The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 21 Nov 2023 (Tue)

Singapore Real Estate


Raffles Town Club site to be redeveloped for housing after lease expires in 2026
The prime plot of land in Bukit Timah occupied by Raffles Town Club (RTC) will be sold for residential development after the expiry of its lease in October 2026. While the site is expected to be sought after by developers, the move could lead to further collapse of the club’s membership price.


At 82, mogul Kwek Leng Beng still offers lessons for the young
Numerous dignitaries gathered at the ballroom of The St Regis Singapore on the evening of Nov 9. There were heart-warming speeches, lovely canapes, champagne and wine. The occasion was the launch of Strictly Business: The Kwek Leng Beng Story, a 257-page biography written by Peh Shing Huei on the executive chairman of Hong Leong Group Singapore and City Developments Limited (CDL).



Singapore Economy


Elected officials serving in international bodies help Singapore to punch above its weight
After his election as president in September, Tharman Shanmugaratnam said he would review his various international appointments now that he had become Singapore’s head of state. He would act on the Cabinet’s advice whether keeping the appointments would be in Singapore’s interest.


Lower-income families to get more help, including cash and debt clearance
More financial help, tied to conditions such as having a stable job, will be given to lower-income families with children living in rental flats, Minister for Social and Family Development Masagos Zulkifli announced on Monday (Nov 20).


Default daily limit of S$2,000 for CPF withdrawals among new measures to protect against scams
A default online Central Provident Fund (CPF) withdrawal limit of S$2,000 (US$1,500) a day will be applied from Nov 30 to all CPF members aged 55 and above.



Companies’ Brief


Citigroup cuts over 300 senior manager roles in latest restructuring
Citigroup is eliminating more than 300 senior manager roles as part of chief executive Jane Fraser’s efforts to simplify the Wall Street giant. The company started announcing the cuts – which affect staff who are two levels below Ms Fraser’s executive management team – on Nov 20, according to a person familiar with the matter.


Brokers’ take: RHB upgrades Reit sector to ‘overweight’ as peak of rate cycle nears
RHB on Monday (Nov 20) upgraded its call on Singapore’s real estate investment trusts (Reits) to “overweight” from “neutral”, as it sees better days ahead for the sector. “We are now turning more positive in our outlook as we near the peak of the rate cycle while valuations have become more attractive from the recent sharp correction, leading to good entry levels,” the research team said in a report.



Views, Reviews Forum and Others


Singaporean among foreigners evacuated from Myanmar on Thai government flight: MFA
A Singaporean was among the foreigners evacuated from the town of Laukkaing in Myanmar, said the Ministry of Foreign Affairs (MFA) on Monday (Nov 20).


Fuel pump prices in Singapore continue to slide
With the exception of Caltex, fuel pump operators have shaved prices again in a round led by Esso. The price cuts come about a week after the last one, following a further depression of oil prices on fears of a bleaker global economic outlook.


New network launched to champion positive mental health practices in the workplace
As part of Singapore’s efforts to support mental health and well-being at the workplace, a network was launched on Nov 20 to help employers exchange best practices and develop new initiatives.


New owners of Dairy Farm Residences shocked as maintenance fees more than double what they were initially told
Residents of newly completed condominium Dairy Farm Residences in Upper Bukit Timah are reeling after finding out that they have to pay monthly maintenance fees of over S$713 — more than twice the amount they were told when they bought their units.



Global Economy & Real Estate


In fixed-rate mortgages, inequality finds a 30-year home


Americans are pulling cash from their retirement savings to pay bills


Australia central bank judged rate hike was needed to anchor inflation expectations


Shuttered shops, empty streets: Gaza conflict severely impacts tourism and economy in the West Bank


China wants to bulldoze old neighbourhoods to revive economy


Chinese official warns money laundering, online scams outpacing capacity for containment


Defaults on Chinese high-yield property bonds to remain elevated in 2024 amid weak property sales


China drafts list of 50 real estate firms eligible for funding


Sunac China says restructuring conditions satisfied


Twenty countries ask EU to prepare for climate change health hazards


Hong Kong tycoon Cheng raises doubt over succession plans


Li Ka-shing-backed WeLab launches digital bank in Indonesia


Soaring hotel prices, crackdown on illegal renting to hit Paris 2024 experience


Thai Q3 GDP growth disappoints, missing forecasts amid weak exports


Sunak vows tax cuts ahead after meeting UK inflation pledge


UK’s next government will find tax rises hard to avoid


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