Singapore Real Estate
Are Singapore’s prime office buildings overpriced in offering 3 per cent yield?
Last week, OCBC confirmed that it is exploring redeveloping its Chulia Street and Church Street property in the Central Business District (CBD). Perhaps, OCBC is encouraged to consider redevelopment, which will involve the bank’s headquarters building, because of the positive picture for prime office towers here.
https://www.businesstimes.com.sg/opinion-features/are-singapore-s-prime-office-buildings-overpriced-offering-3-cent-yield
Income Insurance sells 30 Prinsep Street for S$147 million
Income Insurance is said to have sold its 11-storey, 999-year leasehold commercial building at 30 Prinsep Street for about S$147 million. The price reflects about S$3,000 per square foot on the 48,974 sq ft net lettable of the property, which is a stone’s throw from Bencoolen MRT station on the Downtown Line.
https://www.businesstimes.com.sg/property/income-insurance-sells-30-prinsep-street-s-147-million
Demand for larger HDB flats push up resale prices in March; volumes dip again
Demand for larger public housing flats supported resale prices in March, which rose for the sixth consecutive month while volumes continued to decline. Based on flash data by SRX and 99.co released on Monday (Apr 8), resale prices were up 0.3 per cent month on month.
https://www.businesstimes.com.sg/property/demand-larger-hdb-flats-push-resale-prices-march-volumes-dip-again-srx-99-co
https://www.straitstimes.com/singapore/housing/hdb-resale-prices-rise-03-in-march-fewer-units-sold
Business News
ESR says ‘amicable approach’ with Quarz is to prioritise Sabana Reit and unitholders
ESR group said that its choice to “pursue an amicable approach instead of legal action” was to prioritise Sabana Industrial Real Estate Investment Trust (Sabana Reit) and its unitholders. “This ensures that information disseminated to unitholders is clear, accurate and not misleading so that informed choices can be made,” it noted.
https://www.businesstimes.com.sg/companies-markets/esr-says-amicable-approach-quarz-prioritise-sabana-reit-and-unitholders
https://www.theedgesingapore.com/news/reits/cost-savings-internalisation-overstated-says-esr-group-after-resolutio
-defamation-actio
MOH Permanent Secretary Chan Yeng Kit to be SPH Media’s new CEO from Jul 15
Permanent Secretary for Health Chan Yeng Kit will take over as SPH Media’s new chief executive officer from Jul 15. The 59-year-old will succeed outgoing chief Teo Lay Lim, who is retiring from SPH Media after more than two years in the role.
https://www.businesstimes.com.sg/singapore/moh-permanent-secretary-chan-yeng-kit-be-sph-media-s-new-ceo-jul-15
https://www.straitstimes.com/singapore/former-imda-chairman-to-be-new-sph-media-ceo-from-july-15
https://www.todayonline.com/singapore/moh-perm-sec-sph-media-ceo-2380746
https://www.channelnewsasia.com/singapore/chan-yeng-kit-sph-media-ceo-teo-lay-lim-permanent-secretary-health-4250586
Soilbuild subsidiaries secure contracts worth $3.6 mil
Soilbuild Construction Group has been awarded new contracts worth $3.6 million through its wholly-owned subsidiaries Soil-Build and Precast Concrete. Soil-Build has secured a construction contract by SB (TND) Investment for hoarding and earthworks at an industrial development in Tampines North.
https://www.theedgesingapore.com/news/contracts/soilbuild-subsidiaries-secure-contracts-worth-36-mil
Global Economy & Real Estate
US inflation expectations stabilise, but debt concerns pick up
https://www.businesstimes.com.sg/international/us-inflation-expectations-stabilise-debt-concerns-pick
Rising Federal Reserve chatter is not making life in markets easy
https://www.businesstimes.com.sg/opinion-features/rising-federal-reserve-chatter-not-making-life-markets-easy
Goldman says Trump’s new China tariff plan would slow US growth
https://www.businesstimes.com.sg/international/goldman-says-trump-s-new-china-tariff-plan-would-slow-us-growth
As Janet Yellen decries China’s EV overcapacity, commerce minister calls such accusations ‘groundless’
https://www.scmp.com/economy/china-economy/article/3258240/janet-yellen-decries-chinas-ev-overcapacity-commerce-minister-calls-such-accusations-groundless?module=top_story&pgtype=subsection
Blackstone US$10 billion deal is latest bet on property
https://www.businesstimes.com.sg/property/blackstone-us-10-billion-deal-latest-bet-property
Blackstone bet spurs biggest apartment rally since December
https://www.businesstimes.com.sg/property/blackstone-bet-spurs-biggest-apartment-rally-december
Rate cuts on the cards for South-east Asia once US Fed starts easing cycle
https://www.businesstimes.com.sg/international/asean/rate-cuts-cards-south-east-asia-once-us-fed-starts-easing-cycle
Asia-Pacific lags global peers in Q1 IPO activity: EY
https://www.businesstimes.com.sg/companies-markets/asia-pacific-lags-global-peers-q1-ipo-activity-ey
China’s economy to grow 5.3% this year as property sector stabilises, report finds
https://www.businesstimes.com.sg/international/global/china-s-economy-grow-5-3-year-property-sector-stabilises-report-finds
https://www.straitstimes.com/business/china-economy-to-grow-53-this-year-as-property-sector-stabilises-report-finds
Chinese spending jumps over long holiday weekend, tops pre-Covid level
https://www.businesstimes.com.sg/international/chinese-spending-jumps-over-long-holiday-weekend-tops-pre-covid-level
ECB tipped to pause one last time before June rate cut
https://www.businesstimes.com.sg/international/ecb-tipped-pause-one-last-time-june-rate-cut
Eurozone companies expect wage increases to moderate, ECB says
https://www.businesstimes.com.sg/international/eurozone-companies-expect-wage-increases-moderate-ecb-says
German property slump deepens with 19% drop in investment deals
https://www.businesstimes.com.sg/property/german-property-slump-deepens-19-drop-investment-deals
German industrial production rises in next turnaround signal
https://www.businesstimes.com.sg/international/german-industrial-production-rises-next-turnaround-signal
Pay in Hong Kong’s retail, travel industries lags behind all other sectors as city recovers from Covid pandemic
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3258292/pay-hong-kongs-retail-and-travel-industries-lags-behind-all-other-sectors-city-fights-back?module=top_story&pgtype=subsection
Israel holds rates to protect shekel as war spending soars
https://www.businesstimes.com.sg/international/israel-holds-rates-protect-shekel-war-spending-soars
Japan’s service-sector mood slumps, clouds BOJ rate hike path
https://www.businesstimes.com.sg/international/japan-s-service-sector-mood-slumps-clouds-boj-rate-hike-path
https://www.channelnewsasia.com/business/japans-service-sector-mood-slumps-clouds-boj-rate-hike-path-4250341
Gloomy New Zealand firms raise risk of hard landing for economy
https://www.businesstimes.com.sg/international/gloomy-new-zealand-firms-raise-risk-hard-landing-economy
Thai PM: Central bank should cut rates by at least 25 bps
https://www.businesstimes.com.sg/international/thai-pm-central-bank-should-cut-rates-least-25-bps
Thailand to announce property measures to boost economy: ministry
https://www.businesstimes.com.sg/international/asean/thailand-announce-property-measures-boost-economy-ministry
https://www.channelnewsasia.com/business/thailand-announce-property-measures-boost-economy-ministry-says-4250781
Large UK companies see lowest uncertainty in nearly three years
https://www.businesstimes.com.sg/international/large-uk-companies-see-lowest-uncertainty-nearly-three-years
UK tenants facing double-digit squeeze in rents, outpacing pay
https://www.businesstimes.com.sg/property/uk-tenants-facing-double-digit-squeeze-rents-outpacing-pay
UK jobs market getting even tougher for new graduates
https://www.straitstimes.com/business/uk-jobs-market-getting-even-tougher-for-new-graduates
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