Singapore Real Estate / Built Environment
Developers give Tampines mixed-use site vote of confidence, snub Media Circle serviced apartment plot
Developers on Thursday (Sep 19) gave a clear sign that amid today’s depressed sentiment and sales slump, they would rather stick to the tried and tested and steer clear of risk. A mixed-used site in the well-established regional centre of Tampines drew six bids on Thursday, in the strongest turnout a state land tender has seen in a year.
https://www.businesstimes.com.sg/property/developers-give-tampines-mixed-use-site-vote-confidence-snub-media-circle-serviced-apartment-plot
https://www.straitstimes.com/singapore/housing/us-interest-rate-cut-boosts-bids-for-tampines-mixed-use-gls-site
Frasers Property-led group puts in sole bid for Media Circle serviced apartment site at S$461 psf ppr
A long-stay serviced apartment site in Media Circle drew a single bid of S$120 million, or S$460.8 per square foot per plot ratio (psf ppr), from a Frasers-led consortium, when the Urban Redevelopment Authority (URA) tender closed on Thursday (Sep 19).
https://www.businesstimes.com.sg/property/frasers-property-led-group-puts-sole-bid-media-circle-serviced-apartment-site-s461-psf-ppr
https://www.edgeprop.sg/property-news/frasers-property-led-jv-bids-461-psf-ppr-media-circle-long-stay-serviced-apartments-site
Condo leasing volumes down in August; demand for HDB rentals muted
Condo rental volumes reversed from the previous month’s upward trajectory, dropping 14 per cent in August, while prices continued to increase 0.3 per cent from July.
https://www.businesstimes.com.sg/property/condo-leasing-volumes-down-august-demand-hdb-rentals-muted-srx-99-co
https://www.straitstimes.com/singapore/housing/condo-leasing-volumes-dipped-in-august-demand-for-hdb-rentals-muted-srx-99co
Singapore Economy
Singapore swap rates set to narrow gap with US as MAS shift seen
Singapore’s unusual approach to monetary policy will give traders a chance to profit from a narrowing gap between the local currency and US dollar interest-rate swaps.
https://www.businesstimes.com.sg/companies-markets/singapore-swap-rates-set-narrow-gap-us-mas-shift-seen
Singapore ranks second in the world in world talent ranking
Singapore has jumped to second place in a world talent ranking, continuing to top the list among Asian economies. The World Competitiveness Center of the Swiss Institute for Management Development (IMD) released the 2024 IMD World Talent Ranking on Thursday (September 19). China rose six places from last year, from eighth in the world to second.
https://www.zaobao.com.sg/news/singapore/story20240920-4784191
https://www.scmp.com/news/hong-kong/society/article/3279135/hong-kong-jumps-9th-spot-global-talent-ranking-singapore-still-top-asia
Business News
Hiring at Citigroup Singapore to pick up, says global firm’s head of wealth
Singapore: Hiring at global lender Citigroup’s Singapore office is likely to expand on the back of an increase in productivity, said the bank’s head of wealth Andy Sieg. This is a turnaround from the situation earlier this year, when employees here went through rounds of layoffs as a result of the lender’s major restructuring of its business.
https://www.channelnewsasia.com/singapore/citigroup-hiring-singapore-wealth-management-family-office-4618401
DBS aims to double fees from wealth management by 2027 as rich shift more assets to Singapore, Asia
Singapore – DBS Group Holdings aims to double fees from wealth management by 2027 as more of the world’s affluent investors shift their assets to Singapore and Asia. The bank handles a third of Singapore’s 1,650 single family offices, said Mr Shee Tse Koon, head of consumer and wealth banking at DBS.
https://www.straitstimes.com/business/dbs-sees-wealth-management-fees-doubling-by-2027-as-rich-shift-more-assets-to-singapore-and-asia
https://www.businesstimes.com.sg/companies-markets/banking-finance/dbs-sees-wealth-fees-doubling-2027-rich-head-asia
OUE Reit prices S$180 million in green notes due 2031 at 3.9%
OUE Real Estate Investment Trust (OUE Reit) has priced S$180 million in fixed-rate green notes due 2031 at 3.9 per cent, the manager said on Thursday (Sep 19). The notes fall under the S$2 billion multicurrency debt issuance programme of the trustee and the issuer, wholly owned subsidiary OUE Reit Treasury.
https://www.businesstimes.com.sg/companies-markets/oue-reit-prices-s180-million-green-notes-due-2031-3-9
https://www.theedgesingapore.com/news/reits/oue-reit-prices-180-mil-green-notes-due-2031
Sabana Reit requisitionists dismiss trustee’s proposal, will proceed with EGM
The requisitionists of Sabana Industrial Real Estate Investment Trust (Sabana Reit) will proceed with an extraordinary general meeting (EGM) to vote on the proposed internal manager directors.
https://www.businesstimes.com.sg/companies-markets/sabana-reit-requisitionists-dismiss-trustees-proposal-will-proceed-egm
Global Economy & Real Estate
US Fed rate cut is ‘very positive sign’ for economy: Yellen
https://www.channelnewsasia.com/world/us-fed-rate-cut-very-positive-sign-economy-yellen-4619216
US Federal Reserve rate pivot expected to drive outsized gains in Asian assets
https://www.businesstimes.com.sg/international/us-federal-reserve-rate-pivot-expected-drive-outsized-gains-asian-assets
Rate cut could lift consumer spirits before US elections
https://www.businesstimes.com.sg/international/rate-cut-could-lift-consumer-spirits-us-elections
US current account deficit widens sharply in Q2 on imports
https://www.businesstimes.com.sg/international/us-current-account-deficit-widens-sharply-q2-imports
US mortgage rates fall further, stoking housing optimism
https://www.businesstimes.com.sg/property/us-mortgage-rates-fall-further-stoking-housing-optimism
US existing home sales drop in August; supply improves
https://www.businesstimes.com.sg/property/us-existing-home-sales-drop-august-supply-improves
Australia’s hiring strength persists as unemployment steady
https://www.businesstimes.com.sg/international/australias-hiring-strength-persists-unemployment-steady
China to ramp up policy steps to revive economy but no ‘bazooka’ stimulus seen
https://www.businesstimes.com.sg/international/china-ramp-policy-steps-revive-economy-no-bazooka-stimulus-seen
Eurozone current surplus shrinks
https://www.businesstimes.com.sg/international/eurozone-current-surplus-shrinks
HSBC cuts key rate in Hong Kong for the first time since 2019
https://www.businesstimes.com.sg/companies-markets/banking-finance/hsbc-cuts-key-rate-hong-kong-first-time-2019
https://www.channelnewsasia.com/business/hsbc-cut-best-lending-rate-hong-kong-25-bps-5625-4617631
https://www.scmp.com/business/banking-finance/article/3279096/hong-kongs-banks-cut-prime-rates-quarter-point-1st-drop-funds-cost-5-years
Hong Kong public housing providers to be investigated by watchdog over reallocation delays
https://www.scmp.com/news/hong-kong/society/article/3279117/hong-kong-public-housing-providers-be-investigated-watchdog-over-reallocation-delays
Hong Kong’s property market set to revive gradually as rate cuts buoy sentiment, demand
https://www.scmp.com/business/article/3279164/hong-kongs-property-market-set-revive-gradually-rate-cuts-buoy-sentiment-demand
Rent cap locks billions of euros out of Irish housing: CBRE
https://www.businesstimes.com.sg/property/rent-cap-locks-billions-euros-out-irish-housing-cbre
Japan’s core inflation accelerates for 4th month in August
https://www.channelnewsasia.com/business/japans-core-inflation-accelerates-4th-month-august-4619786
Malaysia’s August exports rise 12.1% yoy, slightly above forecast
https://www.businesstimes.com.sg/international/asean/malaysias-august-exports-rise-12-1-yoy-slightly-above-forecast
Malaysia set to launch Forest City Financial Zone, but will it lure businesses?
https://www.scmp.com/week-asia/economics/article/3279114/malaysia-set-launch-forest-city-financial-zone-will-it-lure-businesses
Taiwan leaves interest rate unchanged, raises GDP forecast
https://www.businesstimes.com.sg/international/taiwan-leaves-interest-rate-unchanged-raises-gdp-forecast
https://www.channelnewsasia.com/business/taiwan-leaves-interest-rates-unchanged-raises-gdp-forecast-4618111
Thai rates should move in same direction as global rates, official says
https://www.businesstimes.com.sg/international/asean/thai-rates-should-move-same-direction-global-rates-official-says
Britain is back and ‘open for business’, says trade policy minister on boosting economic ties
https://www.channelnewsasia.com/world/britain-open-business-uk-trade-economic-ties-asean-indo-pacific-china-4617806
More UK employers plan reduced pay increases for 2025: IDR survey
https://www.businesstimes.com.sg/international/more-uk-employers-plan-reduced-pay-increases-2025-idr-survey
Bank of England hold rates, extends bond reduction plan
https://www.businesstimes.com.sg/companies-markets/banking-finance/bank-england-hold-rates-extends-bond-reduction-plan
English home-building approvals hit lowest since 2014
https://www.businesstimes.com.sg/property/english-home-building-approvals-hit-lowest-2014
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