Singapore Real Estate
Kingsley Mansion up for sale again with unchanged S$52 million guide price
Kingsley Mansion, a small freehold apartment development at 27 Boon Teck Road, is back on the market after an earlier collective sale attempt closed with no sale. The Balestier area property was marketed for sale in March this year, about 5 years after owners first launched an en bloc sale in 2018 at a reserve price of S$45.5 million.
https://www.businesstimes.com.sg/property/kingsley-mansion-sale-again-unchanged-s52-million-guide-price
Commentary: Will fresh supply of private homes ease property prices in Singapore?
Singapore: News that Singapore’s private home prices have fallen for the first time in three years seem to indicate that the property market is finally stabilising. Home prices in Singapore have long been on an upward trajectory because of a supply crunch in private residential property.
https://www.channelnewsasia.com/commentary/private-property-gls-price-new-launch-rent-condo-hdb-upgrade-3610176
HDB resale volume down 17.8%, prices up 0.6% in June: SRX, 99.co
Housing and Development Board (HDB) resale prices continued to inch up in June by 0.6 per cent compared with the previous month, while transaction volume dived 17.8 per cent. Year on year, overall HDB resale prices were 7.3 per cent higher for the month of June, flash data from real estate portal SRX and property agency 99.co showed on Thursday (Jul 6).
https://www.businesstimes.com.sg/property/hdb-resale-volume-down-178-prices-06-june-srx-99co
https://www.straitstimes.com/singapore/housing/hdb-resale-prices-up-06-in-june-volume-down-record-15-million-flat-sold-in-tiong-bahru
Singapore Economy
Single family offices with tax perks employ 1,400 Singaporeans, PRs: Tharman
Single family offices (SFOs) that have applied for and have been awarded tax incentives in Singapore employ about 1,400 Singaporeans and permanent residents (PRs), about two-thirds of whom are paid more than S$5,000 per month, Senior Minister Tharman Shanmugaratnam said on Thursday (Jul 6).
https://www.businesstimes.com.sg/singapore/single-family-offices-tax-perks-employ-1400-singaporeans-prs-tharman
https://www.straitstimes.com/singapore/politics/family-offices-under-tax-schemes-have-hired-1400-s-poreans-and-prs
Singapore to change tax rules that attracted the super rich
The Monetary Authority of Singapore (MAS) will change the tax incentives it gives to single family offices in an effort to boost the hiring of locals and investment in the country’s equity markets. Tax incentives will also be adjusted to encourage these firms to invest in climate-related projects and undertake more philanthropy through Singapore, MAS managing director Ravi Menon said at a briefing after the release of its annual report.
https://www.businesstimes.com.sg/singapore/singapore-change-tax-rules-attracted-super-rich
Programme launched to help S’pore firms disclose environmental data, focus on sustainability
Singapore – Local firms will receive help in disclosing data about how well they perform in terms of considering the environment, as well as how they stack up against their peers in the industry, under a new environmental disclosure programme launched on Thursday.
https://www.straitstimes.com/business/programme-launched-to-help-s-pore-firms-disclose-environmental-data-focus-on-sustainability
Companies’ Brief
Keppel Corp acquires 65% stake in a project company that will hold a retail property in Hanoi for $70 mil
Keppel Corporation announced that Keppel Land’s wholly-owned subsidiary VN Prime Vietnam (VNPN) is acquiring a 65% stake in company to be incorporated (project company) which will hold a retail property in Hanoi, Vietnam.
https://www.theedgesingapore.com/capital/ma/keppel-corp-acquires-65-stake-project-company-will-hold-retail-property-hanoi-70-mil
Ever Glory United expects ‘significant improvement’ in profit before tax for 1HFY2023
Every Glory United, one of the three new listings in the first half of this year, has guided that it is expecting to report a significant improvement in profit before tax for its 1HFY2023 ended June, as compared to the same period a year ago.
https://www.theedgesingapore.com/news/results/ever-glory-united-expects-significant-improvement-profit-tax-1hfy2023
Global Economy & Real Estate
Senior US Fed official backs more monetary tightening
https://www.businesstimes.com.sg/companies-markets/banking-finance/senior-us-fed-official-backs-more-monetary-tightening
Fed’s Williams: June rate pause was right move, but future hikes still in play
https://www.channelnewsasia.com/business/feds-williams-june-rate-pause-was-right-move-future-hikes-still-play-3609386
US weekly jobless claims rise moderately; layoffs drop in June
https://www.businesstimes.com.sg/international/us-weekly-jobless-claims-rise-moderately-layoffs-drop-june
Toronto home sales slow, but prices continue to climb
https://www.businesstimes.com.sg/property/toronto-home-sales-slow-prices-continue-climb
More Manhattan homebuyers paying cash in sign of luxury strength
https://www.businesstimes.com.sg/property/more-manhattan-homebuyers-paying-cash-sign-luxury-strength
UK house building slumps as interest rates rise
https://www.businesstimes.com.sg/property/uk-house-building-slumps-interest-rates-rise
French commercial property woes mount as investment plunges
https://www.businesstimes.com.sg/property/french-commercial-property-woes-mount-investment-plunges
Despite tourism boost from border reopening, China’s economic growth remains sluggish, with high unemployment
https://www.channelnewsasia.com/asia/six-months-after-reopening-borders-china-economic-growth-remains-uneven-across-country-pandemic-covid-19-manufacturing-unemployment-3610746
Cushman says Hong Kong home rents and leasing activity expected to rise in second half, even as analysts paint divergent picture for home prices
https://www.scmp.com/business/companies/article/3226818/cushman-says-hong-kong-home-rents-and-leasing-activity-expected-rise-second-half-even-analysts-paint
Hong Kong firms show increased interest in Qianhai office space, JLL says
https://www.scmp.com/business/article/3226820/hong-kong-firms-show-increased-interest-qianhai-office-space-jll-says
Taiwan hikes taxes on vacant homes by up to 33% to cool hot market
https://www.businesstimes.com.sg/international/global/taiwan-hikes-taxes-vacant-homes-33-cool-hot-market
Malaysia maintains 3% key rate as expected, amid easing inflation and growth
https://www.businesstimes.com.sg/international/asean/malaysia-maintains-3-key-rate-expected-amid-easing-inflation-and-growth
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