Singapore Real Estate
Tie-up between UOL-SingLand and CapitaLand bag Tampines mixed-use site at S$1.21 billion
The Housing and Development Board (HDB) has awarded a mixed-use land parcel in Tampines Avenue 11 to a joint venture between a UOL-Singapore Land consortium and CapitaLand Development at a tender price of S$1.21 billion, HDB announced on Tuesday (Jul 11).
https://www.businesstimes.com.sg/property/tie-between-uol-singland-and-capitaland-bag-tampines-mixed-use-site-s121-billion
https://www.theedgesingapore.com/news/property/uol-group-wins-tender-tampines-ave-11-site-121-bil
Conserved black-and-white bungalow on Lady Hill Road put on market with S$110 million price tag
A conserved black-and-white bungalow along Lady Hill Road on a 27,465 sq ft freehold site has been put on the market. The property is part of the Nassim Road Good Class Bungalow (GCB) Area. Realstar Premier, the exclusive marketing agent for the bungalow, has indicated a guide price of “at least S$4,000 per square foot” on the site area (amounting to S$109.9 million).
https://www.businesstimes.com.sg/property/conserved-black-and-white-bungalow-lady-hill-road-put-market-s110-million-price-tag
Singapore’s private residential rents fall 2.2% in May: Savills
The average median rent for private non-landed homes in Singapore declined 2.2 per cent in May 2023, in contrast to the 2.4 per cent increase in the previous month, the Savills May 2023 Rental Guide indicated.
https://www.businesstimes.com.sg/property/singapores-private-residential-rents-fall-22-may-savills
Companies’ Brief
ESR-Logos Reit’s manager must justify decision to sell assets below valuation
Might ESR-Logos Reit be in financial distress that it needs to be selling assets at a loss? In late-June, the trust said it is selling seven industrial properties in Singapore and Australia for about S$337 million in total.
https://www.businesstimes.com.sg/opinion-features/esr-logos-reits-manager-must-justify-decision-sell-assets-below-valuation
Keppel secures US$70 million worth of contracts to provide ‘energy-as-a-service’ in Vietnam
Keppel on Monday (Jul 10) announced that it has secured US$70 million worth of contracts to provide long-term and recurring “energy-as-a-service” (EaaS) in Vietnam. Keppel’s EaaS enables businesses and building owners to enter a supply-and-service contract for energy usage and management without making significant upfront capital investments.
https://www.businesstimes.com.sg/international/asean/keppel-secures-us70-million-worth-contracts-provide-energy-service-vietnam
https://www.straitstimes.com/business/keppel-secures-94-million-worth-of-contracts-to-provide-energy-as-a-service-in-vietnam
https://www.theedgesingapore.com/news/contracts/keppel-corp-signs-us70-mil-worth-energy-service-contracts-vietnam
Global Economy & Real Estate
Fed officials say higher interest rates are needed to reach 2% inflation goal
https://www.theedgesingapore.com/news/us-economy/fed-officials-say-higher-interest-rates-are-needed-reach-2-inflation-goal
Australia June business conditions steady in sign of resilience
https://www.businesstimes.com.sg/international/australia-june-business-conditions-steady-sign-resilience
China property shares rise on financial support policy
https://www.businesstimes.com.sg/property/china-property-shares-rise-financial-support-policy
https://www.straitstimes.com/business/china-signals-more-economic-aid-after-property-debt-relief
Dubai property prices surge at fastest pace since 2014
https://www.businesstimes.com.sg/property/dubai-property-prices-surge-fastest-pace-2014
Bank of England may need to keep rates higher for longer, IMF says
https://www.businesstimes.com.sg/international/bank-england-may-need-keep-rates-higher-longer-imf-says
French inflation pressures ease as more firms cut prices
https://www.businesstimes.com.sg/international/french-inflation-pressures-ease-more-firms-cut-prices
JPMorgan says Hong Kong property market has pool of undervalued assets
https://www.businesstimes.com.sg/property/jpmorgan-says-hong-kong-property-market-has-pool-undervalued-assets
https://www.theedgesingapore.com/news/china-focus/jpmorgan-says-hk-property-market-has-pool-undervalued-assets
Hong Kong’s home prices to decline further amid high mortgage rates, glut of new units, lack of mainland buyers: JLL
https://www.scmp.com/business/companies/article/3227343/hong-kongs-home-prices-decline-further-amid-high-mortgage-rates-glut-new-units-lack-mainland-buyers
Building safety in Hong Kong is responsibility of owners, John Lee warns while vowing to ‘strongly enforce’ checks for aged blocks
https://www.scmp.com/news/hong-kong/law-and-crime/article/3227279/building-safety-hong-kong-responsibility-owners-john-lee-warns-while-vowing-strongly-enforce-checks
Hong Kong to host major exhibition industry summit in 2025, marking latest large-scale event to return to city post-Covid
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3227349/hong-kong-host-major-exhibition-industry-summit-2025-marking-latest-large-scale-event-return-city
Japan’s wholesale inflation slows for 6th straight month
https://www.channelnewsasia.com/business/japans-wholesale-inflation-slows-6th-straight-month-3622546
https://www.businesstimes.com.sg/international/japans-wholesale-inflation-slows-6th-straight-month
Malaysia seeks proposals to revive high-speed rail project with Singapore
https://www.businesstimes.com.sg/international/malaysia-seeks-proposals-revive-high-speed-rail-project-singapore
https://www.theedgesingapore.com/news/singapore-malaysia-ties/malaysia-attempts-revival-kl-singapore-high-speed-rail-project-request
Global corporate bankruptcy wave will get even uglier
https://www.straitstimes.com/business/global-corporate-bankruptcy-wave-will-get-even-uglier
UK mortgage rates hit 15-year high after surpassing ‘mini-budget’ peak
https://www.businesstimes.com.sg/property/uk-mortgage-rates-hit-15-year-high-after-surpassing-mini-budget-peak
UK unemployment climbs as inflation weighs on economy
https://www.businesstimes.com.sg/international/uk-unemployment-climbs-inflation-weighs-economy
https://www.channelnewsasia.com/world/uk-unemployment-climbs-inflation-weighs-economy-3621216
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