Singapore Real Estate / Built Environment
SingHaiyi-led group’s One Sophia sells 10% of residential units at average of S$2,750 psf
The mixed-use development One Sophia has sold 35 residential units – around 10 per cent of the 367 available – at an average price of S$2,750 per square foot (psf) since its preview sale launched on Wednesday (Nov 6). All unit types were sold, with the bulk of the sales for studio and two-bedroom units, said developer SingHaiyi.
https://www.businesstimes.com.sg/property/singhaiyi-led-groups-one-sophia-sells-10-residential-units-average-s2750-psf
https://www.zaobao.com.sg/realtime/singapore/story20241107-5312859
HPL buys Concorde Hotel and Shopping Mall for S$821 million
Hotel Properties Ltd (HPL)’s wholly owned subsidiary has bought over Concorde Hotel and Shopping Mall for S$821 million, a shade above the guide price at which the mixed use development in Orchard was launched for sale.
https://www.businesstimes.com.sg/property/hpl-buys-concorde-hotel-and-shopping-mall-s821-million
https://www.zaobao.com.sg/realtime/singapore/story20241107-5312640
New EC prices up 24.1% since 2021 amid growing demand, limited supply
Prices of executive condominiums (ECs) in Singapore are on the rise given their limited supply and growing popularity among young families and public housing upgraders, a market report by Singapore Realtors Inc (SRI) found.
https://www.businesstimes.com.sg/property/new-ec-prices-24-1-2021-amid-growing-demand-limited-supply-sri
https://www.zaobao.com.sg/realtime/singapore/story20241107-5310220
HDB’s FY2023 deficit widens to record S$6.8 billion on higher public housing expenditure
The Housing and Development Board (HDB) posted a higher net deficit of S$6.8 billion for the financial year 2023, breaking last year’s record S$5.4 billion net deficit.
https://www.businesstimes.com.sg/singapore/hdbs-fy2023-deficit-widens-record-s6-8-billion-higher-public-housing-expenditure
https://www.straitstimes.com/singapore/housing/hdb-reports-record-6-775b-deficit-amid-ramp-up-of-bto-flats-high-construction-costs
https://www.channelnewsasia.com/singapore/hdb-annual-deficit-billion-bto-flats-construction-grants-4732271
Singapore News
MAS to focus on collaboration in regulating digital assets and GenAI
The Monetary Authority of Singapore (MAS) has finalised the regulatory attributes for stablecoins, and is now working on associated legislation while engaging in discussions with issuers, said managing director Chia Der Jiun on Thursday (Nov 7).
https://www.businesstimes.com.sg/singapore/mas-focus-collaboration-regulating-digital-assets-and-genai
What can Singapore expect from a second Trump presidency? Analysts weigh in
Singapore: As Donald Trump prepares to take office for a second time, lessons from his first term offer hints on what to expect and how best to work with the famously unpredictable United States president-elect, said analysts.
https://www.channelnewsasia.com/singapore/us-donald-trump-president-what-expect-analysts-4732986
Business News
Changi Airport to raise fees to fund S$3 billion investment to improve services
Fees at Singapore’s Changi Airport will be raised from 2025 to fund a S$3 billion investment to improve airport services, as well as to cover higher operating costs and investments made during the Covid-19 pandemic.
https://www.businesstimes.com.sg/singapore/changi-airport-raise-fees-fund-s3-billion-investment-improve-services
https://www.straitstimes.com/singapore/transport/changi-airport-to-raise-passenger-and-airline-fees-over-six-years-to-fund-3b-improvement-plans
https://www.channelnewsasia.com/singapore/changi-airport-increase-charges-levy-passenger-airlines-4732881
https://www.zaobao.com.sg/realtime/singapore/story20241107-5310836
Far East Orchard 9M profit more than doubles to S$16.9 million on strong H1 performance
Property investment company Far East Orchard : O10 0% on Thursday (Nov 7) reported a net profit of S$16.9 million for the nine months ended Sep 30, more than double the S$7.6 million in the corresponding year-ago period.
https://www.businesstimes.com.sg/companies-markets/reits-property/far-east-orchard-9m-profit-more-doubles-s16-9-million-strong-h1-performance
Genting Singapore Q3 profit dives 63% to S$79.4 million
Integrated resort operator Genting Singapore on Thursday (Nov 7) posted net profit of S$79.4 million for the third quarter ended Sep 30, sliding 63 per cent from S$216.3 million from the corresponding year-ago period.
https://www.businesstimes.com.sg/companies-markets/genting-singapore-q3-profit-dives-63-s79-4-million
https://www.zaobao.com.sg/realtime/singapore/story20241107-5312474
Going above and beyond: Marina Bay Sands on billion-dollar push to court high-value tourists
From Dubai to Macau and across many parts of Asia and Europe, there have been significant investments worth billions of dollars in the luxury segment amid the ongoing battle to court the world’s big spenders.
https://www.businesstimes.com.sg/companies-markets/going-above-and-beyond-marina-bay-sands-billion-dollar-push-court-high-value-tourists
https://www.straitstimes.com/singapore/consumer/mbs-to-complete-hotel-transformation-by-q2-in-2025-unveils-new-logo-brand
Views, Reviews, Forum and Others
Construction firms urged to take safety timeout after 10 workplace deaths in 4 months: MOM
Singapore – Construction companies are strongly encouraged by the authorities to impose a safety timeout from Nov 8 to 22, after workplace deaths in the sector between July and October doubled from the first half of 2024.
https://www.straitstimes.com/singapore/construction-firms-urged-to-take-safety-timeout-after-10-workplace-deaths-in-4-months-mom
https://www.channelnewsasia.com/singapore/construction-sector-safety-time-out-fatal-incidents-upcoming-festive-season-manpower-ministry-4732486
Global Economy & Real Estate
US Fed cuts interest rates a quarter point after Trump victory
https://www.straitstimes.com/business/economy/us-fed-cuts-interest-rates-a-quarter-point-after-trump-victory
https://www.channelnewsasia.com/business/us-election-donald-trump-federal-reserve-quarter-point-cut-powell-4732031
Why Trump’s plan to escalate tariffs has so many haters
https://www.straitstimes.com/business/economy/why-trumps-plan-to-escalate-tariffs-has-so-many-haters
Mortgage rates in US climb for sixth week to highest since July
https://www.businesstimes.com.sg/property/mortgage-rates-us-climb-sixth-week-highest-july
Australia goods trade surplus narrows to A$4.6 billion in Sept
https://www.businesstimes.com.sg/international/australia-goods-trade-surplus-narrows-4-6-billion-sept
Malibu luxury rentals converting to condos in high-demand market
https://www.businesstimes.com.sg/property/malibu-luxury-rentals-converting-condos-high-demand-market
China’s central bank head pledges to support economic recovery
https://www.channelnewsasia.com/business/chinas-central-bank-head-pledges-support-economic-recovery-4732471
Fed rate cut gives China room to move as Beijing eyes more economic stimulus
https://www.scmp.com/economy/global-economy/article/3285670/fed-rate-cut-gives-china-room-move-beijing-eyes-more-economic-stimulus
US inflation ‘inevitable’ under new China trade war despite Trump’s vow to tame prices
https://www.scmp.com/economy/global-economy/article/3285606/us-inflation-inevitable-under-new-china-trade-war-despite-trumps-vow-tame-prices
Home prices fall most since 2011 on Florida’s southwestern coast
https://www.businesstimes.com.sg/property/home-prices-fall-most-2011-floridas-southwestern-coast
French parliament approves Bill to rein in tourist rentals
https://www.channelnewsasia.com/world/france-parliament-bill-rein-tourist-rentals-airbnb-4733261
German industry output drops as tariff threats weigh on recovery
https://www.businesstimes.com.sg/international/german-industry-output-drops-tariff-threats-weigh-recovery
Hong Kong central bank cuts interest rate after Fed move
https://www.channelnewsasia.com/business/hong-kong-central-bank-cuts-interest-rate-after-fed-move-4734731
https://www.scmp.com/business/banking-finance/article/3285662/hong-kongs-base-interest-rate-drops-5-cent-after-feds-quarter-point-cut
Measures required to ensure greater energy efficiency in Hong Kong buildings
https://www.scmp.com/opinion/article/3285650/measures-required-ensure-greater-energy-efficiency-hong-kong-buildings
Indonesia seeks 13,528 trillion rupiah of new investment in 2025-2029 to reach 8% GDP growth
https://www.businesstimes.com.sg/international/asean/indonesia-seeks-13528-trillion-rupiah-new-investment-2025-2029-reach-8-gdp-growth
Italy minister open to reviewing tax hike on cryptocurrencies
https://www.channelnewsasia.com/business/italy-minister-open-reviewing-tax-hike-cryptocurrencies-4733661
Japan September household spending falls for second straight month
https://www.channelnewsasia.com/business/japan-september-household-spending-falls-second-straight-month-4734736
Malaysia central bank to ensure stability amid global volatility, governor says
https://www.channelnewsasia.com/business/malaysia-central-bank-ensure-stability-amid-global-volatility-governor-says-4732866
Philippine Q3 growth slows to its weakest in more than a year
https://www.businesstimes.com.sg/international/asean/philippine-q3-growth-slows-its-weakest-more-year
Sweden central bank makes biggest rate cut since 2014
https://www.businesstimes.com.sg/companies-markets/banking-finance/sweden-central-bank-makes-biggest-rate-cut-2014
Bank of England cuts rates but sees higher inflation after Reeves’ budget
https://www.businesstimes.com.sg/international/bank-england-cuts-rates-sees-higher-inflation-after-reeves-budget
UK house prices hit record high but rise by least in 3 months
https://www.businesstimes.com.sg/property/uk-house-prices-hit-record-high-rise-least-3-months-halifax
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.