The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 28 Feb 2023 (Tue)

Singapore Real Estate


Condo resale prices fall for the first time in over two years; transactions dip 22.6% in January: SRX,
Resale prices of private condominiums dropped for the first time in 28 months, as prices slipped in the city fringe and suburban areas, and dragged on overall prices in January. Flash estimates from SRX and on Monday (Feb 27) showed that overall condo resale prices in January dipped 0.6 per cent month on month.


Condo, HDB rents continue to climb in January; HDB volumes rebound: SRX,
Condominium and Housing and Development Board (HDB) rental prices continued to rise in January, according to flash estimates from SRX and released on Tuesday (Feb 28). Rents for the condo market climbed 1.4 per cent from December 2022, the lowest increase in the past 11 months.


Skinny yields on prime office buildings may not be sustainable
Singapore’s office property market enjoyed a strong run in 2022. But capital values of office buildings here could come under pressure because of high interest rates. The Urban Redevelopment Authority’s central region office rental index rose 11.7 per cent in 2022, after rising 1.9 per cent in 2021.


HDB to launch more BTOs in mature estates in 2023; measures to help first-timers to kick in from August
Buyers looking to secure a Build-To-Order (BTO) flat in mature estates can look forward to more of such units being launched in 2023. National Development Minister Desmond Lee also said on Monday (Feb 27) that measures to help first-time applicants own their first home, including an additional BTO flat ballot chance for families with children and married couples aged 40 and below, will take effect from the August BTO sales exercise.


HDB offers 4,428 BTO flats, including two under prime housing model in Dover Forest, Farrer Park
Singapore – The Housing Board launched 4,428 Build-To-Order (BTO) flats for sale on Tuesday, including two projects under the prime location public housing (PLH) model in Dover Forest and Farrer Park.



Singapore Economy


Singapore’s key foreign policy priorities and principles for 2023
Singapore is one of the few countries whose unity has strengthened through the Covid-19 pandemic, giving it a good platform to navigate its foreign policy challenges amid a “perfect storm of multiple interlocking crises”.


Tightening access to lower-skilled foreign workers more likely to improve job outcomes for locals: MOM
Tightening access to lower-skilled foreign workers is more likely to improve employment outcomes for locals, compared with tightening access to higher-skilled foreign workers, Manpower Minister Tan See Leng said in Parliament on Monday (Feb 27).


Singapore services receipts growth slows to 10.9% in Q4 2022, will continue to ease in 2023
Singapore’s services industries will likely experience easing revenue growth in at least the first quarter of 2023 as global growth slows, economists said after the Department of Statistics (Singstat) released Q4 data on Monday (Feb 27).



Companies’ Brief


Far East Orchard reports FY2022 earnings of $21.9 mil, 22.1% lower y-o-y
Far East Orchard has reported earnings of $21.9 million for the FY2022 ended Dec 31, 2022, 22.1% lower than earnings of $28.1 million. Earnings for the 2HFY2022 plunged by 53.7% y-o-y to $13.9 million.


Fair-value losses drag Ho Bee Land’s H2 earnings down 93% to S$16 million
Property developer Ho Bee Land saw its earnings for the second half of 2022 fall 93 per cent to S$16 million compared to S$225 million in H2 2021. On a per-share basis, earnings for the period under review came in at S$0.0241, down from S$0.3388 for the same period in 2021.


LHN launches largest co-living residence in Orchard under Coliwoo brand
LHN Group announced that it has launched Orchard’s largest co-living residence. Named Coliwoo Orchard, the 22-storey property is located at 2 Mount Elizabeth Link and houses a total of 411 keys across 135 units.


Propnex Q4 profit up 24.5% to S$17.8 million; proposes 1-for-1 share issuance
PropNex on Tuesday (Feb 28) posted a net profit of S$17.8 million for the fourth quarter ended Dec 31, 2022, a 24.5 per cent year-on-year gain from S$14.3 million. Revenue for the quarter grew 23.3 per cent to S$298.4 million, from S$242 million.


UOL H2 earnings down 44% to S$120.8 million; special dividend recommended
Property and hospitality company UOL Group on Monday (Feb 27) reported a net profit of S$120.8 million for the second half of FY2022 ended December, some 44 per cent lower than its earnings of S$216.1 million in the corresponding period in FY2021.


Singapore banks continue to see double-digit increases in profits – can this be sustained?
Singapore: Singapore’s three local banks chalked up record-breaking profits last year on the back of higher interest rates, but uncertainties around rate cycles and global growth may crimp earnings moving forward, analysts said.




Global Economy & Real Estate


US pending home sales post the largest gain in 2½ years in January


UK homebuyers are getting the best discounts in over five years


HSBC to halve London head office space: report


Australia retail sales rebound by 1.9% in January


Is it higher for longer rate hikes for Asean too?


China property price fall to deepen in H1 before rising faster in 2023: poll


China new home sales rise sharply in February: private survey


China’s factory activity likely continued to grow in February: Reuters poll


Income, spending in China grew far slower in 2022


China’s growing local debt means less money to support economy


Hong Kong reopening tested by busiest month for events in years


Hong Kong’s exports fall by 36.7 per cent in January, marking biggest monthly drop in 70 years


Japan’s factory output posts biggest fall in 8 months on weak autos, chips sectors



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