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S$202 million GCB sales for first half of 2024

SINGAPORE: There were nine Good Class Bungalow transactions in the first half of 2024, for a total of S$202 million.

While there had been the same number of transactions in the second half of 2023, H1 2024’s total was up by eight per cent.

However, the Singapore Business Review quoted the real estate portal PropNex as saying that the actual volume of GCB units sold in the first half of the year may be “a tad higher” because a number of deals may not have been caveated.

Good-class bungalows are the most exclusive landed homes in Singapore.

They are significant symbols of prestige and wealth in the country and can be found in neighbourhoods for the rich, such as  Bukit Timah, Nassim, Tanglin, and Sentosa Cove.

A GCB on Gallop Road, which went for S$42.5 million, and another at Bin Tong Park, with a price tag of S$84 million, are among these.

SBR further said that a GCB on Ford Avenue was the top deal for the quarter, as it was sold in March for S$39.5 million, or $2,020 per square foot of land area.

Read also: Only 20 Good Class Bungalows sold last year as transactions plunged by almost 60%

There were only 20 GCBs that were sold for the entirety of 2023, showing that transactions had plunged by 58.3 per cent year-on-year.

Amid economic uncertainty, the total value of transacted GCBs also fell by 47.9 per cent year-on-year, for a total of S$727.2 million.

Three of these transactions were for bungalows located at 42, 42A, and 42B Nassim Road in District 10.

The homes fetched a price tag of S$206.7 million, with the buyer reportedly being a rich Indonesian family who initially remained unnamed in reports. They were later revealed to be the Fangiono family.

In May, rental prices for GCBs decreased from S$100,000 to S$65,000 a month due to a slump in the premium housing market.

EdgeProp Singapore reported Jacqueline Wong, executive director of Hardington Private, a niche consultancy for ultra-high-net-worth individuals and family offices, as saying:

“Some GCBs listed at monthly rents of S$100,000 before have now been marked down to about S$65,000 a month.”

The lower rental prices reflect a bigger picture within the premium housing sector, with property owners adjusting their rental valuations to adapt to changing market conditions. /TISG

Read also: Good Class Bungalows S$100K/month rent slashed to S$65K/month as premium housing market sees slump

Moon Ga Young, True Beauty star, signs exclusive contract with new agency

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Actress Moon Ga Young, known for her roles in K-dramas like True Beauty and Link: Eat, Love, Kill, has recently signed with the newly formed agency PEAK J, becoming their first artist.

Starting her career as a child actress, Moon Ga Young’s addition marks a significant milestone for the agency. On July 1, PEAK J announced Moon Ga Young’s exclusive contract.

CEO Shin Hyo Jung expressed the agency’s commitment to professionalism and dedicated management, aiming for a long-term partnership with the actress.

Photo: Instagram/Moon Ga Young

Started her career as a child

Moon Ga Young, a German-born South Korean actress and model, started her career in 2005 as a child model and debuted as a child actress in the 2006 film Bloody Reunion.

She gained widespread recognition for her roles in popular TV series such as Heartstrings, EXO Next Door, Tempted, Welcome to Waikiki 2, True Beauty, and Link: Eat, Love, Kill, among others, captivating audiences worldwide.

In the film True Beauty, Moon Ga Young plays Lim Ju Gyeong, a high school student teased because of her appearance. Determined to change her situation, she learns makeup skills through online tutorials.

Her life changes dramatically when she transfers to a new school, becoming involved in a complicated love triangle with Lee Su Ho (Cha Eun Woo) and Han Seo Jun (Hwang In Yeop), former best friends who drifted apart after a tragic incident.

Based on webtoon

The drama, based on the popular webtoon by Yaongyi, gained immense international popularity.

Fans eagerly anticipated the adaptation and were pleased with the faithful depiction, with the cast closely resembling the webtoon characters.

The series addresses various realistic situations South Koreans face, balancing seriousness and humour.

The lead actors deliver outstanding performances, authentically portraying their vulnerabilities and deeply resonating with the audience.

‘Funflation’: Why Americans splurge on travel and entertainment despite mounting debt

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Despite a staggering $1.13 trillion in credit card debt, many Americans are still eager to indulge in travel and entertainment. This summer, however, the cost of having fun will be even steeper due to “funflation,” a term economists use to describe the rising prices of live events as consumers crave the experiences, they missed during the Covid-19 pandemic.

Matt Schulz, chief credit analyst at LendingTree and author of “Ask Questions, Save Money, Make More,” explains, “It’s hard to overstate the impact of the pandemic. It changed the way so many people view their spending, and the result is that people are more focused on the ‘right now’ than thinking about 40 years from now.”

According to the Bureau of Labor Statistics’ consumer price index (CPI), ticket prices for sporting events soared by 21.7% in May 2024 compared to the previous year, marking the highest annual inflation rate among the few hundred categories in the inflation gauge. Admission to movies, theaters, and concerts also saw a rise, though a more modest 3%.

‘Funflation’

Despite these rising costs, a significant portion of Americans remains undeterred. According to a report by Bankrate, 38% of adults plan to take on more debt to travel, dine out, and enjoy live entertainment in the coming months. Specifically, 27% of respondents indicated they would go into debt to travel this year, while 14% would do so to dine out, and another 13% would rely on credit to attend theater performances, live sporting events, or concerts.

“There’s still a lot of demand for out-of-home entertainment,” Ted Rossman, senior industry analyst at Bankrate, recently told CNBC. “Some of that reflects a ‘you only live once’ mentality that intensified during the pandemic, and some of that is because many economic indicators — including GDP growth and the unemployment rate — are in favorable shape.”

This trend is particularly pronounced among younger adults, especially Generation Z and millennials, who are more inclined to splurge on these discretionary purchases.

Living in the moment

Research by Bread Financial reveals that nearly two out of five Gen Z and millennial travellers have spent up to $5,000 on tickets alone for destination live events. Moreover, another Prosperity Index report by Intuit found that 73% of Gen Zers between the ages of 18 and 25 prioritize a better quality of life over having extra money in the bank.

As Americans continue to navigate the economic aftermath of the pandemic, the desire for memorable experiences remains strong, even in the face of mounting debt. The current trend underscores a significant shift in financial priorities, reflecting a newfound emphasis on living in the moment.

Source: The ‘funflation’ effect: Why Americans are spending so much on travel and entertainment this summer

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The post ‘Funflation’: Why Americans splurge on travel and entertainment despite mounting debt appeared first on The Independent News.

Free shuttle bus service for Marine Parade cluster residents starts in July

SINGAPORE: The Marine Parade Cluster Shuttle Bus will start running next Monday (July 8), operating between 10:00 am and 4:00 pm on weekdays, except on public holidays.

Registration for the service, designed specifically for Marine Parade residents, started on June 30 (Sunday).

In videos on their Facebook pages, Marine Parade GRC Members of Parliament Tan See Leng and Edwin Tong told residents they had heard their feedback regarding some of the challenges they face in getting to essential services such as polyclinics, groceries, and food centres.

“So, we recognize the need to bring convenience to you. And hence, this new shuttle bus that we are introducing will do exactly that,” said Dr Tan.

The service will have a total of six stops within Marine Parade: TEL Marine Terrace MRT station, the bus stop in front of Blk 34 Marine Crescent, Marine Parade Central Roundabout, Duncan Food Centre, Eunos Polyclinic, and Joo Chiat Complex.

The last three, as well as Marine Terrace MRT station, are pick-up and drop-off points.

FB screengrab/Tan See Leng

“This service is designed to reduce the time it takes to reach key destinations, ensuring a smoother and more enjoyable daily commute,” wrote Dr Tan

He said that the shuttle service’s seven routes have been designed for residents “to easily transfer between shuttle buses for routes with overlapping stops, enabling them to access different divisions within the cluster.”

MP Seah Kian Peng, meanwhile, said that the free shuttle bus service is part of the ward’s WeCare programme.

Mr Tong, meanwhile, said that many Joo Chiat residents had expressed concerns over last-mile connections.

He acknowledged that walking to the MRT station or polyclinics may be a little too far for some residents, especially the elderly.

He explained that those who register would get a barcode identifying them as a Marine Parade cluster resident, which they then show to the driver, allowing them to board the bus.

Residents who may need help in registering may head to Braddell Heights Community Club, Geylang Serai Community Club, Joo Chiat Community Club, Kampong Ubi Community Centre, Katong Community Centre, MacPherson Community Club, Marine Parade Community Club, Mountbatten Community Centre and Siglap South Community Centre, where they can also get a physical WeCare card if they don’t wish to use the app.

FB screengrab/Tan See Leng

Mr Tong, however, strongly encouraged everyone to get the app to track the shuttle bus’s location while waiting at pick-up points.

The service has been called “Singapore’s first cluster-wide community shuttle bus service.” /TISG

Read also: New face with PAP team at Marine Parade causes GE buzz

Pipe burst at SingPost Centre creates ‘waterfall’ trap on 7-year-old girl in washroom

SINGAPORE: A little girl got stuck in the washroom of SingPost Centre Mall on Eunos Road on the evening of Saturday, June 29, after a burst pipe caused water to flow freely from the ceiling, flooding a whole corridor.

The child climbed onto the diaper-changing table inside the washroom and shouted to her mother for help.

Fortunately, the mum was able to get to her daughter quickly, and no one was hurt when the mishap occurred, though the two were left shaken by the incident.

The mum, only identified as “Ashley,” told what happened on social media and e-commerce platform Xiaohongshu, saying she had been at the mall on Saturday night at around 9:00.

Screenshot: Ashley的小废号 / Xiaohongshu

Shortly before the “waterfall,” Ashley had been waiting for her oldest daughter outside one of the toilets at the mall.

The water started dripping down, and then the lights went out. The water then got stronger, and a part of the ceiling collapsed, she wrote on Xiaohongshu.

In the dark, Ashley immediately phoned her husband for help but interrupted the phone call when she heard her daughter calling for help from inside the washroom.

She then ran inside quickly, where she saw her daughter on the diaper-changing table. Taking her daughter, the two waded through the water to get to the rest of the family.

SingPost Centre has told Chinese daily Lianhe Zaobao that a pipe had indeed burst because of the installation of a new water meter.

The mall management closed off the area leading to the washroom, and a lift nearby was closed for maintenance.

While the little girl was soaked but unhurt, the incident frightened her, and her mum said she cried for a few minutes after the mishap.

By the end of the night, she was doing better and got a good night’s sleep.

Ms Ashley told Lianhe Zaobao, “I hugged her tightly to calm her down, and thankfully, she didn’t have nightmares that night. It’s quite scary to experience as a kid.

Also, because it was almost closing time at the mall, my daughter was alone in the toilet without any adults around, and that made it even more terrifying.”

She herself felt frightened, sharing that her legs had “felt like jelly.”

“I kept thinking about what would have happened if the wires from the collapsed ceiling were exposed to water,” the mum added. /TISG

Read also: Lecture goes on in NUS despite rain pouring through ceiling, netizens call it a ‘mini jewel waterfall’

Sylvia Lim and Pritam Singh stay on to lead Workers’ Party into next General Election

SINGAPORE: The Workers’ Party leadership going into the next General Election remains essentially the same, with Sylvia Lim elected again as Chair and Pritam Singh as Secretary-General.

The party held its Cadre Members’ Conference on Sunday (June 30).

It has also announced the 12 members of its Central Executive Committee (CEC), which sees the return of Lee Li Lian, who served as Member of Parliament for Punggol East SMC from 2013 to 2015.

The other CEC members include the party’s current MPs, including Gerald Giam and Muhamad Faisal Abdul Manap (Aljunied GRC); He Ting Ru, Louis Chua, and Jamus Lim (Sengkang GRC); and Dennis Tan (Hougang SMC), as well as former Aljunied MP Low Thia Khiang, who had been the WP’s Secretary-General from 2001 to 2018.

WP Youth Wing President Nathaniel Koh, Ang Boon Yaw, Tan Kong Soon, and Kenneth Foo completed the CEC.

FB screengrab/ The Workers’ Party

Mr Koh contested the previous election at the Marine Parade. GRC was first elected into the WP CEC in 2022, as was Mr Ang, a lawyer who has volunteered with the party for the past 12 years.

Meanwhile, Mr Tan had first been elected to the CEC and served as a legislative assistant to Mr Low from 2013 to 2017.

The party announced in a June 30 media release that “the CEC appointment-holders will be announced in due course.

The new CEC has taken office, with a mix of members of different ages and backgrounds, and has started work with immediate effect.”

This means, among other things, that whether current Vice-Chair Faisal Manap will retain his position will be announced at a later date.

The WP had 13 members when it last elected its CEC in 2022. Two, however, stepped down last year.

Former Aljunied GRC MP Leon Perera and ex-WP Youth Wing head Nicole Seah resigned after their illicit relationship had been made public.

While the date of the next GE has not been announced, it must be held before Nov 23, 2025. However, speculation has been that it could be held as early as September.

Mr Singh, WP’s Secretary-General since 2018, was appointed Singapore’s first official Leader of the Opposition in 2020 after the WP won its second GRC and a record 10 seats in Parliament.

Ms Lim has been the party chairwoman since 2003. Like Mr Singh, she has represented Aljunied GRC in Parliament since 2011, first at Serangoon and then at Paya Lebar.

Previously, she was a Non-Constituency Parliament Member from 2006 to 2011. /TISG

Read also: Town councils report: Win-win for the Workers’ Party

HDB resale prices rose 2.1% in Q2 amid strong demand and supply constraints

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SINGAPORE: Housing Board (HDB) resale prices rose by 2.1 per cent in the second quarter of 2024, up from 1.8 per cent growth in the previous quarter.

This marks the 17th consecutive quarter of rising prices, starting from the second quarter of 2020, according to figures released by HDB in their flash estimates on July 1.

The Straits Times reported that in the second quarter of 2024, 7,208 HDB resale flats were sold, marking a 14.5 per cent increase from the same period in 2023, when 6,297 units were sold.

HDB attributes this rise in resale prices and volume to strong demand across the market. The increase in demand, coupled with “some supply tightness” in the market, has pushed prices higher.

HDB noted that fewer flats reached their minimum occupation period (MOP) in 2024 compared to 2023, contributing to the supply constraints.

Given the elevated mortgage rates, HDB advised households to exercise financial prudence when purchasing flats.

They emphasised the importance of ensuring buyers can service their mortgages over the long term.

Although the overall economic conditions are stable, global uncertainties due to geopolitical issues could impact the market.

According to HDB, the Government is closely monitoring the property market and will adjust its policies as necessary to maintain stability and sustainability.

HDB plans to launch about 19,600 Build-To-Order (BTO) flats to meet the strong demand in 2024.

This follows the June offering of over 6,900 flats across eight BTO projects in areas such as Jurong East, Kallang/Whampoa, Queenstown, Tampines, Woodlands, and Yishun.

HDB will release about 8,500 flats across 14 BTO projects in Ang Mo Kio, Bedok, Bukit Batok, Geylang, Jurong West, Kallang/Whampoa, Pasir Ris, Sengkang, and Woodlands in October.

These flats will be categorised as Prime, Plus, or Standard based on their location.

Prime and Plus flats, closer to amenities like MRT stations and town centres, will have stricter resale conditions, such as a 10-year MOP and a subsidy clawback.

Standard flats, which comprise most of public housing, will have a five-year MOP and no major restrictions on resale buyers.

HDB advised homebuyers to get an HDB Flat Eligibility letter by Sept 15 to participate in the next BTO exercise. HDB confirmed it is on track to launch 100,000 BTO flats between 2021 and 2025. /TISG

Read also:  HDB resale prices up by 1.8% in 1Q 2024

Featured image by Depositphotos

aespa dazzles their fans with electrifying performances at their 2nd solo concert in Seoul

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‘2024 aespa Live Tour – SYNK: PARALLEL LINE,’ aespa’s second solo concert, occurred in Jamsil Indoor Stadium in Songpa-gu, Seoul, on the 30th.

Their distinct stage presence was on full display as they opened with “Drama,” “Black Mamba,” and “Salty & Sweet,” then went on to “Supernova,” “Mine,” and “Illusion.”

“Thank you all for coming today as well,” Karina said as aespa met their MYs (fans) following the event.

“Let’s enjoy ourselves and make the most of this day,” Ningning added. Winter conveyed her enthusiasm at the night’s spirit.

Photo: Wikipedia/aespa

Impressive performance

aespa continued with “Thirsty,” “Prologue,” and “Long Chat,” impressing the audience with their performances and the elaborate stage setup, including wide-screen LED displays and fireworks.

Each member’s solo stage featured songs they had written and composed, showing their growth and talent since their first concert.

Giselle performed “Dopamine,” Karina did “Up,” Ningning showcased “Bored,” and Winter presented “Spark,” each receiving enthusiastic cheers.

Giselle shared her feelings on her solo stage, saying, “Have you topped out your dopamine? We spoke about everything and wrote the song. I will be glad to present it to you.”

Winter showed her appreciation for fans, “I wanted to be with MYs on my solo stage. I then built a system allowing me to pivot and highlight MYs.”

Special guest appearance

Special guests like Taeyeon, Hyeri, and John Park attended to support aespa. The group performed 26 songs, including new tracks from their first full album and hits like “Next Level” and “Spicy.”

The concert also featured a character from aespa’s universe, Navis, who added a unique touch.

Winter shared her emotions as the concert concluded, thanking MYs and expressing hopes for a larger venue next time.

Giselle expressed gratitude for the support and promised to show new sides in future concerts.

Karina thanked the fans, saying, “Because of you, we are complete.” Ningning noted their hard work despite limited time, aiming to give their best performance.

aespa will start a global tour in 14 Asian and Australian locations after the concerts in Seoul, and early the following year, the band will go to the Americas and Europe.

Singapore shares edge lower on Monday—STI down by 0.1%

SINGAPORE: Singapore shares edge lower on Monday, July 1, following a weak performance in global markets last week.

The Business Times reported that the Straits Times Index (STI) was down by 0.1% or 2.73 points, standing at 3,330.07 at 9:01 am.

In the broader market, 62 stocks declined compared to 54 that gained. 144.9 million securities were traded, amounting to S$73.9 million in value.

Asia-Pacific Strategic Investments was the most actively traded stock by volume, experiencing a significant 100% rise, increasing by S$0.001 to S$0.002, with 111.2 million shares traded.

This surge followed an announcement on Saturday that the company had entered into a conditional subscription agreement with IFH Technology for S$6.3 million.

The company plans to use almost half the net proceeds for general working capital.

About 30% will cover costs related to the acquisition of data solutions provider Mobii Genius, and the rest will be used to repay a term loan.

Other heavily traded stocks included Singtel, which saw a minor decline of 0.4% or S$0.01, bringing its price to S$2.74. In contrast, Seatrium increased by 0.7% or S$0.01, reaching S$1.39.

Banking stocks showed mixed results at the market open. DBS saw a modest increase of 0.3% or S$0.09, reaching S$35.88. OCBC also experienced a similar rise of 0.3% or S$0.04, closing at S$14.47.

However, UOB slipped by 0.4% or S$0.12, bringing its price down to S$31.21.

On Wall Street, stocks closed lower on Friday. This downturn followed the presidential debate, where Democrat Joe Biden’s performance faced criticism.

The Dow Jones Industrial Average fell by 0.1% to 39,118.86. Similarly, the S&P 500 dropped by 0.4% to 5,460.48, and the Nasdaq Composite Index decreased by 0.7% to 17,732.6.

In Europe, stocks also declined, affected by a fall in L’Oreal shares and political uncertainties in France.

The pan-European Stoxx 600 index ended 0.2% lower at 511.42, marking its fourth consecutive session of losses. /TISG

Read also: Singapore stocks lower again on Friday—STI dropped by 0.1%

Featured image by Depositphotos

Praise for Bertha Henson as she raises concerns about the way Govt revealed July scandals

SINGAPORE: Although it has been two weeks since veteran journalist Bertha Henson was interviewed as part of the Inconvenient Questions series by ex-Nominated MP Viswa Sadasivan, some of her remarks are still receiving interest and fresh circulation online.

The concerns she raised about how the government dealt with last year’s scandals has, especially, caught the attention of people online. A one-minute and 35-second clip from Ms Henson’s interview with the series’ host, former Nominated Member of Parliament Viswa Sadasivan, was shared last week on r/SingaporeRaw, titled simply “Bertha is upset.”

When asked by the host what upsets her, the former Straits Times and New Paper editor right away answered “So many things. Where do I start?”

She first talked about the timeline of the corruption case against former Minister for Transport S Iswaran. “I can’t get it. To me it was the openness, you know?”

Ms Henson followed this up with the extramarital affair of former House Speaker Tan Chuan-Jin, saying, “I cannot fathom how an MP can say, ‘I don’t care what you, my secretary-general says to me, or my Prime Minister says to me, I’ll just carry on’.”

Bertha Henson is upset
byu/granting_wishes inSingaporeRaw

She also said it was unfair for voters to have watched these incidents go on while being totally unaware of their undercurrents.

The issue, for her, was one of “being frank with the people who voted you in.”

Asking why Mr Tan was still allowed to stay in his position for a time “as though everything was ok,” even though officials had known for months about the issue involving him, Ms Henson noted that “that is not frank, not honest.”

Former Prime Minister Lee Hsien Loong said that he had spoken to Mr Tan about his relationship with Cheng Li Hui, his fellow MP in February 2023. The former Speaker admitted his wrongdoing and offered to resign, but Mr Tan was asked to ensure first that the residents in his ward were taken care of.

On July 17, 2023, Mr Tan and Ms Cheng stepped down and their relationship was made public.

Ms Henson directness appeared to lead some commenters to wish for more of this type of discussions.

“I miss political commentaries/ op-ed,” wrote one. “We need more people like Bertha Henson, Dr Cherian and Dr Donald Low and many others. Being pro Singapore, we should welcome civil discourse. We are in a bubble. Not a good place tbh.”

Another wrote, “It’s the little voices like hers that we need to the gears in our heads turning.”

Commenters on YouTube, where the interview was published, also agreed.

One wrote, “She is right about transparency issues,” while another opined, “Without openness and transparency in government cannot really say what is good.”

Another appealed to Inconvenient Questions to “Please do more of this kind of interview. We need more constructive interviews and eye-opening ideas that can develop for our nation.” /TISG

Read also: Veteran journalist urges PM to get rid of his image as a ‘last-minute compromise candidate’ who no one can take offence with