Singapore Real Estate
Hwa Hong sells freehold data centre building in Paya Lebar Road for S$140 million
Hwa Hong Corporation has sold OneTen Paya Lebar, an eight-storey high-tech industrial building that houses a data centre, for S$140 million. The new owner is understood to be an entity linked to Big Data Exchange (BDx), which operates the data centre facility in the freehold building.
https://www.businesstimes.com.sg/property/hwa-hong-sells-freehold-data-centre-building-in-paya-lebar-road-for-s-140-million
Island View relaunches en bloc sale with plans to cut price from S$575 million to S$532 million
Freehold condominium Island View in Pasir Panjang will be relaunched for sale by tender on Tuesday (Mar 5) – but this time, plans are underway to lower the reserve price by 7.5 per cent to S$532 million as market sentiment softens, sole marketing agent PropNex said on Monday.
https://www.businesstimes.com.sg/property/island-view-relaunches-en-bloc-sale-with-plans-to-cut-price-from-s-575-million-to-s-532-million
https://www.straitstimes.com/business/island-view-relaunches-en-bloc-sale-with-plans-to-cut-price-from-575-million-to-532-million
A boring Dragon Year for the housing market could be ideal for locals looking to rightsize
There was much energy and passion among panel members at the recently held BT Property Outlook 2024 Seminar. And the audience participation was great. However, amid all the buzz from the event, my key takeaway was that the Dragon Year could be boring for Singapore homes.
https://www.businesstimes.com.sg/opinion-features/a-boring-dragon-year-for-the-housing-market-could-be-ideal-for-locals-looking-to-rightsize
Executive condo prices doubled in last decade to average of S$1,500 psf: Analysts
Prices of executive condominiums in Singapore have almost doubled in the last decade. The average price per square foot has climbed from about S$800 in 2014 to S$1,500 today. Analysts said it may be time to look into ramping up the supply of land set aside for ECs to not only meet demand, but also keep prices in check.
https://www.channelnewsasia.com/watch/executive-condo-prices-doubled-last-decade-average-s1500-psf-analysts-4170081
How Singapore’s main shopping street Orchard Road is seeing the rise of its more tranquil western end with new hotels and rejuvenated malls
Relatively scenic and laid-back, the western end of Orchard Road is my favourite part of Singapore’s busiest shopping street. As a Westie – what Singaporeans call people who live in the western part of the island – I enjoy my journeys to Orchard.
https://www.scmp.com/lifestyle/travel-leisure/article/3254079/how-singapores-main-shopping-street-orchard-road-seeing-rise-its-more-tranquil-western-end-new
HDB resale volumes dip in February, prices continue to climb
Demand for Housing and Development Board (HDB) resale flats dropped in February as prices maintained their upward trajectory, albeit at a slower pace compared to January’s growth. Based on flash data by SRX and 99.co released Monday (Mar 4), HDB resale prices grew 0.5 per cent in February from January levels, after rising 1.5 per cent in January.
https://www.businesstimes.com.sg/property/hdb-resale-volumes-dip-in-february-prices-continue-to-climb-srx-99-co
https://www.straitstimes.com/business/property/hdb-resale-price-growth-slows-fewer-flats-sold
Singapore Economy & Budget 2024
Businesses do not see major cost impact from higher Employment Pass qualifying salaries
Businesses are sanguine about the cost impact of the newly-announced higher Employment Pass (EP) qualifying salaries – whether it is because they hire few EP holders, or are already paying more than the new rates.
https://www.businesstimes.com.sg/singapore/businesses-do-not-see-major-cost-impact-from-higher-employment-pass-qualifying-salaries
Minimum qualifying salary for new Employment Pass applicants to increase in 2025
The minimum monthly qualifying salary for new Employment Pass (EP) applicants will increase to S$5,600 (US$4,200) from next year, up from S$5,000 currently. Those working in the financial services sector, which has “higher wage norms”, will have to earn a minimum of S$6,200 a month, up from the current threshold of S$5,500.
https://www.channelnewsasia.com/singapore/employment-pass-minimum-qualifying-salary-increase-4168591
https://www.todayonline.com/singapore/minimum-qualifying-salary-new-employment-pass-applicants-increase-2025-2375101
https://www.straitstimes.com/singapore/politics/salary-threshold-for-new-employment-pass-applicants-to-be-raised-to-5600-from-2025
https://www.scmp.com/news/asia/southeast-asia/article/3254140/singapore-raise-minimum-wage-threshold-foreign-workers-2025-create-more-jobs-locals-report
Higher S$7,500 cap for salary support, wider eligibility for Career Conversion Programmes
Employers will receive more salary support to hire mid-career workers and upskill existing employees under the Career Conversion Programme (CCP) scheme, with effect from Apr 1, said Manpower Minister Tan See Leng in Parliament on Monday (Mar 4).
https://www.businesstimes.com.sg/singapore/economy-policy/higher-s-7-500-cap-for-salary-support-wider-eligibility-for-career-conversion-programmes
Nearly 4,200 applications approved in first year of Singapore’s One Pass for top foreign talent
Singapore has approved nearly 4,200 applications under the Overseas Networks and Expertise (One) Pass for top talent in the first year of implementation, said Manpower Minister Tan See Leng in Parliament on Monday (Mar 4).
https://www.businesstimes.com.sg/singapore/economy-policy/nearly-4-200-applications-approved-in-first-year-of-singapore-s-one-pass-for-top-foreign-talent
Singapore to raise retirement age to 64, re-employment age to 69 in 2026
Singapore’s retirement and re-employment ages will be raised to 64 and 69, respectively, in 2026, as part of an ongoing process that will see the Republic’s retirement and re-employment ages reach 65 and 70, respectively, by 2030.
https://www.businesstimes.com.sg/singapore/economy-policy/singapore-to-raise-retirement-age-to-64-re-employment-age-to-69-in-2026
https://www.straitstimes.com/singapore/politics/s-pore-retirement-age-to-go-up-to-64-in-2026-re-employment-age-to-rise-to-69
All HDB households to get S$300 in Climate Vouchers to buy energy- and water-efficient appliances
Families living in Housing Board (HDB) flats will receive S$300 (US$223) in Climate Vouchers to purchase more efficient appliances, said Senior Minister of State for Sustainability and the Environment Amy Khor on Monday (Mar 4).
https://www.channelnewsasia.com/singapore/climate-vouchers-all-hdb-households-get-s300-buy-energy-and-water-efficient-appliances-4168296
https://www.todayonline.com/singapore/climate-voucher-scheme-hdb-households-energy-efficient-appliances-2373136
Business News
CapitaLand Development plans 11,000 more homes in Vietnam by 2028
CapitaLand Development (CLD), the development arm of Singapore’s CapitaLand Group, intends to grow its residential portfolio in Vietnam to 27,000 units by 2028. This new five-year target is about 70 per cent higher than the current portfolio of about 16,000 units across 17 projects and includes 7,500 units in its two latest residential projects in Vietnam – Sycamore, in the southern province of Binh Duong, and Lumi Hanoi in the capital Hanoi, said CLD in a news release on Monday (Mar 4).
https://www.businesstimes.com.sg/international/asean/capitaland-development-plans-11-000-more-homes-in-vietnam-by-2028
https://www.theedgesingapore.com/news/property/capitaland-development-grow-vietnam-residential-portfolio-70-27000-units-2028
KPMG fined £1.5 million over Saatchi audit failings
Britain’s accounting watchdog has fined KPMG £1.5 million (S$2.55 million) over its failings in the run-up to an accounting scandal at the advertising firm M&C Saatchi. KPMG and its partner Adrian Wilcox failed to audit with sufficient professional skepticism, according to the Financial Reporting Council (FRC), which published a decision notice on Monday (Mar 4).
https://www.businesstimes.com.sg/international/kpmg-fined-ps1-5-million-over-saatchi-audit-failings
Global Economy & Real Estate
Powell to face pressure on rates from Democrats, bank rules from Republicans
https://www.businesstimes.com.sg/international/powell-to-face-pressure-on-rates-from-democrats-bank-rules-from-republicans
Central banks on brink of victory in inflation fight, says BIS
https://www.businesstimes.com.sg/international/central-banks-on-brink-of-victory-in-inflation-fight-says-bis
Australia pledges US$1.3 billion to spur South-east Asia investment
https://www.businesstimes.com.sg/international/australia-pledges-us-1-3-billion-to-spur-south-east-asia-investment
Australia’s top pension fund plans £8 billion spend in Britain
https://www.businesstimes.com.sg/international/global/australia-s-top-pension-fund-plans-ps8-billion-spend-in-britain
Australia, South-east Asia push to bolster ties in China’s shadow
https://www.businesstimes.com.sg/international/australia-south-east-asia-push-to-bolster-ties-in-china-s-shadow
China expected to target GDP growth of around 5% in 2024
https://www.straitstimes.com/business/china-expected-to-target-gdp-growth-of-around-5-in-2024
https://www.channelnewsasia.com/asia/china-2024-gdp-growth-target-4171136
Chinese insurers warn of debt risks at property giant Vanke
https://www.businesstimes.com.sg/companies-markets/banking-finance/chinese-insurers-warn-of-debt-risks-at-property-giant-vanke
https://www.scmp.com/business/china-business/article/3254139/chinese-insurers-sound-alarm-over-vanke-debt-risks-after-property-giants-bonds-shares-tumble
China developer Vanke shares, bonds hit new lows on debt worries
https://www.businesstimes.com.sg/property/china-developer-vanke-shares-bonds-hit-new-lows-on-debt-worries
ECB to hold rates again, awaiting clearer signs on inflation
https://www.businesstimes.com.sg/international/ecb-to-hold-rates-again-awaiting-clearer-signs-on-inflation
Mainland Chinese buyers thronging to Hong Kong property sales in search of returns after removal of curbs, industry insiders say
https://www.scmp.com/business/china-business/article/3254150/mainland-chinese-buyers-thronging-hong-kong-property-sales-search-returns-after-removal-curbs
Hong Kong home sales surge on weekend after curbs lifted
https://www.straitstimes.com/business/hong-kong-home-sales-surge-on-weekend-after-curbs-lifted
https://www.theedgesingapore.com/news/property/hong-kong-home-sales-surge-weekend-after-curbs-lifted
Future operator of Hong Kong’s first ‘light public housing’ flats will be paid less if occupancy rate falls below 85%
https://www.scmp.com/news/hong-kong/society/article/3254132/future-operator-hong-kongs-first-light-public-housing-flats-will-be-paid-less-if-occupancy-rate
Hong Kong law firms cut office space in new blow to business hub
https://www.businesstimes.com.sg/property/hong-kong-law-firms-cut-office-space-in-new-blow-to-business-hub
Japan’s service activity grows in Feb on firm tourism
https://www.channelnewsasia.com/business/japans-service-activity-grows-feb-firm-tourism-4171146
Japan government considers calling end to deflation, Kyodo reports
https://www.businesstimes.com.sg/international/japan-government-considers-calling-end-to-deflation-kyodo-reports
https://www.channelnewsasia.com/business/japan-government-considers-calling-end-deflation-kyodo-reports-4168061
Japan corporate capex jumps, paving way for BOJ exit from stimulus
https://www.businesstimes.com.sg/international/japan-corporate-capex-jumps-paving-way-for-boj-exit-from-stimulus
Ringgit gains as Malaysia steps up coordination to lift currency
https://www.businesstimes.com.sg/international/asean/ringgit-gains-as-malaysia-steps-up-coordination-to-lift-currency
https://www.straitstimes.com/business/ringgit-gains-as-malaysia-steps-up-coordination-to-lift-currency
Saturation of malls in Malaysia’s Klang Valley as more join the fray
https://www.businesstimes.com.sg/international/asean/saturation-of-malls-in-malaysia-s-klang-valley-as-more-join-the-fray
Thai economy in critical situation, PM’s aide says
https://www.businesstimes.com.sg/international/thai-economy-in-critical-situation-pm-s-aide-says
https://www.channelnewsasia.com/asia/thailand-economy-critical-stimulus-prime-minister-srettha-thavisin-4168946
Thailand’s employment rises in Q4 on increased tourism
https://www.channelnewsasia.com/business/thailands-employment-rises-q4-increased-tourism-4168116
Turkey’s inflation is spiralling closer to 70% with rates at peak
https://www.businesstimes.com.sg/international/turkey-s-inflation-is-spiralling-closer-to-70-with-rates-at-peak
Traders wary UK’s budget risks revving inflation
https://www.businesstimes.com.sg/international/traders-wary-uk-s-budget-risks-revving-inflation
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