Singapore Real Estate
Some ways to tweak ABSD for greater equity
It has been nearly 12 years since the Additional Buyer’s Stamp Duty (ABSD) on residential property purchases was introduced. Billions of dollars in ABSD have since been collected, and the tax looks to be an entrenched and possibly much-needed feature of the residential property market.
https://www.businesstimes.com.sg/opinion-features/columns/some-ways-tweak-absd-greater-equity
Property auction listings rise 24.4% in Q3 with more mortgagee and owner sale listings
More real estate properties were listed and sold in the auction market in the third quarter of 2023, despite the slowing economy and the higher-than-longer interest rate environment, according to Knight Frank’s market update on Monday (Oct 30).
https://www.businesstimes.com.sg/property/property-auction-listings-rise-244-q3-more-mortgagee-and-owner-sale-listings-knight-frank
https://www.straitstimes.com/business/singapore-luxury-bungalow-sales-tumble-after-money-laundering-bust
F1 race sends Singapore hotels’ average room rate, takings to record highs in September
Singapore hotels’ average room rate (ARR) surged in September to a record S$325.24, surpassing the previous year-to-date peak of S$292.46 in July, the latest data from the Singapore Tourism Board (STB) showed on Monday (Oct 30).
https://www.businesstimes.com.sg/singapore/f1-race-sends-singapore-hotels-average-room-rate-takings-record-highs-september
Singapore Economy
Johor-Singapore Special Economic Zone MOU to be signed in January
Singapore and Malaysia aim to sign a memorandum of understanding (MOU) for the Johor-Singapore Special Economic Zone (SEZ) next January, leaders of both countries said at an annual retreat on Monday (Oct 30).
https://www.businesstimes.com.sg/international/asean/johor-singapore-special-economic-zone-mou-be-signed-january
https://www.straitstimes.com/singapore/s-pore-malaysia-aim-to-sign-mou-on-johor-s-pore-special-economic-zone-by-early-2024-pm-lee
https://www.todayonline.com/singapore/leaders-retreat-pm-lee-anwar-singapore-johor-special-economic-zone-2293406
https://www.channelnewsasia.com/singapore/malaysia-singapore-special-economic-zone-johor-lee-hsien-loong-anwar-ibrahim-leaders-retreat-bilateral-relations-3882551
https://www.scmp.com/week-asia/politics/article/3239728/singapore-malaysia-develop-border-economic-zone-sign-collaborative-boost-ties
Singapore’s growth set to improve in second half of 2024: MAS
Singapore’s growth should improve gradually in the second half of 2024 and be more even across sectors, barring renewed shocks to the global economy, the Monetary Authority of Singapore (MAS) said on Monday (Oct 30).
https://www.businesstimes.com.sg/singapore/singapores-growth-set-improve-second-half-2024-mas
https://www.straitstimes.com/business/singapore-s-economic-growth-to-pick-up-pace-in-2024-inflation-to-ease-after-gst-driven-rise-mas
https://www.channelnewsasia.com/singapore/mas-macroeconomic-review-gdp-singapore-economy-2024-3882706
https://www.theedgesingapore.com/news/singapore-economy/singapores-gdp-growth-expected-be-lower-half-05-15-forecast-range-2023-mas
Companies’ Brief
OUE C-Reit net property income up 29.8% in Q3
Mainboard-listed OUE Commercial Real Estate Investment Trust (Reit) on Monday (Oct 30) reported a 29.8 per cent increase in its net property income (NPI) to S$62.7 million for the third quarter ended Sep 30, from S$48.3 million in the year-ago period.
https://www.businesstimes.com.sg/companies-markets/oue-c-reit-net-property-income-298-q3
https://www.straitstimes.com/business/companies-markets/oue-c-reit-net-property-income-up-298-in-q3
https://www.theedgesingapore.com/capital/results/oue-c-reit-reports-net-property-income-627-mil-3qfy2023-298-higher-y-o-y
Second Chance Properties records $10.4 mil profit in 2HFY2023 on the back of growing securities business
Second Chance Properties has recorded $10.4 million in net profit for 2HFY2023 ended September, 8.89% higher y-o-y. Revenue for 2HFY2023 increased marginally to $27.07 million, while gross profit for the period increased by 18.41% to $18.9 million.
https://www.theedgesingapore.com/capital/results/second-chance-properties-records-104-mil-profit-2hfy2023-back-growing-securities
Global Economy & Real Estate
World Bank sees oil lower in 2024, but wider Middle East war could spike them
https://www.businesstimes.com.sg/international/world-bank-sees-oil-lower-2024-wider-middle-east-war-could-spike-them
US cuts quarterly borrowing target to US$776 billion, still record
https://www.businesstimes.com.sg/international/us-cuts-quarterly-borrowing-target-us776-billion-still-record
US workers concerned about job cuts at the highest rate since 2020
https://www.businesstimes.com.sg/international/us-workers-concerned-about-job-cuts-highest-rate-2020
Apac facing shortage of net-zero carbon office buildings: JLL
https://www.businesstimes.com.sg/esg/apac-facing-shortage-net-zero-carbon-office-buildings-jll
China’s property foreclosures up by a third so far in 2023
https://www.businesstimes.com.sg/property/chinas-property-foreclosures-third-so-far-2023
https://www.channelnewsasia.com/business/chinas-property-foreclosures-third-so-far-2023-3882986
China’s Oct factory activity likely rose as economy finds footing: Reuters poll
https://www.channelnewsasia.com/business/chinas-oct-factory-activity-likely-rose-economy-finds-footing-reuters-poll-3882811
Clothing makers find it hard to break with China’s supply chain
https://www.businesstimes.com.sg/international/global/clothing-makers-find-it-hard-break-chinas-supply-chain
German economy shrinks slightly in Q3
https://www.businesstimes.com.sg/international/german-economy-shrinks-slightly-q3
Hong Kong tourists may get more access to once-restricted town along border with mainland China, minister says, but residents call for balanced approach
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3239715/hong-kong-tourists-may-get-more-access-once-restricted-town-along-border-mainland-china-minister
Hong Kong’s property relaxation measures build investor buzz but potential buyers await price stability
https://www.scmp.com/business/article/3239597/hong-kongs-property-relaxation-measures-build-investor-buzz-potential-buyers-await-price-stability
Hong Kong’s supply of new homes hits record high amid buyer reluctance
https://www.scmp.com/business/article/3239713/hong-kongs-supply-new-homes-hits-record-high-amid-buyer-reluctance
Japan September factory output, retail sales rise
https://www.channelnewsasia.com/business/japan-september-factory-output-retail-sales-rise-3884921
https://www.businesstimes.com.sg/international/japans-september-factory-output-retail-sales-rise
Japan September retail sales rise 5.8% year-on-year – govt
https://www.channelnewsasia.com/business/japan-september-retail-sales-rise-58-year-year-govt-3884866
Japan September jobless rate falls to 2.6%
https://www.channelnewsasia.com/business/japan-september-jobless-rate-falls-26-3884861
Malaysia central bank to hold rates through 2024 despite weak currency: Reuters poll
https://www.channelnewsasia.com/business/malaysia-central-bank-hold-rates-through-2024-despite-weak-currency-reuters-poll-3884891
SNB will no longer pay for deposits held to meet reserve needs
https://www.businesstimes.com.sg/international/snb-will-no-longer-pay-deposits-held-meet-reserve-needs
South Korea Oct exports set to expand for first time in 13 months: Reuters poll
https://www.channelnewsasia.com/business/south-korea-oct-exports-set-expand-first-time-13-months-reuters-poll-3882806
South Korea Sept factory output beats forecast; chip production jumps
https://www.businesstimes.com.sg/international/south-korea-sept-factory-output-beats-forecast-chip-production-jumps
https://www.channelnewsasia.com/business/south-korea-sept-factory-output-beats-forecast-chip-production-jumps-3884816
UK mortgage and money supply data fuels downturn concerns
https://www.businesstimes.com.sg/property/uk-mortgage-and-money-supply-data-fuels-downturn-concerns
House prices are falling in most parts of the UK: Zoopla
https://www.businesstimes.com.sg/property/house-prices-are-falling-most-parts-uk-zoopla
Fall in UK jobs postings shows labour market is cooling: Adzuna
https://www.businesstimes.com.sg/international/fall-uk-jobs-postings-shows-labour-market-cooling-adzuna
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