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 May 2024 (Wed)

Singapore Real Estate


Consortium led by UOL, CapitaLand places top bid of S$805.39 million for Holland Drive site
A plum, 99-year leasehold private housing site in Singapore near Holland Village MRT station drew three bids at a state tender on Tuesday (May 14). However, they were below market expectations as developers continue to be cautious about large, prime sites.


Tuan Sing confirms acquisition of Fraser Residence River Promenade for S$140.9 million
Tuan Sing Holdings on Tuesday (May 14) confirmed that it has acquired a newly completed mixed-use property located within Robertson Quay for S$140.9 million. The property, known as Fraser Residence River Promenade, is a four-storey serviced apartment development with 72 units, three conservation warehouses and 47 car park lots, located at 5 Jiak Kim Street.



Singapore Economy


‘We are prepared to relook everything’: Lawrence Wong on a changing society and his hopes for S’pore
Singapore – Deputy Prime Minister Lawrence Wong wants Singapore to be a place that embraces different pathways to success, with people from all walks of life assured of the basics – such as housing, education, healthcare and retirement needs – as long as they work consistently.


Rather than Lawrence Wong’s choice of deputies, the post-GE Cabinet is the one to watch
Singapore’s next prime minister’s choice of deputies was surprising in some respects, yet also entirely understandable, with some dubbing it a “safe” or even “conservative” choice. The surprise is felt by those who expected a fourth-generation (4G) minister to be elevated to deputy prime minister (DPM), once Lawrence Wong relinquishes this role to become prime minister on May 15.


Regulatory changes a catalyst for corporate service providers to raise their game
As Singapore prepares to roll out the proposed Corporate Service Providers (CSP) Bill, it presents an opportunity to reflect on how the city-state can continue to attract new businesses while maintaining its reputation as a clean and trusted financial hub. Additionally, with the introduction of stricter regulations, what opportunities do industry players have to innovate and enhance standards?



Business News


CDL acquires Hilton Paris Opera Hotel from Blackstone funds for 240 million euros
City Developments Limited (CDL) has acquired Hilton Paris Opera Hotel from funds managed by Blackstone for 240 million euros (S$350.2 million), it said on Tuesday (May 14). The acquisition was completed by Copthorne Hotel, the mainboard-listed property developer’s wholly owned subsidiary.


ESR attempts to suspend Sabana Reit’s May 24 EGM
ESR Group, the sponsor of Sabana Industrial Real Estate Investment Trust (Sabana Reit), has filed an application to the High Court of Singapore to hold the Reit’s May 24 extraordinary general meeting (EGM) in abeyance, meaning to impose a temporary suspension of the meeting until some issues are cleared up.



Global Economy & Real Estate


Big-name funds pile into real estate debt as banks retreat


Powell reiterates Fed likely to keep rates higher for longer


Biden sharply hikes US tariffs on billions in Chinese chips, cars


US producer prices increase more than expected in April


Australia to deliver 2024 budget as it battles worsening housing crisis, rising cost of living


China’s property ‘whitelist’ lifeline stutters amid sector gloom


Commentary: Electric cars pile up at European ports as Chinese firms struggle to find buyers


Easing eurozone inflation creates room for rate cuts: ECB’s Knot


Europe’s geoeconomic competitiveness challenge


Europe’s property slump easing as rents increase, report says


German economic advisors to cut 2024 growth forecast


How hosting Euro 2024 could impact the German economy


Hong Kong is missing out on Asia-Pacific office property boom as supply glut puts off investors: Colliers


CK Asset cuts prices for Hong Kong houses by a third to boost sales


Indonesia’s tax spinoff may disrupt revenue efforts, Fitch warns


Japan’s gloomy GDP report may create challenges for policymakers


Japan sees need for sharp hike in power output by 2050 to meet demand from AI, chip plants


Malaysia’s Anwar says to cut fuel subsidy at the ‘right time’


UK pay grows by more than expected as BOE mulls rate cuts


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