Singapore Real Estate / Built Environment
Higher seller’s stamp duty a warning shot to speculators but unlikely to cause market distress
Seller’s stamp duty hike surprises some amid moderating property market, but is ultimately prudent
Changes in seller’s stamp duty will make it harder to flip a property for profit in a short time, but are unlikely to have much impact on prices or volume in Singapore’s residential market, analysts said on Friday (Jul 4). Nevertheless, the timing of the move was not lost on market players, coming ahead of a third-quarter season crowded with new launches. Up to 11 projects with some 5,400 units are slated to be marketed in coming weeks.
https://www.zaobao.com.sg/finance/singapore/story20250704-7074038
https://www.edgeprop.sg/property-news/seller%E2%80%99s-stamp-duty-reset-timely-move-curb-speculation
REDAS：楼市第二季已放缓 吁政府与业界保持密切沟通
REDAS: The property market has slowed down in the second quarter and calls on the government to maintain close communication with the industry
The Real Estate Developers Association of Singapore (REDAS) said in a statement on Friday (July 4) that the market has shown signs of slowing down amid rising geopolitical tensions and economic uncertainties, with forecasts for the second quarter of this year showing slower sales growth, especially for projects located in the core central region. The association calls on the government to continue to maintain close communication with the industry to ensure that future policy adjustments can continue to respond to actual market needs and promote the long-term resilience of the real estate industry.
https://www.zaobao.com.sg/realtime/singapore/story20250704-7078636
卖方印花税上调房地产股普遍承压 分析：当局设小“减速带”
The increase in seller stamp duty has put pressure on real estate stocks. Analysis: The authorities set up a small “speed bump”
Singapore property stocks generally fell on Friday (July 4) after the government announced an increase in seller’s stamp duty (SSD) , reflecting investors’ immediate reaction to the new round of regulatory measures. As of Friday’s close, share prices of major real estate stocks were down about 2%.
https://www.zaobao.com.sg/finance/singapore/story20250704-7075009
Shatec shuts Orchard campus and training restaurant, cuts 42 staff, puts building up for sale
The sale of Shatec’s Bukit Batok building is part of the hospitality school’s asset management strategy, with the institute “currently in the early stages of reviewing its long-term plans”, said board chairman Loh Lik Peng in response to queries from The Business Times.
Businesses at Leisure Park Kallang face uncertain future after anchor tenants exit
Businesses at Leisure Park Kallang are grappling with declining foot traffic and dwindling sales following the March closure of Cold Storage, a long-time anchor tenant. Already facing a gradual drop in visitors over the years, the mall has grown noticeably quieter. March also saw the departure of Filmgarde Cineplexes and Coca Hotpot – exits that have further exacerbated the downturn.
https://www.channelnewsasia.com/singapore/kallang-leisure-park-tenants-cold-storage-5217681
Singapore News
PAP has begun search for new candidates; PM Wong hopes to deploy them earlier ahead of next GE
The ruling People’s Action Party has begun searching for potential candidates ahead of the next general election, so that they can start walking the ground earlier. Prime Minister Lawrence Wong said on July 4 that the party has learnt over the years that it cannot “just rely on a few tea sessions or interviews” to recruit and bring in candidates.
20 retired MPs spoke up on many issues in Parliament, helped successors prepare for new role: PM Wong
External environment, GE2020 experience, strong groundwork contributed to PAP GE2025 victory: PM Wong
The 20 PAP MPs who retired at the recent general election made special efforts to show new candidates the ropes, after years of speaking up in Parliament and helping to improve policies. Prime Minister Lawrence Wong acknowledged the contributions of the retired MPs at an appreciation dinner on July 4 at Parliament House – a PAP tradition to thank its outgoing comrades – and presented them with valedictory letters.
https://www.channelnewsasia.com/singapore/pap-retired-mp-parliament-lawrence-wong-renewal-5220861
Other News
$3b money laundering case: 9 financial institutions handed $27.45m in MAS penalties over breaches
Credit Suisse (Singapore Branch) and UOB were each handed more than $5 million in penalties for flouting anti-money laundering controls related to the $3 billion money laundering case in 2023. They were among nine financial institutions (FIs) hit with $27.45 million in composition penalties by the Monetary Authority of Singapore (MAS).
Trilateral workgroup to address issue of foreigners illegally doing delivery jobs
A trilateral workgroup is being formed to address the issue of foreigners performing delivery jobs illegally, the National Trades Union Congress (NTUC) said on Friday (Jul 4). “Urgent action” is needed as this creates unfair competition for delivery workers, and it has a direct impact on their earnings, NTUC said. The workgroup will involve Grab Singapore, the Ministry of Manpower (MOM) and the Ministry of Transport (MOT), who will work with NTUC and its affiliated associations.
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