Singapore Real Estate
About 250 property buys a year by foreigners exempted from ABSD under FTA obligations: DPM Wong
An average of 250 property transactions per year from 2018 to 2022 were exempted from the Additional Buyer Stamp Duty (ABSD) imposed on foreign buyers due to a “national treatment” obligation spelled out in two free trade agreements (FTAs), said Deputy Prime Minister Lawrence Wong on Monday (Jul 3).
https://www.businesstimes.com.sg/singapore/about-250-property-buys-year-foreigners-exempted-absd-under-fta-obligations-dpm-wong
Redevelopment of Singapore Turf Club to start after Govt takes back Kranji site in 2027: Indranee
Singapore – Land use and infrastructure planning for the Singapore Turf Club (STC) site in Kranji will be done over the next three to four years, so that land preparation works and redevelopment can begin after the Government takes back the 120ha plot in 2027.
https://www.straitstimes.com/singapore/politics/redevelopment-of-singapore-turf-club-to-start-after-govt-takes-back-kranji-site-in-2027-indranee
Property developers taking cautious approach to bids for land sites in the CBD: Analysts
Singapore: The cautious approach that property developers are taking in their bids for Singapore’s land sites appears to be spreading even to the highly sought-after central business district (CBD), home to some of the country’s high-end luxury apartments.
https://www.channelnewsasia.com/singapore/property-developers-take-cautious-approach-bids-land-sites-cbd-3604136
Fortune may favour the bold in Jurong Lake District mega site tender
Capital is expensive, and the capital commitment will be huge, but leading developers should seriously consider taking on the 6.5 hectare white site in the Jurong Lake District, which was recently launched for tender by the Urban Redevelopment Authority (URA).
https://www.businesstimes.com.sg/opinion-features/fortune-may-favour-bold-jurong-lake-district-mega-site-tender
Singapore Economy
Lawrence Wong to replace Tharman as chairman of MAS, GIC committee
Deputy Prime Minister Lawrence Wong will replace Tharman Shanmugaratnam as chairman of both the Monetary Authority of Singapore (MAS) and GIC’s Investment Strategies Committee (ISC). Tharman will step down as MAS chairman from Jul 8.
https://www.businesstimes.com.sg/singapore/lawrence-wong-replace-tharman-chairman-mas-gic-committee
https://www.straitstimes.com/singapore/dpm-lawrence-wong-to-be-appointed-chairman-of-mas-and-committee-in-gic
https://www.channelnewsasia.com/singapore/monetary-authority-singapore-lawrence-wong-replace-tharman-shanmugaratnam-chairman-3602051
https://www.theedgesingapore.com/news/banking-finance/lawrence-wong-be-new-mas-chairman-gan-kim-yong-be-deputy-chairman
Singapore PMI inches up in June but remains in contraction for 3rd straight month
Singapore’s overall factory activity improved slightly in June, but remained in contraction territory for the third straight month, as weak global demand continues to hit manufacturing sentiment in the region.
https://www.businesstimes.com.sg/singapore/singapore-pmi-inches-june-remains-contraction-3rd-straight-month
https://www.straitstimes.com/business/economy/decline-in-s-pore-factory-activity-slows-in-june-but-electronics-sector-continues-to-weaken
Local firms’ payment performance worsens further in Q2: SCCB
Local firms’ payment performance continued to deteriorate for a second straight quarter in Q2 2023, said the Singapore Commercial Credit Bureau (SCCB) on Monday (Jul 3). The credit and risk information solutions provider noted that both prompt and slow payments continued to account for slightly more than two-fifths of total payment transactions, similar to the previous quarter.
https://www.businesstimes.com.sg/singapore/local-firms-payment-performance-worsens-further-q2-sccb
https://www.straitstimes.com/business/local-firms-payment-performance-worsens-further-in-q2-sccb
Companies’ Brief
DBS prefers CDL and Guocoland, citing strong interest for recent projects
DBS Group Research, citing strong interest from recent private residential launches, believes that developers behind these projects deserve a re-rating, given how they are trading at merely half their book value.
https://www.theedgesingapore.com/capital/brokers-calls/dbs-prefers-cdl-and-guocoland-citing-strong-interest-recent-projects
Alpina Holdings secures S$216.9m worth of contracts for Q1; majority are public sector projects
Integrated solutions provider Alpina Holdings secured S$216.9 million worth of contracts in the six months ended Jun 30, of which the majority are public sector projects, the Catalist-listed company said in a bourse filing on Monday (Jul 3).
https://www.businesstimes.com.sg/companies-markets/alpina-holdings-secures-s2169m-worth-contracts-q1-majority-are-public-sector
https://www.theedgesingapore.com/news/contracts/alpina-secured-contracts-worth-about-2169-mil-1h2023
Global Economy & Real Estate
US manufacturing extends slump in June: ISM survey
https://www.businesstimes.com.sg/international/us-manufacturing-extends-slump-june-ism-survey
UK economy shrank slightly less than thought in 2020: ONS
https://www.businesstimes.com.sg/international/uk-economy-shrank-slightly-less-thought-2020-ons
UK factory downturn deepens in June despite lower costs: PMI
https://www.businesstimes.com.sg/international/uk-factory-downturn-deepens-june-despite-lower-costs-pmi
New Zealand firms are downbeat on economy, sales as growth slows
https://www.businesstimes.com.sg/international/new-zealand-firms-are-downbeat-economy-sales-growth-slows
Swiss inflation dips to 1.7% in June, but rate hike still expected
https://www.businesstimes.com.sg/international/swiss-inflation-dips-17-june-rate-hike-still-expected
Germany’s industry shows lasting weakness as global orders drop
https://www.businesstimes.com.sg/international/germanys-industry-shows-lasting-weakness-global-orders-drop
Germany plans 16.6 billion euros in new borrowing for 2024
https://www.businesstimes.com.sg/international/germany-plans-166-billion-euros-new-borrowing-2024
Eurozone factory downturn deeper in June as ECB hikes bit: PMI
https://www.businesstimes.com.sg/international/eurozone-factory-downturn-deeper-june-ecb-hikes-bit-pmi
Australian pension fund slashes office property values by up to 20%
https://www.straitstimes.com/business/australian-pension-fund-slashes-office-property-values-by-up-to-20
China property developers buy less land in H1, June home sales drop 29%: survey
https://www.businesstimes.com.sg/property/china-property-developers-buy-less-land-h1-june-home-sales-drop-29-survey
China Vanke says local property market is worse than expected
https://www.businesstimes.com.sg/international/global/china-vanke-says-local-property-market-worse-expected
https://www.straitstimes.com/business/china-vanke-says-local-property-market-worse-than-expected
Hong Kong May retail sales rise 18.4%, sees support from local consumption
https://www.businesstimes.com.sg/international/hong-kong-may-retail-sales-rise-184sees-support-local-consumption
https://www.channelnewsasia.com/business/hong-kong-may-retail-sales-rise-184-sees-support-local-consumption-3602661
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3226416/hong-kong-retail-sales-jump-184-cent-may-tourism-revives-under-golden-week-and-consumers-splash-out
Hong Kong office rents and rental values expected to decline further amid uncertainties about global, Chinese economies, analysts say
https://www.scmp.com/business/article/3226425/hong-kong-office-rents-and-rental-values-expected-decline-further-amid-uncertainties-about-global
Hong Kong housing chief Winnie Ho says subsidised flat scheme will offer slim profit margins, but high demand ensures buyers
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3226414/hong-kong-housing-chief-winnie-ho-says-subsidised-flat-scheme-will-have-tight-profit-margins-high
South Korea consumer inflation cools to 21-month low
https://www.businesstimes.com.sg/international/south-korea-consumer-inflation-cools-21-month-low
https://www.channelnewsasia.com/business/south-korea-consumer-inflation-hits-21-month-low-3604031
Malaysia central bank to hold key rate on Jul 6, may not resume tightening: poll
https://www.businesstimes.com.sg/international/asean/malaysia-central-bank-hold-key-rate-jul-6-may-not-resume-tightening-poll
https://www.channelnewsasia.com/business/malaysia-central-bank-hold-key-rate-july-6-may-no-resume-tightening-reuters-poll-3604056
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