Singapore Real Estate
Prime office rents in CBD under downward pressure amid pockets of weakness in Q2
Singapore Grade-A office rents in the Central Business District (CBD) could come under downward pressure in the second half of 2023, as near-term demand will likely fall short of supply, a JLL report showed.
https://www.businesstimes.com.sg/property/prime-office-rents-cbd-under-downward-pressure-amid-pockets-weakness-q2
https://www.scmp.com/news/asia/southeast-asia/article/3225387/singapore-stands-out-climbing-office-rents-occupancy-rates
Shenton House relaunched for en bloc sale with plans to cut reserve price
The owners of Shenton House are relaunching the commercial property for collective sale via tender for the third time at an unchanged guide price of S$590 million. However, plans are underway to lower the reserve price by 9.5 per cent to S$538 million.
https://www.businesstimes.com.sg/property/shenton-house-relaunched-en-bloc-sale-plans-cut-reserve-price
https://www.straitstimes.com/business/shenton-house-relaunched-for-en-bloc-sale-with-plans-to-cut-reserve-price-to-538m
https://www.edgeprop.sg/property-news/shenton-house-relaunches-collective-sale-lower-price-538-mil
Can young couples attain the condo dream? Yes they can, but they should weigh the costs
Private housing prices rose 8.6 per cent in 2022 and 10.6 per cent in 2021, outpacing income growth for many households. Private home buyers now pay higher home loan rates.
https://www.businesstimes.com.sg/opinion-features/can-young-couples-attain-condo-dream-yes-they-can-they-should-weigh-costs
Singapore Economy
Singapore GDP could slow to 0.4% in 2023, below official outlook: ICAEW, Oxford Economics
Singapore’s economic growth could slow “significantly” to 0.4 per cent this year, even as it escapes a technical recession, the Institute of Chartered Accountants in England and Wales (ICAEW) said on Monday (Jun 26).
https://www.businesstimes.com.sg/singapore/singapore-gdp-could-slow-04-2023-below-official-outlook-icaew-oxford-economics
Economists flag risk of technical recession for Singapore as manufacturing contracts further in May
Economists warned of a heightened risk of a technical recession in the first half of 2023, as factory output contracted by 10.8 per cent on year in May, worse than Bloomberg’s median forecast of a 7.3 per cent drop. Electronics continued to disappoint.
https://www.businesstimes.com.sg/singapore/economists-flag-risk-technical-recession-singapore-manufacturing-contracts-further-may
https://www.straitstimes.com/business/singapore-factory-slump-deepens-as-output-shrinks-108-i-may-worse-than-expected
https://www.theedgesingapore.com/news/singapore-economy/singapore-manufacturing-output-may-down-108-prompting-economist-warn
Singapore and Guangdong expand collaboration to sustainability, digital economy, health
Singapore and Guangdong renewed and expanded their business partnership at the 13th Singapore-Guangdong Collaboration Council meeting on Monday (Jun 26), where over 20 memorandums of understanding (MOUs) were signed between public and private bodies.
https://www.businesstimes.com.sg/singapore/singapore-and-guangdong-expand-collaboration-sustainability-digital-economy-health
https://www.straitstimes.com/business/guangdong-remains-s-pore-s-top-chinese-provincial-trading-partner-bilateral-trade-at-record-high
Companies’ Brief
CapitaLand unveils new life sciences and innovation cluster in Singapore Science Park
A new life sciences and innovation cluster in Singapore Science Park (SSP) was unveiled by CapitaLand on Monday (26 Jun) as part of its rejuvenation efforts for the precinct. The cluster – known as Geneo – comprises three properties at 1, 5 and 7 Science Park Drive; and will offer about 180,600 square metres (sq m) of gross floor area (GFA) when completed in 2025.
https://www.businesstimes.com.sg/property/capitaland-unveils-new-life-sciences-and-innovation-cluster-singapore-science-park
https://www.straitstimes.com/business/new-life-sciences-hub-at-singapore-science-park-slated-for-2025-completion
https://www.theedgesingapore.com/news/property/capitalands-137-bil-geneo-redevelopment-help-rejuvenate-40-year-old-singapore-science
ESR-Logos Reit to divest seven industrial assets for S$337 million
ESR-Logos Reit is divesting seven industrial properties in Singapore and Australia for about S$337 million in total, its manager said in a bourse filing on Friday (Jun 23).
https://www.businesstimes.com.sg/companies-markets/esr-logos-reit-divest-seven-industrial-assets-s337-million
https://www.theedgesingapore.com/news/reits/esr-logos-divest-seven-non-core-assets-3370-mil
Keppel expands energy-as-a-service offerings in China through Guangzhou Knowledge City
Keppel Corporation will be providing so-called “energy-as-a-service” to the China-Singapore Guangzhou Knowledge City (CSGKC). The MOU for a strategic partnership was signed on June 26 between Keppel and China-Singapore Guangzhou Knowledge City Investment & Development Co, (GKC JV Co), developer of the “Knowledge City”.
https://www.theedgesingapore.com/news/company-news/keppel-expands-energy-service-offerings-china-through-guangzhou-knowledge-city
Global Economy & Real Estate
Blackstone is said to weigh offers for stake in Bellagio casino in Las Vegas
https://www.businesstimes.com.sg/property/blackstone-said-weigh-offers-stake-bellagio-casino-las-vegas
Billionaire Ofer’s firm buys NYC apartment building in Gramercy
https://www.businesstimes.com.sg/property/billionaire-ofers-firm-buys-nyc-apartment-building-gramercy
HSBC dumps London tower for smaller office as real estate reckoning unfolds
https://www.straitstimes.com/business/hsbc-dumps-london-tower-for-smaller-office-as-real-estate-reckoning-unfolds
Inflation in shops declines as UK battles living-cost crisis
https://www.businesstimes.com.sg/international/inflation-shops-declines-uk-battles-living-cost-crisis
UK retail sales fall for second month in June: CBI
https://www.businesstimes.com.sg/international/uk-retail-sales-fall-second-month-june-cbi
Bank of England to take bank rate to 5.50% over next two meetings
https://www.businesstimes.com.sg/international/bank-england-take-bank-rate-550-over-next-two-meetings
Low-income Britons can afford only 5% of private rental homes
https://www.businesstimes.com.sg/property/low-income-britons-can-afford-only-5-private-rental-homes
German business sentiment falls further in June
https://www.businesstimes.com.sg/international/german-business-sentiment-falls-further-june
New Zealand seen stumbling from one recession into another
https://www.businesstimes.com.sg/international/new-zealand-seen-stumbling-one-recession-another
China’s slower-than-expected reopening will weigh on Asean growth: analysts
https://www.businesstimes.com.sg/international/asean/chinas-slower-expected-reopening-will-weigh-asean-growth-analysts
China economic gloom worsens with weak consumer spending data
https://www.businesstimes.com.sg/international/china-economic-gloom-worsens-weak-consumer-spending-data
https://www.straitstimes.com/business/china-economic-gloom-worsens-with-weak-consumer-spending-data
China home sales require more easing to escape ‘current malaise’, analysts say, as report finds prices rose in June but are still well below 2022 levels
https://www.scmp.com/business/china-business/article/3225434/china-home-sales-require-more-easing-escape-current-malaise-analysts-say-report-finds-prices-rose
Hong Kong’s third richest family makes US$4.6 billion takeover offer for NWS to help ease debt burden at New World Development
https://www.scmp.com/business/markets/article/3225482/hong-kongs-third-richest-family-makes-us46-billion-takeover-offer-nws-help-ease-debt-burden-new
Two more China builders say they can’t meet debt obligations
https://www.businesstimes.com.sg/international/global/two-more-china-builders-say-they-cant-meet-debt-obligations
https://www.straitstimes.com/business/two-more-china-developers-say-they-can-t-meet-debt-obligations
Economic growth should not be sacrificed to achieve net-zero target: Malaysia PM Anwar
https://www.businesstimes.com.sg/international/asean/economic-growth-should-not-be-sacrificed-achieve-net-zero-target-malaysia-pm
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