The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 31 Jan 2022 (Tue)

Singapore Real Estate


Singapore hotels’ average room rates up in Dec from previous month; other measures down slightly
Singapore hotels’ average room rate (ARR) picked up in December 2022 after a marginal fall in November to record a new 14-year high, going by Singapore Tourism Board data on Monday (Jan 30). ARR was up 27.7 per cent from the year-ago period to S$285.84. It was also up 1.9 per cent from November’s S$280.57 rate.


Serangoon Road commercial building for sale at S$20m
A commercial property along Serangoon Road has been offered for sale with an indicative guide price of S$20 million, or S$2,250 per square foot (psf) on built-up area. The four-storey building at 466 Serangoon Road sits on a plot spanning about 2,236 square feet (sq ft).


Condo resale volumes drop 14% in December, prices continue to rise: SRX,
Condominium resale transactions continued to fall for the third straight month in December 2022, as a seasonal lull and the year-end holidays resulted in fewer home viewings. The number of condominium units resold dropped 14 per cent to 661 units, from 769 in November, according to flash figures from SRX and on Monday (Jan 30).



Singapore Economy


Singapore, Malaysia discuss how to progress on ‘outstanding bilateral issues’ during Anwar’s visit
Singapore and Malaysia inked three agreements for cooperation in the digital economy, green economy and cybersecurity during Malaysian Prime Minister Anwar Ibrahim’s first official visit to the Republic on Monday (Jan 30).


Parliament to debate public housing affordability next Monday
The affordability and accessibility of public housing in Singapore is set to be debated in Parliament next Monday (Feb 6). According to a Facebook post by Senior Minister of State for National Development Sim Ann on Jan 30, the debate – which was filed by National Development Minister Desmond Lee – will provide more details on the government’s approach towards public housing.


Updates on fair employment guidelines to ensure employees are not forced to support, attend events unrelated to work
Guidelines on fair employment practices in Singapore will be updated in mid-February, requiring employers to “be sensitive to the diverse cultures, values and beliefs” of employees in any non-work-related events, programmes and policies.


Green players eyeing government boosts for blended finance, carbon tax and SME support
Decarbonising the economy and bringing about rapid infrastructural change to support it are said to be key in Singapore’s efforts to transition to a sustainable economic model. This year’s Budget announcement will be closely watched to see if it contains the necessary drivers to bring this about.


Tech industry group calls for support for digital trust, talent, sustainability in Budget 2023
Technology industry trade association SGTech is calling for support to develop digital trust-capabilities, adopt skills-based assessments to hire and train tech talent, as well as provide cash rebates to encourage sustainability in Budget 2023.


Tax hike for top earners did not hurt spending, while handouts boosted consumption: Singapore study
A personal income tax hike for Singapore’s top earners did not cause them to spend less overall, while accompanying redistribution programmes did boost consumption by lower-income groups, a new study has found.



Companies’ Brief


CDL in talks to acquire St Katharine Docks development in London
City Developments Limited said on Monday (Jan 30) that it is currently in discussions for the proposed acquisition of the St Katharine Docks (SKD) development in London, United Kingdom. The company – which was responding to media reports on the deal – said in a bourse filing that acquisition is subject to satisfactory due diligence and negotiation on the terms.


Chip Eng Seng subsidiaries win S$562m Cross-Island Line-Punggol Extension contract
Two subsidiaries of Chip Eng Seng Corporation have been awarded a S$562 million contract from the Land Transport Authority (LTA) to design and construct the Elias station and tunnels under the Cross Island Line-Punggol Extension.


‘Hold’ on to CapitaLand Investment as it is a potential beneficiary to China’s reopening
OCBC Investment Research is keeping its “hold” recommendation on CapitaLand Investment (CLI) with an increased fair value estimate of $4.05 from $3.74 previously as the research team views the stock as a potential beneficiary of China’s faster-than-expected reopening.


Metro, Boustead Projects and independent third party to jointly acquire high-spec industrial property
Mainboard-listed property players Metro Holdings and Boustead Projects, together with an independent institutional third party, will jointly acquire J’Forte Building, an eight-storey high-spec industrial property at 26 Tai Seng St, for S$98.8 million via the Boustead Industrial Fund (BIF).



Global Economy & Real Estate


IMF lifts 2023 global growth forecast on China reopening, Europe resilience


HSBC Asset says Fed to cut rates by full point as growth expected to falter


WHO says Covid-19 still an international emergency


US offices reach 50% occupancy for first time since pandemic hit


UK PM hails Brexit as ‘huge opportunity’, three years on


Sunak says UK can’t raise taxes to end dispute with nurses


German economy unexpectedly shrinks in Q4 2022


The world’s next big inflation surprise is looming in China


China posts record deficit in 2022 on Covid Zero, property slump


China’s factory activity likely contracted more slowly in January: poll


China non-manufacturing activity rebounds in January – official PMI


Housing market will weigh on China’s recovery


Hong Kong spends HK$26 billion on temporary homes to ease crisis


Japan’s Dec factory output inches down, retail sales beat forecasts


Japan Inc strives to lure skilled workers as inflation, labour crunch bite


BOJ should make 2% inflation target a long-term goal, panel says


Japan’s jobless rate flat at 2.5% in Dec



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