Singapore Real Estate
More homes planned in Media Circle to support housing demand
Land zoned for business park use in Media Circle may soon be set aside for new homes, indicated an update from the Urban Redevelopment Authority (URA) on Friday (May 3). A plot of land opposite Infinite Studios in one-north, which was previously set aside for business park use, is being proposed for residential with commercial use on the first storey.
https://www.businesstimes.com.sg/property/more-homes-planned-media-circle-support-housing-demand
https://www.straitstimes.com/singapore/more-high-rise-housing-planned-for-one-north-area-as-ura-readies-plots-for-development
Singapore hotels’ average room rate grows in March; tourist arrivals reach new post-Covid high
Singapore hotels’ average room rate (ARR) grew sequentially in March, as international visitor arrivals climbed to a new post-pandemic high, Singapore Tourism Board (STB) data showed on Friday (May 3).
https://www.businesstimes.com.sg/singapore/taylor-swift-effect-singapore-hotels-average-room-rate-grows-march-tourist-arrivals-reach-new-post
https://www.straitstimes.com/business/singapore-retail-sales-up-27-in-march-on-higher-food-and-alcohol-spending
After S$160 million makeover, SingLand eyes better take-up, higher rents at Singapore Land Tower
Singapore Land Group (SingLand) will complete a major upgrade of its iconic Singapore Land Tower by the end of 2024, after three years of extensive asset enhancement works. Built in 1980, the 47-storey building in the Central Business District (CBD) will see more lush green spaces, energy-efficient features, a double-glazed facade and new tenant amenity spaces after completion.
https://www.businesstimes.com.sg/property/after-s-160-million-makeover-singland-eyes-better-take-higher-rents-singapore-land-tower
Far East Shopping Centre owners in private talks after close of S$928 million en bloc tender
The owners of Far East Shopping Centre are now in private talks with interested parties after its en bloc sale tender closed on Thursday (May 2), marketing agent CBRE told The Business Times. The consultancy declined to comment on the level of interest in the collective sale and did not confirm whether any bids were received.
https://www.businesstimes.com.sg/property/far-east-shopping-centre-owners-private-talks-after-close-s-928-million-en-bloc-tender
Orchard Road to get virtual twin to woo younger shoppers
The tills are not ringing like they used to and the footfall has eased at Singapore’s prime shopping belt in Orchard Road, but a home-grown technology start-up is hoping it can chart a new way for retailers there to draw the younger crowd.
https://www.straitstimes.com/business/orchard-road-to-get-virtual-twin-to-woo-younger-shoppers
Commentary: Is co-living a fad or here to stay in Singapore?
Singapore: Private home rentals rose by about 30 per cent in 2022, the most in 15 years, and increased again by about 9 per cent in 2023. And while rentals have started to taper off, Singapore is the most expensive place to rent private property in the Asia Pacific, according to 2023 data from the Urban Land Institute.
https://www.channelnewsasia.com/commentary/co-living-rent-private-property-rising-prices-singapore-young-single-expat-4310971
Singapore Economy
A lot of job opportunities in sustainability space: Tan See Leng
With more than 100 carbon services and trading firms set up here in the past few years, the sustainability space will offer “significant opportunities” for Singaporeans, said Manpower Minister Tan See Leng on May 3.
https://www.straitstimes.com/singapore/a-lot-of-job-opportunities-in-sustainability-space-tan-see-leng
Steps to ensure Singapore’s economy continues humming
A wide range of productivity and workforce measures has been taken or mooted for Singapore to adequately address the complex challenges it faces.
https://www.straitstimes.com/singapore/jobs/steps-to-ensure-singapore-s-economy-continues-humming
https://www.straitstimes.com/singapore/jobs/tuning-up-s-pore-s-twin-economic-engines-of-labour-force-and-productivity
Data centre operators seek government support as demand for green energy surges
Total power demand from data centres in Singapore is expected to increase as more companies digitalise and transition to using cloud infrastructure. In view of this, market watchers say data centre operators will need to work with the government as they pivot towards renewable energy sources.
https://www.businesstimes.com.sg/companies-markets/data-centre-operators-seek-government-support-demand-green-energy-surges?ref=top-stories
Not all banks in S’pore cutting rates on flagship savings accounts
Singapore – Loan demand is slowing, but not all banks here are cutting interest rates on their flagship savings accounts just yet as they still see benefits in building up their deposit bases. Some are also diversifying into other sources of revenue to supplement the interest income they get from lending.
https://www.straitstimes.com/business/some-banks-in-singapore-not-cutting-interest-rates-on-flagship-savings-accounts-amid-us-rate-cut-delay
Business News
GuocoLand taps X factor to help tenants pull workers to offices amid hybrid work
A greater differentiation will emerge among Grade A office buildings in Singapore as businesses seek to build social capital in a hybrid working environment, according to the group chief executive officer of GuocoLand.
https://www.businesstimes.com.sg/companies-markets/guocoland-taps-x-factor-help-tenants-pull-workers-offices-amid-hybrid-work
Holiday Inn owner IHG’s Q1 revenue up 2.6%, leisure travel demand remains strong
Holiday Inn owner Intercontinental Hotels Group (IHG) posted a 2.6 per cent rise in first-quarter room revenue on Friday (May 3) and said it continues to expect demand for leisure travel to remain strong.
https://www.businesstimes.com.sg/companies-markets/consumer-healthcare/holiday-inn-owner-ihgs-q1-revenue-2-6-leisure-travel-demand-remains-strong
LHN warns H1 2024 net profit could decline by 28.6%
Mainboard-listed LHN warned that it expects net profit to drop 28.6 per cent to no less than S$14.5 million for the first half ended Mar 31, 2024, from S$20.3 million in the previous corresponding period.
https://www.businesstimes.com.sg/companies-markets/lhn-warns-h1-2024-net-profit-could-decline-28-6
https://www.straitstimes.com/business/companies-markets/lhn-warns-h1-2024-net-profit-could-decline-by-286
Interests of OCBC and Great Eastern’s minority shareholders are fundamentally misaligned
A question was raised at OCBC’s annual general meeting (AGM) this past week about how the group’s 88.4 per cent stake in Great Eastern may have contributed to the low trading liquidity and weak market value of the insurer’s shares.
https://www.businesstimes.com.sg/opinion-features/interests-ocbc-and-great-easterns-minority-shareholders-are-fundamentally-misaligned?ref=top-stories
WSJ moves Asia headquarters from Hong Kong to Singapore
The Wall Street Journal will shift its Asia headquarters from Hong Kong to Singapore, it said on Thursday (May 2) in a letter sent to staff and seen by AFP. The US newspaper said its decision comes after other foreign firms have reconsidered their operations in Chinese financial hub Hong Kong.
https://www.businesstimes.com.sg/companies-markets/wsj-moves-asia-headquarters-hong-kong-singapore
https://www.straitstimes.com/business/wsj-moves-asia-hq-from-hong-kong-to-singapore
https://www.channelnewsasia.com/business/wall-street-journal-moves-asia-hq-hong-kong-singapore-resulting-layoffs-4312706
Views, Reviews, Forum and Others
YHI International COO and subsidiary charged with alleged failure to ensure employee safety, causing death
YHI Corporation (Singapore), a subsidiary of YHI International, has been charged for allegedly failing to take reasonably practicable measures necessary to ensure the safety and health of an employee at work, leading to their death.
https://www.businesstimes.com.sg/companies-markets/yhi-international-coo-and-subsidiary-charged-alleged-failure-ensure-employee-safety-causing-death
Cars partially submerged in water at Bukit Timah condo; faulty valve the cause, says PUB
A faulty valve at The Twins condominium in the Bukit Timah area on May 4 led to its basement carpark being submerged in knee-deep water. A video of a resident wading through the flooded carpark, with the water level covering the tyres of several cars, circulated in chat groups that day.
https://www.straitstimes.com/singapore/cars-partially-submerged-in-knee-deep-water-at-bukit-timah-condo-faulty-valve-the-cause-says-pub
https://www.channelnewsasia.com/singapore/flooding-condominium-carpark-balmoral-crescent-faulty-valve-not-heavy-rain-4313226
Global Economy & Real Estate
Global growth forecast is lifted but risks loom: OECD
https://www.straitstimes.com/business/economy/global-growth-forecast-is-lifted-but-risks-loom-oecd
Global housing shortages are crushing immigration-fuelled growth
https://www.businesstimes.com.sg/international/global/global-housing-shortages-are-crushing-immigration-fuelled-growth
Fed remains on easing mode, but no rate cuts until data is supportive
https://www.straitstimes.com/business/fed-remains-on-easing-mode-but-no-rate-cuts-until-data-is-supportive
US service sector contracts in April; price pressures up
https://www.businesstimes.com.sg/international/us-service-sector-contracts-april-price-pressures
US jobs growth slows in April; jobless rate up to 3.9%
https://www.businesstimes.com.sg/international/us-jobs-growth-slows-april-jobless-rate-3-9
https://www.straitstimes.com/business/economy/us-hiring-slows-more-than-expected-in-sign-of-cooler-market
US mortgage rates up for fifth week at 7.22%
https://www.businesstimes.com.sg/property/us-mortgage-rates-fifth-week-7-22
Amsterdam parking space up for grabs for half-a-million euros
https://www.businesstimes.com.sg/property/amsterdam-parking-space-grabs-half-million-euros
Slowing global economy to mean smaller revenue bump in Australian budget
https://www.businesstimes.com.sg/international/slowing-global-economy-mean-smaller-revenue-bump-australian-budget
RBA to keep key rate at 12-year high as inflation stirs anew
https://www.businesstimes.com.sg/international/rba-keep-key-rate-12-year-high-inflation-stirs-anew
Australia’s housing rent hits record high in headache for RBA
https://www.businesstimes.com.sg/property/australias-housing-rent-hits-record-high-headache-rba
https://www.straitstimes.com/business/australia-housing-rents-hit-record-high-with-sydney-the-most-expensive
Luxury brands lure Chinese shoppers despite slowdown
https://www.channelnewsasia.com/asia/luxury-brands-lure-chinese-shoppers-despite-slowdown-4310491
Country Garden deadlines pose first big test of bond guarantees
https://www.businesstimes.com.sg/property/country-garden-deadlines-pose-first-big-test-bond-guarantees
Europe’s economic laggards have become its leaders
https://www.straitstimes.com/business/economy/europe-s-economic-laggards-have-become-its-leaders
Hong Kong’s new minimum wage formula won’t hurt companies’ bottom line, labour chief says
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3261432/hong-kong-labour-chief-chris-sun-defends-new-minimum-wage-formula-saying-employers-can-afford-it?module=top_story&pgtype=subsection
Hong Kong March retail sales down 7%, snapping 15 months of growth
https://www.businesstimes.com.sg/international/hong-kong-march-retail-sales-down-7-snapping-15-months-growth
https://www.channelnewsasia.com/business/hong-kong-march-retail-sales-down-7-snapping-15-months-growth-4311131
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3261341/hong-kong-retail-sales-fall-7-march-marking-sectors-worst-performance-2-years?module=top_story&pgtype=subsection
Hong Kong hopes inclusion of Reits in the Stock Connect scheme could help close gap with Singapore
https://www.scmp.com/business/banking-finance/article/3261270/hong-kong-hopes-inclusion-reits-stock-connect-scheme-could-help-close-gap-singapore
Hong Kong property deals hit three-year high in April
https://www.businesstimes.com.sg/property/hong-kong-property-deals-hit-three-year-high-april
https://www.scmp.com/business/article/3261363/hong-kong-property-deals-double-near-3-year-high-scrapping-cooling-measures-spurs-buying-demand
Hong Kong lawmakers give green light to HK$6.8 billion Trunk Road T4 highway project
https://www.scmp.com/news/hong-kong/transport/article/3261397/hong-kong-lawmakers-give-green-light-hk68-billion-trunk-road-t4-highway-project?module=top_story&pgtype=subsection
Hong Kong housing authorities find enough land to provide 21,000 transitional flats by early 2025
https://www.scmp.com/news/hong-kong/society/article/3261433/hong-kong-housing-authorities-find-enough-land-provide-21000-transitional-flats-early-2025
Hong Kong property: mainland Chinese buyers snapping up 8 out of 10 new homes in some sales, agents say
https://www.scmp.com/business/article/3261470/hong-kong-property-mainland-chinese-buyers-snapping-8-out-10-new-homes-some-sales-agents-say?module=top_story&pgtype=subsection
Heavy rain dampens sales at Great Eagle’s Onmantin project in Ho Man Tin with 67 units sold of 150
https://www.scmp.com/business/china-business/article/3261430/black-rain-dampens-sales-great-eagles-onmantin-project-ho-man-tin-67-units-sold-150
Mainland Chinese visitor spending to exceed HK$2 billion in Hong Kong during Labour Day ‘golden week’ break, tourism chief says
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3261467/mainland-chinese-visitor-spending-exceed-hk2-billion-hong-kong-during-labour-day-golden-week-break?module=top_story&pgtype=subsection
Johor’s data centres getting a boost from the Singapore factor; water, power remain bottlenecks
https://www.channelnewsasia.com/asia/malaysia-johor-data-centres-nvidia-ytl-kulai-sedenak-sez-us-china-trade-war-4310496
Saudi Arabia hikes oil selling prices for all grades to Asia
https://www.businesstimes.com.sg/international/saudi-arabia-hikes-oil-selling-prices-all-grades-asia
South Korea to slap fines on food suppliers for ‘shrinkflation’
https://www.businesstimes.com.sg/international/south-korea-slap-fines-food-suppliers-shrinkflation
https://www.channelnewsasia.com/business/south-korea-slap-fines-food-suppliers-shrinkflation-4310541
Thailand April inflation rises slightly, first time in 7 months
https://www.channelnewsasia.com/business/thailand-april-inflation-rises-slightly-first-time-7-months-4310551
Toronto home sales fall for third month in April; prices rise
https://www.businesstimes.com.sg/property/toronto-home-sales-fall-third-month-april-prices-rise
UK public sector productivity goes from bad to worse, ONS data shows
https://www.businesstimes.com.sg/international/uk-public-sector-productivity-goes-bad-worse-ons-data-shows
Qatari Sheikh sells London mansion to fellow royal for £39 million
https://www.businesstimes.com.sg/property/qatari-sheikh-sells-london-mansion-fellow-royal-ps39-million
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