Singapore Real Estate / Built Environment
Foreign banks in Singapore slash home loan rates to as low as 2.45%
Singapore’s mortgage rates have eased since the start of the year, with some foreign banks shaving rates by around 50 basis points to 2.5 per cent from the 3 per cent offered earlier.
https://www.businesstimes.com.sg/property/foreign-banks-singapore-slash-home-loan-rates-low-2-45
Meet bullish demand for executive condos with release of more sites
While some state land tenders this year drew a lukewarm response, the tender by the Housing and Development Board (HDB) for the 99-year leasehold executive condominium (EC) site that can yield some 560 homes in Tampines Street 95 drew five bidders and a top bid by Sim Lian of S$465 million or around S$768 per square foot per plot ratio (psf ppr).
https://www.businesstimes.com.sg/opinion-features/meet-bullish-demand-executive-condos-release-more-sites
Money launderer Su Baolin’s former Sentosa Cove plot sold for S$22 million
A Sentosa Cove plot at 69 Ocean Drive that once belonged to Cambodian money launderer Su Baolin has been sold for S$22 million to Benedict Beh Wei Hao, according to documents seen by The Straits Times.
https://www.businesstimes.com.sg/singapore/money-launderer-su-baolins-former-sentosa-cove-plot-sold-s22-million
https://www.straitstimes.com/singapore/housing/money-launderer-su-baolins-sentosa-cove-plot-sold-for-22-million
Singapore News
SG60 an opportunity for Singaporeans to reflect on shared values, renew commitment to country: PM Wong
Singapore will mark 60 years of independence in 2025 with a series of celebratory events and its people are being asked to pitch in for the occasion.
https://www.businesstimes.com.sg/singapore/sg60-opportunity-singaporeans-reflect-shared-values-renew-commitment-country-pm-wong
https://www.straitstimes.com/singapore/sg60-an-opportunity-for-sporeans-to-reflect-on-shared-values-renew-commitment-to-country-pm-wong
https://www.channelnewsasia.com/singapore/singapore-pa-lawrence-wong-sg60-punggol-4722646
https://www.zaobao.com.sg/news/singapore/story20241105-5296283
MAS to drive digital assets trading, announces plans for more tokenisation
Singapore’s central bank on Monday (Nov 4) said that asset tokenisation across financial services is reaching an “inflexion point”, as it announced plans to drive adoption of the process in this industry.
https://www.businesstimes.com.sg/wealth/crypto-alternative-assets/mas-drive-digital-assets-trading-announces-plans-more-tokenisation
https://www.straitstimes.com/business/mas-pushes-ahead-on-tokenisation-in-financial-services-for-commercialisation
Business News
CICT’s Q3 net property income rises 5.4% to S$289.8 million
CapitaLand Integrated Commercial Trust’s (CICT) net property income (NPI) for the third quarter ended September 2024 grew 5.4 per cent year on year to S$289.8 million, while gross revenue for the quarter grew 1.7 per cent to S$397.9 million.
https://www.businesstimes.com.sg/companies-markets/cicts-q3-net-property-income-rises-5-4-s289-8-million
KPMG to lay off less than 4% of US audit workforce
KPMG will lay off less than 4 per cent, or about 330 people, of its audit workforce in the United States, a source familiar with the matter said on Monday (Nov 4).
https://www.businesstimes.com.sg/companies-markets/banking-finance/kpmg-lay-less-4-us-audit-workforce-source
Views, Reviews, Forum and Others
Penthouse owners in Haig Avenue told to address unauthorised rooftop structures
Singapore – Owners of penthouse units in Haig Avenue who had put up unauthorised structures on their rooftops will be given time to regularise or remove them after inspections by the authorities found no structural safety issues.
https://www.straitstimes.com/singapore/penthouse-owners-on-haig-avenue-told-to-address-unauthorised-rooftop-structures
Worker dies after being hit by concrete mixer truck in Marina East; driver arrested for negligence
Singapore – A 46-year-old Thai construction worker died on Oct 30 after he was struck by a concrete mixer truck that was entering a work site in Marina East Drive. This is the seventh reported workplace death in the period between July and October.
https://www.straitstimes.com/singapore/worker-dies-after-being-hit-by-concrete-truck-in-marina-east-driver-arrested-for-negligence
https://www.zaobao.com.sg/realtime/singapore/story20241102-5285901
Global Economy & Real Estate
US factory orders fall a second straight month in September
https://www.businesstimes.com.sg/international/us-factory-orders-fall-second-straight-month-september
Pay rent or feed family? Housing crisis on US voters’ minds as presidential election nears
https://www.channelnewsasia.com/world/united-states-housing-crisis-property-rent-prices-soar-presidential-election-4722026
Blackstone in advanced talks to acquire shopping centre owner Retail Opportunity: sources
https://www.businesstimes.com.sg/property/blackstone-advanced-talks-acquire-shopping-centre-owner-retail-opportunity-sources
Canada proposes sharp cut in oil and gas sector emissions by 2030
https://www.businesstimes.com.sg/esg/canada-proposes-sharp-cut-oil-and-gas-sector-emissions-2030
Foreclosures in China soar, threatening to choke off bank profits
https://www.businesstimes.com.sg/property/foreclosures-china-soar-threatening-choke-bank-profits
China needs more ‘skilled talent’, and they deserve better pay, Premier Li Qiang urges
https://www.scmp.com/economy/china-economy/article/3285124/china-needs-more-skilled-talent-and-they-deserve-better-pay-premier-li-qiang-urges
Marriott trims 2024 profit forecast on sluggish China domestic travel demand
https://www.businesstimes.com.sg/companies-markets/consumer-healthcare/marriott-trims-2024-profit-forecast-sluggish-china-domestic-travel-demand
Country Garden sales slump abates after China property stimulus
https://www.businesstimes.com.sg/property/country-garden-sales-slump-abates-after-china-property-stimulus
Eurozone manufacturing slump shows signs of stabilising in October, PMIs show
https://www.businesstimes.com.sg/international/eurozone-manufacturing-slump-shows-signs-stabilising-october-pmis-show
Hong Kong home sales surge to 5-month high as easier mortgage rules take effect
https://www.scmp.com/business/article/3285147/hong-kong-home-sales-surge-five-month-high-easier-mortgage-rules-take-effect
1 in 4 subdivided flats fail to meet proposed minimum size requirements: housing chief
https://www.scmp.com/news/hong-kong/society/article/3285160/1-4-subdivided-flats-fail-meet-proposed-minimum-size-requirements-housing-chief-says
Indonesia growth may slow most in year on manufacturing slump
https://www.businesstimes.com.sg/international/asean/indonesia-growth-may-slow-most-year-manufacturing-slump
Japan, Korea deals drive Asia-Pacific commercial real estate investment to highest since 2022
https://www.businesstimes.com.sg/property/japan-korea-deals-drive-asia-pacific-commercial-real-estate-investment-highest-2022
Johor set to be first Malaysia state to offer ‘premium’ salaries for sectors related to proposed SEZ with Singapore
https://www.channelnewsasia.com/asia/johor-malaysia-brain-drain-special-economic-zone-singapore-starting-salary-skilled-worker-economy-4722136
New Zealand central bank says financial system remains resilient
https://www.businesstimes.com.sg/companies-markets/banking-finance/new-zealand-central-bank-says-financial-system-remains-resilient
Saudi Arabia posts 30 billion riyals Q3 deficit as lower oil prices weigh
https://www.businesstimes.com.sg/international/saudi-arabia-posts-30-billion-riyals-q3-deficit-lower-oil-prices-weigh
South Korea Oct headline inflation weakest since early 2021
https://www.channelnewsasia.com/business/south-korea-oct-headline-inflation-weakest-early-2021-4723706
https://www.businesstimes.com.sg/international/south-koreas-inflation-cools-slowest-pace-2021
Central bank independence being challenged in many countries, Thai central bank chief says
https://www.channelnewsasia.com/asia/central-bank-independence-being-challenged-many-countries-thai-central-bank-chief-says-4722331
UK’s richest man says ‘spiteful’ tax hikes will kill off growth
https://www.businesstimes.com.sg/international/uks-richest-man-says-spiteful-tax-hikes-will-kill-growth
M&G buys stake in European property firm as it bets on turnaround
https://www.businesstimes.com.sg/property/mg-buys-stake-european-property-firm-it-bets-turnaround
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