The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 22 Feb 2023 (Wed)

Singapore Real Estate

Hong Heng Mansions up for collective sale with S$133 million reserve price
Hong Heng Mansions has been launched for collective sale by tender with a S$133 million reserve price on Wednesday (Feb 22), said marketing agent ERA Realty Network. This implies a land rate of about S$1,208 per square foot per plot ratio, excluding land betterment charge.

China buyer picks up duplex penthouse at Klimt Cairnhill for nearly S$30 million
The duplex penthouse unit occupying the top two floors of the 36-storey Klimt Cairnhill luxury condominium is being sold for close to S$30 million, The Business Times understands. The price works out to nearly S$5,000 per square foot (psf) for the 5,920 square foot freehold unit; the strata area includes about 800 sq ft of void that creates a double-volume space in the living area.

Analysis: Deep dive into each February BTO project
Singapore (EdgeProp) – This month’s Build-To-Order (BTO) exercise comprises 4,410 flats across five projects in four towns, which is significantly fewer than the 9,655 flats across 10 projects in five towns that were launched in the BTO exercise last November.



Singapore Economy

Parliament debate on Singapore Budget 2023 starts Feb 22
Singapore: Parliament will start debating the Budget 2023 statement on Wednesday (Feb 22). It is expected to go on for at least two days before Deputy Prime Minister and Finance Minister Lawrence Wong delivers the round-up speech, clarifies queries from Members of Parliament and sums up the Budget.

S’pore businesses contend with rising costs as policy sharpens on productivity, competitiveness
Singapore – Even as inflation peaks and the interest rate hiking cycle heads for a pause, the cost of doing business in Singapore is likely to remain elevated for quite a while. A significant pullback in demand for goods worldwide is already showing in export data, clouding the outlook for overall economic growth. The rebound in the services sector will also start to lose steam in time.

Fintech innovation will help drive growth for businesses in Singapore
Singapore’s growth prospects have slowed amid inflationary pressures and global economic uncertainty. Yet, if there’s a bright spot to focus on, it may just lie in fintech innovation. The 2023 Budget echoed this sentiment, with Deputy Prime Minister Lawrence Wong noting the need to “nurture and sustain innovation across the economy”.



Companies’ Brief

CapitaLand Investment sets up China data centre development fund
CapitaLand Investment (CLI) has established CapitaLand China Data Centre Partners (CDCP), a China data centre development fund committed to investing in two hyperscale data centre development projects in the Greater Beijing area.

Goldman Sachs downgrades CDL to ‘sell’ and UOL to ‘neutral’ after third round of cooling measures
Goldman Sachs analysts Xuan Tan and John Tsang have issued a downgrade on property developers City Developments Limited (CDL) and UOL after a further round of cooling measures announced at the Budget 2023.

Frasers Property secures five-year A$340 mil and US$75 mil sustainability-linked loan for Australia business
Frasers Property (FPL) has secured a five-year A$340 million ($312.9 million) and US$75 million ($100.4 million) syndicated sustainability-linked loan for its Australia business, Frasers Property AHL Limited (FPAHL).

Pan-United supplying 360,000 cu m of low-carbon concrete to PSA’s Tuas Port
Pan-United Corporation has announced its role in supplying some 360,000 cubic meters of so-called carbon dioxide mineralised concrete used in the construction of Tuas Port. The contract value has not been disclosed.

Sembcorp chairman Ang Kong Hua retires, Tow Heng Tan appointed
Sembcorp Industries said on Wednesday (Feb 22) that chairman Ang Kong Hua will be retiring at its upcoming annual general meeting on Apr 20. Current deputy chairman Tow Heng Tan will take over as non-executive and non-independent chairman



Global Economy & Real Estate


US business activity rebounds to eight-month high in February: S&P Global survey

US existing home sales fall in January, but pace slowing

More taking up second job, another sign of a tight US job market

Eurozone business growth at 9-month high, backed by services: flash PMI

UK government runs unexpected budget surplus in January: ONS

UK companies unexpectedly show first growth in six months

UK’s long housing boom helped trigger exodus of older workers

Britain lacks millions of homes due to tight planning laws: think tank

North London property prices jump as buyers return to capital

New Zealand delivers half-point rate hike, still sees 5.5% peak

China leaders pledge stronger growth as recovery takes hold

China property market outlook is improving: HSBC CEO

Investment into China picks up in January after late 2022 drop

China’s exports in 2023 weighed down by ‘very weak’ outlook, analysts say

Hong Kong budget 2023-24: after ‘Hello’, comes ‘Happy’ – economy set for growth this year, HK$5,000 consumption voucher for locals while non-residents get HK$2,500

Hong Kong hopes free air tickets revive tourism as fiscal deficit soars

Sino Land set to launch some 2,100 flats this year as it turns ‘cautiously optimistic’ on Hong Kong’s property market

Japan says economy in modest recovery, caution over global slowdown

Japan’s modest business services price rise highlights dilemma for central bank

Japan manufacturers gloomy as global slowdown hurts – Reuters Tankan

South Korea’s ‘jeonse’ rent-free renters hit by property downturn

With Malaysia hurt by 1MDB, debt and inflation, will Anwar be able to ease cost of living?


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