Singapore Real Estate
GuocoLand-led JV wins tender of Lentor Gardens land parcel at bid price of $486.8 mil
The joint venture (JV) between GuocoLand and Hong Leong Holdings’ wholly-owned subsidiary, Intrepid Investments, has been awarded the Lentor Gardens land parcel. The interest holdings of GuocoLand and Intrepid are 60% and 40% respectively.
https://www.theedgesingapore.com/news/property/guocoland-led-jv-wins-tender-lentor-gardens-land-parcel-bid-price-4868-mil
https://www.edgeprop.sg/property-news/guocoland-hong-leong-holdings-jv-awarded-lentor-gardens-gls-site
En bloc offers for Lakeside Towers fall short of S$350 million reserve price
Owners at Jurong condominium Lakeside Towers will move into private treaty negotiations with potential buyers, following the closing of the collective sale tender on Wednesday (Apr 12). There were formal submissions and expressions of interest from local developers, but even the “best offer” fell short of the reserve price, sole marketing agent JLL told The Business Times.
https://www.businesstimes.com.sg/property/en-bloc-offers-lakeside-towers-fall-short-s350-million-reserve-price
The Giverny Residences debuts six ‘sky villas’ starting from $5.5 mil
The Giverny Residences, a boutique development with just six apartments, is set to preview on April 15. The property is at 6 Robin Drive in prime District 10 and sits on a 10,245 sq ft freehold site. Developer Lian Huat Group purchased the plot in an en bloc deal for $17 million in 2021, jointly with 2E Capital and “a few other close friends”, says Patrick Kho, group managing director of Lian Huat Group.
https://www.edgeprop.sg/property-news/giverny-residences-debuts-six-%E2%80%98sky-villas%E2%80%99-starting-55-mil
Cosford Road site to be redeveloped into food and beverage container park
Singapore (EdgeProp) – A new development is underway at 30 Cosford Road. The site, formerly occupied by Thai restaurant 555 Villa Thai, is located next to Changi Airport’s Runway One and is adjacent to Johore Battery. Scheduled to open sometime in 3Q2023, the new space will be home to one of Singapore’s largest food and container parks.
https://www.edgeprop.sg/property-news/cosford-road-site-be-redeveloped-food-and-beverage-container-park
Singapore Economy
Singapore Q1 GDP up by 0.1%: flash estimates
Singapore’s economy grew 0.1 per cent year on year in the first quarter, dragged down by weakness in manufacturing, according to advanced estimates from the Ministry of Trade and Industry (MTI) released on Friday morning (Apr 14).
https://www.businesstimes.com.sg/singapore/singapore-q1-gdp-01-flash-estimates
https://www.straitstimes.com/business/singapore-economy-grows-just-01-in-q1-worse-than-expected-flash-data
https://www.todayonline.com/singapore/singapore-economy-grew-01-q1-slowing-21-previous-quarter-mti-advance-estimates-2150771
MAS leaves monetary policy settings unchanged for first time in over a year in surprise move
Singapore’s central bank has left monetary policy settings unchanged for the first time in more than a year, contrary to market expectations of a tightening. The Monetary Authority of Singapore (MAS) on Friday (Apr 14) said it will maintain the prevailing rate of appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) policy band.
https://www.businesstimes.com.sg/singapore/economy-policy/mas-leaves-monetary-policy-setting-unchanged-first-time-over-year
https://www.straitstimes.com/business/mas-pauses-inflation-fight-as-economic-growth-outlook-turns-grim
https://www.todayonline.com/singapore/core-inflation-singapore-ease-second-half-2023-and-end-year-significantly-lower-mas-2150776
https://www.channelnewsasia.com/singapore/monetary-authority-singapore-no-change-monetary-policy-3416991
https://www.theedgesingapore.com/news/singapore-economy/singapore-halts-policy-tightening-after-first-quarter-slump
Companies’ Brief
Colliers builds its centre of excellence in Singapore
Singapore (EdgeProp) – Colliers has made a number of appointments to its leadership bench based out of Singapore in the last six months. On Jan 10, the real estate services and investment management company announced the appointment of Bastiaan van Beijsterveldt as its managing director for Singapore.
https://www.edgeprop.sg/property-news/colliers-builds-its-centre-excellence-singapore
ESR-Logos Reit tenant renews lease at a rental reversion of 20 per cent
The manager of ESR-Logos real estate investment trust (ESR-Logos Reit) announced on Friday (Apr 14) that one of its tenants renewed its property’s lease for a three-year term, at a rental reversion of 20 per cent.
https://www.businesstimes.com.sg/companies-markets/esr-logos-reit-tenant-renews-lease-rental-reversion-20-cent
Global Economy & Real Estate
WHO monitoring new Covid-19 sub-variant Arcturus, which is driving surge of cases in India
https://www.straitstimes.com/asia/south-asia/who-monitoring-new-covid-19-subvariant-arcturus-which-is-driving-new-surge-of-cases-in-india
What is Arcturus and what are the symptoms of the new Covid-19 sub-variant?
https://www.straitstimes.com/world/arcturus-what-do-we-know-about-the-new-covid-19-subvariant
IMF chief says global economy mired in weak growth, sticky inflation
https://www.channelnewsasia.com/business/imf-chief-says-global-economy-mired-weak-growth-sticky-inflation-3415801
https://www.straitstimes.com/business/economy/imf-chief-says-global-economy-mired-in-weak-growth-sticky-inflation
https://www.businesstimes.com.sg/international/imf-chief-urges-world-avoid-second-cold-war
Credit investors expect defaults to rise; most anticipate US recession this year
https://www.businesstimes.com.sg/companies-markets/banking-finance/credit-investors-expect-defaults-rise-most-anticipate-us
Manhattan rents reach record high with busy season yet to come
https://www.businesstimes.com.sg/property/manhattan-rents-reach-record-high-busy-season-yet-come
UK lenders see weak mortgage lending, but no wider credit crunch
https://www.businesstimes.com.sg/property/uk-lenders-see-weak-mortgage-lending-no-wider-credit-crunch
UK economy shows no growth in February as strikes weigh
https://www.businesstimes.com.sg/international/uk-economy-shows-no-growth-february-strikes-weigh
https://www.straitstimes.com/business/uk-economy-unexpectedly-stalls-in-february-on-pay-strikes
IMF urges Asia to keep monetary policy tighter for longer
https://www.businesstimes.com.sg/international/imf-urges-asia-keep-monetary-policy-tighter-longer
https://www.straitstimes.com/business/imf-urges-asia-to-keep-monetary-policy-tighter-for-longer
https://www.channelnewsasia.com/business/inflation-imf-urges-asia-keep-monetary-policy-tighter-longer-3416126
Southeast Asian property markets to rebound in 2023, benefiting from China’s reopening: Cushman & Wakefield
https://www.edgeprop.sg/property-news/southeast-asian-property-markets-rebound-2023-benefiting-china%E2%80%99s-reopening-cushman-wakefield
China’s reopening and engagement with partners can benefit Asean: economists
https://www.businesstimes.com.sg/international/asean/chinas-reopening-and-engagement-partners-can-benefit-asean-economists
China’s economy to grow around 5% this year, central bank head says
https://www.channelnewsasia.com/business/chinas-economy-grow-around-5-year-central-bank-head-says-3417111
China exports unexpectedly rise in positive sign for economy
https://www.businesstimes.com.sg/international/china-exports-unexpectedly-rise-positive-sign-economy
https://www.straitstimes.com/business/china-exports-stun-with-surprise-surge-in-march
https://www.scmp.com/economy/economic-indicators/article/3216880/china-trade-exports-surge-over-14-cent-march-imports-fall-again
China’s largest trade fair to reopen in full glory but mood could be sombre
https://www.businesstimes.com.sg/international/global/chinas-largest-trade-fair-reopen-full-glory-mood-could-be-sombre
Property crisis pummels Chinese developers’ bottom lines
https://www.businesstimes.com.sg/international/global/property-crisis-pummels-chinese-developers-bottom-lines
China home builder Country Garden gets HK$900 million private loan
https://www.businesstimes.com.sg/property/china-home-builder-country-garden-gets-hk900-million-private-loan
Hong Kong developers cut housing project prices as outlook dims
https://www.businesstimes.com.sg/property/hong-kong-developers-cut-housing-project-prices-outlook-dims
Malaysia’s pension fund refutes speculation of cash crunch crisis
https://www.businesstimes.com.sg/international/asean/malaysias-pension-fund-refutes-speculation-cash-crunch-crisis
A platinum opportunity to enter Phnom Penh’s property market
https://www.channelnewsasia.com/advertorial/platinum-opportunity-enter-phnom-penhs-property-market-3412286
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