Singapore Real Estate
Reebonz Building sold for S$39 million to entity held by Tan family of Sunray Woodcraft Construction
The Tampines North building that served as the headquarters of online luxury marketplace Reebonz has been sold for S$39 million. The company went into creditors’ voluntary liquidation nearly two years ago.
https://www.businesstimes.com.sg/property/reebonz-building-sold-s39-million-entity-held-tan-family-sunray-woodcraft-construction
Unit of Tsao family’s IMC Group pays S$24 million for office floor in Orchard area
An office floor at the freehold Nomu in Handy Road is being sold for nearly S$24 million; this works out to S$3,790 per square foot on a strata area of 6,329 sq ft.
https://www.businesstimes.com.sg/property/unit-tsao-familys-imc-group-pays-s24-million-office-floor-orchard-area
Impact of BEPS 2.0: How risky is the road ahead for Singapore family offices?
As a leading business hub and the gateway to Asia, Singapore is well-regarded among high-net-worth individuals (HNWIs) as an ideal base for family offices and private wealth management.
https://www.businesstimes.com.sg/opinion-features/impact-beps-20-how-risky-road-ahead-singapore-family-offices
Singapore to boost public housing affordability amid million-dollar prices
Singapore will boost grants and subsidies to make public housing flats more affordable while imposing new restrictions in the secondary market for such flats, Prime Minister Lee Hsien Loong said on Sunday, as sky-high prices re-emerge as a political headache for the government.
https://www.scmp.com/week-asia/politics/article/3231713/singapore-boost-public-housing-affordability-amid-million-dollar-prices
NDR 2023: Tighter restrictions for new class of BTO flats to reduce ‘lottery effect’, keep lid on resale prices
Buyers of new Housing and Development Board (HDB) flats in sought-after locations will be subject to stricter resale conditions from next year, under a new framework designed to ensure affordability and cap resale prices of public housing.
https://www.businesstimes.com.sg/property/national-day-rally-tighter-restrictions-new-class-bto-flats-reduce-lottery-effect-keep-lid
https://www.straitstimes.com/singapore/politics/new-plus-hdb-flats-no-more-non-mature-estates-5-key-public-housing-announcements-at-ndr-2023
https://www.channelnewsasia.com/singapore/hdb-bto-prime-plus-million-dollar-flats-national-day-rally-3711656
NDR 2023: Singles can buy 2-room flexi BTO flats in all locations from second half of 2024
Singapore – Singles will soon be able to buy two-room flexi Build-To-Order (BTO) flats in all locations directly from the Housing Board, in a move to widen public housing options for this group of individuals.
https://www.straitstimes.com/singapore/politics/ndr-2023-singles-can-buy-2-room-flexi-bto-flats-in-all-locations-from-second-half-of-2024
https://www.todayonline.com/singapore/ndr-2023-singles-can-buy-2-room-bto-flats-all-locations-including-prime-areas-second-half-2024-2236596
https://www.channelnewsasia.com/singapore/national-day-rally-2023-hdb-flats-singles-prime-bto-resale-3711471
HDB changes may divert demand to existing resale flats, shrink upgrader pool for private housing: analysts
The Housing and Development Board’s (HDB) new framework for Build-to-Order (BTO) flats has been a long time coming, but could drive demand to existing flats and eat into the private housing market’s pool of upgraders, analysts said.
https://www.businesstimes.com.sg/property/hdb-changes-may-divert-demand-existing-resale-flats-shrink-upgrader-pool-private-housing
Singapore Economy
NDR 2023: Recent controversies do not delay leadership renewal timetable, says PM Lee
Singapore – The recent spate of incidents involving political figures here has not delayed the timetable for leadership renewal, Prime Minister Lee Hsien Loong has said.
https://www.straitstimes.com/singapore/politics/ndr-2023-recent-controversies-do-not-delay-leadership-renewal-timetable-says-pm-lee
https://www.todayonline.com/singapore/ndr-2023-leadership-succession-back-track-undelayed-political-controversies-says-pm-lee-2236556
https://www.channelnewsasia.com/singapore/pm-lee-succession-lawrence-wong-leadership-controversies-no-delay-national-day-rally-3711331
https://www.theedgesingapore.com/news/singapore/singapore-leadership-renewal-track-despite-recent-controversial-issues
NDR 2023: Govt studying if Assurance Package can be enhanced to help S’poreans cope with GST hike
Singapore – The Finance Minister will study carefully if the Assurance Package for GST can be further enhanced, as the goods and services tax (GST) is set to go up to 9 per cent in 2024, Prime Minister Lee Hsien Loong said on Sunday.
https://www.straitstimes.com/singapore/politics/ndr-2023-govt-studying-if-assurance-package-can-be-enhanced-to-help-s-poreans-cope-with-gst-hike
https://www.theedgesingapore.com/news/singapore/gst-hike-9-going-ahead-bigger-assurance-package-likely
NDR 2023: Details of re-employment support to come when Forward SG wraps up
Details of an upcoming re-employment support scheme will be released when the Forward Singapore (Forward SG) initiative wraps up, Prime Minister Lee Hsien Loong said on Sunday (Aug 20) in his National Day Rally speech.
https://www.businesstimes.com.sg/singapore/economy-policy/national-day-rally-details-re-employment-support-come-when-forward-sg
NDR 2023: S’pore to weather storm of economic uncertainty, global warming affecting food prices
Singapore – Having come through the Covid-19 pandemic, Singapore is being tested again with an international environment fraught with tension and economic uncertainty as well as global warming, said Prime Minister Lee Hsien Loong on Sunday.
https://www.straitstimes.com/singapore/politics/ndr-2023-s-pore-to-weather-storm-of-economic-uncertainty-global-warming-affecting-food-prices
https://www.straitstimes.com/business/singapore-asia-face-food-inflation-risks-as-price-of-rice-soars-to-15-year-high
Companies’ Brief
PhillipCapital upgrades CapitaLand Investment to ‘buy’ but trims target price after 1HFY2023 results
CapitaLand Investment (CLI) has earned a rating upgrade after posting revenue of $1.345 billion for 1HFY2023 ended June, down 0.7% y-o-y, which was slightly below PhillipCapital Research’s estimates, forming 41% of the research house’s FY2023 forecast.
https://www.theedgesingapore.com/capital/brokers-calls/phillipcapital-upgrades-capitaland-investment-buy-trims-target-price-after
LHN (Coli)-woos investors with more rooms, divestments as it seeks transfer to big board
Things have been falling nicely into place for LHN, the co-living operator listed on Catalist. “We didn’t expect demand to be so great. We thought that the business would grow constantly, (but) not exponential(ly),” said the group’s executive chairman and managing director Kelvin Lim, in an interview with The Business Times.
https://www.businesstimes.com.sg/companies-markets/lhn-coli-woos-investors-more-rooms-divestments-it-seeks-transfer-big-board
Views, Reviews Forum and Others
Suspects buying Singapore properties since 2017; 105 mainly residential units worth S$831 million
The group of foreigners linked to the billion-dollar money laundering case in Singapore has been picking up properties as far back as 2017, according to information obtained by The Business Times (BT) on deals linked to the 10 people arrested so far.
https://www.businesstimes.com.sg/property/suspects-buying-singapore-properties-2017-105-mainly-residential-units-worth-s831-million
https://www.straitstimes.com/singapore/courts-crime/billion-dollar-money-laundering-case-11-more-properties-in-s-pore-linked-to-suspects
https://www.straitstimes.com/singapore/using-properties-to-wash-dirty-money
https://www.channelnewsasia.com/singapore/money-laundering-probe-foreigners-properties-suspects-sentosa-cove-bungalows-condominium-3707496
The Big Read: Transporting migrant workers on lorries – why can’t we stop the unsafe practice after so long?
Singapore: Sometime in 2021, migrant worker Miah Mohammad Afzal saw a traffic accident before his very eyes – a motorcycle crashing into a stationary lorry that was picking up a group of his colleagues.
https://www.channelnewsasia.com/singapore/big-read-transporting-migrant-workers-lorries-3709986
Singapore will ensure stocks of updated COVID-19 vaccine if necessary, says MOH amid cases of new Eris variant
The Ministry of Health (MOH) said on Friday (Aug 18) that it will continue to ensure stocks of updated COVID-19 vaccines are available if necessary and appropriate for the local situation. It was responding to queries from CNA regarding the rise of the EG.5 “Eris” variant in the United States.
https://www.channelnewsasia.com/singapore/covid-19-vaccine-booster-eris-variant-eg5-omicron-xbb-moh-3708536
Global Economy & Real Estate
Economists lift US growth forecasts, see Fed keep rates higher for longer
https://www.businesstimes.com.sg/international/economists-lift-us-growth-forecasts-see-fed-keep-rates-higher-longer
China local governments to sell US$206 billion of financing debt
https://www.businesstimes.com.sg/international/china-local-governments-sell-us206-billion-financing-debt
China set to cut lending benchmarks next week as economy worsens
https://www.businesstimes.com.sg/international/china-set-cut-lending-benchmarks-next-week-economy-worsens
https://www.channelnewsasia.com/business/china-set-cut-lending-benchmarks-next-week-economy-worsens-3707426
China’s state developers warn of major losses as crisis spreads
https://www.businesstimes.com.sg/property/chinas-state-developers-warn-major-losses-crisis-spreads
China developer Longfor vows to boost profitability as H1 profit up 0.6%
https://www.businesstimes.com.sg/property/china-developer-longfor-vows-boost-profitability-h1-profit-06
https://www.channelnewsasia.com/business/china-developer-longfor-vows-boost-profitability-h1-profit-06-3708096
https://www.scmp.com/business/article/3231580/china-property-developer-longfor-maintains-profit-levels-first-half-year-defying-sector-downturn
Chinese financial regulators pledge further measures to tackle local government debt and property sector woes
https://www.scmp.com/economy/china-economy/article/3231716/chinese-financial-regulators-pledge-further-measures-tackle-local-government-debt-and-property
For single women in China, owning a home is a new form of resistance
https://www.businesstimes.com.sg/property/single-women-china-owning-home-new-form-resistance-0
German home building permits tumble amid calls for stimulus
https://www.businesstimes.com.sg/property/german-home-building-permits-tumble-amid-calls-stimulus
Hong Kong seaview mansion eyes ambitious HK$2.2 billion sale
https://www.businesstimes.com.sg/property/hong-kong-seaview-mansion-eyes-ambitious-hk22-billion-sale
Hong Kong property: discounts bring relief to ailing sector as thousands queue once more for flats at CK Asset’s Coast Line I in Yau Tong
https://www.scmp.com/business/article/3231701/hong-kong-property-discounts-bring-relief-ailing-sector-thousands-queue-once-more-flats-ck-assets
Fewer Hongkongers applying to buy subsidised flats could be sign of healthier market, possibly a ‘good thing’, housing minister says
https://www.scmp.com/news/hong-kong/society/article/3231641/fewer-hongkongers-applying-buy-subsidised-flats-could-be-sign-healthier-market-possibly-good-thing
Hong Kong property: developers give land for starter homes in Tsuen Wan the cold shoulder as market struggles with high rates, low demand
https://www.scmp.com/business/markets/article/3231559/hong-kong-property-developers-give-land-starter-homes-tsuen-wan-cold-shoulder-market-struggles-high
Japan PM says no decision on Fukushima water release date
https://www.businesstimes.com.sg/international/japan-pm-says-no-decision-fukushima-water-release-date
https://www.channelnewsasia.com/asia/japan-pm-fumio-kishida-visit-fukushima-nuclear-plant-radioactive-wastewater-release-pacific-ocean-3710901
Japan to increase minimum pay by record as inflation takes hold
https://www.businesstimes.com.sg/international/japan-increase-minimum-pay-record-inflation-takes-hold
Qatari royal mulls sale of luxury London homes for £370 million
https://www.businesstimes.com.sg/property/qatari-royal-mulls-sale-luxury-london-homes-ps370-million
Malaysia GDP eases to 2.9% in Q2; slowest growth in nearly two years
https://www.businesstimes.com.sg/international/asean/malaysia-gdp-eases-29-q2-slowest-growth-nearly-two-years
https://www.channelnewsasia.com/business/malaysia-posts-weakest-gdp-growth-nearly-2-years-exports-slump-3707381
Six decades on, Malaysia’s revamped Genting Highlands sports new look to woo tourists
https://www.businesstimes.com.sg/international/asean/six-decades-malaysias-revamped-genting-highlands-sports-new-look-woo-tourists
Taiwan cuts 2023 GDP growth forecast to 1.61% on weak exports
https://www.businesstimes.com.sg/international/taiwan-cuts-2023-gdp-growth-forecast-161-weak-exports
https://www.channelnewsasia.com/business/taiwan-sees-economic-growth-year-slowest-8-years-3708086
UK retail sales fall more than expected during rainy spell
https://www.businesstimes.com.sg/international/uk-retail-sales-fall-more-expected-during-rainy-spell
UK jobs market lost some of its heat in July: survey
https://www.businesstimes.com.sg/international/uk-jobs-market-lost-some-its-heat-july-survey
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