Singapore Real Estate
URA awards Zion Road, Upper Thomson sites to sole bidders at lower-than-expected offers
The Urban Redevelopment Authority (URA) has awarded the two large sites put up for sale at Zion Road and Upper Thomson Road, after tenders closed on Apr 4 with single bids at lower-than-expected offers.
https://www.businesstimes.com.sg/property/ura-awards-zion-road-upper-thomson-sites-sole-bidders-lower-expected-offers
https://www.straitstimes.com/business/two-gls-sites-in-zion-road-and-upper-thomson-road-awarded
URA launches tender for GLS sites at Canberra Crescent, De Souza Avenue
Singapore’s Urban Redevelopment Authority (URA) has released two residential sites at Canberra Crescent and De Souza Avenue for tender. The land plots are confirmed list sites that fall under the government land sales programme (GLS) for the first half of 2024, URA announced on Tuesday (Apr 16)
https://www.businesstimes.com.sg/property/spotlight-1ura-launches-tender-gls-sites-canberra-crescent-de-souza-avenue
https://www.straitstimes.com/business/ura-launches-tender-for-gls-sites-at-canberra-crescent-de-souza-avenue
Data gaps, privacy needs of the rich make anti-money laundering checks tough, say agencies
Real estate agencies and professionals say they face challenges in preventing and combating money laundering, as an inter-ministerial committee set up to strengthen Singapore’s anti-money laundering regime seeks their feedback.
https://www.businesstimes.com.sg/property/data-gaps-privacy-needs-rich-make-anti-money-laundering-checks-tough-say-agencies
CDL unit sells 65 units of The Residences at W Sentosa after slashing prices in relaunch
Cityview Place Holdings, an associate company of City Developments Limited (CDL) sold 65 units at The Residences at W Sentosa Cove Singapore in a week, more than the 58 units put on the market on Apr 9.
https://www.businesstimes.com.sg/property/cdl-unit-sells-65-units-residences-w-sentosa-after-slashing-prices-relaunch
https://www.straitstimes.com/singapore/65-units-sold-in-2-days-as-the-residences-at-w-singapore-sentosa-cove-slashes-prices
Home owners likely to pay higher mortgage rates for a while more, say market watchers
Singapore: Home owners in Singapore will likely have to pay higher mortgage rates for a little longer, according to some market watchers. Currently, the mortgage rates can be as high as above 4 per cent.
https://www.channelnewsasia.com/singapore/homeowners-higher-mortgage-rates-property-real-estate-interest-rates-finance-federal-reserve-4266046
Explainer: 4-room HDB resale flat in Tampines sold for S$100,000 in January — what’s behind such outlier sales?
Singapore – An old four-room flat in central Tampines that recently changed hands for S$100,000 has raised eyebrows among netizens, as similar units in the area have been sold for five to six times as much.
https://www.todayonline.com/singapore/explainer-4-room-hdb-resale-flat-tampines-sold-s100000-january-whats-behind-such-outlier-sales-2403311
Singapore Economy
PM Lee to stay on as senior minister; Cabinet reshuffle due ‘a few days’ before May 15: Lawrence Wong
Upon stepping down next month, Prime Minister Lee Hsien Loong will remain in Cabinet as senior minister, said Deputy Prime Minister Lawrence Wong on Tuesday (Apr 16). “I have asked Mr Lee Hsien Loong to continue serving in the Cabinet as a senior minister, and I am glad that he has agreed to do so,” Wong told reporters a day after the news that he will be sworn in as Singapore’s fourth prime minister on May 15.
https://www.businesstimes.com.sg/singapore/pm-lee-stay-senior-minister-cabinet-reshuffle-due-few-days-may-15-lawrence-wong
https://www.straitstimes.com/singapore/politics/pm-lee-to-become-senior-minister-no-major-changes-to-cabinet-until-after-next-ge-dpm-wong
https://www.todayonline.com/singapore/pm-lee-stay-senior-minister-after-handover-bigger-cabinet-changes-likely-only-after-ge-dpm-wong-2404601
https://www.scmp.com/news/asia/southeast-asia/article/3259212/singapores-incoming-pm-lawrence-wong-says-current-leader-lee-hsien-loong-serve-senior-minister
Singapore key exports slump 20.7% in March, worse than expected
Singapore – Singapore’s non-oil domestic exports (Nodx) shrank 20.7 per cent in March 2024 from a high base a year ago as both electronic and non-electronic shipments slumped. The steep contraction followed a revised drop of 0.2 per cent in February and was worse than the 7.4 per cent fall forecast by analysts in a Bloomberg poll.
https://www.straitstimes.com/business/singapore-key-exports-slump-207-in-march-worse-than-expected
https://www.businesstimes.com.sg/singapore/singapore-s-key-exports-tumble-20-7-march-worse-expected
Views, Reviews, Forum and Others
China national who had Singaporeans front plan to buy East Coast houses pleads guilty
A chinese national who absconded after he was charged with authorising Singaporeans to front his purchase of landed properties worth millions of dollars pleaded guilty in court on Tuesday (Apr 16).
https://www.businesstimes.com.sg/property/spotlight-1china-national-who-had-singaporeans-front-plan-buy-east-coast-houses-pleads-guilty
https://www.straitstimes.com/singapore/courts-crime/foreigner-admits-bankrolling-deals-linked-to-purchase-of-3-houses-worth-millions
$3 billion money laundering case: Third accused convicted, sentenced to 13 months’ jail
Singapore – Chinese national Wang Baosen, the third accused in Singapore’s largest money laundering case to be convicted, has been sentenced to 13 months’ jail. As part of his plea offer, the 32-year-old has forfeited his assets worth around $8 million to the state.
https://www.straitstimes.com/singapore/3-billion-money-laundering-case-third-accused-convicted-sentenced-to-13-months-jail
https://www.todayonline.com/singapore/billion-dollar-money-laundering-case-third-accused-gets-jail-buying-luxury-apartment-illegal-proceeds-2404596
https://www.channelnewsasia.com/singapore/wang-baosen-billion-dollar-money-laundering-jailed-third-man-4268751
Global Economy & Real Estate
US Fed’s Powell says inflation fight may take ‘longer than expected’
https://www.channelnewsasia.com/business/us-federal-reserve-jerome-powell-inflation-interest-rate-4270296
Powell signals rate-cut delay after run of inflation surprises
https://www.businesstimes.com.sg/international/powell-signals-rate-cut-delay-after-run-inflation-surprises
https://www.straitstimes.com/business/economy/us-feds-powell-says-inflation-fight-may-take-longer-than-expected
Yellen says US working to mitigate risks to global economy
https://www.businesstimes.com.sg/international/yellen-says-us-working-mitigate-risks-global-economy
IMF sees slow, steady 2024 global growth; China, war escalation pose risks
https://www.businesstimes.com.sg/international/imf-sees-slow-steady-2024-global-growth-china-war-escalation-pose-risks
https://www.straitstimes.com/asia/imf-sees-slow-steady-2024-global-growth-china-inflation-pose-risks
https://www.channelnewsasia.com/business/imf-sees-slow-steady-2024-global-growth-china-inflation-pose-risks-4269541
IMF lifts global growth forecast but signals pessimism over medium term
https://www.businesstimes.com.sg/international/imf-lifts-global-growth-forecast-signals-pessimism-over-medium-term
US single-family housing starts plunge in March
https://www.businesstimes.com.sg/property/us-single-family-housing-starts-plunge-march
Canada to push ahead with digital services tax on global tech firms starting 2024
https://www.channelnewsasia.com/business/canada-push-ahead-digital-services-tax-global-tech-firms-starting-2024-4270396
China’s GDP growth beat expectations – so why are analysts and business groups still downbeat?
https://www.scmp.com/economy/china-economy/article/3259224/chinas-gdp-growth-beat-expectations-so-why-are-analysts-and-business-groups-still-downbeat?module=top_story&pgtype=subsection
China’s Q1 GDP growth solid but March data shows feeble demand
https://www.straitstimes.com/business/chinas-q1-gdp-grows-53-year-on-year-well-above-forecast
China’s exports to Russia slump amid US threat of war sanctions
https://www.businesstimes.com.sg/international/china-s-exports-russia-slump-amid-us-threat-war-sanctions
China’s property investment decline worsens in Q1
https://www.channelnewsasia.com/business/chinas-property-investment-decline-worsens-q1-4268196
China developers slash prices by 40% at luxury Hong Kong project
https://www.businesstimes.com.sg/international/global/spotlight-1china-developers-slash-prices-40-luxury-hong-kong-project
China home prices fall as slump shows few signs of abating
https://www.businesstimes.com.sg/property/china-home-prices-fall-slump-shows-few-signs-abating
Dubai’s high-end property sales rise on overseas demand
https://www.businesstimes.com.sg/property/dubai-s-high-end-property-sales-rise-overseas-demand
Hong Kong turns to China to fill labour gaps in its construction industry
https://www.channelnewsasia.com/asia/hong-kong-labour-shortage-construction-sector-property-china-4269126
Hong Kong tourism sector hoping for 30% bump in visitors over mainland China’s Labour Day ‘golden week’ holiday
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3259231/hong-kong-tourism-sector-optimistic-over-prospects-during-mainland-chinas-labour-day-golden-week?module=top_story&pgtype=subsection
Japan’s exports rise 7.3% year/year in March
https://www.businesstimes.com.sg/international/japan-s-exports-rise-7-3-yearyear-march
https://www.channelnewsasia.com/business/japan-exports-rise-73-year-year-march-4270811
Bailey hints BOE may be able to cut rates before Fed
https://www.businesstimes.com.sg/companies-markets/banking-finance/bailey-hints-boe-may-be-able-cut-rates-fed
UK unemployment jumps to six-month high after economy cools
https://www.businesstimes.com.sg/international/uk-unemployment-jumps-six-month-high-after-economy-cools
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