Singapore Real Estate/Built Environment
Site near Great World City draws two bids; top bid of S$1,325 psf ppr from Wing Tai
The latest state land tender shows developers continuing to display reduced appetite for private residential sites amid the strain from persistently high interest rates and property cooling measures, among other business risks.
https://www.businesstimes.com.sg/property/site-near-great-world-city-draws-two-bids-top-bid-s1325-psf-ppr-wing-tai
https://www.straitstimes.com/business/river-valley-green-gls-plot-draws-464m-top-bid-no-bids-for-upper-thomson-long-stay-apartments-site
No bids for Upper Thomson Road housing site at URA tender
A plot of state land in Upper Thomson found no takers among developers in a tender that closed on Wednesday (Jun 19). Market watchers had expected to see up to three bids.
https://www.businesstimes.com.sg/property/no-bids-upper-thomson-road-housing-site-ura-tender
https://www.straitstimes.com/business/river-valley-green-gls-plot-draws-464m-top-bid-no-bids-for-upper-thomson-long-stay-apartments-site
New private home sales dive 78.7% year on year in May amid market slump
New private home sales dwindled in May, falling to the lowest level seen for the month of May since record-keeping began in June 2007. They were also down nearly 80 per cent year on year.
https://www.businesstimes.com.sg/property/new-private-home-sales-dive-78-7-year-year-may-amid-market-slump
https://www.straitstimes.com/business/new-private-home-sales-drought-continues-in-may-in-absence-of-major-new-launches
HDB launches nearly 7,000 BTO flats in June exercise
A total of 6,938 flats across eight projects were launched for sale on Wednesday (Jun 19) by the Housing and Development Board (HDB) under its June 2024 Build-To-Order (BTO) exercise. New flats available in this exercise are in Jurong East, Kallang/Whampoa, Queenstown, Tampines, Woodlands and Yishun.
https://www.businesstimes.com.sg/property/hdb-launches-nearly-7000-bto-flats-june-exercise
https://www.straitstimes.com/singapore/housing/hdb-launches-6938-bto-flats-raises-subsidies-for-three-projects-in-prime-areas
https://www.channelnewsasia.com/singapore/hdb-bto-june-2024-exercise-tanjong-rhu-holland-vista-4420781
Singapore Economy
Singapore’s growth momentum challenged by weak global outlook, says report
Singapore – Subdued global growth and high interest rates that are deterring investment and consumption will hinder Singapore’s trade-dependent economy, according to a new report. It estimated that the economy is set to expand by 2 per cent in 2024, markedly under the forecast 2.6 per cent growth for the world economy, which would be the slowest pace since the end of the pandemic.
https://www.straitstimes.com/business/singapore-s-growth-momentum-is-challenged-by-weak-global-outlook-says-report
S’pore’s first underground service reservoir in housing estate to supply water to Bidadari residents
Singapore – Beneath a green field at Bidadari Park, at a depth of about two basement carpark levels, lies an underground reservoir that will supply water to the new neighbourhood from the third quarter of 2024.
https://www.straitstimes.com/singapore/s-pore-s-first-underground-service-reservoir-in-housing-estate-to-supply-water-to-bidadari-residents
Tougher policy could help Singapore achieve better energy efficiency
When I lived in London, I first moved into a property built in 1998. It had been fully refurbished the year before I arrived, which means the walls had fresh paint and the sinks had mixer taps.
https://www.businesstimes.com.sg/opinion-features/columns/tougher-policy-could-help-singapore-achieve-better-energy-efficiency
Views, Reviews, Forum and Others
Oil spill incident: Time needed to assess full extent of environmental impact, says Desmond Lee
Singapore – The impact of the June 14 oil spill is wide-reaching and still unfolding, and time will be needed for the authorities to assess the full extent of its environmental impact, said Minister for National Development Desmond Lee.
https://www.straitstimes.com/singapore/environment/oil-spill-incident-full-extent-of-environmental-impact-will-take-time-to-assess-says-desmond-lee
Future pandemic response should not be about ‘fighting last war’: Ong Ye Kung
Singapore: There is a tendency for governments to prepare for old challenges rather than new ones, and this applies to the approach to pandemic preparedness, Minister for Health Ong Ye Kung said on Tuesday (Jun 18).
https://www.channelnewsasia.com/singapore/covid19-pandemic-response-outbreak-measures-vaccine-health-minister-ong-ye-kung-4421041
Global Economy & Real Estate
Getting industrial policy right is a tricky business
https://www.businesstimes.com.sg/opinion-features/getting-industrial-policy-right-tricky-business
Fed officials urge patience on rate cuts, offer hints on timing
https://www.straitstimes.com/business/fed-officials-urge-patience-on-rate-cuts-offer-hints-on-timing
Gold holds ground as traders gauge Fed rate-cut bets
https://www.businesstimes.com.sg/companies-markets/energy-commodities/gold-holds-ground-traders-gauge-fed-rate-cut-bets
US homebuilder confidence slides to lowest level this year
https://www.businesstimes.com.sg/property/us-homebuilder-confidence-slides-lowest-level-year
US mortgage rates drop below 7% for first time since March
https://www.businesstimes.com.sg/property/us-mortgage-rates-drop-below-7-first-time-march
Fitch sees Asian tourism rebounding to pre-Covid levels by 2025
https://www.businesstimes.com.sg/international/global/fitch-sees-asian-tourism-rebounding-pre-covid-levels-2025
https://www.theedgesingapore.com/news/sector-focus/fitch-sees-asian-tourism-rebounding-pre-covid-levels-2025
China’s exports could go from economic asset to liability as trade tensions multiply, analysts say
https://www.scmp.com/economy/china-economy/article/3267253/chinas-exports-could-go-economic-asset-liability-trade-tensions-multiply-analysts-say?module=top_story&pgtype=subsection
China may overhaul consumer taxes as plenum looms, Goldman says
https://www.businesstimes.com.sg/international/china-may-overhaul-consumer-taxes-plenum-looms-goldman-says
China needs consumption surge for full-blown economic recovery, researcher says
https://www.scmp.com/economy/china-economy/article/3267227/china-needs-consumption-surge-full-blown-economic-recovery-researcher-says?module=top_story&pgtype=section
Rare bulls in China property market stick to their bets
https://www.businesstimes.com.sg/property/rare-bulls-china-property-market-stick-their-bets
IMF urges Denmark to introduce more property risk safeguards
https://www.businesstimes.com.sg/property/imf-urges-denmark-introduce-more-property-risk-safeguards
Business leaders see political instability as a threat to Europe
https://www.businesstimes.com.sg/international/business-leaders-see-political-instability-threat-europe
Hong Kong topples Tokyo as Asia’s costliest city to build, as labour shortage inflates cost
https://www.scmp.com/business/china-business/article/3267181/hong-kong-topples-tokyo-asias-costliest-city-build-labour-shortage-inflates-cost
Japan lays groundwork to sell shorter debt as Bank of Japan eyes rate hike
https://www.businesstimes.com.sg/international/japan-lays-groundwork-sell-shorter-debt-bank-japan-eyes-rate-hike
New Zealand economy returns to growth, exiting recession
https://www.businesstimes.com.sg/international/new-zealand-economy-returns-growth-exiting-recession
https://www.straitstimes.com/business/new-zealand-exits-recession-but-economy-remains-weak
Thai PM proposes $138 billion budget to parliament to revive economy
https://www.straitstimes.com/world/thai-pm-proposes-102-billion-budget-to-parliament-to-revive-economy
UK inflation returns to target for first time since 2021
https://www.businesstimes.com.sg/international/uk-inflation-returns-target-first-time-2021
https://www.straitstimes.com/business/uk-inflation-hits-2-goal-for-first-time-in-almost-three-years
UK house prices edge higher in sign of stability after downturn
https://www.businesstimes.com.sg/property/uk-house-prices-edge-higher-sign-stability-after-downturn
UK homebuilder Berkeley targets rental market, raises outlook
https://www.businesstimes.com.sg/property/uk-homebuilder-berkeley-targets-rental-market-raises-outlook
Rising UK homelessness keeps housing crunch in front of voters
https://www.businesstimes.com.sg/property/rising-uk-homelessness-keeps-housing-crunch-front-voters
Disclaimer & Note:
Real Estate Developers’ Association of Singapore (REDAS) does not warrant the accuracy, adequacy or completeness of the information and expressly disclaims liability for errors or omissions therein. The content, accuracy, and opinions expressed are not investigated, verified, monitored, nor endorsed by REDAS. Every effort is taken to ensure that all information extracted is correct at the time of dissemination.
The Daily News is issued as news gathering for the convenience and benefits of REDAS’ members only and not for mass circulation. Members are advised to exercise discretion in the use and dissemination of the information. The news links are time-sensitive and require registration of fee-based digital subscriptions.