Singapore Real Estate
Toa Payoh site for 775 condo units expected to draw firm but cautious bids
A plot of state land in Toa Payoh is expected to attract firm, but cautious bidding from developers when it goes up for tender in November. The 5,743 square-metre site in Lorong 1 Toa Payoh can yield about 775 housing units, with a maximum gross floor area of 66,121 sq m.
https://www.businesstimes.com.sg/property/toa-payoh-site-775-condo-units-expected-draw-firm-cautious-bids
https://www.straitstimes.com/singapore/housing/first-in-8-years-toa-payoh-residential-site-up-for-sale-to-private-developers
https://www.edgeprop.sg/property-news/tender-launched-gls-site-lorong-1-toa-payoh
Singapore retail sales up 1.1% in July
Singapore’s retail sales grew for the sixth straight month in July, rising 1.1 per cent on year and picking up slightly from the revised 1 per cent growth recorded in June, Department of Statistics (Singstat) data showed on Tuesday (Sep 5).
https://www.businesstimes.com.sg/singapore/singapore-retail-sales-11-july
https://www.straitstimes.com/business/economy/singapore-retail-sales-rise-11-in-july-less-than-expected
GSH Corp to pocket S$3.88 million as sale of Raffles Place office units falls through
Property developer GSH Corporation on Tuesday (Sep 5) announced that the sale of nine strata office units in Raffles Place for a total consideration of S$38.8 million has been terminated.
https://www.businesstimes.com.sg/companies-markets/gsh-corp-pocket-s388-million-sale-raffles-place-office-units-falls-through
https://www.straitstimes.com/business/companies-markets/gsh-corp-to-pocket-388-million-as-sale-of-raffles-place-office-units-falls-through
https://www.theedgesingapore.com/news/property/sale-gshs-office-units-cecil-street-not-going-ahead
Execution and key man risks in HPL’s plan to redevelop Orchard Road properties
Things are stirring at tightly-held hotel, property and lifestyle group Hotel Properties (HPL). Last month, HPL said it had received the grant of provisional permission from the Urban Redevelopment Authority to redevelop Forum The Shopping Mall, voco Orchard Singapore and HPL House under the Strategic Development Incentive.
https://www.businesstimes.com.sg/opinion-features/columns/execution-and-key-man-risks-hpls-plan-redevelop-orchard-road-properties
Singapore Economy
Household net worth grows further in Q2, rising 8.9% as liabilities fall
Singapore households’ net worth continued to grow in the second quarter of 2023, despite a slowing housing market weighing on residential asset values. This came as household debt dipped further, with mortgage loan value falling off amid the current higher interest rate environment.
https://www.businesstimes.com.sg/property/household-net-worth-grows-further-q2-rising-89-liabilities-fall
Singapore is top Asean destination for companies looking to expand footprint in next 2 years: HSBC survey
More than a third of international firms with an in-market presence say they will prioritise their growth in Singapore over the next two years, according to the findings of a new survey by HSBC released on Wednesday (Sep 6).
https://www.businesstimes.com.sg/international/asean/singapore-top-asean-destination-companies-looking-expand-footprint-next-2-years
Companies’ Brief
CapitaLand Malaysia Trust to sell Malaysian office property for RM52 million
MTrustee Berhad, the trustee of CapitaLand Malaysia Trust (CLMT), has entered into an agreement to sell the 3 Damansara Office Tower property to Lagenda Harta for a total price of RM52 million (S$15.2 million).
https://www.businesstimes.com.sg/companies-markets/capitaland-malaysia-trust-sell-malaysian-office-property-rm52-million
‘Grab the opportunities, ride the storm,’ says CDL’s Kwek Leng Beng
Having grown its property business well beyond Singapore’s shores, City Developments (CDL) executive chairman Kwek Leng Beng hopes the group will continue to make its mark in the world.
https://www.businesstimes.com.sg/property/grab-opportunities-ride-storm-says-cdls-kwek-leng-beng
GIC weighs sale of Tokyo office tower for more than US$2 billion
Singapore sovereign wealth fund GIC is considering the sale of a top-grade Tokyo skyscraper and has approached potential buyers about the property, according to people with knowledge of the matter.
https://www.businesstimes.com.sg/international/global/gic-weighs-sale-tokyo-office-tower-more-us2-billion
https://www.straitstimes.com/business/gic-weighs-sale-of-tokyo-office-tower-for-more-than-278b
https://www.theedgesingapore.com/news/singapore/gic-weighs-sale-tokyo-office-tower-more-27-bil
Keppel, DBS tie up to drive sustainable development in Asia
Keppel and DBS have signed a memorandum of understanding (MOU) to jointly scale up sustainable urbanisation and digitalisation solutions in Asia, with a focus on India.
https://www.businesstimes.com.sg/international/global/keppel-dbs-tie-drive-sustainable-development-asia
https://www.straitstimes.com/business/keppel-dbs-tie-up-to-drive-sustainable-development-in-asia
https://www.theedgesingapore.com/news/sustainability/keppel-corp-and-dbs-sign-mou-scale-sustainable-urbanisation-and-digitalisation
Global Economy & Real Estate
Global business activity showed signs of slowdown in August: PMIs
https://www.businesstimes.com.sg/international/global-business-activity-showed-signs-slowdown-august-pmis
https://www.channelnewsasia.com/business/global-business-activity-showed-signs-slowdown-august-pmis-3747761
US Fed’s debt runoff is ‘painless’ at US$1 trillion mark, with bigger test ahead
https://www.businesstimes.com.sg/international/us-feds-debt-runoff-painless-us1-trillion-mark-bigger-test-ahead
US homebuyers weigh climate risk in picking a house
https://www.businesstimes.com.sg/property/us-homebuyers-weigh-climate-risk-picking-house
Return-to-Office is a US$1.3 trillion problem few have figured out
https://www.businesstimes.com.sg/international/return-office-us13-trillion-problem-few-have-figured-out
Australia economy gets a boost from visitors, infrastructure splurge
https://www.businesstimes.com.sg/international/australia-economy-gets-boost-visitors-infrastructure-splurge
Foreign firms speeding up growth plans in Singapore and Asean: HSBC survey
https://www.straitstimes.com/business/foreign-firms-speeding-up-growth-plans-in-singapore-and-asean-hsbc-survey
China says economic ‘fundamentals’ are unchanged despite its slowdown
https://www.businesstimes.com.sg/international/china-says-economic-fundamentals-are-unchanged-despite-its-slowdown
China slowdown means it may never overtake US economy, forecast shows
https://www.straitstimes.com/business/economy/china-slowdown-means-it-may-never-overtake-us-economy-forecast-shows
Asset managers look to sell Hong Kong buildings as higher rates bite
https://www.businesstimes.com.sg/property/asset-managers-look-sell-hong-kong-buildings-higher-rates-bite
https://www.straitstimes.com/business/property/asset-managers-look-to-sell-hong-kong-buildings-as-higher-interest-rates-bite
https://www.channelnewsasia.com/business/asset-managers-look-sell-hong-kong-buildings-higher-rates-bite-3747041
Over a fifth of Hong Kong’s office tenants likely to reduce office space, with many relocating to mainland China and Singapore, study finds
https://www.scmp.com/business/article/3233525/over-fifth-hong-kongs-office-tenants-likely-reduce-office-space-many-relocating-mainland-china-and
Hong Kong’s old buildings are crumbling, but flat owners balk at repair fees, prompting calls for government action on ‘ticking time bombs’
https://www.scmp.com/news/hong-kong/society/article/3233462/hong-kongs-old-buildings-are-crumbling-flat-owners-balk-repair-fees-prompting-calls-government
Hong Kong will renovate communal areas for 83,000 households in public rental estates according to ‘well-being’ design guidelines: minister
https://www.scmp.com/news/hong-kong/society/article/3233510/hong-kong-will-renovate-communal-areas-83000-households-public-rental-estates-according-well-being
Japan household spending suffers biggest drop in 2½ years; outlook not as gloomy
https://www.straitstimes.com/business/economy/japan-household-spending-suffers-biggest-drop-in-2-years-outlook-not-as-gloomy
https://www.channelnewsasia.com/business/japan-household-spending-suffers-biggest-drop-25-years-outlook-not-gloomy-3746736
Malaysia offers grant programmes for small businesses in hopes of tackling unemployment and income gap
https://www.channelnewsasia.com/asia/malaysia-micro-business-micropreneurship-smes-i-tekad-grant-3747026
UK PMI survey shows sharpest business slowdown in 7 months
https://www.businesstimes.com.sg/international/uk-pmi-survey-shows-sharpest-business-slowdown-7-months
UK’s second biggest city Birmingham declares bankruptcy after equal pay claim
https://www.businesstimes.com.sg/international/global/uks-second-biggest-city-birmingham-declares-bankruptcy-after-equal-pay-claim
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