The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News 11, 12 & 13 May 2024 (Sat, Sun & Mon)

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.


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.



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.


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).


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.


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.


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.



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.


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.


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.


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.


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.


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.


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.


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.



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.


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.



Global Economy & Real Estate


Fed officials mull if rates are high enough as inflation expectations jump


Why higher Fed rates are not totally off the table


US chip workers are likely to quit jobs, worsening labour shortage


Australian inflation may hit RBA’s target in 2024, Treasury says


Canada job gains blow past forecasts; wage growth slows


China credit shrinks for first time, loan growth disappoints


China’s consumer prices rise for 3rd month, factory deflation persists


China’s housing mess finally hits Xi’s interest


With China’s 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


Chinese domestic travel surge bypasses hotel chains as thrifty travellers avoid the beaten path


Europe’s rush for rate cuts shifts global market power away from US


ECB set scene for June rate cut at last meeting, account shows


Half of German housing construction firms short on 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


Remote beachside estate lured residents seeking quiet life in Hong Kong. Now they say influx of imported workers has destroyed tranquillity


Young homebuyers snap up discounted flats at Sun Hung Kai’s Yoho Hub II in Yuen Long


Indian luxury homes claim larger share of sales: report


Japan closely monitoring weak yen, PM Kishida says, in fresh warning from Tokyo


Japan’s consumer spending extends declines as outlook weakens


South Korea plans 10 trillion won programme to support chip industry


Sterling rises after UK economy beats expectations and exits recession


UK employers plan 4% pay rises in coming year: survey


Commentary: Why you should expect to pay more tourist taxes


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