Singapore Real Estate
China, Singapore private wealth continues to support shophouse demand
The going may be slow for some segments of the commercial property market that typically rely on institutional investors, in the face of high interest rates. However, the shophouse market continues to draw buyers in the private wealth segment, be they local or overseas.
https://www.businesstimes.com.sg/property/china-singapore-private-wealth-continues-suppor
-shophouse-demand
Three Eleven @ Holland housing units sold from S$1,050 to S$1,079 psf
Three cluster semi-detached houses at Eleven @ Holland were sold via a tender exercise that closed at noon on Jun 12, 2023. On Tuesday (Jun 13), exclusive marketing agent PropNex Realty said these properties were part of seven cluster semi-detached homes which were put on sale with an average strata area of 3,735 square feet (sq ft).
https://www.businesstimes.com.sg/property/three-eleven-holland-housing-units-sold-s1050-s1079-psf
Stabilising home prices
Buyers of Housing and Development Board (HDB) resale flats can probably heave a sigh of relief that resale prices are no longer rising at a frenzied pace. HDB resale flat prices rose in May at 0.3 per cent, compared with 1.1 per cent in April, according to flash estimates from SRX and 99.co.
https://www.businesstimes.com.sg/property/stabilising-home-prices
Singapore Economy
PM Lee to deliver National Day Rally speech on Aug 20
Singapore: Prime Minister Lee Hsien Loong will deliver his National Day Rally speech on Aug 20. It will be held at the Institute of Technical Education (ITE) College Central at Ang Mo Kio, the Prime Minister’s Office said on Tuesday (Jun 13).
https://www.channelnewsasia.com/singapore/pm-lee-national-day-rally-2023-its-college-central-ang-mo-kio-3557991
https://www.todayonline.com/singapore/pm-lee-deliver-national-day-rally-speech-aug-20-2191316
Big countries should build capabilities that help workers rather than hold competitors down: Tharman
Countries should not seek to establish a relative lead over each other internationally by protectionist means, because doing so would compromise their own “absolute performance” and ability to maximise their people’s opportunities so that ordinary working people can benefit, said Senior Minister Tharman Shanmugaratnam on Tuesday (Jun 13) evening.
https://www.businesstimes.com.sg/singapore/big-countries-should-build-capabilities-help-workers-rather-hold-competitors-down-tharman
https://www.straitstimes.com/singapore/countries-should-build-own-capabilities-to-help-ordinary-workers-not-just-keep-others-down-to-achieve-superiority-tharman
Companies’ Brief
Koh Brothers Eco unit and partner bag S$186m HDB contract
A subsidiary of Koh Brothers Eco Engineering : 5HV +6.06% and its joint venture (JV) partner have secured a S$186 million contract from the Housing & Development Board, the company announced in a bourse filing on Tuesday (June 13).
https://www.businesstimes.com.sg/companies-markets/koh-brothers-eco-unit-and-partner-bag-s186m-hdb-contract
https://www.theedgesingapore.com/capital/deals-joint-ventures-alliances/koh-brothers-eco-secures-186-mil-contract-hdb
EC World Reit receives waiver for deadline to divest Chinese logistics asset
EC World Reit has received a waiver from the Monetary Authority of Singapore (MAS) to complete its proposed divestment of two Chinese logistics assets by the deadline of Jun 16. The Reit was originally required to complete the divestment six months after it was approved by unitholders on Dec 16, 2022.
https://www.businesstimes.com.sg/companies-markets/ec-world-reit-receives-waiver-deadline-divest-chinese-logistics-assets
Sembcorp wastes little time on goal to unlock more value
Sembcorp Industries’ recent announcement that it is exploring the potential divestment of the waste management business and its energy-from-waste (EfW) plant appears to have sent investors into a tizzy.
https://www.businesstimes.com.sg/companies-markets/sembcorp-wastes-little-time-goal-unlock-more-value
Global Economy & Real Estate
US inflation report signals Fed rate pause will become a full stop
https://www.businesstimes.com.sg/international/us-inflation-report-signals-fed-rate-pause-will-become-full-stop
https://www.theedgesingapore.com/news/us-economy-2023/us-inflation-slows-may-giving-room-fed-pause-rate-hikes
Fed starts interest rate meeting as inflation continues to cool
https://www.channelnewsasia.com/business/fed-starts-interest-rate-meeting-inflation-continues-cool-3559221
US consumer prices slow in May; core inflation sticky
https://www.businesstimes.com.sg/international/us-consumer-prices-slow-may-core-inflation-sticky
https://www.channelnewsasia.com/business/us-consumer-inflation-eases-11th-straight-month-3559006
Bank of England started interest rate hikes first, but is set to finish last
https://www.businesstimes.com.sg/international/bank-england-started-interest-rate-hikes-first-set-finish-last
UK homebuilder Bellway flags demand woes as high rates weigh
https://www.businesstimes.com.sg/property/uk-homebuilder-bellway-flags-demand-woes-high-rates-weigh
China faces world’s biggest millionaire exodus as economy slows
https://www.straitstimes.com/business/china-faces-world-s-biggest-millionaire-exodus-as-economy-slows
Mainland Chinese investors look to Southeast Asia for commercial property as political tensions, interest rates make US, Australia less appealing
https://www.scmp.com/business/article/3223962/mainland-chinese-investors-look-southeast-asia-commercial-property-political-tensions-interest-rates
China state planner rolls out measures to lower costs for firms
https://www.channelnewsasia.com/business/china-state-planner-rolls-out-measures-lower-costs-firms-3558606
Hong Kong to recruit 27,000 foreign workers amid shortage
https://www.businesstimes.com.sg/international/hong-kong-recruit-27000-foreign-workers-amid-shortage
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3223985/hong-kong-labour-unions-warn-importing-20000-workers-wont-solve-root-problems-behind-manpower
Hong Kong restarts scheme for private firms to build subsidised housing
https://www.businesstimes.com.sg/property/hong-kong-restarts-scheme-private-firms-build-subsidised-housing
https://www.channelnewsasia.com/business/hong-kong-restarts-scheme-private-firms-build-subsidised-housing-3558706
https://www.scmp.com/news/hong-kong/society/article/3223919/hong-kong-housing-subsidised-homes-built-private-developers-sell-65-cent-market-price-authorities
South Korea’s jobless rate in May falls to record low; factory sector still shaky
https://www.straitstimes.com/business/south-koreas-jobless-rate-in-may-falls-to-record-low
https://www.channelnewsasia.com/asia/south-korea-jobless-rate-record-low-may-3559991
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.