Singapore Real Estate
Property cooling measures prompt more investors to look at commercial shophouses; prices set to increase: Analysts
Singapore: The prices of commercial shophouses are expected to increase on the back of higher demand and limited supply. While higher interest rates have dampened sales activity in the first half of the year, analysts said an anticipated moderation in rates in the coming months will likely see demand rebound.
https://www.channelnewsasia.com/singapore/commercial-shophouses-prices-expected-increase-property-cooling-measures-absd-limited-scarcity-analysts-3563211
People’s Park Centre eyes third collective sale bid; People’s Park Complex jumps on the bandwagon
Two projects in Chinatown are looking to throw their hats into the en-bloc ring – the long-standing People’s Park Centre for the third time, and landmark development People’s Park Complex for the first.
https://www.businesstimes.com.sg/property/peoples-park-centre-eyes-third-collective-sale-bid-peoples-park-complex-jumps-bandwagon
Singapore Economy
S’pore’s GDP growth forecast for 2023 dips to 1.4%: MAS survey
Singapore – Private-sector economists have slashed their estimates for economic growth this year following a lacklustre first quarter and the manufacturing sector’s ongoing fragility. They now believe gross domestic product (GDP) will come in at 1.4 per cent, down markedly from the 1.9 per cent forecast they made in March.
https://www.straitstimes.com/business/economy/s-pore-s-gdp-growth-forecast-for-2023-dips-to-14-mas-survey
https://www.businesstimes.com.sg/singapore/economists-downgrade-2023-growth-forecast-14-manufacturing-set-shrink-survey
https://www.todayonline.com/singapore/economists-cut-singapores-2023-growth-forecast-14-amid-global-slowdown-mas-survey-2192506
https://www.channelnewsasia.com/singapore/singapore-economy-growth-forecast-cut-private-sector-economists-june-3560346
https://www.theedgesingapore.com/news/singapore-economy/economists-expect-singapores-gdp-grow-14-2023-mas-survey
Labour demand shows signs of easing in Q1 as job vacancies fall for 4th straight quarter
While Singapore’s labour market remains tight, there are some signs of cooling labour demand in the first quarter, said the Ministry of Manpower (MOM) in the latest Labour Market Report on Thursday (Jun 15).
https://www.businesstimes.com.sg/singapore/labour-demand-shows-signs-easing-q1-job-vacancies-fall-4th-straight-quarter
https://www.theedgesingapore.com/news/labour-market/singapores-total-employment-expands-sixth-straight-quarter-now-38-above-pre
Will Singapore move in the direction of US, and consider a ban on non-compete clauses in labour contracts?
Non-compete or restraint of trade clauses are provisions found in labour contracts that prevent people from working in the same industry for a certain period of time. If flouted, companies could take their former employees to court to seek an injunction or compensation.
https://www.channelnewsasia.com/singapore/non-compete-clauses-employment-contract-ban-unlikely-3541916
Companies’ Brief
Robust Singapore and Japan portfolios to drive CDL Hospitality Trusts’ NPI FY2023 growth
CGS-CIMB Research analysts Natalie Ong and Lock Mun Yee have maintained their “add” call on CDL Hospitality Trusts (CDLHT) on the back of its robust Singapore and Japan portfolios.
https://www.theedgesingapore.com/capital/brokers-calls/robust-singapore-and-japan-portfolios-drive-cdl-hospitality-trusts-npi-fy2023
Keppel bags two deals to provide ‘Energy-as-a-Service’ in Bangkok
Keppel Corp has secured two contracts to provide what it dubs “energy-as-a-service” (EaaS) in Bangkok’s Sam Yan Smart City, through its joint venture (JV) with Decarb Corp. Keppel’s EaaS service 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/companies-markets/keppel-bags-two-deals-provide-energy-service-bangkok
https://www.straitstimes.com/business/keppel-snags-two-contracts-to-provide-energy-as-a-service-in-bangkok
OUE C-Reit unit obtains S$430 million sustainability-linked loan
OUB Centre, an indirect subsidiary of OUE Commercial Reit has obtained an unsecured sustainability-linked loan (SLL) of S$430 million, its manager announced in a Wednesday (June 14) bourse filing.
https://www.businesstimes.com.sg/companies-markets/oue-c-reit-unit-obtains-s430-million-sustainability-linked-loan
Global Economy & Real Estate
Fed leaves rates steady, sees two small hikes by end of 2023
https://www.channelnewsasia.com/business/federal-reserve-holds-rates-steady-sees-two-small-hikes-end-year-3561711
https://www.businesstimes.com.sg/international/us-federal-reserve-leaves-rates-steady-sees-two-small-hikes-end-2023
US Fed pauses rate hikes, but signals more tightening ahead
https://www.straitstimes.com/business/economy/us-fed-pauses-rate-hikes-but-signals-more-tightening-ahead
https://www.theedgesingapore.com/news/us-economy-2023/us-fed-pauses-rate-hikes-signals-more-tightening-come
US Fed to release banks’ stress test results on Jun 28
https://www.businesstimes.com.sg/international/us-fed-release-banks-stress-test-results-jun-28
US companies scramble to cut costs, pay down debt as interest rates surge
https://www.straitstimes.com/business/us-companies-scramble-to-cuts-costs-pay-down-debt-as-interest-rates-surge
HSBC to raise UK mortgage prices for second time in a week
https://www.businesstimes.com.sg/property/hsbc-raise-uk-mortgage-prices-second-time-week
Summer rate hikes threaten to push UK housing market to breaking point
https://www.businesstimes.com.sg/property/summer-rate-hikes-threaten-push-uk-housing-market-breaking-point
New Zealand slips into recession
https://www.businesstimes.com.sg/international/new-zealand-slips-recession
https://www.straitstimes.com/business/new-zealand-economy-falls-into-recession-currency-drops
Low-tax Switzerland votes on global minimum corporate tax rate
https://www.channelnewsasia.com/business/low-tax-switzerland-votes-global-minimum-corporate-tax-rate-3560861
New Zealand must free up land, expand housing supply to ease home affordability: IMF
https://www.businesstimes.com.sg/property/new-zealand-must-free-land-expand-housing-supply-ease-home-affordability-imf
China’s economy slows further in May as weak demand drags
https://www.channelnewsasia.com/business/chinas-economy-slows-further-may-weak-demand-drags-3563261
https://www.theedgesingapore.com/news/china-focus/chinas-recovery-weakens-industrial-retail-activity-slow
China youth unemployment hits record 20.8% as economy slows further in May
https://www.straitstimes.com/business/china-youth-unemployment-hits-record-208-as-economy-slows-further-in-may
https://www.businesstimes.com.sg/international/china-youth-jobless-rate-hits-record-208-challenge-policymakers
https://www.scmp.com/economy/economic-indicators/article/3224123/chinas-economic-growth-falters-may-youth-unemployment-hits-new-high
China holds urgent meetings with business leaders on how to revitalise the economy
https://www.straitstimes.com/business/china-holds-urgent-meetings-on-economy-with-business-leaders
China’s Jan-May property investment, sales fall at faster pace
https://www.channelnewsasia.com/business/chinas-jan-may-property-investment-sales-fall-faster-pace-3563206
China new home prices rise at slower pace in May
https://www.channelnewsasia.com/business/china-new-home-prices-rise-slower-pace-may-3563126
https://www.businesstimes.com.sg/property/china-home-price-growth-weakens-housing-recovery-falters
Hong Kong pauses rate hike cycle following US Fed decision
https://www.businesstimes.com.sg/international/hong-kong-pauses-rate-hike-cycle-following-us-fed-decision
https://www.channelnewsasia.com/business/hong-kong-central-bank-leaves-interest-rates-unchanged-tracking-fed-move-3563296
HK court approves withdrawal of wind-up case against Sunac China
https://www.businesstimes.com.sg/property/hk-court-approves-withdrawal-wind-case-against-sunac-china
Explainer | Why has Hong Kong launched a new public-private partnership scheme to help tackle the housing crisis?
https://www.scmp.com/news/hong-kong/society/article/3224092/why-has-hong-kong-launched-new-public-private-partnership-scheme-help-tackle-housing-crisis
Dubai pips Hong Kong as the world’s top city for super luxury homes over US$10 million: Knight Frank
https://www.scmp.com/business/article/3224077/dubai-pips-hong-kong-worlds-top-city-super-luxury-homes-over-us10-million-knight-frank
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