Singapore Real Estate/Built Environment
Developers’ new home sales sink to lowest on record for H1 after slow June
New private home sales slumped to a record low for the first half of 2024, pulled down by a lack of new launches and price resistance amid weak sentiment.
https://www.businesstimes.com.sg/property/developers-new-home-sales-sink-lowest-record-h1-after-slow-june
https://www.straitstimes.com/singapore/housing/new-private-home-sales-inch-up-in-june-as-suburban-properties-draw-buyers
https://www.channelnewsasia.com/business/private-home-sales-june-2024-urban-redevelopment-authority-4480691
https://www.scmp.com/news/asia/southeast-asia/article/3270478/homes-sales-singapore-hit-two-decade-low-first-6-months-year
Sound reasons to ease rules on letting out homes for short stays
Thinking of letting out your home for a month to earn some extra income while you are out of town? Think again. It’s illegal. The minimum stay duration for rental of private homes is three consecutive months, while tenants of Housing and Development Board (HDB) flats need to rent for at least six months.
https://www.businesstimes.com.sg/opinion-features/sound-reasons-ease-rules-letting-out-homes-short-stays
Wilmar CEO’s nephew, sister-in-law paying S$49 million for Astrid Hill GCB
A steady stream of transactions is continuing to surface in the creme de la creme of the Singapore landed housing segment: Good Class Bungalows (GCBs).
https://www.businesstimes.com.sg/property/wilmar-ceos-nephew-sister-law-paying-s49-million-astrid-hill-gcb
https://www.straitstimes.com/business/wilmar-ceo-s-nephew-sister-in-law-paying-49-million-for-astrid-hill-good-class-bungalow
Singapore Economy
Singapore to strengthen AI governance for a more business-supportive ecosystem
The Ministry of Digital Development and Information (MDDI) is introducing guidelines to strengthen artificial intelligence (AI) governance in Singapore, in its bid to make the AI ecosystem more supportive for businesses.
https://www.businesstimes.com.sg/singapore/singapore-strengthen-ai-governance-more-business-supportive-ecosystem
https://www.theedgesingapore.com/digitaledge/news/singapore-announces-efforts-further-strengthen-ai-governance
Singapore depends on multi-national enterprises for 73% of its corporate tax revenue
Singapore is the fourth-most dependent economy in the world that relies on large multinational enterprises (MNEs) for its corporate income tax revenue.
https://www.businesstimes.com.sg/singapore/economy-policy/singapore-depends-multi-national-enterprises-73-its-corporate-tax-revenue
https://www.straitstimes.com/business/mnes-contribute-73-of-singapore-s-corporate-income-tax-revenue
Is Singapore losing out on the AI chip boom?
The global artificial intelligence (AI) boom is spurring some countries to vie for dominance in making leading-edge microchips – but not Singapore. The Republic’s focus on “mature-node chips” – used in appliances, cars and industrial equipment – means its semiconductor ecosystem may have limited exposure to the AI boom, said Maybank economist Brian Lee.
https://www.businesstimes.com.sg/singapore/singapore-losing-out-ai-chip-boom
Business News
Pan-United announces board changes, including new CEO
Ready-mix concrete producer Pan-United Corporation announced several changes to its board effective from Monday (Jul 15), with current chief executive officer May Ng stepping down after 13 years at the helm.
https://www.businesstimes.com.sg/companies-markets/pan-united-announces-board-changes-including-new-ceo
https://www.theedgesingapore.com/news/company-news/pan-united-appoints-new-ceo-daughter-founder-ng-becomes-executive-chairman
Temasek aims to invest up to US$12 billion in India as China weighs
Singapore state investor Temasek plans to invest up to US$12 billion in India over three years in sectors such as financial services and healthcare, a top executive said on Monday (Jul 15), favouring the South Asian nation as it turns cautious on China.
https://www.businesstimes.com.sg/singapore/temasek-aims-invest-us12-billion-india-china-weighs
https://www.straitstimes.com/business/temasek-aims-to-invest-up-to-us12-billion-in-india-as-china-weighs
Global Economy & Real Estate
Recent data adds to Fed confidence on cooling inflation: Powell
https://www.businesstimes.com.sg/international/recent-data-adds-fed-confidence-cooling-inflation-powell
https://www.straitstimes.com/business/economy/feds-powell-latest-data-adds-somewhat-to-confidence-inflation-is-returning-to-2
Why Japan is the envy of Australia’s desperate housing planners
https://www.scmp.com/opinion/asia-opinion/article/3270447/why-japan-envy-australias-desperate-housing-planners
China’s economy falters, raises pressure for more stimulus
https://www.channelnewsasia.com/east-asia/china-economy-q2-gdp-47-percent-slow-domestic-demand-property-crisis-4479901
China growth weakens more than expected to 4.7% in Q2 as outlook darkens
https://www.straitstimes.com/business/china-growth-weakens-more-than-expected-to-47-in-second-quarter-as-outlook-darkens
https://www.channelnewsasia.com/east-asia/china-economy-q2-gdp-47-percent-slow-domestic-demand-property-crisis-4479901
China property crash is hurting niche pocket of ESG finance
https://www.businesstimes.com.sg/property/china-property-crash-hurting-niche-pocket-esg-finance
China home prices fall sharply despite latest rescue plan
https://www.businesstimes.com.sg/international/global/china-home-prices-fall-sharply-despite-latest-rescue-plan
https://www.straitstimes.com/business/china-new-home-prices-fall-at-fastest-pace-in-9-years
https://www.scmp.com/business/china-business/article/3270470/chinas-june-home-prices-dip-13th-month-adding-weight-stalling-economic-growth?module=top_story&pgtype=subsection
Hong Kong developers keep pricing flats to move amid supply glut, high rates
https://www.scmp.com/business/article/3270540/hong-kong-developers-keep-pricing-flats-move-amid-supply-glut-high-rates
New York – BlackRock hits US$10.6 trillion asset record, cites ETF boost
https://www.businesstimes.com.sg/companies-markets/capital-markets-currencies/blackrock-hits-us10-6-trillion-asset-record-cites-etf-boost
New Zealand inflation report could pave way for RBNZ rate cuts
https://www.businesstimes.com.sg/international/new-zealand-inflation-report-could-pave-way-rbnz-rate-cuts
Thailand gets green light to use 2024/25 budgets for $13.8 billion stimulus scheme
https://www.channelnewsasia.com/business/thailand-gets-green-light-use-2024-25-budgets-138-billion-stimulus-scheme-4480396
UK building firms face worst recruitment problems: survey
https://www.businesstimes.com.sg/international/uk-building-firms-face-worst-recruitment-problems-survey
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