Singapore Real Estate
Top Global puts strata office space at 15 Scotts Road up for sale for S$76 million
A single floor of strata office space at 15 Scotts Road has been put up for sale by Top Global with an indicative price of S$76 million. This translates to around S$3,419 per square foot (psf) in strata area, said exclusive marketing agent Cushman & Wakefield (C&W) on Tuesday (Jan 9).
https://www.businesstimes.com.sg/companies-markets/top-global-puts-strata-office-space-15-scotts-road-sale-s76-million
An ABSD poser, deals on the go and a tough season ahead
If you are reading this newsletter, then you would likely agree that holding property for investment is a tried and true strategy for generating income and preserving capital. But higher ABSD and tighter loan limits have thrown a spanner in the works for those eyeing Singapore residential property for their portfolios or retirement plans.
https://www.businesstimes.com.sg/property/absd-poser-deals-go-and-tough-season-ahead
Firm action will continue to be taken against HDB, private homeowners who breach occupancy cap
While the occupancy cap will be temporarily increased for larger public flats and private homes, the government will continue to take firm action against individuals who breach the rules, said Senior Minister of State for National Development Tan Kiat How on Tuesday (Jan 9).
https://www.channelnewsasia.com/singapore/occupancy-cap-increase-hdb-flat-private-homes-rental-demand-4034196
https://www.straitstimes.com/singapore/politics/mps-raise-concerns-about-relaxed-rental-cap-tan-kiat-how-says-measures-in-place-to-mitigate-these
https://www.todayonline.com/singapore/new-rental-occupancy-cap-unlikely-strain-hdb-infrastructure-increase-maintenance-costs-tan-kiat-how-2338736
Some buyers hope for more BTO options, others rue move to hold just one sale of balance flats yearly
For four years now, studio coordinator Aisyah, 33, has failed to secure a Housing Board flat despite putting in applications for Build-To-Order (BTO) units in Tampines, Yishun and Ang Mo Kio, and a balance flat in Bishan.
https://www.straitstimes.com/singapore/housing/some-home-buyers-hope-for-more-bto-options-rue-move-to-hold-just-one-sale-of-balance-flats-yearly
Singapore Economy
‘Long Island’ reclamation: Imported sand must be sourced from legally permissible areas, says Desmond Lee
Importers seeking to bring reclamation sand to Singapore must abide by the laws and regulations of the source countries, including sourcing sand from legally permissible areas, said National Development Minister Desmond Lee on Tuesday (Jan 9).
https://www.channelnewsasia.com/singapore/imported-sand-reclamation-sourced-legally-permissible-areas-long-island-project-4034106
Potential ‘designated entities’ under Singapore’s Significant Investments Review law have been contacted
All entities being considered for designation under Singapore’s upcoming Significant Investments Review Act have been contacted by the government over the last few months, Minister for Trade and Industry Gan Kim Yong said in Parliament on Tuesday (Jan 9).
https://www.businesstimes.com.sg/singapore/potential-designated-entities-under-singapores-significant-investments-review-law-have
https://www.straitstimes.com/singapore/politics/s-pore-passes-law-to-screen-investments-into-entities-critical-to-national-security-interests
https://www.channelnewsasia.com/singapore/singapore-passes-law-manage-significant-investments-critical-entities-4034771
Red Sea attacks expected to have ‘limited’ impact on Singapore’s critical supplies: Ng Eng Hen
The current conflict in the Red Sea is expected to have a “limited” impact on Singapore, as the majority of the nation’s critical supplies – such as food and pharmaceuticals – do not pass through the shipping route, or are delivered by air freight, said Defence Minister Ng Eng Hen in Parliament on Tuesday (Jan 9).
https://www.businesstimes.com.sg/singapore/red-sea-attacks-expected-have-limited-impact-singapores-critical-supplies-ng-eng-hen
https://www.channelnewsasia.com/singapore/red-sea-tensions-limited-immediate-impact-singapore-ng-eng-hen-mindef-4033876
Singapore proposes law to tighten controls over financing weapons of mass destruction
Singapore is tightening controls over the financing of weapons of mass destruction, to comply with international requirements, under a Bill tabled in Parliament on Tuesday (Jan 9). To enable this, the Prevention of Proliferation Financing and Other Matters Bill includes amendments to existing laws related to the flow of money.
https://www.businesstimes.com.sg/singapore/singapore-proposes-law-tighten-controls-over-financing-weapons-mass-destruction
Companies’ Brief
BlackRock cuts 3% of global workforce, citing dramatic industry shifts
BlackRock will dismiss about 600 employees, or roughly 3 per cent of its global workforce, as it seeks to reallocate resources amid rapid changes in asset management.
https://www.businesstimes.com.sg/companies-markets/banking-finance/blackrock-cuts-3-global-workforce-citing-dramatic-industry-shifts
https://www.straitstimes.com/business/blackrock-cuts-3-of-global-workforce-citing-dramatic-industry-shifts
Keppel inks electricity supply deal with chipmaker GlobalFoundries
Global asset manager Keppel’s infrastructure unit will supply electricity to the Singapore operations of the US-based contract chipmaker GlobalFoundries under a multi-year power purchase agreement, the companies said on Jan 9.
https://www.straitstimes.com/business/keppel-inks-electricity-supply-deal-with-chipmaker-globalfoundries
Sabana Reit trustee files court application relating to internalisation process
The trustee of Sabana Real Estate Investment Trust : M1GU 0% (Reit) has filed a court application to seek a declaration that amendments to the trust deed are required to implement the resolutions approved at the extraordinary general meeting (EGM) on Aug 7, 2023.
https://www.businesstimes.com.sg/companies-markets/sabana-reit-trustee-files-court-application-relating-internalisation-process
https://www.straitstimes.com/business/sabana-reit-trustee-files-court-application-relating-to-internalisation-process
Global Economy & Real Estate
OECD sees global minimum tax reshaping investment flows
https://www.businesstimes.com.sg/international/global/oecd-sees-global-minimum-tax-reshaping-investment-flows
World Bank forecasts 2024 global growth to slow for third consecutive year
https://www.straitstimes.com/business/economy/world-bank-forecasts-2024-global-growth-to-slow-for-third-consecutive-year
US small-business optimism rises to five-month high on earnings
https://www.businesstimes.com.sg/international/us-small-business-optimism-rises-five-month-high-earnings
US homebuyer confidence up in December; more see loan rates falling
https://www.businesstimes.com.sg/property/us-homebuyer-confidence-december-more-see-loan-rates-falling
US trade deficit narrows in November as imports fall
https://www.businesstimes.com.sg/international/us-trade-deficit-narrows-november-imports-fall
Australia November retail sales jump by most in two years on Black Friday boom
https://www.businesstimes.com.sg/international/australia-november-retail-sales-jump-most-two-years-black-friday-boom
Xi’s empty dream city shows limits of his power, even in China
https://www.businesstimes.com.sg/international/xis-empty-dream-city-shows-limits-his-power-even-china
China to nurture and praise ‘entrepreneurial spirit’ of private economy in new action plan
https://www.scmp.com/economy/china-economy/article/3247821/china-nurture-and-praise-entrepreneurial-spirit-private-economy-new-action-plan
Eurozone unemployment hits record low, defying recession gloom
https://www.businesstimes.com.sg/international/eurozone-unemployment-hits-record-low-defying-recession-gloom
Hong Kong’s smaller developers steal a march on big guns, offer discounts to offload flats before Lunar New Year holiday
https://www.scmp.com/business/article/3247839/hong-kongs-smaller-developers-steal-march-big-guns-offer-discounts-offload-flats-lunar-new-year
Japan’s Nov real wages down for 20th straight month
https://www.channelnewsasia.com/business/japans-nov-real-wages-down-20th-straight-month-4036311
South Korea credit market resilient to builder’s debt woes, so far
https://www.businesstimes.com.sg/property/south-korea-credit-market-resilient-builders-debt-woes-so-far
https://www.channelnewsasia.com/business/south-korea-credit-market-resilient-builders-debt-woes-so-far-4034411
South Korea jobless rate climbs to near 2-year high in December
https://www.channelnewsasia.com/business/south-korea-jobless-rate-climbs-near-2-year-high-december-4036251
Swiss National Bank dragged to annual loss by interest rate hit
https://www.businesstimes.com.sg/international/swiss-national-bank-dragged-annual-loss-interest-rate-hit
Can a big village full of tiny homes ease homelessness in Austin?
https://www.businesstimes.com.sg/property/can-big-village-full-tiny-homes-ease-homelessness-austin
UK housing market gloom is overdone again
https://www.businesstimes.com.sg/property/uk-housing-market-gloom-overdone-again
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