Singapore Real Estate / Built Environment
JTC extends land leases for new industrial sites, offers more flexible renewals for businesses
Businesses taking up JTC industrial land will get longer leases and more flexible lease renewal terms, in line with the agency’s latest changes to its industrial land lease framework.
Tanah Merah site to be assessed for development of funeral services and columbarium complex
Singapore – A study will be conducted on a site in Tanah Merah Coast Road that has been identified as a potential location for the development of a new funeral services and columbarium complex (FSCC).
Higher prices of new condos drive more buyers to resale homes
The private resale market demonstrated a robust resurgence, with sales increasing notably by almost 25 per cent year on year, even as prices climbed higher in 2024. This trend sharply contrasts with the new home sales market, where sales volume experienced a modest increase of only 0.7 per cent compared with 2023.
Singapore Economy / News
S’pore growth to slow as trade tensions rise, but green, digital opportunities will emerge: DPM Gan
Singapore – Intensifying trade frictions and competition for strategic investments among major economies will weigh on the pace of Singapore’s economic growth in 2025, Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong said.
Singapore semicon companies, including startups, can tap new S$500 million national fab facility by 2027
BY 2027, Singapore semiconductor companies, including startups, will be able to tap the new S$500 million national fabrication facility announced in Budget 2025. The facility features cleanroom infrastructure and industry-grade tools to complement companies’ research and development (R&D) efforts, said Minister for Trade and Industry Gan Kim Yong on Thursday (Mar 6).
Singapore adds Bhutan, Cambodia, Laos as non-traditional sources of work permit holders
From Jun 1, employers in Singapore can hire work permit holders from more countries in certain sectors or for specific occupations, with more roles joining the list in September.
Longer support, broader criteria in M-SEP foreign labour flexibility scheme
The Manpower for Strategic Economic Priorities (M-SEP) scheme, which provides flexibility in hiring foreign labour, will have a longer support duration and more routes for companies to qualify.
https://www.zaobao.com.sg/realtime/singapore/story20250306-5976865
Higher S Pass qualifying salary of S$3,300 from Sep 1; levy raised to S$550
In the third hike in three years, Singapore’s minimum qualifying salary for S Pass applicants will be raised to S$3,300, from S$3,150 previously. The qualifying salary will continue to increase progressively with age, up to S$4,800 for those in their mid-40s, said Manpower Minister Tan See Leng on Thursday (Mar 6), confirming changes that had been tentatively announced in Budget 2022.
Business News
DBS says Piyush Gupta led bank to be among the top-performing globally, as handover to Tan Su Shan nears
DBS paid tribute to its outgoing chief executive and banking veteran Piyush Gupta as he prepares to retire this month after helming the bank for 15 years. As Gupta steps down at the conclusion of DBS’ 26th annual general meeting on Mar 28, deputy group CEO Tan Su Shan will replace him as the bank’s new CEO.
Mandarin Oriental FY2024 underlying profit drops to US$74.7 million
Hotelier Mandarin Oriental International posted an underlying profit of US$74.7 million for FY2024, down US$81 million from a year ago. This translates to a year-on-year decrease of 8 per cent in underlying profit attributable to shareholders.
Global Economy & Real Estate
US trade deficit surges to a record ahead of Trump tariffs
https://www.businesstimes.com.sg/international/us-trade-deficit-surges-record-ahead-trump-tariffs
US weekly jobless claims fall more than expected
https://www.businesstimes.com.sg/international/us-weekly-jobless-claims-fall-more-expected
Trump backs off Mexico, Canada tariffs after market blowback
US executives turn more pessimistic as Trump policies sink in
Chinese economy faces rising international ‘uncertainty’, official says
ECB cuts interest rates and keeps door ajar to more easing
Germany’s DHL to cut 8,000 jobs this year after annual operating profit falls 7.2%
Hong Kong retail property fund Bridgeway sells Jordan shop at 30% discount
Hong Kong home sales poised for best month in a year as Hava, Yoho West Parkside sell out
Japan’s largest union group sees biggest wage hike demand in over 30 years
Japan’s Seven & i appoints first foreign CEO, announces restructuring
Malaysia central bank keeps key rate at 3%, as expected
https://www.businesstimes.com.sg/international/asean/malaysia-central-bank-keeps-key-rate-3-expected
New Zealand home building declines for ninth straight quarter
https://www.businesstimes.com.sg/property/new-zealand-home-building-declines-ninth-straight-quarter
Thai business group urges action from government amid ‘panic’ over US trade policy
Vietnam’s February data signals growth risks amid subdued demand, tariff woes
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