Singapore Real Estate
Stamp duty takings slip in FY2023 while property tax revenue swells
Property stamp duty revenue dipped 2.4 per cent to S$5.81 billion in the Singapore government’s financial year ended March 2024, after transaction volumes fell and prices eased in both the property sales and rental markets.
https://www.businesstimes.com.sg/property/stamp-duty-takings-slip-fy2023-while-property-tax-revenue-swells
https://www.straitstimes.com/business/invest/property-buyers-face-high-price-for-being-misled-into-deals-to-avoid-absd
Bridgewater founder Ray Dalio identified as buyer of Club Street shophouses sold in 2021
Bridgewater Associates founder Ray Dalio has been revealed to have joined the ranks of billionaires snapping up multimillion-dollar shophouses in Singapore. His family office, the Dalio Family Office, purchased two shophouses at 44 and 46 Club Street in 2021 for about S$25.5 million, two sources told Financial Times.
https://www.businesstimes.com.sg/property/bridgewater-founder-ray-dalio-identified-buyer-club-street-shophouses-sold-2021
Transactions mostly profitable for Chempaka landed homes despite leases running out
Singapore – Despite the dwindling leases, transactions for the 70-year leasehold landed properties in Jalan Chempaka Puteh, Jalan Chempaka Kuning and Bedok Road have been mostly profitable.
https://www.straitstimes.com/singapore/housing/transactions-mostly-profitable-for-chempaka-landed-homes-despite-leases-running-out
The Big Read in short: Lower costs driving S’poreans to buy Johor homes but it’s not always a good deal
An increasing number of Singaporeans are exploring property options in Johor, motivated by lower costs and lifestyle benefits. While the current strong demand may be attributed to the relaunch of the RTS Link project and the Special Economic Zone (SEZ) announcement, property experts said it is primarily due to housing costs and inflation in Singapore.
https://www.todayonline.com/big-read/big-read-short-lower-costs-johor-homes-2428881
https://www.todayonline.com/big-read/big-read-johor-property-singapore-buyers-right-investment-2427006
https://www.channelnewsasia.com/singapore/johor-property-market-remains-hot-singapore-buyers-have-their-work-cut-out-making-right-investment-big-read-4363096
New HDB flats prevent further entrenchment of Bukit Timah as private home enclave: Experts
Singapore – The introduction of new public housing in Bukit Timah for the first time in about 40 years is a significant move that could help prevent the further entrenchment of the area as a private residential enclave, said urban studies scholars.
https://www.straitstimes.com/singapore/new-hdb-flats-prevent-further-entrenchment-of-bukit-timah-as-private-home-enclave-experts
https://www.channelnewsasia.com/singapore/turf-city-bukit-timah-hdb-prime-housing-location-model-4359161
Singapore Economy
If interest rates stay high, central banks may need to rethink their approach: MAS chief economist
With interest rates perhaps staying higher for longer, central banks need to examine the parameters used in setting policy, said Edward Robinson, deputy managing director of economic policy and chief economist at the Monetary Authority of Singapore.
https://www.businesstimes.com.sg/singapore/if-interest-rates-stay-high-central-banks-may-need-rethink-their-approach-mas-chief-economist
Singapore’s factory output extends decline on biomedical slide; down 1.6% in April
Singapore’s factory output fell 1.6 per cent year on year in April, slowing from the previous month’s contraction, as output in the volatile biomedical cluster fell, data from the Singapore Economic Development Board showed on Friday (May 24).
https://www.businesstimes.com.sg/singapore/economy-policy/singapores-factory-output-extends-decline-biomedical-slide-down-1-6-april
https://www.straitstimes.com/business/factory-output-decline-narrows-to-16-despite-the-drag-from-the-biomedical-and-electronics-sectors
Hawker food prices rose by 6.1% in 2023, but cost pressures easing
Singapore – Hawker food prices rose by 6.1 per cent in 2023, the highest since 2008, a new study by the Singapore Department of Statistics (SingStat) found. For example, the average cost of a plate of chicken rice in 2023 was $4.15, up from $3.40 in 2019, while that of a bowl of mee rebus went up from $3.26 to $3.79 in the same time period.
https://www.straitstimes.com/singapore/hawker-food-prices-rose-by-61-in-2023-but-cost-pressure-easing
Business News
Keppel making big strides in sustainability after moving away from oil rigs
Singapore – Keppel has further ramped up its moves into sustainability after making waves in 2021 when it announced it would exit the oil-rig building business and shift its focus to infrastructure projects, including renewable energy.
https://www.straitstimes.com/business/companies-markets/keppel-making-big-strides-in-sustainability-after-moving-away-from-oil-rigs
Mapletree Logistics Trust manager’s head of investment becomes CEO in July
The head of investment of Mapletree Logistics Trust’s (MLT) manager, Jean Kam Sok Kam, will replace Ng Kiat as the chief executive officer (CEO) and executive director of the real estate investment trust’s (Reit) manager from Jul 22, 2024.
https://www.businesstimes.com.sg/companies-markets/mapletree-logistics-trust-managers-head-investment-becomes-ceo-july
OUE’s buyback plan may not permanently lift investor appetite for its depressed shares
Investors reacted positively this past week to OUE’s announcement of an off-market, equal-access buyback of up to 10 per cent of its outstanding shares. The corporate exercise may not result in a lasting re-rating of the real estate and healthcare group’s depressed share price, though.
https://www.businesstimes.com.sg/opinion-features/oues-buyback-plan-may-not-permanently-lift-investor-appetite-its-depressed-shares
PropertyGuru grows data analytics, generative AI tools aimed at real estate industry
New York-listed PropertyGuru Group, which started as an online property listings portal, is widening its offerings as a proptech company. Developers and managers of real estate investment trusts (Reits) will soon have access to insights on the footfall, dwell time and demographics of the shoppers who visit their malls, with the help of an analytics tool developed by the group.
https://www.businesstimes.com.sg/companies-markets/propertyguru-grows-data-analytics-generative-ai-tools-aimed-real-estate-industry
Global Economy & Real Estate
Oil posts weekly loss as interest rate policy spurs fuel demand worries
https://www.businesstimes.com.sg/companies-markets/oil-posts-weekly-loss-interest-rate-policy-spurs-fuel-demand-worries
https://www.channelnewsasia.com/business/oil-posts-weekly-loss-interest-rate-policy-spurs-fuel-demand-worries-4359906
US consumers tempered inflation expectations in late May
https://www.businesstimes.com.sg/international/us-consumers-tempered-inflation-expectations-late-may
Xi’s China EV dream came true. 10 years on, walls are going up
https://www.businesstimes.com.sg/companies-markets/transport-logistics/xis-china-ev-dream-came-true-10-years-walls-are-going
https://www.straitstimes.com/business/china-ev-dream-came-true-10-years-on-walls-are-going-up
China’s industry threatens entire global economy, France warns
https://www.businesstimes.com.sg/international/chinas-industry-threatens-entire-global-economy-france-warns
China has a plan for its housing crisis. Here’s why it’s not enough
https://www.businesstimes.com.sg/international/global/china-has-plan-its-housing-crisis-heres-why-its-not-enough
https://www.straitstimes.com/business/property/china-has-a-plan-for-its-housing-crisis-here-s-why-it-s-not-enough
China property: ‘underwhelming’ stimulus to fall short of refloating market amid sunken buyer confidence, analysts say
https://www.scmp.com/business/china-business/article/3264012/china-property-underwhelming-stimulus-fall-short-refloating-market-amid-sunken-buyer-confidence?module=top_story&pgtype=subsection
Businesses in DC blame the government for the district’s empty offices
https://www.businesstimes.com.sg/companies-markets/businesses-dc-blame-government-districts-empty-offices
ECB’s Cipollone, Panetta see conditions for a June rate cut
https://www.businesstimes.com.sg/companies-markets/ecbs-cipollone-panetta-see-conditions-june-rate-cut
France to trim benefits for jobless as debt pressure mounts
https://www.businesstimes.com.sg/international/france-trim-benefits-jobless-debt-pressure-mounts
Hong Kong home prices drop to erase gains after property tax cut
https://www.businesstimes.com.sg/property/hong-kong-home-prices-drop-erase-gains-after-property-tax-cut
Soaring towers shape Hong Kong’s urban landscape
https://www.businesstimes.com.sg/property/soaring-towers-shape-hong-kongs-urban-landscape
Hong Kong residents of substandard housing fear being left out in cold by plans to end low-quality subdivided flats: survey
https://www.scmp.com/news/hong-kong/society/article/3264162/hong-kong-residents-substandard-housing-fear-being-left-out-cold-plans-end-low-quality-subdivided
Hong Kong buyers shun new flats at Wheelock’s Park Seasons project as home sales slow in May
https://www.scmp.com/business/article/3264096/hong-kong-buyers-shun-new-flats-wheelocks-park-seasons-project-home-sales-slow-may
Hong Kong prosecutes owner, contractor and interior designer for modified load-bearing wall in upmarket Tseung Kwan O flat
https://www.scmp.com/news/hong-kong/law-and-crime/article/3264039/hong-kong-prosecutes-owner-contractor-and-interior-designer-modified-load-bearing-wall-upmarket
Madrid leads European house price gains with double-digit surge
https://www.businesstimes.com.sg/property/madrid-leads-european-house-price-gains-double-digit-surge
Malaysia’s bid to revamp hiring of foreign workers faces pushback; activists say country’s reputation at stake
https://www.channelnewsasia.com/asia/malaysia-migrant-foreign-workers-recruitment-management-system-bestinet-reform-pushback-4360431
New Zealand central bank confident medium-term inflation returning to target
https://www.businesstimes.com.sg/companies-markets/banking-finance/new-zealand-central-bank-confident-medium-term-inflation-returning-target
Swedish housing starts show signs of bottoming out on rate cuts
https://www.businesstimes.com.sg/property/swedish-housing-starts-show-signs-bottoming-out-rate-cuts
Washout for UK retailers as rain spurs sharp drop in April sales
https://www.businesstimes.com.sg/international/washout-uk-retailers-rain-spurs-sharp-drop-april-sales
https://www.straitstimes.com/business/economy/uk-retail-sales-fell-more-than-expected-during-rainy-spell
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