Singapore Real Estate
Stay calm when more luxury condos fetch above S$6,000 psf
A profit of S$3.46 million in just under three-and-a-half years is impressive. The owner of a unit at the freehold luxury condominium Boulevard 88 along Orchard Boulevard achieved just that. It was bought for S$10.32 million or S$3,688 per square foot (psf) in July 2019, and sold for S$13.78 million or S$4,924 psf in December 2022.
https://www.businesstimes.com.sg/opinion-features/stay-calm-when-more-luxury-condos-fetch-above-s6000-psf
Shophouse on Upper Circular Road for sale at $24.2 mil
Singapore (EdgeProp) – A shophouse at 13 Upper Circular Road is on the market via an expression of interest exercise with a guide price of $24.2 million. The property has undergone extensive asset enhancement works, according to marketing agent CBRE.
https://www.edgeprop.sg/property-news/shophouse-upper-circular-road-sale-242-mil
Cycle & Carriage Singapore sells Mercedes-Benz Centre and three other properties for S$333 million
Automotive group Cycle & Carriage Singapore has completed the sale of four of its properties to M&G Real Estate for a total of S$333 million, based on caveats lodged with the Urban Redevelopment Authority.
https://www.businesstimes.com.sg/property/cycle-carriage-singapore-sells-mercedes-benz-centre-and-three-other-properties-s333
Applicants for February BTO exercise lowest since 2020: HDB
The February 2023 Build-To-Order (BTO) exercise posted the lowest overall number of flat applicants, particularly first-timer applicants, since February 2020. As at 11 am on Monday (Mar 6), the median application rate for first-timer applicants for three-room or larger flats stood at 1.8, close to that of the November 2022 BTO sales exercise, which had double the flat supply of the latest launch.
https://www.businesstimes.com.sg/property/applicants-february-bto-exercise-lowest-2020-hdb
https://www.straitstimes.com/singapore/housing/february-bto-launch-has-lowest-number-of-first-timer-applicants-since-2020-application-rates-stabilising-hdb
https://www.todayonline.com/singapore/bto-february-lowest-application-2020-2122891
https://www.channelnewsasia.com/singapore/hdb-bto-february-launch-application-rates-reduced-first-timers-3327931
https://www.edgeprop.sg/property-news/lower-application-rates-february-2023-bto-exercise
Analysts say too soon to tell if BTO applications dip means stabilising demand, as projects may have been less attractive
Singapore — It may be too soon to tell if new figures showing low application rates for the latest Build-to-Order (BTO) sales exercise mean that demand for BTO flats is stabilising, property analysts said on Monday (March 6).
https://www.todayonline.com/singapore/analysis-too-soon-bto-applications-dip-stabilising-demand-less-attractive-projects-2123111
Singapore Economy
Parliament approves S$123.7 billion Budget as debate ends with call for MPs to avoid polarisation, populism
Parliament here must avoid going down the path of others worldwide that have become gridlocked, hamstrung or at such loggerheads that countries cannot move forward, and their people pay the price, Leader of the House Indranee Rajah said on Monday (Mar 6).
https://www.businesstimes.com.sg/singapore/parliament-approves-s1237-billion-budget-debate-ends-call-mps-avoid-polarisation-populism
https://www.straitstimes.com/singapore/politics/parliament-approves-1237b-budget-debate-ends-with-call-for-mps-to-avoid-polarisation-and-populism
https://www.todayonline.com/singapore/budget-2023-important-step-positioning-spore-more-complicated-post-pandemic-future-indranee-2122991
Singapore expected to rely on grants, loans and credit schemes to draw investors amid global tax shift
Singapore may have to rely more on grants, loans and credit schemes to keep multinationals here, when new corporate tax rules kick in worldwide. But though policymakers have sounded the alarm over hotter competition for global investments, watchers believe that the country is poised to stay ahead of the pack.
https://www.businesstimes.com.sg/singapore/economy-policy/singapore-expected-rely-grants-loans-and-credit-schemes-draw-investors
Job switching in growth sectors not merely driven by salaries: industry players
A recovering economy nudged more people into switching jobs last year – but pay was not the only factor, said manpower agencies and employers. Work-life balance was another common reason.
https://www.businesstimes.com.sg/singapore/economy-policy/job-switching-growth-sectors-not-merely-driven-salaries-industry-players
Views Reviews, Forum and Others
Construction worker who fell from roof in Marsiling Lane is 6th workplace fatality of 2023
Singapore – A construction worker died after he fell from a height of about 4m while doing waterproofing work on a roof, making him the sixth workplace fatality in 2023. The 33-year-old Bangladeshi national fell at about 9am at 2 Marsiling Lane on Sunday, a Ministry of Manpower (MOM) spokesman said on Friday.
https://www.straitstimes.com/singapore/construction-worker-who-fell-from-roof-is-6th-workplace-fatality-of-2023
https://www.channelnewsasia.com/singapore/construction-worker-dies-fall-roof-marsiling-lane-guan-teck-construction-2000-mom-workplace-fatality-safety-3322176
https://www.todayonline.com/singapore/construction-worker-dies-after-falling-roof-6th-workplace-fatality-year-2121556
Singapore extends COVID-19 control order laws for a year to combat possible new variants
Singapore: Control orders to prevent the spread of COVID-19 were extended for a year for the final time on Monday (Mar 6), allowing the authorities to react quickly to new and dangerous variants if they emerge.
https://www.channelnewsasia.com/singapore/covid-19-pandemic-control-order-infectious-diseases-act-3328246
Global Economy & Real Estate
US banks are finally being forced to raise rates on deposits
https://www.businesstimes.com.sg/international/us-banks-are-finally-being-forced-raise-rates-deposits
UK construction sector rebounds in February: PMI
https://www.businesstimes.com.sg/property/uk-construction-sector-rebounds-february-pmi
Raffles branded residences at London’s The OWO for sale with prices from GBP7.1 mil
German travel industry sees 2023 rebound to pre-pandemic highs
https://www.businesstimes.com.sg/international/german-travel-industry-sees-2023-rebound-pre-pandemic-highs
Asia’s very complicated interest-rate pause
https://www.businesstimes.com.sg/opinion-features/asias-very-complicated-interest-rate-pause
China Jan-Feb trade likely contracted again as global economy slowed
https://www.channelnewsasia.com/business/china-jan-feb-trade-likely-contracted-again-global-economy-slowed-3328171
Property shares fall after China targets ‘unregulated’ expansion
https://www.businesstimes.com.sg/property/property-shares-fall-after-china-targets-unregulated-expansion
Hong Kong apartment project sold out in a day as slump fades
https://www.businesstimes.com.sg/property/hong-kong-apartment-project-sold-out-day-slump-fades
South Korea revised Q4 GDP -0.4% q/q, matching earlier estimate
https://www.channelnewsasia.com/business/south-korea-revised-q4-gdp-04-q-q-matching-earlier-estimate-3329941
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