Singapore Real Estate
Heritage of city ports’ structures under study ahead of Greater Southern Waterfront development
Ahead of the redevelopment of Singapore’s city ports as part of the Greater Southern Waterfront, the authorities are studying the area’s structures and buildings to see if they can be used to enhance the future development’s character.
https://www.businesstimes.com.sg/singapore/heritage-city-ports-structures-under-study-ahead-greater-southern-waterfron
-development
https://www.straitstimes.com/singapore/heritage-of-city-ports-structures-under-study-ahead-of-greater-southern-waterfront-development
Sellers can list their flats on HDB Flat Portal from May 13
Owners of Housing and Development Board (HDB) flats or their property agents will have the option to list their homes for sale directly on the HDB Flat Portal from May 13. The latest enhancement to the portal, which aims to streamline the process of buying and selling a flat, seeks to provide buyers and sellers access to secure property transactions as well as improved services by property agents, HDB said.
https://www.businesstimes.com.sg/property/sellers-can-list-their-flats-hdb-flat-portal-may-13
https://www.straitstimes.com/singapore/housing/sellers-can-list-their-flats-on-hdb-flat-portal-from-may-13
https://www.channelnewsasia.com/singapore/hdb-resale-flat-listing-service-may-13-soft-launch-4329316
Singapore Economy
Interview with Lee Hsien Loong – Two Decades as Prime Minister
After 2 decades in office, Mr Lee Hsien Loong sits down for one last interview as Prime Minister of Singapore, reflecting on policies, his stewardship, the challenges faced, and his plans post-handover.
https://www.channelnewsasia.com/watch/interview-with-lee-hsien-loong-two-decades-as-prime-minister/part-1-foreign-policy-economy-4323786
https://www.channelnewsasia.com/watch/interview-with-lee-hsien-loong-two-decades-as-prime-minister/part-2-social-safety-nets-good-politics-4323801
Singapore’s new leaders must prepare to be tested on foreign policy: PM Lee
Other countries may test Singapore’s new leadership on foreign policy issues, and how they respond will be crucial, Prime Minister Lee Hsien Loong has warned. “People will want to see how the new leaders are, what their policies are, and what their personalities are,” he said in his final media interview before he relinquishes his role on Wednesday (May 15).
https://www.businesstimes.com.sg/singapore/singapores-new-leaders-must-prepare-be-tested-foreign-policy-pm-lee
https://www.straitstimes.com/singapore/politics/new-leaders-will-be-probed-must-be-ready-to-respond-pm-lee
https://www.todayonline.com/news/singapores-4g-leadership-will-be-tested-other-countries-has-stand-its-ground-says-pm-lee-2419386
https://www.channelnewsasia.com/singapore/pm-lee-hsien-loong-4g-leaders-tested-other-countries-lawrence-wong-4309146
Balancing foreign workforce with social cohesion is a continuing, long-term challenge: PM Lee
Singapore – Singapore must continue to welcome foreign talent if it is to grow its economy and stand out in the world, but there must be careful calibration to maintain social cohesion, said Prime Minister Lee Hsien Loong.
https://www.straitstimes.com/singapore/politics/balancing-foreign-workforce-with-social-cohesion-is-a-continuing-long-term-challenge-pm-lee
https://www.channelnewsasia.com/singapore/pm-lee-hsien-loong-foreign-workers-labour-talent-workforce-manpower-india-society-4314751
https://www.scmp.com/news/asia/southeast-asia/article/3262304/singapore-needs-more-foreign-talent-social-norms-should-be-respected-outgoing-pm-lee-says
Are US-China ties in ‘challenging environment’ the biggest test for Singapore’s next PM Lawrence Wong?
Singapore’s incoming prime minister Lawrence Wong faces an unprecedented challenge amid geopolitical headwinds that may threaten his adherence to a delicate balancing act that has defined the city state’s foreign policy, analysts say.
https://www.scmp.com/week-asia/politics/article/3262225/are-us-china-ties-challenging-environment-biggest-test-singapores-next-pm-lawrence-wong
https://www.businesstimes.com.sg/singapore/four-challenges-facing-singapores-incoming-pm
https://www.straitstimes.com/singapore/politics/in-highly-politicised-america-pressure-will-grow-on-singapore-to-pick-a-side-in-us-china-conflict
Singapore’s 2023 tourism receipts hit S$27.2 billion, may hit record S$29 billion in 2024
Singapore’s tourism receipts in 2023 exceeded forecasts and were “almost equal” to those of pre-Covid levels, Minister for Sustainability and the Environment Grace Fu said on Friday (May 10). Tourism receipts were S$27.2 billion last year, just short of 2019’s S$27.7 billion, but higher than an earlier forecast of S$24.5 billion to S$26 billion.
https://www.businesstimes.com.sg/singapore/spotlight-1/singapores-2023-tourism-receipts-hit-s-27-2-billion-may-hit-record-s-29-billion-2024
Business News
DBS, UOB, OCBC’s Q1 outperformance lifts optimism for 2024 profits
The chief executives of the three local banks – DBS, UOB and OCBC – were noticeably more optimistic at their respective earnings briefings for the first quarter ended March, after the lenders posted better-than-expected results.
https://www.businesstimes.com.sg/companies-markets/dbs-uob-ocbcs-q1-outperformance-lifts-optimism-2024-profits
Frasers Property H1 profit slides 81.8% on property value losses, lower residential contributions
Non-cash unrealised fair-value losses and impairment on some of its commercial properties in the UK and Australia, as well as lower residential contributions from Singapore and Thailand, dragged down earnings for real estate developer and manager Frasers Property.
https://www.businesstimes.com.sg/companies-markets/frasers-property-h1-profit-slides-81-8-property-value-losses-lower-residential-contributions
GuocoLand sells its stake in Eco World International for S$61 million
A subsidiary of GuocoLand has sold off its entire stake in Eco World International for S$61 million, in line with plans to focus on its key markets, said the property developer on Friday (May 10). The transaction price was agreed upon on a willing-buyer, willing-seller basis.
https://www.businesstimes.com.sg/companies-markets/guocoland-sells-its-stake-eco-world-international-s-61-million
Genting Singapore nearly doubles Q1 net profit to S$247.4 million on CNY tourism spending
Resorts World Sentosa (RWS) operator Genting Singapore on Friday (May 10) reported a net profit of S$247.4 million for the first quarter ended March, an increase of 91.5 per cent from S$129.2 million in the previous corresponding period.
https://www.businesstimes.com.sg/companies-markets/genting-singapore-nearly-doubles-q1-net-profit-s-247-4-million-cny-tourism-spending
https://www.straitstimes.com/business/companies-markets/genting-singapore-nearly-doubles-q1-net-profit-to-2474m-on-cny-tourism-spending
Keppel sells stake in Dyna-Mac for S$100 million
Keppel’s subsidiary has sold its entire stake in oil and gas company Dyna-Mac to Hanwha Group for S$100 million, as the company continues its shift towards becoming an asset manager.
https://www.businesstimes.com.sg/companies-markets/keppel-sells-stake-dyna-mac-s-100-million
Mapletree Logistics Trust to sell Tuas warehouse for S$10.5 million
Mapletree Logistics Trust is planning to sell a warehouse located in Tuas South Avenue for S$10.5 million, as part of the real estate investment trust’s (Reit) efforts to refresh its portfolio.
https://www.businesstimes.com.sg/companies-markets/mapletree-logistics-trust-sell-tuas-warehouse-s-10-5-million
OCBC’s offer for Great Eastern is about responding to minority dissent, doubling down on its strategy
This column said last week that OCBC had three options to address the undervaluation of Great Eastern’s shares: it could organise a sale of the insurer, distribute a major portion of its stake to its own shareholders, or try once more to buy out all the insurer’s minority shareholders.
https://www.businesstimes.com.sg/opinion-features/ocbcs-offer-great-eastern-about-responding-minority-dissent-doubling-down-its-strategy
PGIM Real Estate close to deals at 108 Robinson Road
PGIM Real Estate has received firm offers and is close to sealing deals on two floors at 108 Robinson Road, since it began selling strata office space at the downtown office building in March.
https://www.businesstimes.com.sg/property/pgim-real-estate-close-deals-108-robinson-road
Views, Reviews, Forum and Others
More members of the public becoming whistle-blowers on workplace safety breaches: MOM
Singapore – The number of people flagging workplace safety breaches via whistle-blower channels has increased, as Singapore’s workplace fatality and major injury rate dropped to a record low in 2023.
https://www.straitstimes.com/singapore/more-members-of-the-public-becoming-whistle-blowers-on-workplace-safety-breaches-mom
Reclamation works for Woodlands Checkpoint unlikely to affect mangrove habitats in Mandai and Sungei Buloh
Singapore – Reclamation works planned for the Woodlands area to expand the border checkpoint are unlikely to have a negative impact on the habitats in the neighbouring Mandai Mangrove and Mudflat.
https://www.straitstimes.com/singapore/reclamation-works-for-woodlands-checkpoint-unlikely-to-affect-mangrove-habitats-in-mandai-and-sungei-buloh
Global Economy & Real Estate
Fed officials mull if rates are high enough as inflation expectations jump
https://www.businesstimes.com.sg/international/global/fed-officials-mull-if-rates-are-high-enough-inflation-expectations-jump
Why higher Fed rates are not totally off the table
https://www.businesstimes.com.sg/opinion-features/why-higher-fed-rates-are-not-totally-table
US chip workers are likely to quit jobs, worsening labour shortage
https://www.businesstimes.com.sg/international/us-chip-workers-are-likely-quit-jobs-worsening-labour-shortage
Australian inflation may hit RBA’s target in 2024, Treasury says
https://www.businesstimes.com.sg/international/australian-inflation-may-hit-rbas-target-2024-treasury-says
Canada job gains blow past forecasts; wage growth slows
https://www.businesstimes.com.sg/international/canada-job-gains-blow-past-forecasts-wage-growth-slows
China credit shrinks for first time, loan growth disappoints
https://www.businesstimes.com.sg/international/china-credit-shrinks-first-time-loan-growth-disappoints
China’s consumer prices rise for 3rd month, factory deflation persists
https://www.businesstimes.com.sg/international/chinas-consumer-prices-rise-3rd-month-factory-deflation-persists
China’s housing mess finally hits Xi’s interest
https://www.businesstimes.com.sg/international/global/chinas-housing-mess-finally-hits-xis-interest
With China’s property market struggling, India, South Korea and Vietnam are hot
https://www.businesstimes.com.sg/property/chinas-property-market-struggling-india-south-korea-and-vietnam-are-hot
China inflation: raising costs of public services a ‘necessary step’ to offset property, debt pressures
https://www.scmp.com/economy/economic-indicators/article/3262297/china-inflation-raising-costs-public-services-necessary-step-offset-property-debt-pressures?module=top_story&pgtype=section
Chinese domestic travel surge bypasses hotel chains as thrifty travellers avoid the beaten path
https://www.scmp.com/property/article/3262061/chinese-domestic-travel-surge-bypasses-hotel-chains-thrifty-travellers-avoid-beaten-path
Europe’s rush for rate cuts shifts global market power away from US
https://www.businesstimes.com.sg/international/europes-rush-rate-cuts-shifts-global-market-power-away-us
ECB set scene for June rate cut at last meeting, account shows
https://www.businesstimes.com.sg/international/ecb-set-scene-june-rate-cut-last-meeting-account-shows
Half of German housing construction firms short on orders
https://www.businesstimes.com.sg/property/half-german-housing-construction-firms-short-orders
Wait for Hong Kong public rental housing drops to 5.7 years as leading provider confident overall supply will log ‘obvious increase’ next year
https://www.scmp.com/news/hong-kong/society/article/3262144/wait-public-rental-housing-drops-57-years-hong-kongs-leading-provider-confident-overall-supply-will
Remote beachside estate lured residents seeking quiet life in Hong Kong. Now they say influx of imported workers has destroyed tranquillity
https://www.scmp.com/news/hong-kong/society/article/3262280/remote-beachside-estate-lured-residents-seeking-quiet-life-hong-kong-now-they-say-influx-imported
Young homebuyers snap up discounted flats at Sun Hung Kai’s Yoho Hub II in Yuen Long
https://www.scmp.com/business/article/3262310/young-homebuyers-snap-discounted-flats-sun-hung-kais-yoho-hub-ii-yuen-long
Indian luxury homes claim larger share of sales: report
https://www.businesstimes.com.sg/property/indian-luxury-homes-claim-larger-share-sales-report-says
https://www.scmp.com/news/asia/south-asia/article/3262350/sales-luxury-homes-triple-india-amid-mounting-appetite-bigger-houses
Japan closely monitoring weak yen, PM Kishida says, in fresh warning from Tokyo
https://www.businesstimes.com.sg/international/japan-closely-monitoring-weak-yen-pm-kishida-says-fresh-warning-tokyo
Japan’s consumer spending extends declines as outlook weakens
https://www.businesstimes.com.sg/international/japans-consumer-spending-extends-declines-outlook-weakens
https://www.straitstimes.com/business/japan-consumer-spending-falls-for-13th-straight-month-as-outlook-weakens
https://www.channelnewsasia.com/business/japan-economy-expected-shrink-q1-due-weak-consumption-4326646
South Korea plans 10 trillion won programme to support chip industry
https://www.businesstimes.com.sg/companies-markets/south-korea-plans-10-trillion-won-programme-support-chip-industry
https://www.straitstimes.com/business/south-korea-to-set-up-99-billion-support-package-for-chip-industry
https://www.channelnewsasia.com/business/south-korea-prepares-support-package-worth-over-7-billion-chip-industry-432981
Sterling rises after UK economy beats expectations and exits recession
https://www.businesstimes.com.sg/international/sterling-rises-after-uk-economy-beats-expectations-and-exits-recession
UK employers plan 4% pay rises in coming year: survey
https://www.businesstimes.com.sg/international/uk-employers-plan-4-pay-rises-coming-year-survey
Commentary: Why you should expect to pay more tourist taxes
https://www.channelnewsasia.com/commentary/tourist-taxes-venice-barcelona-uk-overtourism-infrastructure-travel-4326726
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