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 2024 (Wed)

Singapore Real Estate


2024 property tax revenue to rise by S$600 million, more than government’s projected S$380 million
Singapore’s residential property tax revenue is projected to grow by around S$600 million this year, with non-owner-occupied homes accounting for two-thirds of the increase, said Second Minister for Finance Chee Hong Tat on Tuesday (Feb 6).


Taxing our love of property
I know I am in good company when I say we Singaporeans love owning property. But, December 2023 was a time for reflection for many when property tax bills were issued. For those who have the good fortune of owning property, did you take a look at your latest property tax bill?


HDB resale prices jump 1.5% in January amid strong volumes
Public housing resale prices kicked off the year with gains, rising 1.5 per cent in January from the previous month in tandem with the seasonal volume surge. Christine Sun, chief research and strategist at OrangeTee & Tie, noted that this was the first time that prices rose by more than 1 per cent on the month since April 2023.



Singapore Economy


Singapore passes Bill to strengthen laws against financing of weapons of mass destruction
Singapore on Tuesday (Feb 6) passed amendments to existing laws to strengthen controls against proliferation financing, or financing aimed at evading sanctions and proliferating weapons of mass destruction.


Guidelines on non-compete clauses being finalised; out second half of 2024: Tan See Leng
Singapore: Guidelines on the use of a job stipulation that restricts an employee from working for a competitor are being finalised and are expected to be made known in the second half of 2024, the Manpower Minister Tan See Leng announced on Tuesday (Feb 6).



Business News


CapitaLand Investment acquires three properties in Singapore and Thailand
CapitaLand Investment (CLI) has acquired two industrial properties in Singapore and a freehold greenfield site in Bangkok, Thailand.


Mapletree Industrial Trust to sell Tanglin Halt factories for S$50.6 million
Mapletree Industrial Trust (MIT) will divest a cluster of two factories located at Tanglin Halt for S$50.6 million to an unrelated third party, its manager said on Wednesday (Feb 7).


Wing Tai H1 net profit tumbles 68% to S$20.5 million
Property and retail company Wing Tai : W05 -0.82%recorded a net profit of S$20.5 million for the first half of its financial year ended Dec 31, 2023. This was a 68 per cent drop compared to the same period a year ago.



Global Economy & Real Estate


US – Hilton is in talks to buy campus-focused Graduate Hotels brand


WeWork founder Adam Neumann trying to buy back company


Australia set to pass contentious tax cuts bill as parliament resumes


RBA keeps rate at 12-year high, signals higher bar for rate hikes


China aims to boost chip production despite US restrictions


Eurozone consumers trim near-term inflation expectations: ECB


German factory orders unexpectedly advanced at year end


Hong Kong can raise debt-to-GDP ratio to fund major projects, despite risk of structural deficit, top economist says


Banks prepare for new rules allowing Hong Kong, Macau homebuyers to bypass daily remittance cap when buying property in Greater Bay Area


Hong Kong’s leader vows to crack down on illegal structures after Post finds most homes in 3 luxury estates suspected of breaching rules


Can Hong Kong ever quash the problem of homeowners building unauthorised structures on their expensive properties?


Hong Kong church Island ECC acquires floors in building that is home to famous Sunbeam Theatre


UK builders most optimistic in two years on rate cut hopes: PMI


Britain, France lead 35 nation agreement on controlling spyware, mercenary hackers


UK retail sales slow as shoppers tighten belts


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