Singapore Real Estate
Private home prices up 2.7% in Q4, taking full-year rise to 6.7%
Private residential property prices in Singapore rose 2.7 per cent for the fourth quarter of 2023, pulled up by sales at new launches priced at fresh benchmarks amid low transaction volume.
https://www.businesstimes.com.sg/property/private-home-prices-27-q4-taking-full-year-rise-67
https://www.straitstimes.com/business/private-home-prices-up-67-per-cent-in-2023-grew-at-slower-pace-than-2022
https://www.channelnewsasia.com/singapore/singapore-private-home-prices-increased-slower-pace-2023-ura-flash-estimates-4020396
A late-year surge holds private home prices up – will it last?
The numbers are in, and show that a late-year spurt pulled private home prices up by 2.7 per cent for the fourth quarter after three quarters of slow to no price gains. The Urban Redevelopment Authority’s flash data indicates that private residential prices rose 6.7 per cent in 2023, slower than the 8.7 per cent increase in 2022. Prices are still up 32 per cent since bottoming in Q1 2020.
https://www.businesstimes.com.sg/property/late-year-surge-holds-private-home-prices-will-it-last
HDB resale prices rise at a slower 1% pace in Q4 to end 2023 with 4.8% ga
Housing and Development Board (HDB) resale prices continued to rise in the last quarter of 2023, albeit at a slower pace of 1 per cent, compared with 1.3 per cent in Q3. Q4 resale price growth was also lower than the average quarterly growth of 2.5 per cent in 2022, according to flash data from HDB on Tuesday (Jan 2).
https://www.businesstimes.com.sg/property/hdb-resale-prices-rise-slower-1-pace-q4-end-2023-48-gain-flash-data
https://www.straitstimes.com/singapore/housing/hdb-resale-prices-rise-48-in-2023-slower-than-104-climb-in-2022
https://www.channelnewsasia.com/singapore/hdb-resale-flat-prices-2023-increase-bto-supply-4020341
Singapore Economy
Singapore’s growth to improve in 2024, but uncertainty lingers over pace of recovery: economists
Singapore’s economy ended 2023 on a stronger-than-expected note, after fourth-quarter growth surprised on the upside. But economists warned that the economy’s recovery trajectory in 2024 remains uncertain, given lingering global uncertainties.
https://www.businesstimes.com.sg/singapore/singapores-growth-improve-2024-uncertainty-lingers-over-pace-recovery-economists
Singapore’s investment outlook in 2024 unlikely to be hurt by Significant Investments Review Bill
Global economic uncertainty aside, one question for Singapore’s foreign investment outlook in 2024 is a proposed law to scrutinise significant investments in critical entities.
https://www.businesstimes.com.sg/singapore/singapores-investment-outlook-2024-unlikely-be-hurt-significant-investments-review-bill
Commentary: In a changing geopolitical landscape, where does Singapore stand in 2024 and beyond?
As we step into 2024 under the shadows of a protracted war in Ukraine and Gaza, it is an opportune time for Singaporeans to reflect how the geopolitical landscape may affect our social fabric.
https://www.todayonline.com/commentary/commentary-changing-geopolitical-landscape-where-does-singapore-stand-2024-and-beyond-2335181
Look Ahead 2024: Amid global tensions and uncertain job market, youth urged to stay agile by upskilling
With global political tensions and economic uncertainty in 2023 carrying over into the new year, experts say the job market in the year ahead is uncertain but young workers can look out for some bright spots.
https://www.todayonline.com/singapore/look-ahead-2024-job-market-uncertain-some-bright-spots-agile-upskill-2335281
Local firms’ payment performance improves for second consecutive quarter: SCCB
Local firms’ payment performance improved for the final quarter of 2023, with drops in slow payment across all sectors, said the Singapore Commercial Credit Bureau (SCCB) on Tuesday (Jan 2).
https://www.businesstimes.com.sg/singapore/local-firms-payment-performance-improves-second-consecutive-quarter-sccb
https://www.straitstimes.com/business/local-firms-payment-performance-improves-for-second-consecutive-quarter-sccb
Companies’ Brief
Keppel Infrastructure Trust receives $50 mil loan facility
The manager of Keppel Infrastructure Trust (KIT) A7RU 0.00% has announced that the trust has received a $50 million loan facility on Jan 2. The facility agreement includes the caveat that should KIT’s manager cease to be an entity wholly-owned by Keppel Capital Holdings or Keppel Corporation, KIT will be required to pay all outstanding loans.
https://www.theedgesingapore.com/news/company-news/keppel-infrastructure-trust-receives-50-mil-loan-facility
Keppel REIT’s Tokyo asset achieves full occupancy with new tenancies
Keppel REIT’s’s freehold boutique office building in Tokyo, KR Ginza II, has achieved full occupancy with the introduction of two new tenants at the start of 2024.
https://www.theedgesingapore.com/news/reits/keppel-reits-tokyo-asset-achieves-full-occupancy-new-tenancies
Teo family, Dymon Asia consortium extends offer closing date for Amara privatisation to Jan 16
The closing date for Amara Holdings’ voluntary unconditional cash offer has been extended from 5.30 pm on Jan 2 to the same time two weeks later on Jan 16, 2024, based on a Tuesday (Jan 2) bourse filing.
https://www.businesstimes.com.sg/companies-markets/teo-family-dymon-asia-consortium-extends-offer-closing-date-amara-privatisation
https://www.straitstimes.com/business/teo-family-dymon-asia-consortium-extend-offer-to-take-amara-private-to-jan-16
https://www.theedgesingapore.com/news/offer/amara-holdings-extends-offer-closing-date-jan-16
Global Economy & Real Estate
Global factory activity ended 2023 on a soft note
https://www.businesstimes.com.sg/international/global/global-factory-activity-ended-2023-soft-note
https://www.straitstimes.com/business/asia-s-manufacturing-remains-wobbly-on-uncertain-global-outlook
https://www.channelnewsasia.com/business/asias-factories-end-2023-soft-note-amid-fragile-china-recovery-4020426
US construction spending rises less than expected in November
https://www.businesstimes.com.sg/property/us-construction-spending-rises-less-expected-november
Chill in US housing market seeps into other industries
https://www.businesstimes.com.sg/property/chill-us-housing-market-seeps-other-industries
US property reinsurance rates rise by up to 50% on Jan 1
https://www.businesstimes.com.sg/international/us-property-reinsurance-rates-rise-50-jan-1
HSBC expects commodity prices to remain high in 2024, drop in 2025
https://www.businesstimes.com.sg/international/global/hsbc-expects-commodity-prices-remain-high-2024-drop-2025
China’s state-owned developers dominate sales, land markets in 2023
https://www.businesstimes.com.sg/property/chinas-state-owned-developers-dominate-sales-land-markets-2023
https://www.channelnewsasia.com/business/chinas-state-owned-developers-dominate-sales-land-markets-2023-surveys-4020831
China’s home sales during New Year holiday fall 26% compared with 2023
https://www.businesstimes.com.sg/property/chinas-home-sales-during-new-year-holiday-fall-26-compared-2023
https://www.channelnewsasia.com/business/chinas-home-sales-during-new-year-holiday-fall-26-compared-2023-4020756
China’s patchy recovery keeps Asia’s factories in a slump
https://www.businesstimes.com.sg/international/chinas-patchy-recovery-keeps-asias-factories-slump
China manufacturing base rolls out plan to boost consumption, tourism and industrial output as Beijing seeks strong start to 2024
https://www.scmp.com/economy/china-economy/article/3247021/china-manufacturing-base-rolls-out-plan-boost-consumption-tourism-and-industrial-output-beijing
German manufacturing shrinks in Dec but outlook improves: PMI
https://www.businesstimes.com.sg/international/german-manufacturing-shrinks-dec-outlook-improves-pmi
Hong Kong home prices to erode another 10% in 2024 as impact of expected interest-rate cuts will take time: Citigroup
https://www.scmp.com/business/banking-finance/article/3247031/hong-kong-home-prices-erode-another-10-2024-impact-expected-interest-rate-cuts-will-take-time
Hong Kong mortgages for existing property slide to fewest since 2001
https://www.businesstimes.com.sg/property/hong-kong-mortgages-existing-property-slide-fewest-2001
Has Hong Kong lost its way in the tourism business and is there a route back despite stiff competition from neighbouring cities?
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3247058/has-hong-kong-lost-its-way-tourism-business-and-there-route-back-despite-stiff-competition
Philippines hopeful of exiting global money laundering ‘grey list’
https://www.businesstimes.com.sg/international/philippines-hopeful-exiting-global-money-laundering-grey-list
Swedish bankruptcies surge to highest level since 1990s
https://www.businesstimes.com.sg/international/swedish-bankruptcies-surge-highest-level-1990s
Thailand approves tax cuts on booze and night clubs to boost tourism
https://www.businesstimes.com.sg/international/asean/thailand-approves-tax-cuts-booze-and-night-clubs-boost-tourism
https://www.channelnewsasia.com/business/thailand-approves-tax-cuts-booze-and-night-clubs-boost-tourism-4020711
UK executives urge Bank of England to cut rates after confidence sinks lower
https://www.businesstimes.com.sg/international/uk-executives-urge-bank-england-cut-rates-after-confidence-sinks-lower
UK food inflation drops as grocers compete for Christmas sales
https://www.businesstimes.com.sg/international/uk-food-inflation-drops-grocers-compete-christmas-sales
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