The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 6th September 2017

Singapore Economy

More agile entity for local businesses with merger of IE Singapore, Spring
Spring Singapore and International Enterprise (IE) Singapore have both done good work, but homegrown enterprises will be better supported in this dynamic economic environment through the merger of these two agencies, which can then build on their respective strengths under one banner.  Being nimbler is now the name of the game.

Singapore Real Estate

MOF to move bill on 2 proposed property tax changes
The Finance Ministry (MOF) will proceed with two proposed changes in the Property Tax (Amendment) Bill 2017 following a public consultation in May.  The changes are providing the basis to implement an “opt-out” approach for digital tax notices, and clarifying and enhancing the information gathering powers of the Comptroller of Property Tax, the Chief Assessor and their authorised officers.  Currently, property tax payers must give their specific consent before they can opt for digital notices.

Businesses to get seed funding for ideas to create buzz in precincts
Business owners and operators who ply their trade near each other are now being encouraged to get together to come up with ways to bring a buzz to the neighbourhood, improve the experience for their customers and, in so doing, improve their business performance as well.  What’s more – these “Business Improvement Districts” (BIDs) can get support from the government in the form of seed funding to make their creative ideas happen.

Micron selling Ang Mo Kio facility for US$30m
US-based global semiconductor company Micron Technology is selling its wafer fabrication facility along Ang Mo Kio Avenue 12 to STMicroelectronics for US$30 million or S$40.9 million.  The facility comprises two buildings – one is three storeys high and the other, six storeys with a basement – sitting on a total land area of 35,840 square metres (385,778 sq ft) and with a gross floor area of 65,340 sq m (703,313 sq ft).

JTC launches industrial site at Tuas South Link 3 for sale
State industrial landlord JTC on Tuesday launched a confirmed list site at Tuas South Link 3 (Plot 14) under the second half 2017 of Industrial Government Land Sales (IGLS) programme.  This is the second out of eight confirmed list sites for the second half of 2017.  The 0.57 hectare site at Tuas South Link 3 (Plot 14) is zoned for Business-2 development and has a 20-year tenure with a maximum permissible gross plot ratio of 1.4.

Companies’ Brief

CapitaLand widens Indonesia footprint with serviced residence acquisition
Real estate group CapitaLand on Wednesday said in a filing with the bourse operator that it further expands its footprint in Indonesia by investing S$74.3 million in a 192-unit serviced residence, Ascott Sudirman Jakarta, through its wholly owned serviced residence business unit, The Ascott Limited (Ascott).  This will be done through Ascott’s global serviced residence fund with Qatar Investment Authority (QIA) and the acquisition is on a turnkey basis.

A chatbot at your service
The next time you want to buy some designer shoes, or get yourself a new pair of contact lenses, or book a Grab cab to the shopping mall, you might just end up conversing with a chatbot, instead of a human. The chatbot will help book your ride, alert you to promotions and discounts, suggest a healthy lunch option, and even make the restaurant booking for you.  That service is here, and now. A new app from CapitaLand, called Sparkle, uses an AI (artificial intelligence) platform and offers a slew of virtual concierge services that enable you to hail Grab rides, book restaurants and browse retail offerings by simply chatting with Sparkle. The app, called CapitaStar, runs on Apple and Android phones.

Views, Reviews & Forum

Time to build support for sustainable buildings in South-east Asia
South-east Asia is rapidly urbanising, with an additional 90 million people forecast to move to cities by 2030. Cities such as Singapore, Bangkok, Manila, Jakarta, Hanoi and others already generate around two-thirds of the region’s gross domestic product and will continue to be a key driver of growth. Unfortunately, many of the same cities find themselves straining under the pressure of rapid growth.

Global Economy & Global Real Estate

US dollar falls on concern about North Korea, Fed rate outlook

Fed policymakers signal caution on inflation, rate hikes

Britain’s economy continues to lag Europe

Chinese pullout to affect four big property markets

China’s Hubei is said to halt some new property investments

China set to tighten rules on virtual currencies

Strong Aug showing for China’s service sector

Wanda bonds hit more on mainland than overseas as risks increase

Work in a bank, sleep in a bunk: Hong Kong’s ‘co-living’ trend

Hong Kong’s Economy May Soon Be Eclipsed by the Chinese City Next Door

Australia’s Economy Expands Slower Than Forecast; Currency Drops

Blackstone cancels sale of Australian shopping malls

Key drivers of Philippine real estate growth

Additional Articles of Interest – Local & Overseas Real Estate

Local & Overseas Real Estate – Full Article

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