The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 6, 7 & 8 May 2023 (Sat, Sun & Mon)

Singapore Real Estate


Over 26% of The Continuum’s units sold on launch day at average of S$2,732 psf
More than 26 per cent of the 816 units at The Continuum were sold on their launch weekend at an average price of S$2,732 per square foot (psf), said Hoi Hup Realty in a statement on Sunday (May 7).


Heart of the Matter: Why ultra-rich foreigners will still buy property in Singapore
Singapore: When the government announced higher additional buyer’s stamp duties in the latest round of property cooling measures, real estate consultant Aric Lim’s foreign clients were concerned that this may not be the final hike.


Interest in shophouses rises after latest ABSD hikes for residential properties
Singapore – The latest round of property cooling measures has driven interest from residential properties, which are now substantially more expensive investments, to the commercial shophouse market.


‘Way over budget’: Why some young adults have given up on renting as prices rise
Singapore: With rents soaring, some young tenants in Singapore have been forced to make a choice – keep their independence and pay higher prices, or move back to their parents’ home. During the COVID-19 pandemic, some young adults moved out of their family homes and rented places of their own.


More wealth may turn to Singapore commercial real estate on ABSD hikes
More high-net-worth wealth could be headed for commercial real estate assets in Singapore, as investors recalibrate portfolios following the government’s hike in Additional Buyer’s Stamp Duty (ABSD) rates for residential property.


Nightlife outlets at Orchard Towers struggle to find new homes ahead of impending ban
Singapore – Operators of nightlife establishments at Orchard Towers say they are struggling to find alternative sites for their clubs, even with the extension of a deadline for the outlets to cease public entertainment operations in the development.


Over 900 flats to be built in Sin Ming, first HDB project for sale in the area in over 30 years
More than 900 new Housing Board flats will be built along Sin Ming Road in Upper Thomson, in the first new flats to be launched for sale in the area since 1988. The project – slated for completion in the second quarter of 2027 – will offer a total of 984 units across five residential blocks ranging from 22 to 28 storeys.



Singapore Economy


80,000 high-paying jobs in infocomms sector by 2025 under updated industry map
The industry transformation map for the infocomm media sector launched in 2017 has been updated to sharpen its focus on the infocomm segment, which includes sub-sectors such as software, information technology services, online services and telecommunication services.


Why are US banks wobbling and how might this impact Singapore?
The Singapore economy could be affected if activity slows in the US. Much of Singapore’s gross domestic product comes from external trade, and the US was Singapore’s third-largest trading partner, with $132.7 billion worth of merchandise trade conducted, in 2022, according to the Department of Statistics.


The Big Read: Beyond IRs and new attractions, how can Singapore draw more tourists and make them stay longer?
Singapore’s tourism arrival is set to return to pre-pandemic levels by 2024, after receiving more than 1 million visitors in March 2023 alone. But the pandemic has changed tourism patterns, including a preference for single-destination holidays and increasing interest in eco-tourism



Companies’ Brief


Far East Orchard net profit jumps 67.9% to S$4.7 million
Real estate company Far East Orchard has posted a 67.9 per cent year-on-year jump in net profit to S$4.7 million for the first quarter of 2023, on the back of a recovering hospitality sector.


Temasek considers investing $133 million in Indian jeweller BlueStone: Sources
Singapore – Singapore’s investment company Temasek is considering investing US$100 million (S$133 million) in Indian jeweller BlueStone for a stake of about 20 per cent, two sources with direct knowledge of the matter told Reuters.



Views, Reviews, Forum and Others


Passport-free clearance to be rolled out at all Singapore checkpoints from 2024
Singapore residents and visitors leaving the Republic will be able to clear checkpoints without having to use their passports from 2024. Instead, they can clear immigration via QR code at land checkpoints if travelling by car, or the new contactless Automated Border Control System (ABCS) at passenger halls.


Number of people hospitalised for Covid-19 rising since March
Singapore – Amid a fairly high tally of Covid-19 infections being reported here, the number of people hospitalised has also been climbing over the past eight weeks, since the week of March 5. Between April 23 and 29, 568 people were admitted to hospital, with 15 sent to the intensive care unit (ICU).


Singapore’s soaring rents are becoming a political problem
Expats aren’t the only ones feeling the pinch of rents in Singapore rising at the fastest pace in the world. The pain is trickling down to young singles like Sonam who are largely shut out of the nation’s subsidised housing programme and starting to question the government’s resolve to tackle the problem.



Global Economy & Real Estate


Covid-19 no longer a global health emergency, says WHO


Odds stacked against US economy avoiding recession


US job growth beats expectations in April; jobless rate falls to 3.4%


Swiss annual inflation eases in April more than expected


Australian government pledges A$15b in budget to ease cost of living


Australian budget near surplus as Chalmers joins inflation fight


Australia’s top banks look to diversify from mortgages as rates peak


China’s main trade fair struggles to lure buyers as global growth slows


Chinese scour Thailand for homes, looking to offset risks after pandemic


China to enhance credit support to private investment projects


China vows to build modern industries to win ‘strategic initiative’


Shenzhen developers target Hong Kong homebuyers amid weak April sales from local buyers


Explainer | From construction delays to fraud, risks abound for Hongkongers buying overseas property, agents warn


Hong Kong must bolster economic recovery amid rising interest rates, US banking woes: finance chief Paul Chan


Japan’s service activity grows at record pace in April – PMI


Bank of Japan debated risk of inflation overshoot in March



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