Singapore Real Estate / Built Environment
Investors still banking on Singapore co-living as hospitality play
In the run-up to the pandemic, co-living looked like the next big thing. Easy money was pouring into car-sharing, platform gigs, co-working spaces – and “dorms for grown-ups”, as an The Atlantic headline from 2015 called the sector.
https://www.businesstimes.com.sg/property/investors-still-banking-singapore-co-living-hospitality-play
Dalvey Road bungalow owned by wife of 3AC’s Zhu Su sells for S$51 million
A bungalow in Dalvey Road linked to failed Three Arrows Capital (3AC) co-founder Zhu Su has been sold for S$51 million. The price for the bungalow, located near the Singapore Botanic Gardens, works out to S$3,276 per square foot (psf) on the freehold land area of 15,568 sq ft.
https://www.businesstimes.com.sg/property/dalvey-road-bungalow-owned-wife-3acs-zhu-su-sells-s51-million
https://www.straitstimes.com/business/property/disgraced-three-arrows-founders-wife-sells-singapore-mansion-for-51-million
Singapore opportunities could shine in Hongkong Land’s remaking
Seven months into the job, chief executive Michael Smith is stirring things up at Jardine Matheson Group’s 135-year-old Hongkong Land. Under its new strategy, Hongkong Land will focus on investment properties in key Asian gateway cities. It will no longer invest in the build-to-sell segment, and will instead recycle capital from this segment into new integrated commercial property opportunities.
https://www.businesstimes.com.sg/opinion-features/singapore-opportunities-could-shine-hongkong-lands-remaking
Singapore Economy
Singapore contributes $13 million more to global pandemic fund
Singapore – Singapore has contributed an additional US$10 million (S$13 million) to the global pandemic fund, the health and finance ministries said in a joint statement on Nov 1. The new infusion – announced at a pledging event attended by Health Minister Ong Ye Kung on the sidelines of the Group of 20 joint finance and health ministerial meeting in Brazil on Oct 31 – raises Singapore’s total contribution so far to US$20 million.
https://www.straitstimes.com/singapore/singapore-contributes-13-million-more-to-global-pandemic-fund
https://www.zaobao.com.sg/realtime/singapore/story20241101-5282101
Singapore public-private task force calls for enhanced grants, flexibility with foreign workers
Task force co-chair and Senior Minister of State for Trade and Industry Low Yen Ling said at the launch: “The government will take the AfA report seriously, and review each one of the 27 recommendations with the relevant ministries and agencies.”
https://www.businesstimes.com.sg/singapore/singapore-public-private-task-force-calls-enhanced-grants-flexibility-foreign-workers
https://www.straitstimes.com/business/of-the-27-recommendations-to-improve-singapores-competitiveness-a-handful-can-already-be-implemented
10 areas where Singapore has made progress: Public sector report card
Singapore – The Republic has made progress in key areas of national interest, according to the eighth edition of the Singapore Public Sector Outcomes Review, a stocktake of Singapore’s progress released every two years. Published by the Ministry of Finance (MOF) on Nov 1, the report outlined opportunities that Singaporeans have at every stage of life.
https://www.straitstimes.com/singapore/10-areas-where-singapore-has-made-progress-public-service-report-card
https://www.businesstimes.com.sg/singapore/singapores-labour-productivity-2-4-year-industry-transformation-maps-roll-out-mof
Business News
CDL acquires 51% stake in Shanghai mixed-used site for 4.6 billion yuan
City Developments Ltd (CDL), together with its partner in China, Lianfa Group, have been awarded the tender for a mixed-use development site in the Xintiandi area of Shanghai’s Huangpu district.
https://www.businesstimes.com.sg/companies-markets/cdl-acquires-51-stake-shanghai-mixed-used-site-4-6-billion-yuan
https://www.zaobao.com.sg/realtime/singapore/story20241101-5284686
JTC launches Singapore’s first district-level smart grid in Punggol
JTC has tapped Univers and PacificLight to pioneer Singapore’s first district-level smart grid in Punggol Digital District (PDD), integrating solar panels with a battery-energy storage system to enhance energy resilience and reduce costs.
https://www.businesstimes.com.sg/singapore/jtc-launches-singapores-first-district-level-smart-grid-punggol
https://www.straitstimes.com/singapore/jtc-appoints-consortium-to-build-smart-grid-in-punggol-digital-district
https://www.zaobao.com.sg/news/singapore/story20241103-5282914
Chua Hsien Yang to head Keppel Reit’s manager from Jan 1
Keppel Reit’s manager on Friday (Nov 1) announced that Chua Hsien Yang will be appointed as its chief executive from Jan 1, 2025. The manager of the real estate investment trust (Reit) said its current chief executive, Koh Wee Lih, will step down on Dec 31, 2024, and take on the role of managing director of business development at Keppel.
https://www.businesstimes.com.sg/companies-markets/chua-hsien-yang-head-keppel-reits-manager-jan-1
SPH Media cuts 10% of tech employees in restructuring move in bid to stay sustainable
Thirty-four or 10 per cent of SPH Media’s employees in its tech division across teams and ranks will be cut as the group aims to remain competitive and sustainable amid the changing media landscape.
https://www.businesstimes.com.sg/companies-markets/sph-media-cuts-10-tech-employees-restructuring-move-bid-stay-sustainable
Straits Trading Company makes bold move in Malaysia with Penang’s Straits City project
Singapore-based Straits Developments, the property development arm of Singapore-listed Straits Trading Company, is taking a strategic leap into Malaysia’s real estate market with Straits City, a landmark mixed-use project in Butterworth, Penang.
https://www.businesstimes.com.sg/international/asean/straits-trading-company-makes-bold-move-malaysia-penangs-straits-city-project
Views, Reviews, Forum and Others
Penthouse owners in Haig Avenue told to address unauthorised rooftop structures
Singapore – Owners of penthouse units in Haig Avenue who had put up unauthorised structures on their rooftops will be given time to regularise or remove them after inspections by the authorities found no structural safety issues.
https://www.straitstimes.com/singapore/penthouse-owners-on-haig-avenue-told-to-address-unauthorised-rooftop-structures
Worker dies after being hit by concrete mixer truck in Marina East; driver arrested for negligence
Singapore – A 46-year-old Thai construction worker died on Oct 30 after he was struck by a concrete mixer truck that was entering a work site in Marina East Drive. This is the seventh reported workplace death in the period between July and October.
https://www.straitstimes.com/singapore/worker-dies-after-being-hit-by-concrete-truck-in-marina-east-driver-arrested-for-negligence
https://www.zaobao.com.sg/realtime/singapore/story20241102-5285901
Global Economy & Real Estate
Global growth remains resilient in 2025; economies expected to benefit from Fed rate cuts: Allianz chief economist
https://www.businesstimes.com.sg/international/global/global-growth-remains-resilient-2025-economies-expected-benefit-fed-rate-cuts-allianz-chief
Fed and peers will go ahead with rate cuts after this week’s US election
https://www.straitstimes.com/business/economy/fed-and-peers-will-go-ahead-with-rate-cuts-after-this-weeks-us-election
US economy is slowing but solid in final run-up to election
https://www.businesstimes.com.sg/international/us-economy-slowing-solid-final-run-election
US manufacturing drops to 15-month low in October
https://www.businesstimes.com.sg/international/us-manufacturing-drops-15-month-low-october
Australia to slash A$16 billion off student debt amid cost of living pressures
https://www.businesstimes.com.sg/international/australia-slash-16-billion-student-debt-amid-cost-living-pressures
Private credit lenders chase growth in Australia real estate
https://www.businesstimes.com.sg/property/private-credit-lenders-chase-growth-australia-real-estate
Canadian manufacturing PMI rises to 20-month high in October
https://www.businesstimes.com.sg/international/canadian-manufacturing-pmi-rises-20-month-high-october
Micro apartment, granny flat: What affordable housing looks like for Asia-Pacific millennials
https://www.channelnewsasia.com/cna-insider/micro-apartment-granny-flat-housing-affordability-tokyo-manila-sydney-4718111
IMF warns of risks to Asia’s economy as trade tensions, soft China growth bite
https://www.channelnewsasia.com/business/imf-warns-risks-asias-economy-trade-tensions-soft-china-growth-bite-4717241
China stimulus gives manufacturing, housing a shot in the arm
https://www.businesstimes.com.sg/international/china-stimulus-gives-manufacturing-housing-shot-arm
China home sales see first monthly rise in 2024 on stimulus blitz
https://www.straitstimes.com/business/property/china-home-sales-see-first-monthly-rise-in-2024-on-stimulus
https://www.channelnewsasia.com/business/china-new-home-prices-grow-slightly-faster-october-private-survey-shows-4717221
China property developer Yuzhou to raise US$14.4 million via rights issue
https://www.businesstimes.com.sg/property/china-property-developer-yuzhou-raise-us14-4-million-rights-issue
Chinese consumers, still hungry for luxury goods, pounce on weak yen to feed cravings
https://www.scmp.com/economy/global-economy/article/3284813/chinese-consumers-still-hungry-luxury-goods-pounce-weak-yen-feed-cravings
Hong Kong September retail sales fall 6.9%
https://www.businesstimes.com.sg/international/hong-kong-september-retail-sales-fall-6-9
https://www.channelnewsasia.com/business/hong-kong-september-retail-sales-fall-69-4717971
As Hong Kong and Singapore age, health businesses become bigger property players
https://www.scmp.com/business/article/3284845/hong-kong-and-singapore-age-health-businesses-become-bigger-property-players
Hong Kong’s Urban Renewal Authority considers taking on Kowloon City project on its own
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3285011/hong-kongs-urban-renewal-authority-weigh-bond-issuance-borrowing-after-failed-tender
Mainland Chinese buyers rush into Hong Kong property amid low prices and rates, high rents
https://www.scmp.com/business/article/3285010/mainland-chinese-buyers-rush-hong-kong-property-amid-low-prices-and-rates-high-rents
Hong Kong homebuyers give the cold shoulder to New World-led Pavilia Forest II
https://www.scmp.com/business/china-business/article/3284950/hong-kong-homebuyers-give-cold-shoulder-new-world-led-pavilia-forest-ii
Indonesia’s inflation slightly above forecast, more rate cuts seen
https://www.channelnewsasia.com/business/indonesias-inflation-slightly-above-forecast-more-rate-cuts-seen-4717311
Indonesia plans to increase minimum period for exporters to retain earnings
https://www.businesstimes.com.sg/international/update-1-indonesia-plans-increase-minimum-period-exporters-retain-earnings
Japan political turmoil a risk for BOJ December hike, former board member says
https://www.businesstimes.com.sg/international/japan-political-turmoil-risk-boj-december-hike-former-board-member-says
https://www.channelnewsasia.com/business/japan-political-turmoil-risk-boj-december-hike-former-board-member-says-4718331
Japan’s rising minimum wage likely to push up inflation, BOJ says
https://www.businesstimes.com.sg/international/japans-rising-minimum-wage-likely-push-inflation-boj-says
https://www.channelnewsasia.com/business/japans-rising-minimum-wage-likely-push-up-inflation-boj-says-4717671
Japan cuts growth forecast again for current fiscal year on weak exports
https://www.businesstimes.com.sg/international/japan-cuts-growth-forecast-again-current-fiscal-year-weak-exports
https://www.channelnewsasia.com/business/japan-cuts-growth-forecast-again-current-fiscal-year-weak-exports-4718001
An unlikely winner in the office real estate slump? A dance troupe.
https://www.businesstimes.com.sg/property/unlikely-winner-office-real-estate-slump-dance-troupe
UK Business Minister admits tax hikes may hit hiring and pay growth
https://www.businesstimes.com.sg/international/uk-business-minister-admits-tax-hikes-may-hit-hiring-and-pay-growth
UK factory activity shrinks slightly for first time since April, PMI shows
https://www.businesstimes.com.sg/international/uk-factory-activity-shrinks-slightly-first-time-april-pmi-shows
UK house prices barely rose in month before Budget, lender says
https://www.businesstimes.com.sg/international/uk-house-prices-barely-rose-month-budget-lender-says
UK calls bluff of ultra-rich foreigners threatening to leave
https://www.businesstimes.com.sg/international/uk-calls-bluff-ultra-rich-foreigners-threatening-leave
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