Singapore Real Estate/Built Environment
Golden Mile Tower back on the market at S$556 million
Golden Mile Tower will be relaunched for collective sale again – this time at a lower reserve price of S$556 million, down 7.3 per cent from the S$600 million reserve price listed in its previous attempt.
https://www.businesstimes.com.sg/property/golden-mile-tower-back-market-s556-million
About 8 in 10 first-timers who bought resale flats in 2023 could service loans with CPF, little to no cash outlay: MND
Singapore — About eight in 10 families who collected their resale flat keys last year could service their monthly loan instalments using their Central Provident Fund (CPF) savings, with little to no cash outlay.
https://www.todayonline.com/news/8-10-resale-loan-cpf-2473486
Doomed to depreciate? Ageing 99-year properties and the question of value
There is a common understanding that the value of one’s home is intrinsically tied to its remaining tenure. An older 99-year leasehold condominium, for instance, is likely to see its market price decline as the lease runs down.
https://www.businesstimes.com.sg/property/doomed-depreciate-ageing-99-year-properties-and-question-value
Rental gains can make up for declining values in older leasehold properties
Prospects are generally dim for older 99-year leasehold developments, with prices and property values declining as the tenure dwindles. But analysts said high rental yields from these ageing properties may sometimes negate potential losses from depreciation.
https://www.businesstimes.com.sg/property/rental-gains-can-make-declining-values-older-leasehold-properties
Singapore Economy
Even as a developed economy, Singapore must still pursue growth and upgrading: PM Wong
The government will forge new opportunities for Singaporeans, redouble efforts to keep the cost of living stable, and strengthen the social support system, said Prime Minister Lawrence Wong in his first National Day Message on Thursday (Aug 8).
https://www.businesstimes.com.sg/singapore/economy-policy/even-developed-economy-singapore-must-still-pursue-growth-and-upgrading-pm-wong
https://www.straitstimes.com/singapore/politics/families-to-get-more-support-help-for-s-poreans-facing-employment-setbacks-pm-wong
https://www.channelnewsasia.com/singapore/lawrence-wong-national-day-message-istana-cost-living-housing-ageing-population-ai-workforce-skillsfuture-4534586
Singapore, Indonesia ink deal to mutually recognise each country’s halal certifications
Businesses can now more easily trade halal-certified products between Singapore and Indonesia, following the signing of a new memorandum of understanding (MOU) on Thursday (Aug 8).
https://www.businesstimes.com.sg/singapore/economy-policy/singapore-indonesia-ink-deal-mutually-recognise-each-countrys-halal-certifications
Singapore firms’ optimism about business prospects reach two-year high in Q2: BT-SUSS poll
Singapore companies’ optimism about the next six months reached a two-year high in the second quarter of 2024, amid an improvement in the business environment, a quarterly survey has showed.
https://www.businesstimes.com.sg/singapore/singapore-firms-optimism-about-business-prospects-reach-two-year-high-q2-bt-suss-poll
Business News
Apac Realty H1 net profit falls 18.7% to S$4.1 million
Property group Apac Realty, which operates under the ERA brand, posted an 18.7 per cent drop in net profit to S$4.1 million for the six months ended Jun 30, down from S$5 million in the year-ago period.
https://www.businesstimes.com.sg/companies-markets/apac-realty-h1-net-profit-falls-18-7-s4-1-million
Cisco to lay off thousands more in second job cut this year: sources
Cisco will cut thousands of jobs in a second round of layoffs this year as the US networking equipment maker shifts focus to higher-growth areas, including cybersecurity and AI, people familiar with the matter said.
https://www.businesstimes.com.sg/companies-markets/telcos-media-tech/cisco-lay-thousands-more-second-job-cut-year-sources
Ho Bee Land sells 49% stake in Elementum for S$134 million to sovereign wealth fund
Ho Bee Land has agreed to sell a 49 per cent stake in its wholly owned subsidiary, HB Universal, at a consideration of S$134 million. Completion of the deal is slated for Aug 21, 2024.
https://www.businesstimes.com.sg/companies-markets/ho-bee-land-sells-49-stake-elementum-s134-million-sovereign-wealth-fund
https://www.straitstimes.com/business/ho-bee-land-sells-49-stake-in-elementum-for-134-million-to-sovereign-wealth-fund
Logan, KWG secure refinancing for US$1 billion debt facility
Chinese distressed developers Logan Group and KWG Group Holdings have secured a private loan to refinance a facility of over US$1 billion that’s backed by luxury real estate in Hong Kong, according to sources familiar with the matter.
https://www.businesstimes.com.sg/property/logan-kwg-secure-refinancing-us1-billion-debt-facility
SingLand H1 net profit falls 38% to S$103.7 million on lower fair-value gain
Singapore Land Group (SingLand) reported a 38 per cent fall in net profit to S$103.7 million for the six months ended Jun 30, from S$168.4 million in the year-ago period.
https://www.businesstimes.com.sg/companies-markets/singland-h1-net-profit-falls-38-s103-7-million-lower-fair-value-gain
Tuan Sing sinks into the red with S$6.6 million loss in H1
Property group Tuan Sing reported on Thursday (Aug 8) a net loss of S$6.6 million for the half year ended June, as compared with a net profit of S$6 million in H1 last year.
https://www.businesstimes.com.sg/companies-markets/tuan-sing-sinks-red-s6-6-million-loss-h1
Views, Reviews, Forum and Others
Leveraging Progressive Wage Model to enhance workplace safety
In September 2022, following a spike in workplace fatalities, the Ministry of Manpower implemented a slate of “heightened safety” measures that continued until May 2023. Imposing this “heightened safety period” was effective as an urgent call for employers to put safety first.
https://www.businesstimes.com.sg/opinion-features/leveraging-progressive-wage-model-enhance-workplace-safety
Construction worker dies three days after iron pipe fell five storeys and struck him
Singapore – A 42-year-old Bangladeshi worker died on Aug 1, three days after he was struck by a galvanised iron pipe that fell from the fifth storey of a building under construction in Jurong.
https://www.straitstimes.com/singapore/construction-worker-dies-after-iron-pipe-fell-five-storeys-and-struck-him
Global Economy & Real Estate
Small US inflation pickup won’t derail a Fed rate cut in September
https://www.businesstimes.com.sg/international/small-us-inflation-pickup-wont-derail-fed-rate-cut-september
https://www.theedgesingapore.com/news/us-economy/us-fed-seen-rejecting-calls-jumbo-rate-cut-economist-survey
https://www.scmp.com/business/markets/article/3274047/small-us-inflation-pickup-july-will-do-little-derail-feds-rate-cut-september?module=top_story&pgtype=subsection
US tops China as Germany’s biggest trading partner
https://www.businesstimes.com.sg/international/us-tops-china-germanys-biggest-trading-partner
To avoid a recession, consumer spending is key
https://www.straitstimes.com/business/economy/to-avoid-a-recession-consumer-spending-is-key
US mortgage rates drop sharply, with 30-year average at 6.47%
https://www.businesstimes.com.sg/property/us-mortgage-rates-drop-sharply-30-year-average-6-47
Layoffs are a last resort looming for more US companies
https://www.businesstimes.com.sg/international/layoffs-are-last-resort-looming-more-us-companies
Canada unexpectedly sheds 2,800 jobs in July; jobless rate stays at 6.4%
https://www.businesstimes.com.sg/international/canada-unexpectedly-sheds-2800-jobs-july-jobless-rate-stays-6-4
China’s consumer inflation picks up but demand concerns persist
https://www.businesstimes.com.sg/international/chinas-consumer-inflation-picks-demand-concerns-persist
https://www.straitstimes.com/business/economy/china-consumer-prices-hit-five-month-high-top-forecasts
https://www.scmp.com/economy/economic-indicators/article/3273792/chinas-consumer-inflation-beats-expectations-amid-beijings-spending-drive?module=top_story&pgtype=subsection
German property prices record first quarterly rise in two years
https://www.businesstimes.com.sg/property/german-property-prices-record-first-quarterly-rise-two-years
Hong Kong’s economic recovery hinges on having enough adequate housing
https://www.scmp.com/opinion/hong-kong-opinion/article/3273419/hong-kongs-economic-recovery-hinges-having-enough-adequate-housing
HK$1 billion earmarked for redevelopment project in Hong Kong’s Kowloon City
https://www.scmp.com/news/hong-kong/society/article/3273928/hk1-billion-earmarked-redevelopment-project-hong-kongs-kowloon-city
Hong Kong’s distressed mansion sales driven by cash-rich buyers
https://www.businesstimes.com.sg/property/hong-kongs-distressed-mansion-sales-driven-cash-rich-buyers
https://www.straitstimes.com/business/property/hong-kongs-distressed-mansion-sales-driven-by-cash-rich-buyers
https://www.scmp.com/business/article/3273744/hong-kong-listed-techtronic-executive-emerges-buyer-3-villas-peak-sources
Hong Kong homebuyers spoiled for choice as 10,000 more flats to hit market this year
https://www.scmp.com/business/article/3273876/hong-kong-homebuyers-spoiled-choice-10000-more-flats-hit-market-year
About 100 Hongkongers ask for places in new hostel for young in first week of applications
https://www.scmp.com/news/hong-kong/society/article/3273733/about-100-hongkongers-ask-places-new-hostel-young-first-week-applications
Hong Kong office towers put on the block amid loan-payment conflict between owners
https://www.scmp.com/business/banking-finance/article/3273943/hong-kong-office-towers-put-block-amid-loan-payment-conflict-between-owners
Hong Kong needs flexible, inclusive workplace policies to attract and keep talent: experts
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3273948/hong-kong-needs-flexible-inclusive-workplace-policies-attract-and-keep-talent-experts
Swire Pacific, Wharf results dragged down by Hong Kong, China property markets
https://www.scmp.com/business/article/3273717/swire-pacific-wharf-results-dragged-down-hong-kong-china-property-markets
Philippines economy grows 6.3% in Q2 despite ‘anaemic’ consumer spending
https://www.channelnewsasia.com/business/philippines-economy-grows-63-q2-despite-anaemic-consumer-spending-4534651
RBNZ faces crunch rates call amid uncertainty over pivot timing
https://www.businesstimes.com.sg/companies-markets/banking-finance/rbnz-faces-crunch-rates-call-amid-uncertainty-over-pivot-timing
New construction blocking the view? ‘If you can’t beat them, join them.’
https://www.businesstimes.com.sg/property/new-construction-blocking-view-if-you-cant-beat-them-join-them
A growing number of homeless migrants are sleeping on New York streets
https://www.businesstimes.com.sg/international/growing-number-homeless-migrants-are-sleeping-new-york-streets
With easier visas, Thailand wants you to stay longer and spend more
https://www.channelnewsasia.com/asia/thailand-visa-digital-nomad-dtv-tourists-4537461
UK mortgage possessions jump as higher rates squeeze homeowners
https://www.businesstimes.com.sg/property/uk-mortgage-possessions-jump-higher-rates-squeeze-homeowners
UK homebuilders boosted by rate cut and promise of planning reforms
https://www.businesstimes.com.sg/property/uk-homebuilders-boosted-rate-cut-and-promise-planning-reforms
Britain’s CEOs get record pay in 2023, research shows
https://www.businesstimes.com.sg/international/britains-ceos-get-record-pay-2023-research-shows
https://www.straitstimes.com/business/uk-ceos-get-record-pay-in-2023-research-shows
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