Singapore Real Estate/Built Environment
Tampines executive condominium site for 560 units put up for sale
An executive condominium (EC) site which can yield some 560 housing units in Tampines Street 95 is up for sale, tendered by the Housing and Development Board (HDB). The plot comes out of the confirmed list of the government land sales programme for H2 2024, and the tender will close on Oct 24.
https://www.businesstimes.com.sg/property/tampines-executive-condominium-site-560-units-put-sale
Singapore Economy
Maximum CPF daily withdrawal limit to be lowered from S$200,000 to S$50,000 as anti-scam measure
From Sep 25, the maximum amount of CPF money that can be withdrawn per day will be lowered to protect people from scams. The Central Provident Fund Board (CPFB) on Thursday (Aug 22) said it will reduce the daily withdrawal limit from S$200,000 to S$50,000, as an anti-scam measure.
https://www.businesstimes.com.sg/singapore/maximum-cpf-daily-withdrawal-limit-be-lowered-s200000-s50000-anti-scam-measure
https://www.straitstimes.com/singapore/maximum-cpf-daily-withdrawal-limit-to-be-lowered-from-200k-to-50k-as-anti-scam-measure
https://www.channelnewsasia.com/singapore/cpf-online-daily-withdrawal-limit-lowered-guard-scams-police-4558721
Scam victims in Singapore lost S$385.6 million in first half of 2024 as number of cases hits high of 26,587
The scam situation here has worsened as the number of cases increased by 16.3 per cent, with victims losing a record high of over S$385.6 million in the first six months of 2024. If the trend continues, scam losses could exceed S$770 million by the end of 2024.
https://www.businesstimes.com.sg/singapore/scam-victims-singapore-lost-s385-6-million-first-half-2024-number-cases-hits-high-26587
https://www.straitstimes.com/singapore/scam-victims-in-s-pore-lost-3856m-in-first-half-of-2024-as-number-of-cases-hit-high-of-26587
More businesses plan to raise hiring in the next year, despite expectations for the economy remaining mixed: SBF poll
Some 40 per cent of companies intend to expand hiring in the next 12 months, up from 29 per cent last year – even though only 27 per cent think the domestic economy will improve in the same period, according to an annual manpower and wage survey by the Singapore Business Federation (SBF) released on Thursday (Aug 22).
https://www.businesstimes.com.sg/singapore/more-businesses-plan-raise-hiring-next-year-despite-expectations-economy-remaining-mixed-sbf-poll
https://www.straitstimes.com/business/more-s-pore-businesses-plan-to-raise-hiring-though-expectations-for-economy-are-mixed-sbf-poll
Business News
CapitaLand India Trust prices S$150 million notes at 3.7%
CapitaLand India Trust’s (Clint) trustee-manager announced on Thursday (Aug 22) that it has priced S$150 million notes at 3.7 per cent per annum. The interest on the notes, which are due in 2027, will be payable semi-annually in arrear.
https://www.businesstimes.com.sg/companies-markets/capitaland-india-trust-prices-s150-million-notes-3-7
Far East Orchard establishes inaugural private fund to invest in UK purpose-built student accommodation
Far East Orchard has established its first private fund in Singapore, and completed its first closing of £70 million (S$120.1 million) on Thursday (Aug 22).
https://www.businesstimes.com.sg/companies-markets/far-east-orchard-establishes-inaugural-private-fund-invest-uk-purpose-built-student-accommodation
https://www.straitstimes.com/business/far-east-orchard-launches-fund-to-invest-in-uk-purpose-built-student-accommodation
Sabana Reit trustee says requisitionists’ proposed candidates of internal manager directors must obtain MAS approval
The trustee of Sabana Industrial Real Estate Investment Trust said the requisitionists’ proposed candidates to be directors of the internal manager must first meet regulatory requirements.
https://www.businesstimes.com.sg/companies-markets/sabana-reit-trustee-says-requisitionists-proposed-candidates-internal-manager-directors-must-obtain
Views, Reviews, Forum and Others
Precautionary mpox screening to be set up at Changi, Seletar airports and sea checkpoints
Singapore – Temperature and visual screening will be carried out at Changi and Seletar airports from Aug 23 as a precautionary measure against the import of mpox from abroad.
https://www.straitstimes.com/singapore/precautionary-mpox-screening-to-be-set-up-at-changi-seletar-airports-and-sea-checkpoints
https://www.channelnewsasia.com/singapore/mpox-cases-moh-precautionary-measures-changi-seletar-airport-vaccination-clade-2-severe-4561756
Company and COO fined for fatal fall of Singaporean worker at warehouse
Singapore – A company and its chief operating officer (COO) have been held accountable for a workplace incident three years ago, in which a Singaporean worker with nearly 40 years of experience at the firm fell to his death.
https://www.straitstimes.com/singapore/courts-crime/company-and-coo-fined-for-fatal-fall-of-singaporean-worker-at-warehouse
A string of rare housebreaking episodes puts an affluent Singapore neighbourhood on alert, and on edge
Singapore: Residents in Singapore’s Holland and Bukit Timah area have been on heightened alert since their largely landed neighbourhood was targeted by a recent spate of rare housebreaking cases.
https://www.channelnewsasia.com/singapore/housebreaking-holland-bukit-timah-landed-private-estate-police-patrol-crime-4560751
Global Economy & Real Estate
US business activity edges lower; pricing power ebbs further
https://www.businesstimes.com.sg/international/us-business-activity-edges-lower-pricing-power-ebbs-further
https://www.straitstimes.com/business/us-business-activity-edges-lower-pricing-power-ebbs-further
US jobless claims rise in latest week
https://www.businesstimes.com.sg/international/us-jobless-claims-rise-latest-week
US mortgage rates drop to a 2024 low as buyers await Fed cuts
https://www.businesstimes.com.sg/property/us-mortgage-rates-drop-2024-low-buyers-await-fed-cuts
US existing home sales rise more than expected in July
https://www.businesstimes.com.sg/property/us-existing-home-sales-rise-more-expected-july
Australia’s services activity rises, costs gain in rates worry
https://www.businesstimes.com.sg/international/australias-services-activity-rises-costs-gain-rates-worry
China’s slowing economy sparks calls to raise deficit ceiling
https://www.businesstimes.com.sg/international/global/chinas-slowing-economy-sparks-calls-raise-deficit-ceiling
China’s real estate woes weigh down S-Reits, but retail sector could be bright spot
https://www.businesstimes.com.sg/companies-markets/chinas-real-estate-woes-weigh-down-s-reits-retail-sector-could-be-bright-spot
China’s tech hub Shenzhen prime for property tax trial at ‘critical moment’: top adviser
https://www.scmp.com/economy/china-economy/article/3275477/chinas-tech-hub-shenzhen-prime-property-tax-trial-critical-moment-top-adviser
China revenues drop for high-end hotel chains as business travel, consumer spending dip
https://www.scmp.com/economy/china-economy/article/3275481/china-revenues-drop-high-end-hotel-chains-business-travel-consumer-spending-dip
Eurozone business activity gets boost from Olympics, PMI shows
https://www.businesstimes.com.sg/international/eurozone-business-activity-gets-boost-olympics-pmi-shows
Eurozone wage growth slows, boosts case for another ECB cut
https://www.businesstimes.com.sg/international/eurozone-wage-growth-slows-boosts-case-another-ecb-cut
Europe office demand rises on boost from banks and insurers
https://www.businesstimes.com.sg/property/europe-office-demand-rises-boost-banks-and-insurers
German business activity contracts in August, PMI shows
https://www.businesstimes.com.sg/international/german-business-activity-contracts-august-pmi-shows
Hong Kong subdivided flats: task force given more work to do after submitting report to John Lee
https://www.scmp.com/news/hong-kong/society/article/3275502/task-force-submits-report-hong-kong-subdivided-flats-john-lee-who-urges-further-study
BOJ’s Ueda signals readiness to raise rates if growth, inflation on track
https://www.channelnewsasia.com/business/bojs-ueda-signals-readiness-raise-rates-if-growth-inflation-track-4562806
Japan’s core inflation accelerates to 2.7% in July, matches forecast
https://www.businesstimes.com.sg/international/global/japans-core-inflation-accelerates-2-7-july-matches-forecast
https://www.channelnewsasia.com/business/japan-july-core-cpi-rises-27-yr-yr-4562746
Japan’s August factory activity declines slow: survey
https://www.businesstimes.com.sg/international/japans-august-factory-activity-declines-slow-survey
Japanese investors boost foreign bond purchases as rate-hike worries ease
https://www.channelnewsasia.com/business/japanese-investors-boost-foreign-bond-purchases-rate-hike-worries-ease-4560736
New Zealand Retail Sales Slide Adds to Triple-Dip Recession Risk
https://www.bloomberg.com/news/articles/2024-08-23/new-zealand-retail-sales-slide-adds-to-triple-dip-recession-risk?srnd=phx-economics-v2
South Korea holds interest rate amid property concerns
https://www.channelnewsasia.com/business/south-korea-holds-interest-rate-amid-property-concerns-4560366
Thai central bank should help retail borrowers, caretaker Finance Minister says
https://www.channelnewsasia.com/business/thai-central-bank-should-help-retail-borrowers-caretaker-finance-minister-says-4561056
Thailand confirms mpox case is clade 1b, second outside of Africa
https://www.businesstimes.com.sg/international/asean/thailand-confirms-mpox-case-clade-1b-second-outside-africa
https://www.channelnewsasia.com/asia/thailand-mpox-case-asia-first-deadlier-strain-confirmed-traveller-africa-4561271
UK factory orders fall again but by less than in July, CBI survey shows
https://www.businesstimes.com.sg/international/uk-factory-orders-fall-again-less-july-cbi-survey-shows
UK consumer confidence matches almost 3-year high in August
https://www.businesstimes.com.sg/international/uk-consumer-confidence-matches-almost-3-year-high-august
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