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Daily Briefing: OCBC unit to nab Barclays Asia Wealth for $320m; Singapore’s first smart EC
And why Singapore cars are so expensive.
Oversea-Chinese Banking Corp.’s private-banking arm agreed to buy Barclays Plc’s wealth and investment-management business in Singapore and Hong Kong for about $320 million. Bank of Singapore will use its own cash to fund the purchase, OCBC said in a statement Thursday. The price is indicative, based on current assets under management of $18.3 billion at Barclays in both locations, OCBC said. Read more here.
Qingjian Realty has unveiled what is being touted as Singapore’s first executive condominium (EC) project with homes of the future. The Visionaire, a 99-year leasehold development on Canberra Drive in Sembawang, will comprise a total of 632 units across 16 blocks, along with a basement carpark and other condo facilities. Read more here.
In Singapore, there is no such thing as getting a good car deal that makes financial sense. A car, even a “cheap” one, is a luxury that the average Singaporeans (despite our high spending power) will struggle to afford. Even among the upper middle class in Singapore, a car isn’t cheap to own. Read more here.
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