The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 9 May 2023 (Tue)

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.


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).


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).


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.



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.


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.


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.



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.


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.



Global Economy & Real Estate


US Fed flags concerns over credit tightening, financial stress

Home prices are rising even in one of the worst-hit US markets

UK sales growth holds steady in April, retailers hope for better summer

Swedish housing market extends rebound in realtor data

Germany’s industrial plunge makes winter recession a possibility

Australian federal budget to tackle economic slowdown, higher cost of living, rising defence spending

Australia to post first budget surplus in 15 years on cash surge

Australia Q1 retail sales volumes fall for a second straight quarter

Coronavirus: Asia-Pacific economies could pay greater price in ‘Pandemic 2.0’ scenario, MSD report says

China’s debt-to-GDP ratio rises to record 279.7% on credit boom

China opening revives wealth pipeline to Hong Kong finance hub

Chinese property brokers need to reduce fees, regulator says

Chinese tycoon’s HK$7 billion Hong Kong tower put on sale by creditors

Seized US$892 million Hong Kong commercial property put on sale as tycoon Chen Hongtian fights to reclaim it

China trade: export growth slows in April, fall of imports deepens further as mixed economic recovery continues

Asia’s pandemic recovery hits snag as Chinese tourists retain ‘risk perception’ of overseas travel

Most Japanese firms in Hong Kong keen on expanding operations to regions covered by world’s largest free-trade pact, survey finds

Taiwan April exports slip for 8th month, but beat forecasts

Japan’s spending downturn, wages decline heighten pressure on economy


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