Singapore Real Estate
UOL and SingLand JV awarded tender for residential site at Orchard Boulevard for $428.3 mil
The tender submitted by United Venture Development to acquire a residential site at Orchard Boulevard has been approved by the Urban Redevelopment Authority (URA) on Feb 21. United Venture had submitted the tender on Feb 1 to acquire the site for $428.3 million.
https://www.theedgesingapore.com/news/property/uol-and-singland-jv-awarded-tender-residential-site-orchard-boulevard-4283-mil
Jack Ma’s wife said to have bought three adjoining shophouses on Duxton Road
The wife of Alibaba Group co-founder Jack Ma has bought three adjoining shophouses on Duxton Road in the Tanjong Pagar area. Zhang Ying, a Singapore citizen, paid about S$45 million to S$50 million for 70, 71 and 72 Duxton Road, The Business Times understands.
https://www.businesstimes.com.sg/property/jack-mas-wife-said-have-bought-three-adjoining-shophouses-duxton-road
HDB launches 4,126 BTO flats, over 80% to have waits of less than 3½ years
The Housing Board on Feb 21 launched 4,126 Build-To-Order (BTO) flats for sale across seven projects in Bedok, Queenstown, Choa Chu Kang, Hougang, Punggol and Woodlands. Five projects, or more than 80 per cent of the flats launched, will have waiting times shorter than 3½ years, HDB said.
https://www.straitstimes.com/singapore/housing/hdb-launches-4126-bto-flats-over-80-to-have-waits-of-less-than-3-years
https://www.todayonline.com/singapore/more-4000-bto-flats-launched-sale-first-three-exercises-2024-2367081
https://www.channelnewsasia.com/singapore/bto-sbf-sales-exercise-launch-february-2024-prime-location-estates-4138246
No longer ‘ulu’: Why resale prices in Sembawang have risen faster than any other neighbourhood in Singapore
A rising tide lifts all boats, regardless of whether they are in Bukit Batok or Sembawang, and that has been the case with Housing Board (HDB) resale prices in recent years. Singapore saw the housing market take off in recent years, with resale prices rising to record highs during the pandemic, amid increasing demand and low supply.
https://www.channelnewsasia.com/singapore/sembawang-hdb-resale-flats-prices-towns-4135751
Singapore Economy
Significant policy shifts in Budget 2024, more steps on road ahead: DPM Wong
Beyond tackling immediate concerns, Budget 2024 makes significant policy shifts to better position Singapore for the future, said Deputy Prime Minister Lawrence Wong. These include measures aimed at achieving better growth and jobs, and to equip workers for life through a very significant enhancement to SkillsFuture, he said.
https://www.businesstimes.com.sg/singapore/economy-policy/significant-policy-shifts-budget-2024-more-steps-road-ahead-dpm-wong
https://www.straitstimes.com/singapore/significant-policy-shifts-in-budget-2024-more-steps-on-road-ahead-dpm-wong
Multinationals pick Singapore over Hong Kong for Asian headquarters
The international business community is clear on where it wants to call home in Asia: Singapore. The city state hosted regional headquarters for 4,200 multinational firms in 2023, extending its lead and dwarfing the 1,336 found in Hong Kong, its main rival, according to a Bloomberg Intelligence report that details Singapore’s rise in the perennial battle to be known as Asia’s premier business destination.
https://www.businesstimes.com.sg/international/global/multinationals-pick-singapore-over-hong-kong-asian-headquarters
China tourists push Singapore’s January visitor arrivals to new post-Covid high
Singapore’s international visitors jumped to a post-Covid high of 1,436,404 in January on a surge in China arrivals. Singapore Tourism Board (STB) figures on Wednesday (Feb 21) showed visitors from China swelled over 60 per cent in January to 211,194, from 130,207 a month earlier – even before a mutual 30-day visa exemption was set to take effect in February.
https://www.businesstimes.com.sg/singapore/china-tourists-push-singapores-january-visitor-arrivals-new-post-covid-high
https://www.scmp.com/news/asia/australasia/article/3252686/cost-conscious-chinese-tourists-skip-australia-visa-free-countries-southeast-asia
Singapore Airshow: China’s home-grown C919 passenger jet lands 40 orders on international debut
China for the first time flew the home-grown C919 narrowbody passenger jet in an international aviation event on Tuesday, securing more orders for it and the ARJ21 regional jet on the opening day of the Singapore Airshow.
https://www.scmp.com/economy/global-economy/article/3252569/singapore-airshow-chinas-home-grown-c919-passenger-jet-lands-40-orders-international-debut
https://www.businesstimes.com.sg/companies-markets/transport-logistics/made-china-airliner-seeks-buyers-singapore-airshow
Global Economy & Real Estate
US Fed worried about cutting rates too soon, minutes of January meeting show
https://www.straitstimes.com/business/economy/us-fed-worried-about-cutting-rates-too-soon-minutes-of-january-meeting-show
US mortgage rates jump above 7% for first time since December
https://www.businesstimes.com.sg/property/us-mortgage-rates-jump-above-7-first-time-december
Black homeownership rate disparity wider than a decade ago
https://www.businesstimes.com.sg/property/black-homeownership-rate-disparity-wider-decade-ago
Suzhou Industrial Park expands Singapore incubator to support new China entrants
https://www.businesstimes.com.sg/international/global/suzhou-industrial-park-expands-singapore-incubator-support-new-china-entrants
China’s wealthiest provinces accelerate fixed-asset investment to drive growth
https://www.businesstimes.com.sg/international/chinas-wealthiest-provinces-accelerate-fixed-asset-investment-drive-growth
Chinese banks approve US$17 billion of loans under ‘whitelist’ project
https://www.businesstimes.com.sg/property/chinese-banks-approve-us17-billion-loans-under-whitelist-project
https://www.channelnewsasia.com/business/chinese-banks-approve-us17-billion-whitelist-loans-property-sector-4138291
Bank of East Asia cut its exposure to China’s troubled commercial property sector last year
https://www.scmp.com/business/banking-finance/article/3252692/bank-east-asia-cut-its-exposure-chinas-troubled-commercial-property-sector-last-year
China lending rate cut a calculated move to lift property sector
https://www.scmp.com/comment/opinion/article/3252740/china-lending-rate-cut-calculated-move-lift-property-sector
Eurozone consumer confidence rises to -15.5 in February
https://www.businesstimes.com.sg/international/eurozone-consumer-confidence-rises-155-february
Hong Kong faces mounting pressure to remove property curbs
https://www.businesstimes.com.sg/property/hong-kong-faces-mounting-pressure-remove-property-curbs
https://www.scmp.com/business/banking-finance/article/3252730/hong-kong-developers-urge-government-remove-all-property-cooling-measures-make-hongkongers-happy
Hong Kong launches plan to turn Lau Fau Shan near city’s border with Shenzhen into technology, eco-tourism hub
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3252742/hong-kong-launches-plan-turn-lau-fau-shan-near-citys-border-shenzhen-technology-eco-tourism-hub
Shoddy work, aggressive tactics: Hong Kong home renovation industry needs accreditation system makeover, consumer watchdog says
https://www.scmp.com/news/hong-kong/society/article/3252644/shoddy-work-aggressive-tactics-hong-kong-home-renovation-industry-needs-accreditation-system
Japan downgrades view of economy on sluggish consumer spending
https://www.businesstimes.com.sg/international/japan-downgrades-view-economy-sluggish-consumer-spending
https://www.channelnewsasia.com/business/japan-downgrades-view-economy-sluggish-consumer-spending-4138761
Japan’s Feb factory activity extends declines as conditions worsen – PMI
https://www.channelnewsasia.com/business/japans-feb-factory-activity-extends-declines-conditions-worsen-pmi-4140746
Japan sees 2.69 million visitors in January, matching 2019’s record pace
https://www.businesstimes.com.sg/international/global/japan-sees-269-million-visitors-january-matching-2019s-record-pace
https://www.channelnewsasia.com/asia/japan-receives-more-26-million-visitors-january-4138656
London’s iconic BT Tower in £275 million sale to hotel owner MCR
https://www.businesstimes.com.sg/property/londons-iconic-bt-tower-ps275-million-sale-hotel-owner-mcr
South Korea holds rates steady, investors eye timing of pivot
https://www.businesstimes.com.sg/companies-markets/banking-finance/south-korea-holds-rates-steady-investors-eye-timing-pivot
https://www.channelnewsasia.com/business/south-korea-holds-rates-steady-investors-eye-timing-pivot-4140771
Thai central bank head rejects PM’s call for urgent rate cut
https://www.businesstimes.com.sg/international/thai-central-bank-head-rejects-pms-call-urgent-rate-cut
https://www.straitstimes.com/business/banking/thai-central-bank-seen-defying-pressure-from-prime-minister-to-urgently-cut-rate
UK posts record fiscal surplus in pre-budget boost for Hunt
https://www.businesstimes.com.sg/international/uk-posts-record-fiscal-surplus-pre-budget-boost-hunt
UK homeowners are proving more resilient than once feared
https://www.businesstimes.com.sg/property/uk-homeowners-are-proving-more-resilient-once-feared
Oxford finally has a hotel worthy of its world renown
https://www.businesstimes.com.sg/lifestyle/oxford-finally-has-hotel-worthy-its-world-renown
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