Singapore Real Estate/Built Environment
Luxury condo sales pick up in Q2 as ultra-rich buyers help reverse 3 quarters of decline
Sales for luxury condominiums picked up in the second quarter of 2024 with the gradual return of the ultra-rich in Singapore after three quarters of decline, agents reported.
https://www.businesstimes.com.sg/property/luxury-condo-sales-pick-q2-ultra-rich-buyers-help-reverse-3-quarters-decline
https://www.straitstimes.com/business/singapore-luxury-condo-sales-pick-up-in-q2-as-ultra-rich-buyers-help-reverse-3-quarters-of-decline
Spike in million-dollar deals, strong volumes nudge HDB resale prices up further in July
The number of Housing and Development Board (HDB) flats resold at more than S$1 million hit another all-time high in July with 120 transactions, while overall resale prices continued to rise on strong market volumes in the month.
https://www.businesstimes.com.sg/property/spike-million-dollar-deals-strong-volumes-nudge-hdb-resale-prices-further-july
https://www.straitstimes.com/singapore/housing/spike-in-million-dollar-deals-strong-volume-nudge-hdb-resale-prices-up-further-in-july
Singapore Economy
MAS prioritises policyholders, competitive market in assessing Allianz-Income deal: Chee Hong Tat
The Monetary Authority of Singapore (MAS) will prioritise the interest of policyholders when assessing Allianz’s proposed acquisition of a majority stake in Income Insurance, said Second Minister for Finance Chee Hong Tat in Parliament on Tuesday (Aug 6).
https://www.businesstimes.com.sg/companies-markets/mas-prioritises-policyholders-competitive-market-assessing-allianz-income-deal-chee-hong-tat
https://www.straitstimes.com/singapore/politics/mas-will-hold-income-allianz-to-account-that-existing-insurance-policies-stay-unchanged-chee-hong-tat
https://www.channelnewsasia.com/singapore/allianz-income-insurance-parliament-social-mission-ntuc-mas-4521771
https://www.todayonline.com/news/will-income-keep-social-mission-govt-cites-ntucs-track-record-mas-ensure-existing-policies-are-honoured-2472051
Law passed to allow courts to sell seized properties linked to criminal activities such as money laundering
Singapore: To better tackle money laundering offences, parliament on Tuesday (Aug 6) passed a Bill that will give more teeth to the Singapore courts when dealing with properties linked to suspected criminal activities as well as enable more data sharing between government agencies.
https://www.channelnewsasia.com/singapore/parliament-bill-allow-courts-sell-seized-properties-criminal-activities-money-laundering-4529986
https://www.straitstimes.com/singapore/politics/new-bill-will-allow-government-to-tackle-money-laundering-more-effectively
https://www.businesstimes.com.sg/singapore/anti-money-laundering-regime-be-kept-robust-without-impeding-legitimate-businesses-josephine-teo
Emergency power rationing among measures for Singapore’s energy security under new Bill
Power rationing in emergencies, centralised gas procurement and other previously announced measures to strengthen Singapore’s energy security have been proposed under a new Bill.
https://www.businesstimes.com.sg/singapore/economy-policy/emergency-power-rationing-among-measures-singapores-energy-security-under-new-bill
https://www.straitstimes.com/singapore/bill-tabled-to-allow-ema-to-impose-power-rationing-during-an-emergency-to-ensure-energy-security
Platform worker protections tabled in Parliament under new Bill
A new Bill proposes to implement previously announced protections for platform workers in Singapore: Central Provident Fund (CPF) contributions, work injury insurance and a legal framework for representation.
https://www.businesstimes.com.sg/singapore/economy-policy/platform-worker-protections-tabled-parliament-under-new-bill
https://www.straitstimes.com/singapore/politics/bill-to-implement-stronger-protections-for-platform-workers-tabled-in-parliament
Business News
BRC 3QFY2024 profit after tax up 51% y-o-y on disposal, revenue down 17% y-o-y
BRC Asia has posted profit after tax of $34.1 million, up 51.0% y-o-y, for 3QFY2024 ended June 30. This is inclusive of a gain on disposal of an associate of $16.5 million, announced on June 7. Revenue for the quarter fell 17.0% y-o-y to $381.7 million, announced the steel maker on Aug 6.
https://www.theedgesingapore.com/capital/results/brc-3qfy2024-profit-after-tax-51-y-o-y-disposal-revenue-down-17-y-o-y
Wharf REIC slips into losses as Hong Kong’s property rebound stalls, retail sales weaken
Wharf Real Estate Investment Company (REIC), one of Hong Kong’s biggest commercial landlords, slipped into a loss in the first half this year after a recovery in property market prices stalled and undermined demand for office space.
https://www.scmp.com/business/article/3273387/wharf-reic-slips-losses-hong-kongs-property-rebound-stalls-retail-sales-weaken
Wing Tai guides for a net loss in FY2024
Wing Tai Holdings announced that following a preliminary assessment of its FY2024 ended 30 June results and taking into account the adverse change in the fair value of the investment properties overseas and the provision for impairment losses on the development properties overseas, the board of directors wishes to issue a profit guidance that the group expects to report a net loss for FY2024.
https://www.theedgesingapore.com/capital/results/wing-tai-guides-net-loss-fy2024
Views, Reviews, Forum and Others
Singaporeans living in UK on ‘high alert’ amid anti-immigration riots, xenophobic sentiments
Singapore: As riots fuelled by anti-immigrant sentiment spread across the United Kingdom, Singaporean Shereen Williams has been especially on edge over the past week – more so given that she is Muslim.
https://www.channelnewsasia.com/singapore/uk-riots-singaporeans-far-right-protests-4529811
Food delivery riders question ban from passenger lifts at some CBD buildings
Singapore: Every minute counts for food delivery riders in Singapore’s central business district, especially during the peak lunch hours when most of the day’s earnings are made. But at some high-rise offices and condominiums downtown, riders are not allowed to take passenger lifts when making deliveries, and must use the service or cargo lift instead.
https://www.channelnewsasia.com/singapore/food-delivery-rider-passenger-lift-ban-cbd-high-rise-building-4521956
Global Economy & Real Estate
Olympics sees over 40 COVID-19 cases as global infections rise: WHO
https://www.channelnewsasia.com/world/olympics-sees-over-40-covid-19-cases-global-infections-rise-who-4530756
US trade deficit narrows to US$73.1 billion as exports pick up
https://www.businesstimes.com.sg/international/us-trade-deficit-narrows-us73-1-billion-exports-pick
US household debt levels edge up in Q2, NY Fed survey shows
https://www.businesstimes.com.sg/international/us-household-debt-levels-edge-q2-ny-fed-survey-shows
Airbnb plunges on soft outlook, signalling slowing US demand
https://www.businesstimes.com.sg/property/airbnb-plunges-soft-outlook-signalling-slowing-us-demand
https://www.straitstimes.com/business/airbnb-warns-of-slowing-us-demand-forecasts-lower-third-quarter-revenue
Australia central bank sees more gradual decline in core inflation, less spare capacity
https://www.businesstimes.com.sg/international/australia-central-bank-sees-more-gradual-decline-core-inflation-less-spare-capacity
Education, e-commerce part of China’s services game plan to spur domestic consumption
https://www.channelnewsasia.com/business/china-boost-domestic-consumption-education-e-commerce-services-gameplan-economy-4529921
State-backed firms are new pillar in Beijing’s real estate market as private buyers retreat
https://www.scmp.com/property/article/3273434/state-backed-firms-are-new-pillar-beijings-real-estate-market-private-buyers-retreat
Country Garden sales drop 72% as China’s housing woes persist
https://www.businesstimes.com.sg/property/country-garden-sales-drop-72-chinas-housing-woes-persist
https://www.straitstimes.com/business/country-garden-sales-drop-72-as-china-s-housing-woes-persist
Banks poised to seize more buildings in Hong Kong, PwC says
https://www.businesstimes.com.sg/international/global/banks-poised-seize-more-buildings-hong-kong-pwc-says
https://www.straitstimes.com/business/banks-poised-to-seize-more-buildings-in-hong-kong-pwc-says
Malaysia sets up chip-design hub to boost semiconductor industry
https://www.businesstimes.com.sg/international/asean/malaysia-sets-chip-design-hub-boost-semiconductor-industry
https://www.straitstimes.com/business/malaysia-sets-up-chip-design-hub-to-boost-semiconductor-industry
New Zealand’s jobless rate rises to 4.6% in second quarter
https://www.businesstimes.com.sg/international/new-zealands-jobless-rate-rises-4-6-second-quarter
Philippines June trade deficit at $4.3 billion
https://www.channelnewsasia.com/business/philippines-june-trade-deficit-43-billion-4528851
Thai consumer confidence falls to 11-month low in July
https://www.businesstimes.com.sg/international/thai-consumer-confidence-falls-11-month-low-july
Toronto home prices climb for second month even as sales slow
https://www.businesstimes.com.sg/property/toronto-home-prices-climb-second-month-even-sales-slow
UK weather rains on consumer spending in July
https://www.businesstimes.com.sg/international/uk-weather-rains-consumer-spending-july
UK construction sector kicks up a gear after election, PMI shows
https://www.businesstimes.com.sg/property/uk-construction-sector-kicks-gear-after-election-pmi-shows
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