Singapore Real Estate
Property stamp duty collection dips 12% to S$5.95 billion in FY2022 on lower sales
Property stamp duty collected in Singapore’s financial year ended March 2023 fell 12 per cent from the previous year, with analysts saying the figure was weighed down by lower transaction volumes amid tight housing supply.
https://www.businesstimes.com.sg/property/property-stamp-duty-collection-dips-12-s595-billion-fy2022-lower-sales
The Myst sells 27% of units on launch weekend at average of S$2,057 psf
City Developments Limited (CDL) sold 110 units of The Myst in Upper Bukit Timah – or 27 per cent of the project’s total 408 units – at an average price of S$2,057 per square foot (psf) over its launch weekend, a statement from the developer on Sunday (Jul 9) indicated.
https://www.businesstimes.com.sg/property/myst-sells-27-units-launch-weekend-average-s2057-psf
https://www.straitstimes.com/business/the-myst-in-upper-bukit-timah-sells-27-of-units-on-launch-weekend-at-average-of-2057-psf
https://www.theedgesingapore.com/news/property/cdls-myst-sees-27-take-average-price-2057-psf
Half of Lentor Hills Residences units sold on launch weekend at average of S$2,080 psf
Half of the 598 units at Lentor Hills Residences were sold on its launch weekend at an average price of S$2,080 per square foot (psf), said joint developer Hong Leong Holdings on Sunday (Jul 9). A total of 298 units in the 99-year leasehold project were sold as at 5 pm on Sunday. Buyers were predominantly Singaporeans, with the rest being permanent residents.
https://www.businesstimes.com.sg/property/half-lentor-hills-residences-units-sold-launch-weekend-average-s2080-psf
https://www.straitstimes.com/business/half-of-lentor-hills-residences-units-sold-on-launch-weekend-at-average-of-2080-psf
Five-year plan launched to energise Kampong Glam, attract more visitors
Singapore – To liven up Kampong Glam and attract more visitors to the historic precinct, plans are under way to host more cultural activities, add green spaces and feature more artwork along the walkable district over the next five years.
https://www.straitstimes.com/singapore/five-year-plan-launched-to-energise-kampong-glam-attract-more-visitors
Singapore Economy
DPM Lawrence Wong to chair EDB’s International Advisory Council
Singapore – Deputy Prime Minister Lawrence Wong will take over as chairman of the Economic Development Board’s (EDB) International Advisory Council (IAC) from Saturday. Mr Wong will replace Senior Minister and Coordinating Minister for Social Policies Tharman Shanmugaratnam, who has held the post since 2014, said the EDB in a press release on Friday.
https://www.straitstimes.com/singapore/dpm-lawrence-wong-to-chair-edb-s-international-advisory-council
Family offices can ‘forge legacies and impact generations’ with their wealth: Heng Swee Keat
Singapore – Family offices have the opportunity to “forge legacies and impact generations” by investing in the future and deploying their capital towards philanthropy.
https://www.straitstimes.com/business/family-offices-can-forge-legacies-and-impact-generations-with-their-wealth-hen
-swee-keat
https://www.straitstimes.com/business/family-offices-in-spotlight-over-how-much-value-they-bring-to-s-pore
Singapore, Vietnam can deepen ties in innovation, energy connectivity, sustainability: Tan See Leng
Innovation, energy connectivity and sustainability are three areas in which Singapore and Vietnam can work together to seize opportunities of the next decade and further deepen bilateral cooperation, said Second Minister for Trade and Industry Tan See Leng in Vietnam on Friday (Jul 7).
https://www.businesstimes.com.sg/international/asean/singapore-vietnam-can-deepen-ties-innovation-energy-connectivity-sustainability
https://www.straitstimes.com/business/singapore-and-vietnam-sign-12-mous-in-show-of-strong-ties
https://www.theedgesingapore.com/news/asean/singapore-and-vietnam-beef-economic-and-bilateral-ties-signing-12-mous
Companies’ Brief
Retail investors net buy S$390 million of S-Reits in H1 2023
In the first half of 2023, the iEdge S-Reit Index gained 2.1 per cent in total return terms, after a challenging 2022 which saw it decline 12 per cent. Retail investors continued to be a key driver in S-Reits fund flow activities in H1 2023, accumulating net retail inflows of S$389 million, while institutional investors saw net outflows of S$485 million.
https://www.businesstimes.com.sg/companies-markets/retail-investors-net-buy-s390-million-s-reits-h1-2023
ESR Group files court application to prevent Quarz Capital from convening EGM
ESR Group, the sponsor of Sabana Industrial Real Estate Investment Trust (Sabana Reit), has filed a court application to prevent activist investor Quarz Capital from convening an upcoming extraordinary general meeting (EGM), said the Reit manager in a bourse filing late on Friday (Jul 7).
https://www.businesstimes.com.sg/companies-markets/esr-group-files-court-application-prevent-quarz-capital-convening-egm
https://www.straitstimes.com/business/esr-files-court-application-to-prevent-quarz-from-convening-egm-to-replace-sabana-reit-manager
https://www.theedgesingapore.com/news/reits/esr-group-files-injunction-restrain-sabana-reits-manager-holding-egm
Global Economy & Real Estate
Yellen says still too early to rule out risk of US recession
https://www.businesstimes.com.sg/international/yellen-says-still-too-early-rule-out-risk-us-recession
US job growth slows in June; unemployment rate falls to 3.6%
https://www.businesstimes.com.sg/international/us-job-growth-slows-june-unemployment-rate-falls-36
https://www.straitstimes.com/business/us-economy-added-209000-jobs-in-june-extending-a-streak-of-gains
Britain’s interest rates are spiralling into a national obsession
https://www.straitstimes.com/business/britain-s-interest-rates-are-spiraling-into-a-national-obsession
UK house prices post biggest annual drop since 2011: Halifax
https://www.businesstimes.com.sg/property/uk-house-prices-post-biggest-annual-drop-2011-halifax
UK to sign Pacific trade deal, shifting focus to China
https://www.businesstimes.com.sg/international/uk-sign-pacific-trade-deal-shifting-focus-china
London is falling down and it’s because of climate change
https://www.businesstimes.com.sg/property/london-falling-down-and-its-because-climate-change
New Zealand, EU ink trade deal that likely goes into effect in 2024
https://www.businesstimes.com.sg/international/new-zealand-eu-ink-trade-deal-likely-goes-effect-2024
Sweden housing prices edge higher amid signs of stabilisation
https://www.businesstimes.com.sg/property/sweden-housing-prices-edge-higher-amid-signs-stabilisation
Underlying price pressures finally easing in the eurozone
https://www.businesstimes.com.sg/international/underlying-price-pressures-finally-easing-eurozone
In Australia, a looming mortgage crunch hints at wider economic woes to come: ‘it’s never been this bad’
https://www.scmp.com/week-asia/economics/article/3226950/australia-looming-mortgage-crunch-hints-wider-economic-woes-come-its-never-been-bad
China factory gate deflation deepens in June on weak demand
https://www.channelnewsasia.com/business/china-factory-gate-deflation-deepens-june-weak-demand-3617676
https://www.scmp.com/economy/economic-indicators/article/3227104/china-consumer-inflation-flat-june-factory-gate-prices-fall-further
Evergrande homeowners find delivered project seized: report
https://www.businesstimes.com.sg/property/evergrande-homeowners-find-delivered-project-seized-report
Shanghai luxury home prices under pressure as affluent worry about economy, with some buyers asking for discounts of 15 pc
https://www.scmp.com/business/china-business/article/3226982/shanghai-luxury-home-prices-under-pressure-affluent-worry-about-economy-some-buyers-asking-discounts
Millions of Chinese staying home shackle South-east Asian growth
https://www.businesstimes.com.sg/international/global/millions-chinese-staying-home-shackle-south-east-asian-growth
https://www.straitstimes.com/business/millions-of-chinese-staying-home-shackle-south-east-asian-growth
https://www.scmp.com/news/asia/southeast-asia/article/3227103/chinese-tourists-opt-stay-home-denting-southeast-asia
-economic-recovery
Hong Kong raises maximum mortgage available for homes valued up to HK$30 million
https://www.businesstimes.com.sg/property/hong-kong-raises-maximum-mortgage-available-homes-valued-hk30-million
https://www.channelnewsasia.com/business/hong-kong-raises-maximum-mortgage-available-homes-valued-us38-million-3613372
https://www.scmp.com/business/banking-finance/article/3226929/hong-kong-relaxes-mortgage-rules-first-time-2009-make-homes-more-affordable-first-time-buyers-and
For Hong Kong’s youth, government-backed hostels offer a smidgen of housing hope
https://www.businesstimes.com.sg/property/hong-kongs-youth-government-backed-hostels-offer-smidgen-housing-hope
https://www.channelnewsasia.com/asia/hong-kongs-youth-government-backed-hostels-offer-smidgen-housing-hope-3617011
Taiwan exports plunge at fastest pace in 14 years on demand woes
https://www.businesstimes.com.sg/international/taiwan-exports-plunge-fastest-pace-14-years-demand-woes
https://www.channelnewsasia.com/business/taiwan-june-exports-slump-most-14-years-weak-china-us-demand-3613161
The super rich are snapping up Tokyo’s new ultra-luxury homes
https://www.businesstimes.com.sg/international/global/super-rich-are-snapping-tokyos-new-ultra-luxury-homes
https://www.straitstimes.com/asia/east-asia/the-super-rich-are-snapping-up-tokyo-s-new-ultra-luxury-homes
Vietnam eyes new free trade agreements to spur economic growth: deputy minister
https://www.businesstimes.com.sg/international/asean/vietnam-eyes-new-free-trade-agreements-spur-economic-growth-deputy-minister
Ultra-wealthy continue to prop up Dubai’s luxury property market
https://www.businesstimes.com.sg/property/ultra-wealthy-continue-prop-dubais-luxury-property-market
PM Anwar gets flak in Malaysia’s Muslim belt over poor economy, subsidy cuts
https://www.straitstimes.com/asia/se-asia/pm-anwar-gets-flak-in-malaysia-s-muslim-belt-over-poor-economy-subsidy-cuts
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