SINGAPORE ECONOMY
Year of the Dragon brings new hope for Singapore economy, but outlook remains clouded
Singapore – With the end of the biggest global inflationary surge in decades and a turn in the electronics cycle in sight, Singapore’s economy looks set to stage a comeback in 2024 – the Year of the Dragon on the Chinese calendar.
Muted outlook for Singapore consumer sector as inflation prompts belt-tightening
Singapore’s consumer spending growth may stay slow in 2024 as inflationary pressures prompt belt-tightening. Some might also spend overseas instead, said economists and industry players. The increase in outbound travel could be partly offset by increased visitor arrivals, which may, however, be limited by the strength of the Singapore dollar.
Will global supply chains be disrupted by ship attacks in the Red Sea and is Singapore affected?
Singapore — The United States on Monday (Dec 18) announced a 10-nation coalition to fend off missile and drone attacks on ships transiting the Red Sea, which is part of a major global shipping route.
PwC hopes Budget 2024 will support businesses, sustainability and workers
Professional services firm PwC is calling for a refundable tax credit framework, a participation exemption for gains on the disposal of foreign assets, as well as sustainability and workforce related measures in its Budget 2024 wish list released on Tuesday (Dec 19).
Companies’ Brief
Hiap Hoe unit buys Western Australian motel for A$40 million
Real estate group Hiap Hoe on Tuesday (Dec 19) announced the purchase of a 198-bedroom freehold motel property in Western Australia for A$40 million (S$35.9 million). The property is Great Eastern Motor Lodge, which is situated along the Great Eastern Highway, the main road linking the domestic and international terminals at Perth Airport to the Western Australian capital’s central business district.
LHN launches Coliwoo Hotel Pasir Panjang
LHN Limited’s co-living subsidiary brand Coliwoo has launched Coliwoo Hotel Pasir Panjang, the newest addition to its portfolio of 15 properties islandwide. Located at 404 Pasir Panjang Road, the co-living hotel is able to cater students, researchers and lecturers from National University of Singapore, Curtin University as well as SP Jain.
https://www.theedgesingapore.com/news/company-news/lhn-launches-coliwoo-hotel-pasir-panjang
Views, Reviews Forum and Others
Covid-19 infections in Singapore stable from Dec 12 to 17
Singapore – Covid-19 infections appear to have plateaued over the past week, from Dec 12 to 17. The seven-day moving average was 7,870 on Dec 12 and it went down slightly to 7,730 on Dec 17.
Very heavy traffic expected at Singapore-Malaysia land checkpoints for Christmas, New Year’s Day long weekends
Travellers can expect very heavy traffic at Singapore’s two land checkpoints over the upcoming Christmas and New Year’s Day long weekends, the Immigration and Checkpoints Authority (ICA) said on Tuesday (Dec 19).
Global Economy & Real Estate
US single-family housing starts surge in November
https://www.businesstimes.com.sg/property/us-single-family-housing-starts-surge-november
Bali bets on wellness experiences and sustainable dining to spur tourism recovery
Britain proposes post-Brexit easing of company listings rules
TPG buys stake in Canadian warehouses from Oxford for US$750 million
https://www.businesstimes.com.sg/property/tpg-buys-stake-canadian-warehouses-oxford-us750-million
China can achieve 5% economic growth in 2024: central bank adviser
Shift in Chinese retailers’ strategy risks entrenching deflation
China-Europe container shipping rates soar as Red Sea attacks push firms to skip Suez Canal
Is China uninvestable or irreplaceable? Foreign investors ponder rising risks vs rewards of world’s second-largest economy
How college football is clobbering housing markets across the country
Hong Kong economy, property market to benefit from rate-cut cycle as early as March, analysts say
New Hong Kong scheme to attract capital, talent could reel in HK$120 billion annually, financial services chief says
Bid to attract more overnight visitors to Hong Kong and develop high-quality tourism proposed by Chief Executive John Lee in Beijing
Hong Kong expected to handle 9 million trips by people over festive season, as authorities and retailers prepare raft of discounts, sweeteners
Hong Kong set to reduce sellers threshold for old buildings to as low as 65% in 7 areas under urban renewal bid
Hong Kong’s Sept-Nov unemployment holds steady at 2.9%
https://www.businesstimes.com.sg/international/hong-kongs-sept-nov-unemployment-holds-steady-29
Japan govt to raise long-term rate estimate in FY2024/25 budget -sources
Japan ups assessment on business mood, holds to view of overall economy
Japan FY 2024 budget to exceed 110 trillion yen – Kyodo
https://www.channelnewsasia.com/business/japan-fy-2024-budget-exceed-110-trillion-yen-kyodo-3998766
Japan’s Nov exports fall for first time in three months
https://www.channelnewsasia.com/business/japans-nov-exports-fall-first-time-three-months-4000631
https://www.businesstimes.com.sg/international/japans-exports-slip-fresh-sign-recovery-sputtering
https://www.straitstimes.com/business/japan-s-exports-slip-in-fresh-sign-recovery-is-sputtering
Japan’s post-pandemic tourists shift spending to crafts, jewellery
Only Singapore has a mightier passport than Japan. But most Japanese don’t own 1
Anwar’s trip spurs Japan’s RM6.6 billion investment in Malaysia
The 10 priciest NYC home sales show market doing ‘pretty darn well’
UK warns of deteriorating security in Red Sea, Royal Navy ship joins taskforce
Washington-area office default risk surpasses that in San Francisco
Disclaimer & Note:
Real Estate Developers’ Association of Singapore (REDAS) does not warrant the accuracy, adequacy or completeness of the information and expressly disclaims liability for errors or omissions therein. The content, accuracy, and opinions expressed are not investigated, verified, monitored, nor endorsed by REDAS. Every effort is taken to ensure that all information extracted is correct at the time of dissemination.
The Daily News is issued as news gathering for the convenience and benefits of REDAS’ members only and not for mass circulation. Members are advised to exercise discretion in the use and dissemination of the information. The news links are time-sensitive and require registration of fee-based digital subscriptions.