Singapore Real Estate / Built Environment
Singapore clarifies rules for real estate agents in anti-money laundering Bill
Singapore has introduced a Bill to set out requirements for the real estate industry to act on suspected money laundering activities. Tabled in Parliament on Friday (Mar 7), the Anti-Money Laundering and Other Matters (Estate Agents and Developers) Bill seeks to amend three Acts – the Estate Agents Act 2010, the Housing Developers (Control and Licensing) Act 1965, and the Sale of Commercial Properties Act 1979.
URA completes structural study on People’s Park Complex ahead of anticipated conservation
Singapore – A structural investigation has been completed on People’s Park Complex as part of the Urban Redevelopment Authority’s (URA) study on the potential conservation of the modernist icon in Chinatown.
More than 1,000 homes sold at 3 launches in one weekend; 93% of Lentor project taken up
Homebuyers snapped up some 1,150 new condominium units over the weekend with Lentor Central Residences claiming top spot and executive condo project Aurelle of Tampines following hot on its heels, while residential tower Aurea had a more muted showing.
Remaining buyers of pandemic-delayed BTO flats to receive keys by end-March
Singapore – The home owners of the last Build-To-Order (BTO) projects delayed by the pandemic will collect their keys by end-March, turning the page on the Housing Board’s multi-year effort to complete and deliver these units to buyers.
https://www.zaobao.com.sg/news/singapore/story20250308-5985408
Singapore Economy/News
Immigration is essential and existential for Singapore’s survival: SM Lee
[Singapore] New citizens bring with them something extra that is vital to Singapore, enriching its society and invigorating its economy, said Senior Minister Lee Hsien Loong on Mar 9.
Singapore, New Zealand reaffirm close defence ties, discuss ways to boost bilateral cooperation
Singapore and New Zealand have reaffirmed their close and longstanding defence relations, as Defence Minister Ng Eng Hen met his counterpart, Ms Judith Collins, in Auckland on March 9.
More Singapore companies offering flexible work arrangements in 2024 than before
More Singapore companies are still offering flexible work arrangements, even though the Covid-19 pandemic has long passed. The proportion of firms offering flexible work arrangements increased from 68.1 per cent in 2023, to 72.7 per cent in 2024, said Minister of State for Manpower Gan Siow Huang in Parliament on March 7.
Singapore’s tripartite workgroup on senior employment to form Alliance for Action for multi-stage careers
One of the first tasks of Singapore’s new Tripartite Workgroup on Senior Employment will be to set up an industry-led alliance for multi-stage careers, said Senior Minister of State for Manpower Koh Poh Koon on Friday (Mar 7).
Average of 2,680 non-resident workers retrenched each year from 2021 to 2023 in Singapore
An average of around 2,680 non-resident employees were retrenched each year in Singapore between 2021 and 2023, said Manpower Minister Tan See Leng in a written parliamentary reply on Friday (Mar 7).
Business News
Hongkong Land’s underlying profit down 44% at US$410 million for FY2024
Property developer on Friday (Mar 7) posted an underlying profit of US$410 million for the financial year ended Dec 31, 2024, down 44 per cent from US$734 million a year ago.
Hong Leong Asia’s Kwek Leng Peck raises stake after 35% rise in FY2024 net profit
Over the five trading sessions from Feb 28 to Mar 6, institutions were net sellers of Singapore stocks, leading to a net institutional outflow of S$117 million, down from the S$265 million in net outflow over the preceding five sessions.
Family office Royal Group picks Sunset Hospitality to manage hotel just off Orchard Road
Singapore-based single-family office Royal Group of Companies has appointed Dubai-headquartered Sunset Hospitality Group (SHG) to manage a 165-room hotel it is developing on the former Ming Arcade site just off Orchard Road.
Other News
Firms scramble to rehouse workers in 2 Sembawang dorms before April closure
Several firms are scrambling to find beds for hundreds of migrant workers at two Sembawang dormitories, which are set to shut in April to make way for the construction of a new housing estate. The two dorms, Cochrane Lodge 1 and 2, have a combined capacity of 9,000 and are used by 390 employers to house their workers.
Enjoy SG60 deals at over 20 Singapore attractions including Gardens by the Bay and Mandai Wildlife Reserve
On Thursday (Mar 6), Minister of State for Trade and Industry and Culture, Community and Youth Alvin Tan announced that as part of commemorating 60 years of Singapore’s independence, over 20 attractions in the country will offer special deals for Singaporeans and permanent residents.
https://cnalifestyle.channelnewsasia.com/singapore/sg60-deals-singapore-attractions-461231
Global Economy & Real Estate
How Trump tariffs affect South-east Asia – in 7 charts
Trump says US economy faces ‘transition’, avoids recession call
Fed chair Powell signals possible tweaks to ‘dot plot’ rate-path forecasts
Powell says tariffs could feed inflation, Fed must wait to determine the impact
US consumer borrowing growth slows after near-record surge
Steady hiring with higher joblessness shows US labour softening
US job growth picks up in February; unemployment rate rises to 4.1%
US homebuilders face a supply chain snarl from tariff battles
https://www.businesstimes.com.sg/property/us-homebuilders-face-supply-chain-snarl-tariff-battles
Australian household spending rises for fourth month in January
China’s January-February exports, imports weaker than expected
China’s property sector is showing positive changes, minister says
China’s inflation declines below zero for first time in 13 months
Hong Kong to press on with selling residential plots amid warnings of oversupply
Hong Kong homebuyers deliver brisk weekend sales for developers, as small flats favoured
Trial run to offer services for ageing Hong Kong residential buildings in 4 districts
Star Entertainment sells Brisbane assets to Hong Kong partners for financial lifeline
Japan ready to declare end to deflation, economy minister says
Japan sees fastest base pay gains in 32 years in boost for Bank of Japan
Manhattan office leasing posts strongest start since 2014
https://www.businesstimes.com.sg/property/manhattan-office-leasing-posts-strongest-start-2014
New Zealand needs to assess risk weights used by banks, ANZ says
Philippines has priciest property stock on business hub plan
Swedish home prices stage recovery after central bank rate cuts
UK will slash civil service jobs and use AI to boost efficiency
UK house prices dip in February, demand slows
https://www.businesstimes.com.sg/property/uk-house-prices-dip-february-demand-slows
UK seeks to scale back reviews that delay new housing projects
https://www.businesstimes.com.sg/property/uk-seeks-scale-back-reviews-delay-new-housing-projects
Disclaimer & Note:
Real Estate Developers’ Association of Singapore (REDAS) does not warrant the accuracy, adequacy or completeness of the information and expressly disclaims liability for errors or omissions therein. The content, accuracy, and opinions expressed are not investigated, verified, monitored, nor endorsed by REDAS. Every effort is taken to ensure that all information extracted is correct at the time of dissemination.
The Daily News is issued as news gathering for the convenience and benefits of REDAS’ members only and not for mass circulation. Members are advised to exercise discretion in the use and dissemination of the information. The news links are time-sensitive and require registration of fee-based digital subscriptions.