Singapore Real Estate
Parliament passes Bill that mandates compliance with code of conduct for retail leases
A Bill that will make it mandatory to comply with the principles of a code of conduct for the leasing of retail premises in Singapore was passed in Parliament on Thursday (Aug 3). “We recognised that the code enables a fair and balanced lease negotiation process that will support the growth of retail businesses and strengthen the symbiotic relationship between tenants and landlords in the long run,” said Minister of State for Trade and Industry Low Yen Ling.
https://www.businesstimes.com.sg/singapore/economy-policy/parliament-passes-bill-mandates-compliance-code-conduct-retail-leases
https://www.straitstimes.com/singapore/politics/lease-agreements-of-retail-shops-must-follow-industry-norms-under-new-law
https://www.channelnewsasia.com/singapore/retail-lease-agreement-code-conduct-landlord-tenant-shopping-mall-3675071
Mapletree bags URA’s provisional nod for HarbourFront Centre redevelopment
Mapletree Investments has received the Urban Redevelopment Authority’s (URA) provisional permission to redevelop HarbourFront Centre at 1 Maritime Square into 101,326 square metres (sq m) of offices and 42,000 sq m of retail space.
https://www.businesstimes.com.sg/property/mapletree-bags-uras-provisional-nod-harbourfront-centre-redevelopment
Singapore Economy
PM Lee to deliver National Day message on Aug 8
Singapore – Prime Minister Lee Hsien Loong will address the country in a televised message on Aug 8, the eve of National Day. He will deliver his speech in English on CNA at 6.45pm.
https://www.straitstimes.com/singapore/pm-lee-to-deliver-national-day-message-on-aug-8-1
https://www.channelnewsasia.com/singapore/pm-lee-hsien-loong-national-day-message-broadcast-aug-8-2023-3674836
Deferring upcoming GST hike will only ‘store up more problems’ for the future’: Lawrence Wong
Deferring the upcoming goods and services tax (GST) hike will only “store up more problems” for the future and leave Singapore with less resources to take care of its growing fiscal needs, Deputy Prime Minister Lawrence Wong has said.
https://www.businesstimes.com.sg/singapore/deferring-upcoming-gst-hike-will-only-store-more-problems-future-lawrence-wong
Singapore yet to receive new proposals from Malaysia to revive HSR project
Singapore has yet to receive any new proposals from Malaysia to develop a high-speed rail (HSR) project that links Kuala Lumpur and Singapore, said Acting Transport Minister Chee Hong Tat in Parliament on Thursday (Aug 3).
https://www.businesstimes.com.sg/singapore/singapore-yet-receive-new-proposals-malaysia-revive-hsr-project
https://www.straitstimes.com/singapore/politics/s-pore-kl-high-speed-rail-no-new-proposal-from-malaysia-yet-says-chee-hong-tat
Global Economy & Real Estate
US services sector growth retreats slightly in July
https://www.businesstimes.com.sg/international/us-services-sector-growth-retreats-slightly-july
US productivity up most since 2020 as labour cost growth slows
https://www.businesstimes.com.sg/international/us-productivity-most-2020-labour-cost-growth-slows
US weekly jobless claims rise moderately; layoffs drop to 11-month low
https://www.businesstimes.com.sg/international/us-weekly-jobless-claims-rise-moderately-layoffs-drop-11-month-low
Reserve Bank of Australia to deliver final rate hike in Q4, economists say: poll
https://www.businesstimes.com.sg/companies-markets/banking-finance/reserve-bank-australia-deliver-final-rate-hike-q4-economists-say
Australia’s trade surplus beats estimates as imports tumble
https://www.businesstimes.com.sg/international/australias-trade-surplus-beats-estimates-imports-tumble
Australia office vacancies edge up to highest level since 1990s
https://www.businesstimes.com.sg/property/australia-office-vacancies-edge-highest-level-1990s
Australia retail sales extend losing stretch to a third quarter
https://www.businesstimes.com.sg/international/australia-retail-sales-extend-losing-stretch-third-quarter
Hard to fight inflation when owners hope for higher home prices
https://www.straitstimes.com/business/invest/hard-to-fight-inflation-when-owners-hope-for-higher-home-prices
China investment shrinks in almost one-third of provinces
https://www.businesstimes.com.sg/international/global/china-investment-shrinks-almost-one-third-provinces
China’s July services activity expands at quicker pace: Caixin PMI
https://www.businesstimes.com.sg/international/chinas-july-services-activity-expands-quicker-pace-caixin-pmi
https://www.channelnewsasia.com/business/chinas-july-services-activity-expands-quicker-pace-caixin-pmi-3674051
https://www.scmp.com/economy/economic-indicators/article/3229800/chinas-services-activity-expands-quicker-pace-july-lifted-summer-travel-season
BOE raises borrowing costs to 15-year peak, signals rates to stay high
https://www.businesstimes.com.sg/international/boe-raises-borrowing-costs-15-year-peak-signals-rates-stay-high
https://www.straitstimes.com/business/bank-of-england-raises-interest-rates-bringing-borrowing-costs-to-15-year-high
Hong Kong PMI contracts first time this year as recovery falters
https://www.businesstimes.com.sg/international/hong-kong-pmi-contracts-first-time-year-recovery-falters
Chinese tycoon’s firm is reportedly selling five Hong Kong houses at 16% discount
https://www.businesstimes.com.sg/property/chinese-tycoons-firm-reportedly-selling-five-hong-kong-houses-16-discount
https://www.scmp.com/business/article/3229895/hong-kong-property-cifi-chairman-lin-zhong-seeks-us2127-million-5-luxury-homes-stanley
Li Ka-shing’s CK Hutchison, CK Asset see first-half earnings plunge as high interest rates weigh on businesses
https://www.scmp.com/business/article/3229899/li-ka-shings-ck-hutchison-ck-asset-see-first-half-earnings-plunge-high-interest-rates-weigh
German exports inch up in June but outlook gloomy
https://www.businesstimes.com.sg/international/german-exports-inch-june-outlook-gloomy
Japan’s service activity growth softens in July: PMI
https://www.businesstimes.com.sg/international/japans-service-activity-growth-softens-july-pmi
https://www.channelnewsasia.com/business/japans-service-activity-growth-softens-july-pmi-3673941
Norway home prices bounce back despite higher interest rates
https://www.businesstimes.com.sg/property/norway-home-prices-bounce-back-despite-higher-interest-rates
Toronto home prices fall for second straight month in July
https://www.businesstimes.com.sg/property/toronto-home-prices-fall-second-straight-month-july
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