The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 11 June 2024 (Tue)

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.


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.


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.


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.



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.


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.


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).


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.


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.


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.



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.


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.



Global Economy & Real Estate


Homeownership costs in the US jumped 26% since pandemic began


The ‘good’ and ‘bad’ news inside the US jobs report

Britain’s payments industry calls for delay and cut in scam compensation rules


China is changing: foreigners return to Shanghai, but they’re here for a good time, not a long time


China’s home de-stocking push to bring developers little cheer


Dubai takes on Abu Dhabi in race for supremacy in family offices


1.3 million Hong Kong cross-border trips over festival weekend, but only 424,840 come in


Japan government to call for flexible policy amid price uncertainty, draft blueprint shows


Japan’s service sector mood hits nearly 2-year low in May


New York City landlord to sell office building at roughly 67% discount


IMF lowers Philippine 2024 growth forecast to 6% from 6.2% estimated in April


Thailand aiming for at least 3% growth this year, more tourists


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