Daily Briefing: Government cuts private housing stock amidst oversupply; HSBC pumps up Singapore SME banking team

And SP Group and Gardens by the Bay unveiled a project to convert waste to by-products.

From Bloomberg:

The oversupply in residential units has prompted the government to cut its supply under its land sales programme.

Singapore has 24,000 vacant apartments and there are another 44,000 units to be added in the pipeline, including 39,000 unsold apartments from government land sales and en-bloc sites, and 5,000 units from sites that are pending planning approval.

Now the supply of private housing in the second half, excluding executive condominiums, will be 1,235 units, down 25% from 1,640 units in the first six months.

“The confirmed list supply of 2,875 private residential units for the whole of 2019 is the lowest annual quantum since 2014,” said Ong Teck Hui, a senior director at Jones Lang LaSalle Inc.

Read more here.

From eFinancialCareers:

HSBC is focusing on expanding its small and medium-sized enterprise (SME) banking team in Singapore, despite HSBC’s job cutting initiatives from its global banking and markets business.

Moreover, say headhunters, hiring is buoyant across the whole job sector as HSBC and its rivals take on more relationship managers and product experts to service Singapore’s growing legions of startups.

HSBC wants to increase its share of the Singapore SME market (clients with a turnover of between $5m and $100m). It added 30 people to its team last year and is taking on more in 2019.

“There’s now a different impetus for SME banking because millennials are more prepared to start their own business and there’s more government support for startups,” says Pan Zaixian, a partner at recruiters Pan & Co.

Read more here.

From Channel NewsAsia:

SP Group and Gardens by the Bay launched a two-year pilot project to convert waste into by-products on 6 June, which can be used by the locals.

The smart waste management system involves the use of gasification technology, turning waste produced within Gardens by the Bay into syngas - primarily carbon monoxide and hydrogen - as well as carbonised biomass.

The combustion of syngas then produces thermal energy, which is used to heat up water for potable use by F&B outlets within the local attraction.

The carbonised biomass, known as biochar, is a substance which some studies have shown can be used to help the soil retain nutrients better. Gardens by the Bay will be conducting experiments on the usefulness of biochar before making a decision on its usage.

Read more here.