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DAILY NEWS

 

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.
https://www.businesstimes.com.sg/singapore/singapore-hotels-average-room-rates-dec-previous-month-other-measures-down-slightly

 

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).
https://www.businesstimes.com.sg/property/serangoon-road-commercial-building-sale-s20m

 

Condo resale volumes drop 14% in December, prices continue to rise: SRX, 99.co
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 99.co on Monday (Jan 30).
https://www.businesstimes.com.sg/property/condo-resale-volumes-drop-14-december-prices-continue-rise-srx-99co
https://www.straitstimes.com/business/property/condo-resale-prices-up-08-in-december-volume-down-for-3rd-straight-month

 

 

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).
https://www.businesstimes.com.sg/international/asean/singapore-malaysia-discuss-how-progress-outstanding-bilateral-issues-during
https://www.straitstimes.com/singapore/malaysian-pm-anwar-ibrahim-arrives-in-singapore-for-official-visit
https://www.todayonline.com/singapore/msia-spore-pm-official-visit-2098956
https://www.channelnewsasia.com/singapore/digital-green-economy-agreement-singapore-malaysia-anwar-visit-3240741

 

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.
https://www.businesstimes.com.sg/singapore/economy-policy/parliament-debate-public-housing-affordability-next-monday
https://www.straitstimes.com/singapore/housing/parliament-to-debate-two-separate-motions-on-public-housing-affordability-during-feb-6-sitting
https://www.todayonline.com/singapore/govt-files-motion-affirms-commitment-affordable-public-housing-2098996

 

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.
https://www.businesstimes.com.sg/singapore/updates-fair-employment-guidelines-ensure-employees-are-not-forced-support-attend-events
https://www.straitstimes.com/singapore/workers-supporting-causes-outside-workplace-should-not-face-bullying-harassment-or-ostracism-under-beefed-up-guidelines

 

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.
https://www.businesstimes.com.sg/esg/green-players-eyeing-government-boosts-blended-finance-carbon-tax-and-sme-support

 

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.
https://www.businesstimes.com.sg/singapore/tech-industry-group-calls-support-digital-trust-talent-sustainability-budget-2023
https://www.straitstimes.com/business/tech-industry-group-calls-for-support-for-digital-trust-talent-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.
https://www.businesstimes.com.sg/singapore/tax-hike-top-earners-did-not-hurt-spending-while-handouts-boosted-consumption-singapore

 

 

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.
https://www.businesstimes.com.sg/companies-markets/cdl-talks-acquire-st-katharine-docks-development-london
https://www.straitstimes.com/business/cdl-in-talks-to-acquire-st-katharine-docks-development-in-london

 

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.
https://www.businesstimes.com.sg/companies-markets/chip-eng-seng-subsidiaries-win-s562m-cross-island-line-punggol-extension-contract
https://www.straitstimes.com/singapore/lta-awards-562m-contract-for-mrt-station-tunnels-extension-to-benefit-over-40000-households
https://www.channelnewsasia.com/singapore/cross-island-line-punggol-extension-elias-station-contruction-3241501

 

‘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.
https://www.theedgesingapore.com/capital/brokers-calls/hold-capitaland-investment-it-potential-beneficiary-chinas-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).
https://www.businesstimes.com.sg/companies-markets/metro-boustead-projects-and-independent-third-party-jointly-acquire-high-spec
https://www.theedgesingapore.com/news/property/metro-holdings-and-boustead-projects-announce-joint-acquisition-industrial-property

 

 

Global Economy & Real Estate

 

IMF lifts 2023 global growth forecast on China reopening, Europe resilience
https://www.straitstimes.com/business/imf-says-global-recession-not-expected-as-it-lifts-2023-growth-forecast-on-positive-surprises
https://www.channelnewsasia.com/business/imf-lifts-2023-growth-forecast-china-reopening-strength-us-europe-3243036
https://www.theedgesingapore.com/news/global-economy/imf-raises-world-economic-outlook-first-time-year

 

HSBC Asset says Fed to cut rates by full point as growth expected to falter
https://www.businesstimes.com.sg/international/hsbc-asset-says-fed-cut-rates-full-point-growth-expected-falter

 

WHO says Covid-19 still an international emergency
https://www.businesstimes.com.sg/international/who-says-covid-19-still-international-emergency
https://www.channelnewsasia.com/world/who-covid-19-international-emergency-still-3241241

 

US offices reach 50% occupancy for first time since pandemic hit
https://www.businesstimes.com.sg/property/us-offices-reach-50-occupancy-first-time-pandemic-hit

 

UK PM hails Brexit as ‘huge opportunity’, three years on
https://www.businesstimes.com.sg/international/uk-pm-hails-brexit-huge-opportunity-three-years

 

Sunak says UK can’t raise taxes to end dispute with nurses
https://www.businesstimes.com.sg/international/sunak-says-uk-cant-raise-taxes-end-dispute-nurses

 

German economy unexpectedly shrinks in Q4 2022
https://www.businesstimes.com.sg/international/german-economy-unexpectedly-shrinks-q4-2022

 

The world’s next big inflation surprise is looming in China
https://www.businesstimes.com.sg/international/global/worlds-next-big-inflation-surprise-looming-china

 

China posts record deficit in 2022 on Covid Zero, property slump
https://www.businesstimes.com.sg/international/china-posts-record-deficit-2022-covid-zero-property-slump

 

China’s factory activity likely contracted more slowly in January: poll
https://www.businesstimes.com.sg/international/chinas-factory-activity-likely-contracted-more-slowly-january-poll
https://www.straitstimes.com/business/china-factory-activity-rebounds-in-january-as-covid-19-exit-wave-passes-faster-than-expected
https://www.channelnewsasia.com/business/china-january-factory-activity-rebounds-official-pmi-3243056

 

China non-manufacturing activity rebounds in January – official PMI
https://www.channelnewsasia.com/business/china-non-manufacturing-activity-rebounds-january-official-pmi-3243051

 

Housing market will weigh on China’s recovery
https://www.businesstimes.com.sg/opinion-features/housing-market-will-weigh-chinas-recovery

 

Hong Kong spends HK$26 billion on temporary homes to ease crisis
https://www.businesstimes.com.sg/international/global/hong-kong-spends-hk26-billion-temporary-homes-ease-crisis
https://www.straitstimes.com/asia/east-asia/hong-kong-spends-44b-on-temporary-homes-to-ease-crisis-long-waits

 

Japan’s Dec factory output inches down, retail sales beat forecasts
https://www.businesstimes.com.sg/international/japans-dec-factory-output-inches-down-retail-sales-beat-forecasts
https://www.channelnewsasia.com/business/japan-dec-factory-output-inches-down-retail-sales-beat-forecasts-3242856

 

Japan Inc strives to lure skilled workers as inflation, labour crunch bite
https://www.businesstimes.com.sg/international/global/japan-inc-strives-lure-skilled-workers-inflation-labour-crunch-bite
https://www.straitstimes.com/asia/east-asia/japan-inc-strives-to-lure-skilled-workers-as-inflation-labour-crunch-bite

 

BOJ should make 2% inflation target a long-term goal, panel says
https://www.businesstimes.com.sg/international/boj-should-make-2-inflation-target-long-term-goal-panel-says
https://www.channelnewsasia.com/business/japan-finance-minister-too-early-consider-reviewing-govt-boj-inflation-statement-3242976

 

Japan’s jobless rate flat at 2.5% in Dec
https://www.channelnewsasia.com/business/japans-jobless-rate-flat-25-dec-3242796

 

 

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