The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 25, 26 & 27 Feb 2023 (Sat, Sun & Mon)

Singapore Real Estate


Terra Hill sells more than a third of units at launch
Terra Hill at Pasir Panjang moved 102 units at an average price of S$2,650 per square feet (psf), through its booking exercise on Feb 24 and 25. This works out to roughly 38 per cent of the freehold luxury development’s 270 units.


District 10 freehold condo offers discounts to offload stock before ABSD deadline
Singapore – A freehold condominium in Bukit Timah is touting what it calls buyer’s stamp duty (BSD) discounts of up to $110,000 off selected units, in a bid to offload its remaining units before a critical sales deadline.


Nearly 30 residential projects carrying 1,400 unsold units face critical sales deadline in 2023
Nearly 30 residential projects are approaching a critical sales deadline this year, when developers will have to clear all unsold units coming up on the site – or stump up a hefty stamp duty payment running into the tens of millions of dollars.


Jewel Changi Airport regains its glitter, but for some tenants it’s too little, too late
Jewel, the 1.46 million square feet (sq ft) mall at Changi Airport, recorded its best ever monthly retail sales in December 2022 as shoppers and tourists returned in force. Prospects look rosy with airport passenger traffic and retail footfall recovering strongly. But the going has been tough on tenants at the glossy new mall that opened some nine months before the Covid-19 pandemic paralysed businesses.


Cutting land prices for HDB flats risks destabilising entire property market: Lawrence Wong
The government cannot simply sell state land at a lower cost to bring down the price of Housing and Development Board (HDB) flats, said Finance Minister Lawrence Wong, in response to Members of Parliament (MPs) who raised concerns and proposed solutions related to public housing prices.


New sports centre, polyclinic and library in Toa Payoh to be completed by 2030
Singapore: A new integrated development in Toa Payoh that is set to be completed by 2030 will include a new sports centre, polyclinic and public library. More than 5,000 people attended an exhibition about the Toa Payoh Integrated Development on Saturday (Feb 25) and Sunday at the HDB Hub Atrium in the neighbourhood, said Sport Singapore (SportSG), the lead agency for the development.



Singapore Economy


Govt’s prudent position on reserves has never changed and will never change: DPM Wong
Singapore – The Government’s position of discipline, prudence and a willingness to sacrifice for the next generation has remained constant, while the Workers’ Party (WP) seems to have shifted its stance on the use of past reserves, Deputy Prime Minister Lawrence Wong said on Friday.


Singapore’s ‘tight’ fiscal position makes growth crucial for redistribution: DPM Wong
Singapore’s tight fiscal position means the Republic must focus on “growing the economic pie” in order to have enough resources, even as the external environment becomes more challenging, Finance Minister Lawrence Wong said in his Budget debate round-up speech on Friday (Feb 24).


Singapore has no ‘fiscal slack’ but must be careful with corporate tax moves: Lawrence Wong
Singapore has a tight fiscal position over the medium-term, said Finance Minister Lawrence Wong, as he noted the limitations of alternative revenue sources — particularly corporate taxes — that Members of Parliament (MPs) had raised earlier in the Budget debate.


Claims that middle-income Singaporeans are overtaxed an outright falsehood, says DPM Wong
Singapore –  Compared with citizens elsewhere, Singaporeans pay much less in taxes and yet are able to enjoy high-quality public services, Deputy Prime Minister and Finance Minister Lawrence Wong said on Friday, as he debunked claims that middle-income Singaporeans are overtaxed.


CPF interest rates to remain unchanged in 2nd quarter of 2023
Singapore – The interest rates for various Central Provident Fund (CPF) accounts will remain unchanged in the second quarter of 2023, despite the rise in bank interest rates and cost of living in recent months.



Companies’ Brief


Hiap Hoe rebrands two hotels to Aloft Singapore Novena
Hiap Hoe has entered into a franchise agreement with Luxury Hotels International of Hong Kong to operate two hotels located 16 Ah Hood Road and 1 Jalan Rajah and rebrand them to Aloft Singapore Novena.


Hotel Properties H2 net profit rises to S$74.5 million on higher revenue
Hotel Properties on Friday (Feb 24) reported a net profit of S$74.5 million for the second half of the year ended Dec 31, 2022, versus earnings of S$14.6 million in the comparable period for 2021.


Singapore Land Group reports 60% lower earnings of $95.3 mil for the 2HFY2022
Singapore Land Group has reported earnings of $95.3 million for the 2HFY2022 ended Dec 31, 2022, 60% lower than earnings of $239.0 million in the corresponding period the year before.


Wee Cho Yaw retires as chairman and director of Singapore Land Group; Wee Ee Lim to become next chairman
Wee Cho Yaw is retiring from his position as chairman and director of Singapore Land Group after having served for slightly over three decades. Wee was appointed to the group’s board on June 26, 1992. Wee, aged 94, will step down from the role effectively on March 31.


SingLand H2 net profit falls 60% to S$95.3m; Wee Cho Yaw retires from board
Singapore Land Group (SingLand) reported a 60 per cent fall in net profit to S$95.3 million in the six months ended Dec 31, 2022, down from S$239 million in the year-ago period.


Tuan Sing narrows H2 net loss to S$5.1 million on higher revenue, improved margins
Tuan Sing Holdings : T24 -4.35% reported a narrowed net loss of S$5.1 million for the six months ended Dec 31, 2022, compared to a net loss of S$17.1 million the previous year. This was mainly due to higher revenue during the second half (H2), along with better gross profit margins, Tuan Sing said in a regulatory filing on Friday (Feb 24).



Global Economy & Real Estate


Supply chains have healed yet their mark on inflation to endure


US travel companies experience high demand but economic worries cloud outlook


Most UK businesses optimistic about medium-term economic growth: survey


UK’s soaring mortgage costs mean it’s cheaper to rent a home


How Italy’s generous green homes scheme turned ‘wicked’


German economy shrinks 0.4% in fourth quarter, weak start to 2023 seen


As economic gravity shifts to South-east Asia, what are the opportunities for investors?


China’s banks raise mortgage age limit to octogenarians, dipping into pensions of elderly buyers to prop up sagging sales


China’s services trade deficit widens as outbound tourism resumes


China’s economy to rebound in 2023 under precise, forceful monetary policy


China to encourage loan issuance for rental housing groups to revitalise housing stock


Chinese eye Thai properties to hedge against economic issues at home


Hong Kong home prices end seven-month decline with 0.6% rise in January


Wheelock sells 110 flats at Koko Rosso in Hong Kong’s first major property sale after stamp duty cut


Malaysia unveils record RM388 billion budget; higher tax on the rich



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