Singapore Real Estate / Built Environment
Singapore retail sales up 0.6% in August, driven by vehicle takings
Singapore’s retail sales grew 0.6 per cent on year in August, less than the 1 per cent growth recorded in July, based on Department of Statistics (Singstat) data released on Friday (Oct 4).
https://www.businesstimes.com.sg/singapore/singapore-retail-sales-0-6-august-driven-vehicle-takings
https://www.straitstimes.com/business/economy/singapore-retail-takings-up-06-in-august-thanks-again-to-car-sales
UOL’s Meyer Blue sells half of units at average price of S$3,260 psf at launch
Freehold condominium Meyer Blue moved 114 units – slightly more than half of its 226 units – over its launch weekend at an average price of S$3,260 per square foot (psf).
https://www.businesstimes.com.sg/property/uols-meyer-blue-sells-half-units-average-price-s3260-psf-launch
S$678 million High Street Centre sale falls through
The collective sale of High Street Centre has fallen through, after the buyer failed to fork out the initial deposit of S$6.78 million (1 per cent of the S$678 million deal) as its funds were still in remittance.
https://www.businesstimes.com.sg/property/s678-million-high-street-centre-sale-falls-through
Over 2,000 BTO flats with waiting time of under 3 years to be launched in October
In total, HDB will have offered 2,876 flats in 2024 with a waiting time of under three years. This means it will meet ahead of schedule a 2025 target it had set to offer 2,000 to 3,000 flats each year with a waiting time of less than three years.
https://www.straitstimes.com/singapore/housing/over-2000-bto-flats-with-waiting-times-of-under-3-years-to-be-launched-in-october
https://www.channelnewsasia.com/singapore/hdb-bto-october-launch-bukit-batok-sengkang-fernvale-flats-wait-time-4659246
https://www.zaobao.com.sg/news/singapore/story20241007-4954008
Singles may apply for two-room flexi flats islandwide in October BTO exercise
The upcoming Housing and Development Board (HDB) Build-To-Order (BTO) exercise will allow eligible first-timers who are single to apply for new two-room flexi flats across all Standard, Plus and Prime projects islandwide.
https://www.businesstimes.com.sg/property/singles-may-apply-two-room-flexi-flats-islandwide-october-bto-exercise
https://www.straitstimes.com/singapore/housing/singles-can-buy-2-room-flexi-bto-flats-in-all-locations-from-october-sales-launch
https://www.channelnewsasia.com/singapore/1900-two-room-flexi-bto-hdb-flats-offered-first-time-singles-october-exercise-4658851
Six-decade-old Siglap HDB block to be kept for public use
Singapore – Once slated for demolition, one Housing Board block in East Coast Road could instead be repurposed for community or social use, or could even house new shops, after a recent decision by the authorities to retain the building.
https://www.straitstimes.com/singapore/six-decade-old-siglap-hdb-block-to-be-kept-for-community-use
Four units of Bidadari flats resold for over $1 million just after MOP reached
In the past two months, five units in the Bidadari HDB estate have changed hands, four of which were sold for more than a million dollar, with the highest being 1.2 million dollar. A real estate analyst interviewed pointed out that the price per square foot of Bidadari resale HDB flats has caught up with some resale apartments.
https://www.zaobao.com.sg/news/singapore/story20241005-4945376
Singapore Economy
Clearer real estate rules, flagging of inactive companies among anti-money laundering moves
Singapore will clarify due diligence requirements for real estate deals and flag companies that seem inactive, as part of moves to strengthen the Republic’s anti-money laundering (AML) regime. These were among recommendations in a report released on Friday (Oct 4) by an inter-ministerial committee chaired by Second Minister for Finance Indranee Rajah.
https://www.businesstimes.com.sg/singapore/clearer-real-estate-rules-flagging-inactive-companies-among-anti-money-laundering-moves
https://www.channelnewsasia.com/singapore/anti-money-laundering-finance-banks-real-estate-lawyers-4658631
https://www.scmp.com/week-asia/economics/article/3281081/singapore-tightens-anti-money-laundering-measures-remains-open-business
New registry helps S’pore firms calculate their carbon emissions more accurately
Singapore – Local companies can get more help in calculating their carbon emissions thanks to a new registry launched by the Singapore Business Federation (SBF). The service was announced by Senior Minister of State for Manpower and Sustainability and the Environment Koh Poh Koon at an awards dinner held by the UN Global Compact Network Singapore on Oct 4.
https://www.straitstimes.com/business/companies-markets/new-registry-helps-s-pore-firms-calculate-their-carbon-emissions-more-accurately
S’pore residents have more financial assets than most peers elsewhere: Report
Singapore – Residents in Singapore on average have more financial assets such as cash, stocks and bank deposits than their peers elsewhere, a global wealth report said. Allianz’s global research team in Munich attributed this to Singapore’s capital-funded pension system, the Central Provident Fund (CPF).
https://www.straitstimes.com/business/s-pore-residents-have-more-financial-assets-than-most-peers-elsewhere-report
Business News
Apac Realty ties up with NexUS Global Realty to grow cross-border real estate transactions
APAC Realty, which operates the ERA real estate agency franchise, has signed a memorandum of understanding with United States-based NexUS Global Realty to expand cross-border real estate transactions.
https://www.businesstimes.com.sg/property/apac-realty-ties-nexus-global-realty-grow-cross-border-real-estate-transactions
HSBC scraps some internal events and restricts travel to curb costs
HSBC Holdings has cancelled some internal events and further curtailed travel as the bank’s new chief executive seeks to keep a tight lid on costs ahead of his first quarterly results.
https://www.straitstimes.com/business/banking/hsbc-scraps-some-internal-events-restricts-travel-to-curb-costs-sources
Singapore’s Pan Pacific Orchard hotel crowned world’s best new skyscraper
Singapore – The 23-storey Pan Pacific Orchard hotel in Singapore’s iconic shopping district has been recognised as the world’s best new skyscraper. The award was part of a slew dished out by the Council on Tall Buildings and Urban Habitat (CTBUH), a non-profit organisation founded in the United States. It is recognised as the leading authority on skyscrapers globally.
https://www.straitstimes.com/singapore/singapore-s-pan-pacific-orchard-hotel-crowned-world-s-best-new-skyscraper
Temasek in talks for $1.3 billion-plus stake in India’s biggest snack maker
Temasek is in talks to buy a minority stake in Haldiram Snacks, people familiar with the matter said, a transaction that may value India’s biggest snack maker at about US$11 billion (S$14.3 billion).
https://www.straitstimes.com/business/companies-markets/temasek-in-talks-for-13-billion-plus-stake-in-india-s-biggest-snack-maker
https://www.businesstimes.com.sg/international/global/temasek-talks-us1-billion-plus-stake-indias-biggest-snack-maker
S-Reits log best quarterly performance since 2020 with double-digit returns in Q3
Improved investor sentiment over the path of interest rates fuelled a strong rally in Singapore-listed real estate investment trusts (S-Reits) during the third quarter of 2024, with the sector logging one of its best quarters on record.
https://www.businesstimes.com.sg/companies-markets/s-reits-log-best-quarterly-performance-2020-double-digit-returns-q3
Global Economy & Real Estate
Fed rate cuts will push liquidity across the globe, including to China, despite strong US jobs data
https://www.businesstimes.com.sg/opinion-features/fed-rate-cuts-will-push-liquidity-across-globe-including-china-despite-strong-us-jobs-data
US hiring tops all estimates, while jobless rate falls to 4.1%
https://www.businesstimes.com.sg/international/us-hiring-tops-all-estimates-while-jobless-rate-falls-4-1
China home sales rise after stimulus measures: state media
https://www.businesstimes.com.sg/property/china-home-sales-rise-after-stimulus-measures-state-media
Will China’s ailing property market get ‘golden week’ sales boost?
https://www.scmp.com/economy/china-economy/article/3281217/will-chinas-ailing-property-market-get-golden-week-sales-boost
More Chinese travellers choosing Singapore as destination for Golden Week holiday
https://www.straitstimes.com/singapore/consumer/chinese-travellers-choosing-singapore-as-destination-during-golden-week
German government expects economy to shrink by 0.2% this year: newspaper
https://www.businesstimes.com.sg/international/german-government-expects-economy-shrink-0-2-year-newspaper
Hong Kong investors turn to Japan’s hotels as funds, tourists soar to record high
https://www.scmp.com/business/article/3281165/hong-kong-investors-turn-japans-hotels-funds-tourists-soar-record-high
Hong Kong will not sell commercial land for a seventh quarter
https://www.channelnewsasia.com/business/hong-kong-will-not-sell-commercial-land-seventh-quarter-4658926
Hong Kong to sell 1 residential plot in Tai Wai in third quarter, maintain housing supply
https://www.scmp.com/business/article/3281153/hong-kong-government-sell-1-residential-plot-tai-wai-current-quarter
HK’s biggest developer sells 204 apartments in a day at discount
https://www.businesstimes.com.sg/property/hks-biggest-developer-sells-204-apartments-day-discount
https://www.scmp.com/business/article/3281201/homebuyers-flock-sun-hung-kais-cullinan-sky-project-kai-tak-amid-interest-rate-cut
Hong Kong property prices have ‘bottomed out’ and will ‘rebound slowly’, sector leader says
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3281269/hong-kong-property-prices-have-bottomed-out-and-will-rebound-slowly-sector-leader-says
Hong Kong developer Lai Sun’s Yuen Long project a sell-out as buyers regain confidence
https://www.scmp.com/business/article/3281271/hong-kong-developer-lai-suns-yuen-long-project-sell-out-buyers-regain-confidence
Qatar Investment Authority joins consortium to take HK-listed ESR Group private
https://www.businesstimes.com.sg/property/qatar-investment-authority-joins-consortium-take-hk-listed-esr-group-private
30% of Hongkongers would ‘lie flat’, decline pay rise to meet public housing rules, survey finds
https://www.scmp.com/news/hong-kong/society/article/3281295/30-hongkongers-would-lie-flat-decline-pay-rise-meet-public-housing-rules-survey-finds
Why are some Hong Kong subdivided housing tenants turning down temporary flats?
https://www.scmp.com/news/hong-kong/society/article/3281272/why-are-some-hong-kong-subdivided-housing-tenants-turning-down-temporary-flats
Japan’s Shigeru Ishiba orders economic package as election looms
https://www.businesstimes.com.sg/international/japans-shigeru-ishiba-orders-economic-package-election-looms
Slower Philippine inflation in September leaves room for rate cuts
https://www.businesstimes.com.sg/international/asean/slower-philippine-inflation-september-leaves-room-rate-cuts
https://www.channelnewsasia.com/business/slower-philippine-inflation-september-gives-room-rate-cuts-4658681
Philippine inflation to settle around 3.2% in 2024, finance minister says
https://www.channelnewsasia.com/business/philippine-inflation-settle-around-32-2024-finance-minister-says-4658586
UK pay growth weakest since February 2021: REC survey
https://www.businesstimes.com.sg/international/uk-pay-growth-weakest-february-2021-rec-survey
UK construction output rebounds, cost pressures jump, PMI shows
https://www.businesstimes.com.sg/property/uk-construction-output-rebounds-cost-pressures-jump-pmi-shows
Rich London homebuyers get drawn to postcodes with aristocratic landowners
https://www.businesstimes.com.sg/property/rich-london-homebuyers-get-drawn-postcodes-aristocratic-landowners
Vietnam economic growth unexpectedly quickened last quarter
https://www.businesstimes.com.sg/international/vietnam-economic-growth-unexpectedly-quickened-last-quarter
https://www.channelnewsasia.com/asia/vietnam-quarterly-growth-hits-two-year-high-exports-investment-4661231
https://www.scmp.com/news/asia/southeast-asia/article/3281260/vietnam-quarterly-growth-hits-two-year-high-exports-investment
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