Singapore Real Estate / Built Environment
Plans to add new homes and amenities to the Newton area being studied
Singapore – Singapore’s urban planners are looking to build new homes and amenities in Newton to meet demand for more diverse housing options in central locations.
https://www.straitstimes.com/singapore/plans-to-add-new-homes-and-amenities-to-the-newton-area-being-studied
S-Reits gain 1.7% after Fed’s rate cut
After the recent softening in jobs data and inflation figures, the US Federal Reserve declared its first rate reduction in four years, decreasing the overnight borrowing rate by 50 basis points, or half a percentage point, in line with market expectations.
https://www.businesstimes.com.sg/companies-markets/s-reits-gain-1-7-after-feds-rate-cut
Hotel occupancy picks up in F1 season – but race may play smaller-than-expected role
As Singapore’s roads empty to make way for Formula 1 (F1) festivities, hotels along the track have filled up fast, with room rates also up.
https://www.businesstimes.com.sg/singapore/hotel-occupancy-picks-f1-season-race-may-play-smaller-expected-role
Bukit Sembawang’s 8@BT sells just over half of units at average S$2,719 psf at launch
Bukit Sembawang Estates’ Upper Bukit Timah project 8@BT sold 83 units, or 53 per cent of its 158 units over its launch weekend, at an average selling price of S$2,719 per square foot (psf).
https://www.businesstimes.com.sg/property/bukit-sembawangs-8bt-sells-just-over-half-units-average-s2719-psf-launch
https://www.straitstimes.com/business/just-over-half-of-units-at-8bt-condo-in-bukit-timah-sold-at-launch-at-average-2719-psf
Are Singapore’s urban-rejuvenation incentive schemes making their mark?
When Nov 26 rolls around, two urban-rejuvenation schemes of the Urban Redevelopment Authority (URA) will complete the five-year terms earmarked for them, so it may be time for a review of the Central Business District Incentive (CBDI) Scheme and the Strategic Development Incentive (SDI) Scheme.
https://www.businesstimes.com.sg/opinion-features/are-singapores-urban-rejuvenation-incentive-schemes-making-their-mark
Singapore Economy
S’pore consumers, ports could benefit from reshuffling of alliances among world’s largest shipping lines
Local ports could benefit as the world’s largest shipping lines restructure alliances in the light of major trade routes being redrawn around the Horn of Africa to avoid violence in the Red Sea.
https://www.businesstimes.com.sg/singapore/spore-consumers-ports-could-benefit-reshuffling-alliances-among-worlds-largest-shipping-lines
https://www.straitstimes.com/business/s-pore-consumers-ports-could-benefit-from-reshuffling-of-alliances-among-world-s-largest-shipping-lines
S’pore doubles electricity imports through regional grid; more power to come from Malaysia
Singapore – Singapore will be doubling its electricity imports capacity via a regional power grid, after an extension of the multilateral deal – which enabled Singapore to import hydropower from Laos via Thailand and Malaysia – initially hit a roadblock.
https://www.straitstimes.com/singapore/s-pore-doubles-clean-electricity-imports-through-regional-grid-more-power-to-come-from-malaysia
https://www.businesstimes.com.sg/international/asean/singapore-double-energy-import-capacity-under-regional-power-trade-deal
https://www.channelnewsasia.com/singapore/singapore-electricity-imports-double-capacity-laos-malaysia-power-asean-prower-project-4620571
CPF interest rate for Special, MediSave, Retirement Accounts will rise to 4.14%
Central Provident Fund (CPF) members will earn an interest of 4.14 per cent a year for their Special, Medisave and Retirement Accounts (SMRA) in the fourth quarter of 2024.
https://www.businesstimes.com.sg/singapore/cpf-interest-rate-special-medisave-retirement-accounts-will-rise-4-14
https://www.straitstimes.com/singapore/4-interest-floor-rate-on-cpf-special-medisave-and-retirement-accounts-extended-to-end-2025
https://www.channelnewsasia.com/singapore/cpf-special-medisave-retirement-accounts-interest-rate-rise-q4-4620036
Business News
Ascott to open 28 properties in South-east Asia in 2024
Ascott, the wholly owned lodging business unit of CapitaLand Investment expects to open 28 properties across South-east Asia in 2024. On Monday (Sep 23), Ascott said the new signings will add more than 3,400 units across its various brands, including lyf, Citadines and Oakwood.
https://www.businesstimes.com.sg/companies-markets/ascott-open-28-properties-south-east-asia-2024
CapitaLand Ascott Trust to be compensated for missing funds in Australia
Hospitality player CapitaLand Ascott Trust (Clas) will be fully compensated for the losses it suffered from an alleged white-collar crime in Australia, said its managers on Friday (Sep 20).
https://www.businesstimes.com.sg/companies-markets/capitaland-ascott-trust-be-compensated-missing-funds-australia
https://www.straitstimes.com/business/senior-executive-of-capitaland-ascott-trust-in-australia-allegedly-stole-238-million
GIC chief investment officer warns of rising inflation risks after big Fed rate cut
Singapore – GIC group chief investment officer Jeffrey Jaensubhakij has warned that the market exuberance following its outsized interest rate cut could be short-lived amid the risk of rising inflation.
https://www.straitstimes.com/business/gic-chief-investment-officer-warns-of-rising-inflation-risks-after-big-fed-rate-cut
Global Economy & Real Estate
Fed is about to get validation for its jumbo rate cut
https://www.businesstimes.com.sg/companies-markets/banking-finance/fed-about-get-validation-its-jumbo-rate-cut
US Fed rate cut is a ‘very positive sign’ for economy: Yellen
https://www.businesstimes.com.sg/international/us-fed-rate-cut-very-positive-sign-economy-yellen
Silicon Valley investors rejoice at Fed’s interest rate cut
https://www.businesstimes.com.sg/international/silicon-valley-investors-rejoice-feds-interest-rate-cut
GM plans layoffs of two-thirds of workers at Kansas factory
https://www.businesstimes.com.sg/companies-markets/transport-logistics/gm-plans-layoffs-two-thirds-workers-kansas-factory
RBA set to extend rate pause as housing crisis props up prices
https://www.businesstimes.com.sg/companies-markets/banking-finance/rba-set-extend-rate-pause-housing-crisis-props-prices
China’s January-August fiscal revenue down 2.6%
https://www.businesstimes.com.sg/international/chinas-january-august-fiscal-revenue-down-2-6
China ex-central bank adviser proposes 10 trillion yuan in stimulus measures
https://www.businesstimes.com.sg/international/china-ex-central-bank-adviser-proposes-10-trillion-yuan-stimulus-measures
https://www.scmp.com/economy/china-economy/article/3279455/chinas-economy-needs-us14-trillion-injection-recovery-top-voice-reform-says
China youth unemployment hits 18.8%, highest this year
https://www.businesstimes.com.sg/international/china-youth-unemployment-hits-18-8-highest-year1
https://www.channelnewsasia.com/east-asia/china-youth-unemployment-188-highest-2024-4622826
https://www.scmp.com/economy/economic-indicators/article/3279388/chinas-youth-unemployment-hits-new-high-fresh-graduates-flood-market
China’s industrial slowdown is helping make it easier to breathe
https://www.businesstimes.com.sg/international/chinas-industrial-slowdown-helping-make-it-easier-breathe
China weighs removing major homebuying curbs to boost demand
https://www.businesstimes.com.sg/international/global/china-weighs-removing-major-homebuying-curbs-boost-demand
French PM calls for ‘national effort’ to cut deficit
https://www.businesstimes.com.sg/international/french-pm-calls-national-effort-cut-deficit
Zombie construction sites are making German housing woes worse
https://www.businesstimes.com.sg/property/zombie-construction-sites-are-making-german-housing-woes-worse
Why rate cuts won’t save cash-strapped Hong Kong tycoons and their luxury properties
https://www.scmp.com/business/article/3279243/why-rate-cuts-wont-save-cash-strapped-hong-kong-tycoons-and-their-luxury-properties
5 famous, hidden billionaires are new owners on The Peak amid Hong Kong debt crunch
https://www.scmp.com/business/article/3279227/5-famous-hidden-billionaires-are-new-owners-peak-amid-hong-kong-debt-crunch
Auction house Christie’s opens at the Henderson in Hong Kong
https://www.businesstimes.com.sg/property/auction-house-christies-opens-henderson-hong-kong
Japan’s inflation speeds up ahead of expected BOJ rate hold
https://www.businesstimes.com.sg/international/japans-inflation-speeds-ahead-expected-boj-rate-hold
https://www.channelnewsasia.com/business/boj-keeps-interest-rates-steady-sticks-upbeat-economic-view-4620051
Malaysia offers zero tax for family offices in US$100 billion Forest City development
https://www.businesstimes.com.sg/international/asean/malaysia-offers-zero-tax-family-offices-us100-billion-forest-city-development
https://www.channelnewsasia.com/asia/malaysia-johor-forest-city-sfz-tax-incentives-4620626
https://www.businesstimes.com.sg/international/asean/moves-revive-johors-forest-city-hold-promise-success-hinges-sez-and-robust-ecosystem
World’s biggest millionaire boom draws wealth managers to Taiwan
https://www.businesstimes.com.sg/international/worlds-biggest-millionaire-boom-draws-wealth-managers-taiwan
Thai central bank chief resists rate cut for now amid government push for easing
https://www.businesstimes.com.sg/international/asean/thai-central-bank-chief-resists-rate-cut-now-amid-government-push-easing
UK economic data delivers fresh blow to new government
https://www.businesstimes.com.sg/international/uk-economic-data-delivers-fresh-blow-new-government
UK retail sales rise 1% in August
https://www.businesstimes.com.sg/international/uk-retail-sales-rise-1-august
Man Utd appoint Foster + Partners to develop Old Trafford ‘masterplan’
https://www.businesstimes.com.sg/lifestyle/man-utd-appoint-foster-partners-develop-old-trafford-masterplan
Britain’s Rightmove rejects REA’s sweetened £6.1 billion takeover offer
https://www.businesstimes.com.sg/property/britains-rightmove-rejects-reas-sweetened-ps6-1-billion-takeover-offer
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