Singapore Economy

Singapore narrows 2015 GDP growth forecast: MTI

The economy grew by 1.8 per cent on a year-on-year basis in the second quarter of 2015, sharply lower than the 2.8 per cent growth in the preceding quarter, the Ministry of Trade and Industry (MTI) announced on Tuesday (Aug 11). The figure is in line with the Government’s earlier estimate of 1.7 per cent and beat the median forecast of 1.5 per cent in a Reuters survey of 11 economists.

Build on founding fathers' legacy: Khaw

Singapore's success was built on its founding fathers' governing principles of "excellence, meritocracy, pragmatism and incorruptibility", National Development Minister Khaw Boon Wan said yesterday as he called on the country to build on this legacy for a "brighter future". He said during his ministry's National Day observance ceremony at the Jem office tower in Jurong East that the Republic needs good leaders and a seamless public service that consults its people when formulating policies.

Housing: The people's equity stake in S'pore

Fifty years ago, one critical issue for Singapore was whether it could house a burgeoning population. Now, that question has been turned on its head. Has Singapore's policy to promote home ownership become so successful that it has culminated in double and triple home ownership to the point that policy interventions are needed?

Singapore Real Estate

Analysts expect HDB resale market to stabilise

Resale prices and volume for Housing Board flats may have gone down last month, but a market stabilisation is still in sight, said analysts. According to latest SRX Property data, overall resale prices dipped by 0.5 per cent last month, and down 4.3 per cent from a year ago.

It's a shore thing for these owners of seaside homes

Service technician Chiang Chye Kee, 52, who grew up in a Sembawang kampung and now lives in Yishun, still goes to Sembawang Park every Saturday for a spot of fishing with friends. "This park has been here since I was in school," Mr Chiang said in Mandarin. But not much else is the same in the neighbourhood, whose kampungs are all gone.

Genting's Jurong hotel reports 'strong demand' for rooms, MICE space

Companies with a presence in the western part of Singapore are turning to Genting Hotel Jurong - the first hotel in the Jurong Lake District - for much-needed function space, with a slew of events lined up all the way until the end of the year.

Quality scores of new HDB flats 'rising'

Before the buyers of a new public housing apartment even step into their new homes, strangers would have trudged through the flats and their rooms. These men and women, assessors from the Building and Construction Authority (BCA), are there to conduct inspections on different corners of the flat, checking the quality of the home, its workmanship and whether it is safe to live in.

Hotel geared to go the extra mile for guests

With the supply of hotel rooms growing, one hotel is hoping to stand out from the rest by offering an unusual and free tour. Capri by Fraser at Changi City offers its guests cycling tours - led by its general manager.

For Singapore's wealthiest, land is riches

If you're a member of Singa-pore's most wealthy club, there's a good chance you're also a property tycoon. Several of Singapore's richest folks have their wealth rooted in real estate - thanks to a land bank built up mostly in the pre-independence days of Singapore.

More HDB lease options for seniors soon

The new Two-Room Flexi scheme for Housing Board flats will have lease options ranging from 15 to 45 years for older households. These options will come in five-year increments, National Development Minister Khaw Boon Wan said in a blog post yesterday.

HDB flats get giant art on their facades

Rat traps and midnight checks at Marina Square

Companies' Brief

DTZ still home to a high-performing team

I refer to the article "Chestertons sets up associates arm, targets 300-strong team" (BT, Aug 4). In the article, Mr Donald Han was quoted as saying that out of the 100 real-estate salespersons who have joined or will eventually join Chestertons, most are from DTZ. He added that his associates are "high revenue generators", and that his firm focuses on the "20 per cent" who are high-performance brokers (as opposed, presumably, to the other relatively less productive 80 per cent).

Stronger Singdollar hits hospitality Reits

The strong Singapore dollar has hit the bottom line of both Far East Hospitality Trust and Ascendas Hospitality Trust. Far East saw reduced spending by overseas visitors, who got fewer Singdollars for their home currencies. At Ascendas, foreign currency earnings dropped.

A-Reit exploring openings in Australia, Germany

The manager of Ascendas Reit (A-Reit) on Thursday said it is "actively exploring" investment opportunities in mature developed markets such as such as Australia and Germany for the industrial Reit.

That said, the Reit's portfolio will remain predominantly Singapore-based in the foreseeable future. The 

manager targets for new mature developed markets to comprise 20 to 30 per cent of the Reit's portfolio.

Ho Bee Land's Q2 profit jumps 37%

Ho Bee Land on Thursday reported a 37 per cent jump in net profit to S$16.7 million for the second quarter ended June 30, 2015. Its rental income rose 14 per cent to S$30.6 million, buoyed by an increase in contribution from the office building, The Metropolis in Singapore's one-north precinct. Including a 24 per cent slip in other operating income to S$481,000, total revenue rose 13.4 per cent to S$31.1 million.

Views, Reviews & Forum

A Smart Nation needs a smart asset management strategy

Singapore has set for itself the exciting goal of evolving into a Smart Nation over the next couple of years. It is an admirable and a progressive notion, much ahead of its time and that of many other countries. Such a pursuit leverages current and emerging technologies and equipment, appliances, novel sensor software as well as a gamut of things yet to exist today. All these individual elements will be integrated to achieve the Smart Nation objective.

CDL: From eight-man outfit to major player

Property conglomerate City Developments (CDL) is among the few genuine veterans on the local market, having been listed on the Malayan Stock Exchange way back in 1963. The company, then run by eight staff from a small office at the former Amber Mansions, where Dhoby Ghaut MRT station now stands, went public just three months after it was set up.

Potential conflict of interest? Tell clients: Apex court

Lawyers must get the informed consent of all parties before acting for multiple clients in a case where there is a potential conflict of interest, the Court of Appeal has said. The apex court flagged this key concern when it reversed a High Court decision in an inheritance spat in which one brother stood to gain a half share of a $3 million family home, to the exclusion of his other three siblings.

Global Economy & Global Real Estate

New York City orders tests on all cooling towers within 2 weeks

China developer launches vacation rental online platform to tap unsold homes

Aussie home market cooling as banks tighten reins

China expects property market improvement to continue in H2

Landlords, BOE worry about cheap money pushing up property values

Airbnb gives Paris luxury hoteliers a fright

City-fringe properties 'could fuel next phase of London's growth'

Investors give prime London homes a miss

US homebuyers turning to containers for cheaper housing

Apollo buys most of Nicholas Schorsch's holdings

NY takes action on 'three-quarter' homes

The Ponzi scheme that might pay victims

Irish financiers feed on builders as cheap loans fade into past

Moody's plans ratings rules that may lift property bond grades

BofA Sees Moody’s Shift as Slippery Slope for Real Estate Bonds

Gates’s Cascade Signals Potential Strategic Hotels Talks

Berlusconi Is Said to Offer His Sardinian Holiday Villa for Sale

Northern Property to Buy Apartment REIT True North