Singapore Real Estate
Land parcels in Ang Mo Kio, Kembangan earmarked for residential use
More homes are expected to be built in Ang Mo Kio and Kembangan as the Urban Redevelopment Authority (URA) plans to rezone land parcels there for residential use. One plot along Ang Mo Kio Avenue 2 is to be rezoned from educational to residential use, with a gross plot ratio of 3.5.
https://www.businesstimes.com.sg/property/land-parcels-ang-mo-kio-kembangan-earmarked-residential-use
https://www.straitstimes.com/singapore/housing/former-site-of-kebun-baru-primary-school-in-ang-mo-kio-earmarked-for-high-rise-housing-developments
New homes and park set to be built near Kembangan MRT station; community club to be redeveloped
New residential development will be built on a plot of land next to Kembangan MRT station, which currently houses a football field with a running track and a basketball court.
https://www.straitstimes.com/singapore/housing/new-homes-and-park-set-to-be-built-near-kembangan-mrt-station-community-club-to-be-redeveloped
Hillhaven and Arcady, the first condo launches of 2024, off to slow start
Two projects – Hillhaven in District 23, and freehold development The Arcady at Boon Keng in District 12 – kicked off the year’s private home launches over the weekend, with both off to a slow start, although analysts described the sales as “encouraging”.
https://www.businesstimes.com.sg/property/hillhaven-and-arcady-first-condo-launches-2024-slow-start
https://www.straitstimes.com/business/property/new-condo-launches-arcady-and-hillhaven-sell-over-50-units-each-on-launch-day
Mandate sought from Pine Grove owners to relaunch collective sale at lower price of $1.78b
He collective sale committee of Pine Grove condominium is trying to get the requisite 80 per cent mandate from owners to relaunch a collective sale at a lower reserve price of $1.78 billion, after the tender closed in November 2023 without any bids at the $1.95 billion price.
https://www.straitstimes.com/business/mandate-sought-from-pine-grove-collective-sale-owners-to-relaunch-at-lower-price-of-178b
More than 400 rental households in Toa Payoh relocated, two blocks to be redeveloped
More than 400 rental households have moved out of two blocks in Toa Payoh as part of broader plans to redevelop older estates to provide new homes and amenities.
https://www.straitstimes.com/singapore/housing/more-than-400-rental-households-in-toa-payoh-relocated-two-blocks-to-be-redeveloped
Commentary: Tengah residents’ complaints reflect age-old problem of moving into non-mature estates
The first batch of Tengah’s residents have moved into their homes and complaints about the lack of amenities and transport options have started to surface. Other issues raised include poor data connectivity, prevalence of dust and mosquitoes, and challenges with booking a taxi or food delivery.
https://www.channelnewsasia.com/commentary/tengah-hdb-bto-resale-non-mature-estate-new-framework-4060101
Companies’ Brief
Ascott sets sights on Japan market to fuel growth
The Ascott Limited, CapitaLand Investment (CLI) lodging business unit, sees strong potential coming from Japan, a market poised for further growth post-pandemic.
https://www.businesstimes.com.sg/companies-markets/ascott-sets-sights-japan-market-fuel-growth
OUE Commercial REIT ready to receive travellers with renovated Hilton Singapore Orchard, Changi Airport hotel: UOBKH
OUE Commercial REIT (OUECT) completed enhancements for Hilton Singapore Orchard (HSO) in January 2023 and Crowne Plaza Changi Airport (CPCA) this month. With these asset enhancement initiatives (AEI) in place, OUECT is ready to receive the rising numbers of leisure and business travellers visiting Singapore, says UOB Kay Hian Research (UOBKH).
https://www.theedgesingapore.com/capital/brokers-calls/oue-commercial-reit-ready-receive-travellers-renovated-hilton-singapore
26 S-Reits confirm schedule for upcoming earnings season
Twenty-six, or more than half, of Singapore real estate investment trusts (S-Reits) have confirmed that they will unveil financial results or business updates starting this week for their respective periods ended Dec 31, 2023.
https://www.businesstimes.com.sg/companies-markets/26-s-reits-confirm-schedule-upcoming-earnings-season
Views, Reviews, Forum and Others
Construction of MRT station in Pasir Ris paused after noise barrier panels wrecked
The Land Transport Authority (LTA) has called for a safety timeout at the construction site of an MRT station in Pasir Ris, after a section of the noise barrier panels came crashing down upon being hit by machinery.
https://www.straitstimes.com/singapore/construction-of-mrt-station-in-pasir-ris-paused-after-noise-barrier-panels-wrecked
https://www.todayonline.com/singapore/pasir-ris-mrt-station-cross-island-line-construction-site-barrier-collapse-2346016
https://www.channelnewsasia.com/singapore/pasir-ris-east-mrt-construction-equipment-collapse-4060376
Acra cancels registrations of filing agent, qualified individual linked to money-laundering probe
The Accounting and Corporate Regulatory Authority (Acra) has cancelled the registration of the filing agent linked to the 10 foreigners nabbed in 2023’s mega anti-money laundering bust. The registration belonging to the agent’s qualified individual has also been invalidated.
https://www.businesstimes.com.sg/singapore/acra-cancels-registrations-filing-agent-qualified-individual-linked-money-laundering
https://www.straitstimes.com/singapore/acra-sanctions-bedok-resident-behind-185-companies-over-links-to-28b-mone-laundering-bust
Arrest warrants out for 2 more laundering suspects; one has S$145 million in bank accounts
Fifty-five more
roperties and 15 vehicles have been slapped with prohibition of disposal orders by the police, in an update to Singapore’s largest money laundering case. An additional 189 luxury bags, 34 pieces of jewellery and five luxury watches have been seized or issued with prohibition of disposal orders, bringing the total value of items to more than S$3 billion to date, the police said on Friday (Jan 19).
https://www.businesstimes.com.sg/singapore/arrest-warrants-out-2-more-laundering-suspects-one-has-s145-million-bank-accounts
https://www.straitstimes.com/singapore/assets-frozen-in-money-laundering-case-exceed-3b-55-more-properties-and-15-vehicles-seized
https://www.todayonline.com/singapore/singapore-seeks-2-more-suspects-massive-money-laundering-case-assets-seized-or-frozen-top-s3b-2346076
https://www.channelnewsasia.com/singapore/billion-dollar-money-laundering-case-suspects-assets-seized-frozen-3-billion-fugitives-4059966
8 new charges for money laundering accused who allegedly funded three properties at Scotts Road
Su Baolin, one of the 10 accused in the S$2.8 billion money laundering case, was handed eight more charges on Friday (Jan 19). Su, 42, who was originally from China, holds a Cambodian passport and now faces 10 charges in total.
https://www.businesstimes.com.sg/singapore/8-new-charges-money-laundering-accused-who-allegedly-funded-three-properties-scotts-road
https://www.straitstimes.com/singapore/courts-crime/8-new-charges-for-money-laundering-accused-who-allegedly-funded-three-properties-at-scotts-road
Global Economy & Real Estate
Global tourism to reach pre-pandemic levels in 2024
https://www.businesstimes.com.sg/international/global/global-tourism-reach-pre-pandemic-levels-2024-un
US Q4 GDP to crown vigorous second half
https://www.businesstimes.com.sg/international/us-q4-gdp-crown-vigorous-second-half
The US seems to be dodging a recession. What could go wrong?
https://www.businesstimes.com.sg/wealth/us-seems-be-dodging-recession-what-could-go-wrong
US consumer sentiment rises solidly in January
https://www.businesstimes.com.sg/international/us-consumer-sentiment-rises-solidly-january
US existing-home sales decline to cap worst year since 1995
https://www.businesstimes.com.sg/property/us-existing-home-sales-decline-cap-worst-year-1995
Australian house price growth to be ‘muted’ in 2024: Oxford Economics
https://www.businesstimes.com.sg/property/australian-house-price-growth-be-muted-2024-oxford-economics
Canada retail sales rebounded in December after slowdown
https://www.businesstimes.com.sg/international/canada-retail-sales-rebounded-december-after-slowdown
Did China’s economy really grow 5.2% in 2023? Not all agree
https://www.businesstimes.com.sg/international/did-chinas-economy-really-grow-52-2023-not-all-agree
China property: why an uptick in Beijing, Shanghai home sales is unlikely to last
https://www.scmp.com/business/article/3249128/china-property-why-uptick-beijing-shanghai-home-sales-unlikely-last
China property: once-mighty developers strain for lifelines of state support after end of sector’s ‘golden age’
https://www.scmp.com/business/china-business/article/3249066/china-property-once-mighty-developers-strain-lifelines-state-support-after-end-sectors-golden-age
Dubai GDP grows 3.3% in first nine months of 2023
https://www.businesstimes.com.sg/international/dubai-gdp-grows-33-first-nine-months-2023
Hong Kong’s Paul Chan says he plans to adopt ‘balanced measures’ in budget to boost public confidence, economic vitality
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3249228/hong-kongs-paul-chan-aims-balanced-measures-budget-boost-public-confidence-economic-vitality
Hong Kong may lose Australian talent to Singapore if Canberra puts tax squeeze on expats, business chamber chief warns
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3249257/hong-kong-may-lose-australian-talent-singapore-if-canberra-puts-tax-squeeze-expats-business-chamber
Hong Kong, Guangdong authorities discuss new investigation system to catch out city’s public housing cheats with properties across the border
https://www.scmp.com/news/hong-kong/society/article/3249236/talks-guangdong-province-permanent-cross-border-checks-system-hong-kong-cracks-down-public-housing
Mainland Chinese buyers return to Hong Kong’s luxury property market amid signs of a pickup in activity
https://www.scmp.com/business/article/3249229/mainland-chinese-buyers-return-hong-kongs-luxury-property-market-amid-signs-pickup-activity
State-owned reinsurer China Re rents floor at Two IFC, upgrades offices at same price as previous lease
https://www.scmp.com/business/article/3249141/state-owned-reinsurer-china-re-rents-floor-two-ifc-upgrades-offices-same-price-previous-lease
New World, Abu Dhabi Investment Authority are seeking to refinance HK$9.25 billion hotel loan
https://www.businesstimes.com.sg/property/new-world-abu-dhabi-investment-authority-are-seeking-refinance-hk925-billion-hotel-loan
Li Ka-shing’s partner Solina Chau buys $35 million luxury London home
https://www.straitstimes.com/business/li-ka-shing-s-partner-solina-chau-buys-35-million-luxury-london-home
Hong Kong authorities to probe 42-storey hotel development after site found to have used steel bars meant for separate project
https://www.scmp.com/news/hong-kong/society/article/3249209/hong-kong-authorities-probe-42-storey-hotel-development-after-site-found-have-used-steel-bars-meant
Malaysia’s 2023 GDP growth estimated at 3.8%, missing forecast due to weak exports
https://www.businesstimes.com.sg/international/asean/malaysias-2023-gdp-growth-estimated-38-missing-forecast-due-weak-exports
https://www.straitstimes.com/business/malaysia-s-economic-growth-misses-estimate-as-china-weighs
https://www.channelnewsasia.com/business/malaysias-economy-likely-expanded-q4-outlook-cloudy-4059536
Malaysia central bank likely to keep rates untouched until at least 2026
https://www.businesstimes.com.sg/international/malaysia-central-bank-likely-keep-rates-untouched-until-least-2026
https://www.channelnewsasia.com/business/malaysia-central-bank-likely-keep-rates-untouched-until-least-2026-4059666
British retail sales slump 3.2% in December
https://www.businesstimes.com.sg/international/british-retail-sales-slump-32-december
Sunak’s migration clampdown risks shortage of hospitality workers
https://www.businesstimes.com.sg/international/sunaks-migration-clampdown-risks-shortage-hospitality-workers
UK home sellers’ profits hit by high interest rates
https://www.businesstimes.com.sg/property/uk-home-sellers-profits-hit-high-interest-rates
Vietnam reforms land law, expects better year ahead for troubled property market
https://www.businesstimes.com.sg/international/asean/vietnam-reforms-land-law-expects-better-year-ahead-troubled-property-market
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