Singapore Real Estate
Two freehold Gentle Road sites sold for S$30.9 million; Shrewsbury Road plot up for sale at S$22 million guide price
Two adjoining freehold plots at 43 and 45 Gentle Road have been sold for S$30.89 million to boutique developer Pinnacle Assets, slightly over the properties’ guide price of S$30 million. With a combined area of 1,479.3 square metres (sq m) or approximately 15,923 square feet (sq ft), the sale of the two sites translates to a land rate of S$1,940 per square foot (psf), marketing agent Knight Frank Singapore said on Monday (Nov 27).
https://www.businesstimes.com.sg/property/two-freehold-gentle-road-sites-sold-s309-million-shrewsbury-road-plot-sale-s22-million
https://www.edgeprop.sg/property-news/two-adjoining-houses-gentle-road-sold-309-mil
Singapore residential developers need a more equitable land betterment charge formula
Property groups’ profit margins for Singapore residential developments have whittled down significantly over the years. And this has weighed on the market valuations for the likes of City Developments, UOL Group, GuocoLand and Wing Tai.
https://www.businesstimes.com.sg/opinion-features/singapore-residential-developers-need-more-equitable-land-betterment-charge
Should the prime Raffles Town Club site be earmarked for HDB homes?
Singapore’s various social and recreation clubs offer their members use of a wide range of dining and sports facilities as well as opportunities to network and participate in curated events. I enjoy being a member of two such clubs.
https://www.businesstimes.com.sg/opinion-features/should-prime-raffles-town-club-site-be-earmarked-hdb-homes
Singapore Economy
Singapore warns on risks, weaknesses to global financial stability
The combination of elevated global interest rates and pre-existing weaknesses remain a threat to world financial-market stability, Singapore’s central bank has warned.
https://www.scmp.com/news/asia/southeast-asia/article/3242938/singapore-warns-risks-weaknesses-global-financial-stability
Higher interest rates, falling incomes key risks to household balance sheets: MAS
Households will need to adjust to higher-for-longer interest rates, and some may be vulnerable to income and rate shocks, the Monetary Authority of Singapore (MAS) said in its annual Financial Stability Review on Monday (Nov 27).
https://www.businesstimes.com.sg/property/higher-interest-rates-falling-incomes-key-risks-household-balance-sheets-mas
https://www.straitstimes.com/business/singapore-private-home-prices-moderate-rents-may-continue-to-decline-mas
https://www.straitstimes.com/business/singapore-household-debt-drops-to-decade-low-as-high-interest-rates-deter-borrowing-mas
https://www.todayonline.com/singapore/higher-credit-card-spending-2023-made-spore-households-slightly-more-vulnerable-income-interest-rate-shocks-mas-2313241
https://www.channelnewsasia.com/business/singapore-household-mortgage-higher-interest-debt-stability-resilience-3947801
Singapore companies, banks remain financially resilient even as borrowing costs rise: MAS
Singapore – Businesses in Singapore have pulled through a challenging economic environment, keeping their financial positions intact even as growth slowed and interest rates rose, said the central bank in a report on Nov 27.
https://www.straitstimes.com/business/singapore-companies-banks-remain-financially-resilient-even-as-borrowing-cost-rise-mas
https://www.theedgesingapore.com/news/singapore-economy/local-banks-resilient-2023-mas-warns-deteriorating-asset-quality-climate
Singapore services receipts growth slows for 5th straight quarter to 3.2% in Q3
Singapore’s services industries posted a 3.2 per cent year-on-year rise in business receipts in Q3, easing from the revised 3.8 per cent increase in the preceding quarter, data from the Department of Statistics (Singstat) showed on Monday (Nov 27). The latest print marked the fifth consecutive quarter of slowing growth.
https://www.businesstimes.com.sg/singapore/singapore-services-receipts-growth-slows-5th-straight-quarter-32-q3
Money laundering now a greater risk, say Singapore financial institutions
Perceived risks from money laundering and terrorism financing (ML/TF) to Singapore’s financial system have risen, according to the Monetary Authority of Singapore’s (MAS) report on Monday (Nov 27).
https://www.businesstimes.com.sg/singapore/money-laundering-now-greater-risk-say-singapore-financial-institutions
Companies’ Brief
CDL to buy back 10% of preference shares for S$25.8 million via off-market purchase
Property giant City Developments Limited (CDL) is shelling out S$25.8 million to buy back 33.1 million of its preference shares, or about 10 per cent of its 330.9 million preference shares, under its share purchase mandate approved by shareholders in April.
https://www.businesstimes.com.sg/companies-markets/cdl-buy-back-10-preference-shares-s258-million-market-purchase
https://www.straitstimes.com/business/companies-markets/cdl-to-buy-back-10-of-preference-shares-for-258-million-via-off-market-purchase
Mapletree to build interim ferry terminal, ahead of possible HarbourFront Centre revamp
Real estate developer Mapletree has received permission from the authorities to build an interim ferry and cruise terminal in HarbourFront, paving the way for the potential redevelopment of HarbourFront Centre, which currently houses a ferry and cruise terminal.
https://www.businesstimes.com.sg/singapore/mapletree-build-interim-ferry-terminal-ahead-possible-harbourfront-centr-revamp
https://www.straitstimes.com/singapore/mapletree-gets-nod-for-interim-ferry-terminal-ahead-of-possible-harbourfron-centre-revamp
https://www.theedgesingapore.com/news/property/mapletree-gets-approval-build-interim-ferry-and-cruise-terminal-harbourfront-st
Global Economy & Real Estate
US new home sales fall more than expected in October
https://www.businesstimes.com.sg/property/us-new-home-sales-fall-more-expected-october
Buy now, pay later use jumps in Australia for young adults
https://www.businesstimes.com.sg/international/buy-now-pay-later-use-jumps-australia-young-adults
Britain detects first human case of flu strain similar to pig virus
https://www.businesstimes.com.sg/international/britain-detects-first-human-case-flu-strain-similar-pig-virus
China’s industrial profits fall 7.8% in January to October period
https://www.businesstimes.com.sg/international/global/chinas-industrial-profits-fall-78-january-october-period
https://www.channelnewsasia.com/business/chinas-industrial-profits-growth-slows-keeps-stimulus-calls-alive-3947546
China approves first batch of consumption-related Reits
https://www.businesstimes.com.sg/property/china-approves-first-batch-consumption-related-reits
China’s travel agencies prepare for return of foreign tourists amid a slew of positive signs for industry
https://www.scmp.com/business/china-business/article/3242729/chinas-travel-agencies-prepare-return-foreign-tourists-amid-slew-positive-signs-industry
ECB’s inflation fight progressing but not yet done: Lagarde
https://www.businesstimes.com.sg/international/ecbs-inflation-fight-progressing-not-yet-done-lagarde
Germany approves revised 2023 budget suspending borrowing limit
https://www.businesstimes.com.sg/international/germany-approves-revised-2023-budget-suspending-borrowing-limit
Hong Kong’s exports unexpectedly grow as China demand improves
https://www.businesstimes.com.sg/international/hong-kongs-exports-unexpectedly-grow-china-demand-improves
Hong Kong, mainland China buyers shrug off high prices and interest rates to pile into prime Australian property
https://www.scmp.com/business/article/3242843/hong-kong-chinese-buyers-shrug-high-prices-and-interest-rates-pile-prime-australian-property
As Malaysia offers visa-free travel to Chinese tourists, will domestic operators see ‘benefit’?
https://www.scmp.com/week-asia/economics/article/3242998/malaysia-offers-visa-free-travel-chinese-tourists-will-domestic-operators-see-benefit
UK retailers turn a bit more hopeful despite sluggish sales: CBI
https://www.businesstimes.com.sg/international/uk-retailers-turn-bit-more-hopeful-despite-sluggish-sales-cbi
UK announces almost £30 billion of private investment at CEO summit
https://www.businesstimes.com.sg/international/uk-announces-almost-ps30-billion-private-investment-ceo-summit
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