Singapore Economy
Tharman calls for reforms to provide retirement security
Low interest rates are here to stay, and will pose challenges to retirement security globally, Deputy Prime Minister Tharman Shanmugaratnam warned on Monday. And as investment strategies and monetary policy responses reach their limits, fundamental reforms are needed to help populations plan for retirement, he said. “We have to live with a low-interest-rate environment for a long time to come, even as our societies are getting older.
http://www.businesstimes.com.sg/government-economy/tharman-calls-for-reforms-to-provide-retirement-security
Singapore emerges as top Asian investor in Japan
Singapore is the only Asian country which has over a trillion yen – or S$12.74 billion at Monday’s exchange rate – invested in Japan, according to the first official Japanese report on foreign direct investments in the country. That makes Singapore, already the biggest investor in China and India, the top Asian investor in the world’s third-largest economy, says Invest Japan Report 2015 published last week by Jetro, Japan’s trade and investment promotion agency.
http://www.businesstimes.com.sg/government-economy/singapore-emerges-as-top-asian-investor-in-japan
Job openings still outnumber job seekers, but only barely
The jobs market picture painted by the latest official report released on Monday isn’t as bleak as the sluggish economy would otherwise suggest. But the tone of the Ministry of Manpower’s final Labour Market Report, First Quarter 2016 remains cautious – and looked at from a longer view, it has reasons to be. Already, the latest survey report by ManpowerGroup Singapore, also released on Monday, points to a “more conservative” pace of hirings in the next three months, with hiring prospects at their weakest since the 2009 recession.
http://www.businesstimes.com.sg/government-economy/job-openings-still-outnumber-job-seekers-but-only-barely
http://www.straitstimes.com/singapore/jobless-rate-falls-but-signs-point-to-weak-economy
Q3 hiring prospects to be worst since last recession
The pace of hiring is tipped to be “more conservative” in the next three months, with hiring prospects at their weakest since the last recession, according to ManpowerGroup Singapore’s latest survey. The survey, which covered 647 employers, found the net employment outlook – the difference between the percentage of bosses wanting to raise and the percentage wanting to cut hiring – has slipped further to a seasonally-adjusted plus 9 per cent for July-September, the lowest since the third quarter of 2009.
http://www.businesstimes.com.sg/government-economy/q3-hiring-prospects-to-be-worst-since-last-recession
http://www.todayonline.com/singapore/unemployment-rate-dips-employment-growth-slows-q1-2015
Singapore Real Estate
Singapore real estate stocks offer shelter in down market
Singapore-listed real estate companies have outperformed the broader market so far this year as strong gains in the slightly smaller property plays offset declines in the biggest names, according to data provided by the Singapore Exchange (SGX). The SGX Real Estate 20 index of Singapore-listed real estate plays posted a 1.3 per cent total return between Jan 1 and June 10, outpacing the blue-chip Straits Times Index’s -0.4 per cent total return over the same period.
http://www.businesstimes.com.sg/companies-markets/singapore-real-estate-stocks-offer-shelter-in-down-market
Wing Tai sells another apartment at Le Nouvel Ardmore for S$21m
WING TAI has sold another apartment at its freehold Le Nouvel Ardmore condominium. The seventh floor unit is being sold for S$21 million, which works out to S$4,006 per square foot based on the strata area of 5,242 sq ft (inclusive of 280 sq ft of strata void area). The buyer is believed to be Trihatma Kusuma Haliman, who controls Indonesian property group Agung Podomoro Land, which has been making the headlines in Indonesia recently.
http://www.businesstimes.com.sg/real-estate/wing-tai-sells-another-apartment-at-le-nouvel-ardmore-for-s21m
Foreigners snap up more homes in Q1
Foreign buyers bought more homes in the first three months of the year compared with the fourth quarter last year despite a lacklustre property market, according to DTZ. Purchases by non-Singapore permanent residents jumped 5.4 per cent to 236 units in the three months to March 31, while those by permanent residents (PRs) increased by 2.6 per cent to 591 units. In contrast, citizens bought 1,973 homes, down 18.2 per cent, owing largely to the seasonal effect of the Chinese New Year holiday.
http://www.straitstimes.com/business/foreigners-snap-up-more-homes-in-q1
Qatar fund ‘in talks for $2.7b loan’ to buy tower
Qatar Investment Authority (QIA) has approached banks for a loan of as much as US$2 billion (S$2.7 billion) to finance its acquisition of BlackRock’s Asia Square Tower 1, according to three people with knowledge of the matter. The sovereign wealth fund has held preliminary talks with banks to borrow between US$1.5 billion and US$2 billion, the people said, asking not to be identified because the information is private.
http://www.straitstimes.com/business/qatar-fund-in-talks-for-27b-loan-to-buy-tower
http://www.straitstimes.com/business/property/qatar-sovereign-fund-said-to-weigh-loan-of-up-to-us2b-for-asia-square-tower-1
Companies’ Brief
Croesus to bring trustee-manager ‘in-house’ with $50m acquisition
Croesus Retail Trust (CRT), which holds shopping malls in Japan, is looking to bring its trustee-manager “in-house”. The move, which will be the first of its kind here, involves the CRT acquiring Croesus Retail Asset Management for 4.1 billion yen (S$50 million). That will bring the overall management and day-to- day operations of CRT in-house, creating “a stronger alignment of interests” between the trustee-manager and unitholders, it said in a statement on Sunday.
http://www.straitstimes.com/business/companies-markets/croesus-to-bring-trustee-manager-in-house-with-50m-acquisition
Views, Reviews & Forum
To boost retail, Singapore must become more cultured
The development of culture often has a powerful influence on a country’s retail industry. Anime and manga culture has spawned numerous unique products, such as character models, cafes and cosplay, that have made Japan a sought-after retail destination. South Korea has arguably become a fashion powerhouse due to the industry’s close links with Hallyu, or the Korean wave. Singapore, however, has long taken a pragmatic view to economic development, prioritising “hard” industries over socio-cultural development. Retail here has largely been driven by the importing of a wide range of renowned international brands.
http://www.straitstimes.com/forum/letters-in-print/to-boost-retail-singapore-must-become-more-culture
Challenger shows the way for other Singapore retailers
A Singapore mega supermarket for all things tech, Challenger Technologies, through its push to become a major e-commerce player, shows it has realised the big opportunity that selling online can bring to the local retail giant. In an environment where having a strong and credible online presence is crucial for every retailer’s competitiveness and growth, Challenger has set an ambitious target to have its revamped e-commerce portal hachi.tech accounting for up to half of group revenue within five years, up from a very small percentage now.
http://www.businesstimes.com.sg/companies-markets/challenger-shows-the-way-for-other-singapore-retailers
Global Economy & Global Real Estate
Asian investors rush for exits amid Brexit fears
http://www.straitstimes.com/business/companies-markets/asian-investors-rush-for-exits-amid-brexit-fears
China home sales rise at slowest pace this year
http://www.businesstimes.com.sg/real-estate/china-home-sales-rise-at-slowest-pace-this-year
QIA said to be seeking US$2b loan to finance Singapore purchase
http://www.businesstimes.com.sg/real-estate/qia-said-to-be-seeking-us2b-loan-to-finance-singapore-purchase
Lotte signals US$4.5 billion hotel IPO will be shelved amid crisis
http://www.businesstimes.com.sg/real-estate/lotte-signals-us45-billion-hotel-ipo-will-be-shelved-amid-crisis
http://www.straitstimes.com/business/lotte-cancels-6b-hotel-ipo-plan-as-probes-widen
China home sales rise at slowest pace this year
http://www.businesstimes.com.sg/real-estate/china-home-sales-rise-at-slowest-pace-this-year
Brexit sends Danish 30-year mortgage costs below US Treasuries
http://www.businesstimes.com.sg/real-estate/brexit-sends-danish-30-year-mortgage-costs-below-us-treasuries
Builders refuse to work on Bondi landmark’s $38m revamp
http://www.straitstimes.com/asia/australianz/builders-refuse-to-work-on-bondi-landmarks-38m-revamp
Fly Like an Eagle Into Steve Miller’s $16.8 Million Washington Estate
http://www.bloomberg.com/news/articles/2016-06-13/fly-like-an-eagle-into-steve-miller-s-16-8-million-washington-estate
Additional Articles of Interest – Local & Overseas Real Estate
Sentosa Cove: The coast is clear for some (The Edge Property, Dated 10 June 2016)
In the real-estate market, few properties can beat those with a water view when it comes to the wow factor. Sentosa Cove recently made headlines for contrasting reasons — one property fetched sky-high prices while others were in deep water. It might be time to revisit Sentosa Cove as condominium rents and prices in this upscale district could be near their bottom – for tenants and owner-occupiers.
http://www.theedgeproperty.com.sg/content/sentosa-cove-coast-clear-some
Deal Watch: Reflections at Keppel Bay unit selling at 2007 prices
A 1,733 sq ft, three-bedroom unit at Reflections at Keppel Bay has been listed on TheEdgeProperty. com at $2.5 million, or $1,443 psf. The high-floor unit overlooks the golf course. The latest transaction in the project was on May 23, when a 2,519 sq ft unit on the 21st floor was sold at $2,462 psf. Meanwhile, the last transaction for a 1,733 sq ft unit was in March 2013 when a ground-floor unit changed hands at $2,412 psf.
http://www.theedgeproperty.com.sg/content/deal-watch-reflections-keppel-bay-unit-selling-2007-prices
Local & Overseas Real Estate – Full Article
http://www.stproperty.sg/articles-property/singapore-property-news/c/11
http://business.asiaone.com/property/news
http://www.propertyguru.com.sg/market-news
http://www.btinvest.com.sg/property
http://www.theedgeproperty.com.sg/property-news