Singapore Real Estate / Built Environment
Mapletree Logistics Trust to sell warehouses at 31 Penjuru Lane for S$7.8 million
Mapletree Logistics Trust (MLT) has agreed to divest its logistics property at 31 Penjuru Lane for S$7.8 million, its manager said on Wednesday (Mar 12). The sale price is 6.8 per cent higher than the property’s latest valuation of S$7.3 million as at Nov 28. The property is being sold to an unrelated third party.
Repairs under way after floor tiles pop at HDB block lift lobby in Yew Tee area
Repairs in a Housing Board block’s lift lobby in the Yew Tee area are under way after some tiles popped on the evening of March 11. In a video posted on TikTok, the floor tiles can be seen popping across the lift lobby, with many of them dislodged or cracked. As of 11am on March 12, the video had garnered 413,000 views.
Singapore Economy / News
Singapore, Vietnam upgrade ties to Comprehensive Strategic Partnership
Singapore has upgraded its bilateral relations with Vietnam to the highest tier of Comprehensive Strategic Partnership (CSP) on Wednesday (Mar 12), marking the first such tie between the city-state and an Asean member state.
https://www.zaobao.com.sg/news/singapore/story20250312-6007729
Singapore warns of tariff cascade as worried Asia eyes Trump’s tariffs: Gan Kim Yong
Singapore’s top trade official warned that a barrage of actions from the US and other countries risks undermining global economic growth, in some of the strongest public comments underscoring concerns in the trade-reliant nation.
Longer stay for work permit holders does not mean more foreign workers, say analysts
Singapore: Lifting work permit duration limits and raising the age ceiling will not lead to an increase in foreign worker numbers as Singapore’s work permits remain capped by quotas, economists said.
URA to appoint new chairperson Ow Foong Pheng
The Urban Redevelopment Authority (URA) board will appoint Ow Foong Pheng as its new chairperson from Apr 1. She will succeed Peter Ho, who has served in that role since April 2012, said URA in a statement on Wednesday (Mar 12).
https://www.businesstimes.com.sg/property/ura-appoint-new-chairperson-ow-foong-pheng
Business News
Boustead Singapore to hive off real estate business; subsidiary to take 24.1% stake in Unified Industrial
Boustead Singapore’s subsidiaries have entered into a master share subscription agreement with Hong Kong-based real estate company Unified Industrial and will form a new logistics platform called UIB.
CDL executive chairman Kwek Leng Beng discontinues lawsuit against son Sherman Kwek CDL shares up more than 3% after Kwek Leng Beng drops lawsuit against son
City Developments Ltd (CDL) executive chairman Kwek Leng Beng will be discontinuing his lawsuit against his son Sherman Kwek and six other members of the CDL board. “I will continue in my role as executive chairman and Sherman Kwek will continue as group chief executive officer,” said Kwek Leng Beng in a statement issued on Wednesday (Mar 12).
Global Economy & Real Estate
Trump uncertainty brings risk of ‘avoidable’ recession: economist
Trump threatens further tariffs as EU, Canada retaliate for those already in place
https://www.channelnewsasia.com/world/trump-threatens-further-tariffs-eu-canada-retaliate-4996786
US homebuyers confront a new wild card this year: Trump
https://www.businesstimes.com.sg/property/us-homebuyers-confront-new-wild-card-year-trump
US consumer inflation cools slightly to 2.8% in February
https://www.businesstimes.com.sg/international/us-consumer-inflation-cools-slightly-2-8-february
https://www.straitstimes.com/business/economy/us-consumer-price-growth-slows-in-february
Canada announces C$29.8 billion in retaliatory tariffs on US
https://www.businesstimes.com.sg/international/canada-announces-c29-8-billion-retaliatory-tariffs-us
Chinese lawmakers urge action on age discrimination in job market
Major Japan firms agree to large wage hikes for a third straight year
Asean’s Digital Economy Framework Agreement will ensure no SMEs, MSMEs left behind, says Malaysian minister
DHL to hire hundreds in Malaysia if shipping loophole nixed
New Zealand pitches itself as safe haven in ‘global storm’
South-east Asia developers face condo oversupply in three nations
Thai industrial sentiment hits 20-month high in February
https://www.businesstimes.com.sg/international/thai-industrial-sentiment-hits-20-month-high-february
London Mayor Khan says new planning rules to boost housebuilding
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