Singapore Real Estate
Far East Shopping Centre mega deal, state land sales prop up Q3 investment sales
Real estate investment sales were up 19.4 per cent year on year in Q3 to S$6.9 billion, supported by Government Land Sales (GLS) transactions and the S$908 million collective sale of Far East Shopping Centre.
https://www.businesstimes.com.sg/property/far-east-shopping-centre-mega-deal-state-land-sales-prop-q3-investment-sales
Sim Lian bags Tampines site for S$543 million at record EC land rate
A Sim Lian group joint venture has bagged an executive condominium (EC) site in Tampines for S$543.28 million. This translates to S$721 per square foot per plot ratio (psf ppr) rate for the plot.
https://www.businesstimes.com.sg/property/sim-lian-bags-tampines-site-s543-million-record-ec-land-rate
https://www.straitstimes.com/singapore/housing/executive-condo-site-in-tampines-street-62-sets-price-record
Oxley Holdings sells Grade A office tower at Oxley Towers KLCC to Alliance Bank Malaysia
Property developer Oxley Holdings is selling an office tower at Oxley Towers KLCC in Kuala Lumpur for approximately RM406 million (S$118 million) to Alliance Bank Malaysia. The transaction includes its Grade A office tower and four adjoining parcels of retail units, Oxley said in a bourse filing on Monday (Oct 9).
https://www.businesstimes.com.sg/companies-markets/oxley-holdings-sells-grade-office-tower-oxley-towers-klcc-alliance-bank-malaysia
https://www.straitstimes.com/business/companies-markets/oxley-holdings-sells-grade-a-office-tower-at-oxley-towers-klcc-to-alliance-bank-malaysia
https://www.theedgesingapore.com/news/property/oxley-sell-tower-oxley-towers-klcc-alliance-bank
Crescendas’ Leow family buys Jalan Besar shophouses for S$38.5 million, Textile Centre car park for S$26 million
Crescendas Group chairman Lawrence Leow and his family have picked up three freehold shophouses on a corner lot in Jalan Besar for S$38.5 million, as well as the multi-storey car park at Textile Centre in Jalan Sultan and an adjacent plot for about S$26 million.
https://www.businesstimes.com.sg/property/crescendas-leow-family-buys-jalan-besar-shophouses-s385-million-textile-centre-car-park
Singapore Economy
Singapore, Hong Kong can work together to become ‘shining cities’: Tan See Leng
Singapore’s manpower minister said both cities were in a ‘prime position to be a springboard for talent growth’ to mainland China and Southeast Asia. Speaking at the Post’s Hong Kong-Asean Summit 2023, Tan said both hubs had ‘innate advantages’ with ‘multiple opportunities’ for trade and exchanges.
https://www.scmp.com/video/asia/3237287/singapore-hong-kong-can-work-together-become-shining-cities-tan-see-leng
MAS monetary policy unlikely to change at Oct review amid inflation risks
Singapore – Even as Singapore’s core inflation continues to ease, coming in at 3.4 per cent year on year in August for its lowest increase since April 2022, analysts still expect the Monetary Authority of Singapore (MAS) to keep monetary policy unchanged at its semi-annual policy review this week.
https://www.straitstimes.com/business/monetary-policy-unlikely-to-change-at-oct-review-amid-inflation-risks
Companies’ Brief
CapitaLand Ascott Trust proposes renewal of three French master leases
CapitaLand Ascott Trust (Clas) on Monday (Oct 9) said it will seek approval from stapled securityholders for several interested person transactions at its upcoming Oct 24 extraordinary general meeting.
https://www.businesstimes.com.sg/companies-markets/capitaland-ascott-trust-proposes-renewal-three-french-master-leases
https://www.straitstimes.com/business/capitaland-ascott-trust-proposes-renewal-of-three-french-master-leases
Keppel Reit’s Sydney office development obtains Equifax as anchor tenant
US Credit rating agency Equifax is now the anchor tenant for Keppel real estate investment trust’s (Reit) new Blue & William office development located in North Sydney, its manager said on Tuesday (Oct 10).
https://www.businesstimes.com.sg/companies-markets/keppel-reits-sydney-office-development-obtains-equifax-anchor-tenant
Views, Reviews Forum and Others
Commentary: What’s behind the housing crunch for foreign workers in Singapore?
Singapore: Amid a shortage of dormitory housing, employers across construction, marine shipyard and process sectors now have to provide proof of acceptable accommodation for new foreign workers.
https://www.channelnewsasia.com/commentary/foreign-worker-dormitory-rent-private-accommodation-cost-construction-business-feda-3826631
Singapore banks sharpen scrutiny after $2.8 billion money laundering scandal: Sources
Singapore – Banks in Singapore are taking longer than usual to perform due diligence on clients and closing accounts in some cases, sources said, as procedures tighten after the financial hub’s biggest money laundering scandal, which involved $2.8 billion in assets.
https://www.straitstimes.com/business/singapore-banks-sharpen-scrutiny-after-28-billion-money-laundering-scandal-sources
Favourable winds, showers in region expected to cut haze risk in Singapore for next 24 hours
Singapore – Rain in Singapore and around the region, coupled with favourable winds, is expected to bring a respite from the haze levels on Tuesday. The National Environment Agency (NEA) said in its daily haze advisory on Monday that with winds expected to blow mainly from the south or south-west on Tuesday – and showers in the region – the number of hot spots as well as the haze situation in Sumatra will improve.
https://www.straitstimes.com/singapore/favourable-winds-and-showers-in-region-expected-to-cut-haze-risk-in-singapore-for-next-24-hours
https://www.todayonline.com/singapore/low-chance-haze-affecting-singapore-oct-10-rain-expected-improve-indonesia-hotspot-situation-nea-2277371
https://www.channelnewsasia.com/singapore/haze-psi-air-quality-pm2-5-oct-9-nea-advisory-3831956
Global Economy & Real Estate
US Fed’s top bank official defends effort to hike bank capital
https://www.businesstimes.com.sg/international/us-feds-top-bank-official-defends-effort-hike-bank-capital
US Fed should proceed ‘carefully’ on rate hikes, officials say
https://www.channelnewsasia.com/business/us-fed-should-proceed-carefully-rate-hikes-officials-say-3833086
China must reform now and put more money in the people’s hands, economist Li Shi urges
https://www.scmp.com/economy/china-economy/article/3237320/china-must-reform-now-and-put-more-money-peoples-hands-economist-li-shi-urges
China holiday data shows slower-than-expected economic rebound
https://www.businesstimes.com.sg/international/global/china-holiday-data-shows-slower-expected-economic-rebound
https://www.straitstimes.com/business/china-s-golden-week-holiday-data-shows-slower-than-expected-economic-rebound
Lukewarm China holiday home sales underscore economic woes
https://www.businesstimes.com.sg/property/lukewarm-china-holiday-home-sales-underscore-economic-woes
https://www.straitstimes.com/business/china-home-sales-during-golden-week-fall-17-against-2022-survey
https://www.channelnewsasia.com/business/chinas-home-sales-during-golden-week-fall-17-against-2022-survey-3831566
BOE’s Mann calls for ‘aggressive’ policy to tackle inflation
https://www.businesstimes.com.sg/international/boes-mann-calls-aggressive-policy-tackle-inflation
Hong Kong should find its ‘unique selling point’ to capitalise on Asean opportunities, global business leaders say
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3237348/hong-kong-should-find-its-unique-selling-point-capitalise-asean-opportunities-global-business
Malaysia sees ‘a lot of opportunity’ for more investment from China despite economic slowdown
https://www.scmp.com/week-asia/politics/article/3237325/malaysia-sees-lot-opportunity-more-investment-china-despite-economic-slowdown
Swedish households’ optimism on housing prices is fading
https://www.businesstimes.com.sg/property/swedish-households-optimism-housing-prices-fading
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