Singapore Real Estate
Singapore office rents rebound as tenants from law firms to finance companies snap up space in main business zones
Rents in Singapore’s office market rose in the first three months of the year, shaking off two consecutive quarters of declines as some tenants snapped up limited premium spaces and others renewed their leases instead of relocating owing to cost considerations, according to Colliers.
https://www.scmp.com/business/article/3258665/singapore-office-rents-rebound-tenants-law-firms-finance-companies-snap-space-main-business-zones
All aboard! Decommissioned SMRT train to become co-living hotel in one-north
Singapore – First came the buses. Now, you can choose to stay in a decommissioned SMRT train carriage. Developed by local start-up Tiny Pod with the support of the JTC Corporation, Train Pod @ one-north is set to be Singapore’s first co-living train hotel and will launch in September.
https://www.straitstimes.com/singapore/all-aboard-decommissioned-smrt-train-to-become-co-living-hotel-in-one-north
https://cnalifestyle.channelnewsasia.com/travel/smrt-train-co-living-hotel-tiny-pod-388291
Singapore Economy
Singapore economy grows 2.7% year on year in Q1, but just 0.1% sequentially
Singapore’s economy grew 2.7 per cent year on year in the first quarter of 2024, improving from the previous quarter’s 2.2 per cent growth, advance estimates from the Ministry of Trade and Industry (MTI) showed on Friday (Apr 12).
https://www.businesstimes.com.sg/singapore/economy-policy/singapore-economy-grows-2-7-year-year-q1-just-0-1-sequentially
https://www.straitstimes.com/business/singapore-s-economy-beat-expectations-with-27-growth-in-q1
https://www.channelnewsasia.com/singapore/singapore-gdp-grows-27-pe-cent-2024-first-quarter-4257751
MAS stands pat at April monetary policy review as expected
Singapore’s central bank left its monetary policy settings unchanged in April, extending the pause for the fourth straight meeting, in line with market expectations. The Monetary Authority of Singapore (MAS) also left its headline and core inflation projections unchanged: both are expected to average 2.5 per cent to 3.5 per cent this year.
https://www.businesstimes.com.sg/singapore/mas-stands-pat-april-monetary-policy-review-expected
https://www.straitstimes.com/business/mas-keeps-singapore-dollar-policy-2024-inflation-forecasts-unchanged
https://www.channelnewsasia.com/singapore/mas-monetary-policy-singapore-april-2024-4258081
Singapore is world’s 5th smartest city, top in Asia: Global index
Singapore – Singapore is the world’s fifth-smartest city, moving up two levels from its ranking in 2023, according to the 2024 Smart City Index. The Republic also remains the smartest city in Asia, beating out the likes of Beijing, Taipei and Seoul, based on the index published on April 9.
https://www.straitstimes.com/singapore/singapore-is-5th-smartest-city-in-the-world-top-in-asia-global-index
Business News
Centurion eyes further growth with capacity expansion
Centurion Corporation is seeing a surge in demand for worker dormitories as construction activity strongly resumes, now that the pandemic is a distant memory. In FY2023 ended Dec 31, 2022, Centurion reported earnings of $153.1 million from $71.4 million in FY2022, led by higher net fair value gains of $84.8 million from its assets.
https://www.theedgesingapore.com/news/corporate-moves/centurion-eyes-further-growth-capacity-expansion
ESR-Logos Reit to divest Australia property at 7.4% premium in A$65.5 million deal
ESR-Logos Real Estate Investment Trust (Reit) is divesting a logistics property in Australia for A$65.5 million (S$57.7 million). On Thursday (Apr 11), the Reit manager said its sale consideration represents a 7.4 per cent premium to its independent valuation of A$61 million as at Dec 31, 2023.
https://www.businesstimes.com.sg/companies-markets/esr-logos-reit-divest-australia-property-7-4-premium-65-5-million-deal
https://www.straitstimes.com/business/esr-logos-reit-divests-australia-property-at-74-premium-in-577-million-deal
Sabana Reit unitholders urge EGM requisitionists to respect trust deed, court process
A few unitholders of Sabana Industrial Real Estate Investment Trust (Sabana Reit) have expressed concerns about Quarz Capital and four other unitholders who are requisitioning a third extraordinary general meeting (EGM).
https://www.businesstimes.com.sg/companies-markets/sabana-reit-unitholders-urge-egm-requisitionists-respect-trust-deed-court-process
Global Economy & Real Estate
US Fed officials in no rush to cut rates as inflation worries rise
https://www.straitstimes.com/business/economy/us-fed-officials-in-no-rush-to-cut-rates-as-inflation-worries-rise
IMF chief sees inflation dropping further in 2024, not yet fully defeated
https://www.businesstimes.com.sg/international/imf-chief-sees-inflation-dropping-further-2024-not-yet-fully-defeated
US weekly jobless claims fall more than expected; continuing claims rise
https://www.businesstimes.com.sg/international/us-weekly-jobless-claims-fall-more-expected-continuing-claims-rise
US producer prices rise 2.1% from a year ago, most in 11 months
https://www.businesstimes.com.sg/international/us-producer-prices-rise-2-1-year-ago-most-11-months
China GDP: what is needed to achieve the ‘very challenging’ 5% economic growth goal for 2024?
https://www.scmp.com/economy/economic-indicators/article/3258640/china-gdp-what-needed-achieve-very-challenging-5-economic-growth-goal-2024?module=top_story&pgtype=section
China consumer price gains fade with industry stuck in deflation
https://www.businesstimes.com.sg/international/global/china-consumer-price-gains-fade-industry-stuck-deflation
https://www.straitstimes.com/business/china-consumer-price-gains-fade-with-industry-stuck-in-deflation
China vows strong support for equipment, consumer goods trade-in plans
https://www.businesstimes.com.sg/international/china-vows-strong-support-equipment-consumer-goods-trade-plans
Chinese cities further ease homebuying policies to spur sales
https://www.businesstimes.com.sg/property/chinese-cities-further-ease-homebuying-policies-spur-sales
https://www.straitstimes.com/business/chinese-cities-further-ease-homebuying-policies-to-spur-sales
China Vanke shares, bonds fall after rating cut and government probe
https://www.businesstimes.com.sg/property/china-vanke-shares-bonds-fall-after-rating-cut-and-government-probe
ECB holds rates at record highs, signals upcoming cut
https://www.businesstimes.com.sg/international/ecb-holds-rates-record-highs-signals-upcoming-cut
https://www.straitstimes.com/business/ecb-puts-rate-cut-firmly-on-agenda
German builders demand billions in subsidies to stem housing crisis
https://www.businesstimes.com.sg/property/german-builders-demand-billions-subsidies-stem-housing-crisis
Hong Kong fire safety orders from 16 years ago not complied with at building where blaze erupted, killing 5
https://www.scmp.com/news/hong-kong/society/article/3258573/hong-kong-lawmakers-ask-government-boost-fire-safety-rules-cut-risk-more-killer-blazes
Thai PM says rate cut would have been right for economy, public ‘suffering’
https://www.businesstimes.com.sg/international/thai-pm-says-rate-cut-would-have-been-right-economy-public-suffering
Tokyo office vacancies hit 3-year low, bucking global slump
https://www.businesstimes.com.sg/property/tokyo-office-vacancies-hit-3-year-low-bucking-global-slump
Muji bets minimalist aesthetic will work for homes, hotels
https://www.straitstimes.com/business/muji-bets-minimalist-aesthetic-will-work-for-homes-hotels
UK housing market recovery gains more ground, RICS survey shows
https://www.businesstimes.com.sg/property/uk-housing-market-recovery-gains-more-ground-rics-survey-shows
UK banks boost mortgage supply at fastest pace since 2021
https://www.businesstimes.com.sg/property/uk-banks-boost-mortgage-supply-fastest-pace-2021
Vietnam property tycoon sentenced to death in multibillion-dollar fraud case
https://www.businesstimes.com.sg/property/vietnam-property-tycoon-sentenced-death-multibillion-dollar-fraud-case
https://www.channelnewsasia.com/asia/vietnam-property-tycoon-death-sentence-financial-fraud-truong-my-lan-4258241
https://www.scmp.com/week-asia/politics/article/3258672/vietnamese-property-tycoon-truong-my-lan-sentenced-death-us125-billion-fraud-case
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