The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 3 Apr 2024 (Wed)

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).


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.


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.


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).


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.


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.


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.



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).


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”.


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.


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.



Global Economy & Real Estate


US factory orders increase solidly in February


US job openings little changed in February; quits edge up


US office vacancy rate nears 20% to set fresh record, Moody’s says


WeWork predicts US$8 billion in rent savings after bankruptcy ends


RBA to switch to new system for monetary policy implementation


China property: second-hand home prices slip again with Beijing, Shanghai among market casualties


Country Garden extends sales slump as financial woes pile up


Eurozone factory downturn deepens in March


German inflation slows further as ECB readies June rate cut


German manufacturing contracts sharply in March


Hong Kong new home sales hit 11-year high after property curbs removed 


380 households at Hong Kong public rental estates own private flats, official check finds


Hong Kong mall operator Lifestyle seeks up to 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


Japan’s service activity growth fastest in 7 months as demand picks up – PMI


Trial over US$1.8 billion fraud at Malaysia’s 1MDB opens in Switzerland


Swiss banker gets no prison in ‘Singapore Solution’ tax scam


South Korea inflation stays elevated, stoking price concerns


UK factories report first growth in nearly 2 years


UK shop inflation tumbles in another positive sign for rate cuts


UK house prices rise by most since Dec 2022


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