City Developments, UOL Shares Drop After Singapore Tightens Property Curbs
Shares of Singapore's biggest developers fell on Friday after the government introduced new measures to curb housing prices in one of the world's most expensive property markets.
The government raised the stamp duty for investors who sell their private homes within four years, according to a joint statement from the Ministry of National Development, Ministry of Finance and Monetary Authority of Singapore late Thursday.
Under the new rules that will take effect from today, those selling their property within one year of purchase will have to pay a 16% tax from 12% previously. The holding period for homes that will incur the stamp duty has also been extended to four years from three years previously.
Shares of developers fell in Singapore midafternoon trading. City Developments declined 3.3%, while those of UOL Group slipped 2.9% and Frasers Property fell 0.6%.
The government is introducing fresh measures to tame the increasing subsales—the practice of selling uncompleted residential developments for a quick profit—Leonard Tay, research head of Knight Frank in Singapore, wrote in an emailed statement. From just 198 transactions in 2020, the number of sub sales jumped to 1,428 in 2024, it noted.
'The government is not taking the risk of subsales pushing up prices, even though this might-or-might not happen and has decided to increase the holding period and seller's stamp duty rates,' Tay wrote.
While the number of new private home sales dropped to a five-month low in May, prices remained resilient, rising 0.5% in the second quarter from the previous three months, according to preliminary data released by the government this week. The government has been trying to rein in property prices with a number of cooling measures such as higher levies on foreign buyers that was introduced in 2023.
The government's fresh property curbs should have a muted impact on the housing market, Vijay Natarajan, an analyst at RHB Investment Bank in Singapore, said. 'We believe the majority of buyers at new launches are genuine home owners,' he said. 'Furthermore, the ramp-up in new home supply over the last two years and a volatile macroeconomic condition has reduced the allure of speculative purchases at new launches.'
Following a lull in new launches in recent months, some developers have unveiled new projects recently. Frasers Property—controlled by by Thai billionaire Charoen Sirivadhanabhakdi and his family—and Japan's Sekisui House have started marketing the 348-unit The Robertson Opus, a residential and retail complex, along the Singapore River near the Raffles Place central business district.
City Developments—controlled by billionaire Kwek Leng Beng and his family—is preparing to launch the 706-unit Zyon Grand near the Orchard Road shopping district in the second half. UOL Group—controlled by the family of late banking and real estate tycoon Wee Cho Yaw—is also planning to market the 301-unit Upperhouse residential tower on Orchard Boulevard later this year.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Forbes
12 minutes ago
- Forbes
Tycoon Ong Beng Seng Pleads Guilty In Singapore Corruption Case Involving Ex-Minister
Hotel tycoon Ong Beng Seng—who holds the franchise for the Formula One Singapore grand prix—pleaded guilty to obstructing the course of justice in a corruption case that led to the imprisonment of a senior politician for accepting gifts. The former managing director of Singapore-listed Hotel Properties conceded on Monday to abetting former Transport Minister S. Iswaran in obstructing the course of justice, while another charge was taken into consideration. The charges are related to flights, a hotel stay in Doha and Formula One tickets that Iswaran had received from Ong when the ex-lawmaker headed the Singapore Formula One night race steering committee. While Ong, 79, could be jailed for up to seven years and fined, or be given both, for the offences, his lawyer asked the judge for leniency given the tycoon's medical condition. Ong had been diagnosed with multiple myeloma, a rare type of bone marrow cancer. Malaysian-born Ong, who is currently out on bail, is expected to be handed down his sentence on August 15. He stepped down as managing director of Hotel Properties in April. With a combined net worth of $1.7 billion, Ong and his wife Christina are among the wealthiest in Singapore. Their Hotel Properties has a portfolio of assets across 15 countries including the Four Seasons Hotel in Singapore and resorts in the Maldives. The developer said last month it's in talks with potential partners to redevelop three of its adjoining prime properties on Orchard Road, Singapore's main shopping strip.
Yahoo
an hour ago
- Yahoo
STI's corrective phase to find support at 4,000 as banks set to ease
The Straits Times Index is in a corrective phase which may be temporary, with support appearing at 4,000 The Straits Times Index ended the week of July 28 – Aug 1 at 4,153, down 108 points week-on-week. Support is at 4,000. Technically, both quarterly momentum and 21-day RSI have turned down, without forming negative divergences with price. This suggests that the current retreat is likely to be relatively shallow. Support has been established at 4,000. The year's high was on July 24 at 4,274. The earlier breakout of 4,000 indicated an upside of 4,400 and this remains valid. However, as the chart pattern develops, the pattern could indicate new targets. The stocks that may continue to lead the index lower are likely to be the banks that appear to have overshot on the upside. With results coming in, and the grey dawn of declining net interest margins and net interest income being felt, banks may take a while to consolidate. Straits Times Index Bloomberg Since the local risk free rate has stabilised at the 2.09%-2.11% level, Sora is also likely to stop its sharp decline. Gold remains in demand by central banks The World Gold Council (WGC) says Total 2Q2025 gold demand (inclusive of OTC investment) increased by 3% y-o-y to 1,249 tonnes. In value terms, total gold demand jumped 45% y-o-y to US$132 billion. Investors keep nibbling at gold ETFs which they see as a hedge against the US dollar. Global gold-backed ETFs were instrumental in boosting overall 2Q2025 demand. Uncertain global trade policy, geopolitical turbulence and the rising gold price all fuelled inflows, the WGC says. Bar and coin investors also joined the fray, attracted by the rising price and gold's safe-haven attributes. Two consecutive quarters generated the strongest first half for bar and coin investment since 2013. Central banks remained a key pillar of global demand, adding 166 tonnes to global official gold reserves. Although the pace of buying moderated, the outlook for central bank demand remains healthy. Jewellery demand volumes and value continued to diverge: y-o-y declines in tonnage were widespread, while spending on gold jewellery saw universal gains. Volumes were very muted. Gold used in technology came under pressure from the potential impact of US tariffs, although growing demand for AI-related applications remains an area of strength. Gold (US$/oz) Bloomberg See Also: Click here to stay updated with the Latest Business & Investment News in Singapore Time out; it's getting hot in summer When Hong Kong investors start to take notice of Singapore Scaling the Seven Summits Read more stories about where the money flows, and analysis of the biggest market stories from Singapore and around the World Get in-depth insights from our expert contributors, and dive into financial and economic trends Follow the market issue situation with our daily updates Or want more Lifestyle and Passion stories? Click hereError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 hours ago
- Yahoo
LTA rules out cross-border ride-hailing to Johor; Billionaire Ong Beng Seng admits guilt in Iswaran corruption scandal: Singapore live news
The Land Transport Authority (LTA) has clarified that it will not fully liberalise cross-border ride-hailing services, despite recent media reports and discussions with Malaysian officials. Instead, LTA is exploring ways to improve the existing Cross Border Taxi Scheme (CBTS), which allows up to 200 licensed taxis from each side to operate between Singapore and Johor Bahru. These improvements may include app-based bookings and more pickup and drop-off points. Enforcement against illegal ride-hailing remains a priority, with safety and driver welfare at the forefront. Separately, LTA is reviewing Malaysia's request to start cross-border buses at 4am to ease morning congestion. Any changes will be aligned with Singapore's local transport schedules. The goal is to enhance commuter convenience without compromising regulatory safeguards. Singapore Formula One tycoon Ong Beng Seng has pleaded guilty to abetting obstruction of justice in a corruption case involving former transport minister S Iswaran. The scandal centres on a luxury trip to Doha in 2022, which Ong paid for, including a private jet ride, hotel stay, and return flight. When the Corrupt Practices Investigation Bureau (CPIB) seized the flight manifest in 2023, Ong helped Iswaran retroactively pay for the flight to avoid scrutiny. Prosecutors say this act had a tendency to obstruct justice. A second charge, involving Ong gifting the entire trip, was taken into consideration for sentencing. Ong, 79, is undergoing treatment for bone marrow cancer and stepped down from Hotel Properties Limited earlier this year. His sentencing is pending and could include jail time and fines. His legal team has appealed for leniency, requesting that the court exercise judicial mercy and consider imposing only a fine without any custodial sentence. Read on Ong's guilty plea here. Read more in our live blog below, including the latest local and international news and updates. Singapore's F1 mogul Ong Beng Seng pleads guilty in Iswaran gift scandal UPDATE: Singapore F1 tycoon Ong Beng Seng has pleaded guilty to abetting obstruction of justice in a corruption case involving former transport minister S Iswaran. The scandal centres on a lavish 2022 trip to Doha, where Ong hosted Iswaran on his private jet and paid for a stay at the Four Seasons Hotel. The return flight, also paid for by Ong's company, Singapore GP, was only reimbursed months later, after the Corrupt Practices Investigation Bureau (CPIB) seized the flight manifest. Ong then instructed Singapore GP to bill Iswaran and keep records, a move prosecutors say was intended to obstruct justice. Ong also consented to a second charge, taken into consideration, for gifting Iswaran the entire trip worth $20,850. Iswaran, who chaired the F1 Steering Committee, was sentenced to 12 months' jail last year for accepting gifts and obstructing justice. Ong's sentencing is pending. He faces up to seven years in jail and a fine. His legal team has appealed for leniency, requesting that the court exercise judicial mercy and consider imposing only a fine without any custodial sentence. The tycoon, who brought Formula 1 to Singapore in 2008, stepped down from Hotel Properties Limited in April to manage his bone marrow cancer. Read on Ong's case here. Singapore says no plans to liberalise ride-hailing to Johor The Land Transport Authority (LTA) has clarified that it has no intention to fully liberalise cross-border ride-hailing services between Singapore and Johor Bahru. The announcement follows recent media reports and an 1 Aug meeting between officials from both countries. While the idea of on-demand cross-border rides was raised, no decision was made. Instead, LTA is exploring enhancements to the existing Cross Border Taxi Scheme (CBTS), which allows up to 200 licensed taxis from each side to operate between Singapore and Johor Bahru. These taxis currently pick up and drop off passengers only at designated terminals – Larkin Sentral and Ban San Street. To improve convenience, LTA is considering increasing the number of pickup and drop-off points and enabling app-based bookings for licensed taxis. Enforcement against illegal ride-hailing remains active, with safety and driver welfare as key priorities. Separately, LTA is reviewing Malaysia's request to start cross-border buses at 4am to ease morning congestion. Any changes will be aligned with Singapore's local transport schedules. Singapore job market shows signs of life Singapore's job market is bouncing back, with a 2.1 per cent rise in postings in June 2025, according to job site and hiring platform Indeed. AI-related roles are booming, appearing in one-third of tech listings and increasingly in non-tech sectors like research and engineering. Healthcare and infrastructure jobs are also surging, with sports and pharmaceutical roles tripling since pre-pandemic times. Meanwhile, service roles like public safety and veterinary care are seeing declines. Despite a year-on-year slowdown, job creation remains robust. Employers are cautiously optimistic, focusing on sectors aligned with national priorities. Indeed's data shows job postings are still 43 per cent above pre-pandemic levels, underscoring the market's resilience. But global uncertainty looms large. Callam Pickering, Indeed's APAC economist, says hiring remains strong enough to keep unemployment low. But he warns that geopolitical shifts could cloud future growth. Meta AI recruitment spree: US$1 billion offer declined, US$250 million accepted Meta's billion-dollar offer to lure top researchers from Thinking Machines Lab was met with a firm 'no thanks'. Despite Meta's aggressive push to staff its Superintelligence Labs, not a single researcher from Mira Murati's team took the bait. In contrast, Matt Deitke, a 24-year-old AI prodigy, accepted a US$250 million deal after a personal meeting with Mark Zuckerberg. The revised offer included US$100 million in year one. Meta's Superintelligence Labs are part of a broader US$72 billion AI investment strategy. The tech giant's recruitment spree has cost over $1 billion, with hires like Shengjia Zhao, Ruoming Pang and Alexandr Wang joining the fold. But the mixed results in recruitment raise questions about its long-term appeal, with the rejection from Thinking Machines hinting at deeper brand and leadership concerns. Hamas won't disarm without Palestinian statehood Hamas has reaffirmed its refusal to disarm until a fully sovereign Palestinian state is established, with Jerusalem as its capital. This declaration comes as France, the UK and Canada announce plans to recognise Palestine at the upcoming UN General Assembly. The Palestinian Foreign Ministry is preparing a strategy to implement a two-state solution, reflecting growing global support. Mediators Qatar and Egypt backed a proposal for Hamas to hand over arms to the Palestinian Authority, but Hamas rejected it. Nearly 150 countries already recognise Palestine, highlighting Israel's increasing diplomatic isolation. Despite mounting pressure, Hamas insists armed resistance remains a legitimate right. The international community is pushing for peace, but Hamas's stance may complicate the path forward. The September vote could be a turning point, or another missed opportunity. Read on Hamas rejecting disarmament here. Tharman honours sinkhole rescue heroes at Istana Seven migrant workers who saved a woman from a sinkhole were honoured by President Tharman at the Istana's open house on Sunday (3 August). The men sprang into action when a car fell into a sudden cavity near Mountbatten Road. Using a nylon rope, they pulled the driver to safety within minutes. Their bravery sparked public admiration and a wave of support. Tharman invited them to the Istana, where he thanked them personally and gifted each a Presidential Crest pen. The workers also received Ministry of Manpower (MOM) Appreciation Coins for their heroism. A public fundraiser raised over $72,000, which will be split among the rescuers. The charity behind it, ItsRainingRaincoats, will host a celebration on 10 August. Read on President Tharman honouring the sinkhole rescue heroes here. UPDATE: Singapore F1 tycoon Ong Beng Seng has pleaded guilty to abetting obstruction of justice in a corruption case involving former transport minister S Iswaran. The scandal centres on a lavish 2022 trip to Doha, where Ong hosted Iswaran on his private jet and paid for a stay at the Four Seasons Hotel. The return flight, also paid for by Ong's company, Singapore GP, was only reimbursed months later, after the Corrupt Practices Investigation Bureau (CPIB) seized the flight manifest. Ong then instructed Singapore GP to bill Iswaran and keep records, a move prosecutors say was intended to obstruct justice. Ong also consented to a second charge, taken into consideration, for gifting Iswaran the entire trip worth $20,850. Iswaran, who chaired the F1 Steering Committee, was sentenced to 12 months' jail last year for accepting gifts and obstructing justice. Ong's sentencing is pending. He faces up to seven years in jail and a fine. His legal team has appealed for leniency, requesting that the court exercise judicial mercy and consider imposing only a fine without any custodial sentence. The tycoon, who brought Formula 1 to Singapore in 2008, stepped down from Hotel Properties Limited in April to manage his bone marrow cancer. Read on Ong's case here. The Land Transport Authority (LTA) has clarified that it has no intention to fully liberalise cross-border ride-hailing services between Singapore and Johor Bahru. The announcement follows recent media reports and an 1 Aug meeting between officials from both countries. While the idea of on-demand cross-border rides was raised, no decision was made. Instead, LTA is exploring enhancements to the existing Cross Border Taxi Scheme (CBTS), which allows up to 200 licensed taxis from each side to operate between Singapore and Johor Bahru. These taxis currently pick up and drop off passengers only at designated terminals – Larkin Sentral and Ban San Street. To improve convenience, LTA is considering increasing the number of pickup and drop-off points and enabling app-based bookings for licensed taxis. Enforcement against illegal ride-hailing remains active, with safety and driver welfare as key priorities. Separately, LTA is reviewing Malaysia's request to start cross-border buses at 4am to ease morning congestion. Any changes will be aligned with Singapore's local transport schedules. Singapore's job market is bouncing back, with a 2.1 per cent rise in postings in June 2025, according to job site and hiring platform Indeed. AI-related roles are booming, appearing in one-third of tech listings and increasingly in non-tech sectors like research and engineering. Healthcare and infrastructure jobs are also surging, with sports and pharmaceutical roles tripling since pre-pandemic times. Meanwhile, service roles like public safety and veterinary care are seeing declines. Despite a year-on-year slowdown, job creation remains robust. Employers are cautiously optimistic, focusing on sectors aligned with national priorities. Indeed's data shows job postings are still 43 per cent above pre-pandemic levels, underscoring the market's resilience. But global uncertainty looms large. Callam Pickering, Indeed's APAC economist, says hiring remains strong enough to keep unemployment low. But he warns that geopolitical shifts could cloud future growth. Meta AI recruitment spree: US$1 billion offer declined, US$250 million accepted Meta's billion-dollar offer to lure top researchers from Thinking Machines Lab was met with a firm 'no thanks'. Despite Meta's aggressive push to staff its Superintelligence Labs, not a single researcher from Mira Murati's team took the bait. In contrast, Matt Deitke, a 24-year-old AI prodigy, accepted a US$250 million deal after a personal meeting with Mark Zuckerberg. The revised offer included US$100 million in year one. Meta's Superintelligence Labs are part of a broader US$72 billion AI investment strategy. The tech giant's recruitment spree has cost over $1 billion, with hires like Shengjia Zhao, Ruoming Pang and Alexandr Wang joining the fold. But the mixed results in recruitment raise questions about its long-term appeal, with the rejection from Thinking Machines hinting at deeper brand and leadership concerns. Meta's billion-dollar offer to lure top researchers from Thinking Machines Lab was met with a firm 'no thanks'. Despite Meta's aggressive push to staff its Superintelligence Labs, not a single researcher from Mira Murati's team took the bait. In contrast, Matt Deitke, a 24-year-old AI prodigy, accepted a US$250 million deal after a personal meeting with Mark Zuckerberg. The revised offer included US$100 million in year one. Meta's Superintelligence Labs are part of a broader US$72 billion AI investment strategy. The tech giant's recruitment spree has cost over $1 billion, with hires like Shengjia Zhao, Ruoming Pang and Alexandr Wang joining the fold. But the mixed results in recruitment raise questions about its long-term appeal, with the rejection from Thinking Machines hinting at deeper brand and leadership concerns. Hamas won't disarm without Palestinian statehood Hamas has reaffirmed its refusal to disarm until a fully sovereign Palestinian state is established, with Jerusalem as its capital. This declaration comes as France, the UK and Canada announce plans to recognise Palestine at the upcoming UN General Assembly. The Palestinian Foreign Ministry is preparing a strategy to implement a two-state solution, reflecting growing global support. Mediators Qatar and Egypt backed a proposal for Hamas to hand over arms to the Palestinian Authority, but Hamas rejected it. Nearly 150 countries already recognise Palestine, highlighting Israel's increasing diplomatic isolation. Despite mounting pressure, Hamas insists armed resistance remains a legitimate right. The international community is pushing for peace, but Hamas's stance may complicate the path forward. The September vote could be a turning point, or another missed opportunity. Read on Hamas rejecting disarmament here. Hamas has reaffirmed its refusal to disarm until a fully sovereign Palestinian state is established, with Jerusalem as its capital. This declaration comes as France, the UK and Canada announce plans to recognise Palestine at the upcoming UN General Assembly. The Palestinian Foreign Ministry is preparing a strategy to implement a two-state solution, reflecting growing global support. Mediators Qatar and Egypt backed a proposal for Hamas to hand over arms to the Palestinian Authority, but Hamas rejected it. Nearly 150 countries already recognise Palestine, highlighting Israel's increasing diplomatic isolation. Despite mounting pressure, Hamas insists armed resistance remains a legitimate right. The international community is pushing for peace, but Hamas's stance may complicate the path forward. The September vote could be a turning point, or another missed opportunity. Read on Hamas rejecting disarmament here. Tharman honours sinkhole rescue heroes at Istana Seven migrant workers who saved a woman from a sinkhole were honoured by President Tharman at the Istana's open house on Sunday (3 August). The men sprang into action when a car fell into a sudden cavity near Mountbatten Road. Using a nylon rope, they pulled the driver to safety within minutes. Their bravery sparked public admiration and a wave of support. Tharman invited them to the Istana, where he thanked them personally and gifted each a Presidential Crest pen. The workers also received Ministry of Manpower (MOM) Appreciation Coins for their heroism. A public fundraiser raised over $72,000, which will be split among the rescuers. The charity behind it, ItsRainingRaincoats, will host a celebration on 10 August. Read on President Tharman honouring the sinkhole rescue heroes here. Seven migrant workers who saved a woman from a sinkhole were honoured by President Tharman at the Istana's open house on Sunday (3 August). The men sprang into action when a car fell into a sudden cavity near Mountbatten Road. Using a nylon rope, they pulled the driver to safety within minutes. Their bravery sparked public admiration and a wave of support. Tharman invited them to the Istana, where he thanked them personally and gifted each a Presidential Crest pen. The workers also received Ministry of Manpower (MOM) Appreciation Coins for their heroism. A public fundraiser raised over $72,000, which will be split among the rescuers. The charity behind it, ItsRainingRaincoats, will host a celebration on 10 August. Read on President Tharman honouring the sinkhole rescue heroes here.
