Singapore Real Estate
LHN’s Coliwoo, Oxley boss tie up to buy Wilmer Place for S$26.5 million
A joint venture (JV) between LHN’s Coliwoo and Oxley’s Ching Chiat Kwong has bought Wilmer Place, a four-storey non-conservation building at 50 Armenian Street, for S$26.5 million. Wilmer and Sons sold the asset via an off-market private treaty exercise, said exclusive marketing agent Savills on Thursday (May 9).
https://www.businesstimes.com.sg/property/lhns-coliwoo-oxley-boss-tie-buy-wilmer-place-s-26-5-million
Frasers Property in talks to sell serviced apartments, former Zouk warehouses in Jiak Kim Street, say sources
Frasers Property is understood to be in advanced negotiations for a potential sale of its 72-unit serviced-apartment property and three conserved warehouses along the Singapore River. An entity linked to Tuan Sing Holdings is tipped as the prospective buyer.
https://www.businesstimes.com.sg/property/frasers-property-talks-sell-serviced-apartments-former-zouk-warehouses-jiak-kim-street-say-sources
Shophouse sales surge and at higher prices in Q1 as high-net-worth investors return
Sales of shophouses in Singapore rose 52.2 per cent to S$169.1 million in the first quarter of 2024 from the previous quarter, as interest from high-net-worth investors returned, said a report by property consultancy Knight Frank.
https://www.businesstimes.com.sg/property/shophouse-sales-surge-and-higher-prices-q1-high-net-worth-investors-return-knight-frank
https://www.straitstimes.com/business/singapore-shophouse-sales-surge-prices-climb-as-wealthy-investors-return-knight-frank
Business News
Centurion Q1 revenue up 30% to S$61.1 million on higher rents
Dormitory and student accommodation operator Centurion Corporation’s revenue rose by 30 per cent to S$61.1 million for the first quarter ended Mar 31, from S$47.1 million in the year-ago period.
https://www.businesstimes.com.sg/companies-markets/centurion-q1-revenue-30-s-61-1-million-higher-rents
Singapore’s OCBC offers S$1.4 billion to Great Eastern in bid to take it private
Singapore’s second-biggest lender, OCBC, unveiled a S$1.4 billion (US$1.04 billion) offer on Friday (May 10) to buy the remaining stake in insurer Great Eastern Holdings and delist the company. OCBC, Great Eastern’s biggest shareholder, said it would acquire the 11.56 per cent stake in the insurer that it does not currently own.
https://www.channelnewsasia.com/singapore/ocbc-bank-makes-offer-great-eastern-bid-take-private-4325816
https://www.businesstimes.com.sg/companies-markets/ocbc-makes-s-1-4-billion-offer-delist-great-eastern
https://www.straitstimes.com/business/ocbc-makes-14-billion-offer-to-take-great-eastern-private-at-2560-per-share
OCBC Q1 profit rises 5% to S$1.98 billion
OCBC’s net profit for the first quarter ended Mar 31, 2024, rose 5 per cent to S$1.98 billion, buoyed by strong growth in operating profit. This was compared with earnings of S$1.88 billion from the year-ago period, according to financial statements released on Friday (May 10).
https://www.businesstimes.com.sg/companies-markets/ocbc-q1-profit-rises-5-s-1-98-billion
https://www.straitstimes.com/business/ocbc-beats-forecast-with-5-rise-in-q1-profit-to-198-billion
https://www.channelnewsasia.com/singapore/ocbc-bank-first-quarter-net-profit-rises-record-beats-forecasts-4325766
Global Economy & Real Estate
US overtakes China as Germany’s top trading partner
https://www.businesstimes.com.sg/international/us-overtakes-china-germany-s-top-trading-partner
Why higher interest rate could be boosting the economy
https://www.straitstimes.com/business/invest/why-higher-interest-rate-could-be-boosting-the-economy
Argentina’s inflation paradoxes
https://www.businesstimes.com.sg/opinion-features/argentinas-inflation-paradoxes
PwC cuts 60 Canadian jobs, bracing for economic slowdown
https://www.businesstimes.com.sg/companies-markets/pwc-cuts-60-canadian-jobs-bracing-economic-slowdown
China’s exports and imports return to growth, signalling demand recovery
https://www.straitstimes.com/business/china-s-exports-return-to-growth-in-april-imports-beat-forecast
https://www.channelnewsasia.com/business/chinas-exports-and-imports-return-growth-signalling-demand-recovery-4323436
Chinese cities lift curbs on buying homes as property crisis bites
https://www.businesstimes.com.sg/property/chinese-cities-lift-curbs-buying-homes-property-crisis-bites
https://www.straitstimes.com/business/chinese-megacity-hangzhou-home-to-alibaba-lifts-all-home-purchase-curbs
https://www.channelnewsasia.com/business/chinese-megacity-hangzhou-lifts-curbs-homes-property-crisis-bites-4323661
https://www.scmp.com/property/article/3261997/china-property-hangzhou-takes-aggressive-step-remove-all-curbs-home-purchases-easing-measures
Hong Kong wakes up to potential of silver economy, with more services, tech products for rising number of elderly
https://www.scmp.com/news/hong-kong/society/article/3262086/hong-kong-wakes-potential-silver-economy-more-services-tech-products-rising-number-elderly?module=top_story&pgtype=subsection
Hong Kong developer urges more time for negotiation over terms of Hung Shui Kiu new town plan
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3262088/hong-kong-developer-urges-more-time-negotiation-over-terms-hung-shui-kiu-new-town-plan?module=top_story&pgtype=subsection
Hong Kong’s new home sales hit record high of US$5.4 billion
https://www.businesstimes.com.sg/property/hong-kongs-new-home-sales-hit-record-high-us-5-4-billion
Hong Kong property: mortgage insurance hits 10-month high as property easing fuels transactions
https://www.scmp.com/business/article/3262038/hong-kong-property-mortgage-insurance-hits-10-month-high-transactions-rise-curbs-removal
BOJ’s board turned hawkish in April, steady rate hikes now in view
https://www.businesstimes.com.sg/international/boj-s-board-turned-hawkish-april-steady-rate-hikes-now-view
https://www.channelnewsasia.com/business/bojs-board-turned-hawkish-april-steady-rate-hikes-now-view-4323061
Japan’s consumer spending fell for 13th straight month in March
https://www.channelnewsasia.com/business/japans-consumer-spending-fell-13th-straight-month-march-4325836
Sony’s plans for Paramount include sale of famous studio lot
https://www.businesstimes.com.sg/property/sonys-plans-paramount-include-sale-famous-studio-lot
https://www.channelnewsasia.com/business/sony-group-others-eyeing-buyout-infocom-bloomberg-news-reports-4324251
Manhattan apartment rents climb to highest on record for April
https://www.businesstimes.com.sg/property/manhattan-apartment-rents-climb-highest-record-april
New Zealand manufacturing picks up but remains in contraction
https://www.businesstimes.com.sg/international/new-zealand-manufacturing-picks-remains-contraction
Philippine economy grows less expected than on weaker consumer spending
https://www.businesstimes.com.sg/international/philippine-economy-grows-less-expected-weaker-consumer-spending
Seoul to unveil property debt measures next week
https://www.businesstimes.com.sg/property/seoul-unveil-property-debt-measures-next-week
Thai economists back BOT independence as rate-cut calls grow
https://www.businesstimes.com.sg/international/thai-economists-back-bot-independence-rate-cut-calls-grow
UK home sellers rush to put property on market after prices dip
https://www.businesstimes.com.sg/property/spotlight-1/uk-home-sellers-rush-put-property-market-after-prices-dip
Bank of England holds rates at 16-year high, moves closer to first rate cut since 2020
https://www.businesstimes.com.sg/international/bank-england-holds-rates-16-year-high-moves-closer-first-rate-cut-2020
https://www.straitstimes.com/business/economy/bank-of-england-holds-rate-at-16-year-high-signals-looming-cu
Thousands of shoppers swapped London for EU since ‘tourist tax’
https://www.businesstimes.com.sg/international/global/spotlight-1/thousands-shoppers-swapped-london-eu-tourist-tax
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