The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 7, 8, 9 & 10 Apr 2023 (Fri, Sat, Sun & Mon)

Singapore Real Estate


Iras probing property transactions for stamp duty tax avoidance
The Inland Revenue Authority of Singapore (Iras) is investigating property transactions under an audit to uncover cases of avoidance of stamp duty tax, the tax agency said in a statement on Thursday (Apr 6).


What property bubble? Why Singapore may be an outlier
It is official – tenants in Singapore now pay more for their apartments than their counterparts in notoriously expensive Hong Kong. In December, South China Morning Post looked at three major locations in both cities, and found that average rental charges are higher at US$4.32 per square foot in the Lion City…


Competition in Singapore co-living sector cranking up
Demand for co-living spaces in Singapore levelled up over the last two years. But with more operators pushing into the niche residential space, competition has cranked up at a time when demand may be pulling back.


Tembusu Grand sells 53% of units on launch weekend
Tembusu Grand, the first new launch in Katong for the year, sold 340 of its 638 units during its launch weekend, City Developments (CDL) and MCL Land said in a joint statement on Sunday (Apr 9).


Two shophouses at Perak Road up for sale at $13 mil
Singapore (EdgeProp) – A pair of conservation shophouses at 6 and 7 Perak Road have been launched for sale via tender with a guide price of $13 million. This works out to $2,425 psf on the total floor area.


How Bukit Batok BTO site will prevent water pollution
The Housing Board is putting in place measures at the West Glades @ Bukit Batok Build-To-Order (BTO) site to ensure silty water from it does not contaminate public drains. The measures comprise constructing a pond to collect and treat the water, and drains around the perimeter of the site to channel the water to the pond, as well as having a sensor to ensure only clean water is discharged from the site.



Singapore Economy


Preparations for Singapore’s leadership transition going ‘as well as they can’: Shanmugam
Singapore: Singapore’s preparations for its political leadership transition are being done “as well as they can”, said Law and Home Affairs Minister K Shanmugam. He also noted that what sets Singapore’s leaders apart from their counterparts in many other countries is the “degree of training” they go through before moving up the ranks.


Singapore plans new guidance for banks on vetting crypto clients
Singapore authorities are working with lenders in the city-state to set uniform standards on screening potential customers from the crypto and digital assets sectors, amid various global fallouts in the industry.


Changi ranks 9th among world’s busiest airports in 2022 for international passengers
Changi Airport has returned to the ranks of the world’s top 10 busiest airports, in terms of international passenger traffic in 2022, amid strong growth in air travel demand. The airport was the world’s ninth busiest, with a total of 31.9 million travellers passing through, the ranking by Airports Council International (ACI) World released last Wednesday (Apr 5) indicated.



Companies’ Brief


Iron Mountain sells Jurong West building to ARA-Kenedix VCC for S$47 million
A Singapore-incorporated vehicle of US-based information management and storage group Iron Mountain has sold its property at 26 Chin Bee Drive in Jurong West for S$47 million. Iron Mountain is understood to have entered into a long leaseback arrangement with the property’s new owner, which is an indirect wholly-owned subsidiary of variable capital company (VCC) ARA-Kenedix SJ Real Estate Fund.


JLL promotes Sandeep Sethi to Asia Pacific division president for work dynamics
Singapore (EdgeProp) – JLL has announced the appointment of Sandeep Sethi as division president of work dynamics in Asia Pacific. JLL’s work dynamics business unit provides services addressing the full real estate life cycle for occupiers, including integrated facilities management, construction management services, sustainability and workplace consulting, workplace experience and lease transaction management.



Global Economy & Real Estate


Fed refocuses on job market as financial risks ease and inflation remains high


Powell’s ‘curve’ plunges to new lows, flashing US recession warning


Rising rates are hitting commodity trades


A US$1.5 trillion wall of debt is looming for US commercial properties


Mortgage rates in the US are slipping again


WHO chief thinks Covid-19 emergency will be lifted this year


UK’s Cambridge tries to catch up with younger, innovative peer


UK house-building falls by most since 2020 as interest rates bite: PMI


UK house prices rise for 3rd month in a row


Norway housing prices extend gains, adding to rate pressure


Swedish real estate unexpectedly extends rebound in realtor data


German industrial output rises more than expected in February


Australia to pour $13 billion into manufacturing to ensure nation ‘makes things here again’


China still riding boost from reopening as foreign investors answer the call, add US$7.2 billion of equities in March


China tax department says economy’s rebound to be further consolidated


Explainer | How will China’s Hainan free-trade port affect the Greater Bay Area and Asean?


Hong Kong to entice big-spending tourists with better attractions, minister says after spike in arrivals fails to set tills ringing


Japan’s current account swings back to black on overseas investment


Malaysia open to reviving high-speed rail project to Singapore, says minister



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