Singapore Real Estate
Close to two-thirds of home owners with Sibor mortgages yet to switch as deadline looms
Many home owners with mortgages pegged to the Singapore Interbank Offered Rate (Sibor) have switched to alternative loan packages, but far more are resisting the move despite the clock ticking for such loans.
https://www.businesstimes.com.sg/property/close-two-thirds-home-owners-sibor-mortgages-yet-switch-deadline-looms
HDB resale prices up 0.4% in November, but volumes decline
Resale prices of Housing and Development Board (HDB) flats inched up 0.4 per cent in November from the prior month, and rose 5.4 per cent year on year, based on flash data from SRX and 99.co released on Thursday (Dec 7).
https://www.businesstimes.com.sg/property/hdb-resale-prices-04-november-volumes-decline-srx-99co
https://www.straitstimes.com/singapore/housing/hdb-resale-prices-rise-04-in-november-fewer-units-sold-amid-year-end-lull
Singapore Economy
Enhancements to FTA among 24 deals signed to deepen Singapore, China cooperation
Singapore and China are enhancing the China-Singapore Free Trade Agreement (CSFTA) with more business-friendly and transparent rules, to deepen bilateral trade and investment links.
https://www.businesstimes.com.sg/international/global/enhancements-fta-among-24-deals-signed-deepen-singapore-china-cooperation
https://www.channelnewsasia.com/singapore/upgraded-singapore-china-free-trade-agreement-24-signed-annual-top-level-meeting-3972101
People flows remain key to Singapore-China bilateral cooperation: Lawrence Wong
Amid global economic headwinds and geopolitical uncertainty, Singapore and China must keep strengthening cooperation in both “traditional” areas such as trade and investment, and emerging areas such as digital and green economies, said Singapore’s Deputy Prime Minister Lawrence Wong on Thursday (Dec 7).
https://www.businesstimes.com.sg/singapore/economy-policy/people-flows-remain-key-singapore-china-bilateral-cooperation-lawrence
Singapore, China to set up mutual 30-day visa-free travel, enhancing ‘people-to-people exchanges’
Singapore and China on Thursday (Dec 7) announced that they will establish a 30-day mutual visa exemption agreement between both countries, amid a post-pandemic improvement in flight connectivity.
https://www.channelnewsasia.com/asia/singapore-china-30-day-mutual-visa-free-arrangement-3971566
https://www.businesstimes.com.sg/international/global/singapore-china-start-30-day-visa-free-travel-early-2024
https://www.todayonline.com/singapore/singapore-china-mutually-extend-visa-free-travel-30-days-2024-enhanced-student-exchanges-among-24-deals-tabled-2320561
https://www.scmp.com/news/china/diplomacy/article/3244258/china-and-singapore-agree-let-each-others-citizens-travel-visa-free
Companies’ Brief
Frasers Hospitality signs agreement to manage fifth Bangkok property at One Bangkok
Frasers Hospitality, a business unit of Frasers Property Group, has signed a management agreement with One Bangkok, an upcoming integrated district in Bangkok, Thailand. The agreement will see Frasers Hospitality manage a new Fraser Suites Bangkok in 2026. It will be the hospitality group’s fifth property in the city.
https://www.edgeprop.sg/property-news/frasers-hospitality-signs-agreement-manage-fifth-bangkok-property-one-bangkok
Keppel, Masdar tie up for decarbonisation, sustainability projects in Asean, Middle East
Keppel Corporation’s infrastructure division will tie up with the Abu Dhabi Future Energy Company PJSC (Masdar) to develop decarbonisation and sustainability solutions in Asean and the Middle East, the companies said on Thursday (Dec 7).
https://www.businesstimes.com.sg/companies-markets/keppel-masdar-tie-decarbonisation-sustainability-projects-asean-middle-east
https://www.straitstimes.com/business/keppel-masdar-tie-up-for-decarbonisation-sustainability-projects-in-asean-middle-east
KPMG planning merger of UK and Swiss businesses: Report
Accounting firm KPMG is planning to merge its British and Swiss businesses in an effort to boost growth and profit at the company, the Financial Times reported on Dec 6.
https://www.straitstimes.com/business/kpmg-plans-merger-of-uk-and-swiss-businesses-ft
Views, Reviews Forum and Others
Contractors and developers to face skilled labour crunch and high costs in 2024
Singapore’s construction sector has enjoyed a year of reprieve as developers and builders finally put most of the supply-chain disruptions and backlog of projects behind them. This year, demand and output levels in the construction sector are expected to be on a par with its performance in 2022.
https://www.edgeprop.sg/property-news/contractors-and-developers-face-skilled-labour-crunch-and-high-costs-2024
Company director jailed for multiple safety lapses after worker left bedbound
A company director was sentenced on Nov 24 to 22 weeks’ jail over multiple safety lapses at a worksite, resulting in severe injury to a construction worker who was left bedbound and non-communicative.
https://www.channelnewsasia.com/singapore/mom-workplace-safety-accident-lapses-construction-worker-severe-brain-injury-bedbound-3972051
Some shops run out of ART kits as number of Covid-19 cases rises
Some pharmacies and stores have run out of antigen rapid test (ART) kits in the wake of rising Covid-19 cases here. A check at six pharmacies, supermarkets and convenience stores in Bishan and Toa Payoh on Dec 6 found that they had run out of ART kits, and only a few had been restocked when The Straits Times visited a day later.
https://www.straitstimes.com/singapore/some-shops-run-out-of-art-kits-as-number-of-covid-19-cases-rises
https://www.businesstimes.com.sg/singapore/some-shops-run-out-art-kits-covid-19-cases-rise-singapore
Global Economy & Real Estate
Oil drops to 6-month low on weak economic outlook, high US supply
https://www.businesstimes.com.sg/companies-markets/oil-drops-6-month-low-weak-economic-outlook-high-us-supply
US weekly jobless claims increase moderately
https://www.businesstimes.com.sg/international/us-weekly-jobless-claims-increase-moderately
Singapore, China launch new sustainability initiatives under Tianjin Eco-City bilateral project
https://www.businesstimes.com.sg/singapore/singapore-china-launch-new-sustainability-initiatives-under-tianjin-eco-city-bilateral
China awaits whether US interest rate cut, better ties bring economic tailwinds in 2024
https://www.scmp.com/economy/china-economy/article/3244235/china-awaits-whether-us-interest-rate-cut-better-ties-bring-economic-tailwinds-2024?module=top_story&pgtype=homepage
China’s exports grow for first time in 6 months, eases pressure on factories
https://www.channelnewsasia.com/business/china-exports-grow-november-economist-forecast-factory-3971751
Chinese consumers keep spending in check amid shaky economy, hunting bargains on drinks, personal-care goods: report
https://www.scmp.com/business/china-business/article/3244277/chinese-consumers-keep-spending-check-amid-shaky-economy-hunting-bargains-drinks-personal-care-goods
German industry unexpectedly shrinks amid recession threat
https://www.businesstimes.com.sg/international/german-industry-unexpectedly-shrinks-amid-recession-threat
Economists see Hong Kong’s growth outlook worsening through 2024
https://www.businesstimes.com.sg/international/global/economists-see-hong-kongs-growth-outlook-worsening-through-2024
Hong Kong billionaire Cheng family boosts New World stake
https://www.businesstimes.com.sg/property/hong-kong-billionaire-cheng-family-boosts-new-world-stake
Indonesia eyes visa waivers for 20 countries, including US, China, India
https://www.businesstimes.com.sg/international/asean/indonesia-eyes-visa-waivers-20-countries-including-us-china-india
Japan Q3 GDP falls faster the initial estimates; household spending also down
https://www.channelnewsasia.com/business/japan-q3-gdp-falls-faster-initial-estimates-household-spending-also-down-3974176
Japan’s inflation-adjusted wages decline for 19th month in Oct
https://www.channelnewsasia.com/business/japans-inflation-adjusted-wages-decline-19th-month-oct-3974121
Yen surges after BOJ hints at policy shift
https://www.businesstimes.com.sg/companies-markets/yen-surges-after-boj-hints-policy-shift
https://www.straitstimes.com/business/yen-surges-against-usd-singdollar-after-boj-hints-at-policy-shift
https://www.channelnewsasia.com/business/analysisyen-bulls-spy-ray-hope-boj-policy-hint-3973201
Like Hong Kong, Malaysia grapples with ‘grave pit’-sized homes as high living costs bite
https://www.scmp.com/week-asia/economics/article/3244264/hong-kong-malaysia-grapples-grave-pit-sized-homes-high-living-costs-bite
Thai inflation lowest in 33 months – commerce ministry
https://www.channelnewsasia.com/business/thai-inflation-lowest-33-months-commerce-ministry-3971736
UK PM insists Rwanda migrants plan ‘will work’
https://www.businesstimes.com.sg/international/uk-pm-insists-rwanda-migrants-plan-will-work
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