Singapore Real Estate / Built Environment
Code to ensure buildings are accessible under review, public consultation aimed for end-2024
Singapore – A regulatory code to ensure buildings are inclusive and accessible is being reviewed, with a draft for public consultation targeted to be released by the end of 2024. The draft of the revised code will be released for public consultation by the end of 2024, said Second Minister for National Development Indranee Rajah on Oct 16.
https://www.straitstimes.com/singapore/politics/code-to-ensure-buildings-are-accessible-under-review-public-consultation-aimed-for-end-2024
Singapore F&B businesses survived Covid, only to be killed by rising costs and competition, with thousands closing
Food and beverage (F&B) operators in Singapore are feeling the heat, with increasing competition forcing many out of business in a “very Darwinian retail environment”, said consultancy Knight Frank in its latest retail report.
https://www.businesstimes.com.sg/property/singapore-fb-businesses-survived-covid-only-be-killed-rising-costs-and-competition-thousands-closing
Prime and Plus flat buyers to give up 6-9% of resale price under new HDB BTO subsidy clawback
Buyers of the new Plus and Prime flats will have between 6 and 9 per cent of their resale price (or valuation) clawed back when they sell the flats, the Housing and Development Board (HDB) said on Wednesday (Oct 16).
https://www.businesstimes.com.sg/property/prime-and-plus-flat-buyers-give-6-9-resale-price-under-new-hdb-bto-subsidy-clawback
https://www.straitstimes.com/singapore/housing/prime-and-plus-hdb-flats-in-oct-bto-launch-to-come-with-6-to-9-per-cent-subsidy-clawback-clause
https://www.channelnewsasia.com/singapore/october-bto-launch-plus-prime-flats-6-9-subsidy-recovery-clawback-4679361
https://www.zaobao.com.sg/news/singapore/story20241016-5151049
Singapore News
Singapore key exports extend growth with 2.7% rise in September
Singapore’s key exports continued its upward climb in September as both electronics and non-electronics shipments rose. Non-oil domestic exports (NODX) grew 2.7 per cent year on year for in September, extending the 10.7 per cent jump in the previous month, data from Enterprise Singapore (EnterpriseSG) showed on Thursday (Oct 17).
https://www.businesstimes.com.sg/singapore/singapore-key-exports-extend-growth-2-7-rise-september
https://www.straitstimes.com/business/economy/singapore-key-exports-grow-for-third-month-but-27-rise-in-september-misses-forecast
https://www.zaobao.com.sg/realtime/singapore/story20241017-5155187
‘Not practical’ for MOM to rule when companies should stop work during bad weather: Zaqy
Singapore – It is not practical for the Ministry of Manpower (MOM) to set blanket rules for exactly when companies should stop work in the event of extreme weather conditions, Senior Minister of State for Manpower Zaqy Mohamad told Parliament on Oct 16.
https://www.straitstimes.com/singapore/politics/not-practical-for-mom-to-set-limits-for-companies-to-stop-work-during-bad-weather-zaqy
Parliament passes Bill enabling Govt to block Allianz-Income deal
Singapore – The minister in charge of Singapore’s financial regulator will have powers to block deals involving insurers that are run or substantially owned by cooperatives after Parliament passed new laws on Oct 16.
https://www.straitstimes.com/singapore/politics/parliament-passes-bill-to-allow-govt-to-block-deals-like-allianz-income-tie-up
https://www.businesstimes.com.sg/singapore/singapore-still-committed-being-open-rules-based-despite-legal-changes-stop-allianz-income-deal-chee
Business News
Sunset Hospitality takes over Hotel Fort Canning lease, rebrands hotel
Dubai-based Sunset Hospitality Group, through its hotels and resorts unit, is taking over the lease on Hotel Fort Canning Singapore, as part of its global expansion strategy.
https://www.businesstimes.com.sg/property/sunset-hospitality-takes-over-hotel-fort-canning-lease-rebrands-hotel
https://www.straitstimes.com/business/property/dubai-based-group-to-take-over-hotel-fort-canning-rebrand-it-mett-singapore
ST Explains: Why are tech companies in S’pore laying off people, and is it going to stop?
Singapore – The once-booming tech sector in Singapore has been hit hard by lay-offs in recent months, with some of the biggest names in the business axing jobs left, right and centre.
https://www.straitstimes.com/singapore/jobs/st-explains-why-are-tech-companies-in-s-pore-laying-off-people-and-is-it-going-to-stop
Global Economy & Real Estate
US mortgage rates climb to 6.52%, highest since early August
https://www.businesstimes.com.sg/property/us-mortgage-rates-climb-6-52-highest-early-august
Airbnb launches co-host marketplace to boost listing supply
https://www.businesstimes.com.sg/property/airbnb-launches-co-host-marketplace-boost-listing-supply
China’s GDP set to underperform in third quarter, adds to urgency for more stimulus
https://www.scmp.com/economy/economic-indicators/article/3282608/chinas-gdp-set-underperform-third-quarter-adds-urgency-more-stimulus
China’s economy likely expanded at weakest pace in six quarters
https://www.businesstimes.com.sg/international/chinas-economy-likely-expanded-weakest-pace-six-quarters
China’s DaFa Properties ordered to wind up
https://www.businesstimes.com.sg/property/chinas-dafa-properties-ordered-wind
Luxury villas coming soon to Dubai’s vacant palm-shaped island
https://www.businesstimes.com.sg/property/luxury-villas-coming-soon-dubais-vacant-palm-shaped-island
ECB set for second straight rate cut as economy stagnates
https://www.businesstimes.com.sg/international/ecb-set-second-straight-rate-cut-economy-stagnates
Hong Kong businesses back John Lee’s economy-focused blueprint, but not everyone is happy
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3282656/hong-kong-businesses-back-john-lees-economy-focused-blueprint-not-everyone-happy
Editorial | John Lee’s blueprint takes Hong Kong in the right direction, but execution is key
https://www.scmp.com/opinion/comment/article/3282660/john-lees-blueprint-takes-hong-kong-right-direction-execution-key
Hong Kong beats Singapore to No 1 in global ranking on economic freedom
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3282647/hong-kong-beats-singapore-no-1-global-ranking-economic-freedom
Hong Kong to prioritise themed travel in city, attracting high-spending visitors: John Lee
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3282655/hong-kong-prioritise-themed-travel-city-attracting-high-spending-visitors-john-lee
Hong Kong to relax housing rules
https://www.businesstimes.com.sg/property/hong-kong-relax-housing-rules
Bank of Japan policymaker calls for ‘very moderate’ pace of rate hikes
https://www.channelnewsasia.com/business/bank-japan-policymaker-calls-very-moderate-pace-rate-hikes-4681166
Japan‘s upcoming stimulus package will be bigger than last year’s: spokesperson
https://www.businesstimes.com.sg/international/japans-upcoming-stimulus-package-will-be-bigger-last-years-spokesperson
Japan exports drop 1.7% year/year in September
https://www.channelnewsasia.com/business/japan-exports-drop-17-year-year-september-4683991
Japan’s visitors spend US$39 billion in first nine months of 2024
https://www.businesstimes.com.sg/international/japans-visitors-spend-us39-billion-first-nine-months-2024
Surprise Thai rate cut highlights growth worries across South-east Asia
https://www.businesstimes.com.sg/international/surprise-thai-rate-cut-highlights-growth-worries-across-south-east-asia
Thai central bank delivers first rate cut since 2020, downplays political pressure
https://www.businesstimes.com.sg/international/asean/thai-central-bank-delivers-first-rate-cut-2020-downplays-political-pressure
https://www.channelnewsasia.com/business/thai-central-bank-delivers-first-rate-cut-2020-downplays-political-pressure-4681951
UK inflation drops sharply, bolstering case for a BOE rate cut
https://www.businesstimes.com.sg/international/uk-inflation-drops-sharply-bolstering-case-boe-rate-cut
UK to raise capital gains tax rate on share sales
https://www.businesstimes.com.sg/international/uk-raise-capital-gains-tax-rate-share-sales
UK finance minister faces Cabinet unease over £40 billion hunt for budget
https://www.businesstimes.com.sg/international/uk-finance-minister-faces-cabinet-unease-over-ps40-billion-hunt-budget
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