Singapore Real Estate / Built Environment
4 floors to be added to conserved Golden Mile Complex, alongside new 45-storey residential tower
Singapore – Four storeys will be added to the conserved Golden Mile Complex, along with a new 45-storey residential tower named Aurea. On Aug 29, the Urban Redevelopment Authority (URA) granted developer GMC Property – a joint venture between Perennial Holdings, Far East Organization and Sino Land – permission to add four storeys of office space to the complex, which was gazetted for conservation in October 2021 and will be renamed The Golden Mile.
https://www.straitstimes.com/singapore/4-storeys-to-be-added-to-conserved-golden-mile-complex-alongside-new-45-storey-residential-tower
https://www.businesstimes.com.sg/property/four-floors-be-added-conserved-golden-mile-complex-alongside-new-45-storey-residential-tower
Median rentals, volume of caveated deals for shophouses dip in Q3
Shophouse sales in Singapore declined in the third quarter of 2024 to 18 caveated deals, down from the 21 deals recorded in the previous quarter, Huttons Asia’s latest market update on Tuesday (Nov 12) showed.
https://www.businesstimes.com.sg/property/median-rentals-volume-caveated-deals-shophouses-dip-q3-huttons-asia
Singapore Economy
Singapore’s interests will always be at the core of its foreign policy: Chee Hong Tat
Singapore’s interests will always be at the core of its foreign policy. And in times of disagreement when engaging with other countries, Singapore must be prepared to speak up and make tough decisions when necessary to advance, protect its interests as well as maintain its credibility.
https://www.businesstimes.com.sg/international/singapores-interests-will-always-be-core-its-foreign-policy-chee-hong-tat
More Singapore Savings Bonds, T-Bills to be issued as government raises borrowing limit to S$1.515 trillion
Singapore will issue up to another S$450 billion in government securities – including Singapore Savings Bonds (SSBs) and Treasury Bills (T-Bills) – with the government’s issuance limit now raised to S$1.515 trillion, from S$1.065 trillion previously.
https://www.businesstimes.com.sg/singapore/more-singapore-savings-bonds-t-bills-be-issued-government-raises-borrowing-limit-s1-515-trillion
https://www.straitstimes.com/singapore/politics/singapore-seeks-to-raise-issuance-of-government-securities-to-1-5-trillion-to-grow-cpf-local-debt
https://www.channelnewsasia.com/singapore/government-securities-treasury-bills-raise-limit-borrowing-4742586
New workplace fairness Bill proposed to protect S’pore workers against discrimination
Singapore – A new workplace fairness Bill to protect workers against workplace discrimination was introduced in Parliament on Nov 12, with provisions to tackle discriminatory practices in hiring, dismissals and appraisals.
https://www.straitstimes.com/singapore/politics/new-workplace-fairness-bill-proposed-to-protect-spore-workers-against-discriminatory-practices
https://www.businesstimes.com.sg/singapore/singapore-proposes-law-entrench-non-discriminatory-workplace-norms-introduce-penalties
https://www.channelnewsasia.com/singapore/workplace-fairness-bill-law-discrimination-manpower-ministry-4740771
Singapore can’t afford to let sudden layoffs become the norm
Tech layoffs are surging worldwide. More than 100,000 workers have already lost their jobs so far in 2024. One of the latest abrupt layoffs in Singapore was at tech company Dyson, after it had axed 1,000 jobs in Britain in July.
https://www.straitstimes.com/opinion/singapore-can-t-afford-to-let-sudden-layoffs-become-the-norm?utm_campaign=ST_Newsletter_AM
Business News
Bukit Sembawang’s H1 FY2025 earnings surge to S$62.9m
Property developer Bukit Sembawang reported a 149 per cent surge in earnings to S$62.9 million for the first half of FY2025 ended Sep 30, from S$25.2 million the previous year.
https://www.businesstimes.com.sg/companies-markets/bukit-sembawangs-h1-fy2025-earnings-surge-s62-9m
CapitaLand Ascott Trust’s divestments could help it buffer against higher-for-longer interest rate scenario
The managers of CapitaLand Ascott Trust (Clas) have announced a flurry of divestments for the lodging trust in recent months. Most recently, Clas in October said that it will be selling the Somerset Olympic Tower Tianjin serviced residence in China for an undisclosed price to an unrelated third party.
https://www.businesstimes.com.sg/companies-markets/capitaland-ascott-trusts-divestments-could-help-it-buffer-against-higher-longer-interest-rate
Frasers Hospitality Trust posts 0.8% fall in DPS to S$0.011682 for H2
Frasers Hospitality Trust (FHT) recorded distribution per stapled security (DPS) of S$0.011682 for the second half of its financial year ended Sep 30, down 0.8 per cent from S$0.011777 for the corresponding period of the previous year.
https://www.businesstimes.com.sg/companies-markets/frasers-hospitality-trust-posts-0-8-fall-dps-s0-011682-h2
Keppel Reit prices A$50 million floating rate green notes due 2027
Keppel Reit has priced its offering of A$50 million (S$43.8 million) of floating rate green notes due 2027, under its S$1 billion multicurrency debt issuance programme.
https://www.businesstimes.com.sg/companies-markets/keppel-reit-prices-50-million-floating-rate-green-notes-due-202
Global Economy & Real Estate
US consumer inflation outlook fell slightly, Fed survey shows
https://www.businesstimes.com.sg/international/us-consumer-inflation-outlook-fell-slightly-fed-survey-shows
US small-business optimism rose in the weeks before the election
https://www.businesstimes.com.sg/international/us-small-business-optimism-rose-weeks-election
China says stability, ‘deepened reform’ are crucial for economic growth
https://www.scmp.com/economy/economic-indicators/article/3286195/china-says-stability-deepened-reform-are-crucial-economic-growth
China plans to slash homebuying taxes in fiscal stimulus push
https://www.businesstimes.com.sg/property/china-plans-slash-homebuying-taxes-fiscal-stimulus-push
https://www.straitstimes.com/business/property/china-plans-to-slash-taxes-for-home-purchases-in-fiscal-stimulus-push
Hong Kong urged to deepen bay area ties, help region’s enterprises with global expansion
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3286266/hong-kong-urged-deepen-bay-area-ties-help-regions-enterprises-global-expansion
Hong Kong’s tycoons are selling trophy homes at fire sale prices
https://www.straitstimes.com/business/property/hong-kongs-tycoons-are-selling-trophy-homes-at-fire-sale-prices
Sichuan tycoon dumps Hong Kong Mid-Levels luxury flat for US$8.4 million, a 35% discount
https://www.scmp.com/business/article/3286249/sichuan-tycoon-dumps-mid-levels-luxury-flat-us84-million-35-discount
Japan’s rising wholesale inflation heightens uncertainty on BOJ’s rate hike timing
https://www.channelnewsasia.com/business/japans-rising-wholesale-inflation-heightens-uncertainty-bojs-rate-hike-timing-4744991
Saudi Arabia needs to build 115,000 homes a year to hit demand
https://www.businesstimes.com.sg/property/saudi-arabia-needs-build-115000-homes-year-hit-demand
Thailand approves soft loans worth $1.58 billion to boost property market
https://www.channelnewsasia.com/business/thailand-approves-soft-loans-worth-158-billion-boost-property-market-4742831
Thailand declares extra holidays to spur tourism-reliant economy
https://www.businesstimes.com.sg/international/asean/thailand-declares-extra-holidays-spur-tourism-reliant-economy
UK regular pay grows at slowest pace in two years, pointing to lower inflation
https://www.businesstimes.com.sg/international/uk-regular-pay-grows-slowest-pace-two-years-pointing-lower-inflation
UK grocery inflation edges higher again: Kantar
https://www.businesstimes.com.sg/international/uk-grocery-inflation-edges-higher-again-kantar
GIC sells its 50% stake in Westquay mall at £164 million loss amid UK retail downturn
https://www.businesstimes.com.sg/property/gic-sells-its-50-stake-westquay-mall-ps164-million-loss-amid-uk-retail-downturn
Vietnam parliament sets 6.5%-7% GDP growth target for 2025
https://www.businesstimes.com.sg/international/asean/vietnam-parliament-sets-6-5-7-gdp-growth-target-2025
Hamptons lowers UK home price forecast on Labour budget measures
https://www.businesstimes.com.sg/property/hamptons-lowers-uk-home-price-forecast-labour-budget-measures
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