Singapore Real Estate
SLA, URA call new tender for 0.86-hectare former Bt Timah Fire Station site after consortium pulls out
The authorities have called a new tender to turn the former Bukit Timah Fire Station into a community node, after a consortium that was awarded the project earlier pulled out in 2022.
https://www.businesstimes.com.sg/singapore/sla-ura-call-new-tender-086-hectare-former-bt-timah-fire-station-site-after-consortium
https://www.straitstimes.com/business/property/sla-ura-call-new-tender-to-rejuvenate-former-bukit-timah-fire-station-after-consortium-pulls-out
Nationals from ‘higher-risk’ countries bought at least 230 Singapore properties over past 7 years
Since 2016, there have been at least 232 residential property deals done by holders of passports from the same countries as those arrested in the billion-dollar money-laundering bust this month.
https://www.businesstimes.com.sg/property/nationals-higher-risk-countries-bought-least-230-singapore-properties-over-past-7-years
CEA probing agents over deals with possible links to recent money laundering raid
The Council for Estate Agencies (CEA) is investigating property agents who might have facilitated property transactions relating to the recent money laundering case that involved about S$1 billion in assets.
https://www.businesstimes.com.sg/singapore/cea-probing-agents-over-deals-possible-links-recent-money-laundering-raid
https://www.straitstimes.com/singapore/billion-dollar-money-laundering-case-cea-investigating-agents-over-property-transactions
Legal hurdles surrounding real-estate token investors in Singapore
The adoption of tokenisation of assets in Singapore comes with many legal challenges, said lawyers. Tokenisation – which essentially breaks down high-value properties into digital tokens – has found favour with a small but growing group of accredited investors here, as it lowers the financial barriers to entry for those wanting to invest in real estate.
https://www.straitstimes.com/business/property/legal-hurdles-surrounding-real-estate-token-investors-in-singapore
HDB flats’ new classification – Standard, Plus, Prime – could raise resale demand
Prime Minister Lee Hsien Loong announced several new housing policies during National Day Rally 2023. The most significant change pertains to the review of the estate classification of new Build-To-Order (BTO) flats.
https://www.straitstimes.com/business/invest/hdb-flats-new-classification-standard-plus-prime-could-raise-resale-demand
Singapore Economy
Building Singapore for future generations is the most important job: PM Lee
Singapore’s greying population and the rising cost of living present immediate challenges that must be addressed, but the most important responsibility of the Government is to strengthen the economy for future generations, said Prime Minister Lee Hsien Loong on Saturday.
https://www.straitstimes.com/singapore/building-singapore-for-future-generations-is-the-most-important-job-pm-lee
Singapore, Vietnam to boost innovation, tech collaboration amid strong economic ties
Singapore and Vietnam have agreed to strengthen partnerships in innovation and technology, through talent development and opportunities for small and medium-sized enterprises (SMEs) and startups.
https://www.businesstimes.com.sg/international/singapore-vietnam-boost-innovation-tech-collaboration-amid-strong-economic-ties
https://www.channelnewsasia.com/watch/singapore-and-vietnam-discuss-further-business-opportunities-video-3728076
Fall in Singapore’s factory output slows in July, down 0.9%
Singapore’s factory output fell 0.9 per cent year on year in July, contracting at a slower rate than in the month before, as the key electronics segment returned to growth, data from the Singapore Economic Development Board showed on Friday (Aug 25).
https://www.businesstimes.com.sg/singapore/fall-singapores-factory-output-slows-july-down-09
https://www.straitstimes.com/business/s-pore-s-factory-output-in-july-brightens-with-smaller-decline
Singapore services receipts growth slows for 4th straight quarter to 3.9% in Q2
Singapore’s services industries recorded a 3.9 per cent year-on-year rise in business receipts in the second quarter, easing from the revised 7.7 per cent growth in the preceding quarter, data from the Department of Statistics (Singstat) showed on Friday (Aug 25).
https://www.businesstimes.com.sg/singapore/singapore-services-receipts-growth-slows-4th-straight-quarter-39-q2
Inflation drives Asian central banks, including S’pore, to build up gold reserves
Singapore – Gold purchases by the Monetary Authority of Singapore (MAS) and other central banks in Asia have stepped up over recent years amid inflationary pressures and geopolitical uncertainty.
https://www.straitstimes.com/business/inflation-drives-asian-central-banks-including-s-pore-to-build-up-gold-reserves
Companies’ Brief
Chuan Hup Holdings earnings up 192.3% to US5.79 mil for FY2023
Chuan Hup Holdings has reported earnings of US$5.79 million ($7.85 million) for its FY2023 ended June 30, up 192.3% compared to its earnings of US$1.98 million in FY2022.
https://www.theedgesingapore.com/capital/results/chuan-hup-holdings-earnings-1923-us579-mil-fy2023
Wing Tai books S$50 million net loss in H2
Property group Wing Tai Holdings sank into the red for the second half-year ended June with a S$50 million net loss, a reversal from a net profit of S$86.4 million in the corresponding period the year before.
https://www.businesstimes.com.sg/companies-markets/wing-tai-books-s50-million-net-loss-h2
https://www.theedgesingapore.com/capital/results/wing-tai-earnings-down-91-133-mil-fy2023
Global Economy & Real Estate
Fed’s Powell says higher rates may be needed, will move ‘carefully’
https://www.businesstimes.com.sg/international/feds-powell-says-higher-rates-may-be-needed-will-move-carefully
https://www.straitstimes.com/business/economy/feds-powell-says-higher-rates-may-be-needed-will-move-carefully
US consumer year-ahead inflation expectations rise on petrol
https://www.businesstimes.com.sg/international/us-consumer-year-ahead-inflation-expectations-rise-petrol
Large US homebuilders raise prices as existing home supply remains tight
https://www.businesstimes.com.sg/property/large-us-homebuilders-raise-prices-existing-home-supply-remains-tight
Small multifamily homes were disappearing. Now US states are scrambling to revive them
https://www.businesstimes.com.sg/property/small-multifamily-homes-were-disappearing-now-us-states-are-scrambling-revive-them
US Commerce chief seeks trade, tourism boost in China talks
https://www.channelnewsasia.com/business/us-commerce-chief-seeks-trade-tourism-boost-china-talks-3728026
Australian treasurer warns of economic risk from China slowdown
https://www.businesstimes.com.sg/international/global/australian-treasurer-warns-economic-risk-china-slowdown
Ex-Goldman trader building new California city will need to appease local opponents
https://www.businesstimes.com.sg/property/ex-goldman-trader-building-new-california-city-will-need-appease-local-opponents
China’s worsening economic slowdown is rippling across the globe
https://www.businesstimes.com.sg/international/global/chinas-worsening-economic-slowdown-rippling-across-globe
https://www.straitstimes.com/business/china-s-worsening-economic-slowdown-is-rippling-across-the-globe
China’s industrial profits drop persists as economy weakens
https://www.businesstimes.com.sg/international/chinas-industrial-profits-drop-persists-economy-weakens
China’s cabinet approves guidelines to boost affordable housing amid property woes
https://www.businesstimes.com.sg/property/chinas-cabinet-approves-guidelines-boost-affordable-housing-amid-property-woes
China property: Shanghai to devise its own easing measures to keep prices in check following policy moves by the central government
https://www.scmp.com/business/china-business/article/3232376/china-property-shanghai-devise-its-own-easing-measures-keep-prices-check-following-policy-moves
German economy stagnates in Q2 after winter recession
https://www.businesstimes.com.sg/international/german-economy-stagnates-q2-after-winter-recession
https://www.straitstimes.com/business/economy/german-economy-stalled-in-second-quarter-held-back-by-trade
Hong Kong perpetual bonds slump in sign of China property contagion
https://www.businesstimes.com.sg/international/hong-kong-perpetual-bonds-slump-sign-china-property-contagion
Hong Kong economists urge rethink of funding for major infrastructure projects after developers shy away from government land sales
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3232403/hong-kong-economists-urge-rethink-funding-major-infrastructure-projects-after-developers-shy-away
CK Asset, Henderson Land among developers drawing out Hong Kong homebuyers with discounted new home offers
https://www.scmp.com/business/article/3232469/ck-asset-henderson-land-among-developers-drawing-out-hong-kong-homebuyers-discounted-new-home-offers
Hongkongers snap up cheaper new homes in weekend home sale bonanza that saw 223 flats on offer
https://www.scmp.com/business/article/3232405/hongkongers-snap-cheaper-new-homes-weekend-home-sale-bonanza-saw-223-flats-offer
BOJ will keep current policy until at least July 2024, most economists say: poll
https://www.businesstimes.com.sg/international/boj-will-keep-current-policy-until-least-july-2024-most-economists-say-poll
https://www.straitstimes.com/business/economy/inflation-in-japans-capital-slows-in-august-stays-above-boj-target
https://www.channelnewsasia.com/business/boj-will-keep-current-policy-until-least-july-2024-most-economists-say-reuters-poll-3723736
London housing crunch leaves 1-in-10 living in overcrowded space
https://www.businesstimes.com.sg/property/london-housing-crunch-leaves-1-10-living-overcrowded-space
Malaysia’s inflation moderates to 2% in July, lowest in nearly two years
https://www.businesstimes.com.sg/international/asean/malaysias-inflation-moderates-2-july-lowest-nearly-two-years
https://www.straitstimes.com/business/economy/malaysias-inflation-rate-drops-to-2-year-low-in-july
Country Garden’s Malaysia project to get new tax breaks, PM says
https://www.businesstimes.com.sg/international/country-gardens-malaysia-project-get-new-tax-breaks-pm-says
https://www.theedgesingapore.com/news/malaysia/country-gardens-forest-city-get-new-tax-breaks-anwar-says
UK economic cracks meet China property crisis in London housing
https://www.businesstimes.com.sg/international/global/uk-economic-cracks-meet-china-property-crisis-london-housing
UK regulator proposes probe into large land holdings of biggest homebuilders
https://www.businesstimes.com.sg/international/uk-regulator-proposes-probe-large-land-holdings-biggest-homebuilders
The sun sets on holiday let investors as UK staycation boom ends
https://www.businesstimes.com.sg/international/sun-sets-holiday-let-investors-uk-staycation-boom-ends
More UK homebuyers turning to siblings, instead of parents, for mortgage deposits
https://www.straitstimes.com/business/more-uk-homebuyers-turning-to-siblings-instead-of-parents-for-mortgage-deposits
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