Singapore Real Estate / Built Environment
Land betterment charge rates cut for non-landed residential use
Singapore – Subdued bids for Government Land Sales (GLS) plots have taken a toll on land betterment charge (LBC) rates for non-landed residential use, which will drop for the next half year, while those for other key use groups – landed residential, commercial and hotels – will grow at a slower pace.
https://www.straitstimes.com/singapore/housing/land-betterment-charge-rates-cut-for-non-landed-residential-use
https://www.businesstimes.com.sg/property/land-betterment-charge-rates-cut-5-4-average-non-landed-residential-use
D’Grove Villas condo in prime District 10 up for collective sale at S$420 million
Freehold high-rise condominium D’Grove Villas is back on the market for collective sale at S$420 million, after two previous attempts closed without a deal.
https://www.businesstimes.com.sg/property/dgrove-villas-condo-prime-district-10-collective-sale-s420-million
https://www.straitstimes.com/singapore/housing/d-grove-villas-to-launch-third-collective-sale-bid-at-420-million
‘Frozen in time’: has Singapore’s Sentosa Cove lost its allure after 20 years?
For commodities trader Jerome Jung, mornings begin with a stroll along the waterfront at a marina where some of Singapore’s wealthiest residents dock their yachts. The environs of Sentosa Cove make his daily hour-long commute to the city state’s central business district and back worthwhile, the 41-year-old says.
https://www.scmp.com/week-asia/lifestyle-culture/article/3276621/frozen-time-has-singapores-sentosa-cove-lost-its-allure-after-20-years
Pressing need for business parks to reposition and reinvent their spaces: real estate don
Business parks remain relevant and competitive in Singapore’s real estate landscape, but new work practices could hurt demand for such spaces, a survey by the National University of Singapore (NUS) has concluded.
https://www.businesstimes.com.sg/property/pressing-need-business-parks-reposition-and-reinvent-their-spaces-real-estate-don
https://www.straitstimes.com/business/pressing-need-for-business-parks-to-reposition-and-reinvent-their-spaces-says-nus-don
Singapore Economy
Geopolitics, disruptions and domestic constraints will challenge growth: Gan Kim Yong
Geopolitical tensions, disruptive events and domestic constraints are three key drivers that will have major implications on Singapore’s economic growth, said Minister for Trade and Industry Gan Kim Yong at the ministry’s annual Economic Dialogue on Friday (Aug 30).
https://www.businesstimes.com.sg/singapore/geopolitics-disruptions-and-domestic-constraints-will-challenge-growth-gan-kim-yong
Singapore, Malaysia officials met to advance talks on Johor deal
Officials from Singapore and Malaysia met to advance discussions on a special economic zone in Johor, the city-state’s Trade Ministry said in a statement Friday (Aug 30).
https://www.businesstimes.com.sg/international/singapore-malaysia-officials-met-advance-talks-johor-deal
https://www.straitstimes.com/singapore/officials-discuss-trade-cross-border-flow-of-people-at-johor-s-pore-special-economic-zone-meeting
MAS review group should build on market’s track record, seek to strengthen big local companies
While investors should not be shielded from the risk of losing money, their apparent lack of confidence in the local market ought to be addressed.
https://www.businesstimes.com.sg/opinion-features/mas-review-group-should-build-markets-track-record-seek-strengthen-big-local-companies
Business News
CapitaLand’s retail, workspace CEO Chris Chong leaves group
CapitaLand Investment (CLI) chief executive officer of retail and workspace (Singapore and Malaysia) Chris Chong is stepping down after more than six years with the group.
https://www.businesstimes.com.sg/property/capitalands-retail-workspace-ceo-chris-chong-leaves-group
UOB leverages AI for data-centric approach to optimising portfolio allocation
UOB, possibly Singapore’s first local bank to use artificial intelligence (AI) and big data analytics to allocate capital in its corporate banking division, is looking to expand its portfolio optimisation tool to other markets in South-east Asia.
https://www.businesstimes.com.sg/international/asean/uob-leverages-ai-data-centric-approach-optimising-portfolio-allocation
Views, Reviews, Forum and Others
Global mpox outbreak: Ong Ye Kung to provide update on Singapore’s preparedness next week
Singapore – Health Minister Ong Ye Kung will be chairing a press conference next week to give an update on Singapore’s preparedness in the mpox outbreak. He announced this on the sidelines of an event to mark a partnership between MOH Holdings (MOHH) and SMRT Corporation to recognise healthcare professionals.
https://www.straitstimes.com/singapore/ong-ye-kung-to-chair-press-conference-on-mpox-next-week
https://www.zaobao.com.sg/news/singapore/story20240831-4585414
Older S’poreans vaccinated for smallpox shielded from mpox
Singapore – Most older Singaporeans who were born in or before 1980 and were vaccinated against smallpox in childhood would have fairly good protection against mpox. As smallpox and mpox are both orthopoxviruses, there is some cross-protection conferred by the vaccination.
https://www.straitstimes.com/singapore/older-singaporeans-vaccinated-against-smallpox-have-fairly-good-protection-against-mpox
ERP rates to go up by S$1 at 3 expressway locations from Sep 9
Singapore: Electronic Road Pricing (ERP) rates will increase by S$1 (US$0.77) at three expressway locations from Sep 9.
https://www.channelnewsasia.com/singapore/erp-rates-revision-aye-mce-kpe-lta-4580911
Should interior designers be licensed? Some say regulation needed for renovation industry
Singapore: A home owner hires an interior designer and pays the firm a large sum, but it doesn’t deliver what it should. What can he do? Not much, as some home owners found out.
https://www.channelnewsasia.com/singapore/renovation-industry-regulations-contractors-interior-designers-4545581
Robots that paint and lay floor tiles revolutionising construction in Singapore
Singapore – A robot goes around a flat applying coats of paint to the walls, after a separate scanner has mapped out the housing unit, automating what would have been a two-worker job. Contractors here have been increasingly embracing robots.
https://www.straitstimes.com/singapore/housing/robots-that-paint-and-lay-floor-tiles-are-revolutionising-construction-in-singapore
https://www.zaobao.com.sg/news/singapore/story20240830-4581849
Global Economy & Real Estate
Homebuyers flock to city centres as pandemic-induced demand for flats close to nature wanes
https://www.scmp.com/business/article/3276643/homebuyers-flock-city-centres-pandemic-induced-demand-flats-close-nature-wanes
US hotel workers launch strike over holiday weekend
https://www.businesstimes.com.sg/international/us-hotel-workers-launch-strike-over-holiday-weekend
US consumer spending picks up; inflation rises moderately in July
https://www.businesstimes.com.sg/international/us-consumer-spending-picks-inflation-rises-moderately-july
US workforce to expand just 0.4% a year in coming decade
https://www.businesstimes.com.sg/international/us-workforce-expand-just-0-4-year-coming-decade
Australian retail sales stagnate as elevated rates take toll
https://www.businesstimes.com.sg/international/australian-retail-sales-stagnate-elevated-rates-take-toll
Australia’s REA Group considers buying UK-based Rightmove
https://www.businesstimes.com.sg/property/australias-rea-group-considers-buying-uk-based-rightmove
Australian home prices climb as Perth and Adelaide lead gains
https://www.businesstimes.com.sg/property/australian-home-prices-climb-perth-and-adelaide-lead-gains
https://www.bloomberg.com/news/articles/2024-09-01/australian-home-prices-climb-as-perth-and-adelaide-lead-gains
Australian home prices to keep rising as supply remains tight
https://www.businesstimes.com.sg/property/australian-home-prices-keep-rising-supply-remains-tight
China’s weak factory PMI raises pressure for consumer stimulus
https://www.businesstimes.com.sg/international/chinas-weak-factory-pmi-raises-pressure-consumer-stimulus
https://www.straitstimes.com/business/china-growth-headwinds-mount-as-factory-and-housing-data-worsen
https://www.scmp.com/economy/economic-indicators/article/3276675/chinas-factory-activity-remains-contraction-amid-weak-economic-momentum
https://www.bloomberg.com/news/articles/2024-09-01/china-growth-headwinds-mount-as-factory-and-housing-data-worsen
China considers allowing refinancing on US$5.4 trillion in mortgages
https://www.businesstimes.com.sg/international/china-considers-allowing-refinancing-us5-4-trillion-mortgages1
China new home prices rise more slowly in August, survey shows
https://www.businesstimes.com.sg/property/china-new-home-prices-rise-more-slowly-august-survey-shows
Weakness in ferrous metal prices expected to persist amid China’s property, economic recovery woes
https://www.businesstimes.com.sg/companies-markets/weakness-ferrous-metal-prices-expected-persist-amid-chinas-property-economic-recovery-woes
New unproductive forces: the Chinese youth owning their unemployment
https://www.businesstimes.com.sg/international/global/new-unproductive-forces-chinese-youth-owning-their-unemployment
French inflation retreats to its lowest level in three years
https://www.businesstimes.com.sg/international/french-inflation-retreats-its-lowest-level-three-years
Hong Kong’s Paul Chan aims to draw more Australian firms with visit
https://www.businesstimes.com.sg/international/hong-kongs-paul-chan-aims-draw-more-australian-firms-visit
Hong Kong MTR Corp’s creditworthiness downgraded on soft property market, funding needs
https://www.scmp.com/news/hong-kong/transport/article/3276306/hong-kong-mtr-corps-credit-rating-downgraded-soft-property-market-funding-concerns
NWD to report US$2.4 billion loss in past financial year amid property sector woes
https://www.scmp.com/business/china-business/article/3276693/nwd-report-us24-billion-loss-past-financial-year-amid-property-sector-woes
https://www.bloomberg.com/news/articles/2024-08-30/hong-kong-s-new-world-expects-2-6-billion-loss-on-writedown
https://www.straitstimes.com/business/hong-kong-developer-new-world-expects-first-loss-in-20-years
https://www.channelnewsasia.com/business/new-world-development-shares-plunge-after-it-estimates-loss-4580896
Japan Q2 corporate capex up 7.4%, points to solid domestic demand
https://www.businesstimes.com.sg/international/japan-q2-corporate-capex-7-4-points-solid-domestic-demand
https://www.channelnewsasia.com/business/japan-q2-corporate-capex-74-points-solid-domestic-demand-4580811
Japan’s factory activity contracts at milder pace, PMI shows
https://www.businesstimes.com.sg/international/japans-factory-activity-contracts-milder-pace-pmi-shows
Tokyo inflation tops expectations, supporting case for BOJ hikes
https://www.businesstimes.com.sg/international/tokyo-inflation-tops-expectations-supporting-case-boj-hikes
A driven introvert creates his dream home in Paris
https://www.businesstimes.com.sg/property/driven-introvert-creates-his-dream-home-paris
South Korea’s factory activity growth quickens even as overseas demand slows, PMI shows
https://www.businesstimes.com.sg/international/south-koreas-factory-activity-growth-quickens-even-overseas-demand-slows-pmi-shows
South Korea’s export momentum picks up, boosting growth outlook
https://www.businesstimes.com.sg/international/south-koreas-export-momentum-picks-boosting-growth-outlook
Labour’s tax plans knock UK business chiefs’ confidence
https://www.businesstimes.com.sg/international/labours-tax-plans-knock-uk-business-chiefs-confidence
UK house prices fall for first time since April, mortgage lender Nationwide says
https://www.businesstimes.com.sg/international/uk-house-prices-fall-first-time-april-mortgage-lender-nationwide-says
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