Singapore Real Estate / Built Environment
Hong Fok acquires five units at International Building for S$27.8 million
Property developer Hong Fok Corporation : H30 0%, through its wholly owned subsidiary Super Homes, has acquired five ground-floor units at International Building for S$27.8 million.
https://www.businesstimes.com.sg/companies-markets/hong-fok-acquires-five-units-international-building-s27-8-million
https://www.zaobao.com.sg/realtime/singapore/story20241204-5491912
Co-working operators seek closer ties with landlords as new flex space take-up falls to five-year low
While flexible workspace take-up fell to the lowest in five years, some co-working companies continued pushing on with expansion plans in 2024. An estimated 45,000 square feet (sq ft) of space was taken up by flexible space operators in 2024, down from the pre-pandemic peak of around 700,000 sq ft in take-up in 2019, according to figures compiled by Colliers for The Business Times.
https://www.businesstimes.com.sg/property/co-working-operators-seek-closer-ties-landlords-new-flex-space-take-falls-five-year-low
HDB resale prices up 0.9% in November, but volumes decline: SRX, 99.co
Resales prices of Housing and Development Board (HDB) flats inched up 0.9 per cent in November from the previous month, and rose 10.4 per cent year on year, based on flash data from SRX and 99.co released on Wednesday (Dec 4).
https://www.businesstimes.com.sg/property/hdb-resale-prices-0-9-november-volumes-decline-srx-99-co
https://www.straitstimes.com/singapore/housing/hdb-resale-prices-up-0-9-in-november-but-volumes-decline-srx-99-co
https://www.zaobao.com.sg/realtime/singapore/story20241204-5485236
Singapore News
Johor-Singapore SEZ deal signing postponed after PM Wong tests positive for COVID-19: Malaysia PM Anwar
The signing of a deal between Malaysia and Singapore on a proposed Special Economic Zone (SEZ) in southern Johor state – originally planned for Dec 9 during the annual leaders’ retreat – has been postponed to January, said Malaysian Prime Minister Anwar Ibrahim.
https://www.channelnewsasia.com/asia/johor-singapore-sez-deal-signing-postponed-after-pm-wong-tests-positive-covid-19-malaysia-pm-anwar-4786026
https://www.scmp.com/news/asia/southeast-asia/article/3289303/malaysia-singapore-postpone-johor-special-economic-zone-deal
How Resorts World Sentosa’s tourism performance was assessed ‘unsatisfactory’ ahead of licence renewal
The casino licence of Resorts World Sentosa (RWS), one of two integrated resorts in Singapore, has been renewed for two years – instead of the usual three – with authorities citing “unsatisfactory” tourism performance.
https://www.channelnewsasia.com/singapore/rws-casino-resorts-world-sentosa-integrated-resorts-4786031
PM Wong named secretary-general of PAP
Prime Minister Lawrence Wong has been named the new secretary-general of the People’s Action Party, succeeding Senior Minister Lee Hsien Loong. Desmond Choo, Lam Pin Min, Ng Chee Meng and Sim Ann were additional members co-opted on Dec 4.
https://www.businesstimes.com.sg/singapore/pm-wong-named-secretary-general-pap
https://www.straitstimes.com/singapore/pm-wong-named-secretary-general-of-pap
https://www.zaobao.com.sg/realtime/singapore/story20241204-5490731
Accountant-General Ow Fook Chuen named new Iras chief
Singapore – Accountant-General Ow Fook Chuen will be the new commissioner of inland revenue and chief executive officer (CEO) of the Inland Revenue Authority of Singapore (Iras) from Feb 7, 2025. He succeeds Mr Ng Wai Choong, 59, who will retire from the civil service on the same day, after some seven years heading Iras, said the Ministry of Finance on Dec 4.
https://www.straitstimes.com/singapore/accountant-general-ow-fook-chuen-named-new-iras-chief
https://www.zaobao.com.sg/realtime/singapore/story20241204-5490435
Global Economy & Real Estate
US services sector activity takes breather in November
https://www.businesstimes.com.sg/international/us-services-sector-activity-takes-breather-november
Australia’s economic growth stays tepid in challenge for RBA
https://www.businesstimes.com.sg/international/australias-economic-growth-stays-tepid-challenge-rba
https://www.straitstimes.com/business/economy/australias-q3-gdp-growth-disappoints-markets-now-see-april-start-to-rate-cuts
China’s services activity expansion eases in November: Caixin PMI
https://www.businesstimes.com.sg/international/chinas-services-activity-expansion-eases-november-caixin-pmi
https://www.straitstimes.com/business/economy/chinas-services-activity-expansion-eases-in-nov-caixin-pmi-shows
https://www.scmp.com/economy/economic-indicators/article/3289240/chinas-services-activity-expansion-dampened-trade-environment-concerns-caixin-pmi
China can accept GDP growth of less than 5%, says People’s Daily
https://www.businesstimes.com.sg/international/china-can-accept-gdp-growth-less-5-says-peoples-daily
Dubai billionaire plans to build data centres across Asia
https://www.businesstimes.com.sg/property/dubai-billionaire-plans-build-data-centres-across-asia
ECB’s Lagarde sees weak growth, dominated by downside risks
https://www.businesstimes.com.sg/international/ecbs-lagarde-sees-weak-growth-dominated-downside-risks
Commentary: Hong Kong’s plan to phase out shoebox homes may hurt tenants
https://www.channelnewsasia.com/commentary/hong-kong-shoebox-home-subdivided-unit-new-regulation-tenant-public-rental-flat-4786461
Eurozone business activity declines sharply in November: PMI
https://www.businesstimes.com.sg/international/eurozone-business-activity-declines-sharply-november-pmi
Japan’s service activity perks up as demand improves: PMI
https://www.businesstimes.com.sg/international/japans-service-activity-perks-demand-improves-pmi
https://www.straitstimes.com/business/economy/japans-service-activity-perks-up-as-demand-improves-pmi-shows
New Zealand house prices fell a ninth straight month in November
https://www.businesstimes.com.sg/property/new-zealand-house-prices-fell-ninth-straight-month-november
Norway’s home prices gain for fourth straight month
https://www.businesstimes.com.sg/property/norways-home-prices-gain-fourth-straight-month
Norway eases loan-to-value mortgage limit to 90%
https://www.businesstimes.com.sg/property/norway-eases-loan-value-mortgage-limit-90
Political drama hits South Korean markets with investors likely to stay cautious
https://www.businesstimes.com.sg/companies-markets/political-drama-hits-south-korean-markets-investors-likely-stay-cautious
What is martial law, and how does it affect South Korea’s business and economic activity?
https://www.businesstimes.com.sg/companies-markets/what-martial-law-and-how-does-it-affect-south-koreas-business-and-economic-activity
Thai business group sees GDP growth at 2.8% this year, risks ahead
https://www.businesstimes.com.sg/international/thai-business-group-sees-gdp-growth-2-8-year-risks-ahead
https://www.channelnewsasia.com/business/thai-november-headline-inflation-misses-forecast-below-central-bank-target-4785921
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