Singapore Real Estate
Consider lowering ABSD for foreigners buying homes in selected areas such as Marina South
The Urban Redevelopment Authority (URA) recently rejected the sole bid of nearly S$770.5 million or S$984 per square foot per plot ratio (psf ppr) for the 99-year leasehold Marina Gardens Crescent site in Marina South because the bid price was too low.
https://www.businesstimes.com.sg/opinion-features/consider-lowering-absd-foreigners-buying-homes-selected-areas-such-marina-south
Budget 2024 property tax changes unlikely to impact homebuying decisions: OCBC
Lower property tax bills will likely not have much material impact on a homebuyer’s decision to purchase a property, OCBC Investment Research said on Monday (Feb 19). Last Friday, Finance Minister Lawrence Wong announced in his Budget speech that property annual value bands (AV) for owner-occupied residential properties will be revised upwards from Jan 1, 2025.
https://www.businesstimes.com.sg/property/budget-2024-property-tax-changes-unlikely-impact-homebuying-decisions-ocbc
Pine Grove owners lower reserve price to S$1.78 billion in fifth en bloc attempt
Pine Grove condominium will be put up for collective sale again, this time with plans underway to lower the reserve price by 8.7 per cent to S$1.78 billion, marketing agent ERA said on Monday (Feb 19).
https://www.businesstimes.com.sg/property/pine-grove-owners-lower-reserve-price-s178-billion-fifth-en-bloc-attempt
https://www.straitstimes.com/business/pine-grove-getting-closer-to-securing-mandate-to-relaunch-collective-sale-at-178b
JTC to build fourth phase of aerospace factory buildings in Seletar by 2027
JTC Corporation will build the fourth phase of a factory development in Seletar Aerospace Park by 2027, to meet demand from the aerospace industry.
https://www.straitstimes.com/singapore/jtc-to-build-fourth-phase-of-aerospace-factory-buildings-in-seletar
https://www.businesstimes.com.sg/companies-markets/transport-logistics/seletar-aerospace-park-add-11000-sqm-development-green
https://www.channelnewsasia.com/watch/new-aerospace-facility-be-ready-2027-meet-industry-demand-4134516
Leaks, condensation issues persist for some Tengah home owners using centralised cooling system
Some Tengah flat owners are still facing problems with the defective centralised cooling system in their homes, months after leaking issues with the air-conditioning alternative first surfaced. Photos and videos of puddles on the floors of Build-to-Order (BTO) units in the housing estate – caused by the leaky centralised cooling system – are circulating on a Telegram chat group dedicated to detailing such issues.
https://www.channelnewsasia.com/singapore/tengah-centralised-cooling-system-leaks-condensation-issues-persist-sp-group-daikin-hdb-4134051
Business News
KSH Holdings’ subsidiary takes on new construction project, order book increases to $156 million
KSH Holdings’ construction order book in Singapore has increased to $156 million, after its wholly-owned subsidiary Kim Seng Heng Engineering Construction, took on a new construction project, according to a release dated Feb 19.
https://www.theedgesingapore.com/news/company-news/ksh-holdings-subsidiary-takes-new-construction-project-order-book-increases-156
Soilbuild expects FY2023 net profit after year earlier loss
The board of Soilbuild Construction has announced that it expects to report a net profit after tax for the FY2023 ended Dec 31, 2023, compared to the net loss after tax recorded for FY2022.
https://www.theedgesingapore.com/capital/results/soilbuild-expects-fy2023-net-profit-after-year-earlier-loss
Global Economy & Real Estate
Singapore developer to build luxury township near Cambodia’s new airport
https://www.businesstimes.com.sg/international/asean/singapore-developer-build-luxury-township-near-cambodias-new-airport
Foreign direct investment to China slumps to 30 year low
https://www.businesstimes.com.sg/international/foreign-direct-investment-china-slumps-30-year-low
https://www.straitstimes.com/business/foreign-direct-investment-to-china-slumps-to-30-year-low
China’s Hainan cuts down payment for first-home buyers
https://www.businesstimes.com.sg/property/chinas-hainan-cuts-down-payment-first-home-buyers
China seen cutting mortgage reference rate for first time since June
https://www.businesstimes.com.sg/companies-markets/banking-finance/china-seen-cutting-mortgage-reference-rate-first-time-june
https://www.channelnewsasia.com/business/china-seen-cutting-mortgage-reference-rate-first-time-june-4133666
China state banks earmark 60 billion yuan for property projects
https://www.businesstimes.com.sg/property/china-state-banks-earmark-60-billion-yuan-property-projects
https://www.straitstimes.com/business/china-state-banks-earmark-over-11-billion-for-property-projects
China’s frugal holiday tourists show recovery still needs work
https://www.businesstimes.com.sg/international/chinas-frugal-holiday-tourists-show-recovery-still-needs-work
German recession doesn’t mean severe downturn, Bundesbank says
https://www.businesstimes.com.sg/international/german-recession-doesnt-mean-severe-downturn-bundesbank-says
German homes are still overvalued despite price drop: Bundesbank
https://www.businesstimes.com.sg/property/german-homes-are-still-overvalued-despite-price-drop-bundesbank
Hong Kong records most Chinese New Year tourists since pre-covid
https://www.businesstimes.com.sg/international/hong-kong-records-most-chinese-new-year-tourists-pre-covid
Hong Kong’s luxury homes market shows signs of life as waves of price discounts entice some bottom fishing
https://www.scmp.com/business/article/3252461/hong-kongs-luxury-homes-market-shows-signs-life-waves-price-discounts-entice-some-bottom-fishing
Hong Kong team develops AI-equipped trolley to ease strain on workers
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3252328/hong-kong-team-develops-ai-equipped-trolley-ease-strain-workers
BOK to keep policy rate unchanged until Q3 despite easing inflation – Reuters poll
https://www.channelnewsasia.com/business/bok-keep-policy-rate-unchanged-until-q3-despite-easing-inflation-reuters-poll-4135261
New bids in to revive KL-Singapore high-speed rail, but govt funding remains missing link
https://www.businesstimes.com.sg/international/asean/new-bids-revive-kl-singapore-high-speed-rail-govt-funding-remains-missing-link
Thai Q4 GDP quarterly contraction firms case for rate cut
https://www.channelnewsasia.com/business/thai-q4-gdp-quarterly-contraction-firms-case-rate-cut-4133356
UK property prices show first annual rise since August: Report
https://www.straitstimes.com/business/uk-property-prices-show-first-annual-rise-since-august-report
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