The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 7 Feb 2023 (Tue)

Singapore Real Estate


Shenton House on the market at S$590 million reserve price
Shenton House, a 99-year leasehold commercial building in the Central Business District (CBD), has been put up for collective sale at a reserve price of S$590 million. Zoned for commercial use, the 36,350 square foot (sq ft) site on Shenton Way is eligible under the CBD incentive scheme for 25 per cent bonus gross floor area (GFA), and can be developed into a mixed-use or hotel development with a higher gross plot ratio (GPR) of 14.0. The current plot ratio is 11.2.


Luxury property deals take a dip in Q4, but 2023 outlook remains strong: Huttons
Sales for both luxury condominiums and Good Class Bungalows (GCBs) waned in the fourth quarter of 2022, amid a year of aggressive tightening by the US Federal Reserve to rein in inflation. According to Huttons, Asia’s latest report on the luxury market released Monday (Feb 6), an estimated 73 non-landed luxury homes were sold in Q4, down 33.6 per cent from the previous quarter.


Singapore’s soaring rents narrow the gap with pricey Hong Kong
Singapore is catching up with Hong Kong’s rental market as the city’s prices are expected to soar on limited supply, while Hong Kong grapples with dwindling appetite from population outflows. That’s the view of analysts, who say many factors impacting prices in the two cities remain intact.


Shorter wait times, lower rejection rates among proposals to ease housing shortage for first-time buyers
New Housing and Development Board (HDB) flats continue to be affordable for most Singaporeans, with prices remaining stable despite rising costs and a tight supply situation, said National Development Minister Desmond Lee on Monday (Feb 6).


Artificially reducing mature estates’ BTO prices will spur demand, affect genuine buyers: Desmond Lee
Singapore – Artificially lowering prices of Build-To-Order (BTO) flats in mature estates will increase the windfall gain for successful applicants, drive up competition for such flats and affect buyers with genuine housing needs, said National Development Minister Desmond Lee on Monday.



Singapore Economy


DPM Lawrence Wong to deliver Budget speech at 3.30pm on Feb 14
Singapore – Deputy Prime Minister and Finance Minister Lawrence Wong will deliver the Budget statement in Parliament at 3.30pm on Feb 14. The Ministry of Finance (MOF), government feedback unit Reach and the People’s Association (PA) in a joint statement on Monday said the statement will be broadcast live on free-to-air TV channels and radio.


AGO’s FY2022/23 audits to cover S$32.3b in Covid-19 spending; includes JSS, Rental Relief Framework
Ongoing audits by the Auditor-General’s Office (AGO) for FY2022/23 will cover the Jobs Support Scheme, Rental Relief Framework (Cash Grants), Rental Support Scheme and SingapoRediscovers Vouchers Scheme, Deputy Prime Minister Lawrence Wong said in a written reply to a Parliamentary question on Monday (Feb 6).


More firms want support to expand overseas, lower foreign worker levies in Budget 2023: UOB survey
More businesses are looking for support to expand overseas and reduce foreign worker levies in Budget 2023 as compared with last year, according to the UOB Business (SME & Large Enterprises) Outlook Study 2023.


Close to S$1 billion committed for Career Conversion Programmes, helping more than 40,000 so far
Since 2016, Singapore has committed close to S$1 billion for Career Conversion Programmes (CCPs), with more than 40,000 local workers having benefited so far, Manpower Minister Tan See Leng said in a written reply to Parliamentary questions on Monday (Feb 6).



Views Reviews, Forum and Others


MOM ‘considering’ extending Heightened Safety Period beyond February
The six-month heightened safety period (HSP) for workplaces may be extended beyond February, as the Ministry of Manpower reviews “the next steps” beyond its planned end-date, Manpower Minister Tan See Leng said in a written answer to a Parliamentary question on Monday (Feb 6).


Four more firms banned from hiring new foreign workers under heightened workplace safety rules
Singapore – Another four companies have been barred from hiring new foreign workers for a period of up to three months after serious safety lapses were found at their worksites. This takes the total number of firms sanctioned under a six-month heightened safety period to 15. It was introduced in September 2022 to curb a spike in workplace deaths and injuries here.


Iras warns of new variant of phishing scam offering tax refunds
Singapore – Members of the public are advised not to provide personal information to a phishing website that misuses the logos of the Inland Revenue Authority of Singapore (Iras), Land Transport Authority and Singpass.



Global Economy & Real Estate


Goldman cuts US recession odds to 25% on jobs, business outlook


UK construction slips to near 3-year low but confidence rises


UK mortgages set for slowest year since 2011 as house prices dip


UK retailers struggle but consumers spend on films and holidays


German industrial orders beat expectations in December


A housing crash takes down the krona and sounds inflation alarm


China’s economy appears headed for uneven rebound


Wuhan eases key home-buying ban to arrest China housing slump


China’s local government financing vehicles splurge on land shunned by developers


Japan’s wages jump by biggest margin in almost 26 years


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