Singapore Real Estate
Orchard Road rejuvenation gets shot in the arm from Delfi Orchard sale
Singapore – Rejuvenation efforts along the Orchard Road area got a shot in the arm with the $439 million sale of Delfi Orchard to City Developments (CDL). Analysts say this could pick up pace as the recovery in Singapore’s tourism sector gains momentum and several major redevelopment projects in the prime retail belt get under way.
https://www.straitstimes.com/business/orchard-road-rejuvenation-gets-shot-in-the-arm-from-delfi-orchard-sale
Paragon Reit in advanced talks to sell The Rail Mall at shade above S$80 million: sources
Paragon Reit is in advanced negotiations to sell The Rail Mall in Upper Bukit Timah; the price is understood to be slightly higher than S$80 million. The single-storey strip mall, with nearly 50,000 square feet (sq ft) of net lettable area (NLA), is on a site sold by the state with a 99-year leasehold tenure from March 1947.
https://www.businesstimes.com.sg/property/paragon-reit-advanced-talks-sell-rail-mall-shade-above-s80-million-sources
23 neighbourhoods across Singapore to be upgraded, over $95 million set aside
Singapore – More than $95 million has been set aside to upgrade and rejuvenate 23 neighbourhoods islandwide under the next edition of the Housing Board’s Neighbourhood Renewal Programme (NRP), which is expected to benefit more than 15,600 homes.
https://www.straitstimes.com/singapore/23-neighbourhoods-across-singapore-to-be-upgraded-over-95-million-set-aside
https://www.channelnewsasia.com/singapore/hdb-blocks-precincts-upgrade-neighbourhood-renewal-95-million-4379241
293,000 households have installed senior-friendly home fittings since 2012
Singapore – Since its launch in 2012, 293,000 households have benefited from the Enhancement for Active Seniors (Ease) programme – an HDB scheme that provides subsidies for installation of senior-friendly home fittings such as grab bars and ramps.
https://www.straitstimes.com/singapore/293000-households-have-installed-senior-friendly-home-fittings-since-2012
Skywaters Residences unit sold for S$47.34 million or S$6,100 psf, marking new record for 99-year projects
A very large luxury apartment on the 57th floor of new project Skywaters Residences was sold in May for S$47.34 million, or S$6,100 per square foot (psf), marking a record-high price for a 99-year leasehold property in psf terms.
https://www.businesstimes.com.sg/property/skywaters-residences-unit-sold-s47-34-million-or-s6100-psf-marking-new-record-99-year-projects
Airbnb hosts in Singapore still offering illegal short-term stays
Singapore: Illegal short-term stays in Singapore are still being offered on rental platform Airbnb, checks by CNA have found. Short-term rentals of less than three months for private properties and less than six months for Housing Board (HDB) flats are not allowed under the law.
https://www.channelnewsasia.com/singapore/airbnb-singapore-hosts-illegal-short-term-stays-rental-condos-hdb-4376726
Singapore Economy
Strengthened resolve to prevent conflict from occurring in Asia, says Ng Eng Hen at Shangri-La Dialogue
Singapore: Lessons have been learnt on the “cost of aggression” elsewhere and resolve has strengthened across the board to ensure conflict does not break out in Asia, Singapore’s Defence Minister Ng Eng Hen said on Saturday (Jun 1).
https://www.channelnewsasia.com/singapore/shangrila-dialogue-ng-eng-hen-defence-conflict-asia-us-china-4379331
https://www.straitstimes.com/singapore/shangri-la-dialogue-s-success-comes-from-not-skirting-issues-ng-eng-hen
https://www.businesstimes.com.sg/international/shangri-la-dialogues-success-comes-not-skirting-issues-ng-eng-hen
S’pore, Lithuania can boost ties in digital economy, advanced manufacturing and tech: Tan See Leng
Singapore – Digital economy, advanced manufacturing, and technology are some of the areas businesses in Singapore and Lithuania can come together to further boost their growing trade and investment ties, said Minister for Manpower and Second Minister for Trade and Industry Tan See Leng.
https://www.straitstimes.com/business/s-pore-lithuania-can-boost-ties-in-digital-economy-advanced-manufacturing-and-tech-tan-see-leng
New permanent secretary for transport development among slew of changes
Singapore – A veteran public servant has been named the new permanent secretary for transport development. Mr Lau Peet Meng will take on the role from July 1, the Public Service Division (PSD) said on May 31.
https://www.straitstimes.com/singapore/new-permanent-secretary-for-transport-development-among-slew-of-appointment-changes
Business News
Keppel sets sights on senior-living market, opens its first facility in Asia
Keppel has officially opened its first senior-living facility in Asia, a project in Nanjing, China, that kicks off the company’s expansion plans for the region. The Nanjing facility is Keppel’s flagship project for Sindora Living, the asset manager’s senior-living brand and operating platform for Asia, said Louis Lim, chief executive of real estate at Keppel, on Friday (May 31).
https://www.businesstimes.com.sg/companies-markets/keppel-sets-sights-senior-living-market-opens-its-first-facility-asia
Mandai Park Holdings appoints DBS CEO Piyush Gupta as board chair
Mandai Park Holdings has appointed DBS Group chief executive officer Piyush Gupta as its new board chairman. Chong Siak Ching, who has served as director of Mandai Park Holdings since August 2017, will be appointed deputy chairman, the company announced on Friday (May 31). She has served as acting board chairman since November 2023.
https://www.businesstimes.com.sg/companies-markets/mandai-park-holdings-appoints-dbs-ceo-piyush-gupta-board-chair
https://www.straitstimes.com/singapore/dbs-ceo-appointed-chairman-of-mandai-park-holdings-board
Global Economy & Real Estate
Global banks start targeting a new breed of real estate risk
https://www.businesstimes.com.sg/property/global-banks-start-targeting-new-breed-real-estate-risk
Affordable housing to stay out of reach in major economies due to lack of supply: Reuters poll
https://www.channelnewsasia.com/business/affordable-housing-stay-out-reach-major-economies-due-lack-supply-reuters-poll-4376846
US inflation rises in line with expectations in April
https://www.businesstimes.com.sg/international/us-inflation-rises-line-expectations-april
https://www.straitstimes.com/business/economy/us-feds-favoured-inflation-measure-remains-unchanged-in-april
US extends temporary suspension of tariffs on Ukraine steel for another year
https://www.businesstimes.com.sg/international/us-extends-temporary-suspension-tariffs-ukraine-steel-another-year
US homebuyers are starting to revolt over steep prices
https://www.businesstimes.com.sg/property/us-homebuyers-are-starting-revolt-over-steep-prices
US pending home sales gauge slumps to a four-year low on rates
https://www.businesstimes.com.sg/property/us-pending-home-sales-gauge-slumps-four-year-low-rates
RBA seen as the only other major central bank at risk of hiking
https://www.businesstimes.com.sg/companies-markets/banking-finance/rba-seen-only-other-major-central-bank-risk-hiking
Australia home prices continue to climb, Sydney back at record high
https://www.businesstimes.com.sg/property/australia-home-prices-continue-climb-sydney-back-record-high
China factory activity shrinks in surprise hit to growth outlook
https://www.businesstimes.com.sg/international/global/china-factory-activity-shrinks-surprise-hit-growth-outlook
https://www.straitstimes.com/business/china-factories-slip-back-into-contraction-hurting-growth-hopes
https://www.channelnewsasia.com/east-asia/china-factory-activity-drop-property-market-crisis-decline-4376041
https://www.scmp.com/economy/economic-indicators/article/3264791/chinas-factory-activity-shrinks-may-amid-uneven-economic-recovery
China making youth unemployment a ‘top priority’
https://www.businesstimes.com.sg/international/china-making-youth-unemployment-top-priority
https://www.channelnewsasia.com/east-asia/china-job-market-youth-unemployment-economy-4379021
China’s tourists to spend nearly 6.8 trillion yuan on holidays at home
https://www.businesstimes.com.sg/international/global/chinas-tourists-spend-nearly-6-8-trillion-yuan-holidays-home
https://www.straitstimes.com/business/china-s-tourists-to-spend-record-129-trillion-on-holidays-at-home
China’s housing crash could set back millions of promising careers
https://www.businesstimes.com.sg/international/chinas-housing-crash-could-set-back-millions-promising-careers
China home sales slump eases after new government support
https://www.businesstimes.com.sg/property/china-home-sales-slump-eases-after-new-government-support
China’s 60 million homes are hard to sell even in big cities
https://www.businesstimes.com.sg/property/chinas-60-million-homes-are-hard-sell-even-big-cities
Chinese property giant Evergrande fined US$576 million for ‘fraud’
https://www.businesstimes.com.sg/property/chinese-property-giant-evergrande-fined-us576-million-fraud
https://www.channelnewsasia.com/asia/china-evergrande-fined-fraud-bonds-troubled-property-giant-4376891
Eurozone inflation rises just as ECB prepares to cut rates
https://www.businesstimes.com.sg/international/eurozone-inflation-rises-just-ecb-prepares-cut-rates
Investors pull 10 billion euros in a year from Europe property funds amid watchdog concerns
https://www.businesstimes.com.sg/property/investors-pull-10-billion-euros-year-europe-property-funds-amid-watchdog-concerns
German retail sales fall more than expected in April
https://www.businesstimes.com.sg/international/german-retail-sales-fall-more-expected-april
Hong Kong April retail sales tumble 14.7% amid changing consumption pattern
https://www.businesstimes.com.sg/international/hong-kong-april-retail-sales-tumble-14-7-amid-changing-consumption-pattern
https://www.channelnewsasia.com/business/hong-kong-april-retail-sales-tumble-147-amid-changing-consumption-pattern-4376951
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3264925/hong-kong-retail-sales-record-worse-expected-147-decline-april-2nd-contraction-row?module=top_story&pgtype=subsection
Hong Kong home sales fall to earth following end-of-curbs flight, dragged by gravity of high rates, inventory
https://www.scmp.com/business/article/3265044/hong-kong-home-sales-fall-earth-following-end-curbs-flight-dragged-gravity-high-rates-inventory
Japan’s May factory activity expands for first time in a year, PMI shows
https://www.businesstimes.com.sg/international/japans-may-factory-activity-expands-first-time-year-pmi-shows
https://www.channelnewsasia.com/business/japans-may-factory-activity-expands-first-time-year-pmi-shows-4381776
Japan’s household spending seen rising for first time in 14 months: Reuters poll
https://www.channelnewsasia.com/business/japans-household-spending-seen-rising-first-time-14-months-reuters-poll-4376391
Malaysia’s ringgit overcomes this year’s slow start as inflows gather pace
https://www.businesstimes.com.sg/international/asean/malaysias-ringgit-overcomes-years-slow-start-inflows-gather-pace
https://www.straitstimes.com/business/ringgit-overcomes-this-year-s-slow-start-as-inflows-gather-pace
UBS completes merger of UBS and Credit Suisse parent companies
https://www.businesstimes.com.sg/companies-markets/banking-finance/ubs-completes-merger-ubs-and-credit-suisse-parent-companies
https://www.straitstimes.com/business/banking/ubs-completes-historic-takeover-as-credit-suisse-ceases-to-exist
Thai central bank says current inflation goal ‘appropriate’ for economy
https://www.businesstimes.com.sg/international/thai-central-bank-says-current-inflation-goal-appropriate-economy
Thai economy quickens in April, growth seen faster in Q2, central bank says
https://www.businesstimes.com.sg/international/thai-economy-quickens-april-growth-seen-faster-q2-central-bank-says
https://www.channelnewsasia.com/business/thai-economy-quickens-april-growth-seen-faster-q2-central-bank-says-4376676
Thailand probes cybercrime ring’s assets of over one billion baht
https://www.businesstimes.com.sg/international/thailand-probes-cybercrime-rings-assets-over-one-billion-baht
UK house prices return to growth after wobble, says lender Nationwide
https://www.businesstimes.com.sg/property/uk-house-prices-return-growth-after-wobble-says-lender-nationwide
Britain’s rich hit most by inflation and high interest rates
https://www.businesstimes.com.sg/international/britains-rich-hit-most-inflation-and-high-interest-rates
London moves to revive its reputation as a financial hub
https://www.straitstimes.com/business/london-moves-to-revive-its-reputation-as-a-financial-hub
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