Singapore Real Estate / Built Environment
New mixed-use development with condo, retail and office spaces near Singapore River by 2029
Singapore – A new large-scale development, comprising condominium units, co-living spaces and offices in Havelock Road, will be ready by 2029. Union Square, located near the Singapore River, is being built by City Developments Limited (CDL). The project site is the former Central Mall and Central Square combined, the property developer said on Oct 11.
https://www.straitstimes.com/singapore/new-mixed-use-development-with-condos-and-retail-spaces-near-singapore-river-by-2029
https://www.businesstimes.com.sg/property/cdl-lays-out-plans-union-square-condo-launch-preview-slated-nov-1
Why do some developers and the Govt not see eye to eye on land pricing?
Singapore – Bids for three state land tenders have been thrown out by the Urban Redevelopment Authority (URA) so far in 2024, raising questions over why there is a mismatch in land price expectations between some developers and the authorities.
https://www.straitstimes.com/singapore/housing/why-do-some-developers-and-the-govt-not-see-eye-to-eye-on-land-pricing
Issue over HDB rental rate shows need for data integrity
The recent kerfuffle over an “S$8,000-a-month” rental for a three-room Housing and Development Board (HDB) flat in Bukit Merah was an eye-opener, and not just because it would have chalked up a record-high rental for a public housing flat.
https://www.businesstimes.com.sg/opinion-features/issue-over-hdb-rental-rate-shows-need-data-integrity
Singapore Economy
Singapore economy grows 4.1% year on year in Q3; 2.1% sequentially
Singapore’s economy grew 4.1 per cent year on year in the third quarter of 2024, an improvement from the previous quarter’s 2.9 per cent growth, advance estimates from the Ministry of Trade and Industry (MTI) showed on Monday (Oct 14) morning.
https://www.businesstimes.com.sg/singapore/singapore-economy-grows-4-1-year-year-q3-2-1-sequentially
https://www.straitstimes.com/business/economy/singapore-s-economic-growth-quickens-to-41-in-q3-on-manufacturing-rebound
MAS to keep support for strong Singapore dollar amid rising inflation risks: Analysts
Singapore – Inflation in Singapore has cooled, but its central bank is poised to stick to its three-year-old policy stance that supports a stronger currency, given rising risks of higher prices from the Middle East conflict and the US presidential election, economists told The Straits Times.
https://www.straitstimes.com/business/economy/mas-to-keep-support-for-strong-singapore-dollar-amid-rising-inflation-risks-analysts
https://www.straitstimes.com/business/mas-keeps-singdollar-policy-unchanged-sees-core-inflation-easing-to-2-by-year-end
https://www.channelnewsasia.com/singapore/singapore-monetary-policy-unchanged-mas-inflation-singdollar-4672676
EnterpriseSG, Credit Europe Bank to help Singapore companies get financing overseas for expansion
Enterprise Singapore (EnterpriseSG) and Amsterdam-headquartered Credit Europe Bank (CEB) have signed an agreement to enhance access to financing for Singapore companies venturing overseas, in the first partnership between the Singapore government agency and a foreign-based financial institution.
https://www.businesstimes.com.sg/singapore/enterprisesg-credit-europe-bank-help-singapore-companies-get-financing-overseas-expansion
Business News
CapitaLand Ascendas Reit to divest industrial asset in Singapore at S$45.3 million premium
CapitaLand Ascendas Reit (Clar) is divesting an industrial property at 21 Jalan Buroh in Singapore for S$112.8 million.
https://www.businesstimes.com.sg/companies-markets/capitaland-ascendas-reit-divest-industrial-asset-singapore-s45-3-million-premium
Dyson’s notification of retrenchment was in compliance with law: MOM
Dyson had complied with regulations when it submitted its mandatory retrenchment notification to the Ministry of Manpower (MOM) on time – that is, within five working days of conducting its retrenchment exercise on Oct 1.
https://www.businesstimes.com.sg/singapore/dysons-notification-retrenchment-was-compliance-law-mom
https://www.straitstimes.com/business/dyson-informed-mom-of-its-retrenchments-on-time-says-ministry
https://www.channelnewsasia.com/singapore/dyson-layoffs-retrenchment-notice-time-5-days-staff-mom-4674706
SingLand-UOL JV to acquire 50% stake in Sydney commercial building for A$460 million
Property developers Singapore Land Group (SingLand) and UOL Group are acquiring a 50 per cent interest in a freehold Grade A commercial building in Sydney’s central business district for A$460 million (S$404.7 million).
https://www.businesstimes.com.sg/companies-markets/singland-uol-jv-acquire-50-stake-sydney-commercial-building-460-million
Sabana Reit better off if major unitholders not represented on board of new internal manager
Unitholders of Sabana Industrial Real Estate Investment Trust (Sabana Reit) are to vote at yet another extraordinary general meeting (EGM) on Friday (Oct 18).
https://www.businesstimes.com.sg/opinion-features/sabana-reit-better-if-major-unitholders-not-represented-board-new-internal-manager
Global Economy & Real Estate
World Bank says 26 poorest countries in worst financial shape since 2006
https://www.businesstimes.com.sg/international/world-bank-says-26-poorest-countries-worst-financial-shape-2006
US consumer sentiment unexpectedly falls on high cost of living
https://www.businesstimes.com.sg/international/us-consumer-sentiment-unexpectedly-falls-high-cost-living
Residents of a mobile home park join forces to buy their community
https://www.businesstimes.com.sg/property/residents-mobile-home-park-join-forces-buy-their-community
Australia commits A$95 million to protect against looming bird flu threat
https://www.businesstimes.com.sg/international/australia-commits-95-million-protect-against-looming-bird-flu-threat
China’s September inflation misses market expectation despite monetary easing
https://www.scmp.com/economy/economic-indicators/article/3282157/chinas-september-inflation-misses-market-expectation-despite-monetary-easing
China puts investor patience to test as briefing underwhelms
https://www.businesstimes.com.sg/international/china-puts-investor-patience-test-briefing-underwhelms
China’s deflation problem worsens on weak consumer prices
https://www.businesstimes.com.sg/international/chinas-deflation-problem-worsens-weak-consumer-prices
Chinese banks to lower rates on existing mortgages from Oct 25
https://www.businesstimes.com.sg/international/chinese-banks-lower-rates-existing-mortgages-oct-25
China economic spillovers to Asia hinge on property, Nomura says
https://www.businesstimes.com.sg/international/global/china-economic-spillovers-asia-hinge-property-nomura-says
China stimulus lifts property sentiment in higher-tier cities; some question durability
https://www.scmp.com/property/article/3282155/china-stimulus-lifts-property-sentiment-higher-tier-cities-some-question-durability
Singapore colleges are new travel hotspot for China’s tiger mums
https://www.businesstimes.com.sg/singapore/singapore-colleges-are-new-travel-hotspot-chinas-tiger-moms
https://www.scmp.com/news/asia/southeast-asia/article/3282108/chinas-tiger-mums-tour-singapore-universities-during-holiday-give-children-competitive-edge
ECB is set to deepen global easing with rate cut it didn’t expect
https://www.businesstimes.com.sg/international/ecb-set-deepen-global-easing-rate-cut-it-didnt-expect
New scheme lets local companies borrow from foreign lenders when expanding to Europe
https://www.straitstimes.com/business/new-scheme-lets-local-companies-borrow-from-foreign-lenders-when-expanding-to-europe
Signa’s office tower sale raises hope of German property revival
https://www.businesstimes.com.sg/property/signas-office-tower-sale-raises-hope-german-property-revival
Hong Kong to sell second logistics site, sweetens tender terms on market feedback
https://www.scmp.com/business/article/3282005/hong-kong-sell-second-logistics-site-sweetens-tender-terms-market-feedback
Hong Kong authorities reclaim 15,500 public rental flats in 2023-24 financial year
https://www.scmp.com/news/hong-kong/society/article/3282192/hong-kong-authorities-reclaim-15500-public-rental-flats-2023-24-financial-year
Editorial | Public housing abuse in Hong Kong requires a firm hand
https://www.scmp.com/opinion/comment/article/3282206/public-housing-abuse-hong-kong-requires-firm-hand
Fila, Panerai, Armani secure big Hong Kong retail spaces as high vacancy rates persist
https://www.scmp.com/business/article/3282164/fila-panerai-armani-secure-big-hong-kong-retail-spaces-high-vacancy-rates-persist
Hong Kong developer’s Kai Tak project sells out for second week
https://www.businesstimes.com.sg/property/hong-kong-developers-kai-tak-project-sells-out-second-week
Sun Hung Kai’s Cullinan Sky sees another weekend of brisk sales on rate cut and stock rally
https://www.scmp.com/business/companies/article/3282120/sun-hung-kais-cullinan-sky-sees-another-weekend-brisk-sales-rate-cut-and-stock-rally
Indonesia’s Prabowo considers corporate tax cut, report says
https://www.channelnewsasia.com/business/indonesias-prabowo-considers-corporate-tax-cut-report-says-4675511
Japan PM says not planning sales tax hike during 3-year term as LDP chair
https://www.businesstimes.com.sg/international/japan-pm-says-not-planning-sales-tax-hike-during-3-year-term-ldp-chair
UK economy returns to growth ahead of annual budget
https://www.businesstimes.com.sg/international/uk-economy-returns-growth-ahead-annual-budget
UK may need 20 billion pound tax hike to stop spending cuts, think tank says
https://www.businesstimes.com.sg/international/uk-may-need-20-billion-pound-tax-hike-stop-spending-cuts-think-tank-says
UK’s Starmer rolls out red carpet for investors at major summit in London
https://www.businesstimes.com.sg/international/uks-starmer-rolls-out-red-carpet-investors-major-summit-london
DP World pauses £1 billion UK expansion amid government row
https://www.businesstimes.com.sg/international/dp-world-pauses-ps1-billion-uk-expansion-amid-government-row
Surging property prices put Vietnam’s major cities among the least affordable in S-E Asia
https://www.businesstimes.com.sg/international/asean/surging-property-prices-put-vietnams-major-cities-among-least-affordable-s-e-asia
Disclaimer & Note:
Real Estate Developers’ Association of Singapore (REDAS) does not warrant the accuracy, adequacy or completeness of the information and expressly disclaims liability for errors or omissions therein. The content, accuracy, and opinions expressed are not investigated, verified, monitored, nor endorsed by REDAS. Every effort is taken to ensure that all information extracted is correct at the time of dissemination.
The Daily News is issued as news gathering for the convenience and benefits of REDAS’ members only and not for mass circulation. Members are advised to exercise discretion in the use and dissemination of the information. The news links are time-sensitive and require registration of fee-based digital subscriptions.