Singapore Real Estate
Singapore ringfences ‘commercial and residential’ land from foreign buyers
Foreigners will be required to get government approval to purchase land currently zoned as “commercial and residential” from Thursday (Jul 20). This follows changes to the Residential Property Act (RPA) to “safeguard residential land for Singaporeans”, the Ministry of Law (MinLaw) and Singapore Land Authority (SLA) announced on Wednesday night.
https://www.businesstimes.com.sg/property/singapore-ringfences-commercial-and-residential-land-foreign-buyers
https://www.straitstimes.com/singapore/foreigners-must-get-approval-to-buy-commercial-and-residential-land-properties-minlaw-sla
https://www.edgeprop.sg/property-news/foreigners-need-approval-purchase-%E2%80%98commercial-residential%E2%80%99-sites-says-minlaw-sla
https://www.channelnewsasia.com/singapore/foreigners-mixed-commercial-residential-properties-singapore-government-approval-3640731
https://www.todayonline.com/singapore/foreigners-need-approval-buy-mixed-commercial-and-residential-properties-land-singapore-2215216
https://www.scmp.com/news/asia/southeast-asia/article/3228316/singapore-says-foreigners-need-approval-buy-mixed-commercial-and-residential-properties-land
Retail podium at 183 Longhaus up for sale with S$35 million guide price
The retail podium at mixed-use development 183 Longhaus has been put on the market via expression of interest (EOI). The guide price is S$35.1 million, S$3 million lower than its previous price tag.
https://www.businesstimes.com.sg/property/retail-podium-183-longhaus-sale-s35-million-guide-price
https://www.edgeprop.sg/property-news/freehold-retail-podium-183-longhaus-sale-351-mil
Further completion delay for 1,000 Punggol BTO units after main contractor replaced due to ‘unsatisfactory progress’
Singapore — The completion dates of some 1,000 Build-to-Order (BTO) units in Punggol Point Cove, already delayed by about six to nine months due to the Covid-19 pandemic, will be further pushed back for up to another three months.
https://www.todayonline.com/singapore/punggol-point-cove-completion-delay-bto-hdb-contractor-2214861
https://www.straitstimes.com/singapore/housing/punggol-bto-face-further-delays-after-main-contractor-terminated-due-to-unsatisfactory-progress
Companies’ Brief
Keppel grows South Korean portfolio to 2.6 trillion won with new tower acquisition
Keppel Corporation on Thursday (Jul 20) said its private funds acquired the Bank of Korea’s Sogong Annex Facility, located in Seoul’s Central Business District (CBD). The move brings the conglomerate’s South Korean portfolio to 2.6 trillion won (S$2.6 billion).
https://www.businesstimes.com.sg/companies-markets/keppel-grows-south-korean-portfolio-26-trillion-won-new-tower-acquisition
https://www.theedgesingapore.com/news/property/keppels-private-funds-acquire-bank-koreas-sogong-annex-facility-seoul
Sabana Reit H1 DPU up 1.3% to S$0.0161 on ‘strong operational performance’
Sabana Industrial Real Estate Investment Trust (Sabana Reit) posted a distribution per unit (DPU) of S$0.0161 for the first half of its fiscal year ended Jun 30, 2023, up 1.3 per cent from S$0.0159 in the corresponding year-ago period, its manager announced on Wednesday (Jul 19).
https://www.businesstimes.com.sg/companies-markets/sabana-reit-h1-dpu-13-s00161-strong-operational-performance
https://www.theedgesingapore.com/capital/results/sabana-industrial-reit-reports-13-y-o-y-increase-1hfy2023-dpu-161-cents
Global Economy & Real Estate
US single-family starts drop; building permits hit 12-month high
https://www.businesstimes.com.sg/international/us-single-family-starts-drop-building-permits-hit-12-month-high
Australian office landlords face price reckoning amid buyer impasse
https://www.businesstimes.com.sg/property/australian-office-landlords-face-price-reckoning-amid-buyer-impasse
China government land sales revenue downturn deepens in June
https://www.businesstimes.com.sg/property/china-government-land-sales-revenue-downturn-deepens-june
https://www.channelnewsasia.com/business/china-govt-land-sales-revenue-downturn-deepens-june-3638601
China’s fiscal revenue growth slows, signals broadening economic pressure
https://www.businesstimes.com.sg/international/chinas-fiscal-revenue-growth-slows-signals-broadening-economic-pressure
China vows to boost private economy, protect businesses
https://www.businesstimes.com.sg/international/china-vows-boost-private-economy-protect-businesses
https://www.channelnewsasia.com/business/china-increase-support-private-firms-bolster-recovery-3639856
China’s economic slowdown to have ‘global repercussions’ beyond trade, hinder current account recovery, IMF says
https://www.scmp.com/economy/china-economy/article/3228250/chinas-economic-slowdown-have-global-repercussions-beyond-trade-hinder-current-account-recovery-imf
China state-backed developers Greenland, Sino-Ocean in debt payment trouble
https://www.businesstimes.com.sg/property/china-state-backed-developers-greenland-sino-ocean-debt-payment-trouble
https://www.channelnewsasia.com/business/china-state-backed-developers-greenland-sino-ocean-debt-payment-trouble-3639371
Why China could become the luxury industry’s next sore spot
https://www.straitstimes.com/business/why-china-could-become-the-luxury-industrys-next-sore-spot
Dubai’s luxury home prices rise the most, Hong Kong still the most expensive prime residential market, Savills says
https://www.scmp.com/business/article/3228221/dubais-luxury-home-prices-rise-most-hong-kong-still-most-expensive-prime-residential-market-savills
Hong Kong talent war means new bank hires get 30% jump in pay
https://www.straitstimes.com/business/hong-kong-talent-war-means-new-bank-hires-get-30-jump-in-pay
Japan June exports rise 1.5% yr/yr – MOF
https://www.channelnewsasia.com/business/japan-june-exports-rise-15-yr-yr-mof-3641291
Visitors to Japan top two million in June for the first time since Covid
https://www.businesstimes.com.sg/international/visitors-japan-top-two-million-june-first-time-covid
https://www.straitstimes.com/asia/east-asia/japan-visitors-top-2-million-in-june-for-first-time-since-covid-19
https://www.channelnewsasia.com/asia/japan-tourism-covid-19-travel-weak-yen-3639181
ADB cuts South-east Asia growth forecast for 2023 on weak manufacturing demand
https://www.businesstimes.com.sg/international/asean/adb-cuts-south-east-asia-growth-forecast-2023-weak-manufacturing-demand
Sweden home starts indicator hits 9-year low after price slump
https://www.businesstimes.com.sg/property/sweden-home-starts-indicator-hits-9-year-low-after-price-slump
UK annual inflation drops under 8%
https://www.channelnewsasia.com/business/uk-annual-inflation-drops-under-8-3639191
UK property rental prices rise at the fastest pace since 2016
https://www.businesstimes.com.sg/property/uk-property-rental-prices-rise-fastest-pace-2016
UK inflation slows sharply, offering some relief to Bank of England
https://www.businesstimes.com.sg/international/uk-inflation-slows-sharply-offering-some-relief-bank-england
https://www.straitstimes.com/business/uk-s-high-inflation-cools-offering-some-relief-to-bank-of-england
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