Singapore Real Estate/Built Environment
Hong Leong’s Kassia sells 52% of 276 units on launch weekend; prices between S$1,821 and S$2,177 psf
Freehold condominium project Kassia sold 52 per cent of its 276 residential units on its launch weekend, with prices ranging between S$1,821 and S$2,177 per square foot (psf).
https://www.businesstimes.com.sg/property/hong-leongs-kassia-sells-52-276-units-launch-weekend-prices-between-s1821-and-s2177-psf
https://www.straitstimes.com/business/hong-leong-s-kassia-freehold-condo-sells-52-of-276-units-on-launch-weekend
Market in senior co-living opening up
With Singapore’s fast-ageing society headed towards an impending shortage in senior-friendly housing, a market in alternative accommodation for the elderly is opening up.
https://www.businesstimes.com.sg/property/market-senior-co-living-opening
Singapore’s ‘super-aged’ society needs more housing options, and soon
By 2030, one in four Singaporeans will be over 65 years old. The demographic trend will put Singapore in the “super-aged” category along with other developed countries such as Japan, Germany and Italy, and creates immediate challenges in developing housing that suits seniors in terms of space, income and care.
https://www.businesstimes.com.sg/property/singapores-super-aged-society-needs-more-housing-options-and-soon
Singapore Economy
Putting in place safeguards, crisis plans for tech outages starts in peacetime: Josephine Teo
Preparations for crises such as the recent global tech outage often start in peacetime, when things are going reasonably well, said Minister for Digital Development and Information Josephine Teo.
https://www.businesstimes.com.sg/international/putting-place-safeguards-crisis-plans-tech-outages-starts-peacetime-josephine-teo
https://www.straitstimes.com/singapore/putting-in-place-safeguards-crisis-plans-for-tech-outages-starts-in-peacetime-josephine-teo
Check-in operations back to normal for Changi Airport airlines hit by CrowdStrike outage
Singapore: Singapore’s Changi Airport said on Saturday (Jul 20) that check-in operations have returned to normal for all airlines affected by Friday’s IT outage, which hit businesses globally.
https://www.channelnewsasia.com/singapore/crowdstrike-windows-it-outage-update-mistake-flights-companies-4492961
https://www.straitstimes.com/singapore/check-ins-for-most-airlines-hit-by-global-it-outage-at-changi-airport-back-to-normal
https://www.businesstimes.com.sg/singapore/check-ins-most-airlines-hit-global-it-outage-changi-airport-back-normal
Why is Singapore’s recycling rate falling?
Singapore – Recyclables “spoilt” with food or liquid waste may be a common and regrettable sight at many recycling bins around Singapore, but poor recycling habits are not likely to be the main driver behind Singapore’s falling recycling rates, said an expert.
https://www.straitstimes.com/singapore/why-is-singapore-s-recycling-rate-falling
Business News
Bukit Sembawang defends its capital structure, senior management changes after Sias queries
Property developer Bukit Sembawang Estates (BSEL) on Friday (Jul 19) defended its capital structure and growth plans, among other things, in response to a slew of questions from the Securities Investor Association (Singapore), or Sias.
https://www.businesstimes.com.sg/companies-markets/bukit-sembawang-defends-its-capital-structure-senior-management-changes-after-sias-queries
Mapletree to open Abu Dhabi office for Mid-East foray
Mapletree Investments is opening an office in Abu Dhabi, betting on one of the few bright spots in the global commercial real estate market to revive its beleaguered portfolio.
https://www.businesstimes.com.sg/property/mapletree-open-abu-dhabi-office-mid-east-foray
https://www.theedgesingapore.com/news/company-news/temaseks-mapletree-open-abu-dhabi-office
OUE braces for H1 loss on property market slowdown, economic uncertainty in China
Property developer OUE expects to record a net loss for the first six months ended Jun 30, 2024, reversing a net profit of S$40.2 million in the same period last year.
https://www.businesstimes.com.sg/companies-markets/oue-braces-h1-loss-property-market-slowdown-economic-uncertainty-china
https://www.theedgesingapore.com/news/results/oue-expected-record-loss-1hfy2024-mainly-due-estimated-losses-252-owned-investee
Tuan Sing Holdings to divest majority of indirect investment in land in Fuzhou City in IPT
Tuan Sing Holdings, through its wholly-owned subsidiary, Sing-Hu International Pte Ltd, has divested a majority of its indirect investment in a parcel of vacant greenfield land in Shoushan Countryside, Jin’an District in Fuzhou City, Fujian Province. The land measures some 163,740 sq m or 1.762 million sq ft.
https://www.theedgesingapore.com/news/property/tuan-sing-holdings-divest-majority-indirect-investment-land-fuzhou-city-ipt
Global Economy & Real Estate
Flights resume after global IT crash wreaks havoc
https://www.businesstimes.com.sg/international/flights-resume-after-global-it-crash-wreaks-havoc
https://www.channelnewsasia.com/business/crowdstrike-ceo-apologizes-tech-outage-says-systems-should-be-recovering-nbc-4491441
Global tech outage eases after widespread disruption; new focus seen on risks
https://www.businesstimes.com.sg/international/global-tech-outage-eases-after-widespread-disruption-new-focus-seen-risks
US likely to cut rates 3 times this year as inflation cools, says former Fed vice-chair
https://www.scmp.com/business/banking-finance/article/3271164/us-likely-cut-rates-3-times-year-inflation-cools-says-former-fed-vice-chair?module=top_story&pgtype=section
Blackstone president expects ‘new cycle’ for real estate market
https://www.businesstimes.com.sg/property/blackstone-president-expects-new-cycle-real-estate-market
Xi vows tax reform, to improve China’s Budget in new economic blueprint
https://www.businesstimes.com.sg/international/xi-vows-tax-reform-improve-chinas-budget-new-economic-blueprint
https://www.scmp.com/economy/china-economy/article/3271137/china-puts-tax-reform-sights-leaders-mull-governments-role-alleviating-pressure?module=top_story&pgtype=subsection
China likely to maintain lending rates even as economy slows
https://www.businesstimes.com.sg/companies-markets/banking-finance/china-likely-maintain-lending-rates-even-economy-slows
China developer Sino-Ocean announces $7.6 billion offshore debt revamp plan
https://www.straitstimes.com/business/china-developer-sino-ocean-announces-78-billion-offshore-debt-revamp-plan
Eurozone inflation will continue easing, may fall below 2% by 2026: ECB survey
https://www.businesstimes.com.sg/international/eurozone-inflation-will-continue-easing-may-fall-below-2-2026-ecb-survey
Limiting Hong Kong land sales for now a wise move
https://www.scmp.com/opinion/comment/article/3271319/limiting-hong-kong-land-sales-now-wise-move
Hong Kong can adjust housing ratio when wait time for public flats improves: minister
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3271297/hong-kong-can-adjust-housing-ratio-when-wait-time-public-flats-improves-minister
Hong Kong housing authorities raising rents by 10% with 3-month waiver starting in October
https://www.scmp.com/news/hong-kong/society/article/3271100/hong-kong-housing-authorities-raise-rents-10-3-month-waiver-starting-october
Hong Kong homebuyers snap up discounted Uppland flats in Tuen Mun, reversing sales flops
https://www.scmp.com/business/article/3271244/hong-kong-homebuyers-snap-discounted-uppland-flats-tuen-mun-reversing-sales-flops
Signs of recovery in Hong Kong property market as Kai Tak flats draw US$218 million in orders
https://www.scmp.com/business/article/3271311/signs-recovery-hong-kong-property-market-kai-tak-flats-draw-us218m-orders
Japan cuts growth forecast, PM Kishida warns of pain from weak yen
https://www.straitstimes.com/business/japan-cuts-growth-forecast-economic-council-frets-over-pain-from-weak-yen
https://www.channelnewsasia.com/business/japan-cuts-growth-forecast-prime-minister-warns-weak-yen-pain-4490226
Japan to speed up entry process as tourist wave hits new record
https://www.businesstimes.com.sg/international/japan-speed-entry-process-tourist-wave-hits-new-record
https://www.channelnewsasia.com/business/japan-sees-record-314-million-visitors-june-weak-yen-fuels-tourism-boom-4490246
Malaysia’s Q2 GDP growth beats estimates as recovery holds
https://www.straitstimes.com/business/malaysian-economy-grew-58-in-q2-fastest-pace-in-six-quarters
https://www.channelnewsasia.com/business/malaysia-estimates-economy-grew-faster-q2-4490476
Toronto condo developers see lowest new unit sales in 27 years
https://www.businesstimes.com.sg/property/toronto-condo-developers-see-lowest-new-unit-sales-27-years
As Starmer settles in, new UK government seeks confidence boost to grow slow-moving economy
https://www.businesstimes.com.sg/international/starmer-settles-new-uk-government-seeks-confidence-boost-grow-slow-moving-economy
Ultra-rich entrepreneurs threaten to desert Britain over tax
https://www.businesstimes.com.sg/international/global/ultra-rich-entrepreneurs-threaten-desert-britain-over-tax
UK GfK consumer confidence edges up to near three-year high
https://www.businesstimes.com.sg/international/uk-gfk-consumer-confidence-edges-near-three-year-high
Number of UK bankruptcies jumps to highest in over a year
https://www.businesstimes.com.sg/international/number-uk-bankruptcies-jumps-highest-over-year
UK faces stark choice as public service pay hikes loom
https://www.businesstimes.com.sg/international/uk-faces-stark-choice-public-service-pay-hikes-loom
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