SINGAPORE REAL ESTATE
Copen Grand EC at upcoming Tengah Town sold 73% of units on launch day
Some 73 per cent of apartment units at Copen Grand, the first executive condominium (EC) at the upcoming Tengah Town, were sold on the first day of its launch, its developers said on Sunday (Oct 23).
https://www.businesstimes.com.sg/real-estate/copen-grand-ec-at-upcoming-tengah-town-sold-73-of-units-on-launch-day
https://www.straitstimes.com/business/copen-grand-ec-in-tengah-sells-73-of-units-on-launch-day
Headwinds emerging for office landlords, but tight supply situation could mitigate impact
While technology and social media firms have hogged the headlines in recent years for aggressively snapping up office space in the Central Business District (CBD), the mood has turned more cautious as funding dries up and interest rates keep climbing. Sea’s e-commerce outfit Shopee and startup StashAway are among those that have already cut staff.
https://www.businesstimes.com.sg/companies-markets/headwinds-emerging-for-office-landlords-but-tight-supply-situation-could-mitigate
Buying leasehold property is fine, but freehold status has niche appeal
In Singapore, the government typically sells land for residential and commercial use with tenures of 99 years. Generally, industrial land parcels are sold with shorter tenures. For historical reasons, some land parcels have freehold tenure or long leasehold tenures that start from 929 or 999 years.
https://www.businesstimes.com.sg/opinion/buying-leasehold-property-is-fine-but-freehold-status-has-niche-appeal
SINGAPORE ECONOMY
S’pore’s asset management industry posts higher growth rate than global average
Singapore – Singapore’s asset management industry grew at a quicker pace than the global average in 2021, aided by a strong pipeline of new funds seeking investment opportunities in the Asia-Pacific.
https://www.straitstimes.com/business/s-pore-s-asset-management-industry-posts-higher-growth-rate-than-global-average
https://www.channelnewsasia.com/business/singapore-asset-management-record-3019066
Singapore eyes low-carbon hydrogen to achieve climate target earlier, reaching net-zero by 2050
Singapore: Singapore is looking to pursue low-carbon hydrogen as part of its decarbonisation efforts, as the country races to bring forward its net-zero target. On Tuesday (Oct 25), Deputy Prime Minister Lawrence Wong announced that Singapore will raise its climate target to achieve net-zero by 2050 as part of its long-term low emissions development strategy.
https://www.channelnewsasia.com/sustainability/singapore-low-carbon-hydrogen-achieve-climate-target-earlier-net-zero-2050-3023226
https://www.todayonline.com/singapore/hydrogen-power-supply-2050-2027701
Singapore to tighten rules on electricity retailers, raise safeguards around supply and price shocks
Singapore’s energy regulator will introduce major guardrails to ensure secure and sufficient gas supply and power generation, and to better protect consumers. The move comes after extraordinary spikes in spot electricity prices last year and a global energy crunch that rocked the electricity market.
https://www.businesstimes.com.sg/government-economy/singapore-to-tighten-rules-on-electricity-retailers-raise-safeguards-around
https://www.channelnewsasia.com/singapore/energy-market-stricter-criteria-electricity-retailers-volatility-gas-supply-3019531
S’pore ranks as world’s 12th tech city, with room to grow as tech-savvy generation enter job market
Singapore – They are all aged just over 20, studying computing, and hoping that when they graduate, they land a meaty career in a technology firm – a multinational, preferably.
https://www.straitstimes.com/business/s-pore-ranks-as-world-s-12th-tech-city-with-room-to-grow-as-tech-savvy-generation-enter-job-market
COMPANIES’ BRIEF
CapitaLand Ascendas Reit targets further overseas expansion for greater resilience
William Tay, chief executive officer of the manager of CapitaLand Ascendas Reit wants to increase the proportion of overseas assets in the Singapore-listed real estate investment trust (S-Reit)‘s portfolio, with the intent of gaining resilience through diversification.
https://www.businesstimes.com.sg/companies-markets/capitaland-ascendas-reit-targets-further-overseas-expansion-for-greater-resilience
CICT’s net property income up 12.7% in Q3 2022, driven by performance of office assets
The net property income of CapitaLand Integrated Commercial Trust (CICT) went up by 12.7 per cent year-in-year to S$273.3 million in the third quarter of 2022 ending on Sep 30, said the trust in a business update filed on the Singapore Exchange on Friday (Oct 21).
https://www.businesstimes.com.sg/companies-markets/cicts-net-property-income-up-127-in-q3-2022-driven-by-performance-of-office-assets
Frasers Property appoints new lead independent director, audit committee chair
Frasers Property on Tuesday (Oct 25) announced changes to its board composition with effect from the same day. Charles Mak has retired as the board’s lead independent director as well as chairman of the audit committee (AC). Together with Philip Eng, Mak has also retired as a member of the AC.
https://www.businesstimes.com.sg/companies-markets/frasers-property-appoints-new-lead-independent-director-audit-committee-chair
VIEWS, REVIEWS, FORUM AND OTHERS
XBB Covid-19 wave may peak in Singapore earlier than mid-November: Ong Ye Kung
The ongoing wave of Covid-19 infections driven by the XBB sub-variant may peak earlier than mid-November, as previously expected. “It’s quite clear from the last week the cases have actually started to come down,” Minister of Health Ong Ye Kung told reporters on Sunday (Oct 23) at a community event in Sembawang GRC, where he is an MP.
https://www.businesstimes.com.sg/government-economy/xbb-covid-19-wave-may-peak-in-singapore-earlier-than-mid-november-ong-ye-kung
https://www.straitstimes.com/singapore/health/xbb-covid-19-wave-may-peak-in-s-pore-earlier-than-mid-november-ong-ye-kung
https://www.channelnewsasia.com/singapore/covid-19-wave-xbb-peak-cases-starting-come-down-ong-ye-kung-3021561
askST: Should I take a third vaccine booster and will it affect my immunity system?
Singapore – Singapore recently announced that it is moving to a new Covid-19 innoculation strategy, with the focus on an individual’s vaccination being up-to-date, similar to how influenza jabs are administered seasonally.
https://www.straitstimes.com/singapore/health/askst-should-i-take-a-third-vaccine-booster-and-will-it-affect-my-immunity-system
F&B players in Singapore offer salary jumps, joining bonuses to fight severe labour crunch
Food and beverage (F&B) operators are wooing local hires with higher starting salaries, four-figure joining bonuses and other benefits amid an acute labour crunch, while raising pay to keep existing staff from being poached.
https://www.businesstimes.com.sg/government-economy/fb-players-in-singapore-offer-salary-jumps-joining-bonuses-to-fight-severe-labour
Migrant workers’ groups welcome new rules but call for more to be done to ensure safety on lorries
Singapore — Migrant worker rights groups here have welcomed new measures announced by the Government aimed at ferrying workers more safely on lorries, but they also raised concerns about companies potentially getting around the rules and called for bolder actions to boost safety.
https://www.todayonline.com/singapore/migrant-workers-groups-welcome-new-rules-call-more-be-done-ensure-safety-lorries-2025056
Migrant workers say 30-minute rest for lorry drivers, buddy system ‘good’ but mode of transport still dangerous
Singapore — While new measures to make ferrying of migrant workers safer on lorries are welcomed, some of them feel that using lorries as a mode of transport for long distances is inherently dangerous.
https://www.todayonline.com/singapore/migrant-workers-lorry-transport-dangerous-2026841
GLOBAL ECONOMY & GLOBAL REAL ESTATE
Fed to hike by 75 basis points again on Nov 2, should pause when inflation halves: Economists
https://www.straitstimes.com/business/fed-to-hike-by-75-basis-points-again-on-nov-2-should-pause-when-inflation-halves-economists
Overlapping crises add urgency for IMF, World Bank resources, reforms
https://www.businesstimes.com.sg/government-economy/overlapping-crises-add-urgency-for-imf-world-bank-resources-reforms
US budget gap plunges to US$1.38t as pandemic aid unwinds
https://www.businesstimes.com.sg/government-economy/us-budget-gap-plunges-to-us138t-as-pandemic-aid-unwinds
Eurozone downturn deepens, making recession more likely
https://www.businesstimes.com.sg/government-economy/eurozone-downturn-deepens-making-recession-more-likely
Global housing market pain has echoes of a crash 30 years ago
https://www.businesstimes.com.sg/real-estate/global-housing-market-pain-has-echoes-of-a-crash-30-years-ago
Money market woes cast shadow over US$1.6t UK commercial property sector
https://www.businesstimes.com.sg/real-estate/money-market-woes-cast-shadow-over-us16t-uk-commercial-property-sector
UK can’t shake pound negativity after weeks of political chaos
https://www.businesstimes.com.sg/banking-finance/uk-cant-shake-pound-negativity-after-weeks-of-political-chaos
UK business bemoans more upheaval after Truss’ departure
https://www.businesstimes.com.sg/government-economy/uk-business-bemoans-more-upheaval-after-truss-departure
Australia’s budget deficit is set to halve on commodity boom
https://www.businesstimes.com.sg/government-economy/australias-budget-deficit-is-set-to-halve-on-commodity-boom
Australia to cut economic growth forecasts on lower consumer spending
https://www.businesstimes.com.sg/government-economy/australia-to-cut-economic-growth-forecasts-on-lower-consumer-spending
China home prices fall for 13th month as property woes persist
https://www.businesstimes.com.sg/real-estate/china-home-prices-fall-for-13th-month-as-property-woes-persist
China property stocks rise after easing of share financing rules
https://www.businesstimes.com.sg/real-estate/china-property-stocks-rise-after-easing-of-share-financing-rules
Winding-up order made against unit of Chinese developer Yango
https://www.businesstimes.com.sg/real-estate/winding-up-order-made-against-unit-of-chinese-developer-yango
China economy shows mixed recovery as industrial activity climbs
https://www.straitstimes.com/asia/east-asia/china-economy-shows-mixed-recovery-as-industrial-activity-climbs
Xi says China economy is ‘resilient,’ will deepen global links
https://www.businesstimes.com.sg/global-enterprise/xi-says-china-economy-is-resilient-will-deepen-global-links
China, after a delay, unexpectedly releases economic data
https://www.businesstimes.com.sg/government-economy/china-after-a-delay-unexpectedly-releases-economic-data
China’s Q3 GDP beats expectations, but few believe it
https://www.businesstimes.com.sg/global-enterprise/chinas-q3-gdp-beats-expectations-but-few-believe-it
Dozens weigh bids for Evergrande’s Hong Kong headquarters
https://www.businesstimes.com.sg/real-estate/dozens-weigh-bids-for-evergrandes-hong-kong-headquarters
Hong Kong steps up efforts to lure billionaires to set up family offices
https://www.businesstimes.com.sg/wealth-investing/hong-kong-steps-up-efforts-to-lure-billionaires-to-set-up-family-offices
Japan’s inflation to jump to highest level since 1982, Citi says
https://www.businesstimes.com.sg/government-economy/japans-inflation-to-jump-to-highest-level-since-1982-citi-says
South Korea’s economy likely ground to near halt in Q3 – Reuters Poll
https://www.channelnewsasia.com/business/south-koreas-economy-likely-ground-near-halt-q3-reuters-poll-3023796
South Korea’s early exports sink in sign of weakening demand
https://www.businesstimes.com.sg/government-economy/south-koreas-early-exports-sink-in-sign-of-weakening-demand
https://www.straitstimes.com/business/south-korea-s-early-october-exports-sink-in-sign-of-weakening-global-demand
Malaysia inflation eases to 4.5% in Sep, below economists’ forecasts
https://www.businesstimes.com.sg/asean-business/malaysia-inflation-eases-to-45-in-sep-below-economists-forecast