Singapore Real Estate
URA prepares massive site in Sengkang to house new residential estate
Several large parcels of land have been earmarked for residential use in Fernvale North, a housing estate set to take shape in Sengkang. The massive site will be bounded by Jalan Kayu, Fernvale Street, Anchorvale Street, Sengkang West Drive and the Tampines Expressway.
https://www.businesstimes.com.sg/property/ura-prepares-massive-site-sengkang-house-new-residential-estate
Hybrid, flexible working set to curb Singapore office usage and rents
Unlike the case in most developed countries, working from home (WFH) full-time and working remotely are still rarities in Singapore, as they are in most of Asia. Hybrid working arrangements, however, where employees need to be in the office for – usually – two days a week, are now commonplace.
https://www.businesstimes.com.sg/property/hybrid-flexible-working-set-curb-singapore-office-usage-and-rents
Five-room resale flat in Bukit Merah goes for record S$1.59 million
A five-room flat in Boon Tiong Road in Bukit Merah has changed hands at S$1,588,000, making it the priciest Housing and Development Board (HDB) unit resold in Singapore to date. This is according to PropNex Realty, who on Tuesday (Apr 30) announced that one of its property agents oversaw the unit’s transaction on Apr 28.
https://www.businesstimes.com.sg/property/five-room-resale-flat-bukit-merah-goes-record-s-1-59-million
Singapore Economy
‘We have built a strong foundation for future generations’: PM Lee in his last major speech
Singapore – Prime Minister Lee Hsien Loong said he has prepared a leadership team to succeed him that deserves Singaporeans’ confidence and support, and asked that all Singaporeans rally behind it to make the nation succeed.
https://www.straitstimes.com/singapore/politics/we-have-built-a-strong-foundation-for-our-future-generations-pm-lee-in-his-last-major-speech
https://www.businesstimes.com.sg/singapore/social-cohesion-long-term-planning-political-stability-are-imperatives-singapore-pm-lee
https://www.todayonline.com/singapore/pm-lees-last-major-speech-handover-how-overcome-very-challenging-period-singapore-3-fundamentals-2414501
https://www.channelnewsasia.com/singapore/lee-hsien-loong-ntuc-may-day-rally-pm-last-speech-4305181
https://www.scmp.com/week-asia/politics/article/3261042/pm-lee-says-singapore-risks-serious-trouble-if-it-becomes-ordinary-final-key-speech
Singapore’s employment growth eases in Q1, as tighter foreign worker quotas kick in for construction firms
Singapore’s employment levels expanded in the first quarter, but at a moderated pace from before, early data from the Ministry of Manpower (MOM) showed on Tuesday (Apr 30). Non-resident employment contracted for the first time since Q3 2021 due to cooling labour demand, mainly in construction.
https://www.businesstimes.com.sg/singapore/spotlight-1singapore-s-employment-growth-eases-q1-tighter-foreign-worker-quotas-kick-construction-firms
https://www.straitstimes.com/singapore/jobs/retrenchments-in-singapore-fall-for-second-straight-quarter-employment-growth-cools
https://www.channelnewsasia.com/singapore/mom-labour-force-report-advance-release-q1-2024-4302461
https://www.scmp.com/news/asia/southeast-asia/article/3260908/singapore-records-fall-foreign-worker-numbers-first-time-2-years
S’pore manufacturing, services firms more upbeat for months ahead with lift from AI, travel: Surveys
Singapore – More local manufacturers and services firms are optimistic about business conditions in the months ahead due to factors such as a boom in products related to artificial intelligence (AI) and the return of travel, separate surveys showed on April 30.
https://www.straitstimes.com/business/economy/s-pore-manufacturing-services-firms-more-hopeful-for-months-ahead-with-boost-from-ai-travel-surveys
Upcoming Johor-Singapore SEZ to benefit property developers and Reits in industrial, commercial sectors
Property developers and real estate investment trusts (Reits) in the industrial, commercial and hospitality sectors look set to get a boost when the upcoming Special Economic Zone (SEZ) in Johor, Malaysia is set up.
https://www.businesstimes.com.sg/companies-markets/upcoming-johor-singapore-sez-benefit-property-developers-and-reits-industrial-commercial-sectors
Global Economy & Real Estate
US Federal Reserve keeps interest rates at 23-year high
https://www.straitstimes.com/business/economy/us-federal-reserve-keeps-interest-rates-at-23-year-high
https://www.channelnewsasia.com/business/us-federal-reserve-meeting-interest-rate-inflation-4305596
https://www.channelnewsasia.com/business/fed-keeps-rates-unchanged-flags-lack-further-progress-inflation-4307181
Inflation is stubborn. Is the federal budget deficit making it worse?
https://www.straitstimes.com/business/economy/inflation-is-stubborn-is-the-federal-budget-deficit-making-it-worse
US consumer confidence at lowest level since 2022
https://www.businesstimes.com.sg/international/us-consumer-confidence-lowest-level-2022
US factory activity shrinks with price gauge highest since 2022
https://www.businesstimes.com.sg/international/us-factory-activity-shrinks-price-gauge-highest-2022
US home prices jump by most in nearly two years in February
https://www.businesstimes.com.sg/property/us-home-prices-jump-most-nearly-two-years-february
Australian retail sales unexpectedly decline, currency drops
https://www.businesstimes.com.sg/international/australian-retail-sales-unexpectedly-decline-currency-drops
Australia home prices sustain growth in April, CoreLogic says
https://www.businesstimes.com.sg/property/australia-home-prices-sustain-growth-april-corelogic-says
China’s slow April factory, services activity dents economic momentum
https://www.channelnewsasia.com/business/chinas-slow-april-factory-services-activity-dents-economic-momentum-4302051
China’s top leaders hint at property support, interest rate cuts
https://www.businesstimes.com.sg/international/china-s-top-leaders-hint-property-support-interest-rate-cuts
China state firm to sell 20 Shanghai office towers in downturn
https://www.businesstimes.com.sg/property/china-state-firm-sell-20-shanghai-office-towers-downturn
Mainland Chinese companies most active group in Hong Kong’s flagging office rental market, Knight Frank report says
https://www.scmp.com/business/article/3260933/mainland-chinese-companies-most-active-group-hong-kongs-flagging-office-rental-market-knight-frank?module=top_story&pgtype=subsection
China’s property slump: Beijing ends curbs on multiple home ownership in outer areas of city to stimulate buying
https://www.scmp.com/business/china-business/article/3261034/chinas-property-slump-beijing-ends-curbs-multiple-home-ownership-outer-areas-city-stimulate-buying
Strained Chinese cities struggle to pay home-buying subsidies
https://www.businesstimes.com.sg/property/spotlight-1strained-chinese-cities-struggle-pay-home-buying-subsidies
China travel surges for May holiday but consumers remain wary
https://www.businesstimes.com.sg/international/china-travel-surges-may-holiday-consumers-remain-wary
Dubai ruler’s firm refinances US$8.2 billion to tap property boom
https://www.businesstimes.com.sg/property/dubai-ruler-s-firm-refinances-us-8-2-billion-tap-property-boom
Eurozone economy rebounds in first quarter, inflation stable in April
https://www.businesstimes.com.sg/international/eurozone-economy-rebounds-first-quarter-inflation-stable-april
Germany hit hard as foreign investment falls in Europe: EY survey
https://www.businesstimes.com.sg/international/germany-hit-hard-foreign-investment-falls-europe-ey-survey
https://www.straitstimes.com/business/economy/germany-hit-hard-as-foreign-investment-falls-in-europe-ey-survey
German economy skirts recession, helped by construction and exports
https://www.businesstimes.com.sg/international/german-economy-skirts-recession-helped-construction-and-exports
German unemployment rises more than expected, labour office says
https://www.businesstimes.com.sg/international/german-unemployment-rises-more-expected-labour-office-says
Hong Kong faces uphill battle to lure back Chinese tourists
https://www.businesstimes.com.sg/international/hong-kong-faces-uphill-battle-lure-back-chinese-tourists
Hong Kong holds base rate at 5.75% while US Fed assures market that delayed rate cuts have not been derailed
https://www.scmp.com/business/banking-finance/article/3261107/hong-kong-holds-base-rate-575-fed-keeps-its-watchful-eye-out-stubborn-us-inflation?module=top_story&pgtype=subsection
Hong Kong’s negative equity mortgage cases rise to 20-year high
https://www.businesstimes.com.sg/property/hong-kong-s-negative-equity-mortgage-cases-rise-20-year-high
https://www.channelnewsasia.com/business/hong-kongs-negative-equity-mortgage-cases-rise-20-year-high-4303031
https://www.scmp.com/business/banking-finance/article/3260968/number-hong-kong-mortgage-holders-negative-equity-soars-20-year-high-most-sars-epidemic
Bank of Japan upbeat on consumption, service price outlook
https://www.businesstimes.com.sg/international/bank-japan-upbeat-consumption-service-price-outlook
https://www.channelnewsasia.com/business/bank-japan-upbeat-consumption-service-price-outlook-4302646
Japan’s ruling party considers tax breaks to spur yen repatriation, officials say
https://www.channelnewsasia.com/business/japans-ruling-party-considers-tax-breaks-spur-yen-repatriation-officials-say-4305106
Weak yen boosts tourist wallets in Japan
https://www.businesstimes.com.sg/international/weak-yen-boosts-tourist-wallets-japan
https://www.straitstimes.com/business/weak-yen-boosts-tourist-wallets-in-japan
Real estate investors still flocking to Japan, unfazed by marginal rate rise
https://www.businesstimes.com.sg/property/real-estate-investors-still-flocking-japan-unfazed-marginal-rate-rise
New York City’s rent-stabilised tenants face third year of price hikes
https://www.businesstimes.com.sg/property/new-york-city-s-rent-stabilised-tenants-face-third-year-price-hikes
New Zealand house prices dip for first time in 8 months
https://www.businesstimes.com.sg/property/new-zealand-house-prices-dip-first-time-8-months
South Korea’s April inflation at 2.9% y/y, lower than expected
https://www.businesstimes.com.sg/international/south-koreas-april-inflation-2-9-yy-lower-expected
https://www.straitstimes.com/business/economy/south-korea-s-inflation-slows-more-than-expected-in-april
https://www.channelnewsasia.com/business/south-korea-consumer-inflation-eases-29-april-4307406
South Korea’s export growth picks up, supporting outlook
https://www.businesstimes.com.sg/international/south-korea-s-export-growth-picks-supporting-outlook
Distressed builder Taeyoung wins debt restructuring vote
https://www.businesstimes.com.sg/property/distressed-builder-taeyoung-wins-debt-restructuring-vote
Taiwan economy grows at fastest pace since 2021 on chip boom
https://www.businesstimes.com.sg/international/taiwan-economy-grows-fastest-pace-2021-chip-boom
Thai economic growth slows in March due to soft demand, tourism
https://www.businesstimes.com.sg/international/asean/thai-economic-growth-slows-march-due-soft-demand-tourism
UK mortgage approvals rise for sixth month to highest since 2022
https://www.businesstimes.com.sg/property/uk-mortgage-approvals-rise-sixth-month-highest-2022
UK house prices fall again after mortgage rates creep higher
https://www.businesstimes.com.sg/companies-markets/uk-house-prices-fall-again-after-mortgage-rates-creep-higher
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