Singapore Real Estate
Hong Kong scraps property curbs to boost weak housing market
Hong Kong is removing cooling measures to boost the lacklustre residential market and provide additional funds to boost tourism as part of a sweeping plan to revive growth in the ailing financial hub.
https://www.businesstimes.com.sg/property/hong-kong-scraps-property-curbs-to-boost-weak-housing-market
https://www.channelnewsasia.com/asia/hong-kong-propery-cooling-measures-economy-gdp-budget-4155166
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3253575/hong-kong-finance-chief-offers-budget-restore-citys-fiscal-health-look-new-revenues-and-growth-while
Four-room flats in Hougang, Tanglin Halt most popular among first-timers in February BTO exercise
Singapore – Four-room flats in Built-To-Order (BTO) projects in Hougang and Queenstown were the most popular among first-timer families in the latest sales exercise. As at 5pm on Feb 28, more than four first-time applicants were vying for each of the 122 four-room flats at Tanjong Tree Residences @ Hougang in Hougang Street 13, which has a wait of three years and three months.
https://www.straitstimes.com/singapore/housing/four-room-flats-in-hougang-tanglin-halt-most-popular-among-first-timers-in-february-bto-exercise
Singapore Economy & Budget 2024
No need for further GST increases up to 2030: DPM Lawrence Wong
There will be no need for further increases in goods and services tax up to 2030, said Deputy Prime Minister and Finance Minister Lawrence Wong on Wednesday (Feb 28). Wrapping up the debate on his Budget statement in Parliament, he said: “As of now up to 2030, we are in a sound position.”
https://www.businesstimes.com.sg/singapore/no-need-for-further-gst-increases-up-to-2030-dpm-lawrence-wong1
https://www.straitstimes.com/singapore/politics/no-need-for-further-gst-increases-up-to-2030-dpm-lawrence-wong
Singapore must transform to meet ‘very ambitious’ productivity targets, achieve real growth: Lawrence Wong
Transformation is the only way that Singapore can meet its “very ambitious” productivity growth targets, in order for businesses and workers to experience real growth, said Finance Minister Lawrence Wong in Parliament on Wednesday (Feb 28).
https://www.businesstimes.com.sg/singapore/singapore-must-transform-to-meet-very-ambitious-productivity-targets-achieve-real-growth-lawrence-wong
https://www.straitstimes.com/singapore/politics/s-pore-pursues-growth-to-better-citizens-lives-as-no-one-will-come-to-our-rescue-dpm-wong
Government funds are set up to meet ‘real commitments’, spending needs: DPM Wong
Setting aside money in government funds is important to meet “real commitments and real spending needs” in the future, said Finance Minister Lawrence Wong in Parliament on Wednesday (Feb 28), the third and final day of the Budget debate.
https://www.businesstimes.com.sg/singapore/government-funds-are-set-up-to-meet-real-commitments-spending-needs-dpm-wong
https://www.channelnewsasia.com/singapore/budget-2024-lawrence-wong-pritam-singh-fiscal-prudence-4155741
Social support not just about handouts but ‘giving people a leg up’, says DPM Wong
Social support is “not just about giving handouts”, but giving people “a leg up”, said Deputy Prime Minister and Finance Minister Lawrence Wong on Wednesday (Feb 28). In his closing speech for the Budget debate, Mr Wong stressed that Singapore is spending more on social support in this Budget and that a substantial portion is spent on structural schemes, not temporary measures.
https://www.channelnewsasia.com/singapore/budget-2024-social-support-not-handouts-give-leg-lawrence-wong-4155881
https://www.todayonline.com/singapore/budget-2024-handouts-balance-lawrence-wong-2371976
CPF Special Account closure not aimed at saving interest monies: Tan See Leng
In closing Central Provident Fund (CPF) Special Accounts (SAs) for members aged 55 and above, the government is not trying to save money that is paid out as interest, said Manpower Minister Tan See Leng in Parliament on Wednesday (Feb 28).
https://www.businesstimes.com.sg/singapore/cpf-special-account-closure-not-aimed-at-saving-interest-monies-tan-see-leng
https://www.todayonline.com/singapore/closure-cpf-special-account-not-aimed-saving-interest-monies-government-tan-see-leng-2371956
More Singapore businesses will have to report sustainability information, starting with listed firms in 2025
All listed companies in Singapore will be required to make climate-related disclosures starting from the financial year (FY) of 2025, said Minister for Transport and Second Minister for Finance Chee Hong Tat on Wednesday (Feb 28).
https://www.channelnewsasia.com/singapore/singapore-mandatory-climate-disclosures-listed-companies-2025-4155586
Business News
Amara Holdings H2 profit grows 2% to S$6.5 million
Amara Holdings on Wednesday (Feb 28) announced a net profit of S$6.5 million for the second half of 2023, up 1.6 per cent from the year-ago period. The results translate to earnings per share of 1.12 Singapore cents for the half year, up from 1.1 cents a year ago.
https://www.businesstimes.com.sg/companies-markets/amara-holdings-h2-profit-grows-2-to-s-6-5-million
Centurion H2 net profit up 198% to S$114.8 million, powered by demand for specialised accommodation
Specialised accommodation assets operator Centurion Corporation reported a net profit of S$114.8 million for the six months ended Dec 31, 2023, a 198 per cent jump from S$38.5 million in the corresponding year-ago period.
https://www.businesstimes.com.sg/companies-markets/centurion-h2-net-profit-up-198-to-s-114-8-million-powered-by-demand-for-specialised-accommodation
https://www.theedgesingapore.com/capital/results/centurion-reports-114-y-o-y-increase-earnings-fy2023-1531-mil
Far East Orchard H2 net profit up four times on gains from student accommodation investments
Real estate group Far East Orchard posted on Wednesday (Feb 28) a net profit of S$57.7 million for the six months ended Dec 31, 2023, more than four times the S$13.9 million reported in the corresponding year-ago period.
https://www.businesstimes.com.sg/companies-markets/far-east-orchard-h2-net-profit-up-four-times-on-gains-from-student-accommodation-investments
https://www.theedgesingapore.com/capital/results/far-east-orchard-increases-earnings-more-100-y-o-y-fy2023-66-mil
Global Economy & Real Estate
US home-buying demand nears worst since 1995 with mortgage rates above 7%
https://www.businesstimes.com.sg/property/us-home-buying-demand-nears-worst-since-1995-with-mortgage-rates-above-7
Supply still matters: Why US housing inflation relief may be short-lived
https://www.businesstimes.com.sg/property/supply-still-matters-why-us-housing-inflation-relief-may-be-short-lived
US consumer spending fuels strong Q4 GDP growth
https://www.businesstimes.com.sg/international/us-consumer-spending-fuels-strong-q4-gdp-growth
China’s vulnerable small businesses have had it up to arrears – they need to be paid as policies fall short, survey finds
https://www.scmp.com/economy/china-economy/article/3253537/chinas-vulnerable-small-businesses-have-had-it-arrears-they-need-be-paid-policies-fall-short-survey
Country Garden faces liquidation petition in new blow to China property sector
https://www.straitstimes.com/business/country-garden-faces-liquidation-petition-in-new-blow-to-china-property-sector
https://www.channelnewsasia.com/business/country-garden-liquidation-petition-adds-china-property-woes-4154836
https://www.channelnewsasia.com/business/explainer-country-garden-how-bad-are-its-debt-problems-4155381
German property slump to widen office quality gap: Moody’s
https://www.businesstimes.com.sg/property/german-property-slump-to-widen-office-quality-gap-moody-s
Who are the biggest winners and losers of the Hong Kong budget?
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3253579/who-are-biggest-winners-and-losers-hong-kong-budget
Hong Kong budget 2024-25: City will return to fiscal balance in 2 years by dipping into rainy day Future Fund, issuing bonds
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3253573/hong-kong-budget-2024-25-city-will-return-fiscal-balance-2-years-dipping-rainy-day-future-fund
Hong Kong budget 2024-25: authorities earmark HK$1.09 billion for city’s drive to offer more cultural experiences, mega events
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3253571/hong-kong-budget-2024-25-authorities-earmark-hk109-billion-boost-tourism-trade-transform-city
Paul Chan says Hong Kong will improve tax breaks, step up charm offensive to attract more foreign funds and family offices
https://www.scmp.com/business/banking-finance/article/3253547/paul-chan-says-hong-kong-will-improve-tax-breaks-step-charm-offensive-attract-more-foreign-funds-and
Hong Kong’s biggest developer sees first-half profit fall 6%
https://www.businesstimes.com.sg/property/hong-kong-s-biggest-developer-sees-first-half-profit-fall-6
Scrapping Hong Kong property curbs will not lead to overheated market or encourage speculation, government says
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3253569/hong-kong-government-says-ditching-restrictions-property-sales-will-not-lead-overheated-market-or
Hong Kong budget 2024-25: city delays Lantau Island reclamation project, orders all departments to tighten belts
https://www.scmp.com/news/hong-kong/society/article/3253558/hong-kong-budget-2024-25-city-delays-lantau-island-reclamation-project-orders-all-departments
Hong Kong raises tax for high earners, first hike in two decades
https://www.businesstimes.com.sg/international/global/hong-kong-raises-tax-for-high-earners-first-hike-in-two-decades
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3253566/hong-kong-budget-2024-25-paul-chan-proposing-new-income-tax-threshold-which-high-earners-are-set
Hong Kong budget 2024-25: wealthy and travellers among those targeted by new revenue-boosting measures
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3253559/hong-kong-budget-2024-25-wealthy-and-travellers-among-those-targeted-new-revenue-boosting-measures
Indonesia president says economy remains strong, probability of recession only 1.5%
https://www.businesstimes.com.sg/international/indonesia-president-says-economy-remains-strong-probability-of-recession-only-1-5
Japan January factory output falls 7.5% m/m
https://www.channelnewsasia.com/business/japan-january-factory-output-falls-75-m-m-4158221
https://www.businesstimes.com.sg/international/global/japan-s-january-factory-output-falls-7-5-monthmonth
Japan Jan retail sales rise 2.3% yr/yr
https://www.channelnewsasia.com/business/japan-jan-retail-sales-rise-23-yr-yr-4158226
Derwent upgrades rent growth guidance for London offices
https://www.businesstimes.com.sg/property/derwent-upgrades-rent-growth-guidance-for-london-offices
New York rents are surging even as rest of the US sees relief
https://www.businesstimes.com.sg/property/new-york-rents-are-surging-even-as-rest-of-the-us-sees-relief
South Korea exports likely rose for fifth month in Feb: Reuters poll
https://www.channelnewsasia.com/business/south-korea-exports-likely-rose-fifth-month-feb-reuters-poll-4155376
Homebuilder Taylor Wimpey to build fewer houses in UK this year
https://www.businesstimes.com.sg/property/homebuilder-taylor-wimpey-to-build-fewer-houses-in-uk-this-year
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