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 Mar 2023 (Thu)

Singapore Real Estate


High interest rates, labour and energy costs to weigh on property firms’ earnings this year
Although most Singapore-listed property developers reported stronger financial results and good dividend payouts in 2022, many are expecting costs to rise and high interest rates to persist amid grimmer business conditions in 2023.


Nearly half of S-Reits suffer DPU declines in H2 – more pain for investors lies ahead
Nearly half of the Singapore-listed real estate investment trusts (S-Reits) have reported a year-on-year (y-o-y) decline in distribution per unit (DPU) for the latest period ended Dec 31, 2022.


Singapore among top cities for ultra-prime residential property sales in 2022: Knight Frank
Singapore ranks among the top markets for ultra-prime residential property transactions in 2022, alongside cities that the super-wealthy buy homes in, such as London and New York, according to real estate consultancy Knight Frank.


Non-landed private residential price index stays flat in January: NUS SRPI flash estimate
The Institute of Real Estate and Urban Studies (IREUS) has released the Singapore Residential Price Index (SRPI) for the month of January. Flash estimates indicate the overall index stayed flat, with no changes from the previous month.


‘Horror movie set’ or ‘outstanding design’? Tampines BTO residents have mixed views on vivid colour schemes in common areas
Tampines GreenVines, a new BTO public housing project, went viral on social media for its red colour scheme in the common areas of some blocks of flats. Newly arrived homeowners have described the colour scheme as “creepy”, “spooky”, and “very unpleasant” although one resident said it was an “outstanding” design.



Singapore Economy


Singapore, UK ink green economy framework to bolster energy, climate collaboration
Singapore and the United Kingdom on Wednesday (Mar 1) signed a memorandum of understanding (MoU) to establish a bilateral green economy framework.


Employers must give proof of EP applicants’ educational qualifications under Compass framework
From September, employers must submit proof of Employment Pass (EP) applicants’ educational qualifications to score the relevant points under a new assessment framework, Minister for Manpower Tan See Leng said on Wednesday (Mar 1).


Increased CPF salary ceiling to cost businesses about $500 million a year: Tan See Leng
Singapore businesses will fork out about $500 million more a year in Central Provident Fund (CPF) contributions for employees, after the salary ceiling for contributions increases from $6,000 to $8,000 in 2026 to keep pace with rising salaries.


Empowering Singaporeans to manage ‘career health’ while supporting vulnerable workers
Singaporeans will get more tools to manage their “career health”, while vulnerable groups will receive more support so that all segments of workers can reap the benefits of growth, said Minister for Manpower Tan See Leng in Parliament on Wednesday (Mar 1).


‘Deeper reforms’ to come for workplace safety and health; extra measures in extended heightened safety period
Singapore is considering “deeper reforms” for workplace safety and health (WSH) standards and practices, both broad-based and at the sectoral level, Senior Minister of State for Manpower Zaqy Mohamad said on Wednesday (Mar 1).



Companies’ Brief


OUE H2 profit nearly doubles to S$101.2 million as all segments book higher revenue
Property developer OUE Limited reported earnings of S$101.2 million for the second half of 2022, close to double that of its net profit of S$50.9 million in the corresponding prior-year period.


PropertyGuru slashes Q4 losses to S$5.2 million
PropertyGuru reported an 80.7 per cent drop in losses for Q4 FY2022 to S$5.2 million from S$27.2 million in Q4 FY2021. Q4 FY2022 revenue grew 16.8 per cent to S$40.1 million from S$34.3 million a year prior.


Renewables a key Asean growth engine for Surbana Jurong
In South-east Asia, the renewables sector is expected to be a key growth engine in the region, and Surbana Jurong (SJ) is doing all it can to ensure it is primed to tap on the many opportunities out there.


UOB completes acquisition of Citigroup’s Vietnam consumer banking business
UOB said on Wednesday that it has completed the acquisition of Citigroup’s consumer banking business in Vietnam, including the transfer to UOB Vietnam of some 575 staff related to the business there.




Global Economy & Real Estate


US mortgage rates remain at highest since November


US manufacturing sector contracts in February


Dubai’s luxury property market closing in on New York, LA


Inflation in UK shops hits record high of 8.4% with little relief ahead


China leaders surprised by pace of economy’s rebound


China says land sales slump has only limited impact on budget


South Korea promises all-out efforts to boost exports, attract tourists


Asia’s factories gather some speed on China reopening boost



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