Singapore Real Estate/Built Environment
URA readies part of former Tang Dynasty City site for Jurong Lake District housing
Singapore – A plot of land that was part of the former Tang Dynasty City theme park is being primed for residential use as part of Jurong Lake District – slated to be Singapore’s largest business district outside the city centre.
https://www.straitstimes.com/singapore/housing/ura-prepares-part-of-former-tang-dynasty-city-theme-park-for-housing-in-jurong-lake-district
Singapore-based retail S-Reits record growth on higher sales, positive rent reversion
The seven Singapore real estate investment trusts (Reits) with significant exposure to Singapore-based retail assets have observed continued improved operating metrics, supported by the tourism recovery as well as recent asset enhancement initiatives (AEIs) undertaken to maximise space and improve malls’ attractiveness.
https://www.businesstimes.com.sg/companies-markets/singapore-based-retail-s-reits-record-growth-higher-sales-positive-rent-reversion
Have fewer GCBs, more semi-detached and terrace homes to better meet landed housing dreams
In Singapore, land gets constantly re-purposed to meet evolving needs, including rising housing demand. Sites previously occupied by schools, golf courses, turf clubs and so forth may get re-purposed to build homes and other amenities.
https://www.businesstimes.com.sg/opinion-features/have-fewer-gcbs-more-semi-detached-and-terrace-homes-better-meet-landed-housing-dreams
More than 1,300 BTO flats with wait times of about 3 years to be offered in June
A total of 1,352 Build-To-Order (BTO) flats in Woodlands and Tampines with waiting times of around three years will be launched before the end of June. A 791-unit project in Woodlands, Marsiling Peak I, has a waiting time of two years and 11 months – the shortest in the upcoming sales exercise, the Housing Board said on Jun 16.
https://www.businesstimes.com.sg/property/more-1300-bto-flats-wait-times-about-3-years-be-offered-june
https://www.straitstimes.com/singapore/housing/more-than-1300-bto-flats-with-waiting-times-of-about-3-years-to-be-offered-in-june-launch
https://www.channelnewsasia.com/singapore/hdb-launch-790-shorter-waiting-time-flats-june-bto-exercise-4410301
Singapore Economy
‘More work, more stress, less privacy’: PM Wong on his first month in office
Singapore: Since taking office last month, Prime Minister Lawrence Wong has had to forgo a degree of privacy in his personal life, something he is doing his best to adapt to, he said on Saturday (Jun 15).
https://www.channelnewsasia.com/singapore/lawrence-wong-tampines-visit-charlene-chen-general-election-privacy-prime-minister-4412816
https://www.straitstimes.com/singapore/politics/pm-wong-to-make-series-of-constituency-visits-stresses-this-is-not-tied-to-a-political-calendar
Hong Kong, Singapore top list of costliest cities for expats
Regional finance hubs Hong Kong and Singapore have topped a new global list of the world’s most expensive cities for expatriates, keeping Swiss destinations from the top spots for the second year in a row.
https://www.businesstimes.com.sg/international/hong-kong-singapore-top-list-costliest-cities-expats
https://www.theedgesingapore.com/news/singapore-news/hong-kong-and-singapore-top-worlds-most-expensive-city-list-expat
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Singapore’s key exports slide eases to 0.1% in May
Singapore’s non-oil domestic exports (NODX) shrank by 0.1 per cent year on year in May, moderating from the previous month’s contraction, data from Enterprise Singapore (EnterpriseSG) showed on Tuesday (Jun 18).
https://www.businesstimes.com.sg/singapore/singapores-key-exports-slide-eases-0-1-may
https://www.straitstimes.com/business/singapore-key-exports-dip-01-in-may-mildest-decline-in-20-months
Business News
CapitaLand Investment to start an operation in India’s GIFT City
CapitaLand Investment will soon start operating in India’s GIFT International Financial Services Centre, according to people familiar with the matter, helping serve its global clients from the special economic zone in Gujarat.
https://www.businesstimes.com.sg/companies-markets/capitaland-investment-start-operation-indias-gift-city
https://www.theedgesingapore.com/news/india/capitaland-group-start-operation-indias-gift-city
Family office growth continues as new generation of super rich seeks professional management
The trend in a growing number of family offices being formed is likely to continue, as the next generation in high net worth families increasingly seek professional management of their wealth, said Hannes Hofmann, global head of Citi’s Family Office Group.
https://www.businesstimes.com.sg/companies-markets/banking-finance/family-office-growth-continues-new-generation-super-rich-seeks-professional-management
French firm to buy Singapore hazardous waste firm ECO for $605 million
Singapore – French industrial group Seche Environnement has agreed to buy Singapore’s ECO Industrial Environmental Engineering for around $605 million, according to a statement by the company on June 17.
https://www.straitstimes.com/business/french-firm-to-buy-singapore-hazardous-waste-firm-eco-for-605-million
Brokers’ take: Beansprout initiates Keppel Infrastructure Trust with ‘buy’, S$0.59 target price
The analyst projects that its distribution per unit will grow in the next two years
Beansprout initiated coverage on Keppel Infrastructure Trust (KIT) with a “buy” call, noting the trust’s “attractive” distribution yield amid robust infrastructure assets. The investment insights platform licensed by the Monetary Authority of Singapore issued KIT a target price of S$0.59, based on a weighted average cost of capital of 9 per cent and terminal growth rate of 2 per cent.
https://www.businesstimes.com.sg/companies-markets/brokers-take-beansprout-initiates-keppel-infrastructure-trust-buy-s0-59-target-price
OUE Reit completes S$250 million inaugural green notes issuance
OUE Real Estate Investment Trust (Reit) has completed the issuance of its S$250 million inaugural green notes at a 4.1 per cent fixed rate due in 2027. The Reit’s manager announced in a bourse filing on Friday (Jun 14) that the issuance attracted strong investor demand, with a final order book of S$425 million, indicating an oversubscription of 1.7 times over the final upsized offer.
https://www.businesstimes.com.sg/companies-markets/oue-reit-completes-s250-million-inaugural-green-notes-issuance
Sabana Reit denies allegations that bond issuance is ‘highly abnormal’ or ‘impedes internalisation’
The manager of Sabana Industrial Real Estate Investment Trust (Sabana Reit) has denied allegations that the upcoming issuance of its sustainability-linked bond puts the trust in “financial jeopardy”, nor does it “complicate and impede” its internalisation process.
https://www.businesstimes.com.sg/companies-markets/sabana-reit-denies-allegations-bond-issuance-highly-abnormal-or-impedes-internalisation
https://www.straitstimes.com/business/sabana-reit-denies-allegations-that-bond-issuance-is-highly-abnormal-or-impedes-internalisation
Starhill Global REIT enters amendment and restatement agreement with bank that granted it three-year loan of $50 mil
The manager of Starhill Global REIT has entered an amendment and restatement agreement with a bank that granted it a three-year unsecured and commitment revolving credit facility of $50 million, to extend the loan agreement for five years from Sept 30, 2024, according to a release dated June 14.
https://www.theedgesingapore.com/news/reits/starhill-global-reit-enters-amendment-and-restatement-agreement-bank-granted-it-three
Temasek to invest up to A$300 million in Australian ETF manager Betashares
Singapore-based investment firm Temasek Holdings will invest up to A$300 million (S$268.1 million) in Australian exchange-traded fund manager Betashares, the company said on Monday (Jun 17).
https://www.businesstimes.com.sg/companies-markets/temasek-invest-300-million-australian-etf-manager-betashares
https://www.straitstimes.com/business/companies-markets/temasek-to-invest-up-to-268m-in-australian-etf-manager-betashares
Views, Reviews, Forum and Others
Man fined record S$600,000 for unauthorised dormitory use of private homes
A Singaporean man, Tan Hock Keng, has been sentenced to a record fine on three counts of using private residential properties as unauthorised dormitory accommodation under the Planning Act.
https://www.businesstimes.com.sg/singapore/man-fined-record-s600000-unauthorised-dormitory-use-private-homes
https://www.straitstimes.com/singapore/72-year-old-fined-600k-for-using-11-private-residences-as-migrant-worker-dorms
Oil spill incident: Singapore expands clean-up effort to more areas, including eastern end of island
Singapore – The authorities here are expanding clean-up efforts to more areas following a major oil spill on June 14, with some oil leaking from a damaged cargo tank at Pasir Panjang Terminal having spread to the waters off Changi on June 17.
https://www.straitstimes.com/singapore/environment/oil-spill-incident-singapore-expands-clean-up-effort-to-more-areas-including-eastern-end-of-island
https://www.businesstimes.com.sg/singapore/oil-spill-cleanup-underway-singapore-after-ship-collision
https://www.channelnewsasia.com/singapore/oil-spill-slick-sentosa-beaches-east-coast-park-labrador-park-4412481
https://www.scmp.com/video/asia/3266888/singapore-races-clean-oil-slick-nature-reserve-beaches-closed
Malaysia diesel price hike squeezes Singapore tour operators
Singapore: With the increase in Malaysia’s diesel prices, coach passengers and tour agency customers travelling across the border can expect prices to increase soon. On Monday (Jun 10), the Malaysian government cut most of its diesel subsidies, which it said was costing the country RM4 billion (US$853 million) annually.
https://www.channelnewsasia.com/singapore/singapore-malaysia-coach-tour-increase-price-diesel-subsidy-4408506
Global Economy & Real Estate
Home-swopping becoming trendy alternative to Airbnb
https://www.businesstimes.com.sg/property/home-swopping-becoming-trendy-alternative-airbnb
Australia’s NSW to increase duties on foreign homebuyers
https://www.businesstimes.com.sg/property/australias-nsw-increase-duties-foreign-homebuyers
https://www.scmp.com/business/article/3266656/australias-tighter-immigration-policy-poses-risk-luxury-home-market
Sinkholes threaten luxury property in Chile’s resort city
https://www.businesstimes.com.sg/property/sinkholes-threaten-luxury-property-chiles-resort-city
Home affordability to improve in Canada as rates fall, incomes rise: Bank of Montreal
https://www.businesstimes.com.sg/property/home-affordability-improve-canada-rates-fall-incomes-rise-bank-montreal
Canadian housing market suffers ‘sleepy month’ ahead of rate cut
https://www.businesstimes.com.sg/property/canadian-housing-market-suffers-sleepy-month-ahead-rate-cut
China property drag is getting worse, factory output disappoints
https://www.businesstimes.com.sg/international/china-property-drag-getting-worse-factory-output-disappoints
https://www.straitstimes.com/business/china-property-drag-is-getting-worse-may-factory-output-disappoints
https://www.scmp.com/economy/china-economy/article/3266633/chinese-government-rushes-shore-struggling-property-sector-new-policies
China home-price slump accelerates in May despite more stimulus
https://www.businesstimes.com.sg/international/global/china-home-price-slump-accelerates-may-despite-more-stimulus
https://www.scmp.com/business/china-business/article/3266873/chinas-new-home-prices-may-saw-sharpest-fall-nearly-10-years-despite-rescue-package
Some Chinese insurers face ‘material’ profit risk from property exposure: Moody’s
https://www.scmp.com/business/article/3266935/some-chinese-insurers-face-material-profit-risk-property-exposure-moodys
Chinese home rentals platform Ziroom taps ‘huge demand’ for student digs abroad
https://www.scmp.com/business/china-business/article/3266785/chinese-home-rentals-platform-ziroom-taps-huge-demand-student-digs-abroad
Richemont’s online luxury retailer YNAP to exit China
https://www.businesstimes.com.sg/companies-markets/consumer-healthcare/richemonts-online-luxury-retailer-ynap-exit-china
ECB sees market repricing but not disorderly dynamics, chief economist says
https://www.businesstimes.com.sg/companies-markets/banking-finance/ecb-sees-market-repricing-not-disorderly-dynamics-chief-economist-says
China Evergrande’s ex-CEO sells Hong Kong home at almost half of purchase price
https://www.businesstimes.com.sg/international/global/china-evergrandes-ex-ceo-sells-hong-kong-home-almost-half-purchase-price
https://www.straitstimes.com/business/china-evergrande-s-ex-ceo-sells-hong-kong-home-at-almost-half-of-purchase-price
Hong Kong retail sector can expect ‘low double-digit decline’ in sales this year
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3266798/hong-kong-retail-sector-can-expect-low-double-digit-decline-sales-year?module=top_story&pgtype=subsection
Half of shops affected by renewal scheme in Hong Kong’s ‘Little Thailand’ aim to stay in area
https://www.scmp.com/news/hong-kong/society/article/3266828/half-shops-affected-renewal-scheme-hong-kongs-little-thailand-aim-stay-area
Rental value of Hong Kong tycoon’s skyscraper drops 33% since 2019
https://www.businesstimes.com.sg/property/rental-value-hong-kong-tycoons-skyscraper-drops-33-2019
Hong Kong homes remain most unaffordable in world for 14th year: research
https://www.scmp.com/business/article/3266634/hong-kong-homes-remain-most-unaffordable-world-14th-year-research
Hong Kong’s subdivided flats: officials may set minimum size between 75 and 108 sq ft
https://www.scmp.com/news/hong-kong/society/article/3266737/hong-kongs-subdivided-flats-officials-may-set-minimum-size-between-7-and-10-square-metres
Economists remain split on timing of BOJ’s next rate hike: Reuters poll
https://www.channelnewsasia.com/business/economists-remain-split-timing-bojs-next-rate-hike-reuters-poll-4415511
BOJ to forgo July rate hike, taper 24 trillion yen per year: ex-policymaker
https://www.businesstimes.com.sg/companies-markets/banking-finance/boj-forgo-july-rate-hike-taper-24-trillion-yen-year-ex-policymaker
https://www.channelnewsasia.com/business/boj-keeps-rates-steady-decides-lay-out-bond-taper-plan-next-month-4410056
Yen slumps as Bank of Japan defers details on scaling down its huge bond buying
https://www.straitstimes.com/business/yen-slumps-as-bank-of-japan-defers-detail-on-scaling-down-its-huge-bond-buying
Japan core machinery orders down in April, raising capital spending concerns
https://www.channelnewsasia.com/business/japan-core-machinery-orders-down-april-raising-capital-spending-concerns-4415111
New Zealand economy seen exiting recession by a whisker
https://www.businesstimes.com.sg/international/new-zealand-economy-seen-exiting-recession-whisker
AI demand drives record jump in South Korean chip export prices
https://www.straitstimes.com/business/ai-demand-drives-record-jump-in-south-korean-chip-export-prices
Four Thai court cases that could unleash political crisis
https://www.businesstimes.com.sg/international/four-thai-court-cases-could-unleash-political-crisis
Thailand sees at least US$22 billion investment pledges this year
https://www.channelnewsasia.com/business/thailand-sees-least-us22-billion-investment-pledges-year-4410211
Thailand’s Central buys rest of German luxury retail business KaDeWe
https://www.businesstimes.com.sg/international/asean/thailands-central-buys-rest-german-luxury-retail-business-kadewe
Asking prices for UK houses stagnate in June
https://www.businesstimes.com.sg/property/asking-prices-uk-houses-stagnate-june
Bargain hunters seeking deals in undervalued British commercial property market
https://www.businesstimes.com.sg/property/bargain-hunters-seeking-deals-undervalued-british-commercial-property-market
Vietnam plans to raise special consumption tax on alcoholic drinks to 100% by 2030
https://www.channelnewsasia.com/business/vietnam-alcohol-tax-beer-drink-driving-4410156
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