Singapore Real Estate
New private home sales surge in July with 4 major launches, but sentiment may be turning
Developers’ sales of new private residential units were robust in July with several big launches on the market. But unexpectedly weak sales at new projects last weekend, combined with slower take-up at launches in the months before, point to sentiment turning as demand pulls back.
https://www.businesstimes.com.sg/property/new-private-home-sales-surge-july-4-major-launches-sentiment-may-be-turning
https://www.straitstimes.com/business/july-new-private-home-sales-jump-five-fold-but-souring-economy-could-stymie-momentum-in-august
https://www.channelnewsasia.com/singapore/sales-new-private-homes-ura-july-highest-2021-3700016
https://www.edgeprop.sg/property-news/four-new-launches-drove-july-private-home-sales-five-fold-m-o-m-increase-1412-units
Clementi, Pine Grove sites for about 1,065 units could draw bids of up to S$1,200 psf
Two state land parcels at Clementi Avenue 1 and Pine Grove (Parcel B) have been released for sale, and are expected to draw bids of up to S$1,200 per square foot, and in the region of S$550 million to S$650 million for each site.
https://www.businesstimes.com.sg/property/clementi-pine-grove-sites-about-1065-units-could-draw-bids-s1200-psf
https://www.straitstimes.com/singapore/housing/two-government-sites-in-clementi-pine-grove-released-for-sale
https://www.edgeprop.sg/property-news/tender-launched-gls-sites-clementi-ave-1-and-pine-grove
As risks heighten, it makes sense for developers to collaborate, not compete, when buying land
To share risks and expertise in the face of the increasingly challenging Singapore residential property development business, some new partnerships between developers have surfaced at recent Government Land Sales (GLS) tenders.
https://www.businesstimes.com.sg/opinion-features/risks-heighten-it-makes-sense-developers-collaborate-not-compete-when-buying-land
Global Economy & Real Estate
US business inventories unchanged in June
https://www.businesstimes.com.sg/international/us-business-inventories-unchanged-june
US retail sales increase more than expected in July
https://www.businesstimes.com.sg/international/us-retail-sales-increase-more-expected-july
https://www.straitstimes.com/business/economy/us-retail-sales-top-forecasts-showcasing-consumer-resilience
US import prices rebound in July, trend remains soft
https://www.businesstimes.com.sg/international/us-import-prices-rebound-july-trend-remains-soft
US home builder confidence falls for the first time in 2023
https://www.businesstimes.com.sg/property/us-home-builder-confidence-falls-first-time-2023
Reserve Bank of Australia sees a ‘credible path’ to inflation target at current 4.1% rate
https://www.straitstimes.com/business/reserve-bank-of-australia-sees-a-credible-path-to-inflation-target-at-41-rate
Canada’s inflation rate accelerates in July, but food prices ease
https://www.businesstimes.com.sg/international/canadas-inflation-rate-accelerates-july-food-prices-ease
Travel sector dividends to reach US$8.5 billion in FY2024 on sustained recovery, demand growth: report
https://www.businesstimes.com.sg/companies-markets/travel-sector-dividends-reach-us85-billion-fy2024-sustained-recovery-demand
Surprise China rate cut only highlights tough choices facing Xi
https://www.businesstimes.com.sg/international/surprise-china-rate-cut-only-highlights-tough-choices-facing-xi
https://www.straitstimes.com/business/xi-faces-more-tough-choices-in-wake-of-surprise-china-rate-cut
https://www.channelnewsasia.com/business/china-central-bank-unexpectedly-cuts-rates-support-sputtering-economy-3699471
https://www.scmp.com/economy/economic-indicators/article/3231095/china-surprisingly-cuts-major-policy-rate-15-basis-points-signalling-support-struggling-economy
Banks slash China GDP forecasts again after data disappointment
https://www.businesstimes.com.sg/international/global/banks-slash-china-gdp-forecasts-again-after-data-disappointment
https://www.straitstimes.com/business/banks-slash-china-growth-forecasts-again-after-data-disappointment
https://www.channelnewsasia.com/business/barclays-cuts-chinas-2023-gdp-growth-forecast-45-3700596
China’s property investment slides for 17th month in July|
https://www.channelnewsasia.com/business/chinas-property-investment-slides-17th-month-july-3699516
https://www.scmp.com/economy/economic-indicators/article/3231096/chinas-economic-recovery-disappoints-july-amid-deepening-property-crisis
Country Garden crisis drags down other builders that got support
https://www.businesstimes.com.sg/companies-markets/country-garden-crisis-drags-down-other-builders-got-support
Commentary: China property giant Country Garden’s woes – the good, the bad and the very ugly
https://www.channelnewsasia.com/commentary/china-property-crisis-country-garden-evergrande-debt-3700306
Founder of Huobi crypto exchange thought to be tenant of new US$128 million mansion in Hong Kong’s Kowloon Tong
https://www.scmp.com/tech/tech-trends/article/3231180/founder-huobi-crypto-exchange-thought-be-tenant-new-us128-million-mansion-hong-kongs-kowloon-tong
UK wages grow at record pace, adding to BOE’s inflation concerns
https://www.businesstimes.com.sg/international/uk-wages-grow-record-pace-adding-boes-inflation-concerns
https://www.straitstimes.com/business/uk-wage-growth-add-to-bank-of-england-s-inflation-concerns
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