Singapore Economy

Economy's outlook just got hazier

Singapore's already weak economic outlook is getting even more foggy. As a stubborn blanket of haze engulfs the island, economists expect retail sales to take a hit - even with the F1 festivities ahead - driving the wobbly third quarter to an even softer finish. OCBC economist Selena Ling told The Business Times: "It's just going to add to the deteriorating picture. It's such bad timing . . . Coming on the back of manufacturing weakness, financial market volatility and the equity market going on a bit of a roller coaster ride.

Singapore Real Estate

Time is hot to remove one cooling measure

As we head into the post-election period, the property market is stable. A combination of steps taken by the Government and the real estate industry over the last few years has made it safe to remove the 15 per cent Additional Buyer's Stamp Duty (ABSD) on selected foreigners and up to 10 per cent tax on qualifying Singaporeans. In doing so, the Government would make Singapore the envy of global property markets.

Row of five Joo Chiat shophouses up for sale

A row of five conserved shophouses in the Joo Chiat Conservation Area is up for sale by expression of interest. The adjoining shophouses have a total land area of about 7,504 sq ft. The site has a plot ratio of 3, which allows a maximum gross floor area of about 22,511 sq ft.

Several landed properties going under the hammer

Colliers International's auction towards the end of this month will feature a number of landed residential properties - comprising estate, owner and mortgagee sales. The biggest property is a freehold single-storey bungalow on a 13,844 square foot site along 25 Branksome Road, off Tanjong Katong Road in District 15.

Two commercial projects up for sale by EOI

The entertainment complex at 1 and 3 Yuan Ching Road - commonly referred to as SuperBowl Jurong - is up for sale by expression of interest (EOI) with an indicative price of S$20 million. The subject property comprises a part-two/part-three-storey block and a pair of two-storey blocks with a total net floor area of about 111,000 sq ft. It sits on a 234,152 sq ft site, which has a JTC lease of 30 years with effect from Jan 1, 2002.

Industrial sector seen as first AEC beneficiary

The industrial sector will probably be the most immediate beneficiary of the Asean Economic Community (AEC), with some spillover into the office and retail markets, CBRE Research said in a Monday report. The AEC is a goal of Asean to integrate the 10 member economies by the end of 2015. It envisages goals such as a single market and production base, better infrastructure, free flow of goods, services, capital, skilled labour and investment, and less poverty and socio-economic disparities.

GA Property to give shares to sales staff

To keep its 800-odd property agents and draw recruits, Global Alliance Property Pte Ltd (GA Property) - newly minted from the merger of Global Property Strategic Alliance (GPSA) and MORE Property - is giving them a slice of the pie by offering them shares in the company. "It is a fact that there is no other real estate agency in Singapore that allows its sales people to own a part of the company," said GA Property CEO and key executive officer Shawn Tan.

Companies' Brief

Global Logistic Properties

GLP announced last week that it had signed new leases totalling 90,000 sq m in China with five customers to meet their demand for business expansion. We understand that the customers were in industries driven by domestic consumption demand, such as car parts, food manufacturing and third-party logistics providers, and that four of the leases were with repeat customers.

Eight experienced valuers quit Colliers

A group of eight experienced valuers have resigned from Colliers International Singapore, including the head of valuation and deputy managing director Cynthia Ng, who has been with the firm for 14 years. They are said to be joining rival firm Savills Singapore that now has a valuation team of 10-12 people, according to industry sources, though that is yet to be confirmed.

Global Economy & Global Real Estate