Singapore Real Estate
Government bumps up supply of private homes for full-year 2023 to highest in decade
To cater to strong private residential demand, the government is further increasing the supply of private homes on the confirmed list to about 5,160 units – including 560 executive condominium (EC) units – in the second half of 2023. This is 26.2 per cent higher than the supply of 4,090 private homes (including 700 EC units) in the current, first-half 2023 Government Land Sales (GLS) programme.
https://www.businesstimes.com.sg/property/government-bumps-supply-private-homes-full-year-2023-highest-decade
https://www.channelnewsasia.com/singapore/ura-private-housing-supply-raise-highest-decade-3576606
Demand, supply and the question of value
In the Singapore market, where entry cost is a high barrier, is investing in property now a poor proposition? Housing prices are at a high and only just starting to flatten. Transaction costs have grown significant for investors both local and foreign with higher stamp duties in place.
https://www.businesstimes.com.sg/property/demand-supply-and-question-value
Supply is ample, yet there is value in Singapore property
The United Kingdom (UK) may have more land per person than Singapore, yet suffers from a greater housing shortage. Perhaps insufficient new homes are being built in parts of the UK because existing homeowners are able to block new housing development near their homes.
https://www.businesstimes.com.sg/opinion-features/supply-ample-yet-there-value-singapore-property
Pilot 200-unit private assisted-living project for independent seniors to include nursing home, clubhouse
Singapore – Singapore’s pilot private assisted-living project with senior-friendly features in Parry Avenue has been awarded to a subsidiary of Perennial Holdings, which submitted two concept proposals and beat two other developers with the highest bid of $71.988 million.
https://www.straitstimes.com/singapore/pilot-200-unit-private-assisted-living-project-for-independent-seniors-to-include-nursing-home-clubhouse
https://www.businesstimes.com.sg/property/perennial-holdings-unit-bags-parry-avenue-assisted-living-project-s719-million
Raffles Education puts corporate building on the market again for $200 million
Singapore – Raffles Education’s commercial building, Raffles Education Square, is up for sale again via tender with an unchanged guide price of $200 million. This translates to about $2,813 per sq ft on the existing gross floor area (GFA), sole marketing agent Knight Frank said on Wednesday.
https://www.straitstimes.com/business/raffles-education-puts-corporate-building-on-the-market-again-for-200-million
https://www.businesstimes.com.sg/property/raffles-education-puts-corporate-building-market-again-s200-million
‘It’s very ugly’: Tengah flat buyers unhappy over look of centralised cooling system
Singapore: Tengah flat buyers have yet to collect their keys, but some are upset over how the centralised cooling system that will be pioneered in their homes will look.
https://www.channelnewsasia.com/singapore/tengah-bto-flats-aircon-trunking-centralised-cooling-system-3566821
Singapore Economy
Singapore drops one place to No. 4 in global competitiveness ranking
Singapore – Singapore has been ranked fourth among the world’s most competitive economies in 2023, dropping one place from 2022, according to the latest International Institute for Management Development (IMD) World Competitiveness Ranking released on Tuesday.
https://www.straitstimes.com/singapore/singapore-drops-to-4th-in-global-competitiveness-ranking
Moving from financial stability to financial abundance takes Singaporeans 32.3 years: Study
Singapore – It takes an average of 32.3 years to climb the wealth ladder from the first level of financial stability to the highest level of financial abundance. This was what wealth manager St James’s Place posits in its report Accelerating The Wealth Journey – From Stability to Abundance, after interviewing 1,000 affluent Singaporeans between the ages of 25 and 64 between February and March 2023.
https://www.straitstimes.com/business/moving-from-financial-stability-to-financial-abundance-takes-singaporeans-323-years-study
Singapore is most expensive city for high-net-worth individuals to live well: report
Singapore has, for the first time, become the most expensive city for high-net-worth individuals (HNWIs) to live well, said a report by Swiss private bank Julius Baer on Tuesday (Jun 20).
https://www.businesstimes.com.sg/companies-markets/singapore-most-expensive-city-high-net-worth-individuals-live-well-report
Companies’ Brief
Keppel bags district cooling system order, expects to generate S$950m in payments
Keppel Corporation has clinched a contract to design, build, own and operate a new large-scale district cooling system (DCS) plant for 30 years, during which the conglomerate expects to generate about S$950 million.
https://www.businesstimes.com.sg/companies-markets/energy-commodities/keppel-bags-district-cooling-system-order-expects-generate
https://www.theedgesingapore.com/news/company-news/keppel-announces-new-project-will-generate-950-million-group
Oxley’s Ching has stake in NewSat, which is suing banks for withdrawing credit
Ching Chiat Kwong, executive chairman of Oxley Holdings, is embroiled in a court case in Australia, funding a suit claiming damages of US$5 billion from the financing banks and credit insurer over a failed satellite company, NewSat. The hearing is on July 7.
https://www.theedgesingapore.com/news/telecommunications/oxleys-ching-has-stake-newsat-which-suing-banks-withdrawing-credit
https://www.businesstimes.com.sg/companies-markets/australian-satellite-company-linked-tycoon-ching-chiat-kwong-sues-banks-over
Global Economy & Real Estate
US housing starts surge to 13-month high
https://www.businesstimes.com.sg/property/us-housing-starts-surge-13-month-high
Food inflation is still weighing on British shoppers at 16.5%
https://www.businesstimes.com.sg/international/food-inflation-still-weighing-british-shoppers-165
Facing housing crunch, Toronto cuts into once-protected lands
https://www.businesstimes.com.sg/property/facing-housing-crunch-toronto-cuts-once-protected-lands
Even Versace can’t lure homebuyers to Damac’s London Tower
https://www.businesstimes.com.sg/property/even-versace-cant-lure-homebuyers-damacs-london-tower
HSBC cuts China’s GDP forecast to 5.3% on weak property, business outlook
https://www.channelnewsasia.com/business/hsbc-cuts-chinas-gdp-forecast-53-weak-property-business-outlook-3574026
Chinese consumers remain cautious on spending, chase bargains and discounts amid slowing economy: study
https://www.scmp.com/business/china-business/article/3224786/chinese-consumers-remain-cautious-spending-chase-bargains-and-discounts-amid-slowing-economy-study
Hong Kong land sale could fetch US$294 million for Kennedy Town plot expected to yield 450 flats
https://www.scmp.com/business/article/3221180/hong-kong-land-sale-could-fetch-us294-million-kennedy-town-plot-expected-yield-450-flats
Hong Kong environmental groups join forces to sound warning over potential loss of bird haven because of new I&T hub planned for San Tin
https://www.scmp.com/news/hong-kong/health-environment/article/3224776/hong-kong-environmental-groups-join-forces-sound-warning-over-potential-loss-bird-haven-because-new
Hong Kong retains crown as world’s most expensive city for expats, while Singapore jumps to second place: survey
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3224725/hong-kong-retains-crown-worlds-most-expensive-city-expats-while-singapore-jumps-second-place-survey
Taiwan’s export orders plunge amid persisting demand slump
https://www.businesstimes.com.sg/international/taiwans-export-orders-plunge-amid-persisting-demand-slump
Japan big manufacturers’ sentiment positive for 3rd consecutive month -Reuters tankan poll
https://www.channelnewsasia.com/business/japan-big-manufacturers-sentiment-positive-3rd-consecutive-month-reuters-tankan-poll-3576251
South Korea June 1-20 exports rise on-year, first time in 10 months
https://www.channelnewsasia.com/business/south-korea-june-1-20-exports-rise-year-first-time-10-months-3576351
https://www.businesstimes.com.sg/international/south-korea-jun-1-20-exports-rise-year-first-time-10-months
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