SINGAPORE REAL ESTATE
Explainer: After strong HDB resale and private home price gains for most of 2022, why did the pace slow in Q4?
Singapore – The latest data showing that the pace of price rises for both public and private housing slowed in the final quarter of 2022 can be attributed to rising inflation, higher borrowing costs and the impact of government cooling measures introduced in September, experts said.
https://www.todayonline.com/singapore/explainer-slowing-hdb-private-prices-cooling-interest-rates-2084031
Home loan rates expected to remain high before dipping in 2024. What should home owners do?
Singapore – Home owners here can expect mortgages to go higher in 2023 as interest rates in the United States continue moving up, extending the trend of higher rates in 2022. UOB expects the US federal funds rate to go up by another 0.75 percentage point to 5.25 per cent in the first quarter and remain at that level for the rest of the year.
https://www.straitstimes.com/business/interest-rates-will-remain-high-in-2023-before-dipping-in-2024-and-2025-what-should-homeowners-do
Look Ahead 2023: Fewer BTO flats eligible for resale among property trends to watch; experts urge HDB upgraders to be cautious
Singapore — First-time flat owners hoping to sell their homes this year will have less competition, with close to 50 per cent fewer flats completing their minimum occupation period in 2023 compared to last year.
https://www.todayonline.com/singapore/look-ahead-2023-bto-flats-resale-home-prices-2083416
SINGAPORE ECONOMY
Government exploring more measures in Budget 2023 to support Singaporeans: Lawrence Wong
The government is looking at additional measures in this year’s Budget to help Singaporeans cope with rising prices and inflation, said Deputy Prime Minister and Minister for Finance Lawrence Wong on Tuesday (Jan 3) at the launch of the Community Development Council (CDC) voucher scheme.
https://www.businesstimes.com.sg/singapore/government-exploring-more-measures-budget-2023-support-singaporeans-lawrence-wong
https://www.todayonline.com/singapore/dpm-wong-says-budget-2023-feb-14-his-valentines-day-present-help-sporeans-cope-rising-costs-2084071
Singapore PMI resumes downward trend, slides deeper into contraction
Singapore’s overall factory activity resumed its downward trajectory in December, deeper into contraction territory, after a surprise uptick in November. The Purchasing Managers’ Index (PMI) dipped 0.1 point to 49.7 in December, data from the Singapore Institute of Purchasing and Materials Management (SIPMM) released on Tuesday (Jan 3) showed.
https://www.businesstimes.com.sg/singapore/economy-policy/singapore-pmi-resumes-downward-trend-slides-deeper-contraction
https://www.straitstimes.com/business/s-pore-factory-activity-slips-further-into-contraction-in-december
Economists hopeful China’s reopening may cushion Singapore’s slowdown
Singapore’s economy is poised for modest growth this year against a global economic slowdown, although China’s reopening may help to cushion the impact, economists said. This comes as the Republic’s gross domestic product (GDP) moderated to 3.8 per cent in 2022, according to advance estimates from the Ministry of Trade and Industry (MTI) on Tuesday (Jan 3), compared with the 7.6 per cent clocked the year before when the economy rebounded from the Covid-19 pandemic.
https://www.businesstimes.com.sg/international/global/economists-hopeful-chinas-reopening-may-cushion-singapores-slowdown
Retailers offer promotions to help customers offset GST hike
Singapore: Retailers are offering promotions in response to the higher Goods and Services Tax (GST) that kicked in on Jan 1. The GST rose by 1 percentage point to 8 per cent, but some stores are either absorbing part of the increase or offering discounts in a bid to get customers coming back.
https://www.channelnewsasia.com/singapore/gst-hike-inflation-help-discounts-promotions-3181741
VIEWS, REVIEWS, FORUM AND OTHERS
On workers’ safety, tone is set at the top
As businesses usher in the new year, one resolution that surely must be top of the mind would be to reduce the number of workplace fatalities, following the poor showing in 2022. The number of workplace fatalities in Singapore rose to 46 in 2022, the highest since 2016. In comparison, the number of workplace fatalities in 2021, 2020 and 2019 stood at 37, 30 and 39, respectively.
https://www.businesstimes.com.sg/opinion-features/workers-safety-tone-set-top
No prior appointment needed at COVID-19 vaccination centres from Jan 4: MOH
Singapore: From Wednesday (Jan 4), individuals from any age group will be able to get their COVID-19 vaccinations and boosters at any Joint Testing and Vaccination Centres (JTVC) or Children Vaccination Centre (CVC) without prior appointment.
https://www.channelnewsasia.com/singapore/all-ages-covid-19-vaccine-jtvc-cvc-walk-appointment-moh-3180231
GLOBAL ECONOMY & GLOBAL REAL ESTATE
US construction spending rebounds in November
https://www.businesstimes.com.sg/property/us-construction-spending-rebounds-november
UK factories face tough 2023 after December weakness
https://www.businesstimes.com.sg/international/uk-factories-face-tough-2023-after-december-weakness
Swedish housing market rout continues as drop extends to 17 per cent
https://www.businesstimes.com.sg/property/swedish-housing-market-rout-continues-drop-extends-17-cent
German unemployment falls in December
https://www.businesstimes.com.sg/international/german-unemployment-falls-december
China’s finance minister promises ‘appropriate’ 2023 fiscal expansion
https://www.channelnewsasia.com/business/chinas-finance-minister-promises-appropriate-2023-fiscal-expansion-3180921
What the great reopening means for China – and the world
https://www.businesstimes.com.sg/opinion-features/what-great-reopening-means-china-and-world
China developer’s drastic action highlights battle for survival
https://www.businesstimes.com.sg/international/global/china-developers-drastic-action-highlights-battle-survival
https://www.straitstimes.com/business/china-developer-s-drastic-action-highlights-battle-for-survival
China vows to hit back at nations imposing Covid travel curbs
https://www.businesstimes.com.sg/international/china-vows-hit-back-nations-imposing-covid-travel-curbs
Tender sale of Evergrande’s Hong Kong headquarters fails again: sources
https://www.businesstimes.com.sg/property/tender-sale-evergrandes-hong-kong-headquarters-fails-again-sources
https://www.channelnewsasia.com/business/evergrandes-tender-sale-hong-kong-headquarters-fail-again-3180151
Japan’s Dec factory activity posts sharpest fall in more than two years: PMI
https://www.businesstimes.com.sg/international/japans-dec-factory-activity-posts-sharpest-fall-more-two-years-pmi
https://www.straitstimes.com/business/japan-factory-activity-posts-sharpest-fall-in-more-than-2-years-in-december
https://www.channelnewsasia.com/business/japan-dec-factory-activity-posts-sharpest-fall-more-2-years-pmi-3181701
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