Singapore Real Estate
No stamp duty payable under fractional property investment: MOF
Investors who are buying into shares of properties under fractional ownership are not liable for the Additional Buyer’s Stamp Duty (ABSD), said the Ministry of Finance (MOF) on Wednesday (Oct 4).
https://www.businesstimes.com.sg/property/no-stamp-duty-payable-under-fractional-property-investment-mof
HDB launches 6,800 flats across 8 projects in October BTO exercise
Singapore’s Housing and Development Board (HDB) on Wednesday (Oct 4) launched 6,800 Build-To-Order (BTO) flats for sale across eight projects in Choa Chu Kang, Kallang/Whampoa, Queenstown and Tengah.
https://www.businesstimes.com.sg/property/hdb-launches-6800-flats-across-8-projects-october-bto-exercise
https://www.straitstimes.com/singapore/housing/hdb-launches-6800-bto-flats-with-tighter-rules-for-applicants-who-reject-offer-to-book-units
https://www.todayonline.com/singapore/2-prime-location-projects-kallang-tanglin-halt-among-6800-units-launched-october-bto-exercise-2273786
https://www.channelnewsasia.com/singapore/prime-location-housing-hdb-projects-tanglin-halt-verandah-kallang-bto-launch-october-3819721
Nearly 70% of applications for HDB flat eligibility letters took more than 21 days to be processed
Singapore: About 31 per cent of applications for a Housing and Development Board (HDB) eligibility letter up until Sep 25 were processed within the “service standard” of 21 days, said Senior Minister of State for National Development Sim Ann in parliament on Wednesday (Oct 4).
https://www.channelnewsasia.com/singapore/hdb-flat-eligibility-letters-over-21-days-processed-delay-sim-ann-pritam-singh-3819996
Singapore Economy
Singapore to amend Free Trade Zones Act to combat illegal trading activities
Singapore is making amendments to the Free Trade Zones Act to enhance regulation and control of goods that flow through the 10 free-trade zones (FTZs) in the country. The amendments include introducing a licensing regime on FTZ operators, new regulations on cargo handlers and more enforcement powers to customs authorities, Senior Minister of State for Finance Chee Hong Tat said in Parliament on Wednesday (Oct 4).
https://www.businesstimes.com.sg/singapore/singapore-amend-free-trade-zones-act-combat-illegal-trading-activities
https://www.straitstimes.com/singapore/politics/singapore-seeks-to-amend-free-trade-zones-act-to-combat-illegal-trading-activities
Public transport fare hike expected to add 0.17 percentage point to 2024 core inflation: MTI
The recently announced 7 per cent increase in public transport fares – which will take effect on Dec 23 this year – is expected to contribute 0.17 percentage point to Singapore’s core inflation rate in 2024, said Trade and Industry Minister Gan Kim Yong in a written answer to a parliamentary question on Wednesday (Oct 4).
https://www.businesstimes.com.sg/singapore/public-transport-fare-hike-expected-add-017-percentage-point-2024-core-inflation-mti
Companies’ Brief
Ashish Manchharam sells stake in 8M Real Estate to majority shareholder Crane Capital
The founder of Singapore-based conservation shophouse player 8M Real Estate has sold his stake in the company and stepped down as its chief executive officer. Ashish Manchharam left a high-flying capital markets career at property consulting group JLL in 2014 to set up 8M Real Estate
https://www.businesstimes.com.sg/property/ashish-manchharam-sells-stake-8m-real-estate-majority-shareholder-crane-capital
Citigroup outlines layoff process, reassignments in overhaul: memo
Citigroup managers are reviewing staff rosters to determine by November who will stay in place, be reassigned or laid off during its biggest reorganisation in decades, according to a global memo to staff on Wednesday seen by Reuters.
https://www.businesstimes.com.sg/companies-markets/banking-finance/citigroup-outlines-layoff-process-reassignments-overhaul-memo
ESR-LOGOS REIT’s Ang Mo Kio property obtains TOP and achieves 50% occupancy after AEI
ESR-Logos Reit’s (E-LOG) property at 7002 Ang Mo Kio Avenue 5 has obtained its temporary occupation permit (TOP) after the completion of its asset enhancement initiative (AEI).
https://www.theedgesingapore.com/news/reits/esr-logos-reits-ang-mo-kio-property-obtains-top-and-achieves-50-occupancy-after-aei
OUE Commercial Reit should consider turning hospitality-centric for better valuation
Singapore’s hotel owners are raking it in amid the tourism sector’s strong recovery post the Covid-19 pandemic. International visitor arrivals and hotel revenue increased sharply in 2023 from a year ago.
https://www.businesstimes.com.sg/opinion-features/columns/oue-commercial-reit-should-consider-turning-hospitality-centric-better
Views, Reviews Forum and Others
Singapore working closely with foreign counterparts is key to fighting money-laundering: observers
Singapore will benefit from beefing up its tie-ups with other countries as it continues to strengthen its anti-money laundering regime, watchers told The Business Times. The Republic, which is already a leader in anti-money laundering, announced on Tuesday (Oct 3) that it will set up an inter-ministerial committee to study how various sectors can better spot red flags.
https://www.businesstimes.com.sg/singapore/economy-policy/singapore-working-closely-foreign-counterparts-key-fighting-money
Prime mover driver and worker with head injury among 14 workplace deaths in first half of 2023
Singapore – A worker who suffered head injuries building a wall and a prime mover driver who got crushed by a steel gate were two of the 14 workplace fatalities in the first half of 2023. The Workplace Safety and Health (WSH) Council made public the two workplace deaths for the first time in an alert on Wednesday.
https://www.straitstimes.com/singapore/2-workers-among-14-workplace-deaths-in-first-half-of-2023
Global Economy & Real Estate
US 30-year mortgage rate tops 7.5% for first time since 2000
https://www.businesstimes.com.sg/property/us-30-year-mortgage-rate-tops-75-first-time-2000
IMF likely overestimating China’s economic growth prospects, US analyst says
https://www.scmp.com/news/china/article/3236833/imf-likely-overestimating-chinas-economic-growth-prospects-us-analys
-says
China’s economic malaise boils down to ‘a failure to reform’ the system, Pathfinder report warns
https://www.scmp.com/economy/china-economy/article/3236778/chinas-economic-malaise-boils-down-failure-reform-system-pathfinder-report-warns
Will China’s property headaches have broader economic effects?
https://www.scmp.com/economy/china-economy/article/3236773/will-chinas-property-headaches-have-broader-economic-effects
China’s property crisis has regional knock-on effects, Asean body says
https://www.scmp.com/economy/china-economy/article/3236789/chinas-property-crisis-has-regional-knock-effects-asean-body-says
Dubai luxury home sales hit US$1.6 billion in Q3, property consultancy says
https://www.businesstimes.com.sg/property/dubai-luxury-home-sales-hit-us16-billion-q3-property-consultancy-says
Cotswolds Hawling Manor listed for US$17 million by Superdry co-founder
https://www.businesstimes.com.sg/property/cotswolds-hawling-manor-listed-us17-million-superdry-co-founder
Eurozone economy likely contracted in Q3 as demand faltered: PMI
https://www.businesstimes.com.sg/international/eurozone-economy-likely-contracted-q3-demand-faltered-pmi
https://www.straitstimes.com/business/euro-zone-bond-rout-takes-break-as-ecb-policymaker-says-rate-hikes-cycle-nearly-done
Hong Kong government to sell only 1 plot this quarter, putting revenue target of US$10.8 billion from land sales out of reach
https://www.scmp.com/business/article/3236806/hong-kong-government-sell-only-1-plot-quarter-putting-revenue-target-us108-billion-land-sale-out
Japan’s economy running at near full capacity, BOJ estimates show
https://www.channelnewsasia.com/business/japans-economy-running-near-full-capacity-boj-estimates-show-3820246
Japan service activity growth slows down in September: PMI
https://www.businesstimes.com.sg/international/japan-service-activity-growth-slows-down-september-pmi
https://www.channelnewsasia.com/business/japan-service-activity-growth-slows-down-september-pmi-3819246
Surging Tokyo property prices squeeze out young professionals
https://www.businesstimes.com.sg/property/surging-tokyo-property-prices-squeeze-out-young-professionals
https://www.channelnewsasia.com/business/japan-tokyo-property-prices-surging-unaffordable-housing-3820091
South Korea Sept consumer inflation accelerates for second month
https://www.channelnewsasia.com/business/south-korea-sept-consumer-inflation-accelerates-second-month-3822336
Toronto home prices rebound in September, sales hit 8-month low
https://www.businesstimes.com.sg/property/toronto-home-prices-rebound-september-sales-hit-8-month-low
UK business downturn eases after inflation data, BOE pause: PMI
https://www.businesstimes.com.sg/international/uk-business-downturn-eases-after-inflation-data-boe-pause-pmi
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