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 May 2023 (Tue)

Singapore Real Estate


Lawrence Wong allays property price fears in May Day rally
Singapore’s prime minister-in-waiting Lawrence Wong used a May Day rally to address concerns over a red-hot property market fueling economic inequality, saying citizens will always have affordable homes.


BTO flats remain affordable, prices have risen in tandem with incomes: DPM Wong
Singagpore — Build-to-Order (BTO) flats remain affordable, with flat prices moving in tandem with incomes, said Deputy Prime Minister Lawrence Wong on Monday (May 1). Speaking during the May Day Rally, Mr Wong said: “When you think about affordability, please don’t just look at the headline price of the BTO flat; also consider how the price relates to income, as well as the proportion of income that’s needed to service the housing loan.”


Can sales commissions of agents be squeezed to benefit consumers?
Selling properties on behalf of customers can yield rich returns for the middleman. For 2022, Singapore’s largest real estate agency posted revenue of S$1.03 billion and net profit of S$62.4 million, up 7.5 per cent and 3.9 per cent year on year respectively.



Singapore Economy


S’pore needs ‘ingenuity and gumption’ to prevail in changing world shaped by geopolitics, security imperatives: DPM Wong
Singapore — In a changing world where rules are now shaped not by consistent principles but by geopolitics and security imperatives, Singapore “cannot afford to outbid the big boys” in order to attract investments, said Deputy Prime Minister Lawrence Wong on Monday (May 1).


Singapore must find ‘right niches’, leverage hub status to thrive in fragmented global economy: Lawrence Wong
Trade-reliant Singapore will need to dig deep as major economies undertake multibillion-dollar initiatives to develop domestic production in strategic sectors, the country’s No 2 leader Lawrence Wong said on Monday.


‘We will always have your back’: 4G team will look after workers in these dark times, says DPM Wong
Singapore – Amid global economic uncertainty and geopolitical tensions, Deputy Prime Minister Lawrence Wong said that he and his 4G team are fully committed to looking after workers and helping them earn a better living.


Commentary: Singapore may not be able to outbid the big players, but it has its own ‘secret recipe’
Singapore: At his first outing as keynote speaker at the National Trades Union Congress (NTUC) May Day Rally on Monday (May 1), Deputy Prime Minister and prime minister-in-waiting Lawrence Wong issued a strong statement of continued commitment to the partnership that his younger generation of political leaders have with those of the union movement as well as the workers of Singapore.


S’pore, Australia pledge to work together to promote regional stability amid rising tensions
Singapore and Australia affirmed their “ambitious” partnership during ministerial talks on Monday, agreeing to cooperate to promote regional stability as both countries prepare for “an era of heightened geostrategic uncertainty”.



Companies’ Brief


CLAS remains analysts’ top pick within Singapore hospitality sector after 1Q business update
CapitaLand Ascott Trust (CLAS) is remaining the top pick amongst analysts after the release of the trust’s business update for the 1QFY2023 ended March 31. On April 26, CLAS announced that its 1QFY2023 gross profit rose by 59% y-o-y although no figures were released.


Mapletree Logistics Trust sees 1.1% increase in Q4 FY22/23 distributable income
Mapletree Logistics Trust (MLT) reported a 1.1 per cent increase in the fourth quarter of FY22/23 distributable income to S$109.2 million, from S$108 million in Q4 FY22/21. But distribution per unit (DPU) for the quarter remained flat at S$0.2268, similar to the year prior.



Global Economy & Real Estate


All eyes on US Fed’s upcoming rate-setting meeting


US construction spending rebounds in March on non-residential structures


Covid vaccine requirement for international travellers ends


UK inflation expectations ease as BOE considers next rate hike


UK shop price inflation cools for first time in 2023


UK Labour vows to restore housing targets to boost homeownership


New Zealand central bank warns more borrowers could fall behind on payments


The housing crisis Down Under


IMF raises Asia’s economic forecast on China recovery, warns of risks


China’s hotels get a Labour Day holiday windfall, raising room rates up to tenfold to cash in on post-Covid travel surge


Millennium Hotels and Resorts debuts M Social brand in China with Suzhou property


China new home prices up slightly in April; fewer cities post gains: survey


Hong Kong reports Q1 GDP growth after disastrous 2022


Japan’s ‘golden week’ holiday season starts early, as citizens make up for time lost in Covid


North Asia’s factories stuck in decline as global growth stalls


South Korea inflation hits 14-month low, backs view rate-hike cycle is over


South Korea factory activity shrinks in April, marks longest downturn in 6 years


South Korea exports suffer the longest losing streak in 3 years


Malaysia hopes to lure back mainland China, Japan, Hong Kong investors with fresh tweaks to MM2H golden visas



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