Singapore Real Estate
ABSD hikes a “pre-emptive measure” to crimp renewed investment demand, prioritise Singaporeans: Desmond Lee
Property investment demand fell back in the last two years but is rising again and adding stress to the local housing market. So the government has moved to crimp investment demand – from both local and foreign buyers – to proritise Singaporeans looking to buy homes for their own occupation, Minister for National Development Desmond Lee said on Thursday (Apr 27).
https://www.businesstimes.com.sg/property/absd-hikes-preventive-measure-crimp-renewed-investment-demand-prioritise-singaporeans
https://www.straitstimes.com/business/absd-raised-to-preemptively-dampen-property-investment-demand-desmond-lee
https://www.channelnewsasia.com/singapore/new-property-cooling-measures-absd-pre-emptive-dampen-investment-demand-homes-desmond-lee-3447796
Singapore announces new property cooling measures, additional buyer’s stamp duty doubled to 60% for foreigners
Singapore: Foreigners buying any residential property in Singapore from Thursday (Apr 27) will have to pay an additional buyer’s stamp duty (ABSD) of 60 per cent after it was doubled from 30 per cent.
https://www.channelnewsasia.com/singapore/property-cooling-measures-absd-additional-buyers-stamp-duty-doubled-foreigners-increase-3446376
https://www.todayonline.com/singapore/property-cooling-measures-absd-foreigner-tax-double-singapore-buyers-2159551
https://www.businesstimes.com.sg/property/singapore-hikes-residential-property-absd-doubles-foreigner-rate-60
https://www.straitstimes.com/singapore/govt-to-further-raise-absd-rates-s-pore-citizens-buying-2nd-home-to-pay-20-up-from-17
https://www.theedgesingapore.com/news/property/government-introduces-new-round-property-cooling-measures-absd-foreign-buyers-doubles
https://www.scmp.com/news/asia/southeast-asia/article/3218497/singapore-increases-property-stamp-duties-cool-property-market?module=lead_hero_story&pgtype=homepage
Property curbs likely to hit the stock market this morning
Singapore – Singapore-listed property related stocks, and possibly bank shares, could be hit this morning after the Monetary Authority unveiled drastic new property curb measures. Analysts and brokers expect the stocks of companies like City Developments, PropNex and Apac Realty to take a hit this morning when the market opens.
https://www.straitstimes.com/business/property-curbs-likely-to-hit-the-stockmarket-this-morning
https://www.theedgesingapore.com/news/property/developers-shares-down-market-open-following-latest-round-cooling-measures
https://www.channelnewsasia.com/singapore/absd-singapore-cooling-measures-property-stocks-decline-3448456
Iras to reward whistleblowers on private property deals exploiting ‘99-to-1’ loophole to evade ABSD
The Inland Revenue Authority of Singapore (Iras) is offering a reward of up to $100,000 to whistleblowers who call out private property buyers who use the so-called “99-to-1” or similar arrangements to evade or reduce additional buyer’s stamp duty (ABSD) on their purchase.
https://www.businesstimes.com.sg/property/iras-reward-whistleblowers-private-property-deals-exploiting-99-1-loophole-evade-absd
https://www.straitstimes.com/business/iras-to-reward-whistleblowers-on-private-property-deals-exploiting-99-to-1-loophole-to-evade-absd
A string of shophouse deals in Stanley, Telok Ayer and Amoy streets
Singapore-based real estate investment company 8M Real Estate is boosting its shophouse portfolio in the central business district (CBD) with a S$29 million purchase of 28 Stanley Street. The option on the purchase was exercised this month.
https://www.businesstimes.com.sg/property/string-shophouse-deals-stanley-telok-ayer-and-amoy-streets
Kew Lodge up for collective sale at $63.8 mil
Singapore (EdgeProp) – Kew Lodge, a freehold landed residential site, is up for collective sale by tender for $63.8 million. The asking price translates to $1,853 psf based on the existing site area, according to marketing agent Sakal Real Estate Partners.
https://www.edgeprop.sg/property-news/kew-lodge-collective-sale-638-mil
Singapore Economy
Wages in Singapore likely to see slower rise as labour demand softens in weaker economy: MAS
Singapore – Wages of Singaporeans and permanent residents (PRs) are likely to go up at a slower pace in 2023 as workers continue to enter the country and overall demand for labour softens as the economy slows
https://www.straitstimes.com/business/economy/wages-in-singapore-likely-to-see-slower-rise-as-labour-demand-softens-in-weaker-economy-mas
Singapore firms must transform for productivity even amid economic uncertainty: SNEF
Though economic conditions have become gloomier, firms should press on with transforming for productivity, said Singapore National Employers Federation (SNEF) president Robert Yap in his May Day Message on Thursday (Apr 27).
https://www.businesstimes.com.sg/singapore/singapore-firms-must-transform-productivity-even-amid-economic-uncertainty-snef
Companies’ Brief
Blueground rides rental market wave to expand in Singapore
Within months of moving into the Singapore residential market in July 2022 with its rental management model, Blueground had chalked up a 95 per cent occupancy rate for its apartments here
https://www.businesstimes.com.sg/property/blueground-rides-rental-market-wave-expand-singapore
Starhill Global Reit posts 1.3% fall in Q3 NPI to S$38 million
The manager of Starhill Global Reit reported net property income (NPI) of S$38 million for the third quarter ended Mar 31, 2023, down 1.3 per cent from S$38.5 million in the year-ago period.
https://www.businesstimes.com.sg/companies-markets/starhill-global-reit-posts-13-fall-q3-npi-s38-million
As Marina Bay Sands enters its teens, an elevation towards new era of luxury hospitality
A major transformation is under way at Marina Bay Sands (MBS), having begun during the pandemic as part of a US$1 billion push to elevate the integrated resort (IR) towards a much higher level of luxury.
https://www.businesstimes.com.sg/companies-markets/marina-bay-sands-enters-its-teens-elevation-towards-new-era-luxury-hospitality
https://www.straitstimes.com/business/property/more-luxury-suites-created-in-mbs-13b-revamp-to-attract-affluent-travellers
Global Economy & Real Estate
First Republic strain poses question for Fed as it weighs rate hike
https://www.businesstimes.com.sg/international/first-republic-strain-poses-question-fed-it-weighs-rate-hike
Consumer players’ cost inflation is slowing, but shoppers may wait for lower prices
https://www.businesstimes.com.sg/international/consumer-players-cost-inflation-slowing-shoppers-may-wait-lower-prices
New York City still has the priciest rents, but Jersey City is closing in
https://www.businesstimes.com.sg/property/new-york-city-still-has-priciest-rents-jersey-city-closing
German government slightly raises 2023 GDP growth forecast to 0.4%
https://www.businesstimes.com.sg/international/german-government-slightly-raises-2023-gdp-growth-forecast-04
Eurozone set to dodge recession, says ECB VP
https://www.businesstimes.com.sg/international/eurozone-set-dodge-recession-says-ecb-vp
Australia’s home rents surge most in 13 years as crisis worsens
https://www.businesstimes.com.sg/property/australias-home-rents-surge-most-13-years-crisis-worsens
S’pore SMEs lead S-E Asia in tech spending; Asean to invest $173.6 billion in the next three years
https://www.straitstimes.com/business/economy/local-smes-lead-se-asia-in-tech-spending-asean-to-invest-1736-billion-in-the-next-three-years
Chinese tourists remain wary of travelling overseas
https://www.businesstimes.com.sg/international/chinese-tourists-remain-wary-travelling-overseas
Covid-19 cases are rising in China but economic impact seen as ‘limited’
https://www.scmp.com/news/china/science/article/3218486/covid-19-cases-are-rising-china-economic-impact-seen-limited?module=lead_hero_story&pgtype=homepage
China’s controversial property tax appears to clear major hurdle, but questions remain on start date
https://www.scmp.com/economy/china-economy/article/3218469/chinas-controversial-property-tax-appears-clear-major-hurdle-questions-remain-start-date
https://www.businesstimes.com.sg/international/global/china-real-estate-register-unlikely-expedite-property-tax
Housing Authority tightens Home Ownership Scheme rules, bans Hong Kong public housing tenants who already own property from buying subsidised flats
https://www.scmp.com/news/hong-kong/society/article/3218481/housing-authority-tightens-home-ownership-scheme-rules-and-bans-hong-kong-public-housing-tenants-who
Hong Kong home prices rise for the third straight month to the highest level since September
https://www.scmp.com/business/article/3218439/hong-kong-home-prices-rise-third-straight-month-highest-level-september
Green finance: Greater Bay Area pilot for climate-mitigation projects to meet international standards, draw global investors
https://www.scmp.com/business/article/3218463/green-finance-greater-bay-area-pilot-climate-mitigation-projects-meet-international-standards-draw
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