Singapore Real Estate
Moving on from a not-so-merry Christmas
2023 brought a host of challenges for property players operating in an environment of worsening sentiment, still-high financing costs and undermined investment demand. At the top end of the market, in the prime landed sector that draws the most deep-pocketed buyers, sales volume fell back for a second year. But transacted land rates in 2023 are still at least 40 per cent higher than 2019-2020 levels.
https://www.businesstimes.com.sg/property/moving-not-so-merry-christmas
En blocked: Collective sales at standstill though commercial deals stir interest
The collective sales market had a fairly quiet year in 2023, with just eight successful deals out of 32 properties put on the market, as high land acquisition costs kept developers at bay. Data consolidated by real estate consultancy CBRE showed S$2.17 billion worth of deals concluded as at Nov 26 – 40 per cent less than that for the whole of 2022.
Condo resale prices rise for 4th straight month, but volumes flat in November
Condominium resale prices continued to climb for the fourth consecutive month in November, although volumes were muted after showing signs of recovery in October.
Singapore Economy
Economists expect MAS to stand pat in January review amid easing headline, core inflation
Private-sector economists expect the Monetary Authority of Singapore (MAS) to keep monetary policy settings unchanged in January, after Singapore’s headline and core inflation both eased in November.
https://www.todayonline.com/singapore/singapores-core-inflation-eases-32-november-2332226
Singapore’s November factory output marks two straight months of growth, up lower-than-expected 1%
Singapore’s manufacturing output gained 1 per cent on year in November, extending October’s surprise 7.6 per cent growth after a year-long slump. The reading, however, underperformed against economists’ median expectations of a 2.2 per cent growth in a Bloomberg poll.
Deloitte proposes tax incentive changes in its Budget 2024 wish list
Professional services firm Deloitte has called for the government to reshape Singapore’s tax incentives and grants regime in its Budget 2024 wish list on Tuesday (Dec 26). This is in anticipation of a landmark year of tax reform, it said, highlighting the global anti-base erosion model rules which will impose a global minimum effective tax of 15 per cent on large multinational enterprises.
Global Economy & Real Estate
WHO urges pandemic accord in 2024 after years of Covid pain
https://www.businesstimes.com.sg/international/who-urges-pandemic-accord-2024-after-years-covid-pain
Annual US home prices rise again
https://www.businesstimes.com.sg/property/annual-us-home-prices-rise-again
US retail sales grow 3.1% during holiday season, says Mastercard
Bets on Xi’s common prosperity agenda led to big losses in 2023
https://www.businesstimes.com.sg/international/bets-xis-common-prosperity-agenda-led-big-losses-2023
China unveils plan to boost business environment in the Greater Bay Area
China’s middle class does not ‘dare to spend’ until post-Covid economy shows clear signs of recovery
Local governments inject liquidity into China housing market by encouraging upgrades with limited success.
State-owned China Resources teams up with Hong Kong’s New World to develop US$1.3 billion Northern Metropolis residential project
Hong Kong landfill contractor ordered to stop using garbage tipper involved in Christmas Day death of worker as authorities launch probe
Japan’s business service price growth holds at 30-year high
Japan penalises top property insurers for price fixing
Number of Londoners buying homes outside capital falls to 9-year low
Los Angeles office building sells at 52% less than 2018 price
https://www.businesstimes.com.sg/property/los-angeles-office-building-sells-52-less-2018-price
https://www.straitstimes.com/business/los-angeles-office-building-sells-at-52-less-than-2018-price
South Korea’s consumers turn less pessimistic as inflation eases
Thailand plans new minimum wage hike, keeps inflation target next year
UK economy forecast to narrow GDP gap with Germany by 2038
https://www.businesstimes.com.sg/international/uk-economy-forecast-narrow-gdp-gap-germany-2038
Homelessness soars in rural England as living costs hit poor
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