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 Mar 2023 (Tue)

Singapore Real Estate


Singapore is sixth most expensive city for office space: Savills
Singapore (EdgeProp) – Research by Savills has found that Singapore ranks as the sixth most expensive city for office space, beating other global hubs such as San Francisco, Shanghai and Seoul.


In the face of high home rentals, consider growing a build-to-rent segment
Property tax rates have risen for residential landlords. Borrowing costs are escalating for many homeowners. Low-risk alternatives to investing in homes such as Singapore dollar fixed deposits, treasury bills and Singapore Savings Bonds are looking more attractive with higher interest rates offered.


Data centres have become more green, but are limited by Singapore’s reliance on gas: Experts
Singapore: Data centres in Singapore have become more sustainable over the years, but for them to significantly reduce their carbon footprint, they would have to overcome significant obstacles.


Freehold restaurant floor at Oxley Tower for sale at $12.9 mil
Singapore (EdgeProp) – An entire freehold strata floor at Oxley Tower, located along Robinson Road in the CBD, is up for sale through an expression of interest exercise with a guide price of $12.9 million.


Govt to announce plan for existing dorms to meet improved standards later in 2023: Tan See Leng
Singapore – The details of a plan to support the retrofitting of existing worker dormitories to meet higher standards of living will be announced later in 2023, after almost two years of deliberations and discussions.


HDB bought back 4 flats from owners who could not sell them due to caps on ethnic quota
Singapore – In 2022, the Housing Board bought back flats from four owners who could not sell their homes due to ethnic quota limits. Providing this figure on Monday, National Development Minister Desmond Lee said HDB received 411 appeals related to the Ethnic Integration Policy (EIP) last year.



Singapore Economy


Covid-19 White Paper aims not to critique but draw lessons after honest appraisal: DPM Wong
The point of the Singapore government’s Covid-19 after-action review (AAR) is not to look back and critique the past with hindsight, but to be honest in appraising its own actions and learn from the experience, Deputy Prime Minister and Finance Minister Lawrence Wong said in Parliament on Monday (Mar 20).


Singapore to set up dedicated centre for public health and forward planning team to prepare for future pandemics
Singapore — A dedicated centre for public health as well as a team that will anticipate and monitor risks will be set up to better prepare Singapore for the next pandemic, said Deputy Prime Minister Lawrence Wong on Monday (March 20).


850 compulsory retrenchment notices in 2023 so far; one quarter from tech: MOM
The Ministry of Manpower (MOM) has received about 850 mandatory retrenchment notifications since the start of the year, said Manpower Minister Tan See Leng on Monday (Mar 20). Around a quarter of them came from the information and communications sector, he said.


The gist: MPs discuss tackling future pandemics, migrant worker housing
Singapore — The handling of the coronavirus outbreak in migrant worker dormitories, supply chain problems and Singapore’s mask-wearing policy were among the various issues heard when Parliament debated on the Covid-19 White Paper



Companies’ Brief


Hatten Land says most of its projects have been completed in clarification statement
Hatten Land Limited has issued a statement on March 20 to make clarifications on “certain media articles” on the group’s projects. In its statement, the group says the majority of its projects have been completed and delivered to their respective buyers.


Soilbuild seeks to overturn order to pay S$1 million to subcontractor
Construction company Soilbuild Construction said on Monday (Mar 20) that it will be applying to overturn an order from the Singapore Mediation Centre to pay close to S$1 million to its subcontractor. The amount will instead be paid to court as security, as it pursues further legal proceedings against the subcontractor.



Global Economy & Real Estate


Uncertainty reigns as Fed mulls whether to raise interest rates


These are the world’s most expensive cities for business travel


Britain’s financial industry plans blueprint for post-Brexit ‘kickstart’


Asian central banks face little impact from US, Europe banking crisis


Small Pacific islands look to push sustainable tourism as visitors return


Hong Kong developer opens new office towers amid record vacancy


South Korea producer inflation eases in Feb for eighth month in a row


Malaysia’s Subang Airport’s redevelopment plan to be finalised by end-June: transport minister



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