The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 21, 22, 23, 24 & 25 Jan 2023 (Sat, Sun, Mon, Tue & Wed)

Singapore Real Estate


Wealthy foreigners gain less from buying Singapore property through family offices, experts say
While foreign interest in Singapore properties has been on the rise in recent years, wealthy foreigners are likely buying assets under their individual names – instead of through their family offices – to circumvent financial disincentives.


S’pore investors home in on walk-up apartments as condo prices continue to rise
Singapore – A spacious 1,300 square foot freehold property, located just a stone’s throw from the Orchard shopping district, is selling for $1.3 million or $1,000 per square foot (psf).


What if homes were sold only for occupation and not investment?
Last month, I took some time off work and allowed my mind to wander. I imagined an alternate universe in homeownership in Singapore, where homes are almost exclusively used for occupation and not investment.


Real estate companies may find it tough getting funding if they don’t go green: OCBC
Real estate companies reliant on funding could be compelled to comply with sustainability practices, or face reduced funding opportunities, warned OCBC in a sector report on Friday (Jan 20).


Over 20,000 HDB flats built in 2022, the highest number in past five years
Singapore – With the construction industry on the recovery path, more than 20,000 HDB flats were completed in 2022, the highest number in the last five years. This is about a 50 per cent increase from the number of flats completed in 2021, said the Housing Board on Friday.


4 possible HDB resale trends in 2023
Singapore – The Housing Board resale market may be cooling after rising to new heights in 2022. Prices hit fresh highs in many locations, and housing demand was robust despite the record prices.


Record-high HDB rents driving Malaysians working in S’pore to live in JB
Singapore – On Feb 1, Ms T. Lai will join tens of thousands of Malaysians crossing the Causeway to Singapore daily for work. The 49-year-old Malaysian, who works as a waitress in a Chinese restaurant in Woodlands, said her current lease for a flat in Singapore will expire at the end of January, and she has decided to move to Johor Bahru as she cannot afford the high rents here.


How 1,000 HDB home owners sold their flats for $236,000, yet still live there
Singapore – It looks too good to be true at first glance – more than 1,000 owners of five-room and bigger HDB flats have “sold” their units and reaped average “profits” of $236,000 each but are still living in their homes.


More than 160 flats taken back by HDB as owners refuse to repay loan
Singapore – There may be big bucks to be made in property, but overextending yourself when buying an HDB unit can be a one-way ticket to trouble if you are not careful. Housing Board homes are meant for just that – providing a home, and not serving as a speculative investment that might lead you to taking on a bigger loan than you can afford.



Singapore Economy


Singapore expects to avoid economic recession but growth also depends on external conditions: PM Lee
Singapore – The Republic expects to avoid an economic recession and still grow the economy, but this will depend on external conditions as well, said Prime Minister Lee Hsien Loong.


Get Covid-19 vaccinations, be vigilant amid CNY celebrations: PM Lee
Singapore – Stay vigilant against Covid-19 amid the festive celebrations, said Prime Minister Lee Hsien Loong in his Chinese New Year message on Saturday. He also called on Singaporeans to cherish family time and make it a greater priority.


Singapore’s core inflation unchanged at 5.1% in December, averaged 4.1% for 2022
SINGAPORE: Singapore’s core inflation remained unchanged at 5.1 per cent year-on-year in December, official data showed on Wednesday (Jan 25).  Smaller price increases for retail and other goods, as well as electricity and gas, were offset by higher inflation for food and services, said the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Information (MTI).


Budget ‘goodies’ should be modest in 2023, big cash payouts unlikely: economists
Though Finance Minister Lawrence Wong has called the Feb 14 Budget his “Valentine’s Day present” to Singaporeans, not everyone may receive a gift. Inflation fears will likely be tackled by boosting support schemes for vulnerable groups, rather than giving handouts to all, said market watchers.



Companies’ Brief


Viva Land-linked units put Singapore assets up for sale for about S$700m

The Robinson Point office building and the hotel next door (formerly known as SO/ Singapore) have been put on the market. Entities in the Viva Land Group – now known as VivaCapital – which own the assets have appointed CBRE and JLL as marketing agents to source for buyers through an expression of interest (EOI) exercise.


Blackstone in talks with Bain to sell US$480m stake in top Indian Reit: source

Blackstone is in talks to sell around half of its stake in India’s largest real estate investment trust (Reit), Embassy Office Parks, to private equity firm Bain Capital, two sources said.


Sabana REIT’s unitholders await formal document for partial offer from Volare Group

Volare Group in its announcement on Jan 20 for a partial offer to Sabana REIT’s unitholders said a formal document, setting out the terms and conditions of the partial offer will be despatched to unitholders not earlier than 14 days and not later than 21 days from the date of the offer (Jan 20).



Global Economy & Real Estate


Global economy seen facing a challenging year: Eurochambres


Smaller Fed rate hike may augur end to ‘ongoing’ increases


US can slow inflation without unemployment spike: Fed study


Inflation is cooling, leaving America asking: What comes next?


US business activity downturn eases slightly; euro zone back to growth


Too-calm investors raise risk of US default calamity, says Moody’s Analytics chief economist


Eurozone returns to growth after six-month crunch: data


Europe bracing for sharp and abrupt real estate reversal


First-time homebuyers are teaming up to get on UK housing ladder


UK deficit soars to record as inflation boosts debt payments


UK business activity falls at fastest rate in two years, flash PMI shows


UK retail sales had worst year on record amid spending squeeze


New Zealand’s ruling party confirms Hipkins as new prime minister


Jacinda Ardern will be gone soon, but New Zealand’s economic troubles are here to stay


Germany’s economic pressure eases as services return to growth


Milan luxury real estate booms as bankers leave London for Italy


Foreign demand drives Portugal home prices to 30-year high


Australia inflation surges again in Q4, argues for more rate hikes


Australian Dec business conditions moderate, cost pressures ease – survey


Three Ds to drive real estate investment in Asia-Pacific


China’s reopening brings bounce to Apac commercial property in Year of the Rabbit


Investment opportunities look promising from China’s reopening


China air travel approaches pre-pandemic levels for holidays


Luxury sector impatient for return of Chinese tourists


Hong Kong home prices to drop 10% before rebound, Goldman says


Macau ponders future even as tourists and gamblers return


Japan sees rising interest rates expanding its growing debt pile


South Korean exports fall 2.7% in Jan 1-20 period


With rising bank interest rates, South Koreans can only wait to buy dream homes in Seoul


Malaysia’s inflation eases to 3.8% in December, bringing full-year rate to 3.3%



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