Singapore Real Estate
Proposed integrated development in Kembangan to have 340 BTO units, new community club
Singapore – A proposed HDB integrated development next to Kembangan MRT station will have about 340 Build-To-Order (BTO) units and a five-storey building with a new community club, supermarket and retail shops.
https://www.straitstimes.com/singapore/proposed-integrated-development-in-kembangan-to-have-340-bto-units-ne
-community-club
https://www.channelnewsasia.com/singapore/hdb-kembangan-estate-new-bto-flats-community-centre-commercial-facilitie
-409481
Residents welcome upgrades at rejuvenated Limbang Shopping Centre in Choa Chu Kang
Singapore – Limbang Shopping Centre, a rejuvenated Housing Board neighbourhood centre between Yew Tee and Choa Chu Kang MRT stations, reopened its doors officially on Feb 3 with more amenities, food and beverage outlets and improved accessibility for residents.
https://www.straitstimes.com/singapore/residents-welcome-upgrades-at-rejuvenated-limbang-shopping-centre-in-choa-chu-kang
Singapore Economy
Singapore’s PMI rises further in January, echoing region’s improved factory activity
Singapore’s manufacturing sentiment improved again in January, as regionwide factory activity continued to recover. The purchasing managers’ index (PMI) edged up to 50.7, a 0.2 point gain from the previous month, data from the Singapore Institute of Purchasing and Materials Management (SIPMM) on Friday (Feb 2) indicated.
https://www.businesstimes.com.sg/singapore/singapores-pmi-rises-further-january-echoing-regions-improved-factory-activity
https://www.straitstimes.com/business/companies-markets/singapore-factory-activity-continues-to-pick-up-cautious-optimism-for-2024
Strong CNY dining demand at Singapore’s hotels, restaurants despite cost-of-living woes
Restaurants and hotels in Singapore have registered stronger Chinese New Year (CNY) dining demand from both families and corporates this year, despite renewed outbound travel and cost-of-living worries.
https://www.businesstimes.com.sg/singapore/strong-cny-dining-demand-singapores-hotels-restaurants-despite-cost-living-woes
MAS seeks to reduce client information collected by financial institutions for some insurance products
The Monetary Authority of Singapore (MAS) is seeking feedback on proposals to cut down on the amount of information that financial institutions need to collect from their clients for certain insurance policies.
https://www.businesstimes.com.sg/singapore/mas-seeks-reduce-client-information-collected-financial-institutions-some-insurance
https://www.straitstimes.com/business/less-information-needed-when-buying-simple-insurance-policies-under-mas-proposed-changes
https://www.theedgesingapore.com/news/finance/mas-proposes-simplify-requirements-and-facilitate-access-simple-cost-effective
Business News
CapitaLand Ascott Trust to sell Citadines Mount Sophia Singapore for S$148 million
CapitaLand Ascott Trust (Clas) is divesting Citadines Mount Sophia Singapore for S$148 million in a deal that is estimated to complete in the first quarter of 2024. On Friday (Feb 2), its managers said the consideration is 19.4 per cent above the 154-unit serviced residence’s book value as at end-2023.
https://www.businesstimes.com.sg/companies-markets/capitaland-ascott-trust-sell-citadines-mount-sophia-singapore-s148-million
https://www.straitstimes.com/business/capitaland-ascott-trust-to-sell-citadines-property-for-148-million
https://www.theedgesingapore.com/news/reits/clas-divests-citadines-mount-sophia-singapore-148-mil
Frasers Property posts pre-sold revenue of S$2.4 billion as at Dec 2023; net gearing ratio up to 78%
Frasers Property has achieved pre-sold revenue of S$2.4 billion across Singapore, Australia, Thailand and China as at Dec 31, 2023, with “steady progress” for its residential development portfolio, it said in a Friday (Feb 2) business update.
https://www.businesstimes.com.sg/companies-markets/frasers-property-posts-pre-sold-revenue-s24-billion-dec-2023-net-gearing-ratio-78
Hiap Hoe to sell Melbourne hotel for A$96 million
Hiap Hoe will sell its Melbourne Docklands hotel for A$96 million (S$83.9 million) to WFM Financial, it said on Monday (Feb 5). The real estate developer bought the waterfront site the hotel sits on in 2013 and subsequently developed it into Four Points by Sheraton, which opened in 2017.
https://www.businesstimes.com.sg/companies-markets/hiap-hoe-sell-melbourne-hotel-a96-million
https://www.theedgesingapore.com/news/property/hiap-hoe-disposes-four-points-sheraton-melbourne-docklands-a96-mil
Tributes pour in for visionary banker Wee Cho Yaw
Tributes for the late banking tycoon Wee Cho Yaw continued to pour in throughout the weekend as business leaders, politicians and friends mourn the passing of a visionary business leader, pioneering entrepreneur and philanthropist.
https://www.businesstimes.com.sg/companies-markets/tributes-pour-visionary-banker-wee-cho-yaw
https://www.straitstimes.com/singapore/uob-s-wee-cho-yaw-dies-aged-95
https://www.todayonline.com/singapore/singapore-leaders-pay-tribute-late-banking-tycoon-wee-cho-yaw-2356046
https://www.todayonline.com/singapore/wee-cho-yaw-former-uob-chairman-and-one-singapores-richest-men-dies-aged-95-2355691
https://www.channelnewsasia.com/singapore/wee-cho-yaw-death-uob-former-chairman-ceo-4096771
https://www.theedgesingapore.com/news/obituary/eminent-banker-wee-cho-yaw-uob-dies-95
https://www.scmp.com/news/asia/southeast-asia/article/3250821/singapore-banking-tycoon-wee-cho-yaw-former-uob-chairman-dies-95
Views, Reviews, Forum and Others
More weight on safety in evaluation of govt construction tenders from April
Singapore – Government agencies will place greater emphasis on safety in the evaluation of construction tenders called from April 1, raising the minimum weighting given to safety-related criteria.
https://www.straitstimes.com/singapore/from-april-govt-to-place-more-weight-on-safety-in-evaluation-of-construction-tenders
Over 380 people lose at least $2.4m to property agent impersonation scam in 6 months
Singapore – A scam involving the impersonation of property agents has led to at least 389 victims losing at least $2.4 million between July 2023 and January 2024. The scammers impersonate Council for Estate Agencies (CEA) registered agents.
https://www.straitstimes.com/singapore/over-380-people-lose-at-least-24-million-to-property-agent-impersonation-scam-in-6-months
Global Economy & Real Estate
How cities cope with the lack of affordable housing
https://www.straitstimes.com/business/property/how-cities-cope-with-the-lack-of-affordable-housing
Oil posts weekly losses as US data dents hopes for near-term rate cuts
https://www.businesstimes.com.sg/companies-markets/oil-posts-weekly-losses-us-data-dents-hopes-near-term-rate-cuts
https://www.channelnewsasia.com/business/oil-posts-weekly-losses-us-data-dents-hopes-near-term-rate-cuts-4094081
US factory orders rise moderately in December
https://www.businesstimes.com.sg/international/us-factory-orders-rise-moderately-december
US consumer sentiment increases sharply at start of 2024
https://www.businesstimes.com.sg/international/us-consumer-sentiment-increases-sharply-start-2024
US job growth surges in January; wages rise
https://www.businesstimes.com.sg/international/us-job-growth-surges-january-wages-rise
https://www.straitstimes.com/business/economy/us-job-growth-surges-in-january-wages-rise
Grocery stores should cut prices as costs ease, Biden administration says
https://www.businesstimes.com.sg/international/grocery-stores-should-cut-prices-costs-ease-biden-administration-says
Australia PM to introduce bill to reshape tax cuts on Tuesday
https://www.businesstimes.com.sg/international/australia-pm-introduce-bill-reshape-tax-cuts-tuesday
RBA set to hold rate at 12-year high as bank overhaul begins
https://www.businesstimes.com.sg/companies-markets/banking-finance/rba-set-hold-rate-12-year-high-bank-overhaul-begins
Canada extends ban on home purchases by foreigners through 2026
https://www.businesstimes.com.sg/international/global/canada-extends-ban-home-purchases-foreigners-through-2026
IMF projects China GDP to slow to 4.6% in 2024, decline further in medium term
https://www.channelnewsasia.com/business/imf-projects-china-gdp-slow-46-2024-decline-further-medium-term-4094861
https://www.scmp.com/economy/economic-indicators/article/3250742/chinas-economy-faces-high-uncertainty-2024-imf-predicts-46-growth-calls-greater-data-transparency
China criticizes IMF’s growth outlook, calls to boost confidence
https://www.businesstimes.com.sg/international/china-criticizes-imfs-growth-outlook-calls-boost-confidence
https://www.channelnewsasia.com/business/china-economy-imf-forecast-slowdown-2028-property-market-4094811
China’s Jan services activity expands at slower pace: Caixin PMI
https://www.businesstimes.com.sg/international/global/chinas-jan-services-activity-expands-slower-pace-caixin-pmi
China’s central bank adds 150 billion yuan in cheap housing funds
https://www.businesstimes.com.sg/property/chinas-central-bank-adds-150-billion-yuan-cheap-housing-funds
China’s property financing measures to be tested by banks’ cautious approach
https://www.businesstimes.com.sg/property/chinas-property-financing-measures-be-tested-banks-cautious-approach
https://www.channelnewsasia.com/business/analysisnew-china-property-financing-measures-set-be-tested-banks-cautious-approach-4094561
Growing number of mainland Chinese would rent homes rather than buy amid economic downturn, analysts say
https://www.scmp.com/business/china-business/article/3250782/growing-number-mainland-chinese-would-rent-homes-rather-buy-amid-economic-downturn-analysts-say
China’s Country Garden says over 30 projects have local government support
https://www.businesstimes.com.sg/property/chinas-country-garden-says-over-30-projects-have-local-government-support
https://www.channelnewsasia.com/business/chinas-country-garden-says-over-30-projects-have-local-government-support-4097416
Uneven path to finish Evergrande’s abandoned housing in Chinese city
https://www.channelnewsasia.com/business/uneven-path-finish-evergrandes-abandoned-housing-chinese-city-4095441
German top ministers weigh corporate tax reform
https://www.businesstimes.com.sg/international/german-top-ministers-weigh-corporate-tax-reform
Hong Kong’s economy expected to improve in Year of the Dragon owing to ‘favourable’ market conditions, Paul Chan says
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3250886/hong-kongs-economy-expected-improve-year-dragon-owing-favourable-market-conditions-paul-chan-says
Number of family offices based in Hong Kong could surpass Singapore ‘in a few more years,’ investment body predicts
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3250741/number-family-offices-based-hong-kong-could-surpass-singapore-few-more-years-investment-body
Hong Kong’s hi-tech hub near border will destroy 89 hectares of wetland, affect 56,000 trees
https://www.scmp.com/news/hong-kong/health-environment/article/3250856/hi-tech-hong-kong-development-near-border-mainland-china-will-destroy-wetland-and-could-affect-areas
Hong Kong luxury property owners turn to high-interest private loans for relief from liquidity pain
https://www.scmp.com/business/markets/article/3250722/peak-distress-hong-kong-luxury-property-owners-turn-high-interest-private-loans-relief-liquidity
Hong Kong property deals surge to their highest since August as stable interest rates lure buyers
https://www.scmp.com/business/article/3250620/hong-kong-property-deals-surge-their-highest-august-stable-interest-rates-lure-buyers
Some Hong Kong restaurants and hotels hoping for Messi-inspired boost to business as tourism sector calls for more sporting events
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3250787/some-hong-kong-restaurants-and-hotels-hoping-messi-inspired-boost-business-tourism-sector-calls-more
Gaming billionaire buys another London mansion for £24 million
https://www.businesstimes.com.sg/property/gaming-billionaire-buys-another-london-mansion-ps24-million
More Asia-Pacific buyers on the prowl for London commercial properties
https://www.businesstimes.com.sg/property/more-asia-pacific-buyers-prowl-london-commercial-properties
New Zealand home building consents drop to five-year low
https://www.businesstimes.com.sg/property/new-zealand-home-building-consents-drop-five-year-low
Swedish home prices resume climb in first month of the year
https://www.businesstimes.com.sg/property/swedish-home-prices-resume-climb-first-month-year
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