Singapore Real Estate
Six BTO projects with 5,000 homes to be built in Mount Pleasant; first launch in 2025
Six Build-To-Order (BTO) projects comprising about 5,000 homes will be built in the upcoming Mount Pleasant housing estate, with the first one to be launched in 2025. Heritage elements from the Old Police Academy and pre-war black-and-white bungalows, along with its surrounding greenery, will be sensitively woven into the design of the new 33ha housing estate, said the Housing Board (HDB) on Thursday (Jul 13).
https://www.businesstimes.com.sg/property/six-bto-projects-5000-homes-be-built-mount-pleasant-first-launch-2025
https://www.straitstimes.com/singapore/housing/heritage-elements-in-old-police-academy-to-be-incorporated-in-upcoming-bto-projects-in-mount-pleasant
https://www.channelnewsasia.com/singapore/mount-pleasant-bto-hdb-project-flats-launch-2025-old-police-academy-3626811
14 commercial units in Parkway Centre for sale at S$29.3 million
A Portfolio of 14 commercial units in Parkway Centre has been placed for sale via private treaty with a guide price of S$29.3 million, said sole marketing agent Brilliance Capital on Thursday (Jul 13). This works out to an average price of S$1,843 per square foot for the portfolio.
https://www.businesstimes.com.sg/property/14-commercial-units-parkway-centre-sale-s293-million
Record resale prices in 17 out of 26 HDB towns in year to date: OrangeTee & Tie
Resale prices hit record levels in 17 out of the 26 Housing and Development Board (HDB) towns in the year to date, said OrangeTee & Tie on Thursday (Jul 13). OrangeTee said among the 17 towns, the highest price registered was for a unit at Bukit Merah, which changed hands at S$1.5 million. This was followed by a S$1.42 million sale in Toa Payoh and a S$1.4 million sale in Bishan.
https://www.businesstimes.com.sg/property/record-resale-prices-17-out-26-hdb-towns-year-date-orangetee-tie
Investors who exploit ABSD loopholes have more to lose than gain
The investigation into property investors who used the 99-to-1 loophole to avoid the additional buyer’s stamp duty (ABSD) has brought into sharp focus other seemingly legitimate ways that investors are using to dodge this levy. The ruses usually involve roping in close relatives who do not own any real estate and getting them to buy new or resale properties because they would not need to pay ABSD as first-time owners.
https://www.straitstimes.com/business/invest/investors-who-exploit-absd-loopholes-have-more-to-lose-than-gain
Singapore Economy
Singapore narrowly avoids technical recession in Q2 as GDP grows 0.7% year on year, 0.3% quarterly
Singapore’s economy grew 0.7 per cent year on year in the second quarter of 2023, dragged by a deeper downturn in the manufacturing sector, advance estimates from the Ministry of Trade and Industry (MTI) showed on Friday (Jul 14). This was a slight improvement from Q1’s 0.4 per cent year-on-year growth.
https://www.businesstimes.com.sg/singapore/singapore-narrowly-avoids-technical-recession-q2-gdp-grows-07-year-year-03-quarterly
https://www.straitstimes.com/business/singapore-avoids-technical-recession-with-economy-growing-03-quarter-on-quarter
https://www.channelnewsasia.com/singapore/singapore-gdp-q2-advance-estimates-07-cent-3628281
https://www.todayonline.com/singapore/singapores-economy-grew-07-q2-faster-previous-quarter-advance-estimates-2211301
https://www.theedgesingapore.com/news/singapore-economy/singapores-gdp-07-2q2023-mti-estimates
MAS tax exemption tweaks may not move the needle for most single family offices: industry watchers
Recently announced tweaks to the tax incentive scheme for single family offices (SFOs) are a good nudge for greater investments in Singapore, industry watchers said, but may do little for the bulk of the players here. Some of the new requirements are already being practised, while others may be so novel that SFOs are not prepared to embrace them just yet.
https://www.businesstimes.com.sg/companies-markets/banking-finance/mas-tax-exemption-tweaks-may-not-move-needle-most-single-family
Global Economy & Real Estate
US budget deficit nearly triples through June 2023
https://www.businesstimes.com.sg/international/us-budget-deficit-nearly-triples-through-june-2023
US dollar tumbles after inflation data upends rate outlook
https://www.businesstimes.com.sg/companies-markets/us-dollar-tumbles-after-inflation-data-upends-rate-outlook
US Fed’s Waller eyes July rate rise, and another hike before year ends
https://www.businesstimes.com.sg/international/us-feds-waller-eyes-july-rate-rise-and-another-hike-year-ends
IMF sees ‘pockets of resilience’, slowing momentum in global economy
https://www.straitstimes.com/business/economy/imf-sees-pockets-of-resilience-slowing-momentum-in-global-economy
Oil prices up, hit nearly 3-month high as US inflation eases
https://www.businesstimes.com.sg/companies-markets/oil-prices-hit-nearly-3-month-high-us-inflation-eases
https://www.channelnewsasia.com/business/oil-prices-tighter-supply-lower-us-inflation-3628381
Manhattan office market’s tough outlook persists, leaving investors on sidelines
https://www.businesstimes.com.sg/property/manhattan-office-markets-tough-outlook-persists-leaving-investors-sidelines
Remote work to wipe out US$800 billion from office values, McKinsey says
https://www.businesstimes.com.sg/property/remote-work-wipe-out-us800-billion-office-values-mckinsey-says
Chinese property developer Guangzhou R&F faces bankruptcy restructure demand
https://www.businesstimes.com.sg/property/chinese-property-developer-guangzhou-rf-faces-bankruptcy-restructure-demand
Hong Kong plans to raise bank deposit protection from 2025
https://www.businesstimes.com.sg/international/hong-kong-plans-raise-bank-deposit-protection-2025
CK Asset says Hong Kong luxury home project sale falls through
https://www.businesstimes.com.sg/property/ck-asset-says-hong-kong-luxury-home-project-sale-falls-through
IEA trims oil demand forecast as interest rates weigh on growth
https://www.straitstimes.com/business/iea-trims-oil-demand-forecast-as-interest-rates-weigh-on-growth
Li Ka-shing’s CK Asset forfeits deposit as sale of US$2.66 billion Mid-Levels project to Singapore fund falls through
https://www.scmp.com/business/companies/article/3227602/li-ka-shings-ck-asset-forfeits-deposit-sale-us266-billion-mid-levels-project-singapore-fund-falls
UK economy dips less than expected after strikes and coronation
https://www.businesstimes.com.sg/international/uk-economy-dips-less-expected-after-strikes-and-coronation
How to price a British home with 28 bedrooms
https://www.straitstimes.com/business/invest/how-to-price-a-british-home-with-28-bedrooms
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