The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry



Daily News – 15 June 2023 (Thu)

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.


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.



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.


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).


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.



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.


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.


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.



Global Economy & Real Estate


Fed leaves rates steady, sees two small hikes by end of 2023


US Fed pauses rate hikes, but signals more tightening ahead


US Fed to release banks’ stress test results on Jun 28


US companies scramble to cut costs, pay down debt as interest rates surge


HSBC to raise UK mortgage prices for second time in a week


Summer rate hikes threaten to push UK housing market to breaking point


New Zealand slips into recession


Low-tax Switzerland votes on global minimum corporate tax rate


New Zealand must free up land, expand housing supply to ease home affordability: IMF


China’s economy slows further in May as weak demand drags


China youth unemployment hits record 20.8% as economy slows further in May


China holds urgent meetings with business leaders on how to revitalise the economy


China’s Jan-May property investment, sales fall at faster pace


China new home prices rise at slower pace in May


Hong Kong pauses rate hike cycle following US Fed decision


HK court approves withdrawal of wind-up case against Sunac China


Explainer | Why has Hong Kong launched a new public-private partnership scheme to help tackle the housing crisis?


Dubai pips Hong Kong as the world’s top city for super luxury homes over US$10 million: Knight Frank



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