Singapore Real Estate/Built Environment
Sale of Suntec City strata office units expected to fetch S$57.1 million
A portfolio of strata office units in Suntec City has been put up for sale via an expression of interest (EOI), with individual unit guide prices amounting to S$57.1 million.
https://www.businesstimes.com.sg/property/sale-suntec-city-strata-office-units-expected-fetch-s57-1-million
Singapore 7th most expensive market for prime offices: Savills
Singapore is the seventh most expensive market for tenants of prime office spaces, a study by property consultancy Savills has found. Topping the list was London’s West End region with a net effective cost to the occupier – that is, tenants’ rent and fit-out costs – of US$283.57 per square foot (psf) annually. This was followed by Hong Kong with an annual net cost of US$228.64 psf, and New York’s Midtown at US$206.06 psf.
https://www.businesstimes.com.sg/property/singapore-7th-most-expensive-market-prime-offices-savills
Business News
CapitaLand Investment H1 profit falls 6% to S$331 million
CapitaLand Investment (CLI) posted a 6 per cent fall in net profit to S$331 million for the six months ended Jun 30, from S$351 million the year before.
https://www.businesstimes.com.sg/companies-markets/capitaland-investment-h1-profit-falls-6-s331-million
https://www.theedgesingapore.com/capital/results/capitaland-investments-net-profit-fell-6-y-o-y-1hfy2024
Ride the S-Reits revival via market leaders CICT and CapitaLand Ascendas Reit
Rising interest rates have roiled real estate investment trusts (Reits). Higher borrowing costs hurt distribution per unit (DPU). Some property values fell because higher capitalisation rates were used in valuation.
https://www.businesstimes.com.sg/opinion-features/ride-s-reits-revival-market-leaders-cict-and-capitaland-ascendas-reit
CDL posts 32% rise in H1 profit to S$87.8 million
City Developments Ltd’s net profit for the first half-year ended Jun 30, 2024, rose 32 per cent on the year to S$87.8 million from S$66.5 million. This comes even as the company’s H1 revenue fell 42.2 per cent to S$1.6 billion from S$2.7 billion.
https://www.businesstimes.com.sg/companies-markets/reits-property/cdl-posts-32-rise-h1-profit-s87-8-million
https://www.theedgesingapore.com/capital/results/city-developments-reported-32-y-o-y-rise-net-profits-1hfy2024
Ong Beng Seng’s Hotel Properties trims H1 loss to S$4.9 million
Hotel Properties (HPL), the real estate player owned by tycoon Ong Beng Seng, on Tuesday (Aug 13) reported a net loss of S$4.9 million for the half year ended Jun 30, narrowing from a loss of S$17.2 million in the corresponding year-ago period.
https://www.businesstimes.com.sg/companies-markets/reits-property/ong-beng-sengs-hotel-properties-trims-h1-loss-s4-9-million
https://www.straitstimes.com/business/companies-markets/ong-beng-seng-s-hotel-properties-trims-h1-loss-to-49-million
Hong Leong Asia H1 profit from continuing operations up 60% to S$49.4 million
Industrial conglomerate Hong Leong Asia : H22 +1.44% on Tuesday (Aug 13) reported a net profit from continuing operations of S$49.4 million for the six months ended Jun 30, up 60.1 per cent from S$30.9 million year on year.
https://www.businesstimes.com.sg/companies-markets/telcos-media-tech/hong-leong-asia-h1-profit-continuing-operations-60-s49-4-million
UOL to launch freehold Meyer Blue condo in September as H1 net profit falls 3% to S$130.4 million
Property and hospitality company UOL Group : U14 0% on Tuesday (Aug 13) reported a net profit of S$130.4 million in the first half of the year, a 3 per cent drop from S$135 million reported in the corresponding period last year.
https://www.businesstimes.com.sg/companies-markets/uol-launch-freehold-meyer-blue-condo-september-h1-net-profit-falls-3-s130-4-million
https://www.theedgesingapore.com/capital/results/uol-group-reports-3-y-o-y-decline-1hfy2024-net-profit
Global Economy & Real Estate
Global economy’s looming geopolitical risks
https://www.businesstimes.com.sg/opinion-features/global-economys-looming-geopolitical-risks
US small business sentiment near 2½-year high
https://www.businesstimes.com.sg/international/us-small-business-sentiment-near-21-2-year-high
US manufacturers hit by soaring property insurance costs
https://www.businesstimes.com.sg/international/us-manufacturers-hit-soaring-property-insurance-costs
Home prices in Silicon Valley area top US$2 million for first time
https://www.businesstimes.com.sg/property/home-prices-silicon-valley-area-top-us2-million-first-time
US small business sentiment near 2½-year high
https://www.businesstimes.com.sg/international/us-small-business-sentiment-near-21-2-year-high
US, Japan keen on US$15 billion Philippine projects as ties grow
https://www.businesstimes.com.sg/international/asean/us-japan-keen-us15-billion-philippine-projects-ties-grow
Australia consumers brighten up as rate fears ease, tax cuts kick in
https://www.businesstimes.com.sg/international/australia-consumers-brighten-rate-fears-ease-tax-cuts-kick
China economy is plodding along in absence of consumption spark
https://www.businesstimes.com.sg/international/china-economy-plodding-along-absence-consumption-spark
German investor confidence plunges to lowest since January
https://www.businesstimes.com.sg/international/german-investor-confidence-plunges-lowest-january
Chinese developer Agile’s chairman Chen Zhuolin sells Hong Kong flat at 54% loss
https://www.scmp.com/business/article/3274335/chinese-developer-agiles-chairman-chen-zhuolin-sells-hong-kong-flat-54-loss
Equinix to spend US$124 million on 6th Hong Kong data centre to serve Greater Bay Area
https://www.scmp.com/tech/tech-trends/article/3274288/equinix-spend-us124-million-6th-hong-kong-data-centre-serve-greater-bay-area?module=top_story&pgtype=subsection
Malaysia economy likely grew at its fastest pace in six quarters in Q2
https://www.channelnewsasia.com/business/malaysia-economy-likely-grew-its-fastest-pace-six-quarters-q2-reuters-poll-4545046
South Korea to set guidelines to speed up switch to new interest rate swaps benchmark
https://www.businesstimes.com.sg/international/south-korea-set-guidelines-speed-switch-new-interest-rate-swaps-benchmark-sources
https://www.channelnewsasia.com/business/south-korea-set-guidelines-speed-switch-new-interest-rate-swaps-benchmark-say-sources-4543391
South Korea jobless rate falls to 2.5% in July
https://www.channelnewsasia.com/business/south-korea-jobless-rate-falls-25-july-4544991
https://www.businesstimes.com.sg/international/south-koreas-jobless-rate-unexpectedly-dips-lowest-october
Thai business group calls for help for firms facing ‘tsunami’ of Chinese imports
https://www.businesstimes.com.sg/international/asean/thai-business-group-calls-help-firms-facing-tsunami-chinese-imports
UK grocery inflation edges higher after 17 months of decline
https://www.businesstimes.com.sg/international/uk-grocery-inflation-edges-higher-after-17-months-decline
UK unemployment dips unexpectedly, but growth in wages slows
https://www.businesstimes.com.sg/international/uk-unemployment-dips-unexpectedly-growth-wages-slows
UK regular pay rises by annual 5.4% in three months to June
https://www.businesstimes.com.sg/international/uk-regular-pay-rises-annual-5-4-three-months-june
UK homebuilder Bellway abandons takeover bid for Crest Nicholson
https://www.businesstimes.com.sg/property/uk-homebuilder-bellway-abandons-takeover-bid-crest-nicholson
Blackstone sells 3,000 homes to UK pension fund for £405 million
https://www.businesstimes.com.sg/property/blackstone-sells-3000-homes-uk-pension-fund-ps405-million
Vietnam set for a wave of global hotel brands amid booming demand for travel
https://www.businesstimes.com.sg/international/asean/vietnam-set-wave-global-hotel-brands-amid-booming-demand-travel
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