challenging-2023-ilo
https://www.channelnewsasia.com/business/global-jobs-growth-will-halve-challenging-2023-ilo-3208906
Canada home prices see record drop as high rates hit buyers
https://www.businesstimes.com.sg/property/canada-home-prices-see-record-drop-high-rates-hit-buyers
Business outlook sours in Canada, complicating interest-rate path
https://www.businesstimes.com.sg/international/business-outlook-sours-canada-complicating-interest-rate-path
Inflation and tax breaks making inequality worse, UK groups say
https://www.businesstimes.com.sg/international/inflation-and-tax-breaks-making-inequality-worse-uk-groups-say
UK property sellers lift prices for first time in three months
https://www.businesstimes.com.sg/property/uk-property-sellers-lift-prices-first-time-three-months
UK’s poor have seen the highest rent increases in last decade
https://www.businesstimes.com.sg/property/uks-poor-have-seen-highest-rent-increases-last-decade
London office deals hit 20-year low after Truss budget turmoil
https://www.businesstimes.com.sg/property/london-office-deals-hit-20-year-low-after-truss-budget-turmoil
Germany, Italy GDP will fall below pre-Covid level, Moody’s says
https://www.businesstimes.com.sg/international/germany-italy-gdp-will-fall-below-pre-covid-level-moodys-says
China’s 2022 GDP growth estimated at 3%: official stats
https://www.businesstimes.com.sg/international/global/chinas-2022-gdp-growth-estimated-3-official-stats
China’s economy set to slow sharply in Q4, policymakers face post-pandemic test
https://www.businesstimes.com.sg/international/global/chinas-economy-set-slow-sharply-q4-policymakers-face-post-pandemic-test
https://www.channelnewsasia.com/business/chinas-q4-growth-slows-29-y-y-beats-expectations-3210556
China says will make housing prices stable, strictly curb speculation
https://www.channelnewsasia.com/business/china-says-will-make-housing-prices-stable-strictly-curb-speculation-3210886
China bad-debt firms plan property support of up to 160 billion yuan
https://www.businesstimes.com.sg/international/china-bad-debt-firms-plan-property-support-160-billion-yuan
https://www.straitstimes.com/business/china-bad-debt-firms-plan-property-support-of-up-to-31-billion
China’s December home prices fall, more supportive policies likely
https://www.channelnewsasia.com/business/china-december-home-prices-residential-property-real-estate-3208411
China Dec industrial output up 1.3%, retail sales down 1.8%
https://www.channelnewsasia.com/business/china-dec-industrial-output-13-retail-sales-down-18-3210551
Here’s what needs to change as Chinese tourists return
https://www.businesstimes.com.sg/international/heres-what-needs-change-chinese-tourists-return
Japanese firms seen to offer the biggest wage hikes in 26 years
https://www.businesstimes.com.sg/international/japanese-firms-seen-offer-biggest-wage-hikes-26-years
South Korea December house prices suffer worst fall in at least 19 years
https://www.businesstimes.com.sg/property/south-korea-december-house-prices-suffer-worst-fall-least-19-years
https://www.straitstimes.com/business/south-korea-housing-prices-suffer-worst-fall-in-at-least-19-years
Malaysia PM says 2023 budget to consider rising debt level
https://www.businesstimes.com.sg/international/asean/malaysia-pm-says-2023-budget-consider-rising-debt-level
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