SINGAPORE REAL ESTATE
Property tax to increase for most homes in 2023; Government will provide one-off rebate
Singapore: Property taxes will go up in 2023, following a yearly review of the properties’ annual values which is used to compute the tax. The revision will affect both Housing Board (HDB) flats and private properties.
https://www.channelnewsasia.com/singapore/property-tax-increase-iras-rebate-annual-value-revision-2023-3117496
https://www.todayonline.com/singapore/property-tax-higher-2023-rebate-2061766
https://www.businesstimes.com.sg/property/higher-property-taxes-singapore-homeowners-government-raises-residential-annual-values
https://www.straitstimes.com/singapore/most-home-owners-to-pay-higher-property-taxes-in-2023-govt-to-give-one-off-rebate-of-up-to-60
Developer of new project on Cecil Street switches strategy to strata sales
The developers of the new 20-storey freehold office project that will come up on the PIL Building site along Cecil Street have decided on strata sales of the development. The TE Capital Partners and LaSalle Investment Management tie-up behind the Solitaire On Cecil project was earlier contemplating a forward sale of the entire asset.
https://www.businesstimes.com.sg/property/developer-new-project-cecil-street-switches-strategy-strata-sales
Freehold building in Farrer Park up for sale with S$16.88m guide price
A six-storey freehold building in Farrer Park has been put up for sale via expression of interest with a guide price of S$16.88 million. This translates to around S$1,981 per square foot (psf) on a total gross floor area of 8,522 square feet (sq ft), exclusive marketing agent CBRE said in a press statement on Thursday (Dec 1).
https://www.businesstimes.com.sg/property/freehold-building-farrer-park-sale-s1688m-guide-price
20-24% of first-time BTO applicants in mature estates successful on first try: Desmond Lee
Singapore – Between 20 per cent and 24 per cent of first-time applicants managed to get a Build-To-Order (BTO) flat in a mature estate on their first try in the past three years, said National Development Minister Desmond Lee.
https://www.straitstimes.com/singapore/politics/20-to-24-of-first-time-bto-applicants-in-mature-estates-successful-on-first-try-desmond-lee
https://www.todayonline.com/minute/20-24-first-time-bto-applicants-mature-estates-succeed-first-try-less-2-need-more-5-tries-desmond-lee-2060576
First-time BTO applicants in November HDB launch have good chance of booking Queenstown flats
Singapore – First-time applicants for the Queenstown Build-To-Order (BTO) projects in the November launch stand a good chance of being invited to select a flat, while those who opted for the Kallang/Whampoa BTO project face stiff competition.
https://www.straitstimes.com/singapore/housing/first-time-bto-applicants-in-november-hdb-launch-have-good-chance-of-booking-queenstown-flats
SINGAPORE ECONOMY
Tech sector believes recent layoffs could stem ‘frothy’ asking salaries, ‘may not be a bad thing’: Tan See Leng
Singapore — Asking salaries in the tech sector will likely decline in the wake of a spate of retrenchments, and this will lead to a more sustainable growth of the sector, Manpower Minister Tan See Leng said, adding that this is based on feedback he has received from industry players
https://www.channelnewsasia.com/singapore/singapores-resident-labour-force-sees-more-improvements-2022-employment-second-year-row-mom-3114301
https://www.todayonline.com/singapore/tech-sector-believes-recent-layoffs-could-stem-frothy-asking-salaries-may-not-be-bad-thing-tan-see-leng-2061206
Singapore’s resident labour force sees more improvements in 2022, employment up for second year in a row: MOM
Singapore: Singapore’s resident labour force continued to see improvements in 2022, with the employment rate rising for the second consecutive year, the Ministry of Manpower (MOM) said in the advance release of its annual Labour Force in Singapore report on Thursday (Dec 1).
https://www.channelnewsasia.com/singapore/singapores-resident-labour-force-sees-more-improvements-2022-employment-second-year-row-mom-3114301
https://www.todayonline.com/singapore/resident-employment-rate-rises-2nd-straight-year-real-income-grows-despite-high-inflation-2060666
Singapore residents’ real median income growth rises to 2.1% in 2022
Real median income growth rose to 2.1 per cent in 2022, as strong nominal income growth outstripped inflation, said the Ministry of Manpower (MOM) in the advance release of its annual Labour Force in Singapore report on Thursday (Dec 1).
https://www.businesstimes.com.sg/singapore/singapore-residents-real-median-income-growth-rises-21-2022
https://www.straitstimes.com/singapore/jobs/singaporeans-saw-21-rise-in-median-real-income-this-year-despite-inflation-mom
https://www.channelnewsasia.com/singapore/singapores-resident-labour-force-sees-more-improvements-2022-employment-second-year-row-mom-3114301
With ‘consistently high cost of living’, Singapore ranked world’s most expensive city for 8th time in a decade: Survey
Singapore — Singapore has tied with America’s New York to share the unwanted title of being the most expensive city to live in, the latest Worldwide Cost of Living index showed. Results of the survey by the Economist Intelligence Unit (EIU), which were released on Thursday (Dec 1), showed that a combination of high incomes and a strong exchange rate propelled both financial hubs to the top of the list.
https://www.todayonline.com/singapore/consistently-high-cost-living-singapore-ranked-worlds-most-expensive-city-8th-time-decade-survey-2061111
VIEWS, REVIEWS, FORUM AND OTHERS
Fewer workplace deaths and major injuries in Q3 2022, but safety council urges greater vigilance
Singapore – There were fewer workplace deaths and major injuries in the third quarter of 2022, but the Workplace Safety and Health (WSH) Council warned that greater vigilance is needed to ensure this improvement is sustained in the coming months.
https://www.straitstimes.com/singapore/fewer-workplace-deaths-and-major-injuries-in-q3-2022-but-safety-council-urges-greater-vigilance
Commentary: People think they don’t need a fourth COVID-19 shot. They’re wrong
Singapore: The fourth COVID-19 jab has been made available for groups of people in Singapore since April, with the updated bivalent mRNA vaccine available to those aged 18 and above since Nov 7.
https://www.channelnewsasia.com/commentary/covid19-vaccine-fourth-dose-booster-shot-pandemic-risk-concerns-3112581
GLOBAL ECONOMY & GLOBAL REAL ESTATE
IMF chief warns of bigger chance world growth slows below 2%
https://www.straitstimes.com/business/economy/imf-chief-warns-of-bigger-chance-world-growth-slows-below-2
US Fed’s preferred inflation gauge slowed in October
https://www.straitstimes.com/business/us-fed-s-preferred-inflation-gauge-slowed-in-october
US rents fall for third straight month in ‘sharper’ pullback
https://www.businesstimes.com.sg/property/us-rents-fall-third-straight-month-sharper-pullback
US pending home sales fall 4.6 per cent in October
https://www.businesstimes.com.sg/property/us-pending-home-sales-fall-46-cent-october
US consumer price data offers hope that rate hikes are working
https://www.businesstimes.com.sg/international/us-consumer-price-data-offers-hope-rate-hikes-are-working
Australia’s housing market downturn extends, while decelerating
https://www.businesstimes.com.sg/property/australias-housing-market-downturn-extends-while-decelerating
Australia and New Zealand housing tumble down under as soaring borrowing costs take toll
https://www.businesstimes.com.sg/property/australia-and-new-zealand-housing-tumble-down-under-soaring-borrowing-costs-take-toll
Asia’s factory activity shrinks as China lockdown impact widens
https://www.businesstimes.com.sg/international/asias-factory-activity-shrinks-china-lockdown-impact-widens
https://www.straitstimes.com/business/asia-factory-activity-shrinks-as-china-lockdown-impact-widens
New home prices in China fall further in November: survey
https://www.businesstimes.com.sg/property/new-home-prices-china-fall-further-november-survey
https://www.straitstimes.com/business/china-new-home-prices-fall-further-in-november
Sunac China received 12 billion yuan in loans as state steps up support
https://www.businesstimes.com.sg/property/sunac-china-received-12-billion-yuan-loans-state-steps-support
Growing interest in alternative investments in Sabah, Johor and Penang: survey
https://www.businesstimes.com.sg/international/asean/growing-interest-alternative-investments-sabah-johor-and-penang-survey