Singapore Economy

Public housing, social integration go hand in hand: DPM Tharman

Singapore’s Deputy Prime Minister Tharman Shanmugaratnam has suggested the the country’s experience with fully-integrated public housing can help other nations that are struggling to achieve equality and inclusivity. He was speaking in Washington on Monday (Nov 30) at a specially-convened symposium that comes at the end of a year of racial and ethnic tensions in several key American cities.

Business confidence at 3-year low: Survey

Business people are more pessimistic than at any time in the past three years, according to a survey out yesterday. It found that 56 per cent cited global economic uncertainty as the main challenge facing them next year, while 21 per cent pointed to higher costs. Reduced sales, foreign labour issues and a lack of financing were also raised.

Singapore Real Estate

Interest in Singapore property seen waning in 2016

Singapore has been slipping in its real estate investment prospect rankings over the past few years, falling from first place in 2011 and 2012, to third in 2013, seventh in 2014 and ninth in 2015. It is expected to fall further to 11th place in 2016, halfway down the list of 22 regions studied by PwC and Urban Land Institute. In other words, most investors are showing little interest in Singapore next year.

Ho Bee acquires London property for £99 million

Ho Bee Land has acquired a freehold property known as Apollo House and Lunar House in London for a gross consideration of £99 million (S$210 million), its third major office acquisition this year. A sale and purchase agreement was inked between its indirect wholly owned subsidiary Kempster Investments and Lunar House Limited for the former to acquire the freehold property in Croydon, London's largest borough by population.

CCT's Wilkie Edge being quietly marketed by agents

Capitaland Commercial Trust's retail and office space at Wilkie Edge in the Selegie area is being quietly marketed for sale by some property agents, The Business Times understands. The asking price being bandied about is S$1,800-2,000 per square foot on net lettable area, which would translate to a quantum of S$275.8 million to S$306.5 million.

Next phase of Civic District improvements under way in Singapore

New touches such as waterfront steps and phone-charging benches have been added to the historic Civic District, and more improvements are on the way. To help visitors find their way around, solar-powered signs will be installed at entrance points to the area, said the Urban Redevelopment Authority (URA) in an update last weekend.

Companies' Brief

Rules still largely missing in potential new Reit markets

This year has seen some developments in the regimes of nascent real estate investment trust (Reit) markets in China, India, Indonesia and the Philippines. But property experts interviewed by PwC and research institute Urban Land Institute do not believe that any of these markets will see the formation of a proper regulatory framework any time soon.

Teo Eng Cheong leaving IE S'pore for Surbana Jurong

After leading International Enterprise (IE) Singapore for five years, Teo Eng Cheong will step down as the trade agency's chief executive officer on Dec 31. He is leaving the civil service to join Surbana Jurong as CEO (International), effective Jan 1, 2016.

Corporate lawyer joins SPH Reit Management board

Ms Rachel Eng has been appointed as an independent non-executive board director of SPH Reit Management (SPHRM) with effect from yesterday. Ms Eng, 47, is the joint managing partner of WongPartnership LLP, and a board member at StarHub, Certis Cisco Security, PUB and Singapore Accountancy Commission.

Global Economy & Global Real Estate