Singapore Real Estate / Built Environment
Thomson View owners looking to lower reserve price by 12% to S$808 million
Thomson View’s tender for collective sale closed with no bids on Sep 6, but owners of the condominium are looking to lower its reserve price from S$918 million to S$808 million as they move into private treaty negotiations
https://www.businesstimes.com.sg/property/thomson-view-owners-looking-lower-reserve-price-12-s808-million
Nassim Road bungalow back on the market, this time with record S$308 million price tag
A two-storey freehold conservation bungalow in Singapore’s Nassim Road owned by Hong Fok Corporation joint chief executive Cheong Pin Chuan will be put on the market again.
https://www.businesstimes.com.sg/property/nassim-road-bungalow-back-market-time-record-s308-million-price-tag
https://www.zaobao.com.sg/realtime/singapore/story20241009-5013650?ref=today-news-section-card-5
October’s 8,573-unit BTO launch to include Prime flats in Crawford and Plus flats in Bayshore, Ang Mo Kio, Kallang
The Housing and Development Board (HDB) will offer 8,573 flats across 15 projects next week under its new flat classification framework, in one of its largest Build-To-Order (BTO) launches to date.
https://www.businesstimes.com.sg/property/octobers-8573-unit-bto-launch-include-prime-flats-crawford-and-plus-flats-bayshore-ang-mo-kio
https://www.straitstimes.com/singapore/housing/over-8500-flats-in-october-bto-launch-7-projects-under-new-plus-category
https://www.channelnewsasia.com/singapore/october-bto-exercise-7-plus-projects-1-prime-project-hdb-4667451
https://www.zaobao.com.sg/news/singapore/story20241009-5012268
Prime, Plus and Standard: HDB’s new BTO categories and what they mean for buyers
Close to 9,000 Build-To-Order (BTO) flats will be rolled out this month in the government’s first batch of public housing flats to come under an all-new categorisation framework.
https://www.businesstimes.com.sg/property/prime-plus-and-standard-hdbs-new-bto-categories-and-what-they-mean-buyers
https://www.straitstimes.com/singapore/housing/first-hdb-flats-under-standard-plus-prime-classifications-to-be-rolled-out-in-october-bto-launch
Singapore News
Singapore leaders pay tribute to Lee Wei Ling
Singapore: Singapore leaders paid tribute to Dr Lee Wei Ling, who died on Wednesday (Oct 9) at 69. She was the daughter of Singapore’s founding Prime Minister Lee Kuan Yew. Dr Lee, the second of three children, is survived by her brothers, Senior Minister Lee Hsien Loong and Mr Lee Hsien Yang.
https://www.channelnewsasia.com/singapore/lee-wei-ling-lee-kuan-yew-daughter-death-tributes-lee-hsien-loong-4667421
https://www.straitstimes.com/singapore/lee-kuan-yew-s-daughter-lee-wei-ling-dies-at-the-age-of-69
https://www.theonlinecitizen.com/2024/10/09/politicians-including-pm-lawrence-wong-mourn-the-passing-of-dr-lee-wei-ling/
https://www.channelnewsasia.com/singapore/lee-wei-ling-dies-daughter-lee-kuan-yew-4667096
https://www.scmp.com/news/asia/southeast-asia/article/3281624/lee-kuan-yews-daughter-lee-wei-ling-dies-69-singapore
https://www.businesstimes.com.sg/singapore/lee-wei-ling-lee-kuan-yews-daughter-dies-69
https://www.nst.com.my/world/region/2024/10/1116909/lee-kuan-yews-daughter-dies-69-after-battle-rare-brain-disease
Singapore, Thai leaders pledge cooperation in digital economy, food security, tourism
The leaders of Singapore and Thailand have agreed to deepen cooperation in various areas such as the economy, tourism, defence and food security.
https://www.businesstimes.com.sg/international/asean/singapore-thai-leaders-pledge-cooperation-digital-economy-food-security-tourism
Rising costs, manpower shortages top list of concerns for Singapore SMEs: SCCCI survey
Rising business costs, manpower shortages and the need for transformation ranked as the top concerns for Singapore’s small and medium-sized enterprises (SMEs), based on the latest annual survey by the Singapore Chinese Chamber of Commerce and Industry (SCCCI).
https://www.businesstimes.com.sg/singapore/rising-costs-manpower-shortages-top-list-concerns-singapore-smes-sccci-survey
https://www.straitstimes.com/business/mixed-business-outcomes-for-s-pore-smes-in-2024-sccci-survey
Business News
ChatGPT maker OpenAI to open Singapore office by end-2024
OpenAI, the developer of popular artificial intelligence (AI) chatbot ChatGPT, will establish a regional hub in Singapore by the end of the year – marking its second Asia-Pacific (Apac) office, after launching in Tokyo in April.
https://www.businesstimes.com.sg/singapore/chatgpt-maker-openai-open-singapore-office-end-2024
https://www.straitstimes.com/singapore/chatgpt-maker-openai-to-set-up-office-in-s-pore-focus-on-advancing-regional-tie-ups
https://www.channelnewsasia.com/singapore/openai-chatgpt-singapore-office-asia-pacific-ai-artificial-intelligence-4665936
https://www.scmp.com/news/asia/southeast-asia/article/3281630/chatgpt-developer-openai-open-singapore-office
FHT’s distributable income to fall by S$1.3 million after change in Australian unit status
Frasers Hospitality Trust’s (FHT) pro forma distributable income for financial year 2024 is estimated to fall by S$1.3 million, following changes to its Australian unit’s managed investment trust status.
https://www.businesstimes.com.sg/companies-markets/fhts-distributable-income-fall-s1-3-million-after-change-australian-unit-status
Metro acquires freehold Sydney prime office property for A$196.4 million
Mainboard-listed Metro Holdings on Wednesday (Oct 9) announced the acquisition of a freehold prime office property in Sydney, Australia, for A$196.4 million (S$172.3 million).
https://www.businesstimes.com.sg/companies-markets/metro-acquires-freehold-sydney-prime-office-property-196-4-million
Views, Reviews, Forum and Others
19 workplace deaths in first half of 2024, most from vehicular incidents and falls from height
Singapore – Nineteen workers died from getting injured at work in the first half of 2024, up from 14 deaths in the same period in 2023. Vehicular incidents were the top cause, followed by falls from height, and the collapse or breakdown of structures and equipment, the Ministry of Manpower (MOM) said on Oct 9.
https://www.straitstimes.com/singapore/transport/19-workplace-deaths-in-first-half-of-2024-most-from-vehicular-incidents-and-falls-from-height
https://www.channelnewsasia.com/singapore/workplace-death-health-safety-fatality-mom-4667266
https://www.zaobao.com.sg/news/singapore/story20241009-5010721
Tampines residents complain of ceiling leaks, mould; HDB says solar panel installation not the cause
Singapore: When a downpour persisted for days during the rainy season last December, Mr David Mohan was dismayed to find water dripping from his kitchen ceiling for days on end.
https://www.channelnewsasia.com/singapore/tampines-hdb-flats-ceiling-leaks-mould-solar-panel-installations-rooftops-4664676
Global Economy & Real Estate
Fed officials debated whether a big rate cut was smart in September
https://www.straitstimes.com/business/economy/fed-officials-debated-whether-a-big-rate-cut-was-smart-in-september
US deficit for fiscal 2024 estimated at US$1.8 trillion, largest after Covid
https://www.businesstimes.com.sg/international/us-deficit-fiscal-2024-estimated-us1-8-trillion-largest-after-covid
US wholesale inventories revised lower in August
https://www.businesstimes.com.sg/international/us-wholesale-inventories-revised-lower-august
US 30-year mortgage rates climb by most in more than a year
https://www.businesstimes.com.sg/property/us-30-year-mortgage-rates-climb-most-more-year
Biggest US banks face revenue pressure in new era of rate cuts
https://www.businesstimes.com.sg/companies-markets/banking-finance/biggest-us-banks-face-revenue-pressure-new-era-rate-cuts
As hurricanes strike, insurance costs soar for US commercial real estate
https://www.businesstimes.com.sg/property/hurricanes-strike-insurance-costs-soar-us-commercial-real-estate
The Fed, the IMF and global ‘last resort’ lending
https://www.businesstimes.com.sg/opinion-features/fed-imf-and-global-last-resort-lending
Some Chinese developers are scraping discounts after sales rebound during ‘golden week’
https://www.scmp.com/business/china-business/article/3281700/some-chinese-developers-cancel-discounts-after-golden-week-sales-rebound
Country Garden misses target date for restructuring backing
https://www.businesstimes.com.sg/property/country-garden-misses-target-date-restructuring-backing
Online shopping returns to growth in Europe amid fierce competition
https://www.businesstimes.com.sg/international/global/online-shopping-returns-growth-europe-amid-fierce-competition
https://www.channelnewsasia.com/business/online-shopping-returns-growth-europe-amid-fierce-competition-4668831
German public-sector staff want pay boost despite economic woes
https://www.businesstimes.com.sg/international/german-public-sector-staff-want-pay-boost-despite-economic-woes
Hong Kong housing market needs more rate cuts, wealth from stock gains to end slump
https://www.scmp.com/business/article/3281605/hong-kong-housing-market-needs-more-rate-cuts-wealth-stock-gains-end-slump
Hong Kong’s CK Asset prices Blue Coast II in Wong Chuk Hang at 20% below development cost
https://www.scmp.com/business/article/3281723/hong-kongs-ck-asset-prices-blue-coast-ii-wong-chuk-hang-20-below-development-cost
Indonesia must reform to hit 8% GDP growth, business chief says
https://www.businesstimes.com.sg/international/asean/indonesia-must-reform-hit-8-gdp-growth-business-chief-says
Japan’s wholesale inflation rises in September
https://www.channelnewsasia.com/business/japans-wholesale-inflation-rises-september-4669581
New Zealand budget deficit widens as government expenses jump
https://www.businesstimes.com.sg/international/new-zealand-budget-deficit-widens-government-expenses-jump
New Zealand steps up pace of rate cuts as economy weakens
https://www.businesstimes.com.sg/international/new-zealand-steps-pace-rate-cuts-economy-weakens
Cash still king for Swiss businesses, central bank survey shows
https://www.businesstimes.com.sg/companies-markets/banking-finance/cash-still-king-swiss-businesses-central-bank-survey-shows
Thai finance ministry wants weaker baht, rate cut in 2024
https://www.businesstimes.com.sg/international/thai-finance-ministry-wants-weaker-baht-rate-cut-2024
UK house prices post first growth in almost two years: RICS
https://www.businesstimes.com.sg/property/uk-house-prices-post-first-growth-almost-two-years-rics
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