Daily Briefing: Singapore lowers investment target; Former Longhouse gets new lease on life

And here’s why property investment sales have crashed.

Singapore lowered its target for investment this year as the city state contends with uncertain global economic conditions and weaker overseas demand hurts its manufacturing sector. The government forecasts S$8 billion ($5.6 billion) to S$10 billion in fixed-asset investment commitments this year, the Economic Development Board said Tuesday, compared with S$11.5 billion lured in 2015. Read more here.

A new mixed-use development located along Upper Thomson Road on the site of the former Longhouse food court could launch as early as this month. Dubbed 183 Longhaus, the four-storey project will comprise 40 residential apartments, 10 commercial units on the ground floor, facilities such as a Jacuzzi and gymnasium, and basement carparks. Read more here.

Property investment sales in Singapore plunged 15 percent year-on-year to $16 billion in 2015, the lowest sales volume in six years, according to a DTZ Research report. Property sales by government agencies fell 13 percent to $5.8 billion while private investment sales dropped eight percent to $10.3 billion. Read more here.