Singapore Real Estate
Katong Plaza put up for sale at S$188 million, with approval for hotel use
Katong Plaza, a 41-year-old property in the east, is being put on the market via a collective sale, with an asking price of S$188 million. This translates to a land rate of S$1,901 per square foot per plot ratio for the freehold site, including a land betterment charge of about S$6 million, according to marketing agent Huttons Asia.
https://www.businesstimes.com.sg/property/katong-plaza-put-sale-s188-million-approval-hotel-use
Food factory site in Mandai fetches S$74 million, among recent big-ticket industrial deals
The industrial property market has been buzzing with big-ticket sales in the past few months. These include a S$74 million deal for a freehold food factory development site in Mandai. A building in Senoko Loop, meanwhile, has fetched S$53.2 million and a property in Pandan Road is being sold for S$36 million; both are on JTC sites with balance leases of more than 20 years each.
https://www.businesstimes.com.sg/property/food-factory-site-mandai-fetches-s74-million-among-recent-big-ticket-industrial-deals
Business News
Las Vegas Sands plans another development in Singapore
Las Vegas Sands (LVS) plans another development in Singapore to complement its casino resort there, including more space for live entertainment. The company will give more details later in 2024, chief executive Rob Goldstein said on May 29 at an investor conference.
https://www.straitstimes.com/business/las-vegas-sands-plans-another-development-in-singapore
Singapore’s OCBC investing US$192 million in Hong Kong, Macau to support business growth, CEO Helen Wong says
Singaporean banking giant OCBC Group plans to invest HK$1.5 billion (US$192 million) in Hong Kong and Macau to upgrade its digital platform and offices to target growing banking and wealth management opportunities, its CEO said on Wednesday (May 29).
https://www.channelnewsasia.com/business/singapore-ocbc-invest-hong-kong-macau-businesss-growth-us-192-million-4371776
https://www.businesstimes.com.sg/companies-markets/banking-finance/ocbc-doubles-down-greater-china-growth-aims-invest-hk1-5-billion-its-tech-and-facilities-region
https://www.straitstimes.com/business/ocbc-to-invest-260-million-to-grow-tech-capabilities-office-space-in-greater-china
https://www.scmp.com/business/banking-finance/article/3264608/singapores-ocbc-investing-us192-million-hong-kong-maca
-support-business-growth-ceo-helen-wong-say
Global Economy & Real Estate
Views on US economy ‘more pessimistic’ as uncertainty grows: Fed
https://www.businesstimes.com.sg/international/global/views-us-economy-more-pessimistic-uncertainty-grows-fed
https://www.straitstimes.com/business/views-on-us-economy-more-pessimistic-as-uncertainty-grows-fed
US mortgage rates rise for first time in a month, denting demand
https://www.businesstimes.com.sg/property/us-mortgage-rates-rise-first-time-month-denting-demand
Canada, Ontario in deal for affordable housing amid soaring home costs
https://www.businesstimes.com.sg/property/canada-ontario-deal-affordable-housing-amid-soaring-home-costs
The Home Alone house is for sale
https://www.businesstimes.com.sg/property/home-alone-house-sale
IMF raises China’s 2024, 2025 GDP growth forecasts after ‘strong’ first quarter
https://www.straitstimes.com/business/imf-raises-china-s-2024-2025-gdp-growth-forecasts-after-strong-first-quarter
https://www.channelnewsasia.com/east-asia/imf-upgrades-chinas-2024-2025-gdp-growth-forecasts-after-strong-q1-4370256
https://www.scmp.com/economy/economic-indicators/article/3264538/imf-ups-chinas-2024-gdp-forecast-urges-focus-market-oriented-reforms-julys-third-plenum?module=top_story&pgtype=section
ECB to impose first-ever fines on banks for climate failures
https://www.businesstimes.com.sg/international/ecb-impose-first-ever-fines-banks-climate-failures
CEOs in Europe are more optimistic and have their eye on brighter prospects overseas
https://www.straitstimes.com/business/ceos-in-europe-are-more-optimistic-and-have-their-eye-on-brighter-prospects-overseas
German inflation rises to 2.8% in May
https://www.businesstimes.com.sg/international/german-inflation-rises-2-8-may
German workers see record rise in real wages in Q1
https://www.businesstimes.com.sg/international/german-workers-see-record-rise-real-wages-q1
Hong Kong home prices rise 0.3% in April from March
https://www.businesstimes.com.sg/property/hong-kong-home-prices-rise-0-3-april-march
https://www.channelnewsasia.com/business/hong-kong-home-prices-rise-03-april-march-4370871
Hong Kong property: second-hand prices edge up in April as bargains on new units seduce buyers, analysts say
https://www.scmp.com/business/article/3264533/hong-kong-property-second-hand-prices-edge-april-bargain-pricing-new-units-seduces-buyers-analysts
Seeking OECD membership, Indonesia reviews economic policies
https://www.channelnewsasia.com/business/seeking-oecd-membership-indonesia-reviews-economic-policies-4370811
Indonesia’s public housing savings rule sparks criticism as it seeks to cover more workers, including foreigners
https://www.channelnewsasia.com/asia/indonesia-tapera-public-housing-savings-fund-jokowi-3-cent-salary-4370886
BOJ policymaker hints at rate hike if yen’s impact on inflation is big
https://www.businesstimes.com.sg/international/boj-policymaker-hints-rate-hike-if-yens-impact-inflation-big
https://www.channelnewsasia.com/business/boj-policymaker-hints-rate-hike-if-yens-impact-inflation-big-4370326
Rising Singapore-Johor activity rekindles property prospects in Malaysia’s southern tip
https://www.businesstimes.com.sg/international/asean/rising-singapore-johor-activity-rekindles-property-prospects-malaysias-southern-tip
New Zealand business confidence weakens further as strain felt: ANZ survey
https://www.businesstimes.com.sg/international/new-zealand-business-confidence-weakens-further-strain-felt-anz-survey
Thai central bank says rates could be adjusted if economic outlook shifts
https://www.businesstimes.com.sg/international/thai-central-bank-says-rates-could-be-adjusted-if-economic-outlook-shifts
https://www.channelnewsasia.com/business/thai-central-bank-says-rates-could-change-if-economic-outlook-shifts-4371991
UK homes for sale hit eight-year high, but buyers stay cautious
https://www.businesstimes.com.sg/property/uk-homes-sale-hit-eight-year-high-buyers-stay-cautious
UK home prices to build on recent gains but supply an issue
https://www.businesstimes.com.sg/property/uk-home-prices-build-recent-gains-supply-issue
Vietnam’s inflation in May at 16-month high; economy runs up first trade deficit in 2 years
https://www.businesstimes.com.sg/international/asean/vietnams-inflation-may-16-month-high-economy-runs-first-trade-deficit-2-years
https://www.channelnewsasia.com/business/vietnam-inflation-rises-may-nears-governments-limit-4370516
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