Singapore Real Estate
Singapore households’ net worth up in Q1 with rising property prices; liabilities fall
Household net worth in Singapore grew at a faster pace in the first quarter of 2023, outpacing growth for most of 2022, as rising residential property prices fed into higher values for residential property assets.
https://www.businesstimes.com.sg/property/singapore-households-net-worth-q1-rising-property-prices-liabilities-fall
https://www.straitstimes.com/business/most-s-pore-households-remain-financially-sound-in-q1-options-available-for-those-with-difficulties
Fangiono family of First Resources racks up four Nassim bungalow buys this year
The family that is said to be buying three Nassim Road bungalows from Cuscaden Peak Investments at a record land rate, had earlier this year picked up another bungalow on the same street for S$88 million.
https://www.businesstimes.com.sg/property/fangiono-family-first-resources-racks-four-nassim-bungalow-buys-year
Singapore Economy
Cybersecurity, connectivity needed to tap potential of digital economy: DPM Wong
Cybersecuity, connectivity and the responsible use of artificial intelligence (AI) are among key digital priorities that need to be addressed, said Deputy Prime Minister Lawrence Wong on Tuesday (Jun 6).
https://www.businesstimes.com.sg/singapore/cybersecurity-connectivity-needed-tap-potential-digital-economy-dpm-wong
Infocomm sector grows 8.6% in 2022; new digital connectivity blueprint to support further growth
Singapore’s information and communications sector grew 8.6 per cent in 2022, outpacing the 3.6 per cent growth clocked by the overall economy, according to a new Digital Connectivity Blueprint unveiled on Monday (Jun 5).
https://www.businesstimes.com.sg/singapore/economy-policy/infocomm-sector-grows-86-2022-new-digital-connectivity-blueprint-support
Companies’ Brief
Keppel DC Reit says Cyxtera bankruptcy has ‘no material impact’ on DPU
The manager of Keppel DC Reit said Tuesday (Jun 6) that the filing for Chapter 11 bankruptcy protection in the US by Nasdaq-listed data centre operator Cyxtera will have “no material impact” on its distribution per unit (DPU).
https://www.businesstimes.com.sg/companies-markets/reits-property/keppel-dc-reit-says-cyxtera-bankruptcy-has-no-material-impact-dpu
Yanlord reports 437.5% y-o-y surge in total contracted pre-sales of RMB6.1 bil in May
Yanlord Land Group has reported total contracted pre-sales of RMB6.1 billion ($1.16 billion) for the month of May. The amount, which came from the group’s residential and commercial units as well as car parks, stood 437.5% higher than May 2022’s RMB1.14 billion.
https://www.theedgesingapore.com/news/property/yanlord-reports-4375-y-o-y-surge-total-contracted-pre-sales-rmb61-bil-may
Global Economy & Real Estate
These are the world’s 20 most expensive cities for expats in 2023
https://www.businesstimes.com.sg/international/global/these-are-worlds-20-most-expensive-cities-expats-2023
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3223185/hong-kong-ends-reign-worlds-most-expensive-city-expats-singapore-gains-8-spots-over-soaring-property
UK construction growth edges up, despite housing slump
https://www.businesstimes.com.sg/property/uk-construction-growth-edges-despite-housing-slump
Australia central bank raises rates to 11-year high, warns more hikes likely
https://www.businesstimes.com.sg/international/australia-central-bank-raises-rates-11-year-high-warns-more-hikes-likely
Australia’s economy cools in Q1 as aggressive rate hikes take toll
https://www.straitstimes.com/business/australia-s-economy-cools-as-aggressive-rate-hikes-take-toll
China’s May economic data in spotlight as investors fret about recovery, lack of action
https://www.scmp.com/economy/china-economy/article/3223130/chinas-may-economic-data-spotlight-investors-fret-about-recovery-lack-action
China asks big banks to cut deposit rates again to boost economy
https://www.straitstimes.com/business/china-asks-big-banks-to-cut-deposit-rates-again-to-boost-economy
https://www.channelnewsasia.com/business/china-may-cut-rates-further-h2-government-researcher-says-3541641
Breaking | China trade: exports tumble in May, adding to economic woes
https://www.scmp.com/economy/economic-indicators/article/3223210/china-trade-exports-tumble-may-adding-economic-woes
Evergrande Property Services to ensure working capital until mid-2024
https://www.businesstimes.com.sg/property/evergrande-property-services-ensure-working-capital-until-mid-2024
https://www.scmp.com/business/china-business/article/3223110/evergrandes-property-service-unit-unruffled-parents-liquidity-crisis-talks-refund-guarantee
Hong Kong rural body proposes housing scheme near site of controversial golf club development
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3223186/hong-kong-rural-body-proposes-housing-scheme-near-site-controversial-golf-club-development
Japan needs to balance growth, fiscal reform: policy document
https://www.businesstimes.com.sg/international/japan-needs-balance-growth-fiscal-reform-policy-document
Rental demand for Johor homes surges amid soaring Singapore rents; Q1 sales volume beats pre-pandemic levels
https://www.businesstimes.com.sg/international/asean/rental-demand-johor-homes-surges-amid-soaring-singapore-rents-q1-sales-volume
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