SINGAPORE REAL ESTATE
Rise in housing rents due to COVID-19 construction delays, demand amid pandemic recovery: Desmond Lee
Singapore: Temporary accommodation due to COVID-19 related construction delays and broad-based demand amid the pandemic recovery are among the reasons why housing rents are increasing recently, said National Development Minister Desmond Lee.
https://www.channelnewsasia.com/singapore/hdb-condo-rents-rising-covid-19-construction-delays-recovery-singapore-3052211
Cuscaden Peak Investments sells Yarwood Avenue GCB for S$29.7 million
Cuscaden Peak Investments is selling a bungalow in Yarwood Avenue in the Kilburn Estate good class bungalow (GCB) Area for S$29.7 million. This works out to S$1,604 per square foot (psf) based on the 999-year leasehold property’s land area of about 18,519 square feet (sq ft).
https://www.businesstimes.com.sg/real-estate/cuscaden-peak-investments-sells-yarwood-avenue-gcb-for-s297-million
Average price psf for BTO flats in mature estates rising faster than in non-mature estates
Singapore – The average selling price per square foot (psf) for Build-To-Order (BTO) flats in mature estates increased faster than those in non-mature estates in the last 10 years, according to figures provided by National Development Minister Desmond Lee on Monday.
https://www.straitstimes.com/singapore/average-psf-for-bto-flats-in-mature-estates-increased-faster-than-in-non-mature-estates-price-gap-widened
Can Asian hubs withstand the coming global property downturn?
Singapore – For home owners and investors alike, the burning question is whether property markets in Asia will succumb to current soaring borrowing costs. Since the start of 2022, mortgage rates have doubled on average across major global cities. In the US, the 30-year fixed rate mortgage has exceeded 7 per cent, while in Britain – where variable rate loans dominate – the effective mortgage rate is now nearly 6 per cent, up from just over 2 per cent a year ago.
https://www.straitstimes.com/business/property/can-asian-hubs-withstand-the-coming-global-property-downturn
SINGAPORE ECONOMY
Singapore to raise carbon tax after Bill passed in Parliament, WP’s proposals rejected
Singapore: Singapore will raise its carbon tax to S$25 per tonne for greenhouse gas emissions in 2024 and 2025, and S$45 per tonne for greenhouse gas emissions in 2026 and beyond, after the Carbon Pricing (Amendment) Bill was passed on Tuesday (Nov 8) in Parliament.
https://www.channelnewsasia.com/singapore/singapore-raise-carbon-tax-after-bill-passed-parliament-wps-proposals-rejected-3053876
https://www.businesstimes.com.sg/government-economy/carbon-credits-to-offset-singapore-emissions-tax-are-subject-to-eligibility
https://www.straitstimes.com/singapore/politics/mps-call-for-transparency-on-carbon-emissions-protection-for-businesses-in-4-hour-debate-on-carbon-tax
About 50% of net GST revenue in 2018 and 2019 paid by tourists, foreigners residing in Singapore
Tourists and foreigners residing in Singapore accounted for about half of net Goods and Services Tax (GST) revenue in 2018 and 2019, said Chee Hong Tat, Senior Minister of State for Finance in Parliament on Tuesday (Nov 8). Meanwhile, the top 20 per cent of resident households accounted for close to 20 per cent.
https://www.businesstimes.com.sg/government-economy/about-50-of-net-gst-revenue-in-2018-and-2019-paid-by-tourists-foreigners-residing
https://www.straitstimes.com/singapore/politics/tourists-foreigners-living-here-paid-half-of-gst-in-2018-and-2019-chee-hong-tat?login=true
About 40,000 businesses face GST rate hike for first time; Iras reminds all firms to update systems
Singapore – With two months to go before the new goods and services tax (GST) kicks in on Jan 1, most GST-registered businesses have started preparing for the hike, said the Inland Revenue Authority of Singapore (Iras).
https://www.straitstimes.com/business/economy/about-40000-businesses-face-gst-rate-hike-for-first-time-iras-reminds-all-firms-to-update-systems
Singapore companies’ performance and optimism wane in Q3: BT-SUSS survey
Singapore’s businesses saw weaker performance and grew less optimistic in the third quarter of 2022, the latest Business Times-Singapore University of Social Sciences (BT-SUSS) Business Climate Survey has found.
https://www.businesstimes.com.sg/government-economy/singapore-companies-performance-and-optimism-wane-in-q3-bt-suss-survey
COMPANIES’ BRIEF
OKH Global to sell Tai Seng property to Chip Eng Seng unit for S$35m
OKH Global said on Tuesday (Nov 8) that it will sell an industrial building in Tai Seng to Chip Eng Seng Corporation for S$35 million. OHK launched a public tender in July for the sale of the property, located at 12 Tai Seng Link, which closed on Sep 5. The vendor received only one bid at S$35 million from CES Properties (Tai Seng), which is a wholly-owned subsidiary of Chip Eng Seng.
https://www.businesstimes.com.sg/companies-markets/okh-global-to-sell-tai-seng-property-to-chip-eng-seng-unit-for-s35m
First Reit Q3 DPU rises slightly to S$0.0066
The manager of First Real Estate Investment Trust (Reit) reported on Tuesday (Nov 8) a distribution per unit (DPU) of S$0.0066 for the third quarter ended September, up slightly from the S$0.0065 in the year-ago period.
https://www.businesstimes.com.sg/companies-markets/first-reit-q3-dpu-rises-slightly-to-s00066
GLOBAL ECONOMY & GLOBAL REAL ESTATE
US small business optimism drops for first time since June
https://www.businesstimes.com.sg/government-economy/us-small-business-optimism-drops-for-first-time-since-june
UK housebuilder Persimmon flags slowing demand amid surge in mortgage rates
https://www.businesstimes.com.sg/real-estate/uk-housebuilder-persimmon-flags-slowing-demand-amid-surge-in-mortgage-rates
Authorities turn seized home towers at Evergrande’s resort island to rental, commercial use
https://www.businesstimes.com.sg/real-estate/authorities-turn-seized-home-towers-at-evergrandes-resort-island-to-rental-commercial
https://www.straitstimes.com/asia/east-asia/authorities-turn-seized-home-towers-at-evergrandes-resort-island-to-rental-commercial-use
Shares in Chinese property developers soar on latest support from Beijing
https://www.channelnewsasia.com/business/shares-chinese-property-developers-soar-latest-support-beijing-3055971
China downgrades priority of economy for future legislation
https://www.businesstimes.com.sg/government-economy/china-downgrades-priority-of-economy-for-future-legislation
China’s factory gate prices fall for first time since Dec 2020 as COVID curbs bite
https://www.channelnewsasia.com/business/chinas-factory-gate-prices-fall-first-time-dec-2020-covid-curbs-bite-3055866
China producer price index falls for first time in nearly two years
https://www.businesstimes.com.sg/government-economy/china-producer-price-index-falls-for-first-time-in-nearly-two-years
Japan’s Cabinet approves extra budget spending, adding to debt
https://www.businesstimes.com.sg/government-economy/japans-cabinet-approves-extra-budget-spending-adding-to-debt
Japan manufacturers’ mood down amid weak yen, global risks: Reuters Tankan
https://www.businesstimes.com.sg/government-economy/japan-manufacturers-mood-down-amid-weak-yen-global-risks-reuters-tankan
Dubai developer Nakheel secures 17 billion dirhams in financing
https://www.businesstimes.com.sg/real-estate/dubai-developer-nakheel-secures-17-billion-dirhams-in-financing
Thailand scraps plan to allow foreigners to buy land
https://www.businesstimes.com.sg/asean-business/thailand-scraps-plan-to-allow-foreigners-to-buy-land
Malaysia’s economy likely grew 11.7% in Q3, outlook cloudy- Reuters poll
https://www.channelnewsasia.com/business/malaysias-economy-likely-grew-117-q3-outlook-cloudy-reuters-poll-3055586