Singapore Real Estate
URA earmarks land in Bedok and Woodlands for up to 2,000 new housing units
Land parcels in Bedok and Woodlands have been earmarked as future sites for residential development, with the plots predicted to yield up to 2,000 new homes. Based on proposed amendments to the Master Plan 2019 gazetted by the Urban Redevelopment Authority (URA) on Friday (Sep 29), a site along Chai Chee Lane in the Bedok area will have a plot ratio of 3.0.
https://www.businesstimes.com.sg/property/ura-earmarks-land-bedok-and-woodlands-2000-new-housing-units
Riverfront SoHo in Yishun, ‘transparent factories’ in Kallang-Kolam Ayer among ideas under review
Singapore – Industrial buildings along a river in Yishun could be repurposed into residential units as part of a proposal to rejuvenate the Yishun industrial estate. Now occupied by a row of flatted factories, the area facing the river, Sungei Simpang Kiri, could be transformed into a riverfront SoHo (small office/home office), or a place to live, work and play at.
https://www.straitstimes.com/singapore/housing/riverfront-soho-in-yishun-transparent-factories-in-kallang-kolam-ayer-among-ideas-under-review
Queenstown rejuvenation to include more senior-friendly amenities
Singapore: Home to one of Singapore’s oldest populations, Queenstown will undergo enhancements and upgrades that will include more senior-friendly amenities to promote active ageing.
https://www.channelnewsasia.com/singapore/queenstown-rejuvenation-plans-remaking-our-heartland-programme-senior-friendly-history-greenery-3808661
https://www.straitstimes.com/singapore/new-parks-exercise-trails-part-of-queenstown-s-upcoming-makeover
英兰妮：须制定策略应对国人住房需求变化
政府和房地产业者须要了解国人的需求和期望如何变化，并制定应对策略。总理公署部长兼财政部及国家发展部第二部长英兰妮星期五（9月29日）在新加坡产业发展商公会（REDAS）中秋节庆祝活动上指出，当前房地产行业有三个重要趋势，它们将是政府今年检讨发展总蓝图（Master Plan）时考虑的重要因素。
https://www.zaobao.com.sg/finance/singapore/story20230929-1438106
https://www.mnd.gov.sg/newsroom/speeches/view/speech-by-2m-indranee-rajah-at-the-real-estate-developers-association-of-singapore-s-mid-autumn-celebration
Tax on empty homes: Can it ease rental supply crunch?
A tax on vacant residential properties in Singapore may incentivise landlords to lease out their empty homes, increasing the supply in the rental market, an Institute of Real Estate and Urban Studies (Ireus) article said.
https://www.businesstimes.com.sg/property/tax-empty-homes-can-it-ease-rental-supply-crunch
Is it time to stop bingeing on real estate?
Much of the narrative accompanying the surge in Singapore’s private home prices in the past three years has focused on a housing shortage driving buyers to jump on the bandwagon for fear of missing out.
https://www.businesstimes.com.sg/opinion-features/it-time-stop-bingeing-real-estate
About 1,900 BTO flats in 2 Choa Chu Kang projects to be offered in early Oct launch
About 1,900 build-to-order (BTO) flats in two developments in Choa Chu Kang – with a waiting time of up to four years – will be launched in early October. The Rail Corridor will run along and through the two projects, Rail Green I and Rail Green II @ CCK, which comprise 12 blocks ranging from 13 to 31 storeys.
https://www.businesstimes.com.sg/property/about-1900-bto-flats-2-choa-chu-kang-projects-be-offered-early-oct-launch
https://www.straitstimes.com/singapore/housing/about-1900-bto-flats-in-2-choa-chu-kang-projects-to-be-offered-in-early-oct-launch
https://www.todayonline.com/singapore/about-1900-bto-flats-choa-chu-kang-be-launched-sale-october-exercise-2271306
https://www.channelnewsasia.com/singapore/choa-chu-kang-bto-flats-sales-launch-october-hdb-rail-corridor-green-living-3810756
Singapore Economy
Water-efficiency efforts expected to mitigate price hike for major manufacturers
Singapore’s upcoming water price hike will raise costs in major industries such as semiconductor and pharmaceutical manufacturing, but long-running efforts to raise water efficiency should keep the impact manageable, companies told The Business Times.
https://www.businesstimes.com.sg/singapore/economy-policy/water-efficiency-efforts-expected-mitigate-price-hike-major-manufacturers
Singapore household electricity, gas bills to rise as tariffs go up in Q4
Household electricity and gas bills are set to rise in the fourth quarter of 2023, following an increase in tariffs announced by state energy suppliers on Friday (Sep 29). From Oct 1 to Dec 31, the electricity tariff before the 8 per cent goods and services tax (GST) will go up by an average of 3.7 per cent or 0.98 Singapore cent per kilowatt-hour (KWh) from the previous quarter.
https://www.businesstimes.com.sg/singapore/singapore-household-electricity-gas-bills-rise-tariffs-go-q4
https://www.straitstimes.com/singapore/electricity-and-gas-tariffs-to-increase-in-fourth-quarter-due-to-higher-costs
https://www.todayonline.com/singapore/electricity-tariffs-increase-37-average-oct-dec-u-save-rebates-help-defray-costs-2270336?ntype=minute
https://www.channelnewsasia.com/singapore/electricity-tariff-increase-october-december-2023-sp-group-u-save-rebates-3807771
Unemployment support in Singapore likely to come with conditions such as skills upgrading: Economists
Singapore: New policies on unemployment support will likely be calibrated to provide a temporary safety net for those who have been laid off while encouraging skills upgrading to improve job prospects, economists said.
https://www.channelnewsasia.com/singapore/unemployment-support-calibrated-temporary-safety-net-push-skills-upgrading-economists-3808706
Singapore’s total population up 5% to record high of 5.92 million as at June
Singapore’s total population set a new record at 5.92 million as at June this year, an increase of 5 per cent from the year before, the annual Population in Brief (PIB) publication reported on Friday (Sep 29).
https://www.businesstimes.com.sg/singapore/singapores-total-population-5-record-high-592-million-june
https://www.todayonline.com/singapore/spore-total-population-back-above-prepandemic-level-2270376?ntype=minute
https://www.channelnewsasia.com/singapore/record-population-592-million-rebounds-pandemic-decline-pr-citizens-3808021
Companies’ Brief
ESR-LOGOS REIT divests 2 Tuas South Avenue 2 for $53.0 mil
ESR-Logos Reit (E-LOG) has entered into a contract of sale to divest 2 Tuas South Avenue 2 for $53.0 million. The consideration represents a premium of 35.2% above the property’s valuation of $39.2 million as at Aug 31.
https://www.theedgesingapore.com/news/reit-watch/esr-logos-reit-divests-2-tuas-south-avenue-2-530-mil
SingLand to undertake partial redevelopment of Marina Square
Singapore Land Group : U06 0% (SingLand) will embark on a partial redevelopment of shopping mall Marina Square, the real estate company announced in a Friday (Sep 29) bourse filing. SingLand received provisional permission from the Urban Redevelopment Authority in Q3 for the project.
https://www.businesstimes.com.sg/companies-markets/singland-undertake-partial-redevelopment-marina-square
Views, Reviews Forum and Others
More workers in manufacturing, construction sectors suffered major injuries in the first half of 2023: MOM
Singapore: The number of major injuries reported in the manufacturing and construction sectors increased in the first half of 2023, even as the annualised major injuries rate held steady, according to the Ministry of Manpower’s (MOM) latest Workplace Safety and Health report.
https://www.channelnewsasia.com/singapore/workplace-injuries-deaths-health-safety-report-mom-3803706
https://www.todayonline.com/singapore/more-workers-manufacturing-construction-sectors-suffered-major-injuries-first-half-2023-mom-2269626
https://www.straitstimes.com/singapore/mom-to-target-metalworking-and-smaller-scale-construction-works-even-as-safety-stats-improve
Govt agencies prepared to tackle haze but public should take precautions, says NEA as PSI hits 81
Singapore – The public is advised to check the air quality before participating in strenuous or outdoor activities, said the National Environment Agency (NEA), on behalf of an inter-agency task force looking into the haze situation here.
https://www.straitstimes.com/singapore/government-agencies-prepared-to-tackle-haze-but-public-should-take-precaution-says-nea-as-psi-hits-81
https://www.todayonline.com/singapore/singapore-may-see-haze-if-wind-direction-changes-recent-increase-hotspots-over-sumatra-2270746
https://www.channelnewsasia.com/singapore/haze-air-quality-psi-sumatra-indonesia-hotspots-nea-3808371
Global Economy & Real Estate
Dips in US core and ‘supercore’ inflation could bolster a Fed hold
https://www.businesstimes.com.sg/international/dips-us-core-and-supercore-inflation-could-bolster-fed-hold
Fed and ECB tread hopefully into final stretch of 2023
https://www.businesstimes.com.sg/international/global/fed-and-ecb-tread-hopefully-final-stretch-2023
US consumer spending rises in August; underlying inflation slows
https://www.businesstimes.com.sg/international/us-consumer-spending-rises-august-underlying-inflation-slows
https://www.straitstimes.com/business/economy/us-inflation-outlook-brightens-as-underlying-price-pressures-subside
Where are Asia’s major housing markets headed?
https://www.straitstimes.com/business/where-are-asia-s-major-housing-markets-headed
Australian housing prices stay strong as RBA seen standing pat
https://www.businesstimes.com.sg/property/australian-housing-prices-stay-strong-rba-seen-standing-pat
China’s services activity expands at slowest pace this year – Caixin PMI
https://www.channelnewsasia.com/business/chinas-services-activity-expands-slowest-pace-year-caixin-pmi-3811891
https://www.straitstimes.com/business/china-s-factory-activity-recovery-slows-in-september-caixin-pmi
IMF sees signs China stabilising, says reforms can boost medium-term growth
https://www.businesstimes.com.sg/international/imf-sees-signs-china-stabilising-says-reforms-can-boost-medium-term-growth
China home sales saw mild recovery in September amid policy push
https://www.businesstimes.com.sg/property/china-home-sales-saw-mild-recovery-september-amid-policy-push
https://www.channelnewsasia.com/business/china-new-home-prices-tick-sept-ending-four-month-decline-survey-3812071
Shanghai faces first mortgage boycott as stalled housing project angers homebuyers
https://www.scmp.com/business/china-business/article/3236441/shanghai-faces-first-mortgage-boycott-stalled-housing-project-angers-homebuyers
Eurozone core inflation hits 1-year low, backing ECB pause
https://www.businesstimes.com.sg/international/eurozone-core-inflation-hits-1-year-low-backing-ecb-pause
Hong Kong retail sales rise in August as mainland China tourists return
https://www.businesstimes.com.sg/international/hong-kong-retail-sales-rise-august-mainland-china-tourists-return
Luxury home in Redhill Peninsula, where landslide exposed illegal structures, sells for just over half its 2017 price, agents say
https://www.scmp.com/business/article/3236322/luxury-home-redhill-peninsula-where-landslide-exposed-illegal-structures-sells-just-over-half-its
Hong Kong developers set to delay launch of new flats as sector counts on easing of property cooling measures: agents
https://www.scmp.com/business/article/3236178/hong-kong-developers-set-delay-launch-new-flats-sector-counts-easing-property-cooling-measures
Exclusive|Hong Kong developer Wharf calls for ‘comprehensive review’ of property market curbs to stop the rot in home sales, prices
https://www.scmp.com/business/companies/article/3236069/hong-kong-developer-wharf-calls-comprehensive-review-property-market-curbs-stop-rot-home-sales
New World boss Adrian Cheng joins chorus asking Hong Kong officials to aid stagnant sector by easing cooling measures
https://www.scmp.com/business/article/3236304/new-world-boss-adrian-cheng-joins-chorus-asking-hong-kong-officials-aid-stagnant-sector-easing
Japan’s economy minister says authorities must ensure end to deflation
https://www.businesstimes.com.sg/international/japans-economy-minister-says-authorities-must-ensure-end-deflation
https://www.channelnewsasia.com/business/japans-economy-minister-says-authorities-must-ensure-end-deflation-3808101
Japan’s Q3 business mood improves in boost to economic outlook
https://www.channelnewsasia.com/business/japans-q3-business-mood-improves-boost-economic-outlook-3813466
Tokyo inflation slows, offering support for Bank of Japan price outlook
https://www.businesstimes.com.sg/international/tokyo-inflation-slows-offering-support-bank-japan-price-outlook
Second round of Fukushima wastewater release to start next week
https://www.channelnewsasia.com/asia/fukushima-wastewater-japan-second-round-release-3807596
Tent-dwelling migrants join protest over Portugal’s housing prices
https://www.businesstimes.com.sg/property/tent-dwelling-migrants-join-protest-over-portugals-housing-prices
South Korea’s export decline eases further, adding to optimism
https://www.businesstimes.com.sg/international/south-koreas-export-decline-eases-further-adding-optimism
https://www.channelnewsasia.com/business/south-korea-sept-exports-fall-mildest-pace-12-months-3811851
These island homes were an affordable dream – until residents started to age
https://www.businesstimes.com.sg/property/these-island-homes-were-affordable-dream-until-residents-started-age
UK economy stronger than first thought
https://www.businesstimes.com.sg/international/uk-economy-stronger-first-thought
https://www.straitstimes.com/business/uk-economy-stronger-than-first-thought-in-boost-for-sunak
UK banks wary of London housing projects amid £827 million value drop
https://www.businesstimes.com.sg/property/uk-banks-wary-london-housing-projects-amid-ps827-million-value-drop
Vietnam’s economy expands 5.33% in Q3, but likely to miss full-year growth target
https://www.businesstimes.com.sg/international/asean/vietnams-economy-expands-533-q3-likely-miss-full-year-growth-target
https://www.channelnewsasia.com/business/vietnam-sees-q3-gdp-growth-capped-weak-external-demand-3807586
https://www.theedgesingapore.com/news/asean/vietnam-aims-6-growth-year-best-case-scenario
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