Singapore Real Estate
Expat influx from Hong Kong could support residential rents in Singapore: Savills
The potential influx of expats from Hong Kong could increase Singapore’s leasing volume. This is despite the city-state’s contraction in the second quarter of 2023. As the private residential leasing volume has been shrinking, supply is on the rise with the stock of private residential units increasing 1.1 per cent quarter on quarter (qoq) to 398,289.
https://www.businesstimes.com.sg/property/expat-influx-hong-kong-could-support-residential-rents-singapore-savills
MPs worry about impact of higher resale grants, suggest more support for families
Worried about the market impact of higher housing grants for resale flats, Members of Parliament asked for more data and even more support – particularly for families – during the second day of the Budget debate on Thursday (Feb 23).
https://www.businesstimes.com.sg/singapore/economy-policy/mps-worry-about-impact-higher-resale-grants-suggest-more-support-families
Home buyers taking wait-and-see approach with latest changes to public housing classification
Singapore: Some home buyers are taking a wait-and-see approach before getting a flat off the resale market, after a new public housing framework was announced to ensure homes remain affordable and accessible for all.
https://www.channelnewsasia.com/singapore/national-day-rally-2023-housing-home-buyers-wait-changes-public-housing-classification-plus-flats-hdb-3721011
Singapore Economy
Commentary: Will Singapore be able to avoid recession in 2023 as hoped?
Singapore: Avoiding a recession and achieving positive economic growth this year are two hopes that Prime Minister Lee Hsien Loong has for the Singapore economy. He shared these hopes in his National Day Rally speech on Sunday (Aug 20).
https://www.channelnewsasia.com/commentary/national-day-rally-2023-economy-recession-business-cost-living-3718086
Singapore, Qatar boost cooperation in digitalisation, education, water-related research and more
Singapore and Qatar technology start-ups will soon find it easier to access each other’s markets, while companies from both sides can look forward to commercial partnerships in areas such as transport and logistics, energy, manufacturing and digitalisation.
https://www.businesstimes.com.sg/singapore/singapore-qatar-boost-cooperation-digitalisation-education-water-related-research-and
https://www.straitstimes.com/singapore/s-pore-qatar-boost-cooperation-in-digitalisation-education-water-related-research-and-more
Tighter hedging rules from Q1 next year to limit risks for Singapore’s electricity retailers
Singapore’s new rules for electricity retailers to step up their hedging game to withstand market swings are set to go live from the first quarter of next year. This comes in the wake of an unprecedented energy crisis that saw a handful of exits two years ago.
https://www.businesstimes.com.sg/companies-markets/energy-commodities/tighter-hedging-rules-q1-next-year-limit-risks-singapores
Companies’ Brief
PropertyGuru reports net loss of S$6.5 million in Q2
PropertyGuru on Thursday (Aug 24) reported a net loss of S$6.5 million in the second quarter ended June 2023, reversing from its net income of S$3.8 million in the same period last year. However, the group’s revenue for the second quarter rose 11.7 per cent to S$36.9 million, from S$33 million in the year-ago period.
https://www.businesstimes.com.sg/companies-markets/propertyguru-reports-net-loss-s65-million-q2
https://www.straitstimes.com/business/propertyguru-swings-to-net-loss-of-65-million-in-q2
SoftwareOne says strategic review remains ongoing, reports H1 results
SoftwareOne reiterated its full-year guidance on Thursday and said a strategic review to maximise shareholder value remains ongoing, as it reported a 1.7 per cent drop in adjusted earnings before interest, depreciation and amortisation (EBITDA) for the first half of 2023.
https://www.channelnewsasia.com/business/softwareone-says-strategic-review-remains-ongoing-reports-h1-results-3720986
Global Economy & Real Estate
US Fed officials see rates close to peak, differ on how close
https://www.businesstimes.com.sg/international/us-fed-officials-see-rates-close-peak-differ-how-close
US business equipment orders remain tepid on high interest rates
https://www.businesstimes.com.sg/international/us-business-equipment-orders-remain-tepid-high-interest-rates
China has no pain-free solutions for its slowing economy
https://www.businesstimes.com.sg/international/global/china-has-no-pain-free-solutions-its-slowing-economy
Stimulus or bust: Investors staying out of China until the spending starts
https://www.businesstimes.com.sg/international/global/stimulus-or-bust-investors-staying-out-china-until-spending-starts
China’s consumer sentiment starting to improve, surveys show
https://www.businesstimes.com.sg/international/global/chinas-consumer-sentiment-starting-improve-surveys-show
China real estate agents turn to live-streaming for a leg up in a downturn
https://www.straitstimes.com/asia/east-asia/china-real-estate-agents-turn-to-live-streaming-for-a-leg-up-in-a-downturn
China halts all Japanese seafood imports over ‘selfish’ Fukushima release
https://www.channelnewsasia.com/asia/japan-fukushima-wastewater-contaminated-china-seafood-imports-halt-3721126
Dubai’s luxury home prices sizzle while Hong Kong’s fizzle amid supply glut, high interest rates: Knight Frank
https://www.scmp.com/business/article/3232182/dubais-luxury-home-prices-sizzle-while-hong-kongs-fizzle-amid-supply-glut-high-interest-rates-knight
German property developer Gerch restructuring as crisis deepens
https://www.businesstimes.com.sg/property/german-property-developer-gerch-restructuring-crisis-deepens
Hong Kong is losing its fight to repair image as shopping heaven
https://www.businesstimes.com.sg/international/hong-kong-losing-its-fight-repair-image-shopping-heaven
https://www.straitstimes.com/business/hong-kong-losing-fight-to-repair-image-as-shopping-heaven
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3232176/shop-till-you-drop-dead-mainland-chinese-tourists-hong-kong-chase-instagram-worthy-photo
Hong Kong exports fall again, weighing on economy’s outlook
https://www.businesstimes.com.sg/international/hong-kong-exports-fall-again-weighing-economys-outlook
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3232164/hong-kong-economic-woes-continue-exports-fall-15th-month-row-9-cent-decline
Japan budget requests likely to top 110 trln yen with BOJ easing at crossroad -Nikkei
https://www.channelnewsasia.com/business/japan-budget-requests-likely-top-110-trln-yen-boj-easing-crossroad-nikkei-3723326
Inflation in Japan’s capital slows in August, stays above BOJ target
https://www.channelnewsasia.com/business/inflation-japans-capital-slows-august-stays-above-boj-target-3723286
https://www.businesstimes.com.sg/international/inflation-japans-capital-slows-august-stays-above-boj-target
Politics and science clash in controversy over Japan’s Fukushima wastewater release plan, say experts
https://www.channelnewsasia.com/asia/politics-and-science-clash-controversy-over-japans-fukushima-wastewater-release-plan-say-experts-south-korea-china-hong-kong-3720806
Bank of Korea stands pat for fifth meeting as inflation, growth ease
https://www.businesstimes.com.sg/international/bank-korea-stands-pat-fifth-meeting-inflation-growth-ease
South Korea household income drops at fastest pace in at least 3-1/2 years
https://www.channelnewsasia.com/business/south-korea-household-income-drops-fastest-pace-least-3-1-2-years-3720736
Wealthy Myanmar nationals on condo-buying spree in Thailand
https://www.businesstimes.com.sg/international/asean/wealthy-myanmar-nationals-condo-buying-spree-thailand
https://www.businesstimes.com.sg/international/asean/wealthy-myanmar-nationals-condo-buying-spree-thailand
Lower inflation boosts UK consumer mood: GfK
https://www.businesstimes.com.sg/international/lower-inflation-boosts-uk-consumer-mood-gfk
Decline of biggest UK house builder fuelled by mortgage plight
https://www.businesstimes.com.sg/property/decline-biggest-uk-house-builder-fuelled-mortgage-plight
UK retail sales slide by most in over two years: CBI
https://www.businesstimes.com.sg/international/uk-retail-sales-slide-most-over-two-years-cbi
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