Singapore Real Estate
Property stamp duty collection falls 15.7% to S$4.4b in first 9 months of FY2022
Property stamp duty collected in the first nine months of the government’s current fiscal year fell 15.7 per cent year on year, and is expected to finish FY2022 (ending March 2023) lower than in FY2021.
https://www.businesstimes.com.sg/property/property-stamp-duty-collection-falls-157-s44b-first-9-months-fy2022
The Big Read in short: Impact of high rents on doing business
Singapore — For some pandemic-hit business owners in Singapore, the road to recovery has been anything but smooth, even though almost a year has passed since the Republic gradually eased Covid-19 restrictions and reopened the economy from April last year.
https://www.todayonline.com/big-read/big-read-short-impact-high-rents-doing-business-2101051
The Tanamera joins en bloc hopefuls
Another en bloc hopeful has joined the fray: Owners of The Tanamera condominium in Bedok are now gunning for a collective sale exercise, and will begin the process of collecting signatures from the requisite 80 per cent of unit owners soon.
https://www.businesstimes.com.sg/property/tanamera-joins-en-bloc-hopefuls
Wilkinson Road bungalow sells for S$55.5 million
An old house on a sprawling freehold site of about 25,680 sq ft along Wilkinson Road in District 15 is being sold for S$55.5 million. The price works out to S$2,161 per square foot on the land area, which agents say is the highest land rate fetched in District 15 for a landed housing plot of such a large size.
https://www.businesstimes.com.sg/property/wilkinson-road-bungalow-sells-s555-million
New office cum retail development with public garden to open in the CBD in Q3 2023
Singapore – The Central Business District (CBD) will get a new public garden in the third quarter of 2023, when IOI Central Boulevard Towers, a mixed-use development, is opened.
https://www.straitstimes.com/singapore/new-office-cum-retail-development-with-public-garden-to-open-in-the-cbd-in-q3-2023
Singapore Economy
‘We are always only aligned to one country — Singapore’: Shanmugam on need to put national interest first amid global challenges
Singapore — Amid a global situation that is “more uncertain and challenging than any period we have had to deal with, almost since independence”, Minister for Home Affairs K Shanmugam on Sunday (Feb 5) laid out Singapore’s survival approach — which starts with being clear about the country’s principles.
https://www.todayonline.com/singapore/we-are-always-only-aligned-one-country-singapore-shanmugam-need-put-national-interest-first-amid-global-challenges-2101246
https://www.channelnewsasia.com/singapore/singapore-must-not-let-other-countries-no-matter-how-big-or-friendly-dictate-its-policies-k-shanmugam-3255421
Malaysia proposes new way to ease Singapore Causeway traffic
There may be relief for 150,000 commuters who endure hours-long waits to cross the road border from Malaysia to Singapore, The Star reported. Malaysia has proposed a “single clearance system” to ease traffic along the Johor-Singapore Causeway, which often has workers waking up as early as 4 am to get to work on time.
https://www.businesstimes.com.sg/singapore/malaysia-proposes-new-way-ease-singapore-causeway-traffic
https://www.straitstimes.com/asia/se-asia/malaysia-proposes-letting-travellers-clear-customs-once-across-causeway
https://www.channelnewsasia.com/asia/malaysia-singapore-causeway-proposal-system-traffic-congestion-3251756
Singapore will assess Malaysia’s idea of single checkpoint clearance system when it gets proposal: ICA
Singapore – The authorities have been studying ways to improve traveller experience at the land checkpoints, and the feasibility of Malaysia’s idea for a single clearance system will be assessed when Singapore receives the proposal.
https://www.straitstimes.com/singapore/transport/s-pore-will-study-feasibility-of-single-clearance-system-when-it-gets-proposal-ica
Singapore’s retail sales up 7.4% in December, extending November’s growth
Singapore’s retail sales rose 7.4 per cent year on year in December, extending the previous month’s 6.5 per cent growth, the latest data from the Department of Statistics (SingStat) showed on Friday (Feb 3).
https://www.businesstimes.com.sg/singapore/singapores-retail-sales-74-december-extending-novembers-growth
https://www.straitstimes.com/business/economy/singapore-retail-sales-pick-up-pace-in-december-rising-74-amid-festive-season
Bankruptcy applications hit 17-year high in 2022, after tapering of Covid-era support
Bankruptcy applications by individuals in Singapore rose to a 17-year high last year, but applications for companies to be compulsorily liquidated dipped – trends which lawyers and economists say could be due to business owners being included in the personal bankruptcy figures.
https://www.businesstimes.com.sg/singapore/bankruptcy-applications-hit-17-year-high-2022-after-tapering-covid-era-support
Companies’ Brief
FHT sees ‘continued recovery’ in markets as tourism returns; general increase in RevPAR in Q1
Frasers Hospitality Trust (FHT) saw an increase in revenue per available room (RevPAR) across its portfolio for the first quarter ended Dec 31, 2022, as international tourism continues to bounce back from the pandemic.
https://www.businesstimes.com.sg/companies-markets/fht-sees-continued-recovery-markets-tourism-returns-general-increase-revpar-q1
Hiap Hoe issues profit warning guiding for loss in H2 FY22
The board of directors of Hiap Hoe said on Friday (Feb 3) that the group is expected to report a loss for its second half ended Dec 31, 2022, as compared to a profit in the year-ago period.
https://www.businesstimes.com.sg/companies-markets/hiap-hoe-issues-profit-warning-guiding-loss-h2-fy22
https://www.theedgesingapore.com/capital/results/hiap-hoe-emerging-towns-cities-santak-send-respective-profit-warnings
Oxley invites noteholders to exchange outstanding S$75 million fixed rate notes due Feb 2023
Property developer Oxley Holdings is inviting holders of its outstanding S$75 million fixed rate notes to exchange their existing notes for new notes to be issued at a higher coupon rate. The existing notes are currently paying a 6.5 per cent coupon and are due to mature on Feb 28 this year.
https://www.businesstimes.com.sg/companies-markets/oxley-invites-noteholders-exchange-outstanding-s75-million-fixed-rate-notes-due
https://www.theedgesingapore.com/news/company-news/oxley-issues-exchange-offer-outstanding-notes-series-003-notes-due-2023
Global Economy & Real Estate
Fed’s inflation fight making painless headway, but investors should not quickly jump into stocks
https://www.businesstimes.com.sg/opinion-features/feds-inflation-fight-making-painless-headway-investors-should-not-quickly-jump
Major central banks rekindle rate hike push after dry January
https://www.businesstimes.com.sg/international/major-central-banks-rekindle-rate-hike-push-after-dry-january
https://www.channelnewsasia.com/business/major-central-banks-rekindle-rate-hike-push-after-dry-january-3253341
Toronto’s housing market enters deep freeze with sales down
https://www.businesstimes.com.sg/property/torontos-housing-market-enters-deep-freeze-sales-down
ECB plans next big rate hike, making Lagarde the last hawk standing
https://www.businesstimes.com.sg/international/ecb-plans-next-big-rate-hike-making-lagarde-last-hawk-standing
Italy gets cold feet over EU greener buildings plan
https://www.businesstimes.com.sg/property/italy-gets-cold-feet-over-eu-greener-buildings-plan
France destroys seaside flats threatened by coastal erosion
https://www.businesstimes.com.sg/property/france-destroys-seaside-flats-threatened-coastal-erosion
Norway home prices stay put, beating central bank forecast
https://www.businesstimes.com.sg/property/norway-home-prices-stay-put-beating-central-bank-forecast
Australia retail sales volumes dip in Q4, price growth slows
https://www.businesstimes.com.sg/international/australia-retail-sales-volumes-dip-q4-price-growth-slows
Australia set to push rates to 10-year high as inflation spirals
https://www.businesstimes.com.sg/international/australia-set-push-rates-10-year-high-inflation-spirals
China developers flag worst earnings in years on historic slump
https://www.straitstimes.com/business/china-developers-flag-worst-earnings-in-years-on-historic-slump
China clashes with IMF over property downturn, growth rate
https://www.businesstimes.com.sg/property/china-clashes-imf-over-property-downturn-growth-rate
Chinese cities lower or scrap floor on mortgage rates to boost demand
https://www.businesstimes.com.sg/property/chinese-cities-lower-or-scrap-floor-mortgage-rates-boost-demand
China to consolidate and expand economic recovery, premier says
https://www.businesstimes.com.sg/international/china-consolidate-and-expand-economic-recovery-premier-says
https://www.channelnewsasia.com/business/china-consolidate-and-expand-economic-recovery-premier-says-3252306
China hotel, catering job openings surge on post-Covid demand recovery
https://www.straitstimes.com/asia/east-asia/china-hotel-catering-job-openings-surge-on-post-covid-demand-recovery
Hong Kong luxury home on the peak sold at US$17 million loss
https://www.businesstimes.com.sg/property/hong-kong-luxury-home-peak-sold-us17-million-loss
https://www.straitstimes.com/asia/east-asia/hk-luxury-home-in-one-of-asia-s-most-expensive-apartment-projects-sold-at-217m-loss
Japan’s Q4 economic growth likely rebounded on tourism reopening
https://www.channelnewsasia.com/business/japans-q4-economic-growth-likely-rebounded-tourism-reopening-3252041
Malaysia’s liabilities to cross 80% of GDP in 2022 – prime minister’s office
https://www.channelnewsasia.com/business/malaysias-liabilities-cross-80-gdp-2022-prime-ministers-office-3252241
Disclaimer & Note:
Real Estate Developers’ Association of Singapore (REDAS) does not warrant the accuracy, adequacy or completeness of the information and expressly disclaims liability for errors or omissions therein. The content, accuracy, and opinions expressed are not investigated, verified, monitored, nor endorsed by REDAS. Every effort is taken to ensure that all information extracted is correct at the time of dissemination.
The Daily News is issued as news gathering for the convenience and benefits of REDAS’ members only and not for mass circulation. Members are advised to exercise discretion in the use and dissemination of the information. The news links are time-sensitive and require registration of fee-based digital subscriptions.