The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry

DAILY NEWS

 

Daily News 12, 13 & 14 October 2024 (Sat, Sun & Mon)

Singapore Real Estate / Built Environment

 

New mixed-use development with condo, retail and office spaces near Singapore River by 2029
Singapore – A new large-scale development, comprising condominium units, co-living spaces and offices in Havelock Road, will be ready by 2029. Union Square, located near the Singapore River, is being built by City Developments Limited (CDL). The project site is the former Central Mall and Central Square combined, the property developer said on Oct 11.
https://www.straitstimes.com/singapore/new-mixed-use-development-with-condos-and-retail-spaces-near-singapore-river-by-2029
https://www.businesstimes.com.sg/property/cdl-lays-out-plans-union-square-condo-launch-preview-slated-nov-1

 

Why do some developers and the Govt not see eye to eye on land pricing?
Singapore – Bids for three state land tenders have been thrown out by the Urban Redevelopment Authority (URA) so far in 2024, raising questions over why there is a mismatch in land price expectations between some developers and the authorities.
https://www.straitstimes.com/singapore/housing/why-do-some-developers-and-the-govt-not-see-eye-to-eye-on-land-pricing

 

Issue over HDB rental rate shows need for data integrity
The recent kerfuffle over an “S$8,000-a-month” rental for a three-room Housing and Development Board (HDB) flat in Bukit Merah was an eye-opener, and not just because it would have chalked up a record-high rental for a public housing flat. 
https://www.businesstimes.com.sg/opinion-features/issue-over-hdb-rental-rate-shows-need-data-integrity

 

 

Singapore Economy

 

Singapore economy grows 4.1% year on year in Q3; 2.1% sequentially
Singapore’s economy grew 4.1 per cent year on year in the third quarter of 2024, an improvement from the previous quarter’s 2.9 per cent growth, advance estimates from the Ministry of Trade and Industry (MTI) showed on Monday (Oct 14) morning.
https://www.businesstimes.com.sg/singapore/singapore-economy-grows-4-1-year-year-q3-2-1-sequentially
https://www.straitstimes.com/business/economy/singapore-s-economic-growth-quickens-to-41-in-q3-on-manufacturing-rebound

 

MAS to keep support for strong Singapore dollar amid rising inflation risks: Analysts
Singapore – Inflation in Singapore has cooled, but its central bank is poised to stick to its three-year-old policy stance that supports a stronger currency, given rising risks of higher prices from the Middle East conflict and the US presidential election, economists told The Straits Times.
https://www.straitstimes.com/business/economy/mas-to-keep-support-for-strong-singapore-dollar-amid-rising-inflation-risks-analysts
https://www.straitstimes.com/business/mas-keeps-singdollar-policy-unchanged-sees-core-inflation-easing-to-2-by-year-end
https://www.channelnewsasia.com/singapore/singapore-monetary-policy-unchanged-mas-inflation-singdollar-4672676

 

EnterpriseSG, Credit Europe Bank to help Singapore companies get financing overseas for expansion
Enterprise Singapore (EnterpriseSG) and Amsterdam-headquartered Credit Europe Bank (CEB) have signed an agreement to enhance access to financing for Singapore companies venturing overseas, in the first partnership between the Singapore government agency and a foreign-based financial institution.
https://www.businesstimes.com.sg/singapore/enterprisesg-credit-europe-bank-help-singapore-companies-get-financing-overseas-expansion

 

 

Business News

 

CapitaLand Ascendas Reit to divest industrial asset in Singapore at S$45.3 million premium
CapitaLand Ascendas Reit (Clar) is divesting an industrial property at 21 Jalan Buroh in Singapore for S$112.8 million.
https://www.businesstimes.com.sg/companies-markets/capitaland-ascendas-reit-divest-industrial-asset-singapore-s45-3-million-premium

 

Dyson’s notification of retrenchment was in compliance with law: MOM
Dyson had complied with regulations when it submitted its mandatory retrenchment notification to the Ministry of Manpower (MOM) on time – that is, within five working days of conducting its retrenchment exercise on Oct 1.
https://www.businesstimes.com.sg/singapore/dysons-notification-retrenchment-was-compliance-law-mom
https://www.straitstimes.com/business/dyson-informed-mom-of-its-retrenchments-on-time-says-ministry
https://www.channelnewsasia.com/singapore/dyson-layoffs-retrenchment-notice-time-5-days-staff-mom-4674706

 

SingLand-UOL JV to acquire 50% stake in Sydney commercial building for A$460 million
Property developers Singapore Land Group (SingLand) and UOL Group are acquiring a 50 per cent interest in a freehold Grade A commercial building in Sydney’s central business district for A$460 million (S$404.7 million).
https://www.businesstimes.com.sg/companies-markets/singland-uol-jv-acquire-50-stake-sydney-commercial-building-460-million

 

Sabana Reit better off if major unitholders not represented on board of new internal manager
Unitholders of Sabana Industrial Real Estate Investment Trust (Sabana Reit) are to vote at yet another extraordinary general meeting (EGM) on Friday (Oct 18).
https://www.businesstimes.com.sg/opinion-features/sabana-reit-better-if-major-unitholders-not-represented-board-new-internal-manager

 

 

Global Economy & Real Estate

 

World Bank says 26 poorest countries in worst financial shape since 2006
https://www.businesstimes.com.sg/international/world-bank-says-26-poorest-countries-worst-financial-shape-2006

 

US consumer sentiment unexpectedly falls on high cost of living
https://www.businesstimes.com.sg/international/us-consumer-sentiment-unexpectedly-falls-high-cost-living

 

Residents of a mobile home park join forces to buy their community
https://www.businesstimes.com.sg/property/residents-mobile-home-park-join-forces-buy-their-community

 

Australia commits A$95 million to protect against looming bird flu threat
https://www.businesstimes.com.sg/international/australia-commits-95-million-protect-against-looming-bird-flu-threat

 

China’s September inflation misses market expectation despite monetary easing
https://www.scmp.com/economy/economic-indicators/article/3282157/chinas-september-inflation-misses-market-expectation-despite-monetary-easing

 

China puts investor patience to test as briefing underwhelms
https://www.businesstimes.com.sg/international/china-puts-investor-patience-test-briefing-underwhelms

 

China’s deflation problem worsens on weak consumer prices
https://www.businesstimes.com.sg/international/chinas-deflation-problem-worsens-weak-consumer-prices

 

Chinese banks to lower rates on existing mortgages from Oct 25
https://www.businesstimes.com.sg/international/chinese-banks-lower-rates-existing-mortgages-oct-25

 

China economic spillovers to Asia hinge on property, Nomura says
https://www.businesstimes.com.sg/international/global/china-economic-spillovers-asia-hinge-property-nomura-says

 

China stimulus lifts property sentiment in higher-tier cities; some question durability
https://www.scmp.com/property/article/3282155/china-stimulus-lifts-property-sentiment-higher-tier-cities-some-question-durability

 

Singapore colleges are new travel hotspot for China’s tiger mums
https://www.businesstimes.com.sg/singapore/singapore-colleges-are-new-travel-hotspot-chinas-tiger-moms
https://www.scmp.com/news/asia/southeast-asia/article/3282108/chinas-tiger-mums-tour-singapore-universities-during-holiday-give-children-competitive-edge

 

ECB is set to deepen global easing with rate cut it didn’t expect
https://www.businesstimes.com.sg/international/ecb-set-deepen-global-easing-rate-cut-it-didnt-expect

 

New scheme lets local companies borrow from foreign lenders when expanding to Europe
https://www.straitstimes.com/business/new-scheme-lets-local-companies-borrow-from-foreign-lenders-when-expanding-to-europe

 

Signa’s office tower sale raises hope of German property revival
https://www.businesstimes.com.sg/property/signas-office-tower-sale-raises-hope-german-property-revival

 

Hong Kong to sell second logistics site, sweetens tender terms on market feedback
https://www.scmp.com/business/article/3282005/hong-kong-sell-second-logistics-site-sweetens-tender-terms-market-feedback

 

Hong Kong authorities reclaim 15,500 public rental flats in 2023-24 financial year
https://www.scmp.com/news/hong-kong/society/article/3282192/hong-kong-authorities-reclaim-15500-public-rental-flats-2023-24-financial-year

 

Editorial | Public housing abuse in Hong Kong requires a firm hand
https://www.scmp.com/opinion/comment/article/3282206/public-housing-abuse-hong-kong-requires-firm-hand

 

Fila, Panerai, Armani secure big Hong Kong retail spaces as high vacancy rates persist
https://www.scmp.com/business/article/3282164/fila-panerai-armani-secure-big-hong-kong-retail-spaces-high-vacancy-rates-persist

 

Hong Kong developer’s Kai Tak project sells out for second week
https://www.businesstimes.com.sg/property/hong-kong-developers-kai-tak-project-sells-out-second-week

 

Sun Hung Kai’s Cullinan Sky sees another weekend of brisk sales on rate cut and stock rally
https://www.scmp.com/business/companies/article/3282120/sun-hung-kais-cullinan-sky-sees-another-weekend-brisk-sales-rate-cut-and-stock-rally

 

Indonesia’s Prabowo considers corporate tax cut, report says
https://www.channelnewsasia.com/business/indonesias-prabowo-considers-corporate-tax-cut-report-says-4675511

 

Japan PM says not planning sales tax hike during 3-year term as LDP chair
https://www.businesstimes.com.sg/international/japan-pm-says-not-planning-sales-tax-hike-during-3-year-term-ldp-chair

 

UK economy returns to growth ahead of annual budget
https://www.businesstimes.com.sg/international/uk-economy-returns-growth-ahead-annual-budget

 

UK may need 20 billion pound tax hike to stop spending cuts, think tank says
https://www.businesstimes.com.sg/international/uk-may-need-20-billion-pound-tax-hike-stop-spending-cuts-think-tank-says

 

UK’s Starmer rolls out red carpet for investors at major summit in London
https://www.businesstimes.com.sg/international/uks-starmer-rolls-out-red-carpet-investors-major-summit-london

 

DP World pauses £1 billion UK expansion amid government row
https://www.businesstimes.com.sg/international/dp-world-pauses-ps1-billion-uk-expansion-amid-government-row

 

Surging property prices put Vietnam’s major cities among the least affordable in S-E Asia
https://www.businesstimes.com.sg/international/asean/surging-property-prices-put-vietnams-major-cities-among-least-affordable-s-e-asia

 

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