The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 8 Mar 2023 (Wed)

Singapore Real Estate


Kingsley Mansion in Balestier, Roselane Court in Tanjong Katong up for en bloc sale
Two freehold sites, Kingsley Mansion and Roselane Court, are up for sale by public tender. Both are zoned for residential use under the Urban Redevelopment Authority Master Plan 2019, and are expected by their respective marketing agents to draw interest from developers.


Ten strata shops at Cuppage Plaza on the market for $12 mil
Singapore (EdgeProp) – Ten adjoining strata shops at Cuppage Plaza, off Orchard Road, will be put up for sale via tender on Mar 8. The shops have an indicative price of $12 million, or $2,347 psf on the combined strata area of 5,112 sq ft. The shops are owned by a single owner, who has held the portfolio since Cuppage Plaza was built, according to marketing agent PropNex Realty.


Prudential said to have leased 150,000 sq ft office space at Labrador Tower
Insurer Prudential Singapore is understood to have leased about 150,000 sq ft of office space at Labrador Tower, being developed by SP Group above a large underground electrical substation.


JTC review stalls self-storage industry’s expansion plans
JTC Corporation has started a review of the self-storage industry, which some players said could throw a spanner in the works for their expansion plans. Responding to queries from The Business Times (BT), JTC said: “In view of increasing demand from self-storage players to operate in industrial spaces, we are conducting a review to ascertain the impact on our industrial estates.”



Singapore Economy


Faster economic growth, lower inflation to come in 2024, economists say in MAS survey
Singapore — The skies are brightening, at least for the economy: Singapore’s economy should grow faster next year than this year, while inflation will likely ease this year and drop further in 2024, economists say.


From housing to jobs, here are some key changes announced in Parliament that will affect young S’poreans
Singapore — The policies and strategies debated over the last two weeks in Parliament will help Singapore navigate a world that is vastly different from the one that existed before the pandemic, Leader of the House Indranee Rajah said on Monday (March 6).


Wages in tech sector likely to grow slightly in 2023 despite industry slowdown, layoffs: Analysts
Singapore — Wages in the technology sector are expected to grow slightly this year despite a spate of industry layoffs signalling a slowdown in the sector, because demand for tech talent is still high for non-tech sectors such as finance and even hospitality, economists and human resource experts said.


COVID-19 White Paper: Singapore did well in vaccine bets, resilience of healthcare system during pandemic
Singapore: The early bets that Singapore placed on COVID-19 vaccines and the resilience of the healthcare system were among eight areas where the Government did well, according to a review of its pandemic response published on Wednesday (Mar 8).



Companies’ Brief


New contract lifts Lian Beng’s Singapore construction order book to S$2.1b
A Lian Beng Group unit has secured a new construction project which has bumped up its construction order book in Singapore to some S$2.1 billion. This order book will provide a “sustainable flow of activity” through FY2027, the mainboard-listed company said in a regulatory filing on Tuesday (Mar 7).


ERA boosts its agent app with ChatGPT-like function, part of $5.2 mil proptech investment in 2023
Singapore (EdgeProp) – Real estate agency ERA Realty Network is leveraging the famous artificial intelligence (AI) chatbot tool, ChatGPT into its proprietary agent mobile application SALES+. Specifically, it integrates the OpenAI Generative Pre-Trained Transformer 3 (GPT-3) as a new feature on the app. This tool will be available to ERA agents who use the app from Tuesday, 7 March 2023.



Global Economy & Real Estate


Fed’s Powell opens the door to higher and possibly faster rate hikes


IMF to temporarily raise borrowing limits to aid vulnerable countries


UK house prices bounce unexpectedly in February: Halifax


BOE policymaker sees signs of ‘revival’ in UK housing market


Irish property market shows new stress when fund blocks withdrawals


China property crisis: wealthy eastern city of Changzhou is latest to lift home resale restrictions to boost market


Hong Kong top Asian city for ultra-wealthy individuals, Beijing snatches second spot from Singapore, Altrata study shows


Hong Kong loses lustre as retail units go vacant and big brands look to China


Malaysia central bank to hold rates at 2.75% in March, reach peak at 3% or higher in Q2: poll



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