Singapore Real Estate
Fewer transactions, but firmer prices as CBD shophouses hold sway among investors
Sales volumes are down but prices are firm in what is the creme de la creme of the commercial shophouse market – Central Business District (CBD) shophouses. The average transacted unit price on land area of CBD shophouses climbed by nearly 18 per cent to S$11,098 per square foot (psf) in 2023 from S$9,434 psf in 2022, said PropNex Realty’s head of research and content, Wong Siew Ying.
https://www.businesstimes.com.sg/property/fewer-transactions-firmer-prices-cbd-shophouses-hold-sway-among-investors
Scion of UOB’s Wee family buys mansion for S$39.5 million
A scion of the Wee family, Singapore’s richest banking dynasty, is buying a S$39.5 million mansion, taking advantage of a lull in the high-end real estate market. Grant Wee, the youngest child of UOB chief executive officer Wee Ee Cheong, is buying the Good Class Bungalow (GCB) at Ford Avenue, according to property filings lodged at end-March seen by Bloomberg News.
https://www.businesstimes.com.sg/property/scion-uob-s-wee-family-buys-mansion-s-39-5-million
https://www.straitstimes.com/business/property/daughter-of-uob-ceo-buys-good-class-bungalow-from-ex-keppel-ceo-for-395-million
https://www.scmp.com/news/asia/southeast-asia/article/3257676/singapore-banking-dynasty-scion-pays-us29-million-mansion-amid-lull-high-end-property-market
Singapore Economy
Greater international collaboration needed to tackle future homeland security threats: Shanmugam
Singapore – As economic opportunities grow in the region, so will the number of technology-enabled crimes and security threats. Coupled with burgeoning travel, homeland security departments face an uphill task of tackling more of such problems with limited resources, said Law and Home Affairs Minister K. Shanmugam.
https://www.straitstimes.com/singapore/greater-international-collaboration-needed-to-tackle-future-homeland-security-problems-shanmugam
Singapore aims to train 100 nuclear safety experts; no decision yet on nuclear energy deployment: Tan See Leng
Singapore will continue to build a pool of at least 100 experts on nuclear safety in the medium to long term, although it has not yet made a decision on whether to introduce this form of energy into Singapore’s energy mix.
https://www.businesstimes.com.sg/singapore/singapore-aims-train-100-nuclear-safety-experts-no-decision-yet-nuclear-energy-deployment-tan-see-leng
https://www.straitstimes.com/singapore/politics/no-plans-to-stockpile-uranium-but-use-of-nuclear-energy-in-s-pore-is-not-off-the-table-tan-see-leng
https://www.todayonline.com/singapore/singapore-aims-build-pool-about-100-nuclear-energy-experts-2396311
https://www.channelnewsasia.com/singapore/nuclear-energy-fusion-fission-experts-deployment-timeline-tan-see-leng-parliament-4239546
Details on framework to help emitters cope with carbon tax could take a year: Tan See Leng
Singapore – A framework meant to help carbon tax-liable firms cope with the higher tax rate that kicked in from 2024 is still in the works. In Parliament on April 3, Second Minister for Trade and Industry Tan See Leng said more details on the carbon tax transition framework, announced in 2022 alongside news of the carbon tax increase, will be revealed “in about a year”.
https://www.straitstimes.com/singapore/politics/details-on-framework-to-help-emitters-cope-with-carbon-tax-could-take-a-year-tan-see-leng
https://www.businesstimes.com.sg/singapore/economy-policy/s-3-4-million-disbursed-over-90-projects-under-energy-efficiency-fund-tan-see-leng
S’pore the top start-up investment destination in South-east Asia; deep tech sector growing: Report
Singapore – Singapore was the top start-up investment destination in South-east Asia in 2023 despite a downturn in funding, noted a new report. It found that start-ups based here accounted for 63.7 per cent of all equity deals in the Asean-6 group of nations – Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam – in 2023, compared with 56.7 per cent in 2022.
https://www.straitstimes.com/business/companies-markets/s-pore-the-top-start-up-investment-destination-in-south-east-asia-deep-tech-sector-growing-report
Singapore rules out hosting the 2026 Commonwealth Games
The search for a new host for the 2026 Commonwealth Games continues, with Singapore deciding not to make a bid to organise the upcoming edition of the multi-sport event. In a joint statement issued on April 3, Commonwealth Games Singapore (CGS) and Sport Singapore (SportSG) said that they “have studied the feasibility of hosting the 2026 Commonwealth Games and have decided not to make any bid to host the Games”.
https://www.businesstimes.com.sg/singapore/singapore-rules-out-hosting-2026-commonwealth-games
https://www.todayonline.com/singapore/search-2026-commonwealth-games-host-goes-after-singapore-opts-not-bid-2396141
https://www.channelnewsasia.com/sport/commonwealth-games-2026-host-decline-sportsg-feasibility-4239171
https://www.scmp.com/sport/other-sport/article/3257695/singapore-rules-out-hosting-commonwealth-games-raises-fresh-doubts-over-future-multi-sport-event
Business News
Standard Chartered Bank to lower maximum interest rate on savings account to 7.68% from May 1
Singapore: Standard Chartered Bank will lower the maximum interest rate on its Bonus$aver account to 7.68 per cent per annum from May 1, based on a check of its website on Tuesday (Apr 2).
https://www.channelnewsasia.com/singapore/standard-chartered-bank-bonus-saver-account-lowers-maximum-interest-rate-savings-4236126
Temasek appoints two new directors to its board
Singapore’s Temasek Holdings has appointed two new directors to its board – Tan Chong Meng, who assumed the role on Apr 1, 2024, and Geoffrey Wong, whose appointment takes effect on May 10.
https://www.businesstimes.com.sg/companies-markets/temasek-appoints-two-new-directors-its-board
https://www.straitstimes.com/business/temasek-holdings-appoints-two-new-board-members
Global Economy & Real Estate
Fed officials say three rate cuts a reasonable baseline for 2024
https://www.businesstimes.com.sg/international/fed-officials-say-three-rate-cuts-reasonable-baseline-2024
Fed’s Powell repeats there is time to deliberate over rate cuts
https://www.businesstimes.com.sg/international/global/fed-s-powell-repeats-there-time-deliberate-over-rate-cuts
https://www.channelnewsasia.com/business/cutting-interest-rates-fed-chair-disruptive-4240911
US service sector expands moderately in March; price pressures easing
https://www.businesstimes.com.sg/international/us-service-sector-expands-moderately-march-price-pressures-easing
Amazon is cutting hundreds of jobs in cloud computing division
https://www.businesstimes.com.sg/companies-markets/telcos-media-tech/amazon-cutting-hundreds-jobs-cloud-computing-division
Canada’s housing crisis will persist on tradespeople shortage, CBRE says
https://www.businesstimes.com.sg/property/canada-s-housing-crisis-will-persist-tradespeople-shortage-cbre-says
Trudeau offers billions to boost homebuilding, with strings attached
https://www.businesstimes.com.sg/property/trudeau-offers-billions-boost-homebuilding-strings-attached
China’s services activity growth speeds up in March, Caixin PMI shows
https://www.businesstimes.com.sg/international/china-s-services-activity-growth-speeds-march-caixin-pmi-shows
https://www.scmp.com/economy/economic-indicators/article/3257640/chinas-services-activity-growth-speeds-march-new-business-rises-quickest-pace-3-months?module=top_story&pgtype=section
China’s central bank says it will make efforts to expand demand, boost confidence
https://www.businesstimes.com.sg/international/china-s-central-bank-says-it-will-make-efforts-expand-demand-boost-confidence
China Vanke extends housing sales slump with 43% decline
https://www.businesstimes.com.sg/property/china-vanke-extends-housing-sales-slump-43-decline
Eurozone inflation unexpectedly eases, boosting rate cut case
https://www.businesstimes.com.sg/international/eurozone-inflation-unexpectedly-eases-boosting-rate-cut-case
Hong Kong February retail sales rise 1.9% as tourism extends recovery
https://www.businesstimes.com.sg/international/hong-kong-february-retail-sales-rise-1-9-tourism-extends-recovery
https://www.channelnewsasia.com/business/hong-kong-february-retail-sales-rise-19-tourism-extends-recovery-4239716
Japan’s economy recovers to full capacity, keeps alive BOJ rate hike prospects
https://www.businesstimes.com.sg/international/japan-s-economy-recovers-full-capacity-keeps-alive-boj-rate-hike-prospects
https://www.channelnewsasia.com/business/japans-economy-recovers-full-capacity-keeps-alive-boj-rate-hike-prospects-4239366
Swedish bankruptcies increase by 55% in Q1 as rates hurt economy
https://www.businesstimes.com.sg/international/swedish-bankruptcies-increase-55-q1-rates-hurt-economy
Swedish housing prices rise again as rate cuts expected
https://www.businesstimes.com.sg/property/swedish-housing-prices-rise-again-rate-cuts-expected
Taiwan quake to hit some chip output, cause Asia supply chain disruptions
https://www.businesstimes.com.sg/companies-markets/taiwan-quake-hit-some-chip-output-cause-asia-supply-chain-disruptions
https://www.straitstimes.com/business/how-taiwan-quake-puts-world-s-most-advanced-chips-at-risk
https://www.channelnewsasia.com/business/taiwan-earthquake-chip-output-hit-asian-supply-chain-analysts-4240231
Nine dead in Taiwan’s strongest earthquake in 25 years, 50 missing, more than 900 hurt
https://www.businesstimes.com.sg/international/nine-dead-taiwan-s-strongest-earthquake-25-years-50-missing-more-900-hurt
Thai business group maintains growth outlook at 2.8%-3.3%, urges stimulus and rate cut
https://www.businesstimes.com.sg/international/asean/thai-business-group-maintains-growth-outlook-2-8-3-3-urges-stimulus-and-rate-cut
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