Singapore Real Estate
S$910 million Far East Shopping Centre deal falls through after URA rejects redevelopment proposal
The collective sale of Far East Shopping Centre is said to have fallen through, with Chinese businessman Du Shuanghua’s Bright Ruby Resources pulling out of the acquisition, put at around S$910 million.
https://www.businesstimes.com.sg/property/s-910-million-far-east-shopping-centre-deal-falls-through-after-ura-rejects-redevelopment-proposal
CDL markets unsold units at The Residences at W Sentosa at 40% less than 2010 launch price
Cityview Place Holdings, a unit of property developer City Developments Ltd (CDL), will be selling 58 units of The Residences at W Singapore Sentosa Cove this month. A spokesperson from Cityview Place Holdings said that these units were “specially curated” and put up for sale at “an attractive price for a limited period”. Prices start at S$2.1 million for a two-bedroom unit and go up to S$3.5 million for a four-bedder.
https://www.businesstimes.com.sg/property/cdl-markets-unsold-units-residences-w-sentosa-40-less-2010-launch-price
https://www.straitstimes.com/singapore/prices-of-unsold-units-at-the-residences-at-w-singapore-sentosa-cove-slashed-by-nearly-half
Singapore Economy
In an era of great power politics, countries must cooperate to protect multilateralism: DPM Wong
As the world returns to an era of great power politics, it is crucial for countries to work together for better global outcomes – including Singapore and Germany, which are aligned on many issues, said Deputy Prime Minister and Finance Minister Lawrence Wong on Tuesday (Apr 9).
https://www.businesstimes.com.sg/singapore/economy-policy/era-great-power-politics-countries-must-cooperate-protect-multilateralism-dpm-wong
Singapore, Germany to work towards upgrading relations to a Strategic Partnership
Singapore and Germany have agreed to work towards upgrading relations to a Strategic Partnership in recognition of the “growing depth and breadth” of bilateral ties. This was announced by Singapore’s Ministry of Foreign Affairs (MFA) in a statement on Tuesday (Apr 9) evening, after Deputy Prime Minister Lawrence Wong called on German Chancellor Olaf Scholz in Berlin.
https://www.businesstimes.com.sg/singapore/singapore-germany-work-towards-upgrading-relations-strategic-partnership
https://www.straitstimes.com/singapore/singapore-and-germany-to-work-towards-upgrading-relations-to-strategic-partnership
Quarterly monetary decisions are valuable even if – or precisely when – they bring no change
This year, the Monetary Authority of Singapore (MAS) moved to a quarterly schedule for its monetary policy decisions, adding two more scheduled meetings in January and July, on top of its existing meetings in April and October.
https://www.businesstimes.com.sg/opinion-features/quarterly-monetary-decisions-are-valuable-even-if-or-precisely-when-they-bring-no-change
More robust laws will help, not hurt, Singapore’s business-friendly reputation
Being a country known for its business-friendly environment has its perks but is not without peril, as recent high-profile criminal cases in Singapore have shown. Up till 2020, Singapore placed second in the now-defunct Doing Business ranking published by the World Bank. In terms of the ease of starting a business, Singapore ranked fourth, behind overall chart-topper New Zealand, Georgia and Canada.
https://www.businesstimes.com.sg/opinion-features/more-robust-laws-will-help-not-hurt-singapore-s-business-friendly-reputation
Green vs growth: Can Singapore’s maritime sector decarbonise without losing pace?
Singapore’s ports bustle with activity, reflecting their historical significance as a hub for maritime trade. Evolving over time, these ports have grown to accommodate rising demand, solidifying their role as a cornerstone of the nation’s economic advancement. However, with the sector poised for strong growth, a new imperative has emerged – the need to decarbonise.
https://www.businesstimes.com.sg/opinion-features/green-vs-growth-can-singapore-s-maritime-sector-decarbonise-without-losing-pace
Business News
Centurion unit sets up JV company to lease, refurbish Hong Kong property
Accommodation assets operator Centurion Corporation on Tuesday (Apr 9) said its wholly owned subsidiary Centurion Overseas Investments has established a 60 per cent-owned unit – Centurion-Lionrock (HK) – for the key purpose of leasing a building in Hong Kong.
https://www.businesstimes.com.sg/companies-markets/centurion-unit-sets-jv-company-lease-refurbish-hong-kong-property
https://www.straitstimes.com/business/companies-markets/centurion-unit-sets-up-jv-company-to-lease-refurbish-hong-kong-property
Frasers Property expects ‘significant’ drop in H1 earnings on fair value losses, impairment
Frasers Property is expecting to report a “significant decrease” in net profit for the first half of its current fiscal year ended Mar 31 compared with the corresponding prior year period, the company said in a filing to the bourse on Tuesday (Apr 9).
https://www.businesstimes.com.sg/companies-markets/frasers-property-expects-significant-drop-h1-earnings-fair-value-losses-impairment
https://www.straitstimes.com/business/companies-markets/frasers-property-expects-significant-drop-in-h1-earnings-on-fair-value-losses-impairment
LHN unit bags tender for former Bukit Timah Fire Station site
LHN Group on Tuesday (Apr 9) said its unit, LHN Facilities Management, has been awarded the tender for a state property at Upper Bukit Timah Road. Beyond rejuvenating the site, LHN said it is looking to turn the existing compound – located at 260 Upper Bukit Timah Road or the former Bukit Timah Fire Station – into a “vibrant mixed-use development” that will feature co-living spaces and a variety of community-centric offerings.
https://www.businesstimes.com.sg/companies-markets/lhn-unit-bags-tender-former-bukit-timah-fire-station-site
https://www.straitstimes.com/business/companies-markets/lhn-unit-bags-tender-for-former-bukit-timah-fire-station-site
Sabana Reit trustee gives indicative timeline for internalisation, with EGM in Q3
HSBC Institutional Trust Services, or the trustee of Sabana Industrial Real Estate Investment Trust : (Sabana Reit), has presented an indicative timeline for the internalisation of the trust’s management function.
https://www.businesstimes.com.sg/companies-markets/sabana-reit-trustee-gives-indicative-timeline-internalisation-egm-q3
Wee Hur looks beyond construction and real estate to drive future growth
Wee Hur Holdings’ roots may lie in the construction industry, but the mainboard-listed company has quickly made a name for itself in other sectors, from property development and student housing to fund management.
https://www.businesstimes.com.sg/property/wee-hur-looks-beyond-construction-and-real-estate-drive-future-growth
Views, Reviews, Forum and Others
Some manufacturing firms think workplace safety is a cost: WSH Council committee chair
Singapore – While Singapore’s workplace death and major injury rate fell to a record low in 2023, and major industries saw fewer injuries, the manufacturing sector was still a problem. Although fatalities in the sector dropped from seven in 2022 to five in 2023, the number of major injury cases jumped from 122 to 150, according to the Ministry of Manpower’s (MOM) annual workplace safety and health numbers released on March 27.
https://www.straitstimes.com/singapore/some-manufacturing-firms-think-workplace-safety-is-a-cost-wsh-council-committee-chair
Crane at PUB worksite topples and crushes van in Sengkang; driver taken to hospital
Singapore: A van driver was taken to hospital after a crane at a PUB worksite in Sengkang toppled and crushed his vehicle on Tuesday (Apr 9). The accident happened at the junction of Punggol Road and Compassvale Street at about 4.55pm.
https://www.channelnewsasia.com/singapore/crane-topples-crushes-van-sengkang-worksite-pub-driver-injured-4253016
Covid-19 vaccine protection wanes faster among the elderly, booster shots needed: NUS study
Singapore – Senior citizens should consider receiving booster doses of the updated Covid-19 vaccine regularly, according to a recently published study by local researchers.
https://www.straitstimes.com/singapore/covid-19-vaccine-protection-wanes-faster-among-the-elderly-booster-shots-needed-nus-study
Global Economy & Real Estate
Fed seen waiting until September to cut rates
https://www.businesstimes.com.sg/companies-markets/banking-finance/fed-seen-waiting-until-september-cut-rates
https://www.straitstimes.com/business/us-core-cpi-tops-forecasts-again-likely-delaying-fed-rate-cuts
IMF warns industrial policy no magic cure for slow economic growth
https://www.businesstimes.com.sg/international/imf-warns-industrial-policy-no-magic-cure-slow-economic-growth
US small-business sentiment slides to lowest level in more than 11 years
https://www.businesstimes.com.sg/international/us-small-business-sentiment-slides-lowest-level-more-11-years
US weighs ban on charging homebuyers for lender title insurance: sources
https://www.businesstimes.com.sg/property/us-weighs-ban-charging-homebuyers-lender-title-insurance-sources
US consumer prices rise more than expected in March
https://www.businesstimes.com.sg/international/us-consumer-prices-rise-more-expected-march
Australia sets mandatory notification rule in M&A shakeup
https://www.businesstimes.com.sg/international/australia-sets-mandatory-notification-rule-m-shakeup
Australian consumer confidence slumps as prices, rates take toll
https://www.businesstimes.com.sg/international/australian-consumer-confidence-slumps-prices-rates-take-toll
Fitch cuts China’s ratings outlook on growth risks
https://www.businesstimes.com.sg/international/fitch-cuts-china-s-ratings-outlook-growth-risks
https://www.straitstimes.com/business/fitch-cuts-chinas-ratings-outlook-on-growth-risks
China tells mid- to high-end hotels to accept foreign bank cards
https://www.businesstimes.com.sg/international/global/china-tells-mid-high-end-hotels-accept-foreign-bank-cards
Commercial property: Beijing retail rents jump by most since 2019 with premium office space remaining under pressure
https://www.scmp.com/property/article/3258473/commercial-property-beijing-retail-rents-jump-most-2019-premium-office-space-remaining-under
A different kind of property crash hits Dublin as Big Tech cuts space
https://www.businesstimes.com.sg/property/different-kind-property-crash-hits-dublin-big-tech-cuts-space
ECB to set up June rate cut after rapid inflation fall
https://www.businesstimes.com.sg/international/ecb-set-june-rate-cut-after-rapid-inflation-fall
Hong Kong considers changing tax rules to lure private credit business
https://www.businesstimes.com.sg/international/hong-kong-considers-changing-tax-rules-lure-private-credit-business
Pay in Hong Kong’s retail, travel industries lags behind all other sectors as city recovers from Covid pandemic
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3258292/pay-hong-kongs-retail-and-travel-industries-lags-behind-all-other-sectors-city-fights-back?module=top_story&pgtype=subsection
Hong Kong capital investment scheme’s 50 applications in a month shows ‘strong confidence’ from wealthy: government
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3258369/hong-kong-capital-investment-schemes-50-applications-received-month-sign-strong-confidence-wealthy?module=top_story&pgtype=subsection
Links between Hong Kong Island and Lantau needing reclamation? Been there, considered that
https://www.scmp.com/opinion/letters/article/3258187/links-between-hong-kong-island-and-lantau-needing-reclamation-been-there-considered
Ares seeks to buy most of HK$10.2 billion loan for Hong Kong tower
https://www.businesstimes.com.sg/property/ares-seeks-buy-most-hk-10-2-billion-loan-hong-kong-tower
Debt-saddled Lai Sun Development sells stake in insurer AIA Group’s Hong Kong headquarters
https://www.scmp.com/business/china-business/article/3258314/debt-saddled-lai-sun-development-sells-stake-insurer-aia-groups-hong-kong-headquarters
Italy cuts growth forecasts and says debt set to rise
https://www.businesstimes.com.sg/international/italy-cuts-growth-forecasts-and-says-debt-set-rise
Kishida urges US executives to boost tech investments in Japan
https://www.businesstimes.com.sg/international/kishida-urges-us-executives-boost-tech-investments-japan
Spain to scrap ‘golden visas’ for foreign real estate investors
https://www.businesstimes.com.sg/property/spain-scrap-golden-visas-foreign-real-estate-investors
Swedish home prices extend gains as market shows signs of thaw
https://www.businesstimes.com.sg/property/swedish-home-prices-extend-gains-market-shows-signs-thaw
Thai central bank holds key rate, defies government calls for cuts
https://www.channelnewsasia.com/business/thai-central-bank-holds-key-rate-defies-government-calls-cuts-4255626
Thailand approves new measures to boost property sector
https://www.businesstimes.com.sg/international/asean/thailand-approves-new-measures-boost-property-sector
Thailand sees more than 4% growth this year on property measures
https://www.businesstimes.com.sg/international/thailand-sees-more-4-growth-year-property-measures
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