Singapore Real Estate
Singapore retail sales up 8.4% in February from Chinese New Year festivities
Singapore’s retail sales grew 8.4 per cent year on year in February, extending the 1.6 per cent growth posted in the month before. The increment was boosted by receipts from Chinese New Year (CNY) festivities.
https://www.businesstimes.com.sg/singapore/economy-policy/spotlight-1singapore-retail-sales-8-4-february-chinese-new-yea
-festivities
https://www.straitstimes.com/business/s-pore-retail-sales-up-84-in-february-driven-by-tourist-spending-and-festive-mood
https://www.channelnewsasia.com/business/singstat-fb-services-retail-sales-increase-february-2024-4244781
Kingsford to start previews for The Hill @ One-North, with prices from S$1.9 million
Kingsford Real Estate Development will start previews for its latest condominium project at Slim Barracks Rise, The Hill @ One-North, on Saturday (Apr 6). Prices start from S$1.9 million for a two-bedroom unit.
https://www.businesstimes.com.sg/property/kingsford-start-previews-hill-one-north-prices-s-1-9-million
Singapore Economy
MAS unlikely to ease monetary policy in April; economists eye July as possibility
Singapore’s central bank is expected to stand pat at its next monetary policy review, said economists, some of whom believe it may begin easing by July. The review by the Monetary Authority of Singapore (MAS) is expected to take place this week.
https://www.businesstimes.com.sg/singapore/mas-unlikely-ease-monetary-policy-april-economists-eye-july-possibility
Singapore and Hong Kong at different stages in courtship for family offices, say experts
Singapore – Singapore and longstanding rival Hong Kong are fighting tooth and nail to attract family offices, but while they share the same goal, their game plans are quite different.
https://www.straitstimes.com/business/singapore-and-hong-kong-at-different-stages-in-courtship-for-family-offices-say-experts
Business News
Keppel achieves first close for sustainable urban renewal fund
Keppel has achieved its first close for the Keppel Sustainable Urban Renewal Fund after securing “Korean institutional capital”. On Monday (Apr 8), the global asset manager and operator said this brings total funds under management in its sustainable urban renewal (SUR) strategy to over US$1.7 billion.
https://www.businesstimes.com.sg/companies-markets/keppel-achieves-first-close-sustainable-urban-renewal-fund
MBS expansion to be completed by July 2029, including fourth tower
Singapore — Marina Bay Sands (MBS) will complete its expansion by July 2029, in a project that will see the erection of a fourth tower and a 15,000-seat entertainment arena. Full-scale construction is expected to start by July next year, said MBS in a news release on Friday (April 5).
https://www.todayonline.com/singapore/mbs-expansion-be-completed-july-2029-including-fourth-tower-2397891
https://www.straitstimes.com/singapore/mbs-expansion-including-new-4th-tower-set-for-completion-by-july-2029
https://www.channelnewsasia.com/singapore/marina-bay-sands-expansion-fourth-tower-2025-completed-4244641
OUE Reit eyes higher hospitality contribution in growth push
While offices and hotels are both considered commercial assets, they have markedly different operating and investing characteristics. Having a portfolio comprising both types of properties, though, has been a key strategy for OUE Real Estate Investment Trust (Reit).
https://www.businesstimes.com.sg/companies-markets/oue-reit-eyes-higher-hospitality-contribution-growth-push
Straits Trading sells Adelaide property; consideration is A$10 million below independent valuation
The Straits Trading Company is selling one of its industrial properties in South Australia for A$52.7 million (S$46.3 million) – an amount that is more than A$10 million below an independent valuation.
https://www.businesstimes.com.sg/companies-markets/spotlight-1straits-trading-sells-adelaide-property-consideration-10-million-below-independent-valuation
https://www.theedgesingapore.com/news/property/straits-trading-sell-adelaide-industrial-property-a527-million
Should Suntec Reit internalise its manager?
The board of Suntec Real Estate Investment Trust’s (Reit) manager should probably be prepared to field some questions from unitholders at the coming annual general meeting (AGM) on Apr 18 about whether it is time to consider internalising the management function of the trust.
https://www.businesstimes.com.sg/opinion-features/should-suntec-reit-internalise-its-manager
Singapore-listed semiconductor players expect minimal impact from Taiwan earthquake
Singapore-listed semiconductor companies appear insulated from the impact that Wednesday’s (Apr 3) earthquake in Taiwan could have on the broader supply chain. In the wake of the 7.4-magnitude quake off the island’s east coast, Taiwan Semiconductor Manufacturing Co (TSMC) called a halt to some of its chip-making operations and evacuated staff.
https://www.businesstimes.com.sg/companies-markets/singapore-listed-semiconductor-players-expect-minimal-impact-taiwan-earthquake
Views, Reviews, Forum and Others
askST: What will happen to assets surrendered in $3b money laundering case?
Singapore – Two men convicted in Singapore’s largest money laundering case surrendered more than $170 million worth of assets in total to the state, after they pleaded guilty last week.
https://www.straitstimes.com/singapore/courts-crime/askst-what-will-happen-to-assets-surrendered-in-3b-money-laundering-case
MOM ‘did not advise’ employer to fire migrant worker harassed by loan sharks; he can remain in Singapore amid police probe
Singapore: A migrant worker, who was fired after his employer was harassed by loansharks for his alleged loans, was terminated following a decision made by his employer and not on the advice of the Ministry of Manpower (MOM), said the MOM and the police in a statement on Saturday (Apr 6).
https://www.channelnewsasia.com/singapore/migrant-worker-fired-loan-sharks-bangladeshi-sharif-md-uddin-4247646
https://www.todayonline.com/singapore/mom-did-not-advise-employer-fire-migrant-worker-harassed-loan-sharks-he-can-remain-spore-amid-police-probe-2398601
CNA Explains: What should you do if you’re caught in an earthquake?
Singapore: A 7.2 magnitude earthquake struck Taiwan’s eastern county of Hualien on Wednesday (Apr 3), killing 12 people and injuring more than 1,000 in the strongest quake to hit the island in 25 years.
https://www.channelnewsasia.com/world/taiwan-earthquake-what-do-avoid-tips-survival-4244856
Global Economy & Real Estate
Travel to add a record US$11.1 trillion to global economy in 2024
https://www.businesstimes.com.sg/international/travel-add-record-us-11-1-trillion-global-economy-2024
Yellen, Premier Li express hope for US-China cooperation
https://www.businesstimes.com.sg/international/yellen-premier-li-express-hope-us-china-cooperation
https://www.scmp.com/economy/china-economy/article/3258114/china-and-us-shouldnt-avoid-tough-conversations-janet-yellen-tells-li-qiang-frank-and-productive?module=top_story&pgtype=subsection
US employers added 303,000 jobs in 39th straight month of growth
https://www.businesstimes.com.sg/international/us-employers-added-303-000-jobs-39th-straight-month-growth
US job growth beats expectations in March; wages increase steadily
https://www.businesstimes.com.sg/international/us-job-growth-beats-expectations-march-wages-increase-steadily
https://www.straitstimes.com/business/economy/us-job-growth-beats-expectations-in-march-wages-increase-steadily
Baltimore shipping set to resume by end of April with full capacity by end of May
https://www.channelnewsasia.com/world/baltimore-shipping-set-resume-end-april-full-capacity-end-may-4244331
Key facts about the collapse of Baltimore’s Francis Scott Key Bridge
https://www.businesstimes.com.sg/international/key-facts-about-collapse-baltimore-s-francis-scott-key-bridge
RBA’s guarded policy stance highlights sticky inflation worries
https://www.businesstimes.com.sg/international/rba-s-guarded-policy-stance-highlights-sticky-inflation-worries
Sales spike for China’s pre-owned homes in early 2024 points to property-market recovery later this year, analysts say
https://www.scmp.com/property/article/3258001/sales-spike-chinas-pre-owned-homes-early-2024-points-property-market-recovery-later-year-analysts?module=top_story&pgtype=section
China investment in Australia sinks as companies favour Belt and Road
https://www.businesstimes.com.sg/international/china-investment-australia-sinks-companies-favour-belt-and-road
Chinese developer Shimao receives winding-up petition in Hong Kong
https://www.straitstimes.com/business/chinese-developer-shimao-receives-winding-up-petition-in-hong-kong
https://www.channelnewsasia.com/business/chinas-shimao-faces-liquidation-suit-over-failure-pay-us202-million-loan-4249666
Dubai – UAE property tycoon withdraws from sanctions-hit Belarus, collaborates with Jared Kushner
https://www.businesstimes.com.sg/property/uae-property-tycoon-withdraws-sanctions-hit-belarus-collaborates-jared-kushner
German factory orders increase, supporting hopes for a rebound
https://www.businesstimes.com.sg/international/german-factory-orders-increase-supporting-hopes-rebound
CK Asset’s Blue Coast flats are 65 times oversold as buyers snap up discounts in Hong Kong’s biggest home launch this year
https://www.scmp.com/business/markets/article/3258083/ck-assets-blue-coast-flats-are-65-times-oversold-buyers-snap-discounts-hong-kongs-biggest-home?module=top_story&pgtype=subsection
A new normal: are the wild days of Hong Kong’s housing market a thing of the past?
https://www.scmp.com/business/markets/article/3257979/new-normal-are-wild-days-hong-kongs-housing-market-thing-past
Commercial property: Japan gains upper hand in attracting foreign investment as China’s uncertain outlook deters capital
https://www.scmp.com/business/article/3258035/commercial-property-japan-gains-upper-hand-attracting-foreign-investment-chinas-uncertain-outlook
Japan’s real wages fall for 23rd month as inflation picks up
https://www.businesstimes.com.sg/international/japan-s-real-wages-fall-23rd-month-inflation-picks
https://www.channelnewsasia.com/business/japan-real-wages-fall-23rd-straight-month-feb-4249641
RBNZ seen pushing back against bets on early interest-rate cuts
https://www.businesstimes.com.sg/international/rbnz-seen-pushing-back-against-bets-early-interest-rate-cuts
New Zealand tightens worker visas over ‘unsustainable’ migration
https://www.businesstimes.com.sg/international/new-zealand-tightens-worker-visas-over-unsustainable-migration
Two arrested in Spain money laundering probe linked to Venezuelan government
https://www.businesstimes.com.sg/international/two-arrested-spain-money-laundering-probe-linked-venezuelan-government
Thai March inflation misses central bank target for 11th month
https://www.businesstimes.com.sg/international/thai-march-inflation-misses-central-bank-target-11th-month
Chinese, Russians push Thai condo sales to above pre-Covid level
https://www.businesstimes.com.sg/property/chinese-russians-push-thai-condo-sales-above-pre-covid-level
Developer bets Bankside is London’s post-Covid office hot spot
https://www.businesstimes.com.sg/property/developer-bets-bankside-london-s-post-covid-office-hot-spot
UK economy growing again in all major sectors, survey shows
https://www.businesstimes.com.sg/international/uk-economy-growing-again-all-major-sectors-survey-shows
Disclaimer & Note:
Real Estate Developers’ Association of Singapore (REDAS) does not warrant the accuracy, adequacy or completeness of the information and expressly disclaims liability for errors or omissions therein. The content, accuracy, and opinions expressed are not investigated, verified, monitored, nor endorsed by REDAS. Every effort is taken to ensure that all information extracted is correct at the time of dissemination.
The Daily News is issued as news gathering for the convenience and benefits of REDAS’ members only and not for mass circulation. Members are advised to exercise discretion in the use and dissemination of the information. The news links are time-sensitive and require registration of fee-based digital subscriptions.