Singapore Real Estate / Built Environment
Industrial Reits maintain resilience despite sector’s slowdown
In JTC’s latest market report for the second quarter of 2024, it noted that industrial rents rose 1 per cent quarter on quarter, recording the slowest rate of increase since Q1 2022 following the Covid-pandemic recovery.
https://www.businesstimes.com.sg/companies-markets/industrial-reits-maintain-resilience-despite-sectors-slowdown
OK Lim’s Tanglin Hill bungalow sells for S$39.2 million
The Tanglin Hill bungalow of convicted Hin Leong founder Lim Oon Kuin, also known as OK Lim, has been sold for S$39.2 million, or S$2,507 per square foot (psf) on the freehold land area of 15,636 square feet (sq ft).
https://www.businesstimes.com.sg/property/ok-lims-tanglin-hill-bungalow-sells-s39-2-million
https://www.scmp.com/news/asia/southeast-asia/article/3275760/convicted-singapore-tycoons-mansion-sold-us31-million-discount
Upgrading for 26 HDB precincts with higher proportion of seniors to support active ageing
Singapore: Some precincts in public housing estates with a higher density of seniors will undergo upgrading under a new programme to support active ageing. Called the Silver Upgrading Programme, it will begin with four precincts in Chong Boon in the second quarter of next year, with improvements expected to be completed in the second half of 2026.
https://www.channelnewsasia.com/singapore/silver-upgrading-programme-upgrade-hdb-precincts-seniors-active-ageing-4566351
askST: How would reduced loan-to-value limit, larger housing grants affect HDB buyers?
Singapore – The loan-to-value limit for HDB loans has been lowered from 80 per cent to 75 per cent as part of a move introduced on Aug 20 to cool the resale flat market.
https://www.straitstimes.com/singapore/housing/askst-how-would-reduced-loan-to-value-limits-larger-housing-grants-affect-hdb-buyers?utm_campaign=STPicks
https://www.channelnewsasia.com/commentary/hdb-resale-price-cooling-measure-loan-cash-cpf-grants-4563536
Singapore Economy
A ‘balancing act’ to respect the past but not allow it to constrain Singapore’s future: PM Wong
Singapore: It is a “balancing act” to respect the past but not allow it to constrain Singapore’s options for the future, said Prime Minister Lawrence Wong on Friday (Aug 23) – his 100th day in office.
https://www.channelnewsasia.com/singapore/lawrence-wong-balancing-act-respect-past-future-cost-living-4563171
https://www.straitstimes.com/singapore/politics/everyone-needs-to-understand-what-s-at-stake-pm-wong-on-engaging-s-poreans-on-foreign-policy
https://www.straitstimes.com/singapore/politics/pm-lawrence-wong-crosses-100-days-in-office-highlights-key-messages-focus-going-forward
https://www.todayonline.com/news/pm-press-conference-3-key-questions-answers-2480141
https://www.scmp.com/news/asia/southeast-asia/article/3275666/singapores-balancing-act-respects-past-cant-constrain-nations-future-pm-wong
Government to focus on helping seniors, tackling cost of living, with support in Budget 2025: Lawrence Wong
Caring for seniors and tackling cost-of-living concerns remain key areas of focus for Singapore’s government, with support for the latter to come in Budget 2025, said Prime Minister Lawrence Wong in a press conference, days after announcing measures on parenthood, education and jobseekers at his first National Day Rally (NDR).
https://www.businesstimes.com.sg/singapore/government-focus-helping-seniors-tackling-cost-living-support-budget-2025-lawrence-wong
https://www.straitstimes.com/singapore/politics/govt-studying-how-to-tackle-cost-of-living-concerns-take-better-care-of-seniors-pm-wong
Some economists eye policy easing in October after core inflation slows more than expected in July
Some private-sector economists believe the Monetary Authority of Singapore (MAS) could ease monetary policy settings as early as its next meeting in October, after Singapore’s core inflation slowed to a more than two-year low in July.
https://www.businesstimes.com.sg/singapore/economy-policy/some-economists-eye-policy-easing-october-after-core-inflation-slows-more-expected-july
https://www.straitstimes.com/business/singapore-core-inflation-drops-more-than-expected-to-25-in-july-lowest-since-february-2022
https://www.channelnewsasia.com/singapore/singapore-core-inflation-july-2024-mas-mti-4563241
Business News
CapitaLand’s big home bet is Jurong Lake District
Singapore – Three years ago, CapitaLand Development (CLD) emerged as the private development arm of Singapore’s biggest developer upon the group’s restructuring and the listing of CapitaLand Investment as a separate entity.
https://www.straitstimes.com/business/invest/capitaland-s-big-home-bet-is-jurong-lake-district
CapitaLand China Trust manager appoints Gerry Chan as deputy CEO
CapitaLand China Trust’s manager has appointed Gerry Chan as its deputy chief executive officer with effect from Sep 1, 2024.
https://www.businesstimes.com.sg/companies-markets/capitaland-china-trust-manager-appoints-gerry-chan-deputy-ceo
https://www.theedgesingapore.com/news/new-appointments/gerry-chan-appointed-deputy-ceo-clcts-manager
Keppel DC Reit sees opportunities in favourable supply-demand environment
As it approaches its 10th anniversary, Keppel DC Real Estate Investment Trust has grown its assets under management by almost four times, from S$1.1 billion as at end-2015 to S$3.7 billion as at end-2023.
https://www.businesstimes.com.sg/companies-markets/keppel-dc-reit-sees-opportunities-favourable-supply-demand-environment
Mapletree Pan Asia Commercial Trust obtains HK$1 billion loan
Mapletree Pan Asia Commercial Trust (MPACT) has obtained a HK$1 billion (S$169.8 million) term loan facility, its manager said on Friday (Aug 23).
https://www.businesstimes.com.sg/companies-markets/mapletree-pan-asia-commercial-trust-obtains-hk1-billion-loan
Oxley Holdings expects net loss for H2, FY2024 earnings
Property developer Oxley Holdings said on Friday (Aug 23) that it expects to post a net loss for both the second half and full year ended Jun 30, 2024.
https://www.businesstimes.com.sg/companies-markets/oxley-holdings-expects-net-loss-h2-fy2024-earnings
Is PropertyGuru’s delisting good for South-east Asia’s tech scene?
PropertyGuru’s stint as a listed company might soon be coming to an end. Last week, Swedish private equity (PE) firm EQT offered to acquire the South-east Asian property listings portal for US$1.1 billion.
https://www.businesstimes.com.sg/companies-markets/tech-in-asia-1/propertygurus-delisting-good-south-east-asias-tech-scene
Shangri-La Asia posts 28.1% fall in H1 net profit on higher operating costs
Hotel group Shangri-La Asia posted a 28.1 per cent decline in net profit to US$94.5 million for the half year ended Jun 30, from US$131.4 million a year ago.
https://www.businesstimes.com.sg/companies-markets/shangri-la-asia-posts-28-1-fall-h1-net-profit-higher-operating-costs
https://www.straitstimes.com/business/companies-markets/shangri-la-asia-posts-281-fall-in-h1-net-profit-on-higher-operating-costs
Starhill Global Reit obtains S$50 million sustainability-linked loan
Starhill Global Reit’s manager announced on Friday (Aug 23) that the real estate investment trust (Reit) has obtained a S$50 million loan from UOB.
https://www.businesstimes.com.sg/companies-markets/starhill-global-reit-obtains-s50-million-sustainability-linked-loan
Views, Reviews, Forum and Others
Singapore residents returning from countries with mpox do not need to be quarantined: Health experts
Singapore – Singapore residents holidaying in the African continent during the peak safari season from July to September need not worry about having to be quarantined upon their return home.
https://www.straitstimes.com/singapore/s-pore-residents-returning-from-countries-with-mpox-do-not-need-quarantine-health-experts
CNA Explains: Deadlier and more contagious – how dangerous is the new mpox variant?
Singapore: In just two years, the World Health Organization (WHO) on Aug 14 declared mpox a global public health emergency for the second time. The highest level of alert, categorised as how COVID-19 was, followed an mpox outbreak from the Democratic Republic of Congo (DRC) that spread to neighbouring countries.
https://www.channelnewsasia.com/singapore/mpox-strain-clade-1b-deadly-dangerous-virus-world-health-organization-4563366
Commentary: Global mpox emergency – the world must show it learnt its lessons from COVID-19
Singapore: On Aug 14, the World Health Organization (WHO) declared mpox a global public health emergency, its highest level of alert. The next day, Sweden announced the first case of clade 1b outside of Africa. On Thursday (Aug 22), it was Thailand’s turn to confirm Asia’s first known case of the new, deadlier strain.
https://www.channelnewsasia.com/commentary/mpox-how-dangerous-new-clade-1b-next-covid-lesson-4563716
Global Economy & Real Estate
Lack of mpox shots is disaster for those most hit, WHO aide says
https://www.businesstimes.com.sg/international/global/lack-mpox-shots-disaster-those-most-hit-who-aide-says
Major central banks now aligned as Powell signals Fed cuts ahead
https://www.businesstimes.com.sg/international/major-central-banks-now-aligned-powell-signals-fed-cuts-ahead
https://www.straitstimes.com/business/economy/powell-says-time-has-come-for-fed-to-cut-interest-rates
https://www.channelnewsasia.com/world/feds-powell-says-time-has-come-cut-interest-rates-4564871
New dawn for S-Reits as Fed cuts get underway
https://www.businesstimes.com.sg/opinion-features/new-dawn-s-reits-fed-cuts-get-underway
US new home sales rise more than expected in July
https://www.businesstimes.com.sg/property/us-new-home-sales-rise-more-expected-july
Morgan Stanley cuts 2024 oil demand growth outlook on China factors
https://www.businesstimes.com.sg/companies-markets/energy-commodities/morgan-stanley-cuts-2024-oil-demand-growth-outlook-china-factors
Australian homeowners struggling to afford insurance as climate risks grow: report
https://www.businesstimes.com.sg/property/australian-homeowners-struggling-afford-insurance-climate-risks-grow-report
Australia’s CBA cuts interest rates on some home loans for new borrowers
https://www.businesstimes.com.sg/property/australias-cba-cuts-interest-rates-some-home-loans-new-borrowers
China’s tightening rules put foreign high-frequency futures traders in limbo
https://www.businesstimes.com.sg/international/global/chinas-tightening-rules-put-foreign-high-frequency-futures-traders-limbo
China vows to accelerate buying unsold homes for public housing
https://www.businesstimes.com.sg/property/china-vows-accelerate-buying-unsold-homes-public-housing
https://www.theedgesingapore.com/news/china-focus/china-vows-quicken-buying-unsold-homes-public-housing
https://www.scmp.com/economy/economic-indicators/article/3275698/china-vigorously-orderly-expand-sales-finished-homes-property-sector-overhaul
Chinese developers, cities tempt homebuyers with perks like private-jet shares, residency
https://www.scmp.com/property/article/3275696/chinese-developers-cities-tempt-homebuyers-perks-private-jet-shares-residency
Chinese developer Longfor plans further debt reductions this year
https://www.businesstimes.com.sg/property/chinese-developer-longfor-plans-further-debt-reductions-year
Vanke to show extent of property crisis that’s bruising Chinese banks
https://www.businesstimes.com.sg/property/vanke-show-extent-property-crisis-s-bruising-chinese-banks
ECB says consumer inflation expectations edged higher in July
https://www.businesstimes.com.sg/international/ecb-says-consumer-inflation-expectations-edged-higher-july1
Hong Kong’s export performance will help sustain growth momentum, Paul Chan says
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3275825/hong-kongs-export-performance-will-help-sustain-growth-momentum-paul-chan-says
Buyers keen on Wang On’s Finnie project in Quarry Bay, with pricing one third lower than 2021
https://www.scmp.com/business/companies/article/3275770/buyers-keen-wang-ons-finnie-project-quarry-bay-pricing-one-third-lower-2021
Hong Kong landlord to appeal proceedings halt over bid to evict private estate tenants
https://www.scmp.com/news/hong-kong/society/article/3275674/hong-kong-landlord-appeal-proceedings-halt-over-bid-evict-private-estate-tenants
Hong Kong fintech start-up offers loans to unpaid subcontractors amid building slump
https://www.scmp.com/business/article/3275765/hong-kong-fintech-start-offers-loans-unpaid-subcontractors-amid-building-slump
Tokyo inflation seen unchanged in August, snapping 3-month acceleration: Reuters poll
https://www.channelnewsasia.com/business/tokyo-inflation-seen-unchanged-august-snapping-3-month-acceleration-reuters-poll-4563141
Ueda keeps rate hikes in play, talks down BOJ’s part in meltdown
https://www.businesstimes.com.sg/international/ueda-keeps-rate-hikes-play-talks-down-bojs-part-meltdown
https://www.channelnewsasia.com/business/imf-sees-scope-bank-japan-keep-raising-rates-4565116
NYC’s rent surge drives 86-year-old to move in with a ‘boommate’
https://www.straitstimes.com/business/invest/nyc-s-rent-surge-drives-86-year-old-to-move-in-with-a-boommate
Thai central bank can work with finance ministry, governor says
https://www.businesstimes.com.sg/international/thai-central-bank-can-work-finance-ministry-governor-says
https://www.channelnewsasia.com/business/thai-central-bank-can-work-finance-ministry-governor-says-4565401
Thai PM says economy needs a boost, to adjust handout scheme
https://www.businesstimes.com.sg/international/asean/thai-pm-says-economy-needs-boost-adjust-handout-scheme
Bank of England’s Bailey says risk of persistent inflation is receding in UK
https://www.businesstimes.com.sg/international/bank-englands-bailey-says-risk-persistent-inflation-receding-uk
Londoners increasingly buying houses miles away from the capital
https://www.straitstimes.com/business/londoners-increasingly-buying-houses-miles-away-from-the-capital
London luxury-home market looks to rich Americans to save it
https://www.businesstimes.com.sg/international/global/london-luxury-home-market-looks-rich-americans-save-it
https://www.straitstimes.com/business/london-s-luxury-home-market-looks-to-rich-americans-to-save-it
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