Singapore Real Estate
Singapore retail sales growth slows to lower-than-expected 0.6% in September
Singapore’s retail sales inched up 0.6 per cent year on year in September, significantly less than the revised 4.2 per cent growth recorded in August, data from the Department of Statistics (SingStat) showed on Friday (Nov 3). The reading was a disappointment when compared with Bloomberg’s consensus forecast of 1.6 per cent expansion.
https://www.businesstimes.com.sg/singapore/singapore-retail-sales-growth-slows-lower-expected-06-september
https://www.straitstimes.com/business/singapore-retail-sales-growth-cools-to-06-in-september
Limited evidence that green buildings command better prices, although other benefits add up
The real estate market in Singapore has yet to yield conclusive data that green buildings are able to command higher rents or valuations, calling into question the substantial investments by landlords and developers into green features and certifications.
https://www.businesstimes.com.sg/property/limited-evidence-green-buildings-command-better-prices-although-other-benefits-add
Pearl’s Hill to get about 6,000 new homes including new HDB flats: URA
More homes are being planned in Singapore’s Central Region, with about 6,000 new homes to be progressively developed over the next 10 years in Pearl’s Hill, including new Housing and Development Board (HDB) flats. This marks the first time in more than 40 years that new public housing is being introduced in the area.
https://www.businesstimes.com.sg/property/pearls-hill-get-about-6000-new-homes-including-new-hdb-flats-ura
https://www.straitstimes.com/singapore/housing/6000-flats-private-homes-to-be-built-on-pearl-s-hill-first-new-hdb-units-there-in-over-40-years
https://www.todayonline.com/singapore/6000-homes-be-built-pearls-hill-over-10-years-more-planned-other-central-locations-ura-2296791
https://www.todayonline.com/singapore/pearls-hill-bukit-timah-bto-hdb-prime-flat-2297336
https://www.channelnewsasia.com/singapore/6000-homes-built-pearl-hill-hdb-bto-central-location-ura-3894211
Some younger home owners prefer HDB resale flats that offer bigger living spaces, more amenities
Singapore – In the heart of Ms Krystal Lim’s 1,600 sq ft executive maisonette is a 3m-long bar table around which friends and family would chat, eat and laugh. The flat’s lower floor is for parties and gatherings, with the walls knocked down so guests can move freely between the dining and living room.
https://www.straitstimes.com/business/property/some-younger-home-owners-prefer-hdb-resale-flats-that-offer-bigger-living-spaces-more-amenities
HDB to extend validity of flat eligibility letters from 6 months to 9 months
Singapore – The Housing Board will extend the validity of all existing and new HDB Flat Eligibility (HFE) letters from the current six months to nine months, to give new and resale flat buyers more time to secure their home.
https://www.straitstimes.com/singapore/housing/hdb-to-extend-validity-of-flat-eligibility-letters-from-6-to-9-months-to-give-buyers-more-time-to-secure-homes
https://www.channelnewsasia.com/singapore/hdb-hfe-letter-validity-extension-bto-sales-launch-3896911
Singapore Economy
PM Lee to hand over leadership to DPM Wong by next GE, before November 2024 ‘if all goes well’
Singapore — Prime Minister Lee Hsien Loong said on Sunday (Nov 5) that he will be handing over the leadership reins to Deputy Prime Minister Lawrence Wong before the next General Election. He added that if it all goes well, he will do so by the People’s Action Party’s (PAP) 70th birthday on Nov 21 next year.
https://www.todayonline.com/singapore/lee-hsien-loong-lawrence-wong-leadership-handover-2297851
https://www.businesstimes.com.sg/singapore/lawrence-wong-succeed-pm-lee-nov-2024-singapores-next-election
https://www.straitstimes.com/singapore/politics/pm-lee-says-he-will-hand-over-leadership-to-dpm-wong-by-nov-2024-if-al-goes-well-before-next-ge
https://www.channelnwsasia.com/singapore/pm-lee-hsien-loong-lawrence-wong-handover-3898156
https://www.theedgesingapore.com/news/singapore-news/pm-lee-plans-step-aside-2024-next-polls
https://www.scmp.com/week-asia/politics/article/3240380/singapores-lawrence-wong-ready-top-job-and-win-trust-singaporeans-election-looms
Singapore will never let standards slip or allow system to go corrupt: PM Lee
Singapore will never let its standards slip or let the system go corrupt, said Prime Minister Lee Hsien Loong on Sunday (Nov 5), referring to the recent S$2.8 billion dollar money laundering case.
https://www.businesstimes.com.sg/singapore/singapore-will-never-let-standards-slip-or-allow-system-go-corrupt-pm-lee
https://www.straitstimes.com/singapore/politics/we-ll-never-let-standards-slip-system-go-corrupt-pm-lee-on-need-for-clean-governance
https://www.todayonline.com/singapore/pap-integrity-corruption-clean-government-2297866
https://www.channelnewsasia.com/singapore/singapore-will-never-let-system-go-corrupt-pm-lee-pap-convention-3898131
Singapore to table new law reviewing ‘significant investments’ in critical entities
Singapore is proposing a new law to scrutinise “significant investments” – from local or foreign sources – in “critical entities” not yet covered by existing legislation, with approval needed for major changes in ownership.
https://www.businesstimes.com.sg/singapore/singapore-table-new-law-reviewing-significant-investments-critical-entities
https://www.straitstimes.com/business/new-proposed-bill-will-help-ensure-s-pore-stays-open-to-investments-while-protecting-national-security
https://www.straitstimes.com/business/economy/singapore-proposes-law-to-regulate-significant-investments-in-entities-critical-to-national-security
https://www.channelnewsasia.com/business/new-law-proposed-manage-significant-investments-singapore-critical-entities-3891696
https://www.theedgesingapore.com/news/singapore-news/singapore-introduces-significant-investments-review-bill-regulate-critical
https://www.scmp.com/news/asia/southeast-asia/article/3240330/singapore-may-block-takeovers-review-past-buyouts-national-security-grounds
MOF, Iras consult on offering broad-based grants to businesses
The Ministry of Finance (MOF) and the Inland Revenue Authority of Singapore (Iras) on Friday (Nov 3) launched a public consultation to amend the Iras Act for the purpose of administering broad-based grants to businesses.
https://www.businesstimes.com.sg/singapore/mof-iras-consult-offering-broad-based-grants-businesses
Some 8,000 businesses to implement GST rate change for first time in upcoming hike
Singapore – Around 8,000 businesses that are newly registered for the goods and services tax (GST) will implement a change in the GST rate for the first time come Jan 1.
https://www.straitstimes.com/business/some-8000-businesses-to-implement-gst-rate-change-for-first-time-in-upcoming-hike
Companies’ Brief
CapitaLand Ascott Trust divests two hotels in Australia for A$109.0 mil
CapitaLand Ascott Trust (CLAS) is divesting two hotels in Sydney, Australia for a total of A$109.0 million ($95.6 million). The two properties, which are Courtyard by Marriott Sydney-North Ryde and Novotel Sydney Paramatta, will be divested at about 5% above book value.
https://www.theedgesingapore.com/news/reits/capitaland-ascott-trust-divests-two-hotels-australia-a1090-mil
https://www.businesstimes.com.sg/companies-markets/capitaland-ascott-trust-divest-two-sydney-hotels-a109-million
Wing Tai’s Cheng Wai Keung continues adding to stake; Sarine buys more shares as stock falls
Wing Tai Holdings : chairman and managing director Cheng Wai Keung continued to add to his deemed interest in the company, as his spouse Helen Chow acquired more shares.
https://www.businesstimes.com.sg/companies-markets/wing-tais-cheng-wai-keung-continues-adding-stake-sarine-buys-more-shares-stock
Views, Reviews Forum and Others
Singapore looking at using AI in fight against money laundering, says central bank chief
Singapore: The Monetary Authority of Singapore (MAS) is “most keen” to explore how artificial intelligence can be used in the fight against money laundering, said its managing director Ravi Menon.
https://www.channelnewsasia.com/business/singapore-artificial-intelligence-fight-money-laundering-mas-ravi-menon-3894781
Repurposed bus hotel in Changi Village opens for bookings, with stays from December
Singapore – A new resort hotel with rooms made from old public buses has opened for bookings, with stays to begin from Dec 1. The Bus Collective features rooms made from 20 decommissioned Scania public buses previously operated by SBS Transit.
https://www.straitstimes.com/singapore/repurposed-bus-hotel-in-changi-village-opens-for-bookings-with-stays-from-dec-1
Global Economy & Real Estate
Little treats helping to keep US economy afloat
https://www.businesstimes.com.sg/international/global/little-treats-helping-keep-us-economy-afloat
US service sector at five-month low in October
https://www.businesstimes.com.sg/international/us-service-sector-five-month-low-october
US unemployment rise is on verge of triggering recession rule
https://www.businesstimes.com.sg/international/us-unemployment-rise-verge-triggering-recession-rule
US jobs growth slows in October; unemployment rate rises to 3.9%
https://www.businesstimes.com.sg/international/us-jobs-growth-slows-october-unemployment-rate-rises-39
https://www.straitstimes.com/business/economy/us-job-growth-slows-in-october-unemployment-rate-rises-to-39
RBA’s Bullock set for first rate hike as inflation lingers
https://www.businesstimes.com.sg/international/rbas-bullock-set-first-rate-hike-inflation-lingers
China’s services activity picks up slightly in October: Caixin PMI
https://www.businesstimes.com.sg/international/global/chinas-services-activity-picks-slightly-october-caixin-pmi
https://www.channelnewsasia.com/business/chinas-services-activity-picks-slightly-oct-caixin-pmi-3893996
China foreign investment gauge turns negative for first time
https://www.businesstimes.com.sg/international/china-foreign-investment-gauge-turns-negative-first-time
German exports fall more than expected in September
https://www.businesstimes.com.sg/international/german-exports-fall-more-expected-september
Hamburg skyscraper construction halted in grim sign for German property sector
https://www.businesstimes.com.sg/property/hamburg-skyscraper-construction-halted-grim-sign-german-property-sector
Hong Kong’s Paul Chan says economic growth for 2023 to fall short of estimates, cites ‘slightly weaker-than-expected’ past 3 quarters
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3240400/hong-kongs-paul-chan-says-economic-growth-2023-fall-short-estimates-cites-slightly-weaker-expected
Hong Kong leader John Lee pursues stronger economic ties with Shanghai, saying the two cities complement each other
https://www.scmp.com/business/china-business/article/3240422/ciie-2023-hong-kong-leader-john-lee-pursues-stronger-economic-ties-shanghai-saying-two-cities
Hong Kong’s search for new land sites continues despite sluggish economy and sufficient supply, development chief says
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3240407/hong-kongs-search-new-land-sites-continues-despite-sluggish-economy-and-sufficient-supply
Hong Kong retail landlords look for concepts to transform shopping amid low foot traffic as Shenzhen malls lure locals
https://www.scmp.com/business/companies/article/3240283/hong-kong-retail-landlords-look-concepts-transform-shopping-amid-low-foot-traffic-shenzhen-malls
Hong Kong to establish minimum standards for subdivided flats, but timeline to phase them out yet to be set: housing chief
https://www.scmp.com/news/hong-kong/society/article/3240342/hong-kong-establish-minimum-standards-subdivided-flats-timeline-phase-them-out-yet-be-set-housing
Hong Kong homebuyers stay away from Friday sale as developers move to clear unsold units amid seven-year low in deals
https://www.scmp.com/business/article/3240282/hong-kong-homebuyers-stay-away-friday-sale-developers-move-clear-unsold-units-amid-seven-year-low
Hong Kong sees sluggish weekend sales at new developments in Kai Tak and Aberdeen, as buyers snap up only 92 of 303 flats on offer
https://www.scmp.com/business/article/3240352/hong-kong-sees-sluggish-weekend-sales-new-developments-kai-tak-and-aberdeen-buyers-snap-only-52-303
The City of London’s skyline to be transformed in just six years
https://www.businesstimes.com.sg/property/city-londons-skyline-be-transformed-just-six-years
WeWork bankruptcy would deal another blow to ailing New York office market
https://www.businesstimes.com.sg/property/wework-bankruptcy-would-deal-another-blow-ailing-new-york-office-market
WeWork’s troubles darken outlook for embattled office market
https://www.businesstimes.com.sg/property/weworks-troubles-darken-outlook-embattled-office-market
Capital One seeks to offload more NYC commercial-property loans
https://www.businesstimes.com.sg/property/capital-one-seeks-offload-more-nyc-commercial-property-loans
Google, Lendlease end deals for San Francisco Bay projects
https://www.businesstimes.com.sg/property/google-lendlease-end-deals-san-francisco-bay-projects
https://www.channelnewsasia.com/business/lendlease-google-end-development-deals-15-billion-san-francisco-bay-area-projects-3894381
UK services businesses ‘skirt with recession’ in Oct-PMI survey
https://www.businesstimes.com.sg/international/uk-services-businesses-skirt-recession-oct-pmi-survey
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