Singapore Real Estate / Built Environment
Two key projects to transform Lim Chu Kang into high-tech food hub delayed
Two large-scale agri-tech projects in Lim Chu Kang, meant to help turn the rural north-western district into a high-tech food hub, have been delayed.
https://www.businesstimes.com.sg/property/two-key-projects-transform-lim-chu-kang-high-tech-food-hub-delayed
https://www.straitstimes.com/singapore/two-key-projects-to-transform-lim-chu-kang-into-high-tech-food-hub-delayed
Three Jalan Besar shophouses back on the market at S$44 million, after earlier deal stalls
Three adjoining conservation shophouses in Jalan Besar have been relaunched for sale at a guide price of S$44 million via a public tender exercise. This comes after a deal for the three shophouses in September 2023 fell through.
https://www.businesstimes.com.sg/property/three-jalan-besar-shophouses-back-market-s44-million-after-earlier-deal-stalls
Tough restrictions aside, HDB Plus and Prime BTO flats are good buys
Many Singaporeans have built wealth from buying new Housing and Development Board (HDB) flats at subsidised prices. Will this proven wealth creation method still work if one purchases a flat with tighter restrictions under the new HDB framework?
https://www.businesstimes.com.sg/opinion-features/tough-restrictions-aside-hdb-plus-and-prime-bto-flats-are-good-buys
Singapore Economy
Singapore draws S$5.4 billion in H1 investment commitments, on track for full-year target: Gan Kim Yong
Singapore continues to draw strong investments despite global corporate shifts, with the Singapore Economic Development Board (EDB) securing S$5.4 billion in fixed asset investment (FAI) commitments in the first half of 2024.
https://www.businesstimes.com.sg/singapore/singapore-draws-s5-4-billion-h1-investment-commitments-track-full-year-target-gan-kim-yong
Singapore keen to work with more partners to boost AI-enabled manufacturing: DPM Heng
Singapore – Singapore is looking to work with more like-minded partners to advance artificial intelligence (AI)-enabled manufacturing for a greener and more sustainable future, said Deputy Prime Minister Heng Swee Keat.
https://www.straitstimes.com/business/economy/s-pore-keen-to-work-with-more-partners-to-boost-ai-enabled-manufacturing-dpm-heng
Minimum 15% tax on multinational enterprises will sustain Singapore’s edge: Indranee
Changes to Singapore’s tax regime will help to sustain the Republic’s economic competitiveness and provide better support to companies and individuals, while ensuring it stays aligned with international tax developments, said Second Minister for Finance Indranee Rajah.
https://www.businesstimes.com.sg/singapore/economy-policy/minimum-15-tax-multinational-enterprises-will-sustain-singapores-edge-indranee
Singapore blocks Income-Allianz deal but leaves door open if concerns over public interest are fully addressed
Singapore: The Singapore government has intervened to stop the proposed deal between Income Insurance and German insurer Allianz. “The government has assessed the proposed transaction and has decided that it would not be in the public interest for the transaction, in its current form, to proceed,” Culture, Community and Youth Minister Edwin Tong told parliament in a ministerial statement on Monday (Oct 14).
https://www.channelnewsasia.com/singapore/ntuc-income-allianz-deal-singapore-government-edwin-tong-4675491
https://www.straitstimes.com/business/companies-markets/allianz-to-consider-revising-income-offer-after-current-deal-blocked-by-s-pore-govt
https://www.scmp.com/week-asia/politics/article/3282342/singapore-blocks-income-insurances-deal-allianz-pm-wong-cites-structure-terms-concerns
https://www.zaobao.com.sg/news/singapore/story20241014-5119749
Keep an eye on the labour market even as GDP numbers are looking up
October is usually a busy month with a raft of financial and economic data published by the various agencies. The data ranges from the usual monthly releases to quarterly reports, such as the state of the property market to the performance of the economy, in terms of gross domestic product numbers.
https://www.businesstimes.com.sg/opinion-features/keep-eye-labour-market-even-gdp-numbers-are-looking
Business News
CapitaLand Development’s Lumi Hanoi achieves 99% sales
The consortium behind Lumi Hanoi has sold 3,921 out of 3,950 units or 99 per cent of the entire residential project since sales started in April, with two- and three-bedroom units being sold out.
https://www.businesstimes.com.sg/property/capitaland-developments-lumi-hanoi-achieves-99-sales
Hatten Land provides update on judicial management application; appoints joint judicial managers
Hatten Land has received approval from the Singapore High Court for the appointment of Deloitte & Touche’s Tan Wei Cheong and Lim Loo Khoon as joint judicial managers, according to an Oct 14 bourse filing. As joint judicial managers, Tan and Lim are expected to manage the group’s affairs, business and property.
https://www.theedgesingapore.com/news/company-news/hatten-land-provides-update-judicial-management-application-appoints-joint
Views, Reviews, Forum and Others
Singapore authorities developing guidelines to help employers manage extreme weather risks
Singapore: A misting machine, in-built storage ponds and weather monitoring devices – these are some measures a construction firm in Singapore is taking to protect their workers from the elements.
https://www.channelnewsasia.com/singapore/authorities-developing-guidelines-companies-extreme-weather-conditions-workplace-safety-4676666
Shorter weeks, ‘work from anywhere’: More Singapore firms promoting workplace well-being
Singapore: Companies in Singapore are increasingly prioritising workplace well-being, especially after the COVID-19 pandemic. From shorter work weeks and no-meeting days to complimentary yoga sessions and well-being retreats, firms are stepping up their game in nurturing their employees’ mental health.
https://www.channelnewsasia.com/singapore/flexible-work-wellness-retreat-mental-health-workplace-companies-arrangements-4672916
Global Economy & Real Estate
Troubled US retailers scared by forecast of consumers spending less this Halloween
https://www.straitstimes.com/business/economy/this-halloween-has-us-retailers-scared-of-consumers-spending-less
Goldman upgrades China growth forecasts on latest stimulus
https://www.straitstimes.com/business/economy/goldman-upgrades-china-growth-forecasts-on-latest-stimulus
China’s stimulus promises bring property sector hope, rather than confidence
https://www.businesstimes.com.sg/property/chinas-stimulus-promises-bring-property-sector-hope-rather-confidence
China may raise $1.1 trillion to boost economy, Caixin reports
https://www.straitstimes.com/business/economy/china-may-raise-11-trillion-to-boost-economy-caixin-reports
China moves to tax the ultra-rich for overseas investment gains
https://www.businesstimes.com.sg/international/china-moves-tax-ultra-rich-overseas-investment-gains
https://www.straitstimes.com/business/economy/china-moves-to-tax-ultra-rich-for-overseas-investment-gains
Sasseur Reit hits record 276.1 million yuan Golden Week sales as China’s domestic consumption surges
https://www.businesstimes.com.sg/companies-markets/sasseur-reit-hits-record-276-1-million-yuan-golden-week-sales-chinas-domestic-consumption-surges
https://www.straitstimes.com/business/sasseur-reits-sees-record-golden-week-sales-at-its-outlet-malls
Chinese developer Sino-Ocean expects to generate $2.8 billion cash to repay offshore debt
https://www.channelnewsasia.com/business/chinese-developer-sino-ocean-expects-generate-28-billion-cash-repay-offshore-debt-4678541
West Palm Beach hotel owner mulls sale at US$1 million a room
https://www.businesstimes.com.sg/property/west-palm-beach-hotel-owner-mulls-sale-us1-million-room
German economy in recession with no more growth seen in 2024
https://www.businesstimes.com.sg/international/german-economy-recession-no-more-growth-seen-2024
Hong Kong’s leader to focus on economy, liquor tax cut in speech
https://www.businesstimes.com.sg/international/hong-kongs-leader-focus-economy-liquor-tax-cut-speech
Hong Kong to host Rockefeller, Middle East tycoons at global family office forum
https://www.scmp.com/business/article/3282341/hong-kong-host-rockefeller-middle-east-tycoons-global-family-office-forum
Hong Kong property tycoon Peter Lee champions clean energy investments to support charities
https://www.scmp.com/business/companies/article/3282117/hong-kong-property-tycoon-peter-lee-champions-clean-energy-investments-support-charities
Malaysia bets on higher growth, ringgit to meet budget gap aim
https://www.businesstimes.com.sg/international/malaysia-bets-higher-growth-ringgit-meet-budget-gap-aim
New Zealand inflation seen falling back into RBNZ’s target band
https://www.businesstimes.com.sg/international/new-zealand-inflation-seen-falling-back-rbnzs-target-band
New Zealand consumer spending fell further in third quarter
https://www.businesstimes.com.sg/international/new-zealand-consumer-spending-fell-further-third-quarter
South Korea tech exports slow for second month in risk to growth
https://www.businesstimes.com.sg/international/south-korea-tech-exports-slow-second-month-risk-growth
Thousands march in Spain to demand affordable housing
https://www.businesstimes.com.sg/property/thousands-march-spain-demand-affordable-housing
Wage growth for UK’s lowest-paid keeps BOE wary of inflation
https://www.businesstimes.com.sg/international/wage-growth-uks-lowest-paid-keeps-boe-wary-inflation
Vietnam says South Korea’s Hyosung to invest US$4 billion more in the country
https://www.businesstimes.com.sg/international/asean/vietnam-says-south-koreas-hyosung-invest-us4-billion-more-country
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