Singapore Real Estate
Singapore retail sales down 0.1% in October, undoing September gains
Singapore retail sales dipped 0.1 per cent year on year in October, snapping an eight-month streak of expansion and reversing from the previous month’s upwardly revised 0.8 per cent growth.
https://www.businesstimes.com.sg/singapore/singapore-retail-sales-down-01-october-undoing-september-gains
https://www.straitstimes.com/business/singapore-retail-sales-dip-in-october-breaking-8-month-streak
Hotels eye leisure and ‘bleisure’ as business travel recovery weakens
Hotels globally are refocusing on leisure and “bleisure” – a blend of business and leisure travel – as corporate travel demand continues to lag. Some groups are even going as far as expanding their resort portfolios and adapting their offerings for business travellers who extend their stay.
https://www.businesstimes.com.sg/singapore/hotels-eye-leisure-and-bleisure-business-travel-recovery-weakens
Commentary: Flexible workspaces are here to stay despite WeWork woes
WeWork’s bankruptcy disclosure, however, only relates to its North American business. WeWork Singapore has said that it is “business as usual” and that its customers can continue using its 14 offices here.
https://www.channelnewsasia.com/commentary/wework-bankrupt-flexible-office-space-provider-hybrid-work-3961761
Taxing problems and suboptimal outcomes
The majority of Singapore households pay little by way of property taxes, as they reside in public housing which draws a low tax rate. But homeowners living in private property and/or holding properties for investment will be hit hard next year by the double blow of sharply higher property tax rates for higher-value properties and elevated property values.
https://www.businesstimes.com.sg/property/taxing-problems-and-suboptimal-outcomes
HDB launches more than 6,000 BTO flats in December exercise; analysts expect demand to dip
A total of 6,057 flats were launched for sale on Tuesday (Dec 5) by the Housing and Development Board (HDB) under its December 2023 Build-To-Order (BTO) exercise, across eight new projects in both mature and non-mature estates.
https://www.businesstimes.com.sg/property/hdb-launches-more-6000-bto-flats-december-exercise-analysts-expect-demand-dip
https://www.straitstimes.com/singapore/housing/hdb-launches-over-6000-bto-flats-raises-subsidies-for-2-prime-location-projects
https://www.todayonline.com/singapore/6000-flats-launched-december-bto-exercise-including-prime-location-projects-bukit-merah-queenstown-2318956
https://www.channelnewsasia.com/singapore/bto-flats-launched-hdb-december-2023-exercise-prime-location-bukit-merah-queenstown-3966601
https://www.edgeprop.sg/property-news/over-6000-flats-launched-sale-under-december-2023-bto-exercise
Singapore Economy
S’pore will consider cost of carbon, global developments before changing carbon tax rate: SM Teo
Any change to Singapore’s carbon tax rate will happen after the Government takes into account the cost of carbon, the negative impacts of emitting the planet-warming gas into the atmosphere, and the alignment with international developments, Senior Minister Teo Chee Hean said on Dec 5.
https://www.straitstimes.com/singapore/s-pore-will-consider-cost-of-carbon-int-l-developments-before-changing-carbon-tax-rate-sm-teo
https://www.businesstimes.com.sg/esg/knowledge-tech-more-consequential-funding-developing-countries-climate-action-sm-teo
Singapore, Europe top wish list of Chinese tourists as Thailand and Japan lose some shine
With more Chinese tourists staying away from Japan and Thailand of late due to various health and safety concerns, Singapore has overtaken those two countries as their preferred travel destination for now.
https://www.businesstimes.com.sg/international/global/singapore-europe-top-wish-list-chinese-tourists-thailand-and-japan-lose-some
Companies’ Brief
Blackstone buys Kyoto Hotel from Goldman in deal worth 8 billion yen
Blackstone has bought a Kyoto hotel from Goldman Sachs Group, as a rapid tourism rebound in Japan boosts hospitality deals in the island nation.
https://www.businesstimes.com.sg/property/blackstone-buys-kyoto-hotel-goldman-deal-worth-8-billion-yen
HK’s Swire Pacific approves US$768 million share buyback programme
Swire Pacific, one of the two remaining British trading houses in Hong Kong, said on Tuesday (Dec 5) that it would buy back shares worth up to US$767.6 million from the open market. The programme will be funded from the firm’s existing capital and cash reserves, Swire said in an exchange filing.
https://www.businesstimes.com.sg/companies-markets/hks-swire-pacific-approves-us768-million-share-buyback-programme
Views, Reviews Forum and Others
As Singapore faces deepfake surge, authorities warn of threats from cybercrime, online scams
Singapore: Deepfakes in Singapore have jumped five times in the last year alone, and authorities have warned that the technology could be misused to commit cybercrimes.
https://www.channelnewsasia.com/singapore/regulation-will-always-be-chasing-technology-education-key-combating-risks-ai-and-deepfakes-experts-cybercrime-3966226
Singaporeans exempt from Malaysia digital arrival card that applies to foreigners
Singaporeans travelling to Malaysia will not be required to fill up the Malaysia Digital Arrival Card (MDAC), which will be compulsory from Jan 1 for foreign travellers. “All Singaporean citizens will be exempted (from filling up the digital card),” Home Minister Saifuddin Nasution Ismail told a news conference at Kuala Lumpur International Airport (KLIA) on Tuesday (Dec 5).
https://www.businesstimes.com.sg/international/asean/singaporeans-exempt-malaysia-digital-arrival-card-applies-foreigners
https://www.todayonline.com/singapore/singaporeans-travelling-malaysia-not-required-fill-digital-arrival-card-2319161
https://www.channelnewsasia.com/asia/malaysia-digital-arrival-card-mdac-singaporeans-not-required-fill-3966921
Global Economy & Real Estate
Inflation in advanced economies is now at its lowest in two years
https://www.businesstimes.com.sg/international/inflation-advanced-economies-now-its-lowest-two-years
US services sector gauge picks up on improved business activity
https://www.businesstimes.com.sg/international/us-services-sector-gauge-picks-improved-business-activity
US job openings in October lowest since 2021, well below forecasts
https://www.businesstimes.com.sg/international/us-job-openings-october-lowest-2021-well-below-forecasts
Australia’s economy surprisingly slows as rate hikes damp spending
https://www.businesstimes.com.sg/international/australias-economy-surprisingly-slows-rate-hikes-damp-spending
China services activity accelerates in November on boost from new orders: Caixin PMI
https://www.straitstimes.com/business/china-services-activity-accelerates-in-november-on-boost-from-new-orders-caixin-pmi
Billionaires Island draws super rich to secluded Dubai enclave
https://www.businesstimes.com.sg/property/billionaires-island-draws-super-rich-secluded-dubai-enclave
ECB says consumer inflation expectations match 5-month high
https://www.businesstimes.com.sg/international/ecb-says-consumer-inflation-expectations-match-5-month-high
Hong Kong housing prices must fall further for homes to be affordable
https://www.scmp.com/comment/letters/article/3243749/hong-kong-housing-prices-must-fall-further-homes-be-affordable
Hong Kong’s New World Development to buy back US$610.3 million bonds
https://www.businesstimes.com.sg/property/hong-kongs-new-world-development-buy-back-us6103-million-bonds
https://www.scmp.com/business/china-business/article/3243901/new-world-development-buys-back-us610-million-or-15-offshore-bonds-ease-debt-concerns-among
Hong Kong ‘Shop King’ Tang Shing-bor’s family to raise US$310 million by selling assets including a hotel at a 28% discount
https://www.scmp.com/business/banking-finance/article/3243935/hong-kong-shop-king-tang-shing-bors-family-raise-us310-million-selling-assets-including-hotel-28
Japan Q3 GDP seen contracting at slower pace on capex: Reuters poll
https://www.channelnewsasia.com/business/japan-q3-gdp-seen-contracting-slower-pace-capex-reuters-poll-3966276
Japan manufacturers’ mood jumps, second straight month of gains – Reuters Tankan
https://www.channelnewsasia.com/business/japan-manufacturers-mood-jumps-second-straight-month-gains-reuters-tankan-3968211
Japanese buyers snap up New York, London buildings in spending spree
https://www.businesstimes.com.sg/property/japanese-buyers-snap-new-york-london-buildings-spending-spree
Malaysia property agents expect housing prices, rental rates to increase in 2024: survey
https://www.businesstimes.com.sg/international/asean/malaysia-property-agents-expect-housing-prices-rental-rates-increase-2024
Saudis cut Asia oil prices after Opec+ deepens output curbs
https://www.businesstimes.com.sg/international/global/saudis-cut-asia-oil-prices-after-opec-deepens-output-curbs
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