SINGAPORE REAL ESTATE
People’s Park Centre, Loyang Valley en bloc tenders close without bids
The collective sale tender for People’s Park Centre and Loyang Valley both recently closed without bids, making them the latest en bloc sites not to find buyers this year. For People’s Park Centre, this is the 99-year leasehold mixed development’s second attempt at a collective sale.
https://www.businesstimes.com.sg/property/peoples-park-centre-loyang-valley-en-bloc-tenders-close-without-bids
Lum Chang wins S$110 million contract to build hotel along Orchard Rd
Singapore construction player Lum Chang wholly-owned subsidiary, Lum Chang Building Contractors, has secured a tender to build a 19-storey hotel along Orchard Road for S$110 million. The contract was awarded by UOL Property Investments and is scheduled to be completed over a 36-month period starting from April next year.
https://www.businesstimes.com.sg/companies-markets/lum-chang-wins-s110-million-contract-build-hotel-along-orchard-rd
https://www.theedgesingapore.com/news/contracts/lum-chang-subsidiary-secures-110-mil-contract-uol-property-develop-hotel-orchard-road
Tiong Seng’s Sloane Residences obtains TOP; close to 90% units sold
Construction group Tiong Seng on Thursday (Dec 22) announced that it has obtained a temporary occupation permit (TOP) for its residential project, Sloane Residences, and has sold close to 90 per cent of the units. The property has seen a “sharp uptick” in buyer interest since achieving TOP on Nov 18, selling eight units within four weeks, said the mainboard-listed company.
https://www.businesstimes.com.sg/companies-markets/tiong-sengs-sloane-residences-obtains-top-close-90-units-sold
Empty BTO flats up for sale on property portals, despite 5-year MOP rule for owners
Singapore – At least three unrenovated Build-To-Order (BTO) flats that appear to have never been lived in before are up for sale on property listing portals, despite the Housing Board’s rule that flat owners must live in their unit for the full five-year minimum occupation period (MOP).
https://www.straitstimes.com/singapore/housing/empty-bto-flats-up-for-sale-on-property-portals-despite-rule-requiring-owners-to-live-in-unit-for-full-5-year-mop
https://www.straitstimes.com/singapore/housing/hdb-investigating-vacant-bto-flats-listed-for-sale-on-property-portals-53-such-cases-since-2017
https://www.channelnewsasia.com/singapore/empty-bto-flats-hdb-investigation-cases-property-portals-penalties-mop-3162821
https://www.todayonline.com/singapore/hdb-breaches-mop-rules-probe-sale-bto-vacant-2078196
VIEWS, REVIEWS, FORUM AND OTHERS
Changi Airport public area retail shops to absorb 8% GST throughout 2023
Singapore – Those shopping in Changi Airport’s public areas in 2023 will not have to pay goods and services tax (GST), which will increase to 8 per cent from the current 7 per cent from Jan 1.
https://www.straitstimes.com/singapore/consumer/changi-airport-public-area-retail-shops-to-absorb-8-gst-throughout-2023
Worker survives 10m fall at Orchard condominium work site
Singapore: A Bangladeshi worker who fell 10m at a work site survived the fall and is now in stable condition, the Ministry of Manpower (MOM) said on Tuesday (Dec 20). The workplace accident happened on Monday at about 3pm at 18 Tomlinson Road.
https://www.channelnewsasia.com/singapore/worker-survives-10m-fall-orchard-condominium-work-site-3157506
https://www.straitstimes.com/singapore/worker-hospitalised-after-falling-10m-at-condo-worksite-near-orchard-road
https://www.todayonline.com/singapore/worker-survives-10m-fall-condominium-work-site-near-orchard-road-2076291
Commentary: More teeth needed in resolving noise-related disputes among neighbours
Singapore: Even in cramped Singapore, life can be reminiscent of an idyllic kampung if you have good neighbours who care for each other. But what happens when you don’t?
https://www.channelnewsasia.com/commentary/hdb-condo-noise-complaint-neighbour-dispute-government-agency-3162526
GLOBAL ECONOMY & GLOBAL REAL ESTATE
US weekly jobless claims up slightly; Q3 GDP revised higher
https://www.businesstimes.com.sg/international/us-weekly-jobless-claims-slightly-q3-gdp-revised-higher
UK economy was G7 growth laggard in Q3 as dismal 2023 beckons
https://www.businesstimes.com.sg/international/uk-economy-was-g7-growth-laggard-q3-dismal-2023-beckons
Credit Suisse sells building in Geneva for US$217m
https://www.businesstimes.com.sg/property/credit-suisse-sells-building-geneva-us217m
UK fell deeper into recession in fourth quarter: survey
https://www.businesstimes.com.sg/international/uk-fell-deeper-recession-fourth-quarter-survey
China’s economic slump could last until April, say economists
https://www.straitstimes.com/asia/east-asia/china-s-economic-slump-could-last-until-april-say-economists
China to cut quarantine for overseas travellers next month
https://www.businesstimes.com.sg/international/china-cut-quarantine-overseas-travellers-next-month
Hong Kong property giant buys land priced at 8-year low
https://www.businesstimes.com.sg/property/hong-kong-property-giant-buys-land-priced-8-year-low
Japan’s November core consumer inflation hits fresh 40-year high
https://www.businesstimes.com.sg/international/japans-november-core-consumer-inflation-hits-fresh-40-year-high
https://www.straitstimes.com/business/japan-inflation-speeds-up-raising-risk-of-more-boj-shocks
https://www.channelnewsasia.com/business/japan-november-core-consumer-inflation-40-year-high-3164196
Japan government FY2023/24 budget to set debt-dependency ratio at 31.1%
https://www.businesstimes.com.sg/international/japan-government-fy202324-budget-set-debt-dependency-ratio-311
https://www.channelnewsasia.com/business/japan-govt-fy2023-24-budget-set-debt-dependency-ratio-311-draft-3162681