The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 4, 5 & 6 Feb 2023 (Sat, Sun & Mon)

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.


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.


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.


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.


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.



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.


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.


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.


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).


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.



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.


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.


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.



Global Economy & Real Estate


Fed’s inflation fight making painless headway, but investors should not quickly jump into stocks


Major central banks rekindle rate hike push after dry January 


Toronto’s housing market enters deep freeze with sales down


ECB plans next big rate hike, making Lagarde the last hawk standing


Italy gets cold feet over EU greener buildings plan


France destroys seaside flats threatened by coastal erosion


Norway home prices stay put, beating central bank forecast


Australia retail sales volumes dip in Q4, price growth slows


Australia set to push rates to 10-year high as inflation spirals


China developers flag worst earnings in years on historic slump


China clashes with IMF over property downturn, growth rate


Chinese cities lower or scrap floor on mortgage rates to boost demand


China to consolidate and expand economic recovery, premier says


China hotel, catering job openings surge on post-Covid demand recovery


Hong Kong luxury home on the peak sold at US$17 million loss


Japan’s Q4 economic growth likely rebounded on tourism reopening


Malaysia’s liabilities to cross 80% of GDP in 2022 – prime minister’s office


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