Singapore Real Estate
Developers’ sales jump to highest level in 4 months in March amid uptick in launches
Developers in Singapore sold 718 private homes in March, more than quadrupling from 149 units sold in February, based on data released by the Urban Redevelopment Authority on Monday (Apr 15).
https://www.businesstimes.com.sg/property/developers-sales-jump-highest-level-4-months-march-amid-uptick-launches
https://www.straitstimes.com/business/new-private-home-sales-rebound-in-march-on-two-major-new-suburban-launches-in-lentor-hills
https://www.channelnewsasia.com/singapore/lentor-new-private-home-sales-quadruple-march-demand-ura-4266136
Time to pay heed to weak participation in state land tenders
The authorities here work hard to maintain an adequate supply of homes and to ensure that prices do not run away. Various measures have been imposed to keep speculation at bay, and to ensure financial prudence among home buyers, such as the loan-to-value ratio, total debt servicing ratio, mortgage servicing ratio, Additional Buyer’s Stamp Duty (ABSD) and Seller’s Stamp Duty.
https://www.businesstimes.com.sg/opinion-features/time-pay-heed-weak-participation-state-land-tenders
Singapore Economy
Lawrence Wong to be Singapore’s fourth prime minister from May 15
Deputy Prime Minister Lawrence Wong will be sworn in as Singapore’s fourth prime minister on May 15, the Prime Minister’s Office (PMO) announced on Monday (Apr 15). PM Lee Hsien Loong will relinquish the office the same day. Thereafter, he will formally advise the president to appoint Wong to succeed him.
https://www.businesstimes.com.sg/singapore/lawrence-wong-be-singapore-s-fourth-prime-minister-may-15
https://www.straitstimes.com/singapore/politics/dpm-lawrence-wong-to-take-over-from-pm-lee-on-may-15
https://www.todayonline.com/singapore/lawrence-wong-take-over-lee-hsien-loong-prime-minister-may-15-pmo-2403776
https://www.channelnewsasia.com/singapore/prime-minister-lee-hsien-loong-lawrence-wong-leadership-handover-4266031
https://www.scmp.com/week-asia/politics/article/3259035/singapores-lee-hsien-loong-will-hand-over-power-deputy-lawrence-wong-may-15
Singapore, New Zealand boost partnership with focus on supply chains, connectivity
Singapore’s Prime Minister Lee Hsien Loong and his New Zealand counterpart Christopher Luxon announced on Monday (Apr 15) that the two countries will start negotiations on a trade agreement on essential supplies, aimed at minimising disruptions during crises.
https://www.businesstimes.com.sg/international/singapore-new-zealand-boost-partnership-focus-supply-chains-connectivity
https://www.straitstimes.com/singapore/small-countries-can-try-to-calm-global-tensions-says-pm-lee-as-s-pore-nz-expand-partnership
https://www.channelnewsasia.com/singapore/singapore-new-zealand-work-together-secure-supply-chains-under-new-partnership-pillar-4265581
Singapore, US ink MOU to boost environmental and climate protection cooperation
Singapore and the United States will strengthen bilateral cooperation on key environmental and climate matters, following the signing of a memorandum of understanding (MOU) on Monday (Apr 15).
https://www.businesstimes.com.sg/singapore/economy-policy/singapore-us-ink-mou-boost-environmental-and-climate-protection-cooperation
S’pore retains crown as world’s top maritime city, and is expected to hold it for next 5 years
Singapore – Singapore continues to be the leading maritime city in the world, unaffected by global conflicts and the rising environmental challenges of the industry, said ship classification society DNV in a report.
https://www.straitstimes.com/business/s-pore-retains-crown-as-world-s-top-maritime-city-and-is-expected-to-hold-it-for-next-5-years
Tripartite guidelines on flexi-work require employers to create request, response process from Dec 1
Employers will soon need to establish a process for considering and responding to formal flexible work arrangement (FWA) requests, under a new set of tripartite guidelines. From Dec 1, 2024, guidelines on FWAs launched on Monday (Apr 15) by a tripartite workgroup – comprising representatives from the government, the National Trades Union Congress (NTUC), the Singapore National Employers Federation (SNEF) – will take effect.
https://www.businesstimes.com.sg/singapore/tripartite-guidelines-flexi-work-require-employers-create-request-response-process-dec-1
https://www.straitstimes.com/singapore/jobs/all-employers-in-singapore-must-fairly-consider-flexi-work-requests-from-dec-1-under-new-rules
Business News
Keppel DC Reit to divest Sydney data centre for A$174 million
Keppel DC Real Estate Investment Trust (Reit) is divesting a 100 per cent freehold interest in its Sydney data centre, Intellicentre Campus, at an agreed value of A$174 million (S$152.1 million).
https://www.businesstimes.com.sg/companies-markets/keppel-dc-reit-divest-sydney-data-centre-174-million
Sabana Reit’s occupancy falls to 83%; more staff resign from manager amid internalisation uncertainties
Singapore – Sabana Industrial Real Estate Investment Trust (Sabana Reit) has reported a decline in portfolio occupancy in the first quarter of 2024, due to the repossession of properties at Penjuru Lane.
https://www.straitstimes.com/business/companies-markets/sabana-reit-s-occupancy-falls-to-83-more-staff-resign-from-manager-amid-internalisation-uncertainties
https://www.businesstimes.com.sg/companies-markets/sabana-reit-s-occupancy-falls-83-more-staff-resign-manager-amid-internalisation-uncertainties
Views, Reviews, Forum and Others
Seized Sentosa plot in $3 billion money laundering probe goes on sale as OCBC seeks loan recovery
Singapore – A parcel of land on Sentosa, seized amid the $3 billion money laundering probe, will be sold by OCBC Bank as it attempts to recover over $20 million in loans taken by Cambodian national Su Baolin.
https://www.straitstimes.com/singapore/seized-land-in-3-billion-money-laundering-probe-goes-on-sale-ocbc-seeks-loan-recovery
https://www.businesstimes.com.sg/companies-markets/banking-finance/seized-sentosa-plot-s-3-billion-money-laundering-probe-goes-sale-ocbc-seeks-loan-recovery
All HDB households can now use $300 in vouchers for eco-friendly home appliances
Singapore – Need to beat the heat? If you are in the market for an energy-efficient air-conditioner or fan, you will be able to use vouchers given for eco-friendly household appliances as part of an expanded scheme that kicked off on April 15.
https://www.straitstimes.com/singapore/hdb-households-can-now-use-300-in-vouchers-for-eco-friendly-home-appliances
Global Economy & Real Estate
Stubborn US inflation, delayed Fed rate cuts could mark a painful adjustment for investors
https://www.businesstimes.com.sg/opinion-features/stubborn-us-inflation-delayed-fed-rate-cuts-could-mark-painful-adjustment-investors
US business inventories pick up in February
https://www.businesstimes.com.sg/international/us-business-inventories-pick-february
US retail sales up more than expected in March
https://www.businesstimes.com.sg/international/us-retail-sales-more-expected-march
US homebuilder sentiment stalls as buyers wait for rates to drop
https://www.businesstimes.com.sg/property/us-homebuilder-sentiment-stalls-buyers-wait-rates-drop
Blackstone revives potential sale of Motel 6 brand owner
https://www.businesstimes.com.sg/property/blackstone-revives-potential-sale-motel-6-brand-owner
China central bank keeps policy rate unchanged, drains cash from banking system
https://www.businesstimes.com.sg/companies-markets/banking-finance/china-central-bank-keeps-policy-rate-unchanged-drains-cash-banking-system
From consumption to tourism, China’s middle class holds the key to revving up economic engine, but can they turn it?
https://www.scmp.com/economy/economic-indicators/article/3259046/consumption-tourism-chinas-middle-class-holds-key-revving-economic-engine-can-they-turn-it?module=top_story&pgtype=subsection
China’s ‘critical’ property sector must ensure timely delivery of homes, says Vice-Premier He Lifeng
https://www.scmp.com/economy/china-economy/article/3259058/chinas-critical-property-sector-must-ensure-timely-delivery-homes-says-vice-premier-he-lifeng?module=top_story&pgtype=subsection
China March new home prices fall at fastest pace since August 2015
https://www.channelnewsasia.com/business/china-march-new-home-prices-fall-fastest-pace-august-2015-4268166
China set to post slowing growth on housing, consumption woes
https://www.businesstimes.com.sg/international/china-set-post-slowing-growth-housing-consumption-woes
China’s private builders face four trillion yuan gap to complete homes
https://www.businesstimes.com.sg/property/china-s-private-builders-face-four-trillion-yuan-gap-complete-homes
https://www.straitstimes.com/business/china-s-private-developers-face-766-billion-funding-gap-to-complete-homes
BOJ’s new policy approach takes shine off its inflation forecasts
https://www.channelnewsasia.com/business/bojs-new-policy-approach-takes-shine-its-inflation-forecasts-4266101
Hidden billions in Tokyo real estate lure activist hedge funds
https://www.straitstimes.com/business/hidden-billions-in-tokyo-real-estate-lure-activist-hedge-funds
More Malaysians seeking jobs in Singapore amid weakening ringgit, inflation: Recruiters
https://www.channelnewsasia.com/singapore/malaysians-working-jobs-ringgit-inflation-manpower-employment-4265736
New Zealand inflation tipped to slow towards RBNZ’s target band
https://www.businesstimes.com.sg/international/new-zealand-inflation-tipped-slow-towards-rbnz-s-target-band
New Zealand’s state-sector job cuts cast more gloom on recession-hit economy
https://www.scmp.com/week-asia/economics/article/3258901/new-zealands-public-job-cuts-cast-more-gloom-recession-hit-economy?module=top_story&pgtype=section
UK beating US on inflation fight and may cut rates sooner
https://www.businesstimes.com.sg/international/uk-beating-us-inflation-fight-and-may-cut-rates-sooner
UK tells Hong Kong citizens in Britain: ‘You are safe here’
https://www.businesstimes.com.sg/international/uk-tells-hong-kong-citizens-britain-you-are-safe-here
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