The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 2 June 2022 (Thu)

Top Story

Using geospatial technology in the property sector
Homebuyers in Singapore may soon get a better view of properties on a government 3D-map built by geospatial technology.

Singapore Real Estate 

Euro-Asia Apartments up for en bloc sale at S$218m guide price
The 84-unit Euro-Asia Apartments, a District 12 freehold residential development on Serangoon Road, has been put up for collective sale via public tender at a guide price of S$218 million. Completed in 1990, Euro-Asia Apartments is a 10-storey block of apartments comprising units ranging from 840 to 2,443 square feet (sq ft) in size.

Jansen Mansions at Kovan in third collective sale attempt at S$18.9m reserve price
Kovan’s Jansen Mansions will be put up for collective sale for the third time with an increased reserve price of S$18.9 million on Jun 2, marketing agency PropNex Realty announced on Wednesday (Jun 1).


Singapore Economy 

At least 66 international events secured for rest of 2022: STB
Singapore has secured at least 66 new events for the rest of 2022, including some that were relocated from Hong Kong, as the meetings, incentives, conventions and exhibitions (Mice) industry ramps up activities in the second half of this year.

Singapore’s Mice industry expected to see full recovery in 2-3 years: STB
Singapore’s meetings, incentives, conventions and exhibitions (Mice) industry can expect to recover fully from the impact of the Covid-19 pandemic in the next 2 to 3 years, the Singapore Tourism Board said on Wednesday (Jun 1).

Bloomberg New Economy Forum to be held in Singapore for 3rd time in November
Singapore – The Bloomberg New Economy Forum will be held in Singapore from Nov 14 to 17, said organiser Bloomberg on Wednesday (June 1). It will be the third time the Republic hosts the forum.


Companies’ Brief 

Ascott acquires lyf co-living property in Sydney through private equity fund
CapitaLand Investment’s (CLI) wholly-owned lodging business, The Ascott, is acquiring its first lyf-branded co-living property in Sydney, the group said in a press statement on Thursday (Jun 2).

Cuscaden Peak’s offer for SPH Reit turns unconditional
Cuscaden Peak’s mandatory cash offer to acquire all units of SPH Reit has turned unconditional in all respects, according to a bourse filing on Thursday (Jun 2). As at 6 pm on Wednesday, offeror Cuscaden Peak had received valid acceptances of its chain offer in respect of approximately 4.64 per cent of total issued SPH Reit units.

Singtel partners Lendlease to jointly redevelop Comcentre HQ into S$3b office project
Singtel has named Australia-listed real estate group Lendlease as its partner to jointly redevelop its Comcentre headquarters into an office redevelopment. In a press statement on Wednesday (Jun 1), the telco said the project will be designed by a “renowned team of architects” including New York-based Kohn Pedersen Fox.


Views, Reviews, Forum and Others

Many lines of defence needed to keep inflation at bay
Amid rising inflation due to war, the pandemic and supply chain snarls, governments across the world have to find ways and means of keeping the cost of living manageable for their citizens. For Singapore, too, this is arguably the most pressing near-term challenge.

Greening Asia’s supply chains
In a world where consumers have got used to a global marketplace where goods can be ordered from thousands of miles away, supply chains have proven themselves vital to the economy. Favourable factors such as technological advancements and continuous improvement to provide the latest facilities have made Southeast Asia an attractive location for logistics-intensive industries such as manufacturing, but also create substantial environmental burden in the region.

Geopolitical risks fuel stagflation fears; Europe vulnerable
Global economic growth was initially expected to moderate to 4 per cent this year, from 5.6 per cent last year, with a rebound seen in the second quarter. But Russia’s invasion of Ukraine – now entering the fourth month – followed by the sanctions of Western nations and consequently escalating commodity prices, are threatening global growth and inflation.

Asean countries can collaborate more to help region’s tourism recovery: Indonesian minister
Singapore – South-east Asian countries can do more together so that the region’s tourism sector can recover faster and smoother from the hit it took as a result of the Covid-19 pandemic, said Indonesia’s Tourism and Creative Economy Minister Sandiaga Uno.


Global Economy & Global Real Estate

Some real estate markets seen falling as global frenzy fades

US economy shows signs of downshifting as rates, inflation bite

US manufacturing sector regains speed in May

Biden to devote US$2.1b to strengthen US food supply chain

UK house prices defy slowdown fears with 10th consecutive gain

Saudi Arabia is planning the largest buildings ever built

Asian factories remained under pressure in May as China slowed

China’s May new home prices up slightly, private survey shows

Hong Kong retail sales unexpectedly rebound as Covid curbs ease

Japan Q1 corporate capital spending rises 3%, led by manufacturers


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