Singapore Real Estate
More state properties to be used as co-living spaces as SLA awards Little India tender
More state properties are expected to be put aside for co-living use in the next few months, as the Singapore Land Authority (SLA) on Wednesday awarded a tender for this purpose in Hindoo Road.
https://www.straitstimes.com/business/property/more-state-properties-to-be-used-as-co-living-spaces-as-sla-awards-little-india-tender
https://www.channelnewsasia.com/singapore/more-state-owned-buildings-be-converted-co-living-spaces-meet-housing-demand-trends-singapore-singles-first-homes-lifestyle-3707166
Singapore Economy
‘Biggest misconception’ to think that Singapore will always have enough reserves, says PM Lee
Singapore has enough reserves “for most circumstances”, but it would be the “biggest misconception” to think that will always be the case with the country’s spending needs already outpacing revenue growth, said Prime Minister Lee Hsien Loong.
https://www.channelnewsasia.com/singapore/singapore-reserves-pm-lee-biggest-misconception-3699726
https://www.straitstimes.com/singapore/singapore-s-reserves-cannot-be-built-up-again-once-gone-pm-lee
https://www.theedgesingapore.com/news/singapore/prime-minister-lee-hsien-loong-cautions-against-burning-through-singapores-reserves
https://www.scmp.com/week-asia/politics/article/3231301/singapores-pm-lee-hsien-loong-says-reserves-adequate-most-circumstances-warns-against-unnecessary
Singapore not ‘oversaving’ with reserves ‘barely keeping pace’ with its economy: DPM Wong
Singapore is not “oversaving” – in fact, the national reserves are growing at a rate that is “barely keeping pace” with economic growth, said Deputy Prime Minister Lawrence Wong.
https://www.channelnewsasia.com/singapore/lawrence-wong-singapore-reserves-revealed-oversaving-3702421
Singapore trade slump worsens with key exports tumbling 20.2% in July
Singapore’s key exports fell for the 10th straight month in July, dragged by weakness in both electronics and non-electronics exports. Non-oil domestic exports (Nodx) in July shrank a worse-than-expected 20.2 per cent compared to July 2022, and contracted 3.4 per cent from June, data from Enterprise Singapore (EnterpriseSG) showed on Thursday.
https://www.straitstimes.com/business/singapore-trade-slump-worsens-with-key-exports-tumbling-202-in-july
https://www.businesstimes.com.sg/singapore/singapore-key-exports-contract-202-july-steepest-slide-january
https://www.theedgesingapore.com/news/singapore-economy/singapores-july-nodx-contracts-202-y-o-y-mainly-due-declines-eu-27-taiwan
MAS to take firm action against financial institutions in breach of money-laundering controls
Singapore’s central bank on Wednesday (Aug 16) said that it will take “firm action” against financial institutions (FIs) found to have breached its requirements on anti-money laundering and countering the financing of terrorism.
https://www.businesstimes.com.sg/singapore/mas-take-firm-action-against-financial-institutions-breach-money-laundering-controls
Singapore’s July visitor arrivals grow to 1.4 million on strong return of Chinese travellers
Singapore’s international visitor arrivals climbed to 1.42 million in July, driven by a stronger return of Chinese travellers, which more than doubled from June. July’s reading was up from the 1.13 million recorded in the previous month, according to the latest data from the Singapore Tourism Board (STB) on Wednesday (Aug 16)
https://www.businesstimes.com.sg/singapore/singapores-july-visitor-arrivals-grow-14-million-strong-return-chinese-travellers
Companies’ Brief
CapitaLand Ascendas REIT completes acquisition of fifth data centre in the UK for $199.9 mil
CapitaLand Ascendas REIT (CLAR) has completed the acquisition of its fifth data centre in the UK for GBP119.4 million ($199.9 million). The data centre was acquired from an unrelated global data centre operator.
https://www.theedgesingapore.com/news/reit-watch/capitaland-ascendas-reit-completes-acquisition-fifth-data-centre-uk-1999-mil
https://www.businesstimes.com.sg/companies-markets/capitaland-ascendas-reit-acquires-fifth-uk-data-centre-ps1251-million
https://www.straitstimes.com/business/capitaland-ascendas-reit-buys-fifth-uk-data-centre-for-209-million
PhillipCapital upgrades CDL to ‘buy’ on City Developments, but lowers target price to $8.22
In anticipation of a stronger growth in hospitality, analyst Darren Chan from PhillipCapital has upgraded his call on City Developments Limited (CDL) to “buy” but with a lower target price of $8.22 from $8.33 previously.
https://www.theedgesingapore.com/capital/brokers-calls/phillipcapital-upgrades-cdl-buy-city-developments-lowers-target-price-822
Global Economy & Real Estate
US Federal Reserve members disagreed over whether to raise rates, minutes show
https://www.businesstimes.com.sg/international/us-federal-reserve-members-disagreed-over-whether-raise-rates-minutes-show
https://www.straitstimes.com/business/economy/fed-officials-divided-in-july-over-need-for-more-rate-hikes-minutes-show
US mortgage rate climbs to 7.16%, matching highest since 2001
https://www.businesstimes.com.sg/property/us-mortgage-rate-climbs-716-matching-highest-2001
US single-family housing starts surge in July
https://www.businesstimes.com.sg/property/us-single-family-housing-starts-surge-july
Investors wary of commercial-property risks hold back on loans
https://www.businesstimes.com.sg/property/investors-wary-commercial-property-risks-hold-back-loans
SVB Financial says it’s losing US$9 million a month in FDIC fight
https://www.businesstimes.com.sg/companies-markets/svb-financial-says-its-losing-us9-million-month-fdic-fight
Australian PM offers cash to states to help ease housing crisis
https://www.businesstimes.com.sg/property/australian-pm-offers-cash-states-help-ease-housing-crisis
China’s new home prices fall for first time this year
https://www.businesstimes.com.sg/property/chinas-new-home-prices-fall-first-time-year
https://www.straitstimes.com/business/china-new-home-prices-fall-for-the-first-time-this-year
https://www.straitstimes.com/business/china-s-housing-slump-much-worse-than-official-data-shows
https://www.channelnewsasia.com/business/chinas-new-home-prices-fall-first-time-year-dimming-economic-outlook-3702051
https://www.scmp.com/business/article/3231274/chinas-home-prices-decline-july-property-crisis-worsens
China’s economic woes mount as trust firm misses payments, home prices fall
https://www.businesstimes.com.sg/property/chinas-economic-woes-mount-trust-firm-misses-payments-home-prices-fall
China real estate: would-be buyers ask whether it’s a home or a hindrance as they seek to wait out market turmoil
https://www.scmp.com/economy/china-economy/article/3231302/china-real-estate-would-be-buyers-ask-whether-its-home-or-hindrance-they-seek-wait-out-market
China’s top brands turn cautious over economic recovery
https://www.businesstimes.com.sg/international/global/chinas-top-brands-turn-cautious-over-economic-recovery
China’s open for travel but few tourists are coming, or going
https://www.businesstimes.com.sg/international/global/chinas-open-travel-few-tourists-are-coming-or-going
Hong Kong residents are leaving at the highest rate since Covid
https://www.businesstimes.com.sg/international/hong-kong-residents-are-leaving-highest-rate-covid
Hong Kong construction sector seeks to import 3,910 workers under labour scheme to offset shortfall
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3231336/hong-kongs-construction-sector-seeks-bring-3910-workers-under-labour-import-scheme-offset-shortfall
Hong Kong’s Villa Garda III developers rush to the market with sales launch, hot on the heels of CK Asset’s sold-out project
https://www.scmp.com/business/article/3231327/hong-kongs-villa-garda-iii-developers-rush-market-sales-launch-hot-heels-ck-assets-sold-out-project
Hong Kong rental market boosted by Chinese taking up top talent pass visas
https://www.businesstimes.com.sg/international/global/hong-kong-rental-market-boosted-chinese-taking-top-talent-pass-visas
Japan sees post-pandemic visitor peak with 2.3 million arrivals in July
https://www.businesstimes.com.sg/international/japan-sees-post-pandemic-visitor-peak-23-million-arrivals-july
Luxury London home sellers cut asking prices to keep deals alive
https://www.businesstimes.com.sg/property/luxury-london-home-sellers-cut-asking-prices-keep-deals-alive
A private equity firm might be your next landlord
https://www.businesstimes.com.sg/property/private-equity-firm-might-be-your-next-landlord
South Korea house prices snap 13 months of decline
https://www.businesstimes.com.sg/property/south-korea-house-prices-snap-13-months-decline
https://www.channelnewsasia.com/business/south-korea-house-prices-snap-13-months-decline-3702426
Sweden’s depressed housing starts to worsen shortage of homes
https://www.businesstimes.com.sg/property/swedens-depressed-housing-starts-worsen-shortage-homes
UK inflation falls less than expected as transport costs rise
https://www.businesstimes.com.sg/international/uk-inflation-falls-less-expected-transport-costs-rise
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