The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 2 Feb 2023 (Thu)

Singapore Real Estate


Kitchener Road shophouse for sale with S$12 million guide price
A shophouse on Kitchener Road has been put up for sale via an expression of interest (EOI) exercise with an indicative guide price of S$12 million.  While the address of the property was not disclosed, exclusive marketing agent PropNex on Wednesday (Feb 1) said it is a three-storey freehold property sitting on a 1,440.2 square foot plot of land.


Singapore property market braces for surging Chinese demand, immigration interest
Singapore’s property market is bracing for surging demand from Chinese buyers as the world’s second-largest economy reopens. Real estate agencies in the city-state have seen more inquiries from mainland Chinese, with industry watcher OrangeTee & Tie noting a 10 per cent to 15 per cent increase in January since Beijing announced it was ending three years of global isolation.



Singapore Economy


Singapore, EU sign partnership to strengthen bilateral digital trade
Singapore and the European Union (EU) have signed a digital partnership that will strengthen connectivity and interoperability between both digital markets, enabling people and businesses to transact digitally more seamlessly and at lower costs.


Budget 2023 a delicate balancing act between prudence and fiscal support as costs rise
The government is likely to be “caught in a bit of a bind” in the upcoming Budget 2023, said economists, given its need to be fiscally prudent and rein in expenditure, even as it helps to address rapidly rising costs.


No broad-based subsidies for SMEs in Budget 2023, but some scheme renewals possible: analysts
Singapore’s small and medium-sized enterprises (SMEs) should not expect general subsidies in Budget 2023 – as the country emerges from the pandemic – but existing schemes for sustainability, internationalisation and innovation are likely to be extended, said economists and industry players.


Singapore’s corporate tax takings in first 9 months of FY2022 exceed full-year estimate
In the first nine months of the government’s fiscal year, Singapore’s corporate income tax receipts have already exceeded its full-year estimate – with overall operating revenue also ahead of the pace, data from the Accountant-General’s Department showed.



Companies’ Brief


Bukit Sembawang’s chief operating officer resigns
Bukit Sembawang Estates chief operating officer Charles Chow has resigned from his role to pursue other career opportunities, the company said on Thursday (Feb 2). His last day is Feb 10. Chow was appointed to his role on Feb 1, 2021 to lead and oversee the day-to-day operations of its business.


Oxley Holdings H1 net profit falls to S$277,000 on lower revenue
Mainboard-listed Oxley Holdings reported on Wednesday (Feb 1) a sharp decline in net profit for its first half on the back of lower revenue and higher finance costs. Net profit for the six-month period ended Dec 31, 2022 fell to S$277,000 from S$23.5 million in the corresponding period a year ago.



Views Reviews, Forum and Others


Prime mover driver who died at Keppel Terminal was 3rd case of workplace death in January: MOM
Singapore — There were three workplace deaths in the first month of the year, with the most recent being a 44-year-old Malaysian who died when the prime mover he was driving plunged into the sea at Keppel Terminal.


Covid-19: Should Singapore lift mask-wearing rule on public transport, healthcare venues? Experts think so
Singapore — As the Covid-19 situation in Singapore and around the world has stabilised, infectious disease experts here are saying that now is a good time to do away with the public health safety rules of wearing a mask on public transport and in healthcare settings.



Global Economy & Real Estate


US Fed delivers small 25 bps rate hike, sees ‘ongoing increases’ as inflation fight not over


Smallest US firms are shedding workers fast as economy cools


US construction spending unexpectedly fall in December


US private hiring slows more than expected in January


UK house prices in longest slump since 2008, Nationwide says


ECB to raise rates again and face questions about future path


Eurozone inflation eases as ECB debate over rates heats up


Irish commercial real estate deals plummet as buyers bide time


IMF sees Australia ‘soft landing,’ cuts economic growth forecast


China’s economic recovery still patchy despite brighter outlook


More Chinese cities post gains in new home prices: survey


Hong Kong central bank raises interest rate after Fed hike


Hong Kong economy shrank 3.5% in 2022


Hong Kong housing slump pushes negative equity to 18-year high


South Korea’s inflation quickens, keeping rate-hike option alive


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