Singapore Real Estate
DBS accepts offers totalling over S$100 million for 13 mortgaged shophouses linked to money launderers
DBS is understood to have accepted offers for 13 mortgaged shophouses in Chinatown and Geylang owned separately by two individuals connected to the S$3 billion money laundering case.
https://www.businesstimes.com.sg/property/dbs-accepts-offers-totalling-over-s100-million-13-mortgaged-shophouses-linked-money-launderers
HDB unveils Chencharu masterplan with park, bus-only corridor
The Housing and Development Board (HDB) has released further details of the master plan for Chencharu, the new housing area in Yishun. The plans include a park, a mixed-use integrated development with a bus interchange, as well as a bus-only road – Chencharu Link – for public transport connectivity within and outside of Yishun town, said HDB on Wednesday (Jun 12).
https://www.businesstimes.com.sg/property/hdb-unveils-chencharu-masterplan-park-bus-only-corridor
https://www.straitstimes.com/singapore/housing/chencharu-area-to-get-new-park-integrated-development-with-hawker-centre-bus-interchange
https://www.todayonline.com/news/heritage-elements-bus-only-corridor-first-look-plans-chencharu-yishuns-new-housing-area-2439951
https://www.channelnewsasia.com/singapore/chencharu-yishun-new-housing-estate-plans-hdb-bto-launch-4399696
Singapore Economy
External engagements important for advancing Singapore’s interests, says PM Wong
As a small country, Singapore must continually look outside to build connections, advance its interests abroad and enlarge its operating space to bring benefits to its people, said Prime Minister Lawrence Wong.
https://www.straitstimes.com/singapore/politics/external-engagements-important-for-advance-singapore-s-interests-says-pm-wong
https://www.businesstimes.com.sg/international/asean/singapore-malaysia-keep-overall-approach-engagement-also-pursue-new-ideas-pm-wong
https://www.todayonline.com/news/continuity-singapore-malaysia-ties-opportunities-new-areas-cooperation-pm-wong-2440156
https://www.channelnewsasia.com/singapore/pm-wong-singapore-malaysia-relationship-cooperation-anwar-4404901
https://www.scmp.com/week-asia/politics/article/3266344/singapores-wong-and-malaysias-anwar-hail-both-countries-asean-partnership-model
Gan Kim Yong to chair EDB’s International Advisory Council
Deputy Prime Minister (DPM) and Minister for Trade and Industry Gan Kim Yong will be the chairman of the Singapore Economic Development Board’s (EDB) International Advisory Council (IAC).
https://www.businesstimes.com.sg/singapore/gan-kim-yong-chair-edbs-international-advisory-council
https://www.straitstimes.com/business/economy/gan-kim-yong-to-chair-edb-s-international-advisory-council
Economists keep 2.4% forecast for Singapore’s growth, but expect less from manufacturing, survey finds
Private-sector economists’ forecasts of Singapore’s growth in 2024 have stayed unchanged, at a median of 2.4 per cent, in the latest quarterly survey of professional forecasters published by the Monetary Authority of Singapore (MAS) on Wednesday (Jun 12).
https://www.businesstimes.com.sg/singapore/economists-keep-2-4-forecast-singapores-growth-expect-less-manufacturing-survey-finds
https://www.straitstimes.com/business/economists-keep-singapore-s-2024-growth-forecast-at-24-but-manufacturing-outlook-hit-mas-survey
Container prices rise in Singapore as demand surges amid shipping, port disruptions
Singapore – Rising demand and tighter supply sparked by shipping disruptions and port congestion have sent container prices here surging over the past eight months, according to new data.
https://www.straitstimes.com/business/container-prices-rise-in-singapore-as-demand-surges-amid-shipping-port-disruptions
https://www.businesstimes.com.sg/companies-markets/container-prices-surge-26-lines-shifting-some-transshipment-singapore-regional-ports-amid-congestion
Business News
Mandarin Oriental to sell two retail units adjoining its Paris hotel for 148 million euros
Mandarin Oriental International has signed an option to sell its interests in two retail units adjoining the Mandarin Oriental, Paris for 148 million euros (S$261.9 million). In a bourse filing on Wednesday (Jun 12), the company – which has a secondary listing in Singapore – said the buyer is Lavender Propco, an entity controlled by Blackstone Europe.
https://www.businesstimes.com.sg/companies-markets/mandarin-oriental-sell-two-retail-units-adjoining-its-paris-hotel-148-million-euros
https://www.theedgesingapore.com/news/property/mandarin-oriental-sell-interests-two-retail-units-paris-eur148-mil
Mapletree Logistics Trust to sell Xi’an subsidiary for 70.5 million yuan
Mapletree Logistics Trust announced the divestment of its entire equity interest in its wholly foreign-owned enterprise, Mapletree Logistics Warehouse (Xian), for an estimated price of 70.5 million yuan (S$13.1 million).
https://www.businesstimes.com.sg/companies-markets/mapletree-logistics-trust-sell-xi-subsidiary-70-5-million-yuan
https://www.theedgesingapore.com/news/reits/mlt-divest-mapletree-logistics-warehouse-xian-rmb705-mil
Oxley says its projects in KL and London are underleveraged
In a statement attributed to Oxley Holdings executive chairman and CEO Ching Chiat Kwong, the property group has clarified a Bloomberg article dated June 6. The article said that Oxley is looking to refinance a bond which matures in July with private credit.
https://www.theedgesingapore.com/news/property/oxley-says-its-projects-kl-and-london-are-underleveraged
Sabana Reit trustee to hold EGM for proposed trust deed amendments
Sabana Industrial Real Estate Investment Trust’s (Sabana Reit) trustee said that it will “work expeditiously” to convene an extraordinary general meeting (EGM) for unitholders to approve proposed amendments to the trust deed.
https://www.businesstimes.com.sg/companies-markets/sabana-reit-trustee-hold-egm-proposed-trust-deed-amendments
https://www.straitstimes.com/business/sabana-reit-trustee-to-hold-egm-for-proposed-trust-deed-amendments
Global Economy & Real Estate
What Fed’s rate cut delay means for US and the world
https://www.straitstimes.com/business/what-fed-s-rate-cut-delay-means-for-us-and-the-world
Fed’s road to rate cuts clears as inflation eases
https://www.businesstimes.com.sg/international/feds-road-rate-cuts-clears-inflation-eases
https://www.straitstimes.com/business/economy/us-fed-holds-rates-pencils-in-just-one-cut-this-year
https://www.channelnewsasia.com/business/federal-reserve-rates-unchanged-inflation-interest-rates-united-states-4406566
US consumer prices flat in May, defying expectations for slight rise
https://www.businesstimes.com.sg/international/us-consumer-prices-flat-may-defying-expectations-slight-rise
https://www.straitstimes.com/business/companies-markets/us-consumer-prices-flat-in-may-defying-expectations-of-slight-rise
Gold dips on firmer dollar; US inflation data, Fed policy eyed
https://www.businesstimes.com.sg/companies-markets/energy-commodities/gold-dips-firmer-dollar-us-inflation-data-fed-policy-eyed
Oil slips on US growth worries, ample crude supply
https://www.channelnewsasia.com/business/oil-slips-us-growth-worries-ample-crude-supply-4406771
US home-purchase applications rise for first time in five weeks
https://www.businesstimes.com.sg/property/us-home-purchase-applications-rise-first-time-five-weeks
China’s inflation holds steady in May, factory deflation eases
https://www.channelnewsasia.com/business/chinas-inflation-holds-steady-may-factory-deflation-eases-4404101
https://www.scmp.com/economy/economic-indicators/article/3266233/china-inflation-cpi-rebounds-4th-month-has-china-shrugged-deflation-fear?module=top_story&pgtype=subsection
China’s weaker-than-expected inflation stokes demand concerns
https://www.straitstimes.com/business/china-s-weaker-than-expected-inflation-stokes-demand-concerns
China central bank promotes relending to speed up sales of housing stock
https://www.businesstimes.com.sg/property/china-central-bank-promotes-relending-speed-sales-housing-stock
China Evergrande chairman’s seized Hong Kong mansion sold for HK$448 million
https://www.businesstimes.com.sg/property/china-evergrande-chairmans-seized-hong-kong-mansion-sold-hk448-million
https://www.scmp.com/business/article/3266307/evergrande-founders-blacks-link-mansion-finds-buyer-after-year-long-fire-sale?module=top_story&pgtype=subsection
FedEx to cut up to 2,000 back-office jobs in Europe
https://www.businesstimes.com.sg/companies-markets/transport-logistics/fedex-cut-2000-back-office-jobs-europe
Germany’s May inflation rises to 2.8% on higher services prices
https://www.businesstimes.com.sg/international/germanys-may-inflation-rises-2-8-higher-services-prices
Stop comparing Hong Kong to Singapore, says Bloomberg Opinion’s Shuli Ren
https://www.theedgesingapore.com/news/finance/stop-comparing-hong-kong-singapore-says-bloomberg-opinions-shuli-ren
Hong Kong keeps rate steady for seventh time as traders shift focus to September for first cut
https://www.scmp.com/business/banking-finance/article/3266387/hong-kong-keeps-rate-steady-7th-time-traders-shift-focus-september-first-cut?module=top_story&pgtype=subsection
Hong Kong’s new cash for residency scheme receives 251 applications by end of May
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3266360/hong-kongs-new-cash-residency-scheme-gets-251-applications-end-may-legco-hears
Hong Kong property: The Highline’s discount pricing helps sell over 50% of the units
https://www.scmp.com/business/article/3266352/hong-kong-property-highlines-discount-pricing-hit-buyers-50-plus-units-sold?module=top_story&pgtype=subsection
Hong Kong buyer’s market for flats persists as Sun Hung Kai offers homes at 17% discount
https://www.scmp.com/business/article/3266194/hong-kong-buyers-market-flats-persists-sun-hung-kai-offers-homes-17-discount
Hong Kong crackdown on rented public flat fraud boosts number of homes available by 22%
https://www.scmp.com/news/hong-kong/society/article/3266362/hong-kong-crackdown-rented-public-flat-fraud-boosts-homes-available-22-cent
Indonesian ministry pilots four-day work week to test impact on productivity, well-being
https://www.channelnewsasia.com/asia/indonesia-ministry-four-day-week-erick-thohir-work-life-balance-flexible-4404596
Irish property shock may be amplified by funds, central bank governor warns
https://www.businesstimes.com.sg/property/irish-property-shock-may-be-amplified-funds-central-bank-governor-warns
Near-finished Japan condo blocking Mount Fuji to be razed
https://www.channelnewsasia.com/east-asia/near-finished-japan-condo-demolished-blocking-mount-fuji-view-4404431
https://www.businesstimes.com.sg/lifestyle/tokyo-apartment-block-be-demolished-obscuring-mount-fuji-view
Malaysian central bank weighs new measures to stabilise ringgit
https://www.businesstimes.com.sg/international/asean/malaysian-central-bank-weighs-new-measures-stabilise-ringgit
https://www.straitstimes.com/business/malaysian-central-bank-weighs-new-measures-to-stabilise-ringgit
South Korea’s jobs growth cools to slowest pace since 2021
https://www.businesstimes.com.sg/international/south-koreas-jobs-growth-cools-slowest-pace-2021
Thai central bank holds key rate despite government calls for cut
https://www.businesstimes.com.sg/international/asean/thai-central-bank-holds-key-rate-despite-government-calls-cut
https://www.channelnewsasia.com/business/thai-central-bank-holds-key-rate-250-4404666
A 3220 kilometres Bangkok to Beijing train trip gets closer with Thai expansion
https://www.businesstimes.com.sg/international/asean/3220-kilometres-bangkok-beijing-train-trip-gets-closer-thai-expansion
UK economy slows to a halt in April, in bad timing for Sunak
https://www.businesstimes.com.sg/international/uk-economy-slows-halt-april-bad-timing-sunak
https://www.straitstimes.com/business/uk-economy-stalled-in-april-after-wet-weather-held-back-retail
UK housing market falters as rate cut hopes fade, RICS survey shows
https://www.businesstimes.com.sg/property/uk-housing-market-falters-rate-cut-hopes-fade-rics-survey-shows
EY’s UK boss to step down as firm hunts for successor
https://www.businesstimes.com.sg/companies-markets/eys-uk-boss-step-down-firm-hunts-successor
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