Singapore Real Estate / Built Environment
Former Redhill Close Sers site could yield about 2,000 new flats: Property analysts
Singapore – About 2,000 new flats can be built on a former Selective En bloc Redevelopment Scheme (Sers) site in Redhill Close, said property analysts in response to proposed amendments to the Urban Redevelopment Authority’s (URA) master plan.
https://www.straitstimes.com/singapore/housing/former-redhill-close-sers-site-could-yield-about-2000-new-flats-property-analysts
Consider letting young Singaporeans borrow more to fund housing dreams
Borrowing to buy a dream home? Availability of debt financing is good, and interest rates may come down. However, a myriad of rules govern how much one can borrow.
https://www.businesstimes.com.sg/opinion-features/consider-letting-young-singaporeans-borrow-more-fund-housing-dreams
Singapore Economy
Singapore introduces legislation for top-up corporate taxes, in line with Pillar 2 of BEPS 2.0
Singapore has introduced legislation for a previously announced domestic top-up tax, in line with changes to global tax rules.
https://www.businesstimes.com.sg/singapore/economy-policy/singapore-introduces-legislation-top-corporate-taxes-line-pillar-2-beps-2-0
Singapore passes law to ration power during emergencies, set up energy fund
Singapore: The Energy Market Authority (EMA) will be able to implement power rationing as a “last resort” during a crisis, with priority given to critical services, after a Bill to support the country’s energy transition was passed on Monday (Sep 9).
https://www.channelnewsasia.com/singapore/power-rationing-clean-energy-transition-fund-4595791
https://www.straitstimes.com/singapore/politics/electricity-prices-could-go-up-to-recover-costs-of-energy-security-measures-under-changes-to-law
Development cost of Founders’ Memorial estimated at S$335 million: Edwin Tong
Singapore: The cost of developing the Founders’ Memorial, which is slated to open in end-2028, is estimated at S$335 million (US$256 million), said Minister for Culture, Community and Youth Edwin Tong on Monday (Sep 9).
https://www.channelnewsasia.com/singapore/founders-memorial-gardens-bay-east-development-cost-million-edwin-tong-4596241
https://www.straitstimes.com/singapore/politics/founders-memorial-s-construction-set-to-cost-335-million
Singapore business confidence hits two-year high in Q4 2024: Commercial Credit Bureau survey
Local business sentiment continued on an upward trend for the fifth consecutive quarter, hitting a two-year high in the fourth quarter of 2024.
https://www.businesstimes.com.sg/singapore/singapore-business-confidence-hits-two-year-high-q4-2024-commercial-credit-bureau-survey
https://www.straitstimes.com/business/singapore-business-confidence-hits-2-year-high-though-manufacturing-outlook-still-muted-survey
Almost half of Singapore employers plan to hire in Q4: ManpowerGroup poll
Hiring sentiment is gaining momentum in Singapore, with nearly half of employers planning to hire in the last quarter of 2024, based on a survey by recruitment firm ManpowerGroup published on Tuesday (Sep 10).
https://www.businesstimes.com.sg/singapore/almost-half-singapore-employers-plan-hire-q4-manpowergroup-poll
Business News
Centurion unit to set up JV companies to retrofit, manage China residential housing
Accommodation assets operator Centurion Corporation’s indirect wholly owned subsidiary, Centurion China Investments, will set up two joint venture companies with Xiamen City Home Apartment Management.
https://www.businesstimes.com.sg/companies-markets/centurion-unit-set-jv-companies-retrofit-manage-china-residential-housing
https://www.theedgesingapore.com/news/property/centurion-makes-first-foray-build-rent-accommodation-china
Citi CFO expects investment banking fees to rise 20% in third quarter
Citigroup’s investment banking fees are expected to jump 20 per cent in the third quarter from a year earlier, chief financial officer Mark Mason told investors at a conference in New York on Monday (Sep 9).
https://www.businesstimes.com.sg/companies-markets/banking-finance/citi-cfo-expects-investment-banking-fees-rise-20-third-quarter
Views, Reviews, Forum and Others
Mpox likely to be more troublesome than disruptive: Ong Ye Kung
Singapore – For Singapore, mpox will likely be “a troublesome virus which we can manage, without major disruptions to our daily lives”, Health Minister Ong Ye Kung told Parliament on Sept 9.
https://www.straitstimes.com/singapore/politics/mpox-likely-to-be-more-troublesome-than-disruptive-ong-ye-kung
About 2,500 visitors refused entry at Singapore’s checkpoints every month: Shanmugam
Singapore: About 2,500 visitors to Singapore are refused entry every month for various reasons, Law and Home Affairs Minister K Shanmugam said on Monday (Sep 9) in the wake of the case involving Bangladeshi extremist preacher Amir Hamza, who entered the country illegally.
https://www.channelnewsasia.com/singapore/amir-hamza-bangladeshi-preacher-singapore-border-security-shanmugam-4595216
https://www.todayonline.com/news/about-2500-visitors-refused-entry-singapores-checkpoints-every-month-shanmugam-2481131
https://www.straitstimes.com/singapore/politics/higher-percentage-of-travellers-refused-entry-into-singapore-with-automated-lanes
Public transport card fares for adults to go up by 10 cents from Dec 28
Adult card fares for public transport users will increase by 10 cents per journey, while fares for concession-card users will go up by 4 cents from Dec 28 this year.
https://www.businesstimes.com.sg/singapore/public-transport-card-fares-adults-go-10-cents-dec-28
https://www.straitstimes.com/singapore/transport/mrt-bus-fares-to-go-up-by-10-cents-for-adults-who-pay-by-card-from-dec-28
https://www.todayonline.com/news/public-transport-fare-hike-adults-pay-10-cents-more-journey-dec-28-2481161
https://www.channelnewsasia.com/singapore/public-transport-fare-hike-10-cents-bus-trains-inflation-4595541
https://www.zaobao.com.sg/news/singapore/story20240909-4671337
Global Economy & Real Estate
WTO says trade alone won’t bridge gap between economies
https://www.businesstimes.com.sg/international/global/wto-says-trade-alone-wont-bridge-gap-between-economies
US inflation expectations stabilise but delinquency concerns grow
https://www.businesstimes.com.sg/international/us-inflation-expectations-stabilise-delinquency-concerns-grow
Biggest US banks’ capital hike chopped in half in latest plan by regulators
https://www.businesstimes.com.sg/companies-markets/banking-finance/biggest-us-banks-capital-hike-chopped-half-latest-plan-regulators
US consumer borrowing rises US$25.5 billion, most since late 2022
https://www.businesstimes.com.sg/international/us-consumer-borrowing-rises-us25-5-billion-most-late-2022
https://www.bloomberg.com/news/articles/2024-09-09/us-consumer-borrowing-rises-25-5-billion-most-since-late-2022?srnd=phx-economics-v2
US wholesale July inventories revised slightly lower
https://www.businesstimes.com.sg/international/us-wholesale-july-inventories-revised-slightly-lower
Australia’s consumer pessimism persists as economy stagnates
https://www.businesstimes.com.sg/international/australias-consumer-pessimism-persists-economy-stagnates
Shares of Australian pub landlord Hotel Property jumps after rebuffing of buyout offer
https://www.businesstimes.com.sg/international/shares-australian-pub-landlord-hotel-property-jumps-after-rebuffing-buyout-offer
China’s deflationary spiral is now entering dangerous new stage
https://www.businesstimes.com.sg/international/global/chinas-deflationary-spiral-now-entering-dangerous-new-stage
https://www.straitstimes.com/business/china-deflation-risk-grows-as-signs-of-economic-weakness-mount
https://www.channelnewsasia.com/business/chinas-consumer-prices-rise-august-ppi-stuck-deflation-4595061
https://www.scmp.com/economy/economic-indicators/article/3277707/chinas-consumer-inflation-misses-expectations-amid-calls-fight-deflationary-pressure
https://www.bloomberg.com/news/articles/2024-09-09/china-s-deflationary-spiral-is-now-entering-dangerous-new-stage
Eurozone investor morale slips again in September amid economic weakness
https://www.businesstimes.com.sg/international/eurozone-investor-morale-slips-again-september-amid-economic-weakness
Hong Kong Housing Society may one day develop homes for cross-border residents: chairman
https://www.scmp.com/news/hong-kong/society/article/3277695/hong-kong-housing-society-may-one-day-develop-homes-cross-border-residents-chairman
Centaline joins rush into student housing market as Hong Kong quota worsens supply deficit
https://www.scmp.com/business/article/3277817/centaline-joins-rush-student-housing-market-hong-kong-quota-worsens-supply-deficit
Bank of Japan may hike rates by year-end, says ex-FSA senior official
https://www.businesstimes.com.sg/companies-markets/banking-finance/bank-japan-may-hike-rates-year-end-says-ex-fsa-senior-official
Malaysia Central Banker Sees Rate Hold in 2024 With Growth at 5%
https://www.bloomberg.com/news/articles/2024-09-09/malaysia-central-banker-sees-rate-hold-in-2024-with-growth-at-5?srnd=phx-economics-v2
https://www.straitstimes.com/business/malaysia-central-banker-sees-rate-hold-in-2024-with-growth-at-5
World-beating New Zealand sovereign wealth fund posts 15% annual return
https://www.businesstimes.com.sg/international/global/world-beating-new-zealand-sovereign-wealth-fund-posts-15-annual-return
Swedes more upbeat on housing prices as rate cuts provide relief
https://www.businesstimes.com.sg/property/swedes-more-upbeat-housing-prices-rate-cuts-provide-relief
Taiwan exports hit record in August on AI, US reaches record again
https://www.businesstimes.com.sg/international/taiwan-exports-hit-record-august-ai-us-reaches-record-again
Thailand’s US$110 billion annual budget gets Senate approval
https://www.businesstimes.com.sg/international/thailands-us110-billion-annual-budget-gets-senate-approval
Thailand to distribute first 145 billion baht of handout scheme starting this month
https://www.businesstimes.com.sg/international/asean/thailand-distribute-first-145-billion-baht-handout-scheme-starting-month
https://www.channelnewsasia.com/asia/thailand-distribute-first-us42-billion-handout-scheme-starting-month-4595656
UAE’s GDP grew estimated 3.4% in Q1
https://www.businesstimes.com.sg/international/uaes-gdp-grew-estimated-3-4-q1
UK government sets up board to tackle labour market inactivity
https://www.businesstimes.com.sg/international/uk-government-sets-board-tackle-labour-market-inactivity
Barratt signs housing partnership with Lloyds, UK government
https://www.businesstimes.com.sg/property/barratt-signs-housing-partnership-lloyds-uk-government
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