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).
https://www.businesstimes.com.sg/property/singapore-s-private-home-price-growth-slows-1.5-q1-sales-fall-20-ura
https://www.straitstimes.com/business/rising-retrenchments-high-interest-rates-slow-private-home-price-growth-to-15-in-q1
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.
https://www.businesstimes.com.sg/opinion-features/new-long-stay-serviced-apartments-boon-developers-bane-private-landlords
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).
https://www.businesstimes.com.sg/property/hdb-resale-prices-rise-faster-1.7-pace-q1-flash-data
https://www.straitstimes.com/singapore/housing/hdb-resale-prices-up-17-in-q1-higher-than-11-rise-in-previous-quarter
https://www.channelnewsasia.com/singapore/hdb-resale-private-home-prices-rise-waiting-period-property-analysts-4233876
https://www.channelnewsasia.com/watch/hdb-resale-prices-17-q1-4234791
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.
https://www.straitstimes.com/singapore/in-a-more-dangerous-world-s-pore-needs-to-work-harder-to-resist-divisive-pressures-dpm-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).
https://www.businesstimes.com.sg/companies-markets/mas-launches-centralised-digital-platform-against-money-laundering-terrorism-financing
https://www.straitstimes.com/singapore/new-digital-platform-allowing-banks-to-exchange-information-on-suspicious-customers-launched
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.
https://www.theedgesingapore.com/news/new-appointments/ioi-properties-singapore-appoints-david-tibbott-new-managing-director
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).
https://www.businesstimes.com.sg/singapore/jtc-names-new-members-its-board-reappoints-tan-chong-meng-chairman
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.
https://www.businesstimes.com.sg/companies-markets/keppel-kit-expect-proposal-extend-kmc-plant-contract-generate-s-1.1-billion-cash-flows
https://www.straitstimes.com/business/keppel-kit-propose-to-extend-kmc-plant-contract-to-generate-up-to-11-billion-in-cash-flows
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.
https://www.theedgesingapore.com/capital/insider-moves/food-empire-and-yangzijiang-financial-active-share-buybacks
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.
https://www.channelnewsasia.com/singapore/uob-cut-maximum-interest-rate-flagship-savings-account-may-1-4234181
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).
https://www.todayonline.com/singapore/assisted-living-firm-red-crowns-senior-living-fined-engaging-illegal-employment-practices-2394666
https://www.channelnewsasia.com/singapore/red-crowns-senior-living-fined-offence-nursing-home-alternative-4233926
https://www.straitstimes.com/singapore/red-crowns-senior-living-fined-changes-operating-model-to-comply-with-labour-law
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.
https://www.straitstimes.com/singapore/new-charges-for-3b-money-laundering-accused-over-false-financial-statements-to-iras-mom
https://www.todayonline.com/singapore/billion-dollar-money-laundering-case-suspect-gets-12-new-charges-including-lying-iras-mom-2394561
https://www.channelnewsasia.com/singapore/1-billion-money-laundering-su-haijin-12-new-charges-4234086
Global Economy & Real Estate
US construction spending falls for second straight month in February
https://www.businesstimes.com.sg/property/us-construction-spending-falls-second-straight-month-february
US manufacturing recovering; raw material prices pose challenge
https://www.businesstimes.com.sg/international/us-manufacturing-recovering-raw-material-prices-pose-challenge
Asia’s factories paint picture of uneven recovery in March
https://www.businesstimes.com.sg/international/asia-s-factories-paint-picture-uneven-recovery-march
https://www.straitstimes.com/business/weak-asian-factories-take-shine-off-china-s-rebound
https://www.channelnewsasia.com/business/weak-asian-factories-take-shine-chinas-rebound-4233956
Australia home prices rise for 14th straight month
https://www.businesstimes.com.sg/property/australia-home-prices-rise-14th-straight-month
Foreign direct investment into China plummets to 23-year low
https://www.businesstimes.com.sg/international/global/foreign-direct-investment-china-plummets-23-year-low
China’s banks cut salaries, rescind bonuses amid economic slowdown and Beijing’s financial reshuffle
https://www.scmp.com/economy/economic-indicators/article/3257474/chinas-banks-cut-salaries-rescind-bonuses-amid-economic-slowdown-and-beijings-financial-reshuffle
China clears US$70 billion ‘low-altitude economy’ for take-off with promise of minimal interference
https://www.scmp.com/economy/china-economy/article/3257466/china-clears-us70-billion-low-altitude-economy-take-promise-minimal-interference
China’s forecast-beating economic data buys officials time to figure out fix
https://www.businesstimes.com.sg/international/global/china-s-forecast-beating-economic-data-buys-officials-time-figure-out-fix
World Bank warns of slowing growth in East Asia amid China slump
https://www.businesstimes.com.sg/international/world-bank-warns-slowing-growth-east-asia-amid-china-slump
https://www.straitstimes.com/business/world-bank-warns-of-slowing-growth-in-east-asia-amid-china-slump
China criticises US tightening of chip export rules
https://www.businesstimes.com.sg/international/china-criticises-us-tightening-chip-export-rules
China’s new home prices rise at fastest pace in over 2½ years, survey shows
https://www.businesstimes.com.sg/property/china-s-new-home-prices-rise-fastest-pace-over-21-2-years-survey-shows
https://www.scmp.com/business/article/3257444/chinas-new-home-sales-slide-10th-month-buyers-sidelined-lending-push-failing-halt-liquidity-crisis
Hong Kong misses out on JLL’s top 25 cities for innovation, talent, while Beijing, Tokyo and Singapore make top 10
https://www.scmp.com/business/article/3257453/hong-kong-misses-out-jlls-top-25-cities-innovation-talent-while-beijing-tokyo-and-singapore-make-top
Indonesia March inflation quickens to fastest in 7 months
https://www.channelnewsasia.com/business/indonesia-march-inflation-quickens-fastest-7-months-4234076
London losing out on new job listings for head office staff
https://www.businesstimes.com.sg/property/london-losing-out-new-job-listings-head-office-staff
Malaysia has enough data to push ahead with subsidy cuts: economy minister
https://www.businesstimes.com.sg/international/asean/malaysia-has-enough-data-push-ahead-subsidy-cuts-economy-minister
South Korea factory activity contracts in March as weak domestic demand drags, PMI shows
https://www.businesstimes.com.sg/international/south-korea-factory-activity-contracts-march-weak-domestic-demand-drags-pmi-shows
https://www.channelnewsasia.com/business/south-koreas-march-consumer-prices-rise-31-expected-slow-4235551
https://www.channelnewsasia.com/business/s-korea-factory-activity-contracts-march-weak-domestic-demand-drags-pmi-shows-4233786
Thailand to widen 2025 budget deficit as it reworks handout plan
https://www.businesstimes.com.sg/international/asean/thailand-widen-2025-budget-deficit-it-reworks-handout-plan
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