Singapore Economy

Entrepreneurs play important role in economic restructuring: Manpower Minister

Entrepreneurs play a very important role in Singapore's economic restructuring, and Manpower Minister Lim Swee Say has called on them to strive for productivity improvements and innovative breakthroughs. Mr Lim was speaking at the 2015 Entrepreneur of the Year Awards organised by the Association of Small and Medium Enterprises and the Rotary Club of Singapore.

Singapore to shift to even greener footing

Starting on Monday, world leaders from 190 countries will gather in Paris over the next two weeks to finalise a new global climate accord aimed at reducing carbon emissions. If successful, the agreement - a historic first - will have wide-ranging implications for sectors ranging from energy and transport to building and construction.

Singapore Real Estate

Households earning less than S$7k most burdened by mortgage rate hikes: MAS

While households have exercised financial prudence as growth in wealth slowed, those with private housing loans and incomes of less than S$7,000 are the most exposed to higher financial burden when mortgage rates increase. The Monetary Authority of Singapore (MAS) also found that households that manage several loans for their investment properties might face difficulties, too.

S'pore private home prices down 8.2% from Sept 2013 high

Fitch Ratings said in its latest Asia-Pacific Structured Finance Chart that Singapore's private residential property prices have fallen 8.2 per cent from their peak in September 2013. The fall has been driven mainly by tighter policy controls aimed at cooling the housing market.

Nearly 75% of Poiz Residences units in Potong Pasir snapped up

There was strong interest for a new private condominium project in Potong Pasir as buyers snapped up close to three-quarters of its first units released for sale over the weekend. The Poiz Residences on Meyappa Chettiar Road, developed by MCC Land, sold 260 units out of 350 released for sale since Saturday, which is also 35.57 per cent of the total number of 731 units in the project. Prices are set at an average S$1,380 per square foot.

Increasing buzz in GCB market as prices ease

The Good Class Bungalow (GCB) market has been active lately with some owners lowering their price expectations, resulting in deals being sealed, say bungalow agents. So far this year, 29 bungalows in GCB Areas have changed hands for a total S$645 million; this is slightly ahead of the 28 transactions totalling S$626 million for the whole of last year. In 2013, there were 29 deals that amounted to S$682 million.

Coleman's house razed for shopping centre

The house that G.D. Coleman built on the street that was named after him was demolished in December 1965 to make way for a planned shopping centre. No. 3, Coleman Street was built in 1829, just 10 years after the founding of Singapore by Sir Stamford Raffles. Coleman, an Irish architect and later Singapore's First Superintendent of Public Works, played a key role in colonial Singapore's urbanisation and designed buildings like the Armenian church in Hill Street.

JTC sells Tanjong Penjuru site for $13m

It was second time lucky for a Tanjong Penjuru industrial site, after JTC accepted a bid that was significantly higher than the best bid in an earlier tender. In January, after a first tender for the site, JTC rejected all bids as being too low. The 20-year leasehold site for B2 use was relaunched for sale in August via the Industrial Government Land Sales programme.

Companies' Brief

SPH Reit eyeing retail assets in Asia-Pacific 

In a bid to expand its portfolio from the current two shopping malls, SPH Reit is looking to acquiring retail assets both locally and overseas. "As a Reit manager, we have been looking and exploring various opportunities both locally and overseas," Susan Leng, CEO of SPH Reit Management, told unitholders at the annual general meeting (AGM) on Friday.

Mapletree grows 'extra wing' outside Asia

Many companies here are searching for growth in overseas markets, given that Singapore's economy is taking a breather. But Mapletree Investments has stolen a march on many of them. Already in the past year and a half, it has shelled out close to $2 billion on investments in the mature markets of the United States, Australia and Britain.

City Developments Limited

City Developments Limited (CIT SP) announced its acquisition of a brewery site in Southwest London for a sum of £158 million (S$335 million). The 89,000sqm land parcel purchased from AB InBev, is located beside the River Thames, and is a 25-minute journey by train to Central London. The site may be used for a mixed-use scheme, including a major residential development, school, hotel and other employment and leisure uses. We like the fact that CDL is driving its efforts to further diversify its portfolio overseas. Maintain "buy".

Hotel starts charity drive for ST fund with a bang

Views, Reviews & Forum

Mixed reactions to South Beach

After eight years that involved a venture pull-out and a financial crisis hampering its completion, the South Beach is now standing out as the glamorous new kid on the block since it opened earlier this year. With its two soaring towers standing at 34- and 45-storeys high, four conservation buildings, a hotel as well as retail and office spaces, it is Singapore's largest mixed- development project.

Global Economy & Global Real Estate