Singapore Real Estate/Built Environment
Singapore investment property sales rise in Q2 despite muted market: Knight Frank
Real estate investment activity in Singapore rose considerably in the second quarter of 2024, despite the market remaining subdued in the first half of the year amid high interest rates. Q2 figures compiled by Knight Frank Singapore showed that total investment sales were up 63.3 per cent to S$6.4 billion, from S$3.9 billion in the year-earlier period.
https://www.businesstimes.com.sg/property/singapore-investment-property-sales-rise-q2-despite-muted-market-knight-frank
Thomson View Condo back on market with unchanged S$918 million reserve price
Thomson View Condominium has been put up for collective sale again, at an unchanged reserve price of S$918 million. The relaunch of the tender for the 99-year leasehold development comes after a previous tender closed on Apr 18 with no deal signed.
https://www.businesstimes.com.sg/property/thomson-view-condo-back-market-unchanged-s918-million-reserve-price
https://www.straitstimes.com/business/thomson-view-condo-up-for-enbloc-sale-again-with-same-918-million-reserve-price
Relax ABSD rules for developers to hold rental units; don’t mix serviced apartments with condo projects
Last month, a tender for a residential development site in the Upper Thomson area drew no bids – the first time in more than 20 years that a state land tender has closed with zero bids.
https://www.businesstimes.com.sg/opinion-features/relax-absd-rules-developers-hold-rental-units-dont-mix-serviced-apartments-condo-projects
Analysis: Tenders for three GLS sites are closing in July. Will they attract any bids?
Singapore (EdgeProp) – Recent tender closings for Government Land Sales (GLS) sites have seen lacklustre responses from developers. The tender for a site along Upper Thomson Road closed last month without any bids, and the lone bid for the Marina Gardens Crescent site was rejected by the URA in February for having a bid price that was too low.
https://www.edgeprop.sg/property-news/analysis-tenders-three-gls-sites-are-closing-july-will-they-attract-any-bids
Government to probe possible illegal short-term rental of homes: HDB, URA
Government agencies will actively investigate all suspected illegal short-term rentals brought to their attention through public feedback. They will also monitor online platforms for errant listings, the Housing and Development Board (HDB) and Urban Redevelopment Authority (URA) said on Wednesday (Jul 3).
https://www.businesstimes.com.sg/property/government-probe-possible-illegal-short-term-rental-homes-hdb-ura
https://www.straitstimes.com/singapore/housing/86-people-fined-or-prosecuted-for-illegal-short-term-rentals-since-2019-hd-and-ura
https://www.todayonline.com/news/71-offenders-fined-2019-providing-illegal-short-stays-singapore-2452236
https://www.channelnewsasia.com/singapore/illegal-short-term-stay-listings-offenders-fined-4454246
Views, Reviews, Forum and Others
CPF pays out record interest of over S$20 billion for 2023
Central Provident Fund (CPF) members earned a record amount of interest on their CPF balances in 2023, with the figure crossing S$20 billion.
https://www.businesstimes.com.sg/singapore/cpf-pays-out-record-interest-over-s20-billion-2023
New lorry cranes must install stability devices to prevent toppling from 2025
Singapore – The incidences of cranes accidentally toppling over while in operation are expected to be reduced from 2025, when new lorry cranes in Singapore are fitted with devices that warn operators when the vehicles become unstable.
https://www.straitstimes.com/singapore/new-lorry-cranes-in-s-pore-will-need-devices-installed-to-prevent-toppling-from-2025
Commentary: Is it time to use sticks to encourage residents to get serious about recycling?
Singapore: Drinking water from a bottle made from recycled plastic recently made me feel unjustifiably righteous for a moment, until I realised that despite being recycled, it was still plastic and likely less virtuous than those new paper-like packets.
https://www.channelnewsasia.com/commentary/singapore-recycling-blue-bin-fines-incentives-contamination-rubbish-4453731
Global Economy & Real Estate
US Fed officials stressed ‘patience’ on rate cuts: minutes
https://www.channelnewsasia.com/business/us-fed-officials-stressed-patience-rate-cuts-minutes-4455971
https://www.straitstimes.com/business/economy/us-fed-officials-at-last-meeting-saw-price-pressures-in-decline-minutes-show
Oil prices slip after data points to cooling US economy
https://www.channelnewsasia.com/business/oil-prices-slip-after-data-points-cooling-us-economy-4456361
US trade deficit expands less than expected in May
https://www.businesstimes.com.sg/international/us-trade-deficit-expands-less-expected-may
US factory orders unexpectedly fall in May
https://www.businesstimes.com.sg/international/us-factory-orders-unexpectedly-fall-may
US weekly jobless claims rise as labour market slows
https://www.businesstimes.com.sg/international/us-weekly-jobless-claims-rise-labour-market-slows
https://www.straitstimes.com/business/us-companies-added-150000-jobs-in-june-while-wage-growth-cooled
US service sector sags in June as orders sink
https://www.businesstimes.com.sg/international/us-service-sector-sags-june-orders-sink
US private payrolls growth slows in June
https://www.businesstimes.com.sg/international/us-private-payrolls-growth-slows-june
US mortgage rates push back above 7%, slowing financing activity
https://www.businesstimes.com.sg/property/us-mortgage-rates-push-back-above-7-slowing-financing-activity
Home affordability in the US sinks to lowest point since 2007
https://www.businesstimes.com.sg/property/home-affordability-us-sinks-lowest-point-2007
Australia retail sales jump, boosting case for RBA hike
https://www.businesstimes.com.sg/international/australia-retail-sales-jump-boosting-case-rba-hike
China’s services activity growth cools to 8-month low
https://www.straitstimes.com/business/china-services-activity-growth-cools-to-8-month-low
https://www.scmp.com/economy/economic-indicators/article/3268944/chinas-services-activity-growth-hits-8-month-low-new-orders-slow-caixin-pmi-shows?module=top_story&pgtype=section
China’s secondary property sales surge after policy incentives, as buyers eschew new flats
https://www.scmp.com/business/china-business/article/3269048/chinas-secondary-property-sales-surge-after-policy-incentives-buyers-eschew-new-flats
Dubai to build three office towers, sidestepping global slump
https://www.businesstimes.com.sg/property/dubai-build-three-office-towers-sidestepping-global-slump
Fresh inflation fall gives ECB room to cut rates: IMF
https://www.businesstimes.com.sg/international/fresh-inflation-fall-gives-ecb-room-cut-rates-imf
Eurozone business growth slowed sharply in June, PMI shows
https://www.businesstimes.com.sg/international/eurozone-business-growth-slowed-sharply-june-pmi-shows
Japan tax revenue sets another record amid weak yen, inflation
https://www.businesstimes.com.sg/international/japan-tax-revenue-sets-another-record-amid-weak-yen-inflation
Japan firms raise worker pay by 5.1%, biggest in 33 years: union survey
https://www.businesstimes.com.sg/international/japan-firms-raise-worker-pay-5-1-biggest-33-years-union-survey
https://www.channelnewsasia.com/business/japan-firms-have-offered-510-pay-rise-biggest-33-years-4454186
South Korea hikes growth forecast sharply as demand for AI booms
https://www.businesstimes.com.sg/international/south-korea-hikes-growth-forecast-sharply-demand-ai-booms
World Bank cuts 2024 Thai GDP growth outlook to 2.4% on weaker exports
https://www.businesstimes.com.sg/international/asean/world-bank-cuts-2024-thai-gdp-growth-outlook-2-4-weaker-exports
https://www.channelnewsasia.com/business/world-bank-cuts-2024-thai-gdp-growth-outlook-24-weaker-exports-4453646
UK services growth cools, but by less than first feared, PMI shows
https://www.businesstimes.com.sg/international/uk-services-growth-cools-less-first-feared-pmi-shows
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