Singapore Real Estate/Built Environment
BlackRock close to buying 299-unit Citadines Raffles Place for S$300 million
A sale of Citadines Raffles Place serviced apartments seems to be in the offing, with BlackRock said to have completed due diligence for a potential acquisition. The Business Times understands that the pricing is about S$300 million or slightly over S$1 million per unit.
https://www.businesstimes.com.sg/property/blackrock-close-buying-299-unit-citadines-raffles-place-s300-million
Desmond Lee flags ‘psychological factor’ contributing to higher prices in HDB resale market
Singapore – Perceptions that Housing Board resale prices will continue getting higher are making home buyers anxious to secure a flat regardless of the price, while raising sellers’ expectations about how much their flats can fetch, said National Development Minister Desmond Lee.
https://www.straitstimes.com/singapore/desmond-lee-flags-psychological-factor-contributing-to-higher-prices-in-hdb-resale-market
https://www.businesstimes.com.sg/property/about-10-buyers-hdb-loan-may-be-affected-new-measures-cool-market
https://www.todayonline.com/news/lower-hdb-loan-limit-aimed-encouraging-prudent-borrowing-dampening-higher-end-market-demand-desmond-lee-2479416
https://www.channelnewsasia.com/singapore/hdb-loan-value-limit-cooling-measure-borrowing-market-demand-4556096
HDB, condo rents rise in July; condo leasing volumes surge 35.1%
Condo rental volumes continued its upward trajectory in July, surging 35.1 per cent on the month, while prices rose 0.9 per cent from June. An estimated 8,133 units were rented in July, compared with 6,020 the month before, based on flash estimates released by SRX and 99.co on Tuesday (Aug 20).
https://www.businesstimes.com.sg/property/hdb-condo-rents-rise-july-condo-leasing-volumes-surge-35-1-srx-99-co
https://www.straitstimes.com/singapore/housing/hdb-condo-rents-rise-in-july-condo-leasing-volumes-surge-351-srx-99co
Tighter HDB loan limit will cool resale flat prices; choice units should still see firm demand
Increasingly, an adage of Singapore’s housing market is that when prices rise strongly, the government will quickly intervene to cool things. The latest round of property cooling measures zeroed in on the Housing and Development Board (HDB) market, where resale flat prices have lately been growing much faster than private home prices.
https://www.businesstimes.com.sg/opinion-features/tighter-hdb-loan-limit-will-cool-resale-flat-prices-choice-units-should-still-see-firm-demand
https://www.straitstimes.com/singapore/latest-property-cooling-measure-will-dampen-demand-in-the-short-term-say-analysts
https://www.channelnewsasia.com/singapore/hdb-property-loan-value-limit-lowered-cooling-first-time-buyers-cpf-housing-grant-flats-analysts-4555871
Business News
GuocoLand bags S$847.1 million green facility to develop Upper Thomson site
Real estate group GuocoLand has secured S$847.1 million in green financing to develop a residential site at Upper Thomson, which was awarded to its tie-up with Hong Leong Holdings in April this year.
https://www.businesstimes.com.sg/companies-markets/guocoland-bags-s847-1-million-green-facility-develop-upper-thomson-site
PwC loses major client Bank of China amid regulatory probe
Auditor PwC has lost its largest mainland China-listed client, Bank of China (BOC), to rival EY, adding to an exodus of clientele amid a regulatory investigation into its work on troubled property developer China Evergrande Group.
https://www.businesstimes.com.sg/companies-markets/banking-finance/pwc-loses-major-client-bank-china-amid-regulatory-probe
https://www.straitstimes.com/business/pwc-loses-major-client-bank-of-china-amid-regulatory-probe
Views, Reviews, Forum and Others
Fewer workplace injuries in transport and logistics industry in 2023
Singapore – The workplace injury rate in the transport and logistics sectors went down in 2023 to 1,097 cases per 100,000 workers, from 1,204 cases per 100,000 workers in 2022.
https://www.straitstimes.com/singapore/transport/fewer-workplace-injuries-in-transport-and-logistics-industry-in-2023
No need to rush for masks, mpox is not the new Covid-19: Experts
Singapore – There is no need for panic buying, especially masks, as mpox is not spread through droplets produced when an infected person coughs or sneezes, said infectious disease experts.
https://www.straitstimes.com/singapore/no-need-to-rush-for-masks-mpox-is-not-the-new-covid-19-experts
https://www.businesstimes.com.sg/singapore/no-need-rush-masks-mpox-not-new-covid-19-experts
https://www.channelnewsasia.com/world/mpox-not-new-covid-19-world-health-organization-clade-1b-sweden-africa-europe-4556381
Global Economy & Real Estate
Fed confronts up to a million US jobs vanishing in revision
https://www.businesstimes.com.sg/international/fed-confronts-million-us-jobs-vanishing-revision
https://www.straitstimes.com/business/economy/fed-confronts-up-to-a-million-us-jobs-vanishing-in-revision
North America sees 70% jump in data center supply in construction, CBRE report says
https://www.channelnewsasia.com/business/north-america-sees-70-jump-data-center-supply-construction-cbre-report-says-4556891
Australia central bank signals rates will stay at 12-year high for ‘extended period’
https://www.businesstimes.com.sg/companies-markets/banking-finance/australia-central-bank-signals-rates-will-stay-12-year-high-extended-period
Australian landlord Dexus says net loss doubles and flags another weak year, shares plunge
https://www.businesstimes.com.sg/property/australian-landlord-dexus-says-net-loss-doubles-and-flags-another-weak-year-shares-plunge
https://www.channelnewsasia.com/business/australian-landlord-dexus-says-net-loss-doubles-and-flags-another-weak-year-shares-plunge-4555736
China weighs letting local governments issue bonds to buy homes
https://www.businesstimes.com.sg/property/china-weighs-letting-local-governments-issue-bonds-buy-homes
https://www.straitstimes.com/business/china-may-let-local-governments-sell-bonds-to-buy-homes
Sunac China warns of 15 billion yuan half-year loss on property market downturn
https://www.businesstimes.com.sg/property/sunac-china-warns-15-billion-yuan-half-year-loss-property-market-downturn
Germany’s strong wage growth adds to ECB inflation struggle
https://www.businesstimes.com.sg/international/germanys-strong-wage-growth-adds-ecb-inflation-struggle
Hong Kong’s homebuyers would rather forfeit their deposits than pay above-market prices
https://www.scmp.com/business/article/3275149/hong-kong-property-buyers-willing-forfeit-deposits-pay-above-market-prices
Court ruling on illegal structures at Hong Kong luxury homes sends warning
https://www.scmp.com/opinion/article/3275246/court-ruling-illegal-structures-hong-kong-luxury-homes-sends-warning
Hong Kong Island site for 500 flats, once Chinese developer Agile’s, put up for tender
https://www.scmp.com/business/article/3275092/hong-kong-island-site-500-flats-once-chinese-developer-agiles-put-tender
BOJ highlights rising wage pressure from structural job market changes
https://www.businesstimes.com.sg/international/boj-highlights-rising-wage-pressure-structural-job-market-changes
https://www.channelnewsasia.com/east-asia/boj-highlights-rising-wage-pressure-structural-job-market-changes-4556196
Japan’s exports jump, adding to signs of economic recovery
https://www.businesstimes.com.sg/international/japans-exports-jump-adding-signs-economic-recovery
https://www.straitstimes.com/business/japan-s-exports-accelerate-adding-to-signs-of-economic-recovery
South Korea’s early exports pick up on resilient chip demand
https://www.straitstimes.com/business/south-korea-s-early-exports-pick-up-on-resilient-chip-demand
Bank of Korea to stay pat on Thursday, first rate cut seen in Oct
https://www.channelnewsasia.com/business/bank-korea-stay-pat-thursday-first-rate-cut-seen-oct-reuters-poll-4556116
Asia girds for mpox cases after Sweden finds dangerous strain
https://www.businesstimes.com.sg/international/global/asia-girds-mpox-cases-after-sweden-finds-dangerous-strain
Thai central bank may face more rate-cut pressure from new PM
https://www.businesstimes.com.sg/international/asean/thai-central-bank-may-face-more-rate-cut-pressure-new-pm
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