Singapore Real Estate / Built Environment
URA releases Clementi plot for 400 homes; cautious bidding expected amid market saturation
The Urban Redevelopment Authority (URA) on Thursday (Sep 12) released a Faber Walk residential site in Clementi for sale under the second half of the 2024 government land sales (GLS) programme.
https://www.businesstimes.com.sg/property/ura-releases-clementi-plot-400-homes-cautious-bidding-expected-amid-market-saturation
https://www.straitstimes.com/singapore/housing/private-housing-site-at-faber-walk-in-clementi-launched-for-sale-could-yield-400-units
Therapeutic garden opens in West Coast Park with seniors’ zone, kids’ play area
Singapore – The Republic’s second-largest therapeutic garden, featuring fragrant, edible or brightly coloured plants, opened in West Coast Park on Sept 12. The garden, situated near the park’s carpark 2, has wide pathways that wheelchair users can easily navigate and a community space for horticulture programmes, such as leaf collage and scent-bag making, among other features.
https://www.straitstimes.com/singapore/therapeutic-garden-opens-in-west-coast-park
Singapore Economy
After 17% surge in last fiscal year, Singapore’s tax revenue expected to rise at slower pace in FY24/25
After rising 17 per cent to a new high in the last fiscal year, Singapore’s tax revenue is expected to increase further this year – but more slowly, say tax specialists.
https://www.businesstimes.com.sg/singapore/singapores-tax-revenue-expected-rise-slower-pace-fy2425-say-tax-experts
Pope Francis commends Singapore’s inclusiveness, efforts to support the vulnerable
Singapore has prospered while striving to build a society that values social justice and the common good, said Pope Francis on Thursday (Sep 12).
https://www.businesstimes.com.sg/singapore/pope-francis-commends-singapores-inclusiveness-efforts-support-vulnerable
https://www.straitstimes.com/singapore/pope-francis-commends-singapore-s-inclusiveness-efforts-to-support-the-vulnerable
https://www.todayonline.com/news/pope-francis-commends-singapores-policies-supporting-vulnerable-hopes-special-attention-poor-and-elderly-2481321
https://www.channelnewsasia.com/singapore/pope-francis-state-address-singapore-president-tharman-4602816
https://www.scmp.com/week-asia/politics/article/3278295/pope-francis-singapore-visit-unites-thousands-historic-mass
https://www.zaobao.com.sg/news/singapore/story20240913-4708501
Business News
CEO of CLI’s private equity real estate, Simon Treacy, to step down on Oct 31
Simon Treacy, chief executive officer of private equity real estate at CapitaLand Investment (CLI), will be stepping down from his role effective Oct 31 for “personal reasons”.
https://www.businesstimes.com.sg/companies-markets/ceo-clis-private-equity-real-estate-simon-treacy-step-down-oct-31
https://www.straitstimes.com/business/capitaland-shakes-up-leadership-at-private-funds-unit
GIC divests Hilton hotel property in Fukuoka, Japan
Sovereign wealth fund GIC has divested its hotel property in Fukuoka, Japan, it confirmed on Wednesday (Sep 11). The property, the Hilton Fukuoka Sea Hawk hotel, was sold to Mizuho Leasing Company, which signed the purchase agreement in July. The deal closed in late August.
https://www.businesstimes.com.sg/companies-markets/gic-divests-hilton-hotel-property-fukuoka-japan
Global Economy & Real Estate
US businesses’ optimism in China falls to record low: Survey
https://www.straitstimes.com/business/economy/us-businesses-optimism-in-china-falls-to-record-low-survey-shows
US mortgage rates decrease to lowest level since February 2023
https://www.businesstimes.com.sg/property/us-mortgage-rates-decrease-lowest-level-february-2023
https://www.bloomberg.com/news/articles/2024-09-12/us-mortgage-rates-decrease-to-lowest-level-since-february-2023
US producer prices pick up slightly after downward revisions
https://www.businesstimes.com.sg/international/us-producer-prices-pick-slightly-after-downward-revisions
US household wealth rises in Q2 to record $213 trillion
https://www.straitstimes.com/business/economy/us-household-wealth-rises-in-q2-to-record-213-trillion
US jobless claims pick up for the first time in three weeks
https://www.businesstimes.com.sg/international/us-jobless-claims-pick-first-time-three-weeks
US holiday sales to grow at slowest pace since 2018: report
https://www.businesstimes.com.sg/international/us-holiday-sales-grow-slowest-pace-2018-report
Microsoft to cut 650 support jobs in Xbox games unit in third round of layoffs this year
https://www.straitstimes.com/business/microsoft-to-cut-650-support-jobs-in-xbox-games-unit-in-third-round-of-layoffs-this-year
How risky is the Chinese economy?
https://www.theedgesingapore.com/views/china-focus/how-risky-chinese-economy
China detains investment bankers, takes passports in corruption sweep
https://www.businesstimes.com.sg/international/china-detains-investment-bankers-takes-passports-corruption-sweep
https://www.straitstimes.com/business/companies-markets/china-detains-investment-bankers-takes-passports-in-corruption-sweep
ECB cuts interest rates again as growth dwindles
https://www.businesstimes.com.sg/international/ecb-cuts-interest-rates-again-growth-dwindles
https://www.straitstimes.com/business/economy/ecb-cuts-rates-again-as-inflation-slows
https://www.bloomberg.com/news/articles/2024-09-12/ecb-isn-t-yet-closing-the-door-to-an-october-interest-rate-cut
Hong Kong piques mainland China investors’ interest as lower rates prompt southward shift
https://www.scmp.com/economy/china-economy/article/3278249/hk-piques-mainland-china-investors-interest-lower-rates-prompt-southward-shift
Wet market operator sues Hong Kong’s Housing Authority over venue’s unsanitary conditions
https://www.scmp.com/news/hong-kong/society/article/3278273/wet-market-operator-sues-hong-kongs-housing-authority-over-venues-unsanitary-conditions
The Fed is making Hong Kong’s billionaire landlords anxious
https://www.businesstimes.com.sg/opinion-features/fed-making-hong-kongs-billionaire-landlords-anxious
Hong Kong Housing Society secures US$1.5 billion syndicated loan
https://www.businesstimes.com.sg/property/hong-kong-housing-society-secures-us1-5-billion-syndicated-loan
https://www.scmp.com/news/hong-kong/society/article/3278244/hong-kongs-second-largest-public-housing-builder-secures-hk12-billion-syndicated-loan
Hong Kong’s battered property market lures Chinese state buyers
https://www.straitstimes.com/business/hong-kong-s-battered-property-market-lures-chinese-state-buyers
Hong Kong developers act to cut supply chain emissions in construction, building materials
https://www.scmp.com/business/climate-and-energy/article/3278278/hong-kong-developers-act-cut-supply-chain-emissions-construction-building-materials
Over half of Bank of Japan watchers see next rate hike coming in December
https://www.businesstimes.com.sg/companies-markets/banking-finance/over-half-bank-japan-watchers-see-next-rate-hike-coming-december
Hawkish BOJ policymaker calls for rates to rise to at least 1%
https://www.channelnewsasia.com/business/hawkish-boj-policymaker-calls-rates-rise-least-1-4602966
Commentary: Malaysia’s economic indicators are improving, so why aren’t Malaysians celebrating?
https://www.channelnewsasia.com/commentary/malaysia-economy-improving-trust-politics-anwar-4603636
New York City apartment renters get some relief from record-high prices
https://www.businesstimes.com.sg/property/new-york-city-apartment-renters-get-some-relief-record-high-prices
New Zealand manufacturing shrinks for record 18th straight month
https://www.businesstimes.com.sg/international/new-zealand-manufacturing-shrinks-record-18th-straight-month
New Zealand houses take longer to sell as buyers remain cautious
https://www.businesstimes.com.sg/property/new-zealand-houses-take-longer-sell-buyers-remain-cautious
https://www.bloomberg.com/news/articles/2024-09-12/new-zealand-houses-take-longer-to-sell-as-buyers-remain-cautious?srnd=phx-economics-v2
Bank of Korea board member says growth, financial stability are key to rate cuts
https://www.channelnewsasia.com/business/bank-korea-board-member-says-growth-financial-stability-are-key-rate-cuts-4603081
Sweden to pay immigrants up to US$34,000 to return
https://www.businesstimes.com.sg/international/sweden-pay-immigrants-us34000-return
With a new PM in charge, Thailand’s economy shuffles forward amid political calm
https://www.businesstimes.com.sg/international/asean/new-pm-charge-thailands-economy-shuffles-forward-amid-political-calm
Thai consumer confidence drops to 13-month low in August
https://www.businesstimes.com.sg/international/asean/thai-consumer-confidence-drops-13-month-low-august
UK fiscal watchdog warns of soaring debt over coming decades
https://www.businesstimes.com.sg/international/uk-fiscal-watchdog-warns-soaring-debt-over-coming-decades
Bank of England eyes growth with lighter bank capital reforms for UK lenders
https://www.businesstimes.com.sg/international/bank-england-eyes-growth-lighter-bank-capital-reforms-uk-lenders
Disclaimer & Note:
Real Estate Developers’ Association of Singapore (REDAS) does not warrant the accuracy, adequacy or completeness of the information and expressly disclaims liability for errors or omissions therein. The content, accuracy, and opinions expressed are not investigated, verified, monitored, nor endorsed by REDAS. Every effort is taken to ensure that all information extracted is correct at the time of dissemination.
The Daily News is issued as news gathering for the convenience and benefits of REDAS’ members only and not for mass circulation. Members are advised to exercise discretion in the use and dissemination of the information. The news links are time-sensitive and require registration of fee-based digital subscriptions.