Singapore Real Estate
Just 2 bids for Jalan Tembusu private housing site; EC plot in Tampines garners 7 bidders
There was a sharp contrast in demand for two 99-year leasehold residential sites at state land tenders on Tuesday (Jul 18). A private housing site in Jalan Tembusu – off Haig Road and Tanjong Katong Road – fetched just two bids. It can yield about 840 residential units. A site for executive condominium (EC) housing development in Tampines Street 62, meanwhile, drew seven bidders.
https://www.businesstimes.com.sg/property/just-2-bids-jalan-tembusu-private-housing-site-ec-plot-tampines-garners-7-bidders
https://www.straitstimes.com/business/sim-lian-scores-top-bid-of-8288m-for-jalan-tembusu-state-land-tender
https://www.edgeprop.sg/property-news/tampines-street-62-parcel-b-ec-site-draws-bids-seven-tenderers
As retail leasing guidelines become law, tenants want more data from landlords
Even as guidelines for retail leasing are set to become law, tenants want to go beyond the proposed legislation and request more data from landlords. More data will give them a leg up in rental negotiations, tenants said.
https://www.businesstimes.com.sg/singapore/retail-leasing-guidelines-become-law-tenants-want-more-data-landlords
Prime retail rents set to rise as global brands expand in Singapore: Knight Frank
Singapore’s prime retail rents are expected to rise between 3 per cent and 5 per cent for the whole of 2023, despite signs of the growth moderating in the second quarter, said Knight Frank in a report on Tuesday (Jul 18).
https://www.businesstimes.com.sg/property/prime-retail-rents-set-rise-global-brands-expand-singapore-knight-frank
Views, Reviews Forum and Others
Nearly 2,000 enforcement actions, $400k in fines for unsafe workplaces in 3 months: MOM
Singapore – Some 1,900 enforcement actions – including five stop work orders and 274 fines amounting to more than $400,000 – were issued by the Ministry of Manpower (MOM) between April and June.
https://www.straitstimes.com/singapore/nearly-2000-enforcement-actions-400k-in-fines-for-unsafe-workplaces-in-3-months-mom
Singapore passport replaces Japan’s as world’s most powerful
Singapore has replaced Japan as the country with the world’s most powerful passport, according to the latest ranking published by Henley Passport Index on Tuesday. It allows visa-free entry to 192 out of 227 global destinations.
https://www.straitstimes.com/singapore/singapore-passport-replaces-japan-s-as-world-s-most-powerful
https://www.theedgesingapore.com/news/singapore/singapore-passport-worlds-most-powerful-replacing-japan
Global Economy & Real Estate
US builder confidence hits highest level in over a year
https://www.businesstimes.com.sg/international/us-builder-confidence-hits-highest-level-over-year
Only 1% of US homes have changed hands so far this year: Redfin
https://www.businesstimes.com.sg/property/only-1-us-homes-have-changed-hands-so-far-year-redfin
US retail sales rise slightly in June; core retail sales solid
https://www.businesstimes.com.sg/international/us-retail-sales-rise-slightly-june-core-retail-sales-solid
US industrial output falls in June for second straight month
https://www.businesstimes.com.sg/international/us-industrial-output-falls-june-second-straight-month
Ken Griffin purchases Palm Beach property for US$83 million
https://www.businesstimes.com.sg/property/ken-griffin-purchases-palm-beach-property-us83-million
Canada’s inflation rate drops to 27-month low; food prices still elevated
https://www.businesstimes.com.sg/international/canadas-inflation-rate-drops-27-month-low-food-prices-still-elevated
Canada sees path forward on global digital services tax deal
https://www.businesstimes.com.sg/international/canada-sees-path-forward-global-digital-services-tax-deal
China property recovery is short-lived as industry contracts
https://www.businesstimes.com.sg/international/china-property-recovery-short-lived-industry-contracts
Evergrande pushes restructuring plan after US$81 billion loss
https://www.businesstimes.com.sg/companies-markets/evergrande-pushes-restructuring-plan-after-us81-billion-loss
https://www.scmp.com/business/banking-finance/article/3228026/china-evergrande-reports-steep-losses-2021-and-2022-offers-update-offshore-debt-restructuring
Deutsche Bank cuts China’s 2023 growth forecast to 5.3%
https://www.channelnewsasia.com/business/deutsche-bank-cuts-chinas-2023-growth-forecast-53-3636186
China unveils package to boost consumption as growth loses steam
https://www.straitstimes.com/business/china-unveils-package-to-boost-consumption-as-growth-loses-steam
German real estate cash fears are overdone, Deutsche Bank says
https://www.businesstimes.com.sg/property/german-real-estate-cash-fears-are-overdone-deutsche-bank-says
Hong Kong Urban Renewal Authority records rare HK$3.5 billion loss, marking first annual deficit in 9 years
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3228117/hong-kong-urban-renewal-authority-records-rare-hk35-billion-loss-marking-first-deficit-9-years
Brace for more mortgage pain as HSBC, Hong Kong peers seen lifting prime rates with the Fed odds-on to tighten policy again
https://www.scmp.com/business/banking-finance/article/3228013/brace-more-mortgage-pain-hong-kong-lenders-seen-lifting-prime-rates-fed-odds-tighten-policy-again
Japan companies less confident about business conditions: survey
https://www.businesstimes.com.sg/international/japan-companies-less-confident-about-business-conditions-survey
https://www.channelnewsasia.com/business/japan-companies-less-confident-about-business-conditions-reuters-tankan-3638291
Inflation proves blessing in disguise for Japanese retailers
https://www.straitstimes.com/business/inflation-proves-blessing-in-disguise-for-japan-retailers
New Zealand Q2 CPI rises 1.1%, slightly faster than expected
https://www.businesstimes.com.sg/international/new-zealand-q2-cpi-rises-11-slightly-faster-expected
South Korea to hike minimum wage by 2.5% in 2024, smallest in three years
https://www.channelnewsasia.com/business/south-korea-hike-minimum-wage-25-2024-smallest-three-years-3638311
UK inflation data set to fuel pressure for more BOE rate hikes
https://www.businesstimes.com.sg/international/uk-inflation-data-set-fuel-pressure-more-boe-rate-hikes
UK insolvencies jump as higher rates take their toll
https://www.businesstimes.com.sg/international/uk-insolvencies-jump-higher-rates-take-their-toll
UK profit warnings rise for seventh quarter as high rates bite
https://www.businesstimes.com.sg/international/uk-profit-warnings-rise-seventh-quarter-high-rates-bite
https://www.straitstimes.com/business/uk-profit-warnings-rise-for-seventh-quarter-as-high-rates-bite
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