Singapore Real Estate
Rental curbs, S$14,000 income cap on resale buyers put in place for new HDB Plus flats
The message put out with the introduction of a new public housing model was clear – HDB flats are to be reserved and appropriately priced for those looking for a home to live in, not to invest in, and not to flip for quick capital gains.
https://www.businesstimes.com.sg/property/rental-curbs-s14000-income-cap-resale-buyers-put-place-new-hdb-plus-flats
https://www.straitstimes.com/singapore/housing/14000-income-ceiling-for-families-and-singles-to-buy-plus-flats-on-resale-market-desmond-lee
https://www.todayonline.com/singapore/new-plus-flat-model-no-rental-whole-unit-allowed-income-ceiling-s14000-resale-buyers-2237286
https://www.channelnewsasia.com/singapore/hdb-plus-flats-resale-rules-income-ceiling-30-month-wait-private-home-owners-3713366
Analysis: What HDB’s new Plus housing category could mean for resale value of flats in medium and long term
Singapore — When the new Plus flats under the public housing authority’s new classification scheme hit the resale market, there may be some “disparities” because of different resale restrictions for similar flats, property analysts said.
https://www.todayonline.com/singapore/analysis-hdb-new-plus-flats-resale-value-price-property-market-2237136
HDB changes rightly emphasise homes are for living, but don’t snuff out wealth creation
Singapore’s public housing is the envy of many countries. Around nine in 10 Singaporeans are homeowners, and about eight in 10 Singaporeans live in Housing and Development Board (HDB) homes.
https://www.businesstimes.com.sg/opinion-features/hdb-changes-rightly-emphasise-homes-are-living-dont-snuff-out-wealth-creation
Companies’ Brief
Lian Beng’s controlling family exercises right of compulsory acquisition
Mainboard-listed Lian Beng’s controlling Ong family, through investment holding company OSC Capital, on Monday (Aug 21) exercised its right to compulsorily acquire all shares of the construction and engineering company.
https://www.businesstimes.com.sg/companies-markets/lian-bengs-controlling-family-exercises-right-compulsory-acquisition
LHN Logistics privatisation offer turns unconditional, loses free float
The voluntary conditional general offer made by Milkyway Chemical to take over LHN Logistics has been declared unconditional in all respects.
https://www.businesstimes.com.sg/companies-markets/lhn-logistics-privatisation-offer-turns-unconditional-loses-free-float
https://www.theedgesingapore.com/news/offer/lhn-logistics-loses-free-float-trading-shares-be-suspended
Oxley expects H2 loss on higher finance costs, revenue drop
Property developer Oxley Holdings expects to post a net loss for its latest fiscal half and for the full financial year ended Jun 30, 2023, due to higher finance costs and a drop in revenue.
https://www.businesstimes.com.sg/companies-markets/oxley-expects-h2-loss-higher-finance-costs-revenue-drop
https://www.theedgesingapore.com/news/company-news/oxley-warns-it-will-report-loss-fy2023
PropertyGuru to exit Indonesian market and cease FastKey service
PropertyGuru plans to cease its marketplaces business in Indonesia – which it operates through online platform Rumah.com – and discontinue operations for its FastKey workflow automation tool.
https://www.businesstimes.com.sg/companies-markets/propertyguru-exit-indonesian-market-and-cease-fastkey-service
Views, Reviews Forum and Others
Cathay Cineplex at Parkway Parade to shut down, last day of operations on Aug 27
Cathay Cineplex at Parkway Parade mall will be closing down, with the last day of operations on Aug 27, making it the third such closure by the operator in the last 14 months.
https://www.todayonline.com/singapore/cathay-cineplex-parkway-parade-shut-down-last-day-operations-aug-27-2237126
S$1 billion money laundering probe: Real estate agents guard against suspicious deals with due diligence
Real estate agents are required to conduct due diligence checks on their clients to prevent money laundering and terrorism financing, according to the Council for Estate Agencies (CEA) and industry insiders.
https://www.channelnewsasia.com/singapore/money-laundering-real-estate-agent-property-due-diligence-buyer-kickback-3713031
Global Economy & Real Estate
US Fed officials more split over interest rate path than they used to be
https://www.businesstimes.com.sg/international/us-fed-officials-more-split-over-interest-rate-path-they-used-be
Majority of small businesses believe US is in recession
https://www.businesstimes.com.sg/international/majority-small-businesses-believe-us-recession
Higher British mortgage rates squeeze housing affordability: Halifax
https://www.businesstimes.com.sg/property/higher-british-mortgage-rates-squeeze-housing-affordability-halifax
China’s fiscal revenue slows as economy struggles
https://www.businesstimes.com.sg/international/chinas-fiscal-revenue-slows-economy-struggles
China budget deficit shrinks despite need for economic boost
https://www.businesstimes.com.sg/international/china-budget-deficit-shrinks-despite-need-economic-boost
China cuts key interest rate to support economy
https://www.businesstimes.com.sg/international/global/china-cuts-key-interest-rate-support-economy
https://www.channelnewsasia.com/business/china-cuts-key-interest-rate-support-economy-3712421
China’s land sales revenue down for 19th straight month in July
https://www.businesstimes.com.sg/property/chinas-land-sales-revenue-down-19th-straight-month-july
China’s move to hold mortgage-linked rate seen as ‘puzzling’
https://www.businesstimes.com.sg/property/chinas-move-hold-mortgage-linked-rate-seen-puzzling
https://www.scmp.com/economy/economic-indicators/article/3231734/china-surprisingly-holds-mortgage-rate-raising-worries-easing-outlook
Hilton bets on China’s middle class as it eyes about 730 hotels in next 10 years
https://www.scmp.com/business/china-business/article/3231478/hilton-bets-chinas-middle-class-it-eyes-about-730-hotels-next-10-years
Is Hong Kong’s Lantau Tomorrow Vision too optimistic? Clear up people’s doubts on financial viability of plan, economists urge authorities
https://www.scmp.com/news/hong-kong/society/article/3231778/hong-kongs-lantau-tomorrow-vision-too-optimistic-survey-respondents-fear-financial-burden
Japan PM Kishida to decide start date of Fukushima water release on Tuesday
https://www.businesstimes.com.sg/international/japan-pm-kishida-decide-start-date-fukushima-water-release-tuesday
Japan to raise FY2024/25 assumed interest rate after BOJ policy tweak
https://www.businesstimes.com.sg/international/japan-raise-fy202425-assumed-interest-rate-after-boj-policy-tweak
https://www.channelnewsasia.com/business/japan-raise-fy2024-25-assumed-interest-rate-after-boj-policy-tweak-kyodo-3713351
Six decades on, Malaysia’s revamped Genting Highlands sports new look to woo tourists
https://www.businesstimes.com.sg/international/asean/six-decades-malaysias-revamped-genting-highlands-sports-new-look-woo-tourists
South Korea consumer sentiment weakens in August on growth worries
https://www.businesstimes.com.sg/international/south-korea-consumer-sentiment-weakens-august-growth-worries
https://www.straitstimes.com/business/economy/south-korea-consumer-sentiment-weakens-in-august-on-growth-worries
Bank of Korea seen on hold for rest of year, to cut rates early in 2024 : Reuters poll
https://www.channelnewsasia.com/business/bank-korea-seen-hold-rest-year-cut-rates-early-2024-reuters-poll-3714841
Swedish housing market gets good news as prices may have bottomed
https://www.businesstimes.com.sg/property/swedish-housing-market-gets-good-news-prices-may-have-bottomed
UK property sellers cut asking prices at sharpest pace this year
https://www.businesstimes.com.sg/property/uk-property-sellers-cut-asking-prices-sharpest-pace-year
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