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.
https://www.businesstimes.com.sg/property/ong-beng-sengs-hpl-puts-development-proposal-forum-mall-former-hilton-hpl-house-sites
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.
https://www.straitstimes.com/business/growing-number-of-single-older-yet-more-affluent-people-stirs-debate-about-ideal-home-size
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.
https://www.straitstimes.com/singapore/resale-flats-with-views-of-greenery-fetch-higher-price-study
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.
https://www.channelnewsasia.com/singapore/singapore-presidential-election-applications-open-candidates-forms-elections-department-3555386
https://www.todayonline.com/singapore/application-presidential-election-opens-june-13-eld-urges-aspiring-candidates-use-its-digital-services-2191011
https://www.businesstimes.com.sg/singapore/applications-singapores-next-presidential-election-open-jun-13
https://www.straitstimes.com/singapore/application-for-presidential-election-opens-on-june-13
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.
https://www.businesstimes.com.sg/singapore/singapore-business-confidence-hits-two-year-low-q3-2023-singapore-commercial-credit
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.
https://www.straitstimes.com/business/south-korea-joins-trade-agreement-formed-by-s-pore-chile-and-new-zealand
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).
https://www.businesstimes.com.sg/singapore/companies-government-should-develop-singapore-talent-leadership-roles-global-firms-sbf
https://www.straitstimes.com/business/companies-government-should-develop-singaporean-talent-for-top-roles-in-global-firms-sbf-report
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.
https://www.businesstimes.com.sg/property/hongkong-land-says-open-10-retail-developments-5-years-china
https://www.channelnewsasia.com/business/hongkong-land-says-open-10-retail-developments-5-years-china-3550826
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.
https://www.edgeprop.sg/property-news/jll-closes-us1061-mil-southeast-asia-hotel-portfolio-deal
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.
https://www.straitstimes.com/business/lhn-to-get-32-million-cash-infusion-if-lhn-logistics-offer-goes-through
https://www.businesstimes.com.sg/companies-markets/lhn-get-s32-million-cash-infusion-if-lhn-logistics-offer-goes-through
https://www.theedgesingapore.com/news/ma/lhn-group-expects-make-21-mil-upon-disposal-lhn-logistics
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.
https://www.businesstimes.com.sg/opinion-features/proposal-internalise-sabana-reits-manager-transfers-value-esr-group-unitholders
Global Economy & Real Estate
US Fed will keep rates high thanks to inflation fuelled by corporate greed, investors say
https://www.businesstimes.com.sg/international/us-fed-will-keep-rates-high-thanks-inflation-fuelled-corporate-greed-investors-say
Divided Fed expected to pause and assess the effect of rate hikes
https://www.straitstimes.com/business/divided-fed-expected-to-pause-and-assess-the-effect-of-rate-hikes
US homeowners saw first equity loss since 2012 last quarter
https://www.businesstimes.com.sg/property/us-homeowners-saw-first-equity-loss-2012-last-quarter
New York Democrats, at odds over tenant protections, fail to reach housing deal
https://www.businesstimes.com.sg/property/new-york-democrats-odds-over-tenant-protections-fail-reach-housing-deal
No pause in sight as European Central Bank eyes next rate hike
https://www.straitstimes.com/business/no-pause-in-sight-as-european-central-bank-eyes-next-rate-hike
UK forecasters see stronger growth and less risk of recession
https://www.businesstimes.com.sg/international/uk-forecasters-see-stronger-growth-and-less-risk-recession
High inflation rattles UK home loan market
https://www.businesstimes.com.sg/property/high-inflation-rattles-uk-home-loan-market
Swedes’ view on housing market brightens as rates may soon peak
https://www.businesstimes.com.sg/property/swedes-view-housing-market-brightens-rates-may-soon-peak
Australian banks may face heightened supervision if home loan guideline not followed
https://www.businesstimes.com.sg/property/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
https://www.businesstimes.com.sg/international/asean/fdi-flows-asean-double-past-decade-regions-growth-potential-supply-chain
ChatGPT disrupts Asian property industry, but it’ll be a while before an AI agent sells you a home
https://www.scmp.com/business/article/3223524/rise-bots-chatgpt-disrupts-asian-property-industry-itll-be-while-ai-agent-sells-you-home
Where are Chinese consumers willing to spend?
https://www.businesstimes.com.sg/international/global/where-are-chinese-consumers-willing-spend
Goldman expects ‘L-shaped’ recovery in China’s property market
https://www.businesstimes.com.sg/property/goldman-expects-l-shaped-recovery-chinas-property-market
China inflation stays low as growth sputters
https://www.channelnewsasia.com/business/china-inflation-stays-low-growth-sputters-3550641
China’s central bank upbeat on Q2 GDP growth, confident on 2023 targets
https://www.channelnewsasia.com/business/chinas-central-bank-upbeat-q2-gdp-growth-confident-2023-targets-3550911
WeWork’s minority-owned China unit eyes Hong Kong expansion on back of demand from Web3 and crypto firms, mainland border reopening
https://www.scmp.com/business/china-business/article/3223689/weworks-minority-owned-china-unit-eyes-hong-kong-expansion-back-demand-web3-and-crypto-firms
Hong Kong economy to grow faster, Singapore to slow: survey
https://www.businesstimes.com.sg/international/hong-kong-economy-grow-faster-singapore-slow-survey
‘Depressed moments’: Hong Kong fund seeks £1 billion from Asian investors to acquire UK pub, hotel, housing asset
https://www.scmp.com/business/article/3223576/depressed-moments-hong-kong-fund-seeks-ps1-billion-asian-investors-acquire-uk-pub-hotel-housing
Sun Hung Kai sells all 188 units at Novoland, a sign housing sentiment is rebounding in Hong Kong
https://www.scmp.com/business/article/3223646/sun-hung-kai-sells-all-188-units-novoland-sign-housing-sentiment-rebounding-hong-kong
Japan’s wholesale inflation eases, goods close to consumers continue to rise
https://www.channelnewsasia.com/business/japans-wholesale-inflation-eases-goods-close-consumers-continue-rise-3555241
Rowdy tourists spark partial Airbnb ban on Penang Island
https://www.businesstimes.com.sg/property/rowdy-tourists-spark-partial-airbnb-ban-penang-island
Disclaimer & Note:
Real Estate Developers’ Association of Singapore (REDAS) does not warrant the accuracy, adequacy or completeness of the information and expressly disclaims liability for errors or omissions therein. The content, accuracy, and opinions expressed are not investigated, verified, monitored, nor endorsed by REDAS. Every effort is taken to ensure that all information extracted is correct at the time of dissemination.
The Daily News is issued as news gathering for the convenience and benefits of REDAS’ members only and not for mass circulation. Members are advised to exercise discretion in the use and dissemination of the information. The news links are time-sensitive and require registration of fee-based digital subscriptions.