Daily Briefing: Economists lower growth forecast; Roxy-Pacific acquires Sydney sites

And here’s an introduction to commercial properties in Singapore.

Private sector economists trimmed their outlook for Singapore's economic growth for 2015, amid slower growth across all sectors of the economy, the quarterly survey released by the Monetary Authority of Singapore (MAS) revealed Wednesday (9 December). Economists polled in the survey downgrade their previous growth forecast of 2.2 percent to 1.9 percent this year. Growth forecast for 2016 was also adjusted to come in at 2.2 percent, compared to 2.8 percent expected in the previous MAS survey published in September. Read more here.

Singapore-listed property developer Roxy-Pacific Holdings will acquire two vacant sites in Glebe, a suburb of Sydney, Australia for A$67.38 million. Located at No. 14 Cowper Street (Lot 10) and No.8 Elger Street (Lot 11), both sites have a total land area of around 7,125 sqm, and could yield about 248 housing units subject to regulatory approval. Find out more here.

From build-to-order public flats, mass-market condominiums, integrated projects and high-end condominiums, Singaporeans aren’t afraid to dabble in the different tiers of the residential property market. However, many are hesitant when it comes to treading into the unknown realm of commercial properties in Singapore. Apart from potentially giving higher yields, commercial properties aren’t subjected to Additional Buyer’s Stamp Duty (ABSD) unlike residential properties. Read more here.

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