SINGAPORE REAL ESTATE
Government ups supply of private homes, commercial space on confirmed list for H1 2023
The Ministry of National Development (MND) will release land for development into 4,090 private homes (including 700 executive condo or EC units) on the confirmed list for the first half of 2023. This is higher than the 3,505 private homes (including 495 EC units) on the confirmed list of the current, second-half 2022 Government Land Sales (GLS) programme.
https://www.businesstimes.com.sg/property/government-ups-supply-private-homes-commercial-space-confirmed-list-h1-2023
https://www.channelnewsasia.com/singapore/jurong-lake-district-ura-government-increase-private-housing-supply-2023-3130311
HDB resale volumes recover slightly in Nov; prices inch up: SRX, 99.co
Resale volumes of Housing and Development Board (HDB) flats recovered slightly in November, with 2,140 HDB resale flats changing hands. This was 8.9 per cent higher than the number of flats resold in October.
https://www.businesstimes.com.sg/property/hdb-resale-volumes-recover-slightly-nov-prices-inch-srx-99co
HDB gives BTO cost breakdown; says pricing not linked to development cost
The pricing of new public housing flats is “separate and independent” of development costs and does not provide for a profit margin as a private residential project would, the Housing and Development Board said on Wednesday (Dec 7).
https://www.businesstimes.com.sg/property/hdb-gives-bto-cost-breakdown-says-pricing-not-linked-development-cost
https://www.straitstimes.com/singapore/housing/how-are-bto-flats-priced-and-what-are-their-land-and-building-costs-hdb-gives-the-breakdown
https://www.channelnewsasia.com/singapore/bto-flats-hdb-affordable-prices-development-costs-3127281
https://www.todayonline.com/singapore/hdb-bto-development-cost-breakdown-2065221
Snap Insight: Not fair to compare prices of HDB flats today with those built decades ago
Singapore: Is HDB housing in Singapore affordable? That is the million-dollar question that has been asked repeatedly, amid a rise in the sale of million-dollar resale flats.
https://www.channelnewsasia.com/commentary/hdb-bto-pricing-million-dollar-flats-development-costs-housing-property-3128136
SINGAPORE ECONOMY
Wage growth in 2023 to stay robust even as slowing economy cuts labour demand
As covid-19 restrictions eased in 2022, Singapore’s labour market moved towards pre-pandemic normalcy. Manpower demand rose in consumer-facing industries, while the return of foreign labour relieved shortages. Total employment surpassed pre-Covid levels in the third quarter, and unemployment rates have also recovered.
https://www.businesstimes.com.sg/singapore/economy-policy/wage-growth-2023-stay-robust-even-slowing-economy-cuts-labour-demand
Singapore and Hong Kong spar for green finance supremacy in Asia
Singapore – Hong Kong and Singapore have long squared off to be the pre-eminent finance hub for Asia. That battleground is now shifting to the ESG (environmental, social and governance) space, with potentially trillions of dollars at stake.
https://www.straitstimes.com/business/singapore-and-hong-kong-spar-for-green-finance-supremacy-in-asia
Singapore is 8th most expensive expatriate location in the world, says ECA International
Singapore (EdgeProp) – Singapore has risen four places in the latest global cost of living rankings, making it the eighth most expensive location in the world and second in Asia. This was one of the findings of the latest Cost of Living research published by ECA International on Dec 7.
https://www.edgeprop.sg/property-news/singapore-8th-most-expensive-expatriate-location-world-says-eca-international
GLOBAL ECONOMY & GLOBAL REAL ESTATE
US mortgage rates fall a fourth week, longest stretch since 2019
https://www.businesstimes.com.sg/property/us-mortgage-rates-fall-fourth-week-longest-stretch-2019
US Q3 productivity raised; labour costs still running high
https://www.businesstimes.com.sg/international/us-q3-productivity-raised-labour-costs-still-running-high
LA approves tax increase on real estate deals over US$5m
https://www.businesstimes.com.sg/international/la-approves-tax-increase-real-estate-deals-over-us5m
UK house prices fall at the fastest pace in 14 years, says mortgage lender
https://www.businesstimes.com.sg/property/uk-house-prices-fall-fastest-pace-14-years-says-mortgage-lender
UK pay and hiring slow as companies brace for a slump: REC
https://www.businesstimes.com.sg/international/uk-pay-and-hiring-slow-companies-brace-slump-rec
Eurozone economy grew more than estimated in third quarter
https://www.businesstimes.com.sg/international/eurozone-economy-grew-more-estimated-third-quarter
China’s property sector support fails to lure bond investors
https://www.businesstimes.com.sg/property/chinas-property-sector-support-fails-lure-bond-investors
China considers GDP target of about 5% in pro-growth shift
https://www.businesstimes.com.sg/international/china-considers-gdp-target-about-5-pro-growth-shift
China announces nationwide loosening of Covid restrictions
https://www.businesstimes.com.sg/international/global/china-announces-nationwide-loosening-covid-restrictions
https://www.channelnewsasia.com/asia/china-covid-19-rules-eased-nationwide-home-quarantine-pcr-testing-3127846
China’s BoCom agrees to support eight property firms
https://www.businesstimes.com.sg/property/chinas-bocom-agrees-support-eight-property-firms
Japan upgrades Q3 GDP as global recession, Covid risks linger
https://www.businesstimes.com.sg/international/japan-upgrades-q3-gdp-global-recession-covid-risks-linger
Taiwan November exports plunge, outlook poor
https://www.businesstimes.com.sg/international/taiwan-november-exports-plunge-outlook-poor
Outlook 2023 — the year of the cool-down
https://www.theedgesingapore.com/capital/investing-strategies/outlook-2023–year-cool-down