Singapore Real Estate
Despite low yields and high taxes, Singapore properties still a draw for foreigners
Singapore welcomes foreign investment. When foreign electronics, finance, chemicals, consumer goods, pharmaceutical and technology firms grow their operations here, jobs are created. Opportunities also open for knowledge transfer as well as for local businesses to be suppliers and service providers.
https://www.businesstimes.com.sg/opinion-features/despite-low-yields-and-high-taxes-singapore-properties-still-draw-foreigners
Changes to housing grants disbursement, income assessment for HDB buyers from May 9
From Tuesday (May 9), housing grants will no longer be disbursed only to flat applicants who are Singaporean citizens, but instead shared among applicants and occupiers in the household, regardless of whether they are Singaporeans or permanent residents (PRs).
https://www.businesstimes.com.sg/property/changes-housing-grants-disbursement-income-assessment-hdb-buyers-may-9
https://www.straitstimes.com/singapore/changes-to-disbursement-of-housing-grants-income-assessment-period-for-hdb-buyers-from-tuesday
https://www.todayonline.com/singapore/changes-income-assessment-housing-grant-disbursement-hdb-streamlines-home-buying-process-2167396
https://www.channelnewsasia.com/singapore/hdb-housing-grant-income-assessment-changes-streamline-process-new-hle-letter-3474876
Singapore Economy
Industries must support local training efforts for jobs to be added to shortage occupation list: Tan See Leng
For an occupation to make it into the “shortage occupation list” (SOL) for employment passes (EPs) to be issued to foreigners, industry sectors must show clear plans and a commitment to develop local talents in such jobs, Minister for Manpower Tan See Leng said in Parliament on Monday (May 8).
https://www.businesstimes.com.sg/singapore/industries-must-support-local-training-efforts-jobs-be-added-shortage-occupation-list-tan
https://www.channelnewsasia.com/singapore/employment-pass-local-graduates-shortage-occupation-list-compass-mom-3472181
China, Singapore in talks on bilateral visa-free travel
China is hammering out details with Singapore on a bilateral visa-free travel arrangement, according to Beijing’s embassy, a move that could boost arrivals in the city-state from what was its biggest pre-pandemic tourism market.
https://www.businesstimes.com.sg/singapore/china-singapore-talks-bilateral-visa-free-travel
Companies’ Brief
Cushman & Wakefield CEO John Forrester to retire, succeeded by current COO
Singapore (EdgeProp) – Cushman & Wakefield has announced that John Forrester, the New York-listed real estate services company’s CEO, will be retiring from his position on June 30 after 35 years with the company. In a May 5 press release, Cushman & Wakefield named Michelle Mackay, currently its president and COO, as Forrester’s predecessor. Her appointment will take effect on July 1, and she will also join the firm’s board of directors.
https://www.edgeprop.sg/property-news/cushman-wakefield-ceo-john-forrester-retire-succeeded-current-coo
Frasers Logistics & Commercial Trust’s strong rental reversions keep analysts positive
Analysts at DBS Group Research (DBS) and CGS-CIMB Research remain positive on Frasers Logistics and Commercial Trust (FLCT) BUOU -1.49% amid strong positive rental reversions, income contribution from completed development projects and stable occupancy rates in 1HFY2023 ended March 31.
https://www.theedgesingapore.com/capital/brokers-calls/frasers-logistics-commercial-trusts-strong-rental-reversions-keep-analysts
Lendlease Global Reit reports 99.8% committed portfolio occupancy for Q3
Lendlease Global Commercial Reit (Lendlease Global Reit) on Tuesday (May 9) reported a committed portfolio occupancy of 99.8 per cent for the third quarter ended Mar 31, 2023, unchanged from the previous quarter.
https://www.businesstimes.com.sg/companies-markets/lendlease-global-reit-reports-998-committed-portfolio-occupancy-q3
Views, Reviews, Forum and Others
10 stop-work orders, nearly $500k in fines meted out to firms flouting rules on working at height
Singapore – Ten stop-work orders and fines totalling nearly half a million dollars were meted out to companies in the construction, manufacturing and marine sectors that flouted rules involving workers carrying out tasks at height.
https://www.straitstimes.com/singapore/10-stop-work-orders-nearly-500k-in-fines-meted-out-to-firms-flouting-rules-on-working-at-heights
Singapore’s COVID-19 wave past its peak, cases fall to 3,000 per day: Ong Ye Kung
Singapore: The current COVID-19 wave peaked two weeks ago and cases have fallen to around 3,000 a day, said Health Minister Ong Ye Kung on Tuesday (May 9). This is down from an estimated 4,000 infections a day last month.
https://www.channelnewsasia.com/singapore/singapore-covid-19-wave-peaked-vaccinations-myocarditis-ong-ye-kung-parliament-may-9-3474566
https://www.todayonline.com/singapore/decline-seniors-who-are-date-their-covid-19-vaccinations-58-50-start-2023-ong-ye-kung-2167046
Global Economy & Real Estate
US Fed flags concerns over credit tightening, financial stress
https://www.straitstimes.com/business/us-fed-flags-concerns-over-credit-tightening-financial-stress
Home prices are rising even in one of the worst-hit US markets
https://www.businesstimes.com.sg/property/home-prices-are-rising-even-one-worst-hit-us-markets
UK sales growth holds steady in April, retailers hope for better summer
https://www.businesstimes.com.sg/international/uk-sales-growth-holds-steady-april-retailers-hope-better-summer
Swedish housing market extends rebound in realtor data
https://www.businesstimes.com.sg/property/swedish-housing-market-extends-rebound-realtor-data
Germany’s industrial plunge makes winter recession a possibility
https://www.businesstimes.com.sg/international/germanys-industrial-plunge-makes-winter-recession-possibility
Australian federal budget to tackle economic slowdown, higher cost of living, rising defence spending
https://www.channelnewsasia.com/world/australia-federal-budget-tackle-economic-slowdown-higher-cost-living-rising-defence-spending-3472656
Australia to post first budget surplus in 15 years on cash surge
https://www.businesstimes.com.sg/international/australia-post-first-budget-surplus-15-years-cash-surge
https://www.channelnewsasia.com/business/australia-deliver-first-budget-surplus-15-years-3473176
Australia Q1 retail sales volumes fall for a second straight quarter
https://www.channelnewsasia.com/business/australia-q1-retail-sales-volumes-fall-second-straight-quarter-3474466
Coronavirus: Asia-Pacific economies could pay greater price in ‘Pandemic 2.0’ scenario, MSD report says
https://www.scmp.com/week-asia/health-environment/article/3219884/coronavirus-asia-pacific-economies-could-pay-greater-price-pandemic-20-scenario-msd-report-says
China’s debt-to-GDP ratio rises to record 279.7% on credit boom
https://www.businesstimes.com.sg/international/global/chinas-debt-gdp-ratio-rises-record-2797-credit-boom
China opening revives wealth pipeline to Hong Kong finance hub
https://www.businesstimes.com.sg/international/global/china-opening-revives-wealth-pipeline-hong-kong-finance-hub
Chinese property brokers need to reduce fees, regulator says
https://www.businesstimes.com.sg/property/chinese-property-brokers-need-reduce-fees-regulator-says
https://www.channelnewsasia.com/business/chinese-property-brokers-need-reduce-fees-regulator-says-3472751
Chinese tycoon’s HK$7 billion Hong Kong tower put on sale by creditors
https://www.businesstimes.com.sg/property/chinese-tycoons-hk7-billion-hong-kong-tower-put-sale-creditors
https://www.straitstimes.com/business/chinese-tycoon-s-118-billion-hong-kong-tower-put-on-sale-by-creditors
https://www.edgeprop.sg/property-news/hong-kong-office-building-cheung-kei-center-put-sale-creditors
Seized US$892 million Hong Kong commercial property put on sale as tycoon Chen Hongtian fights to reclaim it
https://www.scmp.com/business/article/3219799/seized-us892-million-hong-kong-commercial-property-put-sale-tycoon-chen-hongtian-fights-reclaim-it
China trade: export growth slows in April, fall of imports deepens further as mixed economic recovery continues
https://www.scmp.com/economy/economic-indicators/article/3219876/china-trade-export-growth-accelerates-april-fall-imports-deepens-further
https://www.businesstimes.com.sg/international/global/chinas-imports-shrink-april-exports-grow-slower-pace
Asia’s pandemic recovery hits snag as Chinese tourists retain ‘risk perception’ of overseas travel
https://www.scmp.com/week-asia/economics/article/3219795/asias-pandemic-recovery-hits-snag-chinese-tourists-retain-risk-perception-overseas-travel
Most Japanese firms in Hong Kong keen on expanding operations to regions covered by world’s largest free-trade pact, survey finds
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3219835/most-japanese-firms-hong-kong-keen-expanding-operations-regions-covered-worlds-largest-free-trade
Taiwan April exports slip for 8th month, but beat forecasts
https://www.channelnewsasia.com/business/taiwan-april-exports-slip-8th-month-beat-forecasts-3472721
Japan’s spending downturn, wages decline heighten pressure on economy
https://www.channelnewsasia.com/business/japans-spending-downturn-wages-decline-heighten-pressure-economy-3474266
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