SINGAPORE REAL ESTATE
Hotels a bright spot for Singapore property groups, for now
The hotel and serviced-apartment sector was the only segment of the Singapore property market that elicited a strong positive outlook from respondents in the latest survey for the Real Estate Sentiment Index.
https://www.businesstimes.com.sg/opinion-features/hotels-bright-spot-singapore-property-groups-now
Singapore banks say will do their best to help those with ‘mortgage stress’ amid rising interest rates
Singapore: The stress of paying for a house seems to be rising in tandem with home loan interest rates, according to a bank’s financial survey. But banks and analysts who spoke to CNA said mortgage foreclosures are rare in Singapore, and lenders said they would do their best to support those facing financial difficulties in a challenging economic environment.
https://www.channelnewsasia.com/singapore/mortgage-stress-banks-interest-rates-home-loans-ocbc-financial-wellness-3092156
Nearly 10,000 flats launched in November BTO exercise
The Housing and Development Board (HDB) launched 9,655 build-to-order (BTO) flats for sale on Wednesday (Nov 23) – its largest such offering in a single launch to date. The flats are spread across 10 projects in both mature and non-mature estates in Kallang Whampoa, Queenstown, Bukit Batok, Tengah and Yishun. About 60 per cent of the new units – or 5,861 flats – are located in non-mature estates.
https://www.businesstimes.com.sg/property/nearly-10000-flats-launched-november-bto-exercise
https://www.straitstimes.com/singapore/housing/hdb-offers-9655-bto-flats-in-mega-launch-application-period-extended-to-9-days
https://www.todayonline.com/singapore/hdb-launches-largest-bto-offering-november-exercise-application-period-extended-9-days-2054396
Experts say ‘mature’, ‘non-mature’ HDB estate categories could go after review; new ‘semi-mature’ label also possible
Singapore — The terms “mature” and “non-mature” public housing estates could be replaced after a newly announced review of these classifications. Another possibility is that a third category of “semi-mature” or “emerging” estates could be added, housing experts said.
https://www.todayonline.com/singapore/mature-non-mature-labels-could-go-review-experts-2054356
SINGAPORE ECONOMY
Economists see monetary policy tightening ahead despite easing inflation in October
While inflationary pressures in Singapore unexpectedly cooled in October from the previous month’s 14-year high, the risk of a further round of monetary policy tightening remains, economists said.
https://www.businesstimes.com.sg/singapore/economists-see-monetary-policy-tightening-ahead-despite-easing-inflation-october
Singapore’s core inflation in October eases to 5.1%, MAS and MTI stick to outlook
Singapore’s inflation unexpectedly eased across the board in October, from decade-high levels in the previous month, as prices rose more slowly across almost all broad categories, data from the Monetary Authority of Singapore (MAS) and Ministry of Trade and Industry (MTI) showed on Wednesday (Nov 23).
https://www.businesstimes.com.sg/singapore/singapores-core-inflation-october-eases-51-mas-and-mti-stick-outlook
https://www.straitstimes.com/business/singapore-core-inflation-eases-to-51-in-october-first-drop-since-february
Singapore’s slowing growth carries risk of technical recession in 2023: Analysts
Singapore – Singapore may avoid a full-year recession in 2023, but the export-driven economy is set for a bumpy ride, analysts say. With the economy’s most reliable engine – non-oil domestic exports (NODX) – sputtering to a halt, the domestic services sector fuelled by private consumption is expected to become the main driver of growth.
https://www.straitstimes.com/business/singapore-s-slowing-growth-carries-risk-of-technical-recession-in-2023-analysts
https://www.businesstimes.com.sg/singapore/economy-policy/singapores-official-2023-growth-forecast-gloomier-expected-analysts
Iras waives GST for voluntary carbon credits
Goods and services tax (GST) has been waived on the issuance, transfer and sale of voluntary carbon credits from Wednesday (Nov 23). Releasing this information on its website, the Inland Revenue Authority of Singapore (Iras) said carbon credits supplied from Wednesday will be treated as “neither a supply of goods nor a supply of services, i.e. an excluded transaction”. Therefore, GST is not chargeable on the consideration received for the issuance, transfer or sale, the authority stated.
https://www.businesstimes.com.sg/esg/iras-waives-gst-voluntary-carbon-credits
COMPANIES’ BRIEF
Keppel EGM to be held on Dec 8; directors recommend voting in favour of O&M merger
Keppel Corporation will hold its extraordinary general meeting (EGM) to vote on the proposed merger of its offshore and marine (O&M) unit with Sembcorp Marine (Sembmarine), on Dec 8 at 3pm via electronic means.
https://www.businesstimes.com.sg/companies-markets/keppel-egm-be-held-dec-8-directors-recommend-voting-favour-om-merger
GIC invested in parent firm of troubled crypto broker Genesis, expects high volatility in short term
Singapore – Singapore sovereign wealth fund GIC, which is an investor in the group with ties to troubled cryptocurrency broker Genesis Trading, says it expects volatility in investments to stay high in the short term.
https://www.straitstimes.com/business/gic-invested-in-parent-firm-of-troubled-crypto-broker-genesis-expects-high-volatility-in-short-term
GLOBAL ECONOMY & GLOBAL REAL ESTATE
Most Federal Reserve officials say slower rate hike pace appropriate ‘soon’
https://www.businesstimes.com.sg/international/most-federal-reserve-officials-say-slower-rate-hike-pace-appropriate-soon
https://www.straitstimes.com/business/economy/most-fed-officials-say-slower-rate-hike-pace-appropriate-soon
https://www.channelnewsasia.com/business/most-fed-officials-say-slower-rate-hike-pace-appropriate-soon-3097081
US new home sales unexpectedly rise in October
https://www.businesstimes.com.sg/property/us-new-home-sales-unexpectedly-rise-october
US mortgage rates plunge for a second week, hit two-month low
https://www.businesstimes.com.sg/property/us-mortgage-rates-plunge-second-week-hit-two-month-low
US$2b project in New York City’s Queens approved amid housing crisis
https://www.businesstimes.com.sg/property/us2b-project-new-york-citys-queens-approved-amid-housing-crisis
US jobless claims hit three-month high; business equipment orders up sharply
https://www.businesstimes.com.sg/international/us-jobless-claims-hit-three-month-high-business-equipment-orders-sharply
Grinding inflation clouds ‘Black Friday’ shopping bonanza
https://www.businesstimes.com.sg/international/grinding-inflation-clouds-black-friday-shopping-bonanza
Sunak faces first Tory revolt over UK housing targets
https://www.businesstimes.com.sg/property/sunak-faces-first-tory-revolt-over-uk-housing-targets
Easing eurozone downturn offers hope of milder recession
https://www.businesstimes.com.sg/international/easing-eurozone-downturn-offers-hope-milder-recession
China needs to adjust Covid policy, support property: IMF
https://www.businesstimes.com.sg/international/global/china-needs-adjust-covid-policy-support-property-imf
China central bank adviser sees GDP growth above 5% in 2023
https://www.businesstimes.com.sg/international/china-central-bank-adviser-sees-gdp-growth-above-5-2023
Hong Kong loses top ranking for luxury shopping to New York
https://www.businesstimes.com.sg/international/hong-kong-loses-top-ranking-luxury-shopping-new-york
https://www.straitstimes.com/business/hong-kong-loses-luxury-shopping-crown-to-new-york
Japan’s Nov factory activity shrinks at quickest pace in 2 years
https://www.businesstimes.com.sg/international/japans-nov-factory-activity-shrinks-quickest-pace-2-years
https://www.channelnewsasia.com/business/japan-nov-factory-activity-shrinks-quickest-pace-2-years-3097381