The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 10, 11 & 12 June 2023 (SAT, SUN & MON)

Singapore Real Estate


Ong Beng Seng’s HPL puts in development proposal for Forum mall, former Hilton, HPL House sites
Is a major redevelopment finally in the works for a stretch of prime Orchard Road real estate owned by Ong Beng Seng’s Hotel Properties Limited (HPL). A development proposal has been submitted to the Urban Redevelopment Authority (URA) involving land parcels that currently house HPL’s Forum The Shopping Mall, the voco Orchard Singapore hotel, and HPL House.


Growing number of single, older yet more affluent people stirring debate about ideal home size
Singapore – Property consultancy Savills suggested on Friday that developers in Singapore will need to consider building smaller homes to cater to the needs of an ageing yet affluent population, where an increasing number will be single. But not everyone agrees.


Resale HDB flats with views of greenery fetch higher prices: Study
Singapore – Home owners place an increasing value on greenery, with a new study showing that resale flats located close – but not too close – to tree cover have been able to fetch higher prices over the past three decades.



Singapore Economy


Applications for Singapore Presidential Election open on Jun 13
Singapore: Potential candidates who wish to run in the Presidential Election (PE) can apply for a Certificate of Eligibility from Tuesday (Jun 13). This is the first step in order to enter the presidential race. Prospective candidates must also submit a community declaration.


Singapore business confidence hits two-year low for Q3 2023: Singapore Commercial Credit Bureau
Local business sentiment has hit a two-year low for the third quarter of 2023, amid a worsening outlook for the manufacturing and wholesale sectors. Data from the Singapore Commercial Credit Bureau (SCCB) released on Monday (Jun 12) showed its quarterly Business Optimism Index falling to +3.98 percentage points for Q3 2023 from +4.60 percentage points in the previous quarter and +5.10 percentage points in Q3 2022.


South Korea joins trade agreement formed by S’pore, Chile and New Zealand
Singapore – South Korea has joined a digital trade agreement set up in 2020 by Singapore, Chile and New Zealand. The Digital Economy Partnership Agreement (Depa) aims to foster trade by regulating issues related to the digital economy, including data flows and protection and artificial intelligence.


Companies, government should develop Singapore talent for leadership roles in global firms: SBF report

Companies in Singapore should have clear road maps for developing local talent with international expertise, especially if they have received related government support, said an industry-led group in a report on Friday (Jun 9).



Companies’ Brief


Hongkong Land says to open 10 retail developments in 5 years in China
Hongkong Land Holdings said it plans to open 10 retail developments in the next five years in seven cities across China, bringing the total number of commercial projects in the country to 17. The cities will be Chongqing, Chengdu, Wuhan, Shanghai, Nanjing, Hangzhou and Suzhou, it said in a statement on Thursday (Jun 8), adding the new developments will add 280,000 square meters of retail floor space to its China portfolio.


JLL closes US$106.1 mil Southeast Asia hotel portfolio deal
JLL, acting as the exclusive advisor to the seller Strategic Hospitality Holdings, has closed the sale of a portfolio of hospitality properties in a deal worth US$106.1 million ($142.55 million). The sale comprises three hotel properties in Southeast Asia – Pullman Jakarta Central Park, the ibis Saigon South and Capri by Fraser, both in Ho Chi Minh City.


LHN to get $32 million cash infusion if LHN Logistics offer goes through
Singapore – Real estate management services provider LHN said a Shanghai-listed company’s offer to buy over its indirect 84.05 per cent stake in LHN Logistics at 22.66 cents per share aligns with the group’s long-term goal of enhancing shareholder value.


Proposal to internalise Sabana Reit’s manager transfers value from ESR Group to unitholders
Quarz Capital has just declared war on ESR Group – that was the reaction of an old hand in Singapore’s real estate investment trust (Reit) sector to news this past week that the activist investor has requisitioned an extraordinary general meeting (EGM) to internalise the manager of Sabana Industrial Reit.



Global Economy & Real Estate


US Fed will keep rates high thanks to inflation fuelled by corporate greed, investors say

Divided Fed expected to pause and assess the effect of rate hikes


US homeowners saw first equity loss since 2012 last quarter


New York Democrats, at odds over tenant protections, fail to reach housing deal


No pause in sight as European Central Bank eyes next rate hike


UK forecasters see stronger growth and less risk of recession


High inflation rattles UK home loan market


Swedes’ view on housing market brightens as rates may soon peak


Australian banks may face heightened supervision if home loan guideline not followed


FDI flows to Asean double in past decade on region’s growth potential, supply chain diversification trends


ChatGPT disrupts Asian property industry, but it’ll be a while before an AI agent sells you a home


Where are Chinese consumers willing to spend?


Goldman expects ‘L-shaped’ recovery in China’s property market


China inflation stays low as growth sputters


China’s central bank upbeat on Q2 GDP growth, confident on 2023 targets


WeWork’s minority-owned China unit eyes Hong Kong expansion on back of demand from Web3 and crypto firms, mainland border reopening


Hong Kong economy to grow faster, Singapore to slow: survey


‘Depressed moments’: Hong Kong fund seeks £1 billion from Asian investors to acquire UK pub, hotel, housing asset


Sun Hung Kai sells all 188 units at Novoland, a sign housing sentiment is rebounding in Hong Kong


Japan’s wholesale inflation eases, goods close to consumers continue to rise


Rowdy tourists spark partial Airbnb ban on Penang Island



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