Singapore Real Estate/Built Environment
Caution persists among developers in latest state land tenders
Bidding at two state land tenders that closed on Thursday (Aug 1) was fairly subdued, reflecting developers’ sentiment amid a sluggish home sales market and still-high financing costs.
https://www.businesstimes.com.sg/property/caution-persists-among-developers-latest-state-land-tenders
Non-landed residential rents dip slightly in Q2 with market stabilising
Rents for non-landed private homes dipped by a marginal 0.7 per cent in the second quarter of 2024, improving from the overall 1.8 per cent drop in Q1, a report from Savills Singapore showed on Thursday (Aug 1).
https://www.businesstimes.com.sg/property/non-landed-residential-rents-dip-slightly-q2-market-stabilising-savills
Business News
Frasers Hospitality Trust reports mixed RevPAR performance across markets in 9M FY2024
Frasers Hospitality Trust (FHT) had mixed performance in revenue per available room (RevPAR) across its markets for the nine months ended June, indicated its business update on Thursday (Aug 1).
https://www.businesstimes.com.sg/companies-markets/frasers-hospitality-trust-reports-mixed-revpar-performance-across-markets-9m-fy2024
Hongkong Land posts H1 underlying loss of US$7 million on non-cash provisions to China properties
Property developer Hongkong Land on Thursday (Aug 1) posted an underlying loss of US$7 million for the six months ended Jun 30, compared with an underlying net profit of US$422 million in the corresponding period last year.
https://www.businesstimes.com.sg/companies-markets/reits-property/hongkong-land-posts-h1-underlying-loss-us7-million-non-cash-provisions-china-properties
https://www.scmp.com/business/china-business/article/3272844/hongkong-land-net-loss-expands-150-amid-weak-sales-mainland-china-projects
OCBC Q2 profit up 14% at S$1.94 billion; declares S$0.44 per share interim dividend
OCBC net profit for the second quarter ended June rose 14 per cent to S$1.94 billion, from S$1.71 billion in the previous corresponding period.
https://www.businesstimes.com.sg/companies-markets/ocbc-q2-profit-14-s1-94-billion-declares-s0-44-share-interim-dividend
https://www.channelnewsasia.com/business/ocbc-q2-profit-tops-expectations-2024-targets-4521636
https://www.straitstimes.com/business/ocbc-q2-profit-up-14-to-194-billion-dividend-of-44-cents-declared
Views, Reviews, Forum and Others
Pofma order issued to property agent over false claims on HDB Ethnic Integration Policy
Property agent Shaik Amar has been ordered to put up correction notices under the law against fake news, over false and misleading statements about the Housing and Development Board’s (HDB) Ethnic Integration Policy (EIP).
https://www.businesstimes.com.sg/property/pofma-https://www.straitstimes.com/singapore/property-agent-issued-pofma-order-over-false-claims-about-hdb-s-ethnic-integration-policyorder-issued-property-agent-over-false-claims-hdb-ethnic-integration-policy
https://www.todayonline.com/news/property-agent-issued-pofma-order-over-false-claims-about-ethnic-integration-housing-policy-2469391
https://www.channelnewsasia.com/singapore/pofma-property-agent-era-shaik-amar-ethnic-integration-housing-policy-hdb-4519401
Large turnout expected around Marina Bay for last NDP preview show; crowd-control measures in place
Singapore: The last 2024 National Day Parade (NDP) Preview will be held at the Padang on Saturday (Aug 3), with large crowds expected at Marina Bay and road closures planned for the event.
https://www.channelnewsasia.com/singapore/national-day-parade-ndp-preview-large-crowds-marina-bay-road-closures-tracking-map-4520081
https://www.straitstimes.com/singapore/some-mrt-station-exits-around-marina-bay-to-be-closed-for-crowd-control-for-aug-3-ndp-preview
Global Economy & Real Estate
Major central banks’ rate cuts gather pace
https://www.channelnewsasia.com/business/major-central-banks-rate-cuts-gather-pace-4520381
Global factories struggled in July as demand waned
https://www.businesstimes.com.sg/international/global-factories-struggled-july-demand-waned
Like the captain of a storm-tossed ship, Fed chair Powell signals land is finally in sight
https://www.businesstimes.com.sg/international/captain-storm-tossed-ship-fed-chair-powell-signals-land-finally-sight
US Justice Dept launches whistleblower programme aimed at corporate crime
https://www.businesstimes.com.sg/international/us-justice-dept-launches-whistleblower-programme-aimed-corporate-crime
US manufacturing gauge drops to eight-month low
https://www.businesstimes.com.sg/international/us-manufacturing-gauge-drops-eight-month-low
US worker productivity accelerates in Q2; labour costs tame
https://www.businesstimes.com.sg/international/us-worker-productivity-accelerates-q2-labour-costs-tame
US weekly jobless claims rise to 11-month high
https://www.businesstimes.com.sg/international/us-weekly-jobless-claims-rise-11-month-high
US construction spending extends decline in June
https://www.businesstimes.com.sg/property/us-construction-spending-extends-decline-june
Most in Asia sustain manufacturing growth even as China slows
https://www.businesstimes.com.sg/international/most-asia-sustain-manufacturing-growth-even-china-slows
Asia’s hotels need support, oversight to achieve sustainability
https://www.businesstimes.com.sg/international/global/asias-hotels-need-support-oversight-achieve-sustainability
China developer returns buyers’ deposits for unfinished homes
https://www.businesstimes.com.sg/international/global/china-developer-returns-buyers-deposits-unfinished-homes
China home sales slump deepens despite latest rescue effort, drags down economic growth
https://www.straitstimes.com/business/china-home-sales-slump-deepens-despite-latest-rescue-effort
China’s factory gloom weighs on Asia’s manufacturers; expected global rate easing may be buffer
https://www.straitstimes.com/business/most-in-asia-sustain-manufacturing-growth-even-as-china-slows
https://www.channelnewsasia.com/business/chinas-factory-gloom-weighs-asias-manufacturers-4519211
China factory activity contracts for first time in 9 months, Caixin PMI shows, missing forecasts
https://www.straitstimes.com/business/china-factory-activity-contracts-for-first-time-in-9-months-caixin-pmi-shows
https://www.scmp.com/economy/economic-indicators/article/3272718/chinas-factory-activity-contracts-first-time-9-months-amid-weak-demand-caixin-pmi?module=top_story&pgtype=subsection
Downturn in German manufacturing accelerates, PMI shows
https://www.businesstimes.com.sg/international/downturn-german-manufacturing-accelerates-pmi-shows
Hong Kong central bank keeps base rate unchanged as Fed holds steady
https://www.businesstimes.com.sg/companies-markets/banking-finance/hong-kong-central-bank-keeps-base-rate-unchanged-fed-holds-steady
John Lee hails Hong Kong-Vietnam ‘synergy’ after 30 deals signed covering business, aviation
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3272782/john-lee-hails-hong-kong-vietnam-synergy-after-30-deals-signed-covering-business-aviation
Hong Kong June retail sales fall 9.7% y/y in ‘challenged’ sector
https://www.businesstimes.com.sg/international/hong-kong-june-retail-sales-fall-9-7-yy-challenged-sector
https://www.channelnewsasia.com/business/hong-kong-june-retail-sales-fall-97-y-y-challenged-sector-4519896
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3272798/hong-kong-retail-sales-fall-97-june-markin-fourth-straight-decline-despite-expanded-travel-scheme?module=top_story&pgtype=subsection
Hong Kong businesses turn to Mandarin, Xiaohongshu for survival
https://www.businesstimes.com.sg/international/global/hong-kong-businesses-turn-mandarin-xiaohongshu-survival
Japan’s ultra-low mortgages to see first increase in 17 years
https://www.businesstimes.com.sg/property/japans-ultra-low-mortgages-see-first-increase-17-years
August rate cut on track as Philippine inflation may peak
https://www.businesstimes.com.sg/international/august-rate-cut-track-philippine-inflation-may-peak
South Korea inflation ticks up in July after three months of weakening
https://www.channelnewsasia.com/business/south-korea-inflation-ticks-july-after-three-months-weakening-4521631
South Korea’s export growth slows in sign of bumpy momentum
https://www.businesstimes.com.sg/international/south-koreas-export-growth-slows-sign-bumpy-momentum
Thailand gets to work on 500 billion baht cash stimulus to aid growth
https://www.businesstimes.com.sg/international/asean/thailand-gets-work-500-billion-baht-cash-stimulus-aid-growth
Bank of England to finally cut interest rate?
https://www.businesstimes.com.sg/companies-markets/banking-finance/bank-england-finally-cut-interest-rate
UK manufacturers show fresh signs of life after election, PMI shows
https://www.businesstimes.com.sg/international/uk-manufacturers-show-fresh-signs-life-after-election-pmi-shows
UK house prices rise by most since Dec 2022
https://www.businesstimes.com.sg/property/uk-house-prices-rise-most-dec-20221
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