Daily Briefing: Year-end executive condo prices surge 25%; Food delivery startup Plum to cease Singapore operations

And a study shows female employees still earn less than men.

From iCompare Loan:

Executive condominium (EC) prices shot up 25% on the back of a supply and demand imbalance, according to property market observers.

JLL noted that the supply of executive condominiums are drying up, with “only three new EC units were sold in December 2018, from among the few left-over units in new EC projects.”

It added that “An EC in Rivercove Residences was sold for $964 psf whilst two units in Northwave were sold at a median price of $908 psf. The year as a whole saw 628 new ECs launched and 1,137 units taken up. The supply and demand imbalance resulted in the median prices of new ECs shooting up from $793 psf in 4Q 2017 to $989 psf in 4Q18, a 24.7% increase.”

CBRE too noted that the December sales data released by the Urban Redevelopment Authority (URA) indicated that just 3 units were sold from existing EC projects as there were no new launches.

Read more here.

From Channel News Asia:

Food delivery startup Plum which launched in the Lion City in March 2018 will cease its operations in the country.

“It is with great sorrow to announce that we are ceasing our operations in Singapore from 21st January,” the company said. “Plum would like to thank you for your past support and going on this wonderful journey with us. We would not have achieved what we had without you. Best wishes to the year ahead.”

In November 2018, Plum laid off its entire staff in Hong Kong, as reported by the South China Morning Post. Co-founder of Plum Desmond Clinton Cheung told the news portal that the company wanted to “right-size” operations and embark on a more sustainable business model

Its decision to end operations here comes amidst stiff competition in the food delivery market. Hawker food delivery service Fastbee ended operations in August 2018 on the back of difficulties in attracting fresh funding.

Read more here.

From Bloomberg:

Female professionals in Singapore continue to earn less than their male counterparts, with some earning just half compared to the latter, according to data from the Ministry of Manpower.

The data highlights room for improvement in Singapore even as the city-state was ranked in the top group for nations that have achieved high equality in human development between women and men. Singapore was ahead of the US, UK and Canada in the United Nation’s Human Development Index in 2017.

A government-backed Diversity Action Committee said two years ago that it wants to double women’s representation on company boards to 20% by the end of the decade. Singapore still lags most financial hubs when it comes to gender diversity on corporate boards, so much so that the committee started calling out companies with no female directors in 2018.

Read more here.