Singapore Real Estate / Built Environment
Plans in place to address talent, pay issues for architects, engineers
Plans are underway to draw talent into the built environment sector, and ensure remuneration is competitive for architects and engineers, to address concerns raised by industry players. This will be crucial as the sector embarks on long-term infrastructure and mega building projects such as Long Island, Greater Southern Waterfront, Changi Terminal 5 and Tuas Megaport.
https://www.businesstimes.com.sg/property/plans-place-address-talent-pay-issues-architects-engineers
https://www.straitstimes.com/singapore/housing/new-task-force-set-up-to-attract-talent-to-construction-architecture-infrastructure-jobs
Greening Singapore’s built environment
The concept of climate change has gone from being something abstract to being a lived experience. The hottest days on record occurred within just the past few months, and there are ever-increasing extreme weather events globally.
https://www.businesstimes.com.sg/opinion-features/greening-singapores-built-environment
HDB mature estate prices dip in August, million-dollar deals slide amid Ghost Month lull
The resale prices of Housing and Development Board (HDB) flats in mature estates in August fell 0.2 per cent on the month, while million-dollar flat sales declined amid a lull due to the Ghost Month.
https://www.businesstimes.com.sg/property/hdb-mature-estate-prices-dip-august-million-dollar-deals-slide-amid-ghost-month-lull-srx-99-co
https://www.straitstimes.com/singapore/housing/hdb-mature-estate-prices-dip-in-august-million-dollar-deals-slide-amid-ghost-month-lull-srx-99co
https://www.zaobao.com.sg/news/singapore/story20240904-4624252
Singapore Economy
Singapore tax revenue up 17% to S$80.3 billion in FY23/24 due to ‘strong economic, wage growth’
Singapore’s tax revenue rose 17 per cent to hit S$80.3 billion for FY2023/24, a result that the taxman on Wednesday (Sep 4) said reflects strong economic growth and nominal wage growth in 2022.
https://www.businesstimes.com.sg/singapore/singapore-tax-revenue-17-s80-3-billion-fy2324-due-strong-economic-wage-growth
https://www.straitstimes.com/business/singapore-tax-revenue-rises-17-to-803-billion-amid-wage-and-economic-growth
https://www.channelnewsasia.com/singapore/iras-tax-revenue-increases-financial-year-2023-2024-4585181
https://www.zaobao.com.sg/news/singapore/story20240904-4621693
Mice, spice and everything nice: Caterers see demand for green menus, tailored events
Beyond the continued pickup in large-scale events, Singapore’s caterers are having their fortunes boosted by demand for sustainable offerings and customised services. In the first half of 2024, food caterers’ sales experienced year-on-year growth every month, based on retail sales data from the Department of Statistics.
https://www.businesstimes.com.sg/singapore/smes/mice-spice-and-everything-nice-caterers-see-demand-green-menus-tailored-events
Upcoming Fed rate cuts may not have major implications for the next MAS decision
With the US Federal Reserve having strongly telegraphed impending interest rate cuts at their mid-September meeting, one question is how Asian central banks will react. The expectation is that the Fed’s move will create space for monetary easing by other central banks, though not all of them might take the opportunity.
https://www.businesstimes.com.sg/opinion-features/upcoming-fed-rate-cuts-may-not-have-major-implications-next-mas-decision
Business News
CICT’s proposed acquisition of stake in Ion Orchard ‘opportune’; S-Reits expected to make more buys
The proposed acquisition of a 50 per cent stake in Ion Orchard, one of Singapore’s largest malls, by , comes at an “opportune time” – ahead of potential rate cuts and an improving market appetite for equity fund-raising.
https://www.businesstimes.com.sg/companies-markets/cicts-proposed-acquisition-stake-ion-orchard-opportune-s-reits-expected-make-more-buys
CapitaLand Investment to more than double investments in India by 2028
CapitaLand Investment (CLI) aims to more than double its funds under management (FUM) in India in the next four years, as the global real asset manager remains optimistic on the country’s economic growth.
https://www.businesstimes.com.sg/international/global/capitaland-investment-more-double-investments-india-2028
https://www.theedgesingapore.com/news/india/capitaland-investment-targets-more-double-investments-india-2028
PropertyGuru sinks deeper into the red with S$16.1 million Q2 loss
PropertyGuru sank deeper into the red in the second quarter ended Jun 30 with a net loss of S$16.1 million, widening from S$6.5 million recorded in the previous corresponding period.
https://www.businesstimes.com.sg/companies-markets/propertyguru-sinks-deeper-red-s16-1-million-q2-loss
https://www.straitstimes.com/business/propertyguru-sinks-deeper-into-red-with-161m-q2-loss-ahead-of-privatisation
Seibu Prince Hotels and Resorts launches first Park Regis by Prince hotel in S’pore in bid to expand
Singapore – Japanese hotel chain Seibu Prince Hotels and Resorts has kick-started a three-year plan to expand its presence in Asia with the launch of the first hotel under its Park Regis by Prince brand in Singapore.
https://www.straitstimes.com/business/seibu-prince-hotels-and-resorts-launches-first-park-regis-by-prince-hotel-in-s-pore-in-bid-to-expand
Tuan Sing’s CEO buys shares from the market on several occasions
Tuan Sing’s CEO and executive director, William Liem (also known as William Nursalim) has been buying shares from the market on several occasions. On Aug 21, Liem bought 370,000 shares from the market for $81,400 or 22 cents per share.
https://www.theedgesingapore.com/capital/insider-moves/tuan-sings-ceo-buys-shares-market-several-occasions
Views, Reviews, Forum and Others
Mpox vaccine for those at high risk in Singapore, virus troublesome but can be managed: Ong Ye Kung
Singapore – Vaccinations against mpox are being given free to healthcare workers who are at highest risk of exposure to mpox, and the jabs will also be given to close contacts of confirmed cases, said Health Minister Ong Ye Kung on Sept 4.
https://www.straitstimes.com/singapore/mpox-vaccine-for-those-at-high-risk-in-singapore-virus-troublesome-but-can-be-managed-ong-ye-kung
https://www.businesstimes.com.sg/singapore/no-mpox-clade-i-cases-detected-singapore-so-far-vaccinations-offered-selected-groups
https://www.todayonline.com/news/mpox-vaccine-be-offered-healthcare-workers-highest-risk-and-close-contacts-confirmed-cases-2480821
https://www.channelnewsasia.com/singapore/mpox-mask-wearing-ong-ye-kung-moh-4585211
How Singapore is gearing up to fight mpox
Singapore – Singapore has detected 14 cases of mpox since January 2024, but they all stemmed from the clade II virus that causes less severe infections. Clade I causes more severe symptoms and a significantly higher fatality rate, and is circulating mainly in Democratic Republic of Congo.
https://www.straitstimes.com/singapore/health/askst-how-singapore-is-gearing-up-to-fight-mpox
https://www.channelnewsasia.com/singapore/singapore-mpox-faq-should-i-wear-mask-vaccination-4585321
New control centre for South-east Asia haze forecasts opens in Singapore
Singapore – The Republic has been chosen to house South-east Asia’s control centre for forest fires and smoke pollution, in a bid to help the region better forecast transboundary haze.
https://www.straitstimes.com/singapore/singapore-houses-new-control-centre-for-haze-forecasts-in-south-east-asia
Global Economy & Real Estate
Global family office wealth to jump 73% to US$9.5 trillion by 2030: Deloitte
https://www.businesstimes.com.sg/companies-markets/global-family-office-wealth-jump-73-us9-5-trillion-2030-deloitte
https://www.scmp.com/business/banking-finance/article/3277099/asia-pacific-set-outpace-all-regions-family-office-set-ups-2030-deloitte-says
US firms see weaker employment growth as economy slows, Fed survey shows
https://www.businesstimes.com.sg/international/us-firms-see-weaker-employment-growth-economy-slows-fed-survey-shows
US trade deficit widens in July on imports
https://www.businesstimes.com.sg/international/us-trade-deficit-widens-july-imports
US factory orders beat expectations in July
https://www.businesstimes.com.sg/international/us-factory-orders-beat-expectations-july
US mortgage rates continue to ease on expectations of Fed move
https://www.businesstimes.com.sg/property/us-mortgage-rates-continue-ease-expectations-fed-move
US housing inflation likely to fall in year ahead, Fed paper says
https://www.businesstimes.com.sg/property/us-housing-inflation-likely-fall-year-ahead-fed-paper-says
Australia economy stuck in slow lane, household spending drags
https://www.businesstimes.com.sg/international/australia-economy-stuck-slow-lane-household-spending-drags
Australia’s economy stays subdued as consumers cut spending
https://www.businesstimes.com.sg/international/australias-economy-stays-subdued-consumers-cut-spending
https://www.straitstimes.com/business/economy/australia-s-economy-stays-subdued-as-consumers-cut-spending
Canada central bank cuts key lending rate to 4.25%
https://www.businesstimes.com.sg/international/canada-central-bank-cuts-key-lending-rate-4-25
China’s services activity expansion slows in August, Caixin PMI shows
https://www.businesstimes.com.sg/international/global/chinas-services-activity-expansion-slows-august-caixin-pmi-shows
https://www.straitstimes.com/business/economy/chinas-services-activity-expansion-slows-in-august-caixin-pmi-shows
https://www.scmp.com/economy/economic-indicators/article/3277102/chinas-services-activity-expansion-slows-august-despite-summer-travel-peak-caixin-pmi
China’s consumer confidence nears all-time low, calls for ‘bolder’ measures
https://www.scmp.com/economy/economic-indicators/article/3277160/chinas-consumer-confidence-nears-all-time-low-calls-bolder-measures
Hangzhou and Wuhan jump in rankings of best-performing Chinese cities, report says
https://www.businesstimes.com.sg/international/hangzhou-and-wuhan-jump-rankings-best-performing-chinese-cities-report-says
China weighs cutting mortgage rates in two steps to shield banks
https://www.businesstimes.com.sg/property/china-weighs-cutting-mortgage-rates-two-steps-shield-banks
https://www.straitstimes.com/business/china-weighs-cutting-mortgage-rates-in-two-steps-to-shield-banks
Eurozone August business activity gains Olympic lift, PMI shows
https://www.businesstimes.com.sg/international/eurozone-august-business-activity-gains-olympic-lift-pmi-shows
Hong Kong banks offer mortgage rebates as rate cuts seen igniting housing market rebound
https://www.scmp.com/business/article/3277233/hong-kong-banks-offer-mortgage-rebates-rate-cuts-seen-igniting-housing-market-rebound
Hong Kong’s arts hub turns to selling land to stay afloat
https://www.businesstimes.com.sg/property/hong-kongs-arts-hub-turns-selling-land-stay-afloat
https://www.theedgesingapore.com/news/hong-kong/hong-kongs-west-kowloon-cultural-district-turns-selling-land-stay-afloat
Why Hong Kong’s mega events seem so small and how to bring back the ‘wow’ factor
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3277228/why-hong-kongs-mega-events-seem-so-small-and-how-bring-back-wow-factor
Indian luxury homebuilder to expand into data centres on AI boom
https://www.businesstimes.com.sg/property/indian-luxury-homebuilder-expand-data-centres-ai-boom
Japan’s budget demands hit record as leadership race steps up
https://www.businesstimes.com.sg/international/japans-budget-demands-hit-record-leadership-race-steps
Japan inflation-adjusted wages rise for two straight months in July
https://www.channelnewsasia.com/business/japan-inflation-adjusted-wages-rise-two-straight-months-july-4587341
Japan’s service activity extends gains in August, PMI shows
https://www.straitstimes.com/business/economy/japans-service-activity-extends-gains-in-aug-pmi-shows
New Zealand house prices fall for sixth month as rates take toll
https://www.businesstimes.com.sg/property/new-zealand-house-prices-fall-sixth-month-rates-take-toll
South Korea Q2 GDP -0.2% q/q, unchanged from advanced estimate
https://www.channelnewsasia.com/business/south-korea-q2-gdp-02-q-q-unchanged-advanced-estimate-4587291
https://www.businesstimes.com.sg/international/south-koreas-economy-shrank-initially-estimated-bok-says
https://www.bloomberg.com/news/articles/2024-09-04/south-korea-s-economy-shrank-as-initially-estimated-bok-says?srnd=phx-economics-v2
South Korea says climate court ruling won’t hurt business
https://www.channelnewsasia.com/east-asia/south-korea-climate-court-ruling-business-4585996
Rate panel backs Bank of Thailand on inflation as government eyes reset
https://www.businesstimes.com.sg/companies-markets/banking-finance/rate-panel-backs-bank-thailand-inflation-government-eyes-reset
UK services activity at four-month high in August, PMI shows
https://www.businesstimes.com.sg/international/uk-services-activity-four-month-high-august-pmi-shows
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