The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 26 May 2023 (Fri)

Singapore Real Estate


URA releases state land sites for sale in Woodlands, Toa Payoh, Punggol
The Urban Redevelopment Authority (URA) on Thursday (May 25) released two residential sites and a short-term lease commercial site for sale under the first half 2023 Government Land Sales (GLS) programme.


New banding system for developers, builders and private residential projects
Developers, builders and private residential projects will now be assessed under a new banding system which aims to help homebuyers make informed choices about the quality of the private residential projects they are buying.



Singapore Economy


Some economists brace for technical recession this year even as MTI says it is not expecting one
Singapore should not rule out the possibility of a technical recession this year, some economists said, even though the Ministry of Trade and Industry (MTI) on Thursday (May 25) stated this is not its baseline scenario.


Young people to get a greater say in policymaking with 2-3 panels to be set up in 2023
Singapore – Young people in Singapore will soon have a greater say in shaping policies here, particularly on issues that matter to them. Minister for Culture, Community and Youth (MCCY) Edwin Tong said on Wednesday that his ministry is looking to set up two to three youth panels in 2023, to co-develop policy recommendations with the Government.



Companies’ Brief


Mapletree Industrial Trust’s private placement closes at S$2.212 apiece
Mapletree Industrial Trust (MIT) private placement has closed at the issue price S$2.212 per new unit, or at the highest end of the estimated price range of between S$2.16 and S$2.212.


Soilbuild Construction group CEO Ganessaraj Soocelaraj resigns
Soilbuild Construction Group’s group CEO Ganessaraj Soocelaraj has resigned to pursue his personal interests. Following this, the company’s executive director Lim Han Ren will also assume the role of group CEO.


Woh Hup unit buys freehold Kew Lodge at Kheam Hock Road for S$66.8 million
Kew Lodge, a freehold landed residential site at Kheam Hock Road, has been sold to Woh Hup subsidiary Aurum Land in a collective sale for S$66.8 million – a 5 per cent premium over the development’s S$63.8 million guide price.



Views, Reviews, Forum and Others


Two workers die in April in separate workplace incidents 10 days apart
Singapore – Two workers have died in April in separate workplace incidents 10 days apart, with one man falling while working on a new lift shaft. The other worker died after a forklift machine fell on him.


More Covid-19 deaths in April, but infection rate appears to be falling
Singapore – A total of 54 people died of Covid-19 in April, as part of the current wave that had earlier pushed the number of weekly infections beyond 28,000 at the end of March. The death toll in April is more than the 30 deaths in the first quarter of 2023, based on Ministry of Health data.



Global Economy & Real Estate


US pending home sales stall on lack of available properties


US first quarter growth slightly higher than previously forecast


US weekly jobless claims rise moderately; first-quarter GDP growth revised up


Will the US economy pull off a ‘soft landing’?


US FDA approves Pfizer’s Covid antiviral pill


London leads record increase in rental costs across UK


Soaring UK borrowing costs force lenders to hike mortgage rates


German economy enters recession as inflation hurts consumers


Swedish housing starts slump 55% in latest sign of crisis


China’s economic recovery is being held back by lagging private sector, household concerns, senior adviser warns


China RRR cut gives bigger growth boost than rate move


Historic villa in Hong Kong’s Pok Fu Lam acquired by PAG CEO Gradel for US$70 million


Fitch lifts Hong Kong banking sector’s outlook to ‘improving’ from ‘neutral’, citing strengthening economic recovery


Inflation in Japan’s capital slows slightly in May, but remains elevated


Japan raises view on economy for first time since July 2022



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