Singapore Real Estate / Built Environment
Number of million-dollar HDB flats resold hit all-time high in June; prices up 1.8%
The number of million-dollar Housing and Development Board (HDB) flats resold hit an all-time high in June, nearing 100 units, while resale prices clocked record gains.
https://www.businesstimes.com.sg/property/number-million-dollar-hdb-flats-resold-hit-all-time-high-june-prices-1-8-srx-99-co
https://www.straitstimes.com/singapore/housing/number-of-million-dollar-hdb-flats-resold-hit-all-time-high-in-june-prices-u
-18-srx-99c
Subsidies, grants for public housing may be fuelling higher home prices
Despite some homes in Singapore fetching astronomical prices, the home-ownership rate among residents is high. A key factor behind high home ownership is the availability of affordably priced new Housing and Development Board or HDB homes, thanks to generous subsidies.
https://www.businesstimes.com.sg/opinion-features/subsidies-grants-public-housing-may-be-fuelling-higher-home-prices
Business News
S’pore hospitality group Ascott scores multi-year deal with Chelsea Football Club
Chelsea fans will be thrilled after Singapore-headquartered hospitality group The Ascott Limited secured a tie-up with their favourite football club. Ascott will be the five-time English Premier League champions’ official global hotels partner for the next four seasons, starting in July 2024, as part of a deal said to be the first of its kind for a Singapore hospitality group.
https://www.straitstimes.com/business/s-pore-hospitality-group-ascott-scores-multi-year-deal-with-chelsea-football-club
https://www.channelnewsasia.com/business/chelsea-football-club-ascott-sponsorship-hotel-4464781
Fitch assigns CapitaLand India Trust ‘BBB-’ rating on stable outlook
Credit rating agency Fitch assigned CapitaLand India Trust (Clint) a first-time long-term issuer default rating of “BBB-” on Sunday (Jul 7) amid a stable outlook.
https://www.businesstimes.com.sg/companies-markets/fitch-assigns-capitaland-india-trust-bbb-rating-stable-outlook
Ong Beng Seng’s HPL opens new luxury resort in Tioman
Hotel Properties Limited (HPL), the property and hotel developer owned by Singapore tycoon Ong Beng Seng, opened its latest resort on Tioman Island on July 1, three years after it began construction.
https://www.straitstimes.com/business/ong-beng-seng-s-hpl-opens-new-luxury-resort-in-tioman
Oxley fully redeems $133 million 6.9% notes
Oxley Holdings has fully redeemed its $133 million 6.9 %. notes due end 2024 on July 8. Since its first note issue, the group has had an unbroken track record of notes redemption and a total of more than $1 billion of notes have been redeemed since November 2019.
https://www.theedgesingapore.com/news/company-news/oxley-fully-redeems-133-million-69-notes
Global Economy & Real Estate
Powell to face Fed critics in Congress on high rates, bank rules
https://www.businesstimes.com.sg/international/powell-face-fed-critics-congress-high-rates-bank-rules
Gold lingers near one-month high on Fed rate-cut bets
https://www.businesstimes.com.sg/companies-markets/energy-commodities/gold-lingers-near-one-month-high-fed-rate-cut-bets
US inflation expectations fall for second month in NY Fed survey
https://www.businesstimes.com.sg/international/us-inflation-expectations-fall-second-month-ny-fed-survey
US consumer borrowing rises most in three months on credit cards
https://www.businesstimes.com.sg/international/us-consumer-borrowing-rises-most-three-months-credit-cards
Australia imposes night curfew in outback town Alice Springs after violence
https://www.channelnewsasia.com/world/australia-alice-springs-curfew-outback-violence-police-4464416
Rich Chinese return to Hong Kong as Singapore steps up scrutiny
https://www.businesstimes.com.sg/international/global/rich-chinese-return-hong-kong-singapore-steps-scrutiny
https://www.straitstimes.com/business/rich-chinese-return-to-hong-kong-as-singapore-steps-up-scrutiny
Lay-offs by China’s top firms in key industries show unemployment biting through economic turmoil
https://www.scmp.com/economy/economic-indicators/article/3269641/lay-offs-chinas-top-firms-key-industries-show-unemployment-biting-through-economic-turmoil?module=top_story&pgtype=subsection
Chinese property developer receives winding-up petition
https://www.businesstimes.com.sg/property/chinese-property-developer-receives-winding-petition
Dubai’s high-end property sales undented by drop in listings: report
https://www.businesstimes.com.sg/property/dubais-high-end-property-sales-undented-drop-listings-report
German exports fall more than forecast in May
https://www.businesstimes.com.sg/international/german-exports-fall-more-forecast-may
Hong Kong retail pain to persist amid local spending ‘leakage’ while visitors splurge less
https://www.scmp.com/business/article/3269575/hong-kong-retail-pain-persist-amid-local-spending-leakage-while-visitors-splurge-less
Hong Kong’s cash-strapped Urban Renewal Authority seeks out Singapore, Macau investors
https://www.scmp.com/news/hong-kong/society/article/3269647/hong-kongs-cash-strapped-urban-renewal-authority-seeks-out-singapore-macau-investors
Hong Kong public housing provider to raise rents by 10%
https://www.scmp.com/news/hong-kong/society/article/3269543/hong-kong-public-housing-rents-increase-10-source
Hong Kong property: fire sales dominate first-half deals as debt stress weighs on owners
https://www.scmp.com/business/article/3269656/hong-kong-property-fire-sales-dominate-first-half-deals-debt-stress-weighs-owners
How low can you go? Hong Kong developer prices The Uppland in Tuen Mun at 2016 level
https://www.scmp.com/business/companies/article/3269636/how-low-can-you-go-hong-kong-developer-prices-uppland-tuen-mun-8-year-low
Indonesia sees 2024 budget deficit at 2.7% of GDP, finance minister says
https://www.channelnewsasia.com/business/indonesia-sees-2024-budget-deficit-27-gdp-finance-minister-says-4464576
Indonesia takes swing at boosting golf tourism as Singapore loses last 18-hole public golf course
https://www.channelnewsasia.com/asia/indonesia-boost-golf-tourism-riau-islands-singapore-lose-courses-4464896
Bank of Korea to keep rates unchanged in July, cut 25 bps in Q4
https://www.channelnewsasia.com/business/bank-korea-keep-rates-unchanged-july-cut-25-bps-q4-reuters-poll-4466476
Thai potential economic growth rate of 3% not satisfactory, minister says
https://www.businesstimes.com.sg/international/thai-potential-economic-growth-rate-3-not-satisfactory-minister-says
https://www.channelnewsasia.com/business/thai-deputy-finance-minister-says-need-align-policies-lift-economic-growth-4464526
Thai airports to shut inbound duty-free shops to drive tourism spending in the country
https://www.channelnewsasia.com/asia/thailand-tourism-duty-free-shut-inbound-shops-4464446
IMF warns Britain faces ‘difficult choices’ to fix economy
https://www.businesstimes.com.sg/international/imf-warns-britain-faces-difficult-choices-fix-economy
Chilly June prompts UK consumers to cut back their spending
https://www.businesstimes.com.sg/international/chilly-june-prompts-uk-consumers-cut-back-their-spending
Fewer UK companies plan to increase prices, survey shows
https://www.businesstimes.com.sg/international/fewer-uk-companies-plan-increase-prices-survey-shows
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