Singapore Real Estate/Built Environment
Initiatives to reduce air-con energy usage to be trialled at South Beach Tower: BCA
Singapore – A water-repellent coating for air-conditioners’ cooling coils which could help to reduce energy consumption will be trialled at South Beach Tower, a hotel, office and residential complex in Beach Road.
https://www.straitstimes.com/singapore/initiatives-to-reduce-air-con-energy-usage-to-be-trialled-at-south-beach-tower-bca
Serial biopharma entrepreneur’s wife buys bungalow behind Four Seasons Park for S$32.5 million
Activity is stirring in the landed property market, with three freehold bungalows on plot sizes of about 10,000 square feet (sq ft) each transacted last month. One is near the One Tree Hill area, another off Dunearn Road near Raffles Town Club, and the third along Sixth Avenue.
https://www.businesstimes.com.sg/property/serial-biopharma-entrepreneurs-wife-buys-bungalow-behind-four-seasons-park-s32-5-million
Singapore Economy
S’pore looking forward to concluding final pact on trade with Indo-Pacific countries: PM Lawrence Wong
Singapore – Singapore looks forward to concluding a trade agreement with member states of the Indo-Pacific Economic Framework for Prosperity (IPEF), said Prime Minister Lawrence Wong on June 6.
https://www.straitstimes.com/business/s-pore-looking-forward-to-concluding-final-pact-on-trade-with-indo-pacific-countries-pm-lawrence-wong
Singapore household net worth continues to climb, up 8% in Q1
The net worth of Singapore households continued to grow, though more slowly, in the first quarter of 2024 as housing values moderated from their surges in recent years. Household net worth (assets less liabilities) rose 8 per cent year on year to just under S$2.9 trillion as at end-March, quarterly data from the Singapore Department of Statistics, released on May 28, showed.
https://www.businesstimes.com.sg/property/singapore-household-net-worth-continues-climb-8-q1
Business News
Changi Airport Group full-year net profit up 13 times to S$431 million on post-Covid recovery
Changi Airport Group (CAG) saw a jump in net profit to S$431 million for the full year ended Mar 31, up from S$33 million in the year-earlier period. Revenue rose 45 per cent to S$2.7 billion, from S$1.9 billion previously, in tandem with the recovery in travel demand and strong passenger traffic growth.
https://www.businesstimes.com.sg/companies-markets/changi-airport-group-full-year-net-profit-13-times-s431-million-post-covid-recovery
LHN snags contract for MOH Holding’s lodging facilities
An LHN subsidiary, Chua Eng Chong Holdings, has inked a contract with MOH Holdings to design, retrofit and operate two lodging facilities, announced the real estate management services provider on Thursday (Jan 25).
https://www.businesstimes.com.sg/companies-markets/lhn-snags-contract-moh-holdings-lodging-facilities
Singapore builder Oxley seeks up to US$120 million private loan
Oxley Holdings, a cash-strapped property developer in Singapore, is seeking a private credit loan of US$100 million to US$120 million partly to help repay a Singapore dollar bond due next month, said sources familiar with the matter.
https://www.businesstimes.com.sg/property/singapore-builder-oxley-seeks-us120-million-private-loan
https://www.straitstimes.com/business/companies-markets/oxley-seeks-up-to-us120-million-private-loan-sources
Global Economy & Real Estate
US trade gap widens to largest in 18 months
https://www.businesstimes.com.sg/international/us-trade-gap-widens-largest-18-months
US productivity growth slowed in early 2024
https://www.businesstimes.com.sg/international/us-productivity-growth-slowed-early-2024
US banks tap complex mortgage product to fight deposit flight risk
https://www.businesstimes.com.sg/companies-markets/banking-finance/us-banks-tap-complex-mortgage-product-fight-deposit-flight-risk
High mortgage is dashing the American Dream of owning homes
https://www.straitstimes.com/business/invest/high-mortgage-is-dashing-the-american-dream-of-owning-homes
Australian home loans jump as rental yields lure investors
https://www.businesstimes.com.sg/property/australian-home-loans-jump-rental-yields-lure-investors
China’s homeowners and banks are trapped in a mortgage mess
https://www.businesstimes.com.sg/international/global/chinas-homeowners-and-banks-are-trapped-mortgage-mess
China property stocks fall 20% from May high as concerns linger
https://www.businesstimes.com.sg/property/china-property-stocks-fall-20-may-high-concerns-linger
Guess who’s angry at China’s real estate bailout: homeowners
https://www.businesstimes.com.sg/property/guess-whos-angry-chinas-real-estate-bailout-homeowners
Poly Property’s sales slump as Beijing’s market rescue package produces mixed results
https://www.scmp.com/business/article/3265676/poly-propertys-sales-slump-beijings-market-rescue-package-produces-mixed-results
ECB starts cutting rates even as inflation fight continues
https://www.businesstimes.com.sg/international/ecb-starts-cutting-rates-even-inflation-fight-continues
https://www.straitstimes.com/business/ecb-cuts-rates-keeps-next-move-under-wraps
https://www.channelnewsasia.com/business/european-central-bank-interest-rate-cut-inflation-euro-united-states-dependent-4392321
Steady euro takes ECB rate cut in stride
https://www.businesstimes.com.sg/companies-markets/capital-markets-currencies/steady-euro-takes-ecb-rate-cut-stride
https://www.channelnewsasia.com/business/steady-euro-takes-ecb-rate-cut-stride-4390891
Oil up on European Central bank rate cuts, OPEC+ minister statements
https://www.channelnewsasia.com/business/oil-european-central-bank-rate-cuts-opec-minister-statements-4390826
Hong Kong retail landlords face squeeze in north as shoppers flock to mainland
https://www.businesstimes.com.sg/international/global/hong-kong-retail-landlords-face-squeeze-north-shoppers-flock-mainland
Country Garden’s Hong Kong liquidation hearing further adjourned to July
https://www.businesstimes.com.sg/property/country-gardens-hong-kong-liquidation-hearing-further-adjourned-july
https://www.channelnewsasia.com/business/country-gardens-hong-kong-liquidation-hearing-further-adjourned-july-4391306
Japan consumer spending rises in April for first time in 14 months
https://www.businesstimes.com.sg/international/japan-consumer-spending-rises-april-first-time-14-months
https://www.channelnewsasia.com/business/japan-consumer-spending-rises-april-first-time-14-months-4393456
Explainer: Why is Malaysia’s ringgit up 2.2% in 4 months to the Singdollar and will its rise continue?
https://www.todayonline.com/news/explainer-ringgit-up34percent-4-months-reasons-outlook-2436101
New Zealand house prices fall for second month amid high rates
https://www.businesstimes.com.sg/property/new-zealand-house-prices-fall-second-month-amid-high-rates
Thai banks to announce products for green business transition in Q3, central bank says
https://www.businesstimes.com.sg/international/asean/thai-banks-announce-products-green-business-transition-q3-central-bank-says
https://www.channelnewsasia.com/business/thai-banks-announce-products-green-business-transition-q3-central-bank-says-4391586
Taiwan central bank chief says any rate cut depends on inflation
https://www.channelnewsasia.com/business/taiwan-central-bank-chief-says-any-rate-cut-depends-inflation-4390946
UK construction sector records fastest growth in two years, PMI shows
https://www.businesstimes.com.sg/property/uk-construction-sector-records-fastest-growth-two-years-pmi-shows
UK rents rise at the slowest pace since 2021 as demand eases
https://www.businesstimes.com.sg/property/uk-rents-rise-slowest-pace-2021-demand-eases
Vietnam tycoon on death row for massive fraud illegally moved money overseas, police say
https://www.businesstimes.com.sg/international/asean/vietnam-tycoon-death-row-massive-fraud-illegally-moved-money-overseas-police-say
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