Singapore Economy
Singapore’s median household income up 2.8% in real terms in 2023
Singapore’s median monthly household income from work grew 2.8 per cent in real terms in 2023 for resident employed households, an improvement from 2022’s real growth of 0.2 per cent, data from the Singapore Department of Statistics (SingStat) showed on Wednesday (Feb 7).
https://www.businesstimes.com.sg/singapore/singapores-median-household-income-28-real-terms-2023
https://www.straitstimes.com/business/median-monthly-household-incomes-in-s-pore-above-10000-in-2023-for-second-consecutive-year
https://www.channelnewsasia.com/singapore/key-household-income-trends-2023-inflation-gini-coefficient-singstat-4105461
97% of coffee shops rented out by HDB did not see increase in rents in last 5 years: Sim Ann
The Housing and Development Board (HDB) did not increase rent for 97 per cent of the coffee shops it rented out to operators over the last five years, Senior Minister of State for National Development Sim Ann said on Wednesday (Feb 7).
https://www.channelnewsasia.com/singapore/hdb-coffee-shop-rental-price-increase-sim-ann-4105581
https://www.straitstimes.com/singapore/politics/hdb-regulates-rent-for-its-coffee-shops-but-market-is-free-to-operate-fo
-private-sector-rental
PM Lee calls on opposition to be ‘upfront’ about stance on Singapore’s reserves and take ideas to ballot box
Prime Minister Lee Hsien Loong on Wednesday (Feb 7) challenged opposition politicians to take their ideas on Singapore’s national reserves to the ballot box, amid a parliamentary debate where opposition Members of Parliament (MP) pressed the government to reveal the extent of the reserves and review policies on its use.
https://www.channelnewsasia.com/singapore/pm-lee-calls-opposition-be-upfront-stance-singapore-reserves-ballot-box-vote-4107376
https://www.todayonline.com/singapore/pm-lee-calls-opposition-be-upfront-about-stance-singapores-reserves-and-take-ideas-ballot-box-2358851
https://www.businesstimes.com.sg/singapore/no-one-can-be-sure-what-amount-enough-when-it-comes-singapores-reserves-pm-lee
https://www.straitstimes.com/singapore/politics/s-poreans-are-both-beneficiaries-and-stewards-of-the-reserves-pm-lee
Parliament votes for amended motion on national reserves, rejects PSP motion to review fiscal policies
Parliament on Wednesday (Feb 7) rejected a motion from the Progress Singapore Party (PSP) to use more of the national reserves for the needs of the current generation of Singaporeans, while voting for an amended motion to ensure the government stays “fiscally responsible and sustainable”.
https://www.channelnewsasia.com/singapore/parliament-national-reserves-vote-psp-motion-fiscal-policies-pm-lee-indranee-rajah-4107491
https://www.todayonline.com/singapore/parliament-votes-amended-motion-national-reserves-rejects-psp-motion-review-fiscal-policies-2358811
Business News
CDL buys private rented sector development in London for £88 million
City Developments Ltd (CDL) on Wednesday (Feb 7) said it acquired Yardhouse, its first UK private rented sector (PRS) property, for £88 million (S$148.6 million). The mainboard-listed property developer said it plans to develop the 250-year leasehold site into a 17-storey apartment block with 209 co-living studio units, totalling 102,600 square feet (sq ft) in gross floor area.
https://www.businesstimes.com.sg/companies-markets/cdl-buys-private-rented-sector-development-london-ps88-million
https://www.straitstimes.com/business/cdl-buys-private-rental-apartment-development-in-london-for-1486-million
https://www.theedgesingapore.com/news/property/cdl-spending-88-million-yardhouse-uk-boosting-private-rented-sector-portfolio
Pan-United H2 net profit up 107% to S$20.4 million
Ready-mix concrete producer Pan-United Corporation : P52 0% on Wednesday (Feb 7) posted a net profit of S$20.4 million for the second half of its 2023 financial year ended Dec 31, up 107 per cent from S$9.9 million the previous year.
https://www.businesstimes.com.sg/companies-markets/pan-united-h2-net-profit-107-s204-million
https://www.theedgesingapore.com/capital/results/pan-united-reports-2hfy2023-earnings-204-mil-107-y-o-y
Global Economy & Real Estate
US trade deficit widens slightly in December
https://www.businesstimes.com.sg/international/us-trade-deficit-widens-slightly-december
US seeks to crack down on real estate money laundering
https://www.businesstimes.com.sg/property/us-seeks-crack-down-real-estate-money-laundering
Yellen says commercial property is a worry, but regulators are on it
https://www.businesstimes.com.sg/property/yellen-says-commercial-property-worry-regulators-are-it
US commercial real estate contagion moving to Europe
https://www.businesstimes.com.sg/property/us-commercial-real-estate-contagion-moving-europe
UBS US$1 billion AT1 sale rakes in nearly US$12 billion of orders
https://www.businesstimes.com.sg/companies-markets/banking-finance/ubs-us1-billion-at1-sale-rakes-nearly-us12-billion-orders
Scores of NY public housing workers charged in record corruption case
https://www.businesstimes.com.sg/property/scores-ny-public-housing-workers-charged-record-corruption-case
Australia to allow workers to ignore after-hours calls from bosses
https://www.channelnewsasia.com/world/australia-allow-workers-ignore-after-hours-calls-bosses-4106541
China developer to sell London project for HK$1 plus dollar debt
https://www.businesstimes.com.sg/property/china-developer-sell-london-project-hk1-plus-dollar-debt
China expresses concerns to US over tariffs, sanctions in Beijing talks
https://www.businesstimes.com.sg/international/china-expresses-concerns-us-over-tariffs-sanctions-beijing-talks
China property defaults won’t stop banks lending to cash-strapped developers, says Goldman Sachs report
https://www.scmp.com/business/banking-finance/article/3251298/china-property-defaults-wont-stop-banks-lending-cash-strapped-developers-says-goldman-sachs-report
Germany’s industrial downturn stretches into a seventh month
https://www.businesstimes.com.sg/international/germanys-industrial-downturn-stretches-seventh-month
Hong Kong, Singapore prime property prices to see big declines as high rates weigh on sentiment: Savills
https://www.scmp.com/business/article/3251222/hong-kong-singapore-prime-property-prices-see-big-declines-high-rates-weigh-sentiment-savills
Hong Kong’s commercial developers must step up to charge up as city’s growing EV fleet leaves a shortfall in charging stations, CBRE says
https://www.scmp.com/business/article/3251208/hong-kongs-commercial-developers-must-step-charge-citys-growing-ev-fleet-leaves-shortfall-charging
Lunar New Year travel: Hong Kong to get more than 1 million mainland Chinese tourists over holiday period
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3251295/lunar-new-year-travel-hong-kong-receive-more-1-million-mainland-chinese-tourists-during-festive
UK house prices jump the quickest since 2022: Halifax
https://www.businesstimes.com.sg/property/uk-house-prices-jump-quickest-2022-halifax
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