Singapore Real Estate
Property developers brace for surge in compliance work with new anti-money laundering rules
Property developers are gearing up ahead of an impending surge in compliance work they face, to comply with new rules the Urban Redevelopment Authority (URA) has put in place to tackle money laundering and terrorism financing in real estate
https://www.businesstimes.com.sg/property/property-developers-brace-surge-compliance-work-new-anti-money-laundering-rules
Residential shophouse on Niven Road for sale at $5.2 mil
Singapore (EdgeProp) – A freehold conservation shophouse at 31 Niven Road, in the Mount Sophia area in District 9, is up for sale through an expression of interest (EOI) exercise with a guide price of $5.2 million, or $4,163 psf on the land area.
https://www.edgeprop.sg/property-news/residential-shophouse-niven-road-sale-52-mil
Home rental scams rose fivefold in 2022, public should view homes physically and not pay in advance
Singapore – The number of home rental scams via online platforms jumped fivefold in 2022 to 979 cases, from 192 cases in 2021. Ms Sun Xueling, Minister of State for Home Affairs and Social and Family Development, revealed this in Parliament on Tuesday in response to a question from Ms Yeo Wan Ling (Pasir Ris-Punggol GRC) about the number of such scams in the past year.
https://www.straitstimes.com/singapore/politics/home-rental-scams-rose-fivefold-in-2022-public-should-view-homes-physically-and-not-pay-in-advance
https://www.todayonline.com/singapore/home-rental-scams-jump-979-2167106
https://www.channelnewsasia.com/singapore/home-rental-scams-jump-cases-sun-xueling-3475761
Companies’ Brief
Analysts positive on FEHT recovery after strong 1QFY2023 performance
Analysts from Citi Research and Maybank Securities have maintained their “buy” calls for Far East Hospitality Trust (FEHT) with unchanged target prices of 70 cents and 80 cents respectively.
https://www.theedgesingapore.com/capital/brokers-calls/analysts-positive-feht-recovery-after-strong-1qfy2023-performance
Chuan Hup acquires majority stake in student accommodation business for $5.3 mil
Chuan Hup Holdings on May 8, announced that it has completed its acquisition of 51% of the total shares in Homestead Capital. Homestead Capital is a newly-incorporated investment holding company that holds all the paid-up shares in Homestead KS.
https://www.theedgesingapore.com/news/property/chuan-hup-acquires-majority-stake-student-accommodation-business-53-mil
Global Economy & Real Estate
US small business sentiment slumps to more than 10-year low
https://www.businesstimes.com.sg/international/us-small-business-sentiment-slumps-more-10-year-low
Top US Federal Reserve official does not rule out further rate hike
https://www.businesstimes.com.sg/international/top-us-federal-reserve-official-does-not-rule-out-further-rate-hike
US homebuyers persevere despite high rates, prices
https://www.businesstimes.com.sg/property/us-homebuyers-persevere-despite-high-rates-prices
UK mortgage costs risk heading higher again with BOE rate hikes
https://www.businesstimes.com.sg/property/uk-mortgage-costs-risk-heading-higher-again-boe-rate-hikes
UK firms turn to temporary staff as wages keep rising
https://www.businesstimes.com.sg/international/uk-firms-turn-temporary-staff-wages-keep-rising
New York’s smallest businesses face big rental hikes
https://www.businesstimes.com.sg/property/new-yorks-smallest-businesses-face-big-rental-hikes
Swedish home construction set to plummet this year, Nordea says
https://www.businesstimes.com.sg/property/swedish-home-construction-set-plummet-year-nordea-says
Spain may end or curb controversial ‘golden visa’ real estate scheme
https://www.businesstimes.com.sg/property/spain-may-end-or-curb-controversial-golden-visa-real-estate-scheme
Germany looking overseas for workers to ease acute labour shortages
https://www.straitstimes.com/world/europe/germany-looking-overseas-for-workers-to-ease-acute-labour-shortages
Australian government rejects concerns budget may worsen inflation
https://www.businesstimes.com.sg/international/australian-government-rejects-concerns-budget-may-worsen-inflation
Australia seeks to calm rental crisis with investor tax-breaks
https://www.businesstimes.com.sg/property/australia-seeks-calm-rental-crisis-investor-tax-breaks
4 in 5 businesses in Asia want to expand overseas but face challenges: UOB study
https://www.businesstimes.com.sg/singapore/4-5-businesses-asia-want-expand-overseas-face-challenges-uob-study
Chinese tycoon’s luxury Hong Kong home put up for sale by receiver
https://www.businesstimes.com.sg/property/chinese-tycoons-luxury-hong-kong-home-put-sale-receiver
China property crisis sees new casualty with Languang delisting
https://www.businesstimes.com.sg/property/china-property-crisis-sees-new-casualty-languang-delisting
HK’s CK Asset offers to buy UK social housing provider for $612 million
https://www.channelnewsasia.com/business/hks-ck-asset-offers-buy-uk-social-housing-provider-612-million-3477446
https://www.scmp.com/business/article/3219980/ck-asset-makes-us6129-million-offer-acquire-london-listed-civitas-social-housing
Chinese tycoon’s luxury Hong Kong home put up for sale by receiver
https://www.businesstimes.com.sg/property/chinese-tycoons-luxury-hong-kong-home-put-sale-receiver
https://www.scmp.com/business/article/3219966/creditors-put-tycoon-che
-hongtians-us86-million-frank-gehry-designed-hong-kong-flat-sale
https://www.bloomberg.com/news/articles/2023-05-10/chinese-tycoon-s-luxury-hk-home-put-up-for-sale-by-receiver?srnd=premium-asia
Japan’s spending downturn, wages decline heighten pressure on economy
https://www.businesstimes.com.sg/international/global/japans-spending-downturn-wages-decline-heighten-pressure-economy
Thailand says Chinese tourists on track to reach pre-Covid level
https://www.businesstimes.com.sg/international/thailand-says-chinese-tourists-track-reach-pre-covid-level
Malaysia’s Q1 GDP growth likely cooled on weak demand, exports – Reuters poll
https://www.channelnewsasia.com/business/malaysias-q1-gdp-growth-likely-cooled-weak-demand-exports-reuters-poll-3477391
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