Singapore Real Estate
Ringfencing of residential, commercial land from foreigners may drive investors to other asset types
The move to restrict foreign buyers from purchasing land zoned as “commercial and residential” without government approval may result in a diversion of foreign investment to other asset classes, analysts said.
https://www.businesstimes.com.sg/property/ringfencing-residential-commercial-land-foreigners-may-drive-investors-other-asset-types
Fewer foreigners bought condos in Q2 after ABSD doubled; Americans the largest buyer group
Singapore – Fewer foreigners bought condominium units in the second quarter of 2023 as they were apparently deterred by the doubling of the additional buyer’s stamp duty (ABSD) for foreign buyers to 60 per cent in end-April.
https://www.straitstimes.com/singapore/housing/fewer-foreigners-bought-condos-in-q2-after-absd-doubled-americans-overtake-chinese-as-largest-buyer-grou
https://www.businesstimes.com.sg/international/global/americans-overtake-chinese-top-foreign-buyers-singapore-condos-q2-orangetee
New version of retail leasing code of conduct to include data transparency as ‘leasing principle’
An upcoming version of Singapore’s code of conduct for retail space leasing will upgrade existing data transparency guidelines to a “leasing principle”. This means that when the new version kicks in, data transparency will be one of the principles that landlords must follow, under a law currently making its way through Parliament.
https://www.businesstimes.com.sg/singapore/economy-policy/new-version-retail-leasing-code-conduct-include-data-transparency-leasing
Wing Tai’s The LakeGarden Residences to start previews on Jul 22
Previews for the new Jurong project, The LakeGarden Residences, will start on Saturday (July 22), with prices starting at just under S$2,000 per square foot (psf). The 99-year leasehold condominium by Wing Tai Holdings occupies 134,176 square feet (sq ft), with a gross plot ratio of 2.1.
https://www.businesstimes.com.sg/property/wing-tais-lakegarden-residences-start-previews-jul-22
Singapore Economy
EU and Singapore open negotiations on digital trade agreement
Singapore – The European Union (EU) and Singapore opened negotiations on a digital trade agreement on Thursday. The agreement will have legally binding rules and provisions that give certainty to end-to-end trade, facilitate trusted data flows and promote a connected and secure digital environment, the Ministry of Trade and Industry said.
https://www.straitstimes.com/business/eu-and-singapore-open-negotiations-on-digital-trade-agreement
Single family offices unlikely to flock to Singapore equities until market returns pick up: industry watchers
Changes to tax incentives for single family offices (SFOs) will draw attention to Singapore equities, industry players said, but fund flows will still depend on the market’s ability to deliver returns.
https://www.businesstimes.com.sg/companies-markets/single-family-offices-unlikely-flock-singapore-equities-until-market-returns-pick
Traffic at Changi Airport crosses 5m mark in June
Passenger traffic at Singapore’s Changi Airport, ranked the best in the world, surged to near pre-pandemic levels in June, amid demand for summer travel. The airport handled 5.12 million passengers that month, crossing the five million mark for the first time since January 2020, when the Covid-19 pandemic hit, said Changi Airport Group in a statement.
https://www.businesstimes.com.sg/companies-markets/traffic-changi-airport-crosses-5m-mark-june
https://www.straitstimes.com/singapore/changi-airport-passenger-traffic-in-june-crosses-5-million-mark-for-first-time-since-jan-2020
https://www.theedgesingapore.com/news/singapore/changi-airport-sees-passenger-traffic-nearly-returning-pre-covid-levels-june
https://www.scmp.com/news/asia/southeast-asia/article/3228356/singapores-changi-airport-sees-traffic-soar-over-5-million
Companies’ Brief
Ascott signs MOU with UN-formed body to train hospitality staff in sustainability starting October
The Ascott Limited (Ascott), a lodging business unit wholly owned by CapitaLand Investment, has signed a memorandum of understanding (MOU) with the Washington-headquartered Global Sustainable Tourism Council (GSTC) to jointly train Singapore’s hospitality staff in sustainability matters.
https://www.theedgesingapore.com/news/sustainability/ascott-signs-mou-un-formed-body-train-hospitality-staff-sustainability-starting
Lian Beng warns of lower FY2023 profits on unit’s expected losses
Construction and engineering company Lian Beng : L03 0% is expected to report lower profits for the full year ended May 31, as its subsidiary is expected to record a loss for the second half of its fiscal year.
https://www.businesstimes.com.sg/companies-markets/lian-beng-warns-lower-fy2023-profits-units-expected-losses
https://www.theedgesingapore.com/capital/results/lian-beng-expects-lower-profits-fy2023-after-subsidiary-slb-development-issues
Global Economy & Real Estate
US leading indicators point to recession starting soon
https://www.businesstimes.com.sg/international/us-leading-indicators-point-recession-starting-soon
Fed seen hiking final time to a 22-year peak in economist survey
https://www.businesstimes.com.sg/international/fed-seen-hiking-final-time-22-year-peak-economist-survey
https://www.straitstimes.com/business/fed-seen-hiking-interest-rates-a-final-time-to-a-22-year-peak-in-economist-survey
https://www.theedgesingapore.com/news/us-economy/fed-seen-hiking-final-time-22-year-peak-economist-survey
US existing home sales fall; annual house price decline slows
https://www.businesstimes.com.sg/property/us-existing-home-sales-fall-annual-house-price-decline-slows
China’s sagging economy looms over quarterly results around the world
https://www.businesstimes.com.sg/international/global/chinas-sagging-economy-looms-over-quarterly-results-around-world
https://www.channelnewsasia.com/business/chinas-sagging-economy-looms-over-quarterly-results-around-world-3643141
China keeps lending benchmarks unchanged; economic weakness tests policymakers
https://www.businesstimes.com.sg/international/china-keeps-lending-benchmarks-unchanged-economic-weakness-tests-policymakers
China mulls mortgage easing to spur home purchases in big cities
https://www.businesstimes.com.sg/property/china-mulls-mortgage-easing-spur-home-purchases-big-cities
https://www.scmp.com/business/china-business/article/3228331/china-mulls-easing-mortgages-spur-homebuying-big-cities-existing-policies-fail-sustain-property
Struggling German property firms appeal to Berlin for multi-billion euro boost
https://www.businesstimes.com.sg/property/struggling-german-property-firms-appeal-berlin-multi-billion-euro-boost
Thousands of Hong Kong homeowners face prosecution for failing to carry out timely building inspections, but surveyors say stiffer penalties needed
https://www.scmp.com/news/hong-kong/society/article/3228399/thousands-hong-kong-homeowners-warned-they-face-prosecution-failing-carry-out-timely-building
Evergrande creditors seized a $2 billion Hong Kong tower they can’t sell
https://www.straitstimes.com/business/evergrande-creditors-seized-a-2-billion-hong-kong-tower-they-can-t-sell
Japan’s inflation re-accelerates in June, stays above BOJ target
https://www.channelnewsasia.com/business/japans-inflation-re-accelerates-june-stays-above-boj-target-3644136
https://www.businesstimes.com.sg/international/japans-inflation-re-accelerates-june-stays-above-boj-target
Housing prices in Paris fall to the lowest level in four years
https://www.businesstimes.com.sg/property/housing-prices-paris-fall-lowest-level-four-years
New condo prices in Tokyo surge 60% to a record in H1
https://www.businesstimes.com.sg/property/new-condo-prices-tokyo-surge-60-record-h1
Malaysia exports down 14.1% in June as orders for manufactured goods slip
https://www.businesstimes.com.sg/international/malaysia-exports-down-141-june-orders-manufactured-goods-slip
South Korea annual economic growth likely slowed slightly in Q2 – Reuters poll
https://www.channelnewsasia.com/business/south-korea-annual-economic-growth-likely-slowed-slightly-q2-reuters-poll-3644186
Taiwan June export orders slump for 10th month, outlook may improve on AI
https://www.businesstimes.com.sg/international/taiwan-june-export-orders-slump-10th-month-outlook-may-improve-ai
UK rents climb a third above pre-Covid levels as tenant demand remains firm
https://www.businesstimes.com.sg/property/uk-rents-climb-third-above-pre-covid-levels-tenant-demand-remains-firm
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.