Singapore Real Estate
Low number of approvals for foreigners to buy landed homes on Singapore mainland: Indranee
The government approved 34 applications by permanent residents (PRs) seeking to buy landed homes on the Singapore mainland last year, said Indranee Rajah, Second Minister for National Development, in Parliament on Tuesday (Oct 3).
https://www.businesstimes.com.sg/singapore/economy-policy/low-number-approvals-foreigners-buy-landed-homes-singapore-mainland
Singapore hotel takings, average room rates slip in August
Singapore hotels’ average room rate (ARR) dipped in August from July’s year-to-date peak to come in at S$283.98, but remained higher than the rate recorded in the year-ago period, latest data from the Singapore Tourism Board (STB) showed.
https://www.businesstimes.com.sg/singapore/economy-policy/singapore-hotel-takings-average-room-rates-slip-august
Singapore Economy
Singapore’s PMI back in expansion mode in September
Singapore’s overall manufacturing sentiment headed back into positive territory for the first time in six months in September, suggesting that the manufacturing slump may have bottomed, and that the sector could stabilise in the coming months.
https://www.businesstimes.com.sg/singapore/singapores-pmi-back-expansion-mode-september
https://www.straitstimes.com/business/economy/s-pore-factory-activity-ekes-out-growth-for-first-time-in-6-months-in-signal-slump-may-have-bottomed
Singapore tables amendment bills for law training, tax relief, CPF
Three bills to make amendments to legislation – for the training regime for lawyers, income tax relief and Singapore’s Central Provident Fund (CPF) – were introduced in Parliament on Tuesday (Oct 3).
https://www.businesstimes.com.sg/singapore/singapore-tables-amendment-bills-law-training-tax-relief-cpf
CPF’s unconditional withdrawal limit should not be raised
Against the rising cost of living, a proposal was recently made to raise the unconditional withdrawal limit of S$5,000 that eligible Central Provident Fund (CPF) members can withdraw upon turning 55.
https://www.businesstimes.com.sg/opinion-features/columns/cpfs-unconditional-withdrawal-limit-should-not-be-raised
MAS to review incentive process for single family offices
Singapore will review its internal incentive administration process for single family offices (SFOs) that are applying for tax incentives in Singapore, said Minister of State for Trade and Industry Alvin Tan.
https://www.businesstimes.com.sg/singapore/mas-review-incentive-process-single-family-offices
https://www.theedgesingapore.com/news/singapore/singapore-mulls-family-office-rules-launderer-ties-probed
Views, Reviews Forum and Others
Singapore to set up inter-ministerial panel, review measures to boost anti-money laundering controls
Singapore will form an inter-ministerial committee to consider further measures to strengthen its anti-money laundering regime. The committee will be led by Second Minister for Finance Indranee Rajah, and involve “relevant sectoral regulators”, Second Minister for Home Affairs Josephine Teo said on Tuesday (Oct 3) in Parliament.
https://www.businesstimes.com.sg/singapore/economy-policy/singapore-set-inter-ministerial-panel-review-measures-boost-anti-money
https://www.straitstimes.com/singapore/politics/new-inter-ministerial-committee-to-review-strengthen-anti-money-laundering-controls-indranee
https://www.todayonline.com/singapore/new-inter-ministerial-committee-review-and-strengthen-singapores-anti-money-laundering-regime-2272626
https://www.channelnewsasia.com/singapore/money-laundering-ministerial-statement-indranee-rajah-new-committee-parliament-3816376
Assets seized or frozen in anti-money laundering probe surpass S$2.8 billion in value
The total value of assets seized or frozen in Singapore’s largest anti-money laundering probe now stands at more than S$2.8 billion, up from S$2.4 billion. These include 152 properties and 62 vehicles with a total estimated value of more than S$1.24 billion; monies in bank accounts exceeding S$1.45 billion; cash of more than S$76 million; and cryptocurrencies of more than S$38 million.
https://www.businesstimes.com.sg/singapore/assets-seized-or-frozen-anti-money-laundering-probe-surpass-s28-billion-value
https://www.straitstimes.com/singapore/politics/money-laundering-case-among-world-s-largest-with-assets-seized-worth-over-28b
https://www.channelnewsasia.com/singapore/billion-dollar-money-laundering-police-intelligence-probe-2022-3816371
https://www.theedgesingapore.com/news/anti-money-laundering/total-value-assets-seized-money-laundering-case-now-more-28-billion
How $2.8b money laundering probe affects S’pore’s economy, property and charities
Singapore – Ministers and MPs engaged in a nearly four-hour-long exchange on Tuesday on an ongoing $2.8 billion money laundering probe, the largest in Singapore.
https://www.straitstimes.com/singapore/politics/how-28b-money-laundering-probe-affects-s-pore-s-economy-property-and-charities
2 property agents found guilty of failing to carry out anti-money laundering checks
Two property agents have been taken to task for not complying with the Estate Agents Prevention of Money Laundering and Financing of Terrorism (PMLFT) Regulations 2021, and the Estate Agents Act.
https://www.businesstimes.com.sg/singapore/economy-policy/2-property-agents-found-guilty-failing-carry-out-anti-money-laundering
Number of Covid-19 infections in Singapore more than doubled in Sept 17-23 week
Sinapore – There was a spike in the number of Covid-19 infections here in the week of Sept 17 to 23. The 14,843 people diagnosed with the disease are more than double those in the previous week, when 6,401 cases were recorded.
https://www.straitstimes.com/singapore/covid-19-infections-more-than-double-in-week-of-sept-17-23
Global Economy & Real Estate
World Bank cuts forecast for South Asia region
https://www.businesstimes.com.sg/international/global/world-bank-cuts-forecast-south-asia-region
UBS calls for a retrofit revolution in real estate
https://www.businesstimes.com.sg/property/ubs-calls-retrofit-revolution-real-estate
China tourism revenue more than doubled over holiday weekend
https://www.straitstimes.com/business/china-tourism-revenue-more-than-doubled-over-holiday-weekend
Hong Kong banks struggle to sell foreclosed homes even at 20% discount
https://www.businesstimes.com.sg/property/hong-kong-banks-struggle-sell-foreclosed-homes-even-20-discount
Best years ahead for Hong Kong retail industry as patience needed for post-Covid recovery, Wharf group says
https://www.scmp.com/business/companies/article/3236485/best-years-ahead-hong-kong-retail-industry-patience-needed-post-covid-recovery-wharf-group-says
Japan service activity growth slows down in September – PMI
https://www.channelnewsasia.com/business/japan-service-activity-growth-slows-down-september-pmi-3819246
Haze crisis in Southeast Asia sparks fresh blame game, as green groups urge laws to deter ‘bad apples’
https://www.scmp.com/week-asia/health-environment/article/3236656/haze-crisis-southeast-asia-sparks-fresh-blame-game-green-groups-urge-laws-deter-bad-apples
Supreme Court turns away challenge to New York’s rent regulations
https://www.businesstimes.com.sg/property/supreme-court-turns-away-challenge-new-yorks-rent-regulations
New Zealand house-price slump may be over, CoreLogic says
https://www.businesstimes.com.sg/property/new-zealand-house-price-slump-may-be-over-corelogic-says
IMF cuts Philippines growth outlook to 5.3% for this year
https://www.businesstimes.com.sg/international/asean/imf-cuts-philippines-growth-outlook-53-year
https://www.channelnewsasia.com/business/high-inflation-clouds-philippine-growth-outlook-2023-imf-says-3816891
South Korea’s August factory output posts biggest gain in over 3 years as chips jump
https://www.businesstimes.com.sg/international/global/south-koreas-august-factory-output-posts-biggest-gain-over-3-years-chips-jump
https://www.channelnewsasia.com/business/s-korea-factory-activity-shrinks-again-sept-mildest-slump-15-months-pmi-3819241
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