Singapore Real Estate/Built Environment
CEL, SingHaiyi units get nod to build 367 apartments, commercial tower on Peace Centre site
Plans for the redevelopment of the Peace Centre site are finally moving ahead, some 2½ years after the ageing mall in Sophia Road was sold, along with Peace Mansion next door. The joint developers, entities linked to CEL and SingHaiyi, received planning approval in the last quarter of 2023, to build 367 residential units; the rebuild also includes plans for new strata-titled offices and retail space on the site near Orchard Road.
https://www.businesstimes.com.sg/property/cel-singhaiyi-units-get-nod-build-367-apartments-commercial-tower-peace-centre-site
Tang family scion seeking S$83 million for Victoria Park mansion
A Scion of the Tang family behind one of Singapore’s iconic department store chains is seeking to sell his mansion for S$83 million, amid an upswing in transactions for the the city-state’s most prestigious properties.
https://www.businesstimes.com.sg/property/tang-family-scion-seeking-s83-million-victoria-park-mansion
https://www.straitstimes.com/business/son-of-ck-tang-seeking-83-million-for-victoria-park-mansion-near-botanic-gardens
Hotels expect higher demand in second half of 2024, with major events and big-name concerts lined up
Singapore: Some hotels are eyeing a pickup in demand in the coming months, driven by major events on the horizon that are likely to bring more visitors to Singapore. On the calendar are various top-tier events such as the Formula 1 Singapore Grand Prix in September.
https://www.channelnewsasia.com/singapore/hotels-demand-events-singapore-grand-prix-concerts-dua-lipa-jay-chou-attractions-4399276
Make ABSD less punitive for younger local singles and PR couples trading owner-occupied homes
Single Singaporeans had something to cheer about from Budget 2024 on the housing front. Subject to meeting various conditions, a single Singapore citizen aged 55 and above can now claim a refund of Additional Buyer’s Stamp Duty (ABSD) paid on the second home they buy.
https://www.businesstimes.com.sg/opinion-features/make-absd-less-punitive-younger-local-singles-and-pr-couples-trading-owner-occupied-homes
Singapore Economy
Singapore business sentiment rises further in Q3 2024: Commercial Credit Bureau survey
Singapore’s business sentiment continued on an upward trend for the fourth consecutive quarter in Q3, the Singapore Commercial Credit Bureau (SCCB) announced on Monday (Jun 10). The business optimism index rose moderately to +4.94 percentage points in the third quarter this year, from +4.82 percentage points in Q2.
https://www.businesstimes.com.sg/singapore/singapore-business-sentiment-rises-further-q3-2024-commercial-credit-bureau-survey
https://www.straitstimes.com/business/singapore-business-confidence-rises-for-4th-straight-quarter-sccb
Hiring sentiments in Singapore remain soft, but most sectors still looking to boost headcount: survey
Hiring outlook in S’pore weakens for third quarter in a row as sentiment dips: Survey
Hiring sentiment in Singapore has weakened for the third consecutive quarter, although the good news is that most sectors have indicated that they still expect to see an increase in overall headcount.
https://www.businesstimes.com.sg/singapore/hiring-sentiments-singapore-remain-soft-most-sectors-still-looking-boost-headcount-survey
https://www.straitstimes.com/singapore/jobs/hiring-outlook-in-s-pore-weakens-for-third-quarter-in-a-row-as-sentiment-dips-survey
Singapore handled 16.9 million 20-foot equivalent units of container volumes in first 5 months of 2024: MPA
Container volumes continue to see strong growth, with Singapore handling 16.9 million 20-foot equivalent units (TEU) worth of container volumes in the first five months of 2024. This was 7.7 per cent higher than in the same period last year, the Maritime and Port Authority of Singapore (MPA) said on Saturday (Jun 8).
https://www.businesstimes.com.sg/singapore/economy-policy/singapore-handled-16-9-million-20-foot-equivalent-units-container-volumes-first-5-months-2024-mpa
https://www.straitstimes.com/business/congestion-at-s-pore-port-expected-to-delay-cargo-drive-up-costs-for-businesses-consumers
Singapore ramps up scrutiny of family offices, hedge funds
Singapore authorities are demanding more information from family offices and hedge funds while stepping up closures of dormant firms after a string of scandals highlighted cracks in the financial hub’s oversight.
https://www.theedgesingapore.com/news/anti-money-laundering/singapore-ramps-scrutiny-family-offices-hedge-funds
S$944 million in total forfeited to state as one of Singapore’s largest money laundering cases concludes
Singapore: About S$944 million (US$697 million) in assets seized in relation to the 10 criminals embroiled in one of Singapore’s largest money-laundering probes will be forfeited to the state, now that the last offender has been sentenced to jail.
https://www.channelnewsasia.com/singapore/944-million-forfeited-state-singapore-billion-dollar-money-laundering-4398981
Singapore banks probe rich clients, train staff to spot money laundering tricks
Citigroup, DBS and other banks caught up in Singapore’s biggest money laundering scandal are ramping up scrutiny of their wealthy customers and potential clients to avoid exposure to illicit flows, according to sources familiar with the matter.
https://www.businesstimes.com.sg/companies-markets/banking-finance/singapore-banks-probe-rich-clients-train-staff-spot-money-laundering-tricks
https://www.straitstimes.com/business/singapore-banks-probe-rich-clients-after-3-billion-money-laundering-case
Business News
Isetan Mitsukoshi announces collaboration with One Bangkok
On May 21, Isetan Mitsukoshi Holdings announced that the company and One Bangkok Company are jointly participating “in the office and retail business of One Bangkok”. One Bangkok is the largest mixed-use development project in central Bangkok, currently 80% held by TCC Assets. SGX-listed Frasers Property (FPL) owns a tad under 20% of the project.
https://www.theedgesingapore.com/news/property/isetan-mitsukoshi-announces-collaboration-one-bangkok
Kimly unit to buy coffeeshop property at Serangoon for S$13.2 million
Coffeeshop operator Kimly wholly owned subsidiary, Choh Dee (S204) Food House, has exercised the option to purchase a coffeeshop property at Serangoon from Lee Quan Enterprises for about S$13.2 million.
https://www.businesstimes.com.sg/companies-markets/kimly-unit-buy-coffeeshop-property-serangoon-s13-2-million
https://www.straitstimes.com/business/companies-markets/kimly-unit-to-buy-coffeeshop-property-at-serangoon-for-132m
Global Economy & Real Estate
Homeownership costs in the US jumped 26% since pandemic began
https://www.businesstimes.com.sg/property/homeownership-costs-us-jumped-26-pandemic-began
The ‘good’ and ‘bad’ news inside the US jobs report
https://www.businesstimes.com.sg/international/good-and-bad-news-inside-us-jobs-repor
Britain’s payments industry calls for delay and cut in scam compensation rules
https://www.businesstimes.com.sg/international/britains-payments-industry-calls-delay-and-cut-scam-compensation-rules
China is changing: foreigners return to Shanghai, but they’re here for a good time, not a long time
https://www.scmp.com/economy/economic-indicators/article/3266049/china-changing-foreigners-return-shanghai-theyre-here-good-time-not-long-time?module=top_story&pgtype=subsection
China’s home de-stocking push to bring developers little cheer
https://www.businesstimes.com.sg/international/global/chinas-home-de-stocking-push-bring-developers-little-cheer
Dubai takes on Abu Dhabi in race for supremacy in family offices
https://www.businesstimes.com.sg/international/global/dubai-takes-abu-dhabi-race-supremacy-family-offices
1.3 million Hong Kong cross-border trips over festival weekend, but only 424,840 come in
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3266080/13-million-hong-kong-cross-border-trips-over-festival-weekend-only-424840-come?module=top_story&pgtype=subsection
Japan government to call for flexible policy amid price uncertainty, draft blueprint shows
https://www.businesstimes.com.sg/international/japan-government-call-flexible-policy-amid-price-uncertainty-draft-blueprint-shows
https://www.channelnewsasia.com/business/japan-govt-call-flexible-policy-amid-price-uncertainty-draft-blueprint-shows-4398736
Japan’s service sector mood hits nearly 2-year low in May
https://www.businesstimes.com.sg/international/japans-service-sector-mood-hits-nearly-2-year-low-may
https://www.channelnewsasia.com/business/japans-service-sector-mood-hits-nearly-2-year-low-may-4399221
New York City landlord to sell office building at roughly 67% discount
https://www.businesstimes.com.sg/property/new-york-city-landlord-sell-office-building-roughly-67-discount
IMF lowers Philippine 2024 growth forecast to 6% from 6.2% estimated in April
https://www.channelnewsasia.com/business/imf-lowers-philippine-2024-growth-forecast-6-62-estimated-april-4399331
Thailand aiming for at least 3% growth this year, more tourists
https://www.businesstimes.com.sg/international/thailand-aiming-least-3-growth-year-more-tourists
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