Singapore Real Estate
Chee Hong Tat on revised Buyer’s Stamp Duty
The revised Buyer’s Stamp Duty (BSD) rates will make Singapore’s BSD regime more progressive by having higher rates when buyers purchase more expensive residential and non-residential properties, said Senior Minister of State for Finance Chee Hong Tat.
https://www.channelnewsasia.com/watch/chee-hong-tat-revised-buyers-stamp-duty-3327311
Will Singapore’s housing supply rise amid rising interest rates, recession fears and tightening wallets?
As residents in Singapore face sky-high rents and a shortage of rental units amid a new wave of expats moving into the city state, one question stands out: will the supply of housing rise? An outlook by Singapore-listed developer CDL Developments – which released its financial results earlier this week – captured the mixed mood among developers on the island.
https://www.scmp.com/week-asia/economics/article/3212257/will-singapores-housing-supply-rise-amid-rising-interest-rates-recession-fears-and-tightening
Nearly half the units at The Botany sold on launch day at average of S$2,070psf
Nearly half of the 386 units at Sim Lian Group’s The Botany at Dairy Farm were sold on their launch day on Saturday (Mar 4) at an average price of S$2,070 per square foot (psf), showing robust buying interest for suburban condominiums.
https://www.businesstimes.com.sg/property/nearly-half-units-botany-sold-launch-day-average-s2070psf
https://www.straitstimes.com/business/48-of-the-botany-at-dairy-farm-sold-on-launch-day
https://www.edgeprop.sg/property-news/sim-lian-sells-over-48-units-botany-average-price-2070-psf
Residents of delayed Punggol BTO project to receive a combined $5 million in compensation
Singapore – All buyers of Punggol’s Waterway Sunrise II – one of two Build-To-Order (BTO) projects that exceeded their legal completion date during the Covid-19 pandemic – are set to receive their keys by end-March, with 896 of them to get an estimated $5,156,700 in total from the Housing Board as compensation for the delays.
https://www.straitstimes.com/singapore/housing/all-951-buyers-of-delayed-punggol-bto-project-to-receive-keys-by-end-march
https://www.todayonline.com/singapore/hdb-reimburse-about-s51-million-nearly-900-punggol-bto-flat-buyers-after-completion-delay-2122386
https://www.channelnewsasia.com/singapore/built-order-bto-waterway-sunrise-ii-project-delays-exceed-one-year-complete-housing-development-board-hdb-compensation-reimbursement-3324526
Singapore Economy
Lawrence Wong to discuss workforce, taxes, housing prices at ST-BT Budget roundtable
Finance Minister Lawrence Wong will speak about Singapore’s aim to create a more inclusive society and dynamic economy amid global headwinds, at a roundtable organised by The Business Times and The Straits Times on Monday (Mar 6).
https://www.businesstimes.com.sg/singapore/lawrence-wong-discuss-workforce-taxes-housing-prices-st-bt-budget-roundtable
https://www.straitstimes.com/singapore/dpm-lawrence-wong-to-discuss-workforce-taxes-housing-prices-at-st-bt-budget-roundtable
Singapore’s green economy pacts seek a shared path to sustainable and prosperous future
Singapore – South-east Asia’s largest energy storage system on Jurong Island, built by Singapore’s Sembcorp Industries and launched in February, may well have a link to a little-known industrial area in Britain.
https://www.straitstimes.com/business/singapore-s-green-economy-pacts-seek-a-shared-path-to-sustainable-and-prosperous-future
https://www.edgeprop.sg/property-news/savills-launches-energy-and-sustainability-management-department
Passenger traffic at Changi Airport expected to recover fully by 2024 or possibly earlier: Iswaran
Singapore – Passenger traffic at Changi Airport should return to pre-pandemic levels by 2024, or possibly earlier, said Transport Minister S. Iswaran. Giving this update on Friday, he told the House that passenger traffic volumes, flights and city links at Changi are now at about 80 per cent of pre-Covid-19 levels, while flights at Seletar Airport have recovered fully since January 2023.
https://www.straitstimes.com/singapore/politics/passenger-traffic-at-changi-airport-expected-to-recover-fully-by-2024-or-possibly-earlier-iswaran
Companies’ Brief
Keppel Land to divest Myanmar hotel project for US$57.4 million
Keppel Land and its subsidiary Double Peak Holdings are divesting their 100 per cent stake in Greenfield Development for US$57.4 million in cash. Greenfield Development wholly owns Straits Greenfield, which has the right to build and operate a hotel in Myanmar.
https://www.businesstimes.com.sg/companies-markets/keppel-land-divest-myanmar-hotel-project-us574-million
https://www.straitstimes.com/business/keppel-land-to-divest-myanmar-hotel-project-for-77-million
https://www.theedgesingapore.com/news/ma/keppel-divest-greenfield-development-756-mil
Savills Singapore launches energy and sustainability management department
Savills Singapore has set up an energy and sustainability management (ESM) department to provide custom energy and sustainability-related solutions to building owners, occupiers and real estate investors.
https://www.businesstimes.com.sg/esg/savills-singapore-launches-energy-and-sustainability-management-department
Global Economy & Real Estate
US service sector expands more than forecast suggesting hiring success
https://www.businesstimes.com.sg/international/us-service-sector-expands-more-forecast-suggesting-hiring-success
Sorry, Fed, most US mortgage rates were locked in during pandemic lows
https://www.businesstimes.com.sg/property/sorry-fed-most-us-mortgage-rates-were-locked-during-pandemic-lows
British parents turn to home equity to help young buy property
https://www.businesstimes.com.sg/property/british-parents-turn-home-equity-help-young-buy-property
Homebuilder Vistry to cut hundreds of jobs amid UK housing slump
https://www.businesstimes.com.sg/property/homebuilder-vistry-cut-hundreds-jobs-amid-uk-housing-slump
German exports rise in January on robust US demand
https://www.businesstimes.com.sg/international/german-exports-rise-january-robust-us-demand
Australia set to raise key rate even as economic impulse softens
https://www.businesstimes.com.sg/international/australia-set-raise-key-rate-even-economic-impulse-softens
Australia’s biggest firms flash warning signals on recession
https://www.businesstimes.com.sg/international/australias-biggest-firms-flash-warning-signals-recession
Return of mainland Chinese big spenders buoys Hong Kong businesses, from finance to fortune-telling
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3212404/return-mainland-chinese-big-spenders-buoys-hong-kong-businesses-finance-fortune-telling
China to target ‘unregulated’ expansion in property market
https://www.businesstimes.com.sg/property/china-target-unregulated-expansion-property-market
China sets modest GDP growth target of around 5% for 2023; defence spending to rise
https://www.straitstimes.com/asia/china-sets-gdp-growth-target-of-around-5-for-2023
https://www.theedgesingapore.com/news/china-focus/chinas-modest-gdp-growth-target-reduces-need-more-stimulus
Hilton Garden Inn opens 50th property in China; ramps up expansion in Asia Pacific
https://www.edgeprop.sg/property-news/hilton-garden-inn-opens-50th-property-china-ramps-expansion-asia-pacific
Cheaper land in Hong Kong: what low-price parcel sales mean to buyers, renters, developers and government coffers
https://www.scmp.com/business/article/3212425/cheaper-land-hong-kong-what-low-price-parcel-sales-mean-buyers-renters-developers-and-government
Hong Kong plays catch-up to Singapore in fierce battle for family offices
https://www.businesstimes.com.sg/international/hong-kong-plays-catch-singapore-fierce-battle-family-offices
Macau’s Q4 GDP shrinks 23.4% y/y
https://www.channelnewsasia.com/business/macaus-q4-gdp-shrinks-234-y-y-3322376
Japan PM urges extra inflation-relief steps as economy struggles to fire
https://www.businesstimes.com.sg/international/japan-pm-urges-extra-inflation-relief-steps-economy-struggles-fire
Japanese struggle with soaring prices despite government aid
https://www.scmp.com/week-asia/economics/article/3212307/japan-consumers-still-feel-pinch-despite-government-help
South Korea’s inflation slows, easing pressure on central bank
https://www.businesstimes.com.sg/international/south-koreas-inflation-slows-easing-pressure-central-bank
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