Singapore Real Estate
Consider waiving Buyer’s Stamp Duty for some young Singaporean couples buying their first home
Young local couples have been getting plenty of help on the housing front recently. Among measures unveiled, married couples aged 40 and below, who are buying their first home, get an additional ballot chance for their Housing and Development Board (HDB) Build-To-Order (BTO) applications from the August BTO exercise.
https://www.businesstimes.com.sg/opinion-features/consider-waiving-buyers-stamp-duty-some-young-singaporean-couples-buying-their
Number of ultra-rich in Singapore expected to reach 5,300 in 2027: Knight Frank
The number of ultra-wealthy people in Singapore is expected to grow 17.7 per cent to around 5,300 between 2022 and 2027, according to a report put out by real estate consultancy Knight Frank.
https://www.businesstimes.com.sg/property/number-ultra-rich-singapore-expected-reach-5300-2027-knight-frank
Singapore Economy
Singapore, Kazakhstan sign four agreements, including one to boost economic cooperation
Singapore and Kazakhstan inked four agreements on Monday (May 22), including one that will give Singapore companies greater access into Kazakhstan’s services sectors and protect investors’ interests.
https://www.businesstimes.com.sg/singapore/singapore-kazakhstan-sign-four-agreements-including-one-boost-economic-cooperation
https://www.straitstimes.com/singapore/politics/singapore-kazakhstan-sign-four-agreements-including-one-to-boost-economic-cooperation
Singapore tourist arrivals climb, continue to surpass one million in April
Singapore’s international visitor arrivals continued to exceed one million in April, for the second straight month this year and the second time since the pandemic began in 2020. Tourism arrivals jumped to 1.13 million in April, up from 1.02 million recorded in the preceding month, based on the latest figures from the Singapore Tourism Board (STB) on Monday (May 22).
https://www.businesstimes.com.sg/singapore/singapore-tourist-arrivals-climb-continue-surpass-one-million-april
https://www.straitstimes.com/business/singapore-tourist-arrivals-climb-continue-to-surpass-one-million-in-april
More family offices setting up base in Singapore, above pre-pandemic numbers: Acra data
Singapore – Family offices have seen robust interest in Singapore, with 182 opening already in 2023 following two years of strong growth. The offices that started operations from January to April 24 come on top of the 690 that opened in 2022 and the 672 in 2021, according to data analytics firm Handshakes.
https://www.straitstimes.com/business/more-family-offices-setting-up-base-in-singapore-above-pre-pandemic-numbers-acra-data
Singapore’s world-class gastro cred imperiled by staffing woes
Singapore restaurant owners are sending a message to the government that the nation’s status as a gastronomic centre could be under threat as rising rents, soaring ingredient costs and tighter labour laws push businesses to either cut corners or close.
https://www.businesstimes.com.sg/singapore/singapores-world-class-gastro-cred-imperiled-staffing-woes
Companies’ Brief
Alpina Holdings wins contract for M&E maintenance and A&A works with a provisional sum of $39.6 mil
Alpina Holdings, through its wholly-owned subsidiary Digo Corp, has been awarded a 48-months contract to provide its services to a ministry of the Singapore government for a provisional sum of around $39.6 million.
https://www.theedgesingapore.com/news/contracts/alpina-holdings-wins-contract-me-maintenance-and-aa-works-provisional-sum-396-mil
Bukit Sembawang H2 profit down 26.2% to S$21.8 million
Posted a 26.2 per cent drop in net profit to S$21.8 million for its second half ended Mar 31, 2023, from S$29.6 million in the previous corresponding period. This was mainly due to lower profits recognised on development projects, the property development and investment group said in a regulatory filing on Monday (May 22) evening.
https://www.businesstimes.com.sg/companies-markets/bukit-sembawang-h2-profit-down-262-s218-million
https://www.theedgesingapore.com/capital/results/bukit-sembawangs-2hfy2023-earnings-down-26-y-o-y-296-mil
S-Reit investors wary of falling NAVs as interest rates weigh on sentiment
Declining net asset values (NAVs) of Singapore-listed real estate investment trusts (S-Reits) are among the top concerns for investors, as portfolio valuations weaken and debt ratios continue to creep up.
https://www.businesstimes.com.sg/companies-markets/s-reit-investors-wary-falling-navs-interest-rates-weigh-sentiment
Global Economy & Real Estate
Inflation has eroded US households’ financial security, Fed survey shows
https://www.businesstimes.com.sg/node/466663
How damage from a US debt default could cascade across the global economy
https://www.channelnewsasia.com/world/us-dbt-default-damage-economy-cascade-global-3506296
ECB not done raising rates, should keep them high, de Cos says
https://www.businesstimes.com.sg/international/ecb-not-done-raising-rates-should-keep-them-high-de-cos-says
London developers kick off record green office refurbishments
https://www.businesstimes.com.sg/property/london-developers-kick-record-green-office-refurbishments
German economy shows resilience but lacks momentum: DIHK survey
https://www.businesstimes.com.sg/international/german-economy-shows-resilience-lacks-momentum-dihk-survey
Million-dollar ‘unlivable shack’ in Sydney shows split with New Zealand home market
https://www.businesstimes.com.sg/property/million-dollar-unlivable-shack-sydney-shows-split-new-zealand-home-market
Australians urged to switch to high-rise living to address housing shortage
https://www.straitstimes.com/asia/australianz/australians-urged-to-switch-to-high-rise-living-to-address-housing-shortage
Hong Kong’s lived-in home prices to drop 5 per cent this year as sales sputter amid new-home glut, high interest rates: Knight Frank
https://www.scmp.com/business/article/3221448/hong-kongs-lived-home-prices-drop-5-cent-year-sales-sputter-amid-new-home-glut-high-interest-rates
Hong Kong tourism chief says ‘have faith in Disneyland’, brushes aside calls to stop funding loss-making park
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3221436/hong-kong-tourism-chief-says-have-faith-disneyland-brushes-aside-calls-stop-funding-loss-making-park
Macau casino operator Galaxy Entertainment’s revenue jumps 72 per cent as tourists return, to create 900 jobs for locals
https://www.scmp.com/business/banking-finance/article/3221399/macau-casino-operator-galaxy-entertainments-revenue-jumps-72-cent-tourists-return-create-900-jobs
Christie’s snaps up former CEO of rival Sotheby’s as auction house prepares to move to bigger space in Hong Kong
https://www.scmp.com/business/article/3221407/christies-snaps-former-ceo-rival-sothebys-auction-house-prepares-move-bigger-space-hong-kong
How a billion-dollar Hong Kong luxury tower highlights developer distress
https://www.straitstimes.com/business/how-a-billion-dollar-hong-kong-luxury-tower-highlights-developer-distress
Taiwan April export orders miss forecast, outlook cautious
https://www.businesstimes.com.sg/international/taiwan-april-export-orders-miss-forecast-outlook-cautious
https://www.channelnewsasia.com/business/taiwan-april-export-orders-miss-forecast-outlook-cautious-3506071
Japan’s factory activity expands for first time in 7 months- PMI
https://www.channelnewsasia.com/business/japans-factory-activity-expands-first-time-7-months-pmi-3507791
https://www.straitstimes.com/business/japan-factory-activity-expands-for-first-time-in-7-months
Japan won’t raise taxes to fund childcare plan, PM Kishida says
https://www.businesstimes.com.sg/international/japan-wont-raise-taxes-fund-childcare-plan-pm-kishida-says
Bank of Korea to hold rates until end of September, cut in Q4- Reuters poll
https://www.channelnewsasia.com/business/bank-korea-hold-rates-until-end-september-cut-q4-reuters-poll-3507786
https://www.businesstimes.com.sg/international/bank-korea-hold-rates-until-end-september-cut-q4-poll
Vietnam property developer No Va Land delays bond payments
https://www.businesstimes.com.sg/international/asean/vietnam-property-developer-no-va-land-delays-bond-payments
Thai jobless rate lowest in 3 years in Q1 as tourism rebounds
https://www.businesstimes.com.sg/international/asean/thai-jobless-rate-lowest-3-years-q1-tourism-rebounds
https://www.channelnewsasia.com/business/thai-jobless-rate-lowest-3-years-q1-tourism-rebounds-3505581
Climate change: global warming of 2.7 degrees will expose 2 billion people to ‘dangerous heat’ by end of century, study shows
https://www.scmp.com/business/article/3221423/climate-change-global-warming-27-degrees-will-expose-2-billion-people-dangerous-heat-end-century
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