Singapore Real Estate / Built Environment
Singapore tourism sector posts strong performance in 2024; tourist spending set to hit new high
Singapore’s tourism sector posted record receipts in 2024, setting a new record in tourism spending. In a press release on Tuesday (Feb 4), the Singapore Tourism Board (STB) said tourism receipts are likely to “reach the upper bound of STB’s 2024 forecast”.
Number of owner-occupied private homes rose more than 3 times that of investment homes from 2020 to 2024: MND
The number of owner-occupied private residential properties rose thrice as quickly as that of investment residential properties between 2020 and 2024, up 27,000 units at 263,000 units.
From vice to virtue: Orchard Towers targets full tenancy with retail outlets and church
Singapore: More than a few eyebrows were raised when news emerged in late January of a church buying up real estate in one of Singapore’s most storied malls. The eye-popping sum of S$54 million (US$40 million) aside, Cornerstone Church’s recent purchase of more than 19,000 sq ft of shop space drew attention due to the history of Orchard Towers.
Singapore Economy/News
Singapore unlikely to be on ‘hit list’ of direct US tariffs: Vivian
Singapore is unlikely to be on the “hit list for direct tariffs” from the United States, but the city-state could still be affected indirectly if there is any “degradation” in economic integration, global supply chains and world trade, Minister for Foreign Affairs Vivian Balakrishnan said in Parliament on Tuesday (Feb 4).
https://www.businesstimes.com.sg/singapore/singapore-unlikely-be-hit-list-direct-us-tariffs-vivian
https://www.zaobao.com.sg/realtime/singapore/story20250204-5827107
$150 million to be spent on drainage upgrading works in FY2025 to guard against floods
Some $150 million will be spent on drainage development works in the 2025 financial year as part of efforts to reduce flash floods, Minister for Sustainability and the Environment Grace Fu told Parliament on Feb 4.
https://www.zaobao.com.sg/realtime/singapore/story20250204-5827525
Singapore grants 3,000 One Passes for top foreign talent in 2024
Singapore granted 3,000 foreign talent with the Overseas Networks and Expertise (One) Pass for top talent last year, said Minister for Manpower Tan See Leng in a written parliamentary reply on Tuesday (Feb 4).
https://www.businesstimes.com.sg/singapore/singapore-grants-3000-one-passes-top-foreign-talent-2024
Worse employment outcomes for poly grads in 2024 are not across the board: Chan Chun Sing
Although employment outcomes worsened for Singapore’s polytechnic graduates in 2024, this was uneven across courses, Education Minister Chan Chun Sing said in Parliament on Tuesday (Feb 4).
https://www.zaobao.com.sg/realtime/singapore/story20250204-5826693
Number of compulsory wind-ups rise more than 50% in 2024
As many as 307 companies were forced to wind up last year, based on figures released by the Ministry of Law’s Insolvency Office.
https://www.businesstimes.com.sg/companies-markets/number-compulsory-wind-ups-rise-more-50-2024
Scammers changed 71 addresses via ICA e-service; checks being done if CDC vouchers affected
The Immigration and Checkpoints Authority (ICA) will continue to suspend parts of its electronic change of address (eCOA) function on its website until it is more secure. The ICA had said on Jan 11 that scammers had used compromised Singpass accounts to circumvent several security safeguards in the system. Minister of State for Home Affairs Sun Xueling gave this update in Parliament on Feb 4 when replying to questions from several MPs on the issue.
https://www.zaobao.com.sg/realtime/singapore/story20250204-5826611
Business News
CapitaLand Integrated Commercial Trust’s H2 DPU remains at S$0.0545
The manager of CapitaLand Integrated Commercial Trust (CICT) posted a distribution per unit (DPU) of S$0.0545 for the second half ended December, unchanged from the previous corresponding period.
https://www.zaobao.com.sg/realtime/singapore/story20250205-5831284
GIC makes senior leadership changes, appoints new group CIO
GIC’S deputy group chief investment officer (CIO) Bryan Yeo will ascend to the role of group CIO on Apr 1, following the retirement of Jeffrey Jaensubhakij.
https://www.zaobao.com.sg/realtime/singapore/story20250204-5827993
Keppel H2 profit from continuing operations up 19.9% to S$527.9 million
Keppel recorded a profit from continuing operations of S$527.9 million for its second half ended Dec 31, up 19.9 per cent from S$440.3 million in the year-ago period.
https://www.zaobao.com.sg/realtime/singapore/story20250205-5831249
Temasek and CenterSquare launch US$100 million commercial real estate debt co-investment vehicle
Temasek and CenterSquare Investment Management have launched a US$100 million commercial real estate debt co-investment vehicle that will invest in commercial real estate loans.
https://www.zaobao.com.sg/realtime/singapore/story20250204-5827724
Global Economy & Real Estate
Tit-for-tat: A timeline of the tariff fight between Trump and the rest of the world
How do tariffs work? Who pays, who collects and more
https://www.straitstimes.com/business/economy/how-do-tariffs-work-who-pays-who-collects-and-more
Xi’s reply to Trump tariffs shows China has more to lose
https://www.businesstimes.com.sg/international/xis-reply-trump-tariffs-shows-china-has-more-lose
China hits back with tariffs on US goods after Trump imposes new levies
Hong Kong sets post-pandemic record with 4.7 million visitors in January
Henderson Land to launch 12 projects with 5,400 units this year, citing market optimism
Hong Kong property sales slip to 4-month low as tariffs, interest-rate path rattle buyers
Hong Kong’s CY Leung, Centaline founder clash over housing supply projections
The View | Why US interest rate moves matter more to Hong Kong than Singapore
Japan inflation-adjusted wages rise in December on jump in bonuses
Japan’s service activity grows thanks to Asian demand: PMI
https://www.businesstimes.com.sg/international/japans-service-activity-grows-thanks-asian-demand-pmi
Massive sinkhole in Japan highlights risk of ageing pipes
https://www.channelnewsasia.com/east-asia/sinkhole-japan-yashio-highlights-risk-ageing-pipes-4915571
Malaysia PM says will build trade relations, not wait for US tariffs
New Zealand jobless rate rises to four-year high after recession
New Zealand residential building approvals fall to six-year low
Amazon to face legal action after laying off 1,900 in Quebec
Santa Monica hotels seek valuation at US$2 million a room
https://www.businesstimes.com.sg/property/santa-monica-hotels-seek-valuation-us2-million-room
Thailand weighs imports of more US goods to cut trade surplus
UBS has cut 10,000 jobs since Credit Suisse takeover in 2023
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.