Singapore Real Estate
URA releases state land sites for sale in Woodlands, Toa Payoh, Punggol
The Urban Redevelopment Authority (URA) on Thursday (May 25) released two residential sites and a short-term lease commercial site for sale under the first half 2023 Government Land Sales (GLS) programme.
https://www.businesstimes.com.sg/property/ura-releases-state-land-sites-sale-woodlands-toa-payoh-punggol
https://www.straitstimes.com/business/new-housing-plots-in-woodlands-toa-payoh-and-one-commercial-plot-in-punggol-released-for-sale
https://www.edgeprop.sg/property-news/gls-sites-champions-way-lorong-1-toa-payoh-and-punggol-walk-released-sale
New banding system for developers, builders and private residential projects
Developers, builders and private residential projects will now be assessed under a new banding system which aims to help homebuyers make informed choices about the quality of the private residential projects they are buying.
https://www.businesstimes.com.sg/property/new-banding-system-developers-builders-and-private-residential-projects
https://www.straitstimes.com/business/property/home-buyers-to-benefit-from-new-banding-system-tracking-the-performance-of-developers-builders
https://www.channelnewsasia.com/singapore/condo-defects-conquas-banding-system-rate-developers-builders-construction-workmanship-quality-3514111
https://www.edgeprop.sg/property-news/bca-launches-new-banding-system-construction-quality-assessment
Singapore Economy
Some economists brace for technical recession this year even as MTI says it is not expecting one
Singapore should not rule out the possibility of a technical recession this year, some economists said, even though the Ministry of Trade and Industry (MTI) on Thursday (May 25) stated this is not its baseline scenario.
https://www.businesstimes.com.sg/singapore/some-economists-brace-technical-recession-year-even-mti-says-it-not-expecting-one
https://www.channelnewsasia.com/business/singapore-faces-high-risk-technical-recession-2023-external-uncertainties-3514056
Young people to get a greater say in policymaking with 2-3 panels to be set up in 2023
Singapore – Young people in Singapore will soon have a greater say in shaping policies here, particularly on issues that matter to them. Minister for Culture, Community and Youth (MCCY) Edwin Tong said on Wednesday that his ministry is looking to set up two to three youth panels in 2023, to co-develop policy recommendations with the Government.
https://www.straitstimes.com/singapore/youths-to-get-a-say-in-policy-making-with-2-3-panels-to-be-set-up-this-year
https://www.todayonline.com/singapore/youth-led-panels-policy-present-parliament-edwin-tong-2155946?ntype=minute
Companies’ Brief
Mapletree Industrial Trust’s private placement closes at S$2.212 apiece
Mapletree Industrial Trust (MIT) private placement has closed at the issue price S$2.212 per new unit, or at the highest end of the estimated price range of between S$2.16 and S$2.212.
https://www.businesstimes.com.sg/companies-markets/mapletree-industrial-trusts-private-placement-closes-s2212-apiece
Soilbuild Construction group CEO Ganessaraj Soocelaraj resigns
Soilbuild Construction Group’s group CEO Ganessaraj Soocelaraj has resigned to pursue his personal interests. Following this, the company’s executive director Lim Han Ren will also assume the role of group CEO.
https://www.theedgesingapore.com/news/company-news/soilbuild-construction-group-ceo-ganessaraj-soocelaraj-resigns
Woh Hup unit buys freehold Kew Lodge at Kheam Hock Road for S$66.8 million
Kew Lodge, a freehold landed residential site at Kheam Hock Road, has been sold to Woh Hup subsidiary Aurum Land in a collective sale for S$66.8 million – a 5 per cent premium over the development’s S$63.8 million guide price.
https://www.businesstimes.com.sg/property/woh-hup-unit-buys-freehold-kew-lodge-kheam-hock-road-s668-million
Views, Reviews, Forum and Others
Two workers die in April in separate workplace incidents 10 days apart
Singapore – Two workers have died in April in separate workplace incidents 10 days apart, with one man falling while working on a new lift shaft. The other worker died after a forklift machine fell on him.
https://www.straitstimes.com/singapore/two-workers-die-in-april-in-separate-workplace-incidents-10-days-apart
https://www.todayonline.com/singapore/2-workplace-deaths-april-forklift-lift-shaft-fall-2178601
More Covid-19 deaths in April, but infection rate appears to be falling
Singapore – A total of 54 people died of Covid-19 in April, as part of the current wave that had earlier pushed the number of weekly infections beyond 28,000 at the end of March. The death toll in April is more than the 30 deaths in the first quarter of 2023, based on Ministry of Health data.
https://www.straitstimes.com/singapore/more-covid-19-deaths-in-april-but-infection-rate-appears-to-be-falling
Global Economy & Real Estate
US pending home sales stall on lack of available properties
https://www.businesstimes.com.sg/property/us-pending-home-sales-stall-lack-available-properties
US first quarter growth slightly higher than previously forecast
https://www.businesstimes.com.sg/international/us-first-quarter-growth-slightly-higher-previously-forecast
US weekly jobless claims rise moderately; first-quarter GDP growth revised up
https://www.businesstimes.com.sg/international/us-weekly-jobless-claims-rise-moderately-first-quarter-gdp-growth-revised
Will the US economy pull off a ‘soft landing’?
https://www.straitstimes.com/business/invest/will-the-us-economy-pull-off-a-soft-landing
US FDA approves Pfizer’s Covid antiviral pill
https://www.businesstimes.com.sg/international/us-fda-approves-pfizers-covid-antiviral-pill
London leads record increase in rental costs across UK
https://www.businesstimes.com.sg/property/london-leads-record-increase-rental-costs-across-uk
Soaring UK borrowing costs force lenders to hike mortgage rates
https://www.businesstimes.com.sg/property/soaring-uk-borrowing-costs-force-lenders-hike-mortgage-rates
German economy enters recession as inflation hurts consumers
https://www.businesstimes.com.sg/international/german-economy-enters-recession-inflation-hurts-consumers
https://www.straitstimes.com/business/germany-falls-into-recession-as-inflation-hits-consumers-in-europe-s-biggest-economy
Swedish housing starts slump 55% in latest sign of crisis
https://www.businesstimes.com.sg/property/swedish-housing-starts-slump-55-latest-sign-crisis
China’s economic recovery is being held back by lagging private sector, household concerns, senior adviser warns
https://www.scmp.com/economy/china-economy/article/3221794/chinas-economic-recovery-being-held-back-lagging-private-sector-household-concerns-senior-adviser
China RRR cut gives bigger growth boost than rate move
https://www.businesstimes.com.sg/international/china-rrr-cut-gives-bigger-growth-boost-rate-move
Historic villa in Hong Kong’s Pok Fu Lam acquired by PAG CEO Gradel for US$70 million
https://www.scmp.com/business/article/3221816/historic-villa-hong-kongs-pok-fu-lam-acquired-pag-ceo-gradel-us70-million
Fitch lifts Hong Kong banking sector’s outlook to ‘improving’ from ‘neutral’, citing strengthening economic recovery
https://www.scmp.com/business/banking-finance/article/3221763/fitch-lifts-hong-kong-banking-sectors-outlook-improving-neutral-citing-strengthening-economic
Inflation in Japan’s capital slows slightly in May, but remains elevated
https://www.channelnewsasia.com/business/inflation-japans-capital-slows-slightly-may-remains-elevated-3516466
https://www.businesstimes.com.sg/international/inflation-japans-capital-slows-slightly-may-remains-elevated
Japan raises view on economy for first time since July 2022
https://www.channelnewsasia.com/business/japan-raises-view-economy-first-time-july-2022-3514426
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