Singapore Real Estate / Built Environment
$2.1b of green bond funds go to Jurong Region Line and Cross Island Line
Singapore – Funds totalling $2.1 billion that were raised by government-issued “green” bonds have been allocated to the Jurong Region Line and Cross Island Line that are now under construction.
https://www.straitstimes.com/business/companies-markets/21b-of-green-bond-funds-go-to-jurong-region-line-and-cross-island-line
Data centres, electronics among sectors to benefit from Johor-Singapore Special Economic Zone: DBS
Singapore – The biggest beneficiaries of the proposed Johor-Singapore Special Economic Zone (JS-SEZ) are likely to include the data centre, electronics and renewable energy sectors, according to research by DBS.
https://www.edgeprop.sg/property-news/data-centres-electronics-among-sectors-benefit-johor-singapore-special-economic-zone-dbs
Record S$8,000-a-month rent for 3-room HDB flat in Bukit Merah raises eyebrows
A three room Housing and Development Board (HDB) flat in Taman Ho Swee in Bukit Merah was leased for S$8,000 a month in August – setting a record for the priciest rent for a public housing flat.
https://www.businesstimes.com.sg/property/record-s8000-month-rent-3-room-hdb-flat-bukit-merah-raises-eyebrows
Singapore Economy
Singapore places fourth in world financial centres ranking, ahead of San Francisco, Shanghai
Singapore placed fourth in a ranking system that evaluates the competitiveness of financial centres around the world, trouncing other cities including San Francisco, Shanghai and Geneva.
https://www.straitstimes.com/business/singapore-places-fourth-in-world-financial-centres-ranking-ahead-of-san-francisco-shanghai
Singapore’s climate envoy sees green stimulus stoking inflation
Global incentives to galvanise demand for green assets are contributing to inflation in the short term, as supply for renewable energy and other clean technologies expand more slowly, according to Singapore’s climate action ambassador, Ravi Menon.
https://www.businesstimes.com.sg/singapore/singapores-climate-envoy-sees-green-stimulus-stoking-inflation
The Singapore dollar exchange rate hits a ten-year high, with USD/SGD reaching 1.28
The Singapore dollar exchange rate hit a ten-year high on the afternoon of Wednesday (September 25), with 1 US dollar reaching 1.28 against the Singapore dollar and currently at around 1.285. In June this year, the exchange rate of the US dollar against the Singapore dollar was still above 1.36.
https://www.zaobao.com.sg/realtime/singapore/story20240925-4852455?ref=today-news-section-card-9
Business News
Frasers Hospitality Trust managers appoint Benjamin Kuah as CFO
The managers of Frasers Hospitality Trust – a stapled group comprising Frasers Hospitality Reit and Frasers Hospitality Business Trust – have named Benjamin Kuah as chief financial officer (CFO) on Tuesday (Sep 24).
https://www.businesstimes.com.sg/companies-markets/frasers-hospitality-trust-managers-appoint-benjamin-kuah-cfo
US firm SI Group to shutter chemical manufacturing facility on Jurong Island
Chemcials company SI Group will close its alkylphenol manufacturing facility on Jurong Island in the second half of 2025, it said in a media release on Wednesday (Sep 25).
https://www.businesstimes.com.sg/companies-markets/us-firm-si-group-shutter-chemical-manufacturing-facility-jurong-island
Global Economy & Real Estate
Gold stays near record high on Middle East risks, softer US dollar
https://www.businesstimes.com.sg/companies-markets/energy-commodities/gold-stays-near-record-high-middle-east-risks-softer-us-dollar
Waiting for the miracle of church-to-housing development
https://www.businesstimes.com.sg/property/waiting-miracle-church-housing-development
US mortgage rates fall again, triggering big wave of refinancing
https://www.businesstimes.com.sg/property/us-mortgage-rates-fall-again-triggering-big-wave-refinancing
US new home sales fall in August; median house price drops
https://www.businesstimes.com.sg/property/us-new-home-sales-fall-august-median-house-price-drops
US holiday spending on buy now, pay later to hit record due to debt-laden shoppers
https://www.businesstimes.com.sg/international/us-holiday-spending-buy-now-pay-later-hit-record-due-debt-laden-shoppers
Abu Dhabi’s Aldar plans US$408 million hotels push to woo rich tourists
https://www.businesstimes.com.sg/property/abu-dhabis-aldar-plans-us408-million-hotels-push-woo-rich-tourists
Australia’s monthly inflation eases to lowest in three years
https://www.businesstimes.com.sg/international/australias-monthly-inflation-eases-lowest-three-years
Aussie dollar rises to highest since February 2023
https://www.straitstimes.com/business/aussie-dollar-rises-to-highest-since-february-2023
China’s Cabinet issues guidelines to promote employment amid economic woes
https://www.businesstimes.com.sg/international/chinas-cabinet-issues-guidelines-promote-employment-amid-economic-woes
Chinese homeowners cheer Beijing’s move to cut mortgage rates by a half point
https://www.scmp.com/business/china-business/article/3279836/chinese-homeowners-cheer-beijings-move-cut-mortgage-rates-half-point?module=top_story&pgtype=section
Country Garden Services to sell stake in Zhuhai Wanda for 3.1 billion yuan
https://www.businesstimes.com.sg/property/country-garden-services-sell-stake-zhuhai-wanda-3-1-billion-yuan
Perennial opens four hotels at its S$1 billion Tianjin development
https://www.businesstimes.com.sg/companies-markets/perennial-opens-four-hotels-its-s1-billion-tianjin-development
https://www.straitstimes.com/asia/east-asia/singapore-companies-tap-china-s-silver-economy-in-tianjin
https://www.youtube.com/watch?v=NCj_2o6hOYo
China billionaire’s 6-billion yuan supermarket deal with Giant owner, JD.com sees swift wealth wipeout
https://www.businesstimes.com.sg/international/china-billionaires-6-billion-yuan-supermarket-deal-giant-owner-jd-com-sees-swift-wealth-wipeout
Hong Kong overtakes Singapore in world financial centres ranking
https://www.businesstimes.com.sg/international/global/hong-kong-overtakes-singapore-world-financial-centres-ranking
Hong Kong’s street-shop vacancy stays high amid restaurant failures: Midland report
https://www.scmp.com/business/article/3279950/hong-kongs-street-shop-vacancy-stays-high-amid-restaurant-failures-midland-report?module=top_story&pgtype=section
New World mulls replacing CEO Adrian Cheng
https://www.businesstimes.com.sg/companies-markets/reits-property/new-world-mulls-replacing-ceo-adrian-cheng
https://www.edgeprop.sg/property-news/adrian-cheng-step-down-new-world-ceo-likely-be-replaced-coo-eric-ma-sources
https://www.scmp.com/business/companies/article/3279929/adrian-cheng-step-down-new-worlds-ceo-take-non-executive-role-sources-say?module=top_story&pgtype=section
Yen loses ground after China’s stimulus boost
https://www.businesstimes.com.sg/companies-markets/capital-markets-currencies/yen-loses-ground-after-chinas-stimulus-boost
Tokyo home prices are seen to largely withstand BOJ rate hikes
https://www.businesstimes.com.sg/property/tokyo-home-prices-are-seen-largely-withstand-boj-rate-hikes
Malaysian ringgit on track for best quarter in 50 years, traders are bullish
https://www.zaobao.com.sg/realtime/world/story20240925-4848180
Philippine central bank says two more 25 bps rate cuts possible this year
https://www.businesstimes.com.sg/international/philippine-central-bank-says-two-more-25-bps-rate-cuts-possible-year
Thai exports rise in August, commerce ministry says will meet 2024 forecast
https://www.businesstimes.com.sg/international/thai-exports-rise-august-commerce-ministry-says-will-meet-2024-forecast
UK PM Starmer says job training key to reducing migration
https://www.businesstimes.com.sg/international/uk-pm-starmer-says-job-training-key-reducing-migration
UK’s Rightmove rejects US$8.2 billion sweetened bid from Australia’s REA Group
https://www.businesstimes.com.sg/property/uks-rightmove-rejects-us8-2-billion-sweetened-bid-australias-rea-group
Blackstone confirms $13 billion investment in Britain for AI data centre
https://www.channelnewsasia.com/business/blackstone-confirms-13-billion-investment-britain-ai-data-centre-4637161
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