SINGAPORE REAL ESTATE
Singapore new private home sales in June drop to lowest since May 2020
The market for new private home sales cooled in June, falling to 488 units from May’s 6-month high of 1,355 units, excluding executive condominiums (ECs). The figures released by the Urban Redevelopment Authority (URA) on Friday (Jul 15) showed that transactions recorded last month were the lowest since May 2020, where 487 units were transacted
Chuan Park sold for S$890m, lower than reserve price
Chuan Park has finally been sold via private treaty for S$890 million, after the tender for its collective sale closed on Apr 26 without bids. A source told The Business Times (BT) that the buyer is a developer that “recently finished a huge residential project”.
S-Reits, property trusts mark their 20th year
This year marks the 20th anniversary of the Singapore S-Reits and property trust sector with the first Reit – CapitaLand Mall Trust – listed in July 2002, followed by Ascendas Reit in November 2022. Since then, the sector has evolved into the largest Reit market in Asia ex-Japan, with a mature ecosystem.
New Sers 50-year lease option: A solution now, but a tangle down the road?
Singapore – Like many parents, retired factory worker Lim Kim Geok, 63, would like to bequeath her Housing Board flat to her son. Now that her Ang Mo Kio three-room flat has been picked for the Selective En bloc Redevelopment Scheme (Sers), she can get a replacement flat if she can top up the difference in cost. It will have a new 99-year lease, but she does not have the cash.
50-year lease option broadly a like-for-like replacement for Ang Mo Kio Sers owners: Desmond Lee
Singapore – The 50-year lease rehousing option broadly provides a “like for like” replacement for Ang Mo Kio residents who do not need a fresh 99-year lease, said National Development Minister Desmond Lee.
Most affected home owners satisfied with Sers scheme
Singapore – Madam Leong Chui Hwa was worried at first when her three-room Housing Board flat in West Coast Road was picked for the Selective En bloc Redevelopment Scheme (Sers) in 2016.
Main road in Bidadari HDB estate to join Bartley Road by early next year
Singapore – The main road in Bidadari – a new 10,000-unit Housing Board estate near Toa Payoh and Potong Pasir – will be completed early next year when it connects to Bartley Road.
PM Lee, Brunei sultan discuss ways to grow bilateral collaboration
Singapore: Prime Minister Lee Hsien Loong and Brunei’s Sultan Hassanal Bolkiah discussed ways to grow bilateral collaboration during a meeting in Brunei on Saturday (Jul 16), the Ministry of Foreign Affairs (MFA) said on Sunday.
Crucial for S’pore to have a voice at global forums like G-20: DPM Lawrence Wong
Singapore – Singapore deeply feels the impact of major global moves as it is a small and open nation, and it is crucial for it to have a voice at forums like the Group of 20 (G-20), said Deputy Prime Minister and Finance Minister Lawrence Wong on Sunday (July 17).
Climate concerns, sustainable finance among focus areas in DPM Wong’s G-20 discussions
Singapore – Climate concerns and sustainable finance were key focus areas for Deputy Prime Minister Lawrence Wong at the Group of 20 (G-20) meetings on Saturday (July 16).
US and S’pore call for deeper cooperation to tap green energy in South-east Asia
Singapore – Countries stand to better harness the untapped renewable energy potential in South-east Asia, stimulate clean energy investment and generate new green jobs when they work together.
Singapore exports up by 9.0% in June
Non-oil domestic exports (NODX) expanded for the 19th straight month of growth in June, mainly on the back of non-electronics shipments such as petrochemical products. Singapore’s NODX grew by 9.0 per cent year on year, extending the previous month’s 12.0 per cent gain, trade agency Enterprise Singapore (ESG) reported on Monday (Jul 18).
EDB, Temasek unit launch new Singapore leadership network
Corporate leaders in Singapore across different industries will now have easier access to mentoring, dialogues and workshops with the launch of a new Singapore leadership network. The Singapore Leaders Network (SGLN), is supported by the Economic Development Board (EDB) and managed by the Human Capital Leadership Institute (HCLI), both parties said in a press statement on Friday (Jul 15).
South-east Asia is holding its own despite global economic headwinds
South-east Asia has gained credence in the global economy since the onslaught of the pandemic and Russia’s invasion of Ukraine. More companies have moved their factories here, underscoring the region’s relevance in the manufacturing supply chain.
Genting Singapore says not in talks with investors on potential deal
Mainboard-listing Genting Singapore on Sunday (Jul 17) said it is not aware of nor involved in any ongoing discussions on a potential transaction involving the company. The hospitality company was responding to queries from the Singapore Exchange (SGX) regarding “unusual price movements” in its shares on Friday.
Keppel unit obtains grant to pilot membrane-based solar system at Jurong Island
The Energy Market Authority (EMA) and JTC have awarded Keppel Infrastructure’s wholly-owned subsidiary a grant to pilot a new membrane-based nearshore floating solar photovoltaic (PV) system on Jurong Island.
More unlisted assets do not necessarily raise Temasek’s risk profile
Singapore – Despite a challenging year, Singapore investment company Temasek has done well, with its net portfolio value at $403 billion as at March 31, the first time it has crossed the $400 billion threshold.
UBS, Citi among banks hit by pullback from Asia’s rich clients
A slump in client trading activity in Asia is threatening to slow a lucrative earner for the world’s biggest wealth managers. UBS Group and Citigroup are among banks whose wealth revenues for the region likely declined by double digits in the first half, people familiar with the matter estimated, asking not to be identified discussing private information.
Tourism-related stocks enjoy lift amid easing of Covid-19 restrictions
Tourism-related companies listed on the Singapore Exchange have mostly had a good run so far this year, with the easing of the Covid-19 restrictions both in Singapore and around the world. The easing of restrictions related to travel and safe distancing, as well as the gradual resumption of larger-scale activities in many countries, have boosted the stock prices of listed companies in the aviation and hospitality sectors.
VIEWS, REVIEWS, FORUM AND OTHERS
In new energy world, S’pore finds itself between a rock and a hard place
The world we live in gets stranger by the day and one of the strangest has to do with the electricity that flows into your home. On the surface, it is still the same old current that powers your appliances.
In the age of cynicism, collaboration remains key
Most assume that climbing the corporate ladder requires a degree of cunning. That being selfish and looking out for yourself will get you to the top. Most assume wrong. We live in an age of corporate greed and selfishness in the name of success — a quick Google search on “selfishness and success” yields multiple results on how to be selfish in order to succeed. Collaboration has fallen by the wayside, and it’s time we start talking to each other again.
In these uncertain times, can businesses still plan?
Business and war are fundamentally different, but there are some similarities. Competition in both is fierce. In business, it is usually constrained by the demands of “a fairer society” embodied in law and agreed business practice.
Public service in Singapore embraces flexi-work
Singapore – Private enterprises are usually seen as leaving the public sector trailing in workplace processes and procedures, but civil servants now find themselves as pace-setters in an employment scene turned on its head by the pandemic.
UPDATE ON COVID-19 (CORONAVIRUS DISEASE 2019) SITUATION
2 cases of new Omicron sub-variant BA.2.75 found in Singapore: MOH
Singapore – Two imported Covid-19 cases here have been confirmed to be infected with a new Omicron sub-variant called BA.2.75, as at Thursday (July 14). Both individuals had recently travelled to India and had immediately self-isolated after testing positive for Covid-19, said the Ministry of Health on Saturday in response to queries by The Straits Times.
askST: What do we know about the oral antiviral drugs used to treat Covid-19?
Singapore – Health Minister Ong Ye Kung said on July 5 that all polyclinics and more primary care clinics here can now prescribe oral antiviral drugs to eligible Covid-19 patients. This is to ensure that most people who have contracted Covid-19 can be treated outside of hospitals, even as coronavirus cases rise, driven by the latest Omicron subvariants BA.4 and BA.5.
askST: Can I donate blood if I had Covid-19?
Singapore – With blood stocks here running low, what should you know before donating blood? The Straits Times gets the answers from the Singapore Red Cross (SRC) and the Health Sciences Authority (HSA).
GLOBAL ECONOMY & GLOBAL REAL ESTATE
Accelerating US inflation sets markets on edge
Fed heads toward 75bp rate hike with officials wary of bigger move
Dollar catches breath as Fed officials leave market pondering over rates path
US business inventories increase strongly in May
US factory output declines for a second month on consumer goods
US retail sales beat expectations in June
Yellen says G20 must act to address short-term food insecurity crisis
9 things to know about a recession
Governments risk undoing central bank inflation fight, IMF says
Risk, reward, regulation: Central bankers eye crypto cautiously
Supply chains inching back to normal brace for headwinds of softer demand
UK house asking prices rise again, prompting brighter outlook
UK had a big drop in people moving homes after tax break lapsed
New Zealand inflation outpaces forecasts at fresh 32-year high
RBNZ plan supports short-term rates at par with official cash rate
Australia reinstates Covid quarantine pay amid fresh Omicron wave
China is pariah for global investors as Xi’s policies backfire
China’s property sector remains biggest drag on economy
China mortgage boycott data erased by censors as crisis spreads
China home prices fall for 10th month as property crisis deepens
China’s big GDP miss in Q2 may be the bad news needed to spur more policy support
China’s economy contracts in Q2, global risks darken outlook
China’s Li warns of imported inflation risks as economy recovers
Covid-19 pandemic has led to Japan’s quiet work-from-home revolution
Thailand to offer land ownership to lure wealthy foreigners