Singapore Real Estate / Built Environment
Jurong Lake District tender for mega site not awarded as S$640 psf ppr bid ‘too low’
The government’s ambitious plan to create Singapore’s second Central Business District in the Jurong East region has hit a snag. A five-member consortium’s bid for a mega white site that would kickstart development of the upcoming Jurong Lake District (JLD) has been rejected as it was “too low”, and the tender will not be awarded, the Urban Redevelopment Authority (URA) said on Friday (Sep 13).
https://www.businesstimes.com.sg/property/jurong-lake-district-tender-mega-site-not-awarded-s640-psf-ppr-bid-too-low
https://www.straitstimes.com/singapore/housing/jurong-lake-district-mega-site-not-awarded-consortium-s-bid-deemed-too-low-ura
Even as wealth flows into S’pore, number of private homes bought by foreigners continues to shrink
Singapore – Singapore’s property market has seen a significant drop in foreign buyers over the past year, even as global wealth continues to accumulate in the city-state.
https://www.straitstimes.com/singapore/housing/even-as-wealth-flows-into-s-pore-the-number-of-private-homes-bought-by-foreigners-continues-to-shrink
URA and BCA investigating possible unauthorised rooftop structures at two Haig Avenue condos
Singapore – The Urban Redevelopment Authority (URA) and Building and Construction Authority (BCA) are investigating possible unauthorised rooftop structures at two condominiums in Haig Avenue.
https://www.straitstimes.com/singapore/ura-and-bca-investigating-possible-unauthorised-rooftop-structures-at-two-haig-avenue-condos
Singapore Economy
Singapore’s 2024 GDP growth likely to be on stronger side of 2%-3% range: MAS chief
Singapore – Economic growth has picked up pace and will likely finish 2024 at the higher end of the official estimate of 2 per cent to 3 per cent, said Monetary Authority of Singapore (MAS) managing director Chia Der Jiun.
https://www.straitstimes.com/business/singapore-2024-gdp-growth-likely-be-on-stronger-side-of-2-to-3-range-mas-chief
Singapore firms cautiously hopeful impending Fed rate cut will lift prospects
As the US Federal Reserve prepares to cut interest rates, Singapore businesses are weighing the potential benefits of cheaper financing against global economic uncertainties, industry observers say.
https://www.businesstimes.com.sg/singapore/singapore-firms-cautiously-hopeful-impending-fed-rate-cut-will-lift-prospects
S’pore consumers unlikely to see big hike in electricity prices from clean imports: Observers
Singapore – The average consumer will likely not face a marked increase in his electricity bills when Singapore begins its renewable energy imports over the next few years, said observers. They added that the clean power will mostly be purchased by companies looking to slash their emissions.
https://www.straitstimes.com/singapore/s-pore-consumers-unlikely-to-see-big-hike-in-electricity-prices-from-clean-imports-observers
Fewer than 4 in 10 Singapore companies face ‘minimal impact’ from carbon tax hike: report
Close to 40 per cent (37 per cent) of companies in Singapore experienced “minimal impact” from the hike in carbon tax, according to a survey conducted by the Sustainable Energy Association of Singapore (Seas).
https://www.businesstimes.com.sg/esg/fewer-4-10-singapore-companies-face-minimal-impact-carbon-tax-hike-report
https://www.straitstimes.com/business/fewer-than-4-in-10-singapore-companies-face-minimal-impact-from-carbon-tax-hike-report
Business News
Low Keng Huat reverses into $5.8 mil profit for 1HFY2025
Mainboard-listed Low Keng Huat has reported earnings of $5.8 million for 1HFY2025 ended July 31, reversing from its $1.5 million loss in 1HFY2024. Revenue for the six-month period rose by 34% y-o-y to $257.9 million due to higher revenues from the company’s property development and hotel businesses and offset by lower contributions from its investment business.
https://www.theedgesingapore.com/capital/results/low-keng-huat-reverses-58-mil-profit-1hfy2025
Sembcorp unit ‘in discussions’ to enter joint venture with India’s Bharat Petroleum Corporation
Sembcorp Green Hydrogen India is “in discussions” with Indian oil and gas company Bharat Petroleum Corporation to enter a definitive joint-venture agreement for renewable energy and green hydrogen projects across India.
https://www.businesstimes.com.sg/companies-markets/sembcorp-unit-discussions-enter-joint-venture-indias-bharat-petroleum-corporation
Temasek said to be near stake purchase in Blackstone-owned VFS
Temasek Holdings is nearing a deal to buy a significant minority stake in VFS Global, according to people familiar with the matter, a transaction that could value the visa outsourcing and technology services firm at about US$7 billion including debt.
https://www.businesstimes.com.sg/companies-markets/temasek-said-be-near-stake-purchase-blackstone-owned-vfs
https://www.straitstimes.com/business/temasek-said-to-near-stake-purchase-in-blackstone-owned-vfs-sources
Views, Reviews, Forum and Others
Singaporeans will need ETA permit to enter the UK from Jan 8, 2025
Singapore – Singaporeans heading to the UK are required to apply for and obtain an Electronic Travel Authorisation (ETA) before making their trip from Jan 8, 2025. Application for the digital travel permit costs £10 (S$17). Singaporeans can apply for it from Nov 27 via the official British government website or app.
https://www.straitstimes.com/singapore/singaporeans-will-need-eta-permit-to-enter-the-uk-from-jan-8-2025
New anti-money laundering laws in Singapore target kingpins’ profits from environmental crime
Singapore – In a 2022 Interpol video, Mr Kittichai Runglaiboonwong from Thailand’s Department of National Parks walks around piles of illegally logged timber. At US$290 (S$380) per kg, a 59kg bag of agarwood could easily fetch about US$14,500, he says.
https://www.straitstimes.com/singapore/new-anti-money-laundering-laws-in-singapore-target-kingpins-profits-from-environmental-crime
Global Economy & Real Estate
Mpox vaccine access set to speed up as WHO approves first jab
https://www.channelnewsasia.com/world/mpox-vaccine-world-health-organization-approves-jab-4606856
World braces for Fed easing amid 36-hour rate rollercoaster
https://www.businesstimes.com.sg/international/global/world-braces-fed-easing-amid-36-hour-rate-rollercoaster
https://www.straitstimes.com/business/markets-await-fed-rate-cut
https://www.theedgesingapore.com/news/global-economy/world-braces-fed-easing-amid-36-hour-rate-rollercoaster
Fed on the edge: Will interest rates take a dive or hold steady?
https://www.businesstimes.com.sg/companies-markets/fed-edge-will-interest-rates-take-dive-or-hold-steady
With Powell’s Fed ready to cut rates, a new era of cheap credit beckons
https://www.businesstimes.com.sg/companies-markets/powells-fed-ready-cut-rates-new-era-cheap-credit-beckons
US consumer sentiment rises in September as inflation eases
https://www.businesstimes.com.sg/international/us-consumer-sentiment-rises-september-inflation-eases
US consumers on edge about income, retirement in latest data
https://www.businesstimes.com.sg/international/us-consumers-edge-about-income-retirement-latest-data
US import prices post largest drop in eight months
https://www.businesstimes.com.sg/international/us-import-prices-post-largest-drop-eight-months
Layoffs are few in the US, so why are jobs harder to find?
https://www.straitstimes.com/business/economy/layoffs-are-few-in-the-us-so-why-are-jobs-harder-to-find
US to boost scrutiny on tax-free imports over China worries
https://www.businesstimes.com.sg/international/us-boost-scrutiny-tax-free-imports-over-china-worries
China’s deepening slowdown tests Xi’s tolerance for growth miss
https://www.businesstimes.com.sg/international/chinas-deepening-slowdown-tests-xis-tolerance-growth-miss
China growth target at risk as activity cools across the board
https://www.businesstimes.com.sg/international/china-growth-target-risk-activity-cools-across-board
https://www.scmp.com/economy/economic-indicators/article/3278508/chinas-economic-activity-softens-august-major-figures-miss-projections
PBOC signals help for economy on the way with credit growth weak
https://www.businesstimes.com.sg/international/pboc-signals-help-economy-way-credit-growth-weak
China holidays test consumer stocks mired in spending gloom
https://www.businesstimes.com.sg/international/china-holidays-test-consumer-stocks-mired-spending-gloom
China approves plan for first hike to retirement age since 1978
https://www.businesstimes.com.sg/international/china-approves-plan-first-hike-retirement-age-1978
https://www.channelnewsasia.com/asia/china-raise-retirement-age-reform-ageing-population-4606831
https://www.scmp.com/news/china/politics/article/3278594/chinas-pension-reform-milestone-will-it-fix-funding-woes
Chinese office landlords try free furnishings to lure tenants amid economic squeeze
https://www.scmp.com/business/china-business/article/3278607/chinese-office-landlords-try-free-furnishings-lure-tenants-amid-economic-squeeze
China new home prices fall at fastest pace in over 9 years in August
https://www.businesstimes.com.sg/property/china-new-home-prices-fall-fastest-pace-over-9-years-august
https://www.scmp.com/business/china-business/article/3278518/chinas-august-home-prices-drop-fastest-pace-9-years-small-cities-bear-brunt
Lagarde signals ECB open to October cut but December more likely
https://www.businesstimes.com.sg/international/lagarde-signals-ecb-open-october-cut-december-more-likely
Goldman likes the commercial real estate debt that others fear
https://www.businesstimes.com.sg/property/goldman-likes-commercial-real-estate-debt-others-fear
Hong Kong’s trade office in Kuala Lumpur to open as early as October, Malaysian envoy says
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3278534/hong-kongs-trade-office-kuala-lumpur-open-early-october-malaysian-envoy-says
Editorial | Hong Kong renters look to cuts in interest rates for relief
https://www.scmp.com/opinion/article/3278494/hong-kong-renters-look-cuts-interest-rates-relief
Hong Kong’s battered commercial property market lures Chinese state companies
https://www.businesstimes.com.sg/international/global/hong-kongs-battered-commercial-property-market-lures-chinese-state-companies
https://www.straitstimes.com/business/hong-kong-s-battered-property-market-lures-chinese-state-buyers
Editorial | Hong Kong public housing tenants deserve to live in a nicer environment
https://www.scmp.com/opinion/comment/article/3278558/hong-kong-public-housing-tenants-deserve-live-nicer-environment
Opinion | Hong Kong has what it takes to bounce back. We just need to pull together
https://www.scmp.com/opinion/hong-kong-opinion/article/3278356/hong-kong-has-what-it-takes-bounce-back-we-just-need-pull-together
Japan August inflation seen accelerating, boosting case for BOJ rate hike – Reuters poll
https://www.channelnewsasia.com/business/japan-august-inflation-seen-accelerating-boosting-case-boj-rate-hike-reuters-poll-4605961
Home sales in flood zones are booming. Here’s why buyers take the risk
https://www.businesstimes.com.sg/property/home-sales-flood-zones-are-booming-heres-why-buyers-take-risk
NYC’s Mandarin Oriental developers snag loan for unsold condos
https://www.businesstimes.com.sg/property/nycs-mandarin-oriental-developers-snag-loan-unsold-condos
Landlords face a US$1.5 trillion commercial real estate maturity wall
https://www.businesstimes.com.sg/property/landlords-face-us1-5-trillion-commercial-real-estate-maturity-wall
BoE rate cut helps boost UK housing market but concerns remain: Rightmove
https://www.businesstimes.com.sg/property/boe-rate-cut-helps-boost-uk-housing-market-concerns-remain-rightmove
UK households expect rate cuts for first time since 2008
https://www.businesstimes.com.sg/international/uk-households-expect-rate-cuts-first-time-2008
ProsperCap seeks to ride UK domestic tourism recovery, upgrade hotels
https://www.businesstimes.com.sg/companies-markets/prospercap-seeks-ride-uk-domestic-tourism-recovery-upgrade-hotels
Indian tycoon pays £21 million for property in London’s Notting Hill
https://www.businesstimes.com.sg/property/indian-tycoon-pays-ps21-million-property-londons-notting-hill
https://www.scmp.com/news/asia/south-asia/article/3278372/indian-apparel-tycoon-harish-ahuja-buys-luxury-home-londons-notting-hill-us27-million
Vietnam says 2024 GDP may decline 0.15% due to Typhoon Yagi’s impact
https://www.channelnewsasia.com/business/vietnam-says-2024-gdp-may-decline-015-due-typhoon-yagis-impact-4609781
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