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☆ In forgotten parts of Singapore's iconic Orchard Road shopping street, a new era is taking shape
▼ + stars: | 2024-11-22 | by ( Kevin Lim | ) www.cnbc.com time to read: +6 min

The Far East Shopping Center on Orchard Road in Singapore, on Thursday, April 11, 2024. Bloomberg | Bloomberg | Getty ImagesThe Far East Shopping Center along Singapore's Orchard Road has seen better days. Orchard Road, Singapore's main shopping street, is 2.2 km (1.3 miles) long but much of the activity takes place in the middle of the stretch as well as at selected malls linked via underground walkways to subway stations. Far East Shopping Center isn't connected to Orchard MRT unlike several of its neighbors. Two of the properties, the voco Orchard hotel and Forum The Shopping Mall, share some 180 meters of frontage along Orchard Road.

Persons: Ong Beng Seng, hasn't, CDL, Singapore's URA, URA, Richard Goh, Rasa Singapura, Sukanto Tanoto, Du Shuanghua, Jeremy Lake Organizations: Shopping, Bloomberg, Getty, Shopping Center, Singapore Botanic Gardens, Urban Redevelopment, Properties, Singapore, Developments, CDL Hospitality, Arts, CNBC, Singapore Botanic, Pacific Eagle, Food, Savills Singapore, Concorde Locations: Orchard, Singapore, Delfi Orchard, Istana Park, Canning, HPL

☆ He left his corporate job to help his mom in the family's 90-year-old restaurant. He almost gave up but figured out how to turn it around.
▼ + stars: | 2024-10-02 | by ( Erin Liam | ) www.businessinsider.com time to read: +9 min

He directs customers to find seats in Sabar Menanti, his two-story Malay restaurant, while ducking behind the counter to serve the restaurant's signature nasi padang. His grandparents opened Sabar Menanti in the 1920s and started selling nasi padang near a tombstone shop. But as his relatives had a handle on the business, Tambunan went on to work in the shipping industry. Dealing with rising costsAt a nasi padang stall, diners can choose from a variety of sides to eat with their rice. Tambunan told me he wanted her to remain active in her old age and encouraged her to return to help.

Persons: Iszahar Tambunan, Menanti, nasi, Tambunan, —, Sabar Menanti, Sabar, Erin Liam, Tambunan's, I've, Maryulis Bagindor Marlian, Nasi, Beef, Azreen Aziz, Aziz, tauhu telor, masak, I'm, Anthony Bourdain, Erin Liam I, Menanti Tambunan, he's Organizations: Service, Urban Redevelopment Authority, Singapore Statistics Board Locations: shipbroking, Singapore, nasi padang, Sabar, padang, Malay, Kampong Glam, Bahasa Indonesia, Sultan Mosque, Nasi padang, Indonesian, rendang, achar

☆ Singapore private housing prices cool, ending an over year-long rally
▼ + stars: | 2024-10-01 | by ( Dylan Butts | ) www.cnbc.com time to read: +1 min

Singapore's private home prices fell for the first time in five quarters amid depressed sales, preliminary market data showed on Tuesday. The data released by the Urban Redevelopment Authority showed that its private home price index fell 1.1% last quarter as compared to the previous three months. The fall reversed gains from the second quarter and represented the index's first drop since the second quarter of 2023. In total, prices were up only 1.1% in the first three quarters of 2024 compared with a 3.9% gain over the same period the prior year. Sales transaction volume also fell by about 11% in the third quarter from the previous three months.

Organizations: Urban, Authority

☆ Here's how much it can cost a family of four to live across 10 major Asian cities
▼ + stars: | 2024-07-26 | by ( Ernestine Siu | In Ernestinesiu | ) www.cnbc.com time to read: +1 min

Living in a major city can come with a hefty price tag, so it's best to be informed before you make that big move. In Asia, Hong Kong and Singapore top the list for cost of living. A family of four can expect to spend an estimated $9,000 a month to live in one of these cities, according to Numbeo, an online database of user-contributed information. Singapore also saw a "rocketing increase" in its housing rentals from 2022, however, prices have begun to stabilize in recent months, said Ma. Here's a broader look at how much it costs for a family of four to live across 10 major cities in Asia, according to data by Numbeo:

Persons: Tracey Ma, APAC, Hong Kong, Ma Organizations: Mercer, CNBC, Singapore's Urban Redevelopment Authority Locations: Asia, Hong Kong, Singapore, Mercer, Hong, Ma, Singapore's

☆ Singapore is considered one of the best-designed cities in the world. The man who masterminded it has 2 regrets.
▼ + stars: | 2024-07-26 | by ( Amanda Goh | ) www.businessinsider.com time to read: +9 min

Read previewTowering skyscrapers, candy-colored public housing apartment blocks, and lush green spaces — Singapore has long been recognized for its meticulous urban planning. AdvertisementCreating bicycle paths for the city"When I was in the HDB, I raised the issue of planning bicycle paths for citizens," Liu told Business Insider. Liu says he wishes he had developed bike sections for roads and incorporated bicycle paths into streets. Related storiesAdditionally, bicycle paths can boost local economies, as cyclists are more likely to stop at local businesses, he said. fiftymm99Indeed, Singapore's public housing apartments are home to about 80% of the country's resident population today.

Persons: —, Liu Thai Ker, who's, Liu, Thomas Schroepfer, Schroepfer, John Pratt, Rita Padawangi, Taro Hama Organizations: Service, Business, Morrow Architects, Planners, Housing Development Board, Urban Redevelopment Authority, The Straits Times, Singapore University of Technology, Design, Ministry of National Development, Keystone, Singapore University of Social Sciences Locations: Singapore, Copenhagen, Amsterdam, Singapore's, Sands, Ubin, Pulau Ubin, kamakura

☆ Biden Policies Offer Benefits, but Little Political Payoff, in Pennsylvania
▼ + stars: | 2024-07-15 | by ( Jeanna Smialek | Alan Rappeport | ) www.nytimes.com time to read: +1 min

Construction crews have been removing barrels of toxic waste, knocking down crumbling walls and salvaging rusted tin roofing as they prepare to convert the cavernous space into an events venue, advanced manufacturing hub and brewery. The estimated $25 million project is the most ambitious undertaking the Erie County Redevelopment Authority has ever attempted. It was both kick-started and remains heavily funded by various pots of money coming from Biden administration programs. It is one example of a larger problem Mr. Biden faces in Pennsylvania, a swing state that could decide the winner of the 2024 election. In places like Erie, a long-struggling manufacturing hub bordering the Great Lake that is often an election bellwether, Mr. Biden is struggling to capitalize on his own economic policies even when they are providing real and visible benefits.

Persons: Biden’s, Mike Kelly, Biden Organizations: Erie County Redevelopment Authority, Biden, Pennsylvania Republican Locations: Erie, Pa, Erie County, Pennsylvania

But unlike most cities, Singapore is spending enormous resources to try to cool itself down — and learning lessons that could help other cities. But unlike most cities, Singapore is spending enormous resources to try to cool itself down — and learning lessons that could help other cities. Building without cool paint Building coated with cool paint Building without cool paint Building coated with cool paint Satellite image by Planet LabsSimple design decisions can also have a big impact on a building’s temperature. Singapore has built out a more systematic solution, a network of green corridors that connect green spaces together and allow cool air to flow throughout the city. “A corridor can at least generate this kind of cool air circulation in a city.

Persons: ”, Brian Stone Jr, Khoo, Stone, it’s, “, Nicholas Lin, Richard Hassell, Winston Chow, “ You’ve, Singapore Rebecca Toh, Chow, Tamara Iungman, Adele Tan Organizations: Georgia Institute of Technology, ”, The New York Times, Planet Labs, WOHA Architects, Cooling, Research, Phoenix, Climate Central, SINGAPORE Marina Bay Network, National Parks Board, Barcelona Institute, Global Health, Singapore’s, Redevelopment Authority, Urban Locations: Singapore, Phoenix, Mumbai, Singapore’s, Puat, ”, L.A, ” Singapore, Pickering, The New York Times Singapore, New York City, Jurong Lake, Cooling Singapore, Marina Bay, downtowns, Ariz, Maricopa County, shadeless, Marina, Paris, Bishan, MALAYSIA, SINGAPORE, Medellín, Colombia, “

The Dharavi slum, about three-quarters the size of New York's Central Park, featured in Danny Boyle's Oscar-winning 2008 movie "Slumdog Millionaire". Only those who already lived in Dharavi before 2000, mostly ground-floor residents, will get free homes within the redevelopment. In interviews with Reuters, some Dharavi residents cited the billionaire's financial troubles as contributing to their concerns. Last month, a Mumbai court allowed SecLink to add Adani to its lawsuit, forcing the conglomerate to defend its position before judges. In early August, about 300 opposition supporters and residents gathered in Dharavi to object to Adani's involvement.

Persons: Adani, Gautam Adani's, Narendra Modi's, Danny Boyle's Oscar, SecLink, Eknath Shinde, Modi, Maharashtra's, Sandeep Shastri, Rajendra Korde, Radha Pawar, Srinivas, Mohammad Hasmat Ullah, Ullah, Dhwani Pandya, Aditya Kalra, Arpan Chaturvedi, Francis Mascarenhas, David Crawshaw Organizations: Adani, Consultancy, Reuters, SecLink Technologies Corporation, The, Modi's Bharatiya Janata Party, BJP, Modi's BJP, India's, Trust, Reuters ., Dharavi, Committee, Authority, Dhwani, Thomson Locations: Dubai, MUMBAI, rehouse, Dharavi, Maharashtra, The Dubai, Mumbai, Gujarat, snowballing

☆ Singapore hikes property stamp duties to cool property market
▼ + stars: | 2023-04-26 | by ( Chen Lin | ) www.reuters.com time to read: +2 min

SINGAPORE, April 26 (Reuters) - Singapore raised taxes on private property purchases in a surprise move late on Wednesday night that includes a doubling of stamp duties for foreigners to an eye-watering 60%. The ABSD on Singaporeans' second and subsequent home purchases will rise to 20% from 17%, and 30% from 25%, respectively. The government said in a news release that property prices showed "renewed signs of acceleration amid resilient demand." The last time it raised stamp duties was in December 2021, when it said the property market was "buoyant" despite the economic impact of COVID-19. Property prices and rents in Singapore have been climbing steadily over recent years due to construction delays caused by the COVID-19 disruptions.

☆ Singapore rent prices are still sky-high. Long-time expats are having to consider drastic changes
▼ + stars: | 2023-04-13 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +7 min

If rents continue to grow steadily, more residents will bite the bullet and purchase a property before paying higher prices for rent, Knight Frank's Christine Li said. Whether one's renting a room, an apartment or a house, long-time expatriates living in Singapore are digging deep into their pockets and making drastic changes to cope with rising rents. Some foreigners living here say their landlords may be taking advantage of an overheated property market to jack up prices — with some doubling the rent. "If rents continue to grow steadily, more people will just bite the bullet and purchase a property before paying higher prices for rent," she said. Justin Paget | Stone | Getty ImagesFrancesca said many potential landlords offered her "rent free deals" to convince her to agree to higher prices — that essentially translates to no rent for the first few months.

☆ Singapore withstands a global property downturn
▼ + stars: | 2023-01-03 | by ( Thomas Shum | ) www.reuters.com time to read: +2 min

HONG KONG, Jan 3 (Reuters Breakingviews) - Property is crashing everywhere, except in Singapore. The Asian city-state’s private residential prices are up 14% year-on-year, according to third-quarter data from Knight Frank. That’s a sharp contrast to major cities like Hong Kong and Sydney, which saw decreases of 7% and 4% respectively over the same period. Home prices in Hong Kong, the world’s least affordable property market by far, could fall by as much as 30% by the end of 2023 from 2021 levels, reckon analysts at Goldman Sachs. Still, Leonard Tay, an analyst at Knight Frank, predicts an up to 5% increase for private home prices in 2023.

☆ Wealth darling DBS channels Singapore’s success
▼ + stars: | 2022-11-03 | by ( Una Galani | ) www.reuters.com time to read: +3 min

MUMBAI, Nov 3 (Reuters Breakingviews) - Singapore’s status as a financial centre is thriving, and DBS Group (DBSM.SI), the city-state’s $63 billion wealth darling led by Piyush Gupta, is reaping the benefits of its home market’s success. It makes the Lion City’s pragmatism a key pillar of support: Singapore generated 62% of DBS' total income in 2021. DBS’ wealth management business is attracting money at a rapid clip: net new asset inflows amounted to S$15 billion during the first nine months, doubling from a year ago, Gupta noted. The bank’s annualised return on equity hit a record high of 16.3% too. The bank’s return on equity also hit a new record high of 16.3%, up from 13.4% in the prior three-month period.

☆ Singapore's mortgage costs are rising — but some buyers are shrugging off higher rates
▼ + stars: | 2022-10-27 | by ( Abigail Ng | ) www.cnbc.com time to read: +6 min

The rising cost of borrowing is unlikely to have a major impact on Singapore's property market, analysts told CNBC. Ore Huiying | Bloomberg | Getty ImagesSINGAPORE — The rising cost of borrowing is unlikely to have a major impact on Singapore's property market, analysts told CNBC. Singapore's real estate market is backed by wealth, according to Christine Li, head of Asia-Pacific research at Knight Frank. Demand driversHowever, it doesn't mean the residential property market ignores rising rates and looming risks, said Alan Cheong, executive director of research and consultancy at Savills. "However, past trends indicate that our property market is highly resilient and usually rebounds within six months of a cooling measure," she said.

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