Singapore Real Estate
DPM Wong confident ramped-up supply, cooling measures will stabilise property market
Singapore – By increasing the supply of public housing and moderating demand with two rounds of cooling measures, Deputy Prime Minister Lawrence Wong is confident the property market will be stabilised.
https://www.straitstimes.com/singapore/dpm-wong-confident-ramped-up-supply-cooling-measures-will-stabilise-property-market
Seven commercial units at Thomson Plaza for sale at $28 mil
Singapore (EdgeProp) – Seven commercial units at Thomson Plaza, a shopping mall along Upper Thomson Road, are up for sale. The seven contiguous units are held under one single strata lot and will be sold collectively. According to Micah Lim, senior associate director at JKL Consultants who is marketing the units, the portfolio has a starting price of $28 million.
https://www.edgeprop.sg/property-news/seven-commercial-units-thomson-plaza-sale-28-mil
Freehold detached house at Branksome Road for sale at $10.8 mil
Singapore (EdgeProp) – A freehold detached house at Branksome Road, off Tanjong Katong Road in District 15, will be put up for auction by Huttons Asia on March 15. The property has a guide price of $10.8 million, which works out to $2,456 psf on its land area of 4,398 sq ft.
https://www.edgeprop.sg/property-news/freehold-detached-house-branksome-road-sale-108-mil
Singapore Economy
ST-BT Budget Roundtable tackles jobs, housing and other hot-button issues
Deputy Prime Minister and Finance Minister Lawrence Wong stresses the need for fiscal discipline even as S’pore looks to boost growth, employment, housing supply and lifelong opportunities for all.
https://www.straitstimes.com/singapore/st-bt-budget-roundtable-tackles-jobs-housing-and-other-hot-button-issues
The pursuit of economic growth in an environment of rising costs
Even as he acknowledged cost pressures faced by households and companies, Finance Minister Lawrence Wong reiterated the importance of growth “as a means of advancing the well-being of everyone in Singapore”, at a post-Budget roundtable organised by The Straits Times (ST) and The Business Times.
https://www.businesstimes.com.sg/singapore/pursuit-economic-growth-environment-rising-costs
https://www.straitstimes.com/singapore/singapore-pursuing-three-strategies-for-sustained-moderate-growth-dpm-wong
Innovation and productivity are ‘imperative’ for Singapore amid rising costs
The ST-BT Budget Roundtable 2023, featuring Finance Minister Lawrence Wong, discusses rising costs and how Singapore can stay competitive.
https://www.businesstimes.com.sg/singapore/innovation-and-productivity-are-imperative-singapore-amid-rising-costs
Re-employment support on the cards to help retrenched workers tide over tough times: Lawrence Wong
Singapore – To ensure retrenched workers do not rush into the first job they find, regardless of its suitability and prospects, a re-employment support scheme is needed, said panellists at a wide-ranging roundtable discussion on Monday.
https://www.straitstimes.com/singapore/re-employment-support-on-the-cards-to-help-retrenched-workers-tide-over-tough-times
Global tax changes are a chance for Singapore to rethink investor incentives
The upcoming shake-up to global tax rules offers Singapore a chance to creatively update policies to stay top-of-mind as a prime destination for investors. Governments worldwide are under pressure to find non-tax incentives to continue attracting investments, as efforts to combat base erosion and profit shifting (BEPS) take direct aim at low corporate tax rates.
https://www.businesstimes.com.sg/opinion-features/global-tax-changes-are-chance-singapore-rethink-investor-incentives
Singapore ranks 8th in survey of cities where super rich own a home
Hong Kong – New York is the world’s most popular place for the super rich to own a property, while tiny Singapore ranks eighth, according to a new report by data firm Altrata.
https://www.straitstimes.com/business/singapore-ranks-8th-in-survey-of-cities-where-super-rich-own-a-home
https://www.businesstimes.com.sg/international/these-are-cities-most-super-rich-homeowners
Companies’ Brief
Fragrance Group founder’s privatisation offer for Global Dragon turns unconditional
The voluntary cash conditional offer made by Fragrance Group’s founder Koh Wee Meng to take Global Dragon private at S$0.12 apiece, was declared unconditional in all respects. As at 6 pm on Wednesday (Mar 8), valid acceptances of the offer amounting to 30.36 per cent of Global Dragon’s share capital were attained.
https://www.businesstimes.com.sg/companies-markets/fragrance-group-founders-privatisation-offer-global-dragon-turns-unconditional
Analysts maintain calls on Hongkong Land but with reduced target prices
Hongkong Land’s FY2022 earnings fell somewhat short of expectations but analysts have generally kept their existing calls on the stock, albeit with slightly trimmed target prices. On March 2, the Hong Kong-based developer, best known for its portfolio of prime commercial assets on the island’s Central, reported underlying FY2022 earnings that’s down 20% to US$776 million.
https://www.theedgesingapore.com/capital/brokers-calls/analysts-maintain-calls-hongkong-land-reduced-target-prices
Surbana Jurong names Sean Chiao new group CEO
Sean Chiao, who was the president of Asia Pacific at AECOM, has been named new group CEO of Surbana Jurong. Chiao takes over the role vacated by Wong Heang Fine, who retired last September.
https://www.theedgesingapore.com/news/new-appointments/surbana-jurong-names-sean-chiao-new-group-ceo
https://www.businesstimes.com.sg/companies-markets/surbana-jurong-names-aecoms-sean-chiao-new-group-ceo
UOL Group’s hospitality division growth trajectory remains steady, analysts keep ‘buy’
Analysts at DBS Group Research and OCBC Investment Research (OIR) have kept “buy” on UOL Group as the company seeks to execute on future acquisition and redevelopment plans. For its FY2022, UOL results came within the analysts expectations, with 60% y-o-y growth in earnings at $492 million on top of rise in profit before tax and fair value gains.
https://www.theedgesingapore.com/capital/brokers-calls/uol-groups-hospitality-division-growth-trajectory-remains-steady-analysts
Pan Pacific Hotels Group opens Parkroyal Langkawi Resort
Singapore (EdgeProp) – Pan Pacific Hotels Group, a member of UOL Group, has announced the opening of Parkroyal Langkawi Resort — a 301-room beachfront property located in Pantai Tengah, Langkawi. The resort marks the group’s fifth property in Malaysia.
https://www.edgeprop.sg/property-news/pan-pacific-hotels-group-opens-parkroyal-langkawi-resort
Global Economy & Real Estate
US mortgage rates increase for a fourth-straight week
https://www.businesstimes.com.sg/property/us-mortgage-rates-increase-fourth-straight-week
US economy got a strong start in 2023, Fed’s Beige Book says
https://www.businesstimes.com.sg/international/us-economy-got-strong-start-2023-feds-beige-book-says
US Federal Reserve warns of ‘widespread’ inflationary pressures
https://www.businesstimes.com.sg/international/us-federal-reserve-warns-widespread-inflationary-pressures
UK economy seen sputtering below pre-pandemic levels until 2024
https://www.businesstimes.com.sg/international/uk-economy-seen-sputtering-below-pre-pandemic-levels-until-2024
Swedish housing market takes breather from worst rout in decades
https://www.businesstimes.com.sg/property/swedish-housing-market-takes-breather-worst-rout-decades
China consumer inflation slowest in a year; producer deflation deepens
https://www.channelnewsasia.com/business/china-consumer-inflation-slowest-year-producer-deflation-deepens-3335961
China’s February home sales spike in Shanghai, Beijing, Shenzhen as eager buyers abandon wait-and-see approach
https://www.scmp.com/business/china-business/article/3212802/china-home-sales-spike-shanghai-beijing-shenzhen-february-eager-buyers-abandon-wait-and-see-approach
Sun Hung Kai Properties poised to sell all 171 flats in latest batch at Tuen Mun project as life returns to Hong Kong housing market
https://www.scmp.com/business/companies/article/3212832/sun-hung-kai-properties-poised-sell-all-171-flats-latest-batch-tuen-mun-project-life-returns-hong
Hong Kong’s property recovery is as chaotic as its reopening
https://www.businesstimes.com.sg/opinion-features/hong-kongs-property-recovery-chaotic-its-reopening
Japan’s economy barely grew in Q4, weak consumption raises policy challenge
https://www.channelnewsasia.com/business/japans-economy-barely-grew-q4-weak-consumption-raises-policy-challenge-3335796
https://www.businesstimes.com.sg/international/japans-economy-narrowly-avoids-recession-fragile-recovery
https://www.straitstimes.com/business/japan-economy-barely-grew-in-q4-weak-consumption-hampering-recovery
Japan’s service mood rebounds as end to COVID-19 curbs bring shoppers, tourists back
https://www.channelnewsasia.com/business/japans-service-mood-rebounds-end-covid-19-curbs-bring-shoppers-tourists-back-3333716
Malaysia plans RM741 million facelift for Johor’s Causeway, Second Link checkpoints
https://www.channelnewsasia.com/asia/malaysia-immigration-complexes-causeway-second-link-budget-upgrading-3333401
https://www.straitstimes.com/asia/government-open-to-reviving-high-speed-rail-project-without-using-public-funds-said-malaysian-transport-minister
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