Singapore Real Estate
SLA looking at quality of proposals beyond bid price for co-living projects
Singapore: With more state properties set to be repurposed into co-living rental spaces, tenders are increasingly reviewed holistically based on features that are important to residents. The Singapore Land Authority (SLA) said that beyond bid price, it awards tenders to run such spaces based on the quality of proposals, taking into consideration aspects such as the concept and creativity of the proposal, contribution to the vibrancy of the precinct, and sustainable initiatives.
https://www.channelnewsasia.com/singapore/singapore-land-authority-sla-state-properties-coliving-spaces-quality-proposals-bid-price-4186281
Two River Valley sites offered for sale, to yield up to 960 units near Great World City
The government has put up two residential sites for tender in River Valley Green near Great World City, with one including a serviced apartment component, under its current Government Land Sales (GLS) programme.
https://www.businesstimes.com.sg/property/two-river-valley-sites-offered-sale-yield-960-units-near-great-world-city
https://www.straitstimes.com/business/two-prime-river-valley-green-gls-sites-released-for-sale
PGIM Real Estate puts up freehold strata offices at 108 Robinson Road for sale at S$54.6 million guide price
PGIM Real Estate (PGIM RE) has started selling strata office space out of 108 Robinson Road, which the asset manager acquired in 2021. Three floors of the downtown office building are up for sale at S$18.2 million per floor, or a total of S$54.6 million.
https://www.businesstimes.com.sg/property/pgim-real-estate-puts-freehold-strata-offices-108-robinson-road-sale-s-54.6-million-guide-price
Orchard Road malls lack scale, but Taylor Swift-league events show a path to riches
Back in the 1980s and the 1990s, the Orchard Road area was my go-to place for shopping, dining, entertainment and people watching. I still enjoy visiting the area for its range of shops and F&B outlets. However, like many residents here, I now have numerous shopping, dining and entertainment options nearer to home, not to mention shopping online or venturing overseas to shop, wine and dine on the back of a strong Singapore currency.
https://www.businesstimes.com.sg/opinion-features/orchard-road-malls-lack-scale-taylor-swift-league-events-show-path-riches
Singapore Economy
Support measures in Budget 2024 not meant to increase S’poreans’ reliance on Government: DPM Heng
Singapore – The support measures in Budget 2024 are not meant to increase Singaporeans’ reliance on the Government, but to help them upskill and upgrade. Speaking in Mandarin, Deputy Prime Minister Heng Swee Keat said: “Many of our support measures encourage our people to upskill themselves.
https://www.straitstimes.com/singapore/support-measures-in-budget-2024-not-meant-to-increase-s-poreans-reliance-on-government-dpm-heng
https://www.businesstimes.com.sg/singapore/support-measures-budget-2024-not-meant-increase-singaporeans-reliance-government-dpm-heng
SkillsFuture training allowance not meant to replace salary: Indranee
Asked if the new SkillsFuture training allowance may be too low for white-collar workers, Second Minister for Finance Indranee Rajah said it should not be “so large that it becomes a disincentive to look for a new job”.
https://www.businesstimes.com.sg/singapore/skillsfuture-training-allowance-not-meant-replace-salary-indranee
https://www.straitstimes.com/business/companies-play-key-role-in-helping-workers-gain-new-skills-indranee
Leverage upskilling measures as a catalyst
Given the ongoing disruptive impact of emerging technologies, official support for upskilling Singaporeans featured prominently once again in this year’s parliamentary Budget debate. And for all the right reasons; after all, wide-scale investment in upskilling has the potential to boost South-east Asia’s economic output by 4 per cent or US$250 billion, thereby unlocking up to 676,000 new jobs by 2030 as highlighted in PwC’s report, Upskilling for shared prosperity in South-east Asia.
https://www.businesstimes.com.sg/opinion-features/leverage-upskilling-measures-catalyst
Singapore business confidence hits one-year high in Q2 2024: SCCB
Local business sentiment continues an upward trajectory, hitting a one-year high in the second quarter of 2024. Data from the Singapore Commercial Credit Bureau (SCCB) released on Monday (Mar 11) showed that the Business Optimism Index rose for the third consecutive quarter in Q2 to +4.82 percentage points, from +4.48 percentage points in Q1 2024.
https://www.businesstimes.com.sg/singapore/economy-policy/singapore-business-confidence-hits-one-year-high-q2-2024-sccb
https://www.straitstimes.com/business/economy/singapore-business-confidence-hits-one-year-high-in-q2-2024-sccb
Business News
Bob Tan to retire as chairman of CapitaLand Ascott Trust’s boards
Lui Chong Chee will replace Bob Tan as chairman of CapitaLand Ascott Trust’s (Clas) boards starting from Apr 22, the managers said on Monday (Mar 11). Tan, who has served as chairman of the managers since 2016, is stepping down as part of Clas’ board renewal process.
https://www.businesstimes.com.sg/companies-markets/bob-tan-retire-chairman-capitaland-ascott-trust-s-boards
Former perm sec Tan Tee How to succeed outgoing chairman of CLCT’s manager
CapitaLand China Trust (CLCT) manager has appointed former permanent secretary Tan Tee How as its new chairman of the board, and chairman of the nominating and remuneration committee (NRC).
https://www.businesstimes.com.sg/companies-markets/former-perm-sec-tan-tee-how-succeed-outgoing-chairman-clct-s-manager
https://www.straitstimes.com/business/companies-markets/former-permanent-secretary-to-succeed-outgoing-chairman-of-clct-s-manager
Keppel signs MOU with Mitsui Fudosan to develop data centres in Japan and Southeast Asia
On March 11, Keppel announced it signed an MOU with Mitsui Fudosan to “to jointly explore data centre development and investment opportunities in Japan and Southeast Asia”. Keppel also announced that Keppel Data Centre Fund II (KDCF II)…
https://www.theedgesingapore.com/news/infrastructure/keppel-signs-mou-mitsui-fudosan-develop-data-centres-japan-and-southeast-asia
Google billionaire family office hires ex GIC head of sustainability for green deals
The family office of Google co-founder Sergey Brin has hired the former head of sustainability for Singapore’s sovereign wealth fund to help find and manage green investments, according to people familiar with the matter.
https://www.businesstimes.com.sg/international/google-billionaire-family-office-hires-ex-gic-head-sustainability-green-deals
https://www.theedgesingapore.com/news/environmental-social-and-governance/google-co-founder-brins-family-office-hires-gic-alum-green
Global Economy & Real Estate
Globalisation may not have increased income inequality, after all
https://www.businesstimes.com.sg/opinion-features/globalisation-may-not-have-increased-income-inequality-after-all
Covid-19 lowered life expectancy by 1.6 years worldwide: study
https://www.businesstimes.com.sg/international/covid-19-lowered-life-expectancy-1.6-years-worldwide-study
JPMorgan’s Dimon urges Federal Reserve to wait past June before cutting rates
https://www.businesstimes.com.sg/international/global/jpmorgan-s-dimon-urges-federal-reserve-wait-past-june-cutting-rates
Biden’s 2025 budget plan highlights policy differences ahead of elections
https://www.businesstimes.com.sg/international/biden-s-2025-budget-plan-highlights-policy-differences-ahead-elections
Biden unveils US$7.3 trillion budget as campaign pitch for spending, tax goals
https://www.businesstimes.com.sg/international/biden-unveils-us-7.3-trillion-budget-campaign-pitch-spending-tax-goals
Britain consults on easing burden of anti-money laundering checks
https://www.businesstimes.com.sg/international/britain-consults-easing-burden-anti-money-laundering-checks
China asks large banks to support Vanke in rare intervention, sources say
https://www.businesstimes.com.sg/property/china-asks-large-banks-support-vanke-rare-intervention-sources-say
Chinese developer Vanke cut to junk territory by Moody’s
https://www.businesstimes.com.sg/property/chinese-developer-vanke-cut-junk-territory-moody-s
https://www.scmp.com/business/article/3254997/china-vanke-debt-downgraded-junk-status-moodys-liquidity-concerns-mount-amid-tumbling-property-sales
China’s manufacturing powerhouse Guangdong eyes technological transformation
https://www.channelnewsasia.com/asia/china-guangdong-two-sessions-economy-manufacturing-powerhouse-tech-transformation-4180656
China’s rural land is vast, vacant – and not for sale. Would putting it on the market spell windfall or woe?
https://www.scmp.com/economy/china-economy/article/3254951/chinas-rural-land-vast-vacant-and-not-sale-would-putting-it-market-spell-windfall-or-woe
ECB is leaning toward keeping banks’ minimum reserve level at 1%
https://www.businesstimes.com.sg/international/ecb-leaning-toward-keeping-banks-minimum-reserve-level-1
Signa to sell luxury Vienna landmarks to break debt impasse
https://www.businesstimes.com.sg/property/signa-sell-luxury-vienna-landmarks-break-debt-impasse
Hong Kong weekend home transactions jump to three-year high
https://www.businesstimes.com.sg/property/hong-kong-weekend-home-transactions-jump-three-year-high
https://www.theedgesingapore.com/news/property/hong-kong-weekend-home-transactions-jump-three-year-high
Hong Kong property: all eyes are on CK Asset’s Blue Coast project for ‘direction’ on housing prices
https://www.scmp.com/business/article/3254992/hong-kong-property-all-eyes-are-ck-assets-blue-coast-project-direction-housing-prices
Hong Kong’s removal of property cooling measures will widen wealth gap
https://www.scmp.com/comment/letters/article/3254620/hong-kongs-removal-property-cooling-measures-will-widen-wealth-gap
‘Law does not protect us’: Hong Kong subdivided flat tenants call on authorities to plug loopholes in tenancy regulations to curb landlord exploitation
https://www.scmp.com/news/hong-kong/society/article/3254889/law-does-not-protect-us-hong-kong-subdivided-flat-tenants-call-authorities-plug-loopholes-tenancy
Japan’s business lobby head sees near-term chance of BOJ policy shift
https://www.businesstimes.com.sg/international/japan-s-business-lobby-head-sees-near-term-chance-boj-policy-shift
https://www.channelnewsasia.com/business/japans-business-lobby-head-sees-near-term-chance-boj-policy-shift-4186376
London property market faces hit from end of tax haven advantage for super-rich foreigners
https://www.businesstimes.com.sg/international/global/london-property-market-faces-hit-end-tax-haven-advantage-super-rich-foreigners
Malaysia wealth fund’s assets, profits jump amid recovery
https://www.businesstimes.com.sg/international/asean/malaysia-wealth-fund-s-assets-profits-jump-amid-recovery
Survey shows UK labour market lost more momentum in February
https://www.straitstimes.com/business/economy/survey-shows-uk-labour-market-loses-more-momentum-in-february
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