The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 2 Apr 2024 (Tue)

Singapore Real Estate


Singapore’s private home price growth slows to 1.5% in Q1 as sales fall 20%: URA
Private home prices in Singapore continued to rise in the first three months of 2024, chalking up 1.5 per cent growth following a 2.8 per cent advance in the last quarter of 2023, according to government data on Monday (Apr 1).


New long-stay serviced apartments a boon to developers, a bane for private landlords
Home renters here will in future have more choices. Besides public and private homes, co-living spaces and serviced apartments with a minimum stay requirement of seven days, renters can choose a new category of accommodation: long-stay serviced apartments with a three-month minimum stay requirement.


HDB resale prices rise at a faster 1.7% pace in Q1: flash data
Housing and Development Board (HDB) resale prices rose at a quicker pace in the first quarter of 2024, increasing 1.7 per cent versus the 1.1 per cent recorded in Q4 2023. Resale prices were up for the 16th consecutive quarter and higher than the 1 per cent rise recorded in the same period last year, flash data from HDB indicated on Monday (Apr 1).



Singapore Economy


In a more dangerous world, S’pore needs to work harder to resist divisive pressures: DPM Wong
Singapore – Finding one’s identity in a particular group can instil a sense of belonging and affirmation, but at its extreme, such tribalism can lead to beliefs based on falsehoods or an uncompromising ideology, said Deputy Prime Minister Lawrence Wong.


MAS launches centralised digital platform against money laundering, terrorism financing
The Monetary Authority of Singapore (MAS) launched Cosmic – which stands for Collaborative Sharing of Money Laundering/Terrorism Financing Information and Cases – to facilitate customer information-sharing among financial institutions (FIs).



Business News


IOI Properties Singapore appoints David Tibbott as new managing director
IOI Properties Singapore, the Singapore arm of Malaysian-listed property developer IOI Properties Group, announced that it has appointed David William Tibbott as managing director from March 1, 2024.


JTC names new members to its board, reappoints Tan Chong Meng as chairman
Singapores Ministry of Trade and Industry has appointed three new members to JTC Corporation’s board and reappointed Tan Chong Meng as chairman. The changes take effect on Monday (Apr 1).


Keppel, KIT expect proposal to extend KMC plant contract to generate up to S$1.1 billion in cash flows
Keppel and Keppel Infrastructure Trust (KIT) on Monday (Apr 1) proposed to amend and extend the capacity tolling agreement for the Keppel Merlimau Cogen (KMC) power plant by 10 years, from 2030 to 2040.


Mapletree Investments subsidiary sells 296.6 mil MLT units to Aranda Investments for $412 mil
Meranti, a subsidiary of Mapletree Investments, has sold 296.6 million units in Mapletree Logistics Trust (MLT) to Aranda Investments for $412 million or $1.389 apiece. The off-market transaction took place on March 28, when Meranti entered into a unit sale and purchase agreement (SPA) to sell part of its stake to Aranda Investments.


UOB to cut maximum interest rate for flagship savings account from May 1
Singapore: UOB will lower the interest rates for its flagship savings account from May 1, making it the first local bank to do so as market expectations build up for the possibility of rate cuts by the US Federal Reserve in the coming months.



Views, Reviews, Forum and Others


Assisted living firm Red Crowns Senior Living fined for engaging in illegal employment practices
Singapore — Red Crowns Senior Living has been fined after the Ministry of Manpower (MOM) found that the company had engaged in illegal employment practices. The assisted co-living agency had circumvented local requirements on foreign worker levies, MOM said in a Facebook post on Monday (April 1).


New charges for $3b money laundering accused over false financial statements to Iras, MOM
Singapore – Su Haijin, one of the accused in Singapore’s largest money laundering case, was on April 1 handed 12 more charges, the most dished out in the case in a day.



Global Economy & Real Estate


US construction spending falls for second straight month in February


US manufacturing recovering; raw material prices pose challenge


Asia’s factories paint picture of uneven recovery in March


Australia home prices rise for 14th straight month


Foreign direct investment into China plummets to 23-year low


China’s banks cut salaries, rescind bonuses amid economic slowdown and Beijing’s financial reshuffle


China clears US$70 billion ‘low-altitude economy’ for take-off with promise of minimal interference


China’s forecast-beating economic data buys officials time to figure out fix


World Bank warns of slowing growth in East Asia amid China slump


China criticises US tightening of chip export rules


China’s new home prices rise at fastest pace in over 2½ years, survey shows


Hong Kong misses out on JLL’s top 25 cities for innovation, talent, while Beijing, Tokyo and Singapore make top 10


Indonesia March inflation quickens to fastest in 7 months


London losing out on new job listings for head office staff


Malaysia has enough data to push ahead with subsidy cuts: economy minister


South Korea factory activity contracts in March as weak domestic demand drags, PMI shows


Thailand to widen 2025 budget deficit as it reworks handout plan


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