SINGAPORE REAL ESTATE
People’s Park Centre to relaunch $1.8b collective sale after failed attempt
Singapore – People’s Park Centre will take another stab at a $1.8 billion collective sale despite a failed attempt to sell at that price, which closed in August with no bids. The public tender launches on Tuesday.
https://www.straitstimes.com/singapore/housing/people-s-park-centre-to-relaunch-18b-collective-sale-after-failed-attempt
Condo resale volumes slide 11.6% in October; price growth slows: SRX, 99.co
The number of condominium resale transactions slid 11.6 per cent in October after seeing a slight recovery in September. Prices, however, continued to climb for the 27th consecutive month, although at a slower rate compared to a month ago.
https://www.businesstimes.com.sg/real-estate/condo-resale-volumes-slide-116-in-october-price-growth-slows-srx-99co
‘Not meaningful’ to provide costs breakdown of new HDB flats: Indranee
The government does not price new Housing and Development Board (HDB) flats to recover the cost of land and construction, but it will not be “helpful or meaningful” to provide a breakdown of their total development cost, said Second Minister for Finance and National Development Indranee Rajah in response to a parliamentary question on Monday (Nov 7).
https://www.businesstimes.com.sg/real-estate/mobile-spotlight/not-meaningful-to-provide-costs-breakdown-of-new-hdb-flats-indranee
https://www.straitstimes.com/singapore/politics/pritam-indranee-spar-over-development-costs-of-hdb-flats-details-of-subsidies-to-buyers
https://www.todayonline.com/singapore/indranee-pritam-cross-swords-hdb-cost-develop-2038811
https://www.channelnewsasia.com/singapore/state-land-costs-hdb-bto-flat-price-reserves-parliament-3050111
Almost half of HDB flat owners who own private property rent out their entire flat: MND
About 3 per cent of Housing and Development Board (HDB) flat owners own at least one private residential property as at October 2022, falling about 0.3 percentage point in the last three years, said Minister for National Development Desmond Lee in Parliament on Monday (Nov 7).
https://www.businesstimes.com.sg/government-economy/mobile-spotlight/almost-half-of-hdb-flat-owners-who-own-private-property-rent-out
https://www.straitstimes.com/singapore/politics/45-of-hdb-flat-owners-who-own-private-homes-do-not-live-in-their-flats-desmond-lee
https://www.todayonline.com/singapore/about-3-hdb-flat-owners-own-least-1-private-property-desmond-lee-2038846
https://www.channelnewsasia.com/singapore/hdb-flat-owners-private-properties-rent-absd-cooling-measures-desmond-lee-3049851
9,200 households have opted for HDB lease buyback since scheme launched in 2009
Singapore – About 9,200 households have signed up for the Housing Board’s Lease Buyback Scheme since it was introduced in March 2009, said Minister for National Development Desmond Lee.
https://www.straitstimes.com/singapore/politics/9200-households-have-opted-for-hdb-lease-buyback-since-scheme-launched-in-2009
https://www.channelnewsasia.com/singapore/hdb-lease-buyback-elderly-flat-owners-outlive-3049906
10 years minimum occupancy, clawback of resale proceeds – but PLH flats can still be good buys
One wonders if prime location public housing (PLH) flats are proving not all that popular with eligible Housing and Development Board (HDB) build-to-order (BTO) flat buyers. In the last BTO exercise, the application rate among first-time non-elderly applicants for four-room flats was 3.7 times for the PLH flats in Bukit Merah, versus 17.2 times and 8.7 times for non-PLH flats at Sun Plaza Spring in Tampines and Central Weave @ AMK in Ang Mo Kio respectively.
https://www.businesstimes.com.sg/opinion/10-years-minimum-occupancy-clawback-of-resale-proceeds-but-plh-flats-can-still-be-good-buys
SINGAPORE ECONOMY
Extra S$1.4b for GST Assurance Package; 2024 hike to be reviewed if economy ‘sharply deterioriates’: DPM Wong
Another S$1.4 billion will be added to the Goods and Services Tax (GST) Assurance Package in Budget 2023 – bringing the total to around S$8 billion – to help households cope with rising inflation, Deputy Prime Minister Lawrence Wong announced in Parliament on Monday (Nov 7).
https://www.businesstimes.com.sg/government-economy/extra-s14b-for-gst-assurance-package-2024-hike-to-be-reviewed-if-economy-sharply
https://www.straitstimes.com/singapore/politics/assurance-package-to-help-households-offset-gst-hike-to-get-14b-boost-will-now-total-8b
https://www.todayonline.com/singapore/parliament-gst-hike-possibility-review-if-singapore-economy-severe-impact-2023-203918
https://www.channelnewsasia.com/singapore/assurance-package-goods-and-services-tax-offset-gst-expenses-lawrence-wong-3049951
Significant opportunities in China for Singapore companies despite gloomy outlook: Gan
Despite “greater uncertainty” and a gloomy outlook in today’s world, there remains “significant opportunities” in China that Singapore companies can tap, especially within the digital and green economy spaces, said Minister for Trade and Industry Gan Kim Yong on Monday (Nov 7).
https://www.businesstimes.com.sg/global-enterprise/significant-opportunities-in-china-for-singapore-companies-despite-gloomy-outlook
https://www.straitstimes.com/business/opportunities-for-singapore-companies-in-china-s-digitalisation-sustainability-space-gan-kim-yong
Debate on GST hike: A difficult but necessary decision
Singapore – It has been more than three years since I started writing about the goods and services tax (GST) hike, and every Parliament debate on it feels like Groundhog Day. On one side of the House, MPs argue that recurring revenue is required to fund increasing healthcare and social expenditure needs.
https://www.straitstimes.com/singapore/politics/debate-on-gst-hike-a-difficult-but-necessary-decision
https://www.channelnewsasia.com/singapore/singapores-gst-hike-go-through-after-bill-passed-parliament-opposition-mps-recording-dissent-3050296
New pilot programme to familiarise S Pass holders with life in Singapore
Singapore will pilot a Settling-In Programme for new S Pass holders next year, to familiarise these skilled foreign workers with working here and encourage positive interaction with locals in and beyond the workplace, said Manpower Minister Tan See Leng in Parliament on Monday (Nov 7).
https://www.businesstimes.com.sg/government-economy/mobile-spotlight/new-pilot-programme-to-familiarise-s-pass-holders-with-life-in
https://www.straitstimes.com/singapore/politics/pilot-programme-from-2023-to-help-s-pass-holders-settle-in-singapore-tan-see-leng
https://www.todayonline.com/singapore/settling-programme-s-pass-holders-2039121
Singapore ranks 5th in new index tracking sustainable global trade practices
Singapore has been ranked fifth among 30 economies for the sustainability of its global trade practices, according to a study by the Swiss business school, Institute for Management Development (IMD), and the Asia-based philanthropy, Hinrich Foundation.
https://www.businesstimes.com.sg/government-economy/singapore-ranks-5th-in-new-index-tracking-sustainable-global-trade-practices
https://www.straitstimes.com/business/s-pore-ranks-5th-out-of-30-economies-in-index-on-sustainable-trade
VIEWS, REVIEWS, FORUM AND OTHERS
Proposed law to protect state land will raise penalties, give more powers to enforcement officers
Singapore : A new State Lands Protection Bill tabled in Parliament on Monday (Nov 7) proposes to significantly raise the maximum fine faced by offenders who encroach on or damage state land.
https://www.channelnewsasia.com/singapore/law-proposed-protect-state-land-increase-penalties-enforcement-3049921
3,300 Covid-19 cases contracted in healthcare facilities between April and September, less than 1% of national total: MOH
Singapore — Some 3,300 reported Covid-19 cases were contracted in healthcare facilities, of which around 300 were from clusters in hospitals and around 3,000 from nursing homes, between April and September this year, Senior Minister of State for Health Janil Puthucheary said on Monday (Nov 7).
https://www.todayonline.com/singapore/3300-covid-cases-heathcare-facilities-2038781
https://www.straitstimes.com/singapore/politics/covid-19-infections-in-hospitals-and-nursing-homes-form-less-than-1-per-cent-of-reported-community-cases
https://www.channelnewsasia.com/singapore/covid-19-cases-hospital-clusters-nursing-homes-1-cent-total-community-3049731
GLOBAL ECONOMY & GLOBAL REAL ESTATE
WTO urges countries to lift green trade barriers
https://www.businesstimes.com.sg/government-economy/wto-urges-countries-to-lift-green-trade-barriers
UK house prices fall most in almost two years: Halifax
https://www.businesstimes.com.sg/real-estate/uk-house-prices-fall-most-in-almost-two-years-halifax
Half of Swedish households see home prices sliding further
https://www.businesstimes.com.sg/real-estate/half-of-swedish-households-see-home-prices-sliding-further
New Zealand to probe country’s resilience to supply chain disruptions
https://www.businesstimes.com.sg/government-economy/new-zealand-to-probe-countrys-resilience-to-supply-chain-disruptions
Australia aims to cut tax breaks for pension funds of the super rich
https://www.straitstimes.com/business/economy/australia-aims-to-cut-tax-breaks-for-pension-funds-of-the-super-rich
Australia consumer sentiment drops to lowest since April 2020 on rates
https://www.businesstimes.com.sg/government-economy/australia-consumer-sentiment-drops-to-lowest-since-april-2020-on-rates
Australia business activity stays strong in October, mood darkens
https://www.businesstimes.com.sg/government-economy/australia-business-activity-stays-strong-in-october-mood-darkens
China deflation fears rise as demand weakens on Covid outbreaks
https://www.businesstimes.com.sg/government-economy/china-deflation-fears-rise-as-demand-weakens-on-covid-outbreaks
China’s trade unexpectedly shrinks as Covid curbs, global slowdown jolt demand
https://www.businesstimes.com.sg/government-economy/mobile-spotlight/chinas-trade-unexpectedly-shrinks-as-covid-curbs-global-slowdown
https://www.straitstimes.com/asia/east-asia/china-s-export-growth-unexpectedly-contracts-as-demand-wanes
China’s new No 2 faces challenge to make economy hum again
https://www.businesstimes.com.sg/global-enterprise/chinas-new-no-2-faces-challenge-to-make-economy-hum-again
China’s super-rich see fortunes plunge as economy slows
https://www.channelnewsasia.com/asia/chinas-super-rich-see-fortunes-plunge-economy-slows-3052186
Hong Kong relaxes Covid rules for inbound tour groups
https://www.businesstimes.com.sg/government-economy/hong-kong-relaxes-covid-rules-for-inbound-tour-groups
https://www.straitstimes.com/asia/east-asia/hong-kong-relaxes-covid-19-rules-for-inbound-tour-groups
Japan household spending extends growth in September on economic reopening
https://www.channelnewsasia.com/business/japan-household-spending-extends-growth-september-economic-reopening-3051981
Vietnamese developer restructuring amid nation’s credit crunch
https://www.businesstimes.com.sg/asean-business/vietnamese-developer-restructuring-amid-nations-credit-crunch