Singapore Real Estate
Government gave grace period to 44 housing projects facing ABSD deadline within 2021 to 2023: Lawrence Wong
A total of 44 residential projects facing a critical sales deadline within 2021 to 2023 were granted an extension to their timelines, said Deputy Prime Minister (DPM) Lawrence Wong in a written response in Parliament on Tuesday (Apr 2).
https://www.businesstimes.com.sg/companies-markets/government-gave-grace-period-44-housing-projects-facing-absd-deadline-within-2021-2023-lawrence-wong
OCBC said to be exploring redevelopment of iconic Chulia Street property
OCBC is said to be exploring a redevelopment of its Chulia Street property, which sits on more than 120,000 square feet of land in Singapore’s central business district. The Business Times understands that the bank put out a request for proposals last year to find a property consultant to help it identify a potential partner to carry out a redevelopment of the property. BT understands JLL has been appointed for the job.
https://www.businesstimes.com.sg/property/ocbc-said-be-exploring-redevelopment-iconic-chulia-street-property
Freehold GCB site housing two bungalows in Caldecott Hill for sale at S$62.8 million
A good Class Bungalow (GCB) site with two freehold bungalows in Caldecott Hill is on the market at a guide price of S$62.8 million. The District 11 property was purchased in the 1960s by Chan Kok Kwan, a prominent diamond merchant who moved in high-society circles. It has housed three generations of the Chan family.
https://www.businesstimes.com.sg/property/freehold-gcb-site-housing-two-bungalows-caldecott-hill-sale-s-62.8-million
Singapore hotels’ average room rate rises in February as tourist arrivals inch higher
Singapore hotels’ average room rate (ARR) gained month on month in February, amid an increase in international visitor arrivals, Singapore Tourism Board (STB) data showed on Tuesday (Apr 2).
https://www.businesstimes.com.sg/singapore/singapore-hotels-average-room-rate-rises-february-tourist-arrivals-inch-higher
HDB flat rents rose 10% in 2023, stabilising from 35% surge in 2022: Indranee
Rents for public housing flats stabilised in 2023 after spiking 35 per cent in 2022, Parliament heard on Tuesday (Apr 2). In 2021, the average year-on-year increase in open market rents for Housing and Development Board (HDB) three-room, four-room and five-room flats was 5 per cent.
https://www.businesstimes.com.sg/property/hdb-flat-rents-rose-10-2023-stabilising-35-surge-2022-indranee
No plan to up rental voucher sum, income cap under scheme for families awaiting BTO flats: Indranee
Singapore – The authorities currently have no plan to raise the $7,000 income cap under a scheme that provides temporary homes for families waiting for their Build-To-Order units, or the voucher amount to rent an HDB flat on the open market, said Second Minister for National Development Indranee Rajah.
https://www.straitstimes.com/singapore/politics/no-plan-to-up-rental-voucher-sum-income-cap-under-scheme-for-families-awaiting-bto-flats-indranee
Property analysts expect S$1m HDB resale transactions soon in last 4 towns yet to record such sales
Singapore — Only four towns out of Singapore’s 24 Housing and Development Board (HDB) towns and three estates have yet to record a resale transaction crossing S$1 million, but this could change soon, property analysts said.
https://www.todayonline.com/singapore/analysts-last-four-towns-yet-million-dollar-resale-flats-soon-2395326
Singapore Economy
Singapore to prescribe list of regulatory fees not subject to GST
Singapore will prescribe a list of government fees that will not be subject to the goods and services tax (GST), with an initial list to be published at the end of April, said Second Minister for Finance Chee Hong Tat on Tuesday (Apr 2).
https://www.businesstimes.com.sg/singapore/singapore-prescribe-list-regulatory-fees-not-subject-gst
https://www.straitstimes.com/singapore/politics/govt-to-provide-list-of-fees-that-gst-will-not-be-charged-after-75m-in-gst-wa-wrongly-collected
https://www.todayonline.com/singapore/parliament-passes-bill-prescribe-list-non-taxable-government-fees-after-wrong-gst-charges-2395411
https://www.channelnewsasia.com/singapore/parliament-passes-bill-prescribe-list-non-taxable-government-fees-wrong-gst-charges-4236381
Singapore must not view residents and foreigners as ‘zero-sum game’ for jobs: Tan See Leng
Singapore must not view residents and foreigners as a “zero-sum game and continue to draw divides”, said Manpower Minister Tan See Leng in Parliament on Tuesday (Apr 2), stressing that locals will have better job opportunities and wages if businesses have access to “complementary foreign talent”.
https://www.businesstimes.com.sg/singapore/singapore-must-not-view-residents-and-foreigners-zero-sum-game-jobs-tan-see-leng
https://www.todayonline.com/singapore/growth-foreign-employment-2023-mostly-jobs-singaporeans-dont-want-mom-2395576
https://www.channelnewsasia.com/singapore/foreign-employment-singapore-resident-labour-manpower-4235991
S’pore added 380,000 resident PMETs over past decade; resident income up 21.6% in real terms
Singapore – The number of Singapore resident professionals, managers, executives and technicians (PMETs) grew by 380,000 between 2013 and 2023, or more than seven times the growth of foreigners in similar jobs.
https://www.straitstimes.com/singapore/politics/s-pore-added-380000-resident-pmets-over-past-decade-resident-income-rose-216-in-real-terms
MAS tightens grip on digital payment token service providers with new user protection measures
The Monetary Authority of Singapore (MAS) has launched new measures to keep digital payment token (DPT) service providers accountable against money laundering and terrorism financing.
https://www.businesstimes.com.sg/singapore/mas-tightens-grip-digital-payment-token-service-providers-new-user-protection-measures
https://www.straitstimes.com/business/mas-imposes-new-user-protection-requirements-on-digital-payment-token-service-providers
Global Economy & Real Estate
US factory orders increase solidly in February
https://www.businesstimes.com.sg/international/us-factory-orders-increase-solidly-february
US job openings little changed in February; quits edge up
https://www.businesstimes.com.sg/international/us-job-openings-little-changed-february-quits-edge
US office vacancy rate nears 20% to set fresh record, Moody’s says
https://www.businesstimes.com.sg/property/us-office-vacancy-rate-nears-20-set-fresh-record-moody-s-says
WeWork predicts US$8 billion in rent savings after bankruptcy ends
https://www.businesstimes.com.sg/companies-markets/wework-predicts-us-8-billion-rent-savings-after-bankruptcy-ends
RBA to switch to new system for monetary policy implementation
https://www.businesstimes.com.sg/international/rba-switch-new-system-monetary-policy-implementation
China property: second-hand home prices slip again with Beijing, Shanghai among market casualties
https://www.scmp.com/property/article/3257539/china-property-second-hand-home-prices-slip-again-beijing-shanghai-among-market-casualties
Country Garden extends sales slump as financial woes pile up
https://www.businesstimes.com.sg/property/country-garden-extends-sales-slump-financial-woes-pile
https://www.straitstimes.com/business/country-garden-extends-sales-slump-as-financial-woes-pile-u
Eurozone factory downturn deepens in March
https://www.businesstimes.com.sg/international/eurozone-factory-downturn-deepens-march
German inflation slows further as ECB readies June rate cut
https://www.businesstimes.com.sg/international/german-inflation-slows-further-ecb-readies-june-rate-cut
German manufacturing contracts sharply in March
https://www.businesstimes.com.sg/international/german-manufacturing-contracts-sharply-march
Hong Kong new home sales hit 11-year high after property curbs removed
https://www.businesstimes.com.sg/property/hong-kong-new-home-sales-hit-11-year-high-after-property-curbs-removed
https://www.straitstimes.com/business/hong-kong-new-home-sales-hit-11-year-high-after-property-curbs-removed
https://www.scmp.com/business/article/3257623/hong-kong-property-agencies-centaline-midland-forecast-property-sales-hitting-10-month-high-march
380 households at Hong Kong public rental estates own private flats, official check finds
https://www.scmp.com/news/hong-kong/society/article/3257611/380-households-hong-kong-public-rental-estates-own-private-flats-official-check-finds
Hong Kong mall operator Lifestyle seeks up to HK$8 billion loan
https://www.businesstimes.com.sg/property/hong-kong-mall-operator-lifestyle-seeks-hk-8-billion-loan
CK Asset releases third price list for 174 Blue Coast units, sets stage to sell a total of 422 flats this weekend
https://www.scmp.com/business/companies/article/3257612/ck-asset-releases-third-price-list-174-blue-coast-units-sets-stage-sell-total-422-flats-weekend
Japan’s service activity growth fastest in 7 months as demand picks up – PMI
https://www.channelnewsasia.com/business/japans-service-activity-growth-fastest-7-months-demand-picks-pmi-4238646
Trial over US$1.8 billion fraud at Malaysia’s 1MDB opens in Switzerland
https://www.businesstimes.com.sg/international/asean/trial-over-us-1.8-billion-fraud-malaysia-s-1mdb-opens-switzerland
Swiss banker gets no prison in ‘Singapore Solution’ tax scam
https://www.straitstimes.com/business/swiss-banker-gets-no-prison-in-singapore-solution-tax-scam
https://www.businesstimes.com.sg/international/swiss-executive-gets-no-prison-singapore-solution-tax-scam
South Korea inflation stays elevated, stoking price concerns
https://www.businesstimes.com.sg/international/south-korea-inflation-stays-elevated-stoking-price-concerns
UK factories report first growth in nearly 2 years
https://www.businesstimes.com.sg/international/uk-factories-report-first-growth-nearly-2-years
UK shop inflation tumbles in another positive sign for rate cuts
https://www.businesstimes.com.sg/international/uk-shop-inflation-tumbles-another-positive-sign-rate-cuts
UK house prices rise by most since Dec 2022
https://www.businesstimes.com.sg/property/uk-house-prices-rise-most-dec-2022
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