Singapore Real Estate / Built Environment
BCA reviewing scope of alteration works that can be done without approval
Singapore – The Building and Construction Authority (BCA) is reviewing the scope of building works that property owners can carry out on their homes and buildings without the need for approval from the authorities.
https://www.straitstimes.com/singapore/investigations-into-unauthorised-building-alterations-on-the-rise-bca-review-into-such-works-underway
Fragrance Group buys Katong Plaza for S$180 million
Katong Plaza has been sold for S$180 million to Fragrance Group, according to market sources. This translates to a land rate of S$1,809 per square foot per plot ratio (psf ppr) for the freehold site in District 15.
https://www.businesstimes.com.sg/property/fragrance-group-buys-katong-plaza-s180-million
United House up for sale at S$166 million
United House, located just behind Concorde Hotel and Shopping Centre which is also on the market, has been launched for sale via tender for S$166 million.
https://www.businesstimes.com.sg/property/united-house-sale-s166-million
Firms rent units at JTC’s Woodlands North Coast for proximity to Malaysia, innovative space allocation
Singapore: Sensor-making German firm SICK was among the first to set up office at JTC’s Woodlands North Coast district for its innovative space allocation, image and proximity to Johor Bahru.
https://www.channelnewsasia.com/singapore/woodlands-north-coast-industrial-estate-jtc-4653706
Singapore public housing rated as highly attainable, affordable: reports
Public housing in Singapore has been rated by two international housing reports as being highly attainable and remaining affordable, said the Housing and Development Board (HDB) on Wednesday (Oct 2).
https://www.businesstimes.com.sg/property/singapore-public-housing-rated-highly-attainable-affordable-reports
https://www.straitstimes.com/singapore/housing/public-housing-remains-affordable-and-attainable-says-hdb-citing-international-studies
https://www.zaobao.com.sg/news/singapore/story20241002-4909152
Singapore Economy
Government will do everything it can to help Singaporeans tackle cost-of-living concerns: PM Wong
Singaporeans will get help to tackle ongoing cost-of-living worries, said Prime Minister Lawrence Wong, acknowledging that the issue remains a concern even as inflation has been moderating.
https://www.businesstimes.com.sg/singapore/economy-policy/government-will-do-everything-it-can-help-singaporeans-tackle-cost-living-concerns-pm-wong
https://www.straitstimes.com/singapore/gov-t-will-do-everything-it-can-to-help-s-poreans-tackle-cost-of-living-concerns-pm-wong
https://www.zaobao.com.sg/news/singapore/story20241003-4912396
Singapore’s PMI up further in September amid cooling in regional factory activity
Singapore’s overall manufacturing sentiment improved further in September, even as regionwide factory activity remained weak.
https://www.businesstimes.com.sg/singapore/singapores-pmi-further-september-amid-cooling-regional-factory-activity
https://www.straitstimes.com/business/s-pore-s-manufacturing-sector-remains-a-bright-spot-in-the-region
Business News
MOM meets with Dyson over layoffs as union calls for conciliation
Singapore – The Ministry of Manpower (MOM) has met with consumer electronics giant Dyson to work on an ‘amicable solution’, after the company gave a labour union just one-day’s notice of its retrenchment exercise.
https://www.straitstimes.com/business/companies-markets/a-day-s-notice-of-impending-lay-offs-by-dyson-unacceptable-labour-mp-and-union-official
https://www.channelnewsasia.com/singapore/dyson-retrenchment-package-one-month-year-service-uweei-concerned-lack-info-4654711
Equinix partners GIC, Canada pension fund to expand data centre portfolio via US$15 billion joint venture
Data centre firm Equinix inked a joint venture (JV) agreement with Singapore sovereign wealth fund GIC and Canada Pension Plan Investment Board (CPP Investments) to raise capital of more than US$15 billion and grow its data centre portfolio.
https://www.businesstimes.com.sg/international/global/equinix-partners-gic-canada-pension-fund-expand-data-centre-portfolio-us15-billion-joint-venture
GIC agrees to buy 25% stake in EQT-backed waste company Reworld
Singapore’s sovereign wealth fund GIC has agreed to acquire a 25 per cent stake in waste management company Reworld.
https://www.businesstimes.com.sg/companies-markets/transport-logistics/gic-agrees-buy-25-stake-eqt-backed-waste-company-reworld
Samsung lays off workers in S’pore amid global job cuts
Singapore – Electronics giant Samsung Electronics has laid off an undisclosed number of workers in Singapore as it cuts thousands of jobs globally. A spokesperson here did not comment on the number of employees affected or give details on retrenchment packages.
https://www.straitstimes.com/business/companies-markets/samsung-to-cut-thousands-of-jobs-some-in-singapore-amid-struggles-in-ai-market
https://www.businesstimes.com.sg/international/global/samsungs-singapore-staff-not-spared-it-cuts-thousands-jobs-globally-amid-struggles-ai-market
Views, Reviews, Forum and Others
Dyson, Shein, Ninja Van layoffs: What rights do workers have when the axe falls?
A surprise move on Oct 1 by consumer electronics giant Dyson to retrench staff has put the topic of layoffs in the spotlight again.
https://www.businesstimes.com.sg/companies-markets/consumer-healthcare/dyson-shein-ninja-van-layoffs-what-rights-do-workers-have-when-axe-falls
Wolbachia mosquitoes to be released at 5 new sites in Singapore to tackle dengue
Singapore: Male Wolbachia-carrying mosquitoes will be released at five additional sites to suppress the aedes mosquito population and mitigate the risk of dengue outbreaks, announced the National Environment Agency (NEA) on Thursday (Oct 3).
https://www.channelnewsasia.com/singapore/wolbachia-aedes-mosquitoes-5-new-locations-release-nea-4654751
Global Economy & Real Estate
Construction sector helps to lift US private payrolls in September
https://www.businesstimes.com.sg/international/construction-sector-helps-lift-us-private-payrolls-september
China’s defaulted developers soar 200% in speculative frenzy
https://www.businesstimes.com.sg/companies-markets/capital-markets-currencies/chinas-defaulted-developers-soar-200-speculative-frenzy
https://www.straitstimes.com/business/property/china-s-defaulted-property-developers-soar-200-in-speculative-frenzy
China sees record railway trips, buoying outlook for consumption
https://www.businesstimes.com.sg/international/china-sees-record-railway-trips-buoying-outlook-consumption
Japan’s Ishiba rules out BOJ interest rate hikes for now
https://www.businesstimes.com.sg/international/japans-ishiba-rules-out-boj-interest-rate-hikes-now
https://www.channelnewsasia.com/business/new-japan-pm-wants-boj-be-careful-when-hiking-rates-further-economy-minister-says-4653681
BOJ’s Ueda says unstable markets, global uncertainty cause for vigilance
https://www.businesstimes.com.sg/international/bojs-ueda-says-unstable-markets-global-uncertainty-cause-vigilance
https://www.channelnewsasia.com/business/boj-chief-tells-japans-new-premier-central-bank-will-move-cautiously-rate-hike-timing-4654046
Japan’s US$4 trillion ‘carry trade’ begins to slowly unwind
https://www.businesstimes.com.sg/companies-markets/capital-markets-currencies/japans-us4-trillion-carry-trade-begins-slowly-unwind
London’s Canary Wharf sets sights on hotels to fill empty offices
https://www.businesstimes.com.sg/property/londons-canary-wharf-sets-sights-hotels-fill-empty-offices
Manhattan homebuyers are starting to favour mortgages over cash
https://www.businesstimes.com.sg/property/manhattan-homebuyers-are-starting-favour-mortgages-over-cash
Philippines to tax foreign-based digital service providers
https://www.businesstimes.com.sg/international/asean/philippines-tax-foreign-based-digital-service-providers
New Zealand house prices fall at slower pace after rate cut
https://www.businesstimes.com.sg/property/new-zealand-house-prices-fall-slower-pace-after-rate-cut
New Zealand labour pool growing at slower pace amid exodus
https://www.businesstimes.com.sg/international/new-zealand-labour-pool-growing-slower-pace-amid-exodus
Sydney doesn’t have enough three-bedroom apartments for boomers
https://www.businesstimes.com.sg/property/sydney-doesnt-have-enough-three-bedroom-apartments-boomers
South Korea factory activity shrinks sharply as overseas demand weakens: PMI
https://www.businesstimes.com.sg/international/south-korea-factory-activity-shrinks-sharply-overseas-demand-weakens-pmi
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