Daily Briefing: SGD plummets in Brexit; Crashing pound crowds Singapore’s money changers

And developers warned against offering pre-sale incentives.

Singapore’s dollar fell, heading for its biggest decline in 10 months, after Britons voted to leave the European Union. The local currency slid to the lowest in three weeks as the U.K. decision spurred concern global growth will slow. The Monetary Authority of Singapore, which guides the currency against a basket of major trading partners, said the trade-weighted local dollar remains within its policy band. Read more here.

The crashing pound sent people flocking to money changers to exploit a favourable exchange rate in Singapore on Friday after the currency plummeted following Britain's decision to leave the European Union. People looking for holidays and those with children studying in Britain joined long lines at Change Alley, a mall in the city-state's business district known for its concentration of money changers, after the pound reached historic lows against the Singapore dollar. Find out more here.

The HDB said developers of executive condominiums (ECs) are not allowed to offer buyers incentives if they have not booked a unit, reported The Business Times. Developers should also engage independent auditors to look into their sale processes and make sure they fulfil their obligations. Read more here.

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