Singapore Real Estate
When new condo units are pricier than older ones by over 70 per cent
New condominiums have become much pricier than similarly sized resale units in the same area, so buyers need to ask themselves whether the market is just too hot to handle.
https://www.straitstimes.com/business/invest/when-new-condo-units-are-pricier-than-older-ones-by-over-70-per-cent
Condo buyer lost nearly $30k when he backed out of deal after two weeks
A Singaporean in a severe case of buyer’s remorse lost nearly $30,000 on a mistimed purchase of a three-bedroom unit at the Blossoms by the Park condominium in Buona Vista.
https://www.straitstimes.com/business/invest/condo-buyer-lost-nearly-30k-when-he-backed-out-of-deal-after-two-weeks
Retrofitting not always best for older buildings to meet new energy standards
By the end of 2024, energy-intensive buildings will be subject to audits under a new Mandatory Energy Improvement (MEI) regime. The Building and Construction Authority (BCA) estimates that, at present, 55 per cent of buildings are green by gross floor area (GFA).
https://www.businesstimes.com.sg/property/retrofitting-not-always-best-older-buildings-meet-new-energy-standards
Companies’ Brief
Amara’s key shareholders in talks over a possible transaction amid jump in share price, volumes
Two major shareholders cum executive directors of property developer and hotel group Amara Holdings are currently engaged in confidential discussions with a third party in relation to a possible transaction involving the company.
https://www.businesstimes.com.sg/companies-markets/reits-property/amaras-key-shareholders-talks-over-possible-transaction-amid-jump
https://www.straitstimes.com/business/amara-says-key-shareholders-in-talks-over-possible-transaction-after-shares-jump
https://www.theedgesingapore.com/news/offer/amara-holdings-share-price-surge-relation-possible-transaction-may-lead-offer-companys
After Sincere saga, property tycoon Kwek Leng Beng visits China to talk green projects
The chairman of Asian conglomerate Hong Leong Group recently met Shanghai mayor Gong Zheng in China, where the pair discussed business issues and potential collaboration on sustainability projects, the company said.
https://www.businesstimes.com.sg/companies-markets/after-sincere-saga-property-tycoon-kwek-leng-beng-visits-china-talk-green
Views, Reviews Forum and Others
Orchard Road business group aims for energy and water efficiency, less waste
Orchard Road aims to cut waste and use less energy and water, in its bid to become a “sustainable lifestyle precinct”, said Mark Shaw, chairman of the Orchard Road Business Association (Orba).
https://www.businesstimes.com.sg/singapore/economy-policy/orchard-road-business-group-aims-energy-and-water-efficiency-less-waste
Worker found dead at Tanjong Pagar building demolition site; MOM and BCA order all work to stop
Singapore – A worker was found dead under the rubble after part of the Fuji Xerox Towers building in Tanjong Pagar collapsed during demolition works. Rescuers found the body of the 20-year-old worker, an Indian national, late on Thursday night after more than six hours of search and rescue operations. His body was pinned under 2m of debris.
https://www.straitstimes.com/singapore/structure-collapses-in-tanjong-pagar-scdf-at-scene
https://www.todayonline.com/singapore/tanjong-pager-building-collapse-worker-body-found-2194021
https://www.channelnewsasia.com/singapore/tanjong-pagar-work-site-collapse-fuji-xerox-towers-concrete-wall-demolition-works-mom-bca-3564341
Covid-19 vaccination available at 8 polyclinics from July 1, down from current 23
Singapore — Fewer polyclinics will offer Covid-19 vaccinations from July 1 as the demand for the jabs stabilises with Singapore’s shift to endemicity, the Ministry of Health (MOH) said on Friday (June 16). Only eight polyclinics will continue to offer Covid-19 vaccination services from July, down from the current 23.
https://www.todayonline.com/singapore/covid-19-vaccination-available-8-polyclinics-july-1-down-current-23-2194871
https://www.channelnewsasia.com/singapore/eight-polyclinics-offer-covid-19-vaccination-walk-jul-1-moh-3566966
Global Economy & Real Estate
Fed see key services inflation elevated with few signs of easing
https://www.businesstimes.com.sg/international/fed-see-key-services-inflation-elevated-few-signs-easing
Global tax deal at risk as first pillar teeters
https://www.businesstimes.com.sg/international/global/global-tax-deal-risk-first-pillar-teeters
US consumer year-ahead inflation expectations lowest since 2021
https://www.businesstimes.com.sg/international/us-consumer-year-ahead-inflation-expectations-lowest-2021
UK homeowners face average rise in annual mortgage payments of £2,900 next year
https://www.businesstimes.com.sg/property/uk-homeowners-face-average-rise-annual-mortgage-payments-ps2900-next-year
Surging mortgage rates bring early summer slowdown for UK housing market: Rightmove
https://www.businesstimes.com.sg/companies-markets/reits-property/surging-mortgage-rates-bring-early-summer-slowdown-uk-housing
UK public’s inflation expectations ease in May, Bank of England survey shows
https://www.businesstimes.com.sg/international/uk-publics-inflation-expectations-ease-may-bank-england-survey-shows
British chancellor rejects Covid-style handouts for homeowners
https://www.businesstimes.com.sg/property/british-chancellor-rejects-covid-style-handouts-homeowners
Britain faces recession, flood of job losses if rates hit 6%
https://www.businesstimes.com.sg/international/britain-faces-recession-flood-job-losses-if-rates-hit-6
ECB hawks warn rate hikes may need to persist beyond summer
https://www.businesstimes.com.sg/companies-markets/ecb-hawks-warn-rate-hikes-may-need-persist-beyond-summer
Swiss vote to pass OECD minimum tax, 2050 climate goal
https://www.businesstimes.com.sg/international/swiss-vote-pass-oecd-minimum-tax-2050-climate-goal
Madrid house price gains spell trouble for PM Sanchez
https://www.businesstimes.com.sg/property/madrid-house-price-gains-spell-trouble-pm-sanchez
Sweden braces for fallout from property slump
https://www.businesstimes.com.sg/property/sweden-braces-fallout-property-slump
Australian home rents higher than advertised prices, study finds
https://www.businesstimes.com.sg/property/australian-home-rents-higher-advertised-prices-study-finds
Australian PM pledges A$2 billion for affordable homes
https://www.businesstimes.com.sg/property/australian-pm-pledges-a2-billion-affordable-homes
Office occupancy in APAC average 80% compared to 50% in North America: Colliers
https://www.edgeprop.sg/property-news/office-occupancy-apac-average-80-compared-50-north-america-colliers
Flexible workspace market in Asia-Pacific grows 6% from 3Q2022
https://www.edgeprop.sg/property-news/flexible-workspace-market-asia-pacific-grows-6-3q2022
Why is China’s economy slowing and what does it mean for Singapore?
https://www.straitstimes.com/business/why-is-china-s-economy-slowing-and-what-does-it-mean-for-singapore
China’s Jan-May fiscal revenue growth quickens
https://www.channelnewsasia.com/business/chinas-jan-may-fiscal-revenue-growth-quickens-3567111
Major banks cut China 2023 GDP forecasts as recovery falters
https://www.businesstimes.com.sg/international/global/major-banks-cut-china-2023-gdp-forecasts-recovery-falters
https://www.channelnewsasia.com/business/major-banks-cut-china-2023-gdp-forecasts-recovery-falters-3566521
China’s big-city homeowners cash out as wealth dream fades
https://www.businesstimes.com.sg/property/chinas-big-city-homeowners-cash-out-wealth-dream-fades
https://www.straitstimes.com/business/china-s-big-city-homeowners-cash-out-as-wealth-dream-fades
Does Chinese developers turning to offshore bonds for financing signal recovery for the battered property sector?
https://www.scmp.com/business/china-business/article/3224340/does-chinese-developers-turning-offshore-bonds-financing-signal-recovery-battered-property-sector
Hong Kong’s luxury rental market is starting to rebound
https://www.businesstimes.com.sg/property/hong-kongs-luxury-rental-market-starting-rebound
Hong Kong’s appetite for new homes is almost sated as weekend sale washes out amid looming property supply
https://www.scmp.com/business/article/3224454/hong-kongs-appetite-new-homes-almost-sated-weekend-sales-washes-out-amid-looming-property-supply
Hong Kong determined to build public housing on golf course despite recent objections at town planning hearings: development chief
https://www.scmp.com/news/hong-kong/health-environment/article/3224495/hong-kong-determined-build-public-housing-golf-course-despite-recent-objections-town-planning
Japan’s tourism, economic growth attract fivefold increase in foreign investments in hotel assets
https://www.scmp.com/business/article/3224485/japans-tourism-economic-growth-attract-fivefold-increase-foreign-investments-hotel-assets
Youth unemployment soars in South Korea as young opt for break instead of job seeking
https://www.straitstimes.com/asia/east-asia/youth-unemployment-soars-in-south-korea-as-young-opt-for-break-instead-of-job-seeking
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