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 Mar 2023 (Sat, Sun & Mon)

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.


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.


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.


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.



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).


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.


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.



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.


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.



Global Economy & Real Estate


US service sector expands more than forecast suggesting hiring success


Sorry, Fed, most US mortgage rates were locked in during pandemic lows


British parents turn to home equity to help young buy property


Homebuilder Vistry to cut hundreds of jobs amid UK housing slump


German exports rise in January on robust US demand


Australia set to raise key rate even as economic impulse softens


Australia’s biggest firms flash warning signals on recession


Return of mainland Chinese big spenders buoys Hong Kong businesses, from finance to fortune-telling


China to target ‘unregulated’ expansion in property market


China sets modest GDP growth target of around 5% for 2023; defence spending to rise


Hilton Garden Inn opens 50th property in China; ramps up expansion in Asia Pacific


Cheaper land in Hong Kong: what low-price parcel sales mean to buyers, renters, developers and government coffers


Hong Kong plays catch-up to Singapore in fierce battle for family offices


Macau’s Q4 GDP shrinks 23.4% y/y


Japan PM urges extra inflation-relief steps as economy struggles to fire


Japanese struggle with soaring prices despite government aid


South Korea’s inflation slows, easing pressure on central bank



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.

Scroll to Top