Singapore Real Estate
Delfi Orchard up for collective sale at S$438 million guide price
Delfi Orchard, a 40-year-old strata-titled building that is majority held by City Developments Ltd (CDL), is up for collective sale at a S$438 million guide price. Situated at 402 Orchard Road, Delfi Orchard sits on a 20,264 square feet (sq ft) freehold site zoned for commercial use, with height control of up to 20 storeys. The 11-storey complex comprises 150 strata-titled units (127 shops and 23 apartments), of which 126 are owned by CDL.
https://www.businesstimes.com.sg/property/delfi-orchard-collective-sale-s-438-million-guide-price
https://www.straitstimes.com/business/delfi-orchard-up-for-collective-sale-at-438-million-guide-price
Prudential Financial’s PGIM struggles to sell Singapore towers
PGIM Real Estate has been trying to sell a pair of prime office towers in Singapore since last year without success, sources with knowledge of the matter said, the latest sign of the country’s softening property market.
https://www.businesstimes.com.sg/property/prudential-financial-s-pgim-struggles-sell-singapore-towers
https://www.straitstimes.com/business/prudential-financial-s-pgim-struggles-to-sell-78-shenton-way-sources-say
DFI puts its last 2 Singapore properties up for sale at S$48.5 million
DFI Retail Group has put its last two Singapore properties on the market – eight freehold strata retail units at Siglap V, and an HDB retail unit in the Toa Payoh Central area. The total guide price for the two assets is S$48.5 million, though potential buyers can make offers for one or both properties. JLL has been appointed the exclusive marketing agent to conduct an expression of interest (EOI) exercise for the properties.
https://www.businesstimes.com.sg/property/dfi-puts-its-last-2-singapore-properties-sale-s-48-5-million
Singapore Economy
Singapore gunning for spot as world’s best Mice events destination: STB
Singapore – With business events booming in the Republic, Singapore wants to be the world’s best destination for Mice (meetings, incentives, conventions and exhibitions) events, and one where such events can leave a legacy of positive and lasting impact.
https://www.straitstimes.com/singapore/singapore-gunning-for-spot-as-world-s-best-mice-events-destination-stb
$35 million to be invested to help those in finance sector develop new green skills: MAS
Singapore – As Singapore looks to become a green finance hub, the Government is pumping in $35 million to help those in the financial services sector pick up new skills to better serve sustainable financing demands in the region.
https://www.straitstimes.com/singapore/35-million-to-be-invested-to-help-those-in-finance-sector-develop-new-green-skillsmas
https://www.businesstimes.com.sg/esg/mas-sets-aside-s-35-million-develop-sustainable-finance-talent
All employers in Singapore must fairly consider flexi-work requests from Dec 1 under new rules
Singapore – All employers in Singapore must fairly consider formal requests from employees for flexible work arrangements (FWAs) from Dec 1, 2024, under the new Tripartite Guidelines on Flexible Work Arrangement Requests.
https://www.straitstimes.com/singapore/jobs/all-employers-in-singapore-must-fairly-consider-flexi-work-requests-from-dec-1-under-new-rules
https://www.businesstimes.com.sg/singapore/spotlight-1employers-must-process-all-flexi-work-requests-dec-1
https://www.todayonline.com/singapore/flexi-work-guidelines-shift-mindset-young-workers-2405721
https://www.channelnewsasia.com/singapore/flexible-work-arrangements-how-request-wfh-work-home-4271711
Business News
Apple to invest US$250 million into expanding Ang Mo Kio campus
Tech giant Apple will invest more than US$250 million to expand its campus in Ang Mo Kio, with construction set to begin later this year. The expansion will provide “space for growth and new roles in artificial intelligence and other key functions”, Apple said in a release on Wednesday (Apr 17).
https://www.businesstimes.com.sg/property/apple-invest-us-250-million-expanding-ang-mo-kio-campus
Keppel Pacific Oak US Reit posts 8.8% fall in distributable income for Q1
Singapore – Keppel Pacific Oak US Reit (Kore) posted a distributable income of US$11.9 million (S$16.2 million) for its first quarter ended March 31, down 8.8 per cent from US$13.1 million the previous year.
https://www.straitstimes.com/business/keppel-pacific-oak-us-reit-posts-88-fall-in-distributable-income-for-q1
Global Economy & Real Estate
IMF says US, China debt pose risks for global public finances
https://www.businesstimes.com.sg/international/imf-says-us-china-debt-pose-risks-global-public-finances
US economy growing at ‘modest’ pace in many regions: Federal Reserve
https://www.businesstimes.com.sg/international/us-economy-growing-modest-pace-many-regions-federal-reserve
New tariffs on Chinese metals won’t impact inflation, White House says
https://www.channelnewsasia.com/business/new-tariffs-chinese-metals-wont-impact-inflation-white-house-says-4272291
US 30-year mortgage rate rises to a four-month high of 7.13%
https://www.businesstimes.com.sg/property/us-30-year-mortgage-rate-rises-four-month-high-7-13
US homebuilding retreats as housing recovery stalls
https://www.businesstimes.com.sg/property/us-homebuilding-retreats-housing-recovery-stalls
Google lays off employees, shifts some roles abroad amid cost cuts
https://www.businesstimes.com.sg/companies-markets/telcos-media-tech/google-lays-employees-shifts-some-roles-abroad-amid-cost-cuts
https://www.straitstimes.com/business/companies-markets/google-lays-off-employees-shifts-some-roles-abroad-amid-cost-cuts
https://www.channelnewsasia.com/business/google-lays-employees-shifts-some-roles-abroad-amid-cost-cuts-4273306
Australia’s March employment unexpectedly falls 6,600, jobless rate ticks up to 3.8%
https://www.businesstimes.com.sg/international/australia-s-march-employment-unexpectedly-falls-6-600-jobless-rate-ticks-3-8
Canada hikes capital gains tax to raise billions for housing
https://www.businesstimes.com.sg/property/canada-hikes-capital-gains-tax-raise-billions-housing
A deep dive into China’s expectations-beating GDP growth
https://www.businesstimes.com.sg/international/deep-dive-china-s-expectations-beating-gdp-growth
China starts inspections of financial regulators, largest banks
https://www.businesstimes.com.sg/international/china-starts-inspections-financial-regulators-largest-banks
https://www.straitstimes.com/business/china-starts-inspections-of-financial-regulators-largest-banks
China’s better economic growth hides reasons to worry
https://www.businesstimes.com.sg/opinion-features/china-s-better-economic-growth-hides-reasons-worry
Rich Chinese tourists drive luxury demand in Japan on weak yen
https://www.businesstimes.com.sg/international/global/rich-chinese-tourists-drive-luxury-demand-japan-weak-yen
China Vanke seeks to sell 21.4% stake in Singapore-based GLP
https://www.straitstimes.com/business/china-vanke-seeks-to-sell-214-stake-in-singapore-based-glp
https://www.scmp.com/business/china-business/article/3259359/troubled-china-vanke-looks-offload-214-stake-singapore-logistics-firm-glp-it-seeks-ease-debt-burden
Deadly Hong Kong blaze prompts authorities to switch fire safety focus to buildings with single staircase, guest houses and subdivided flats
https://www.scmp.com/news/hong-kong/society/article/3259372/deadly-hong-kong-blaze-prompts-authorities-switch-fire-safety-focus-buildings-single-staircase-guest
Hong Kong green groups call for rejection of impact assessment report for border tech hub project
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3259366/hong-kong-green-groups-call-rejection-impact-assessment-report-san-tin-technopole-project
Kai Tak Covid isolation centre suitable for use as creative hub, site for short-term projects, Hong Kong development chief says
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3259378/disused-hong-kong-covid-19-kai-tak-quarantine-centre-could-be-turned-creative-hub-and-used-other
Hong Kong developer Great Eagle prices Ho Man Tin project at 8-year low as buyers return after government incentives
https://www.scmp.com/business/article/3259352/hong-kong-developer-great-eagle-prices-ho-man-tin-project-8-year-low-buyers-return-after-government
HSBC to cut another 20 investment banking jobs in Asia, sources say
https://www.channelnewsasia.com/business/hsbc-cut-another-20-investment-banking-jobs-asia-sources-say-4271721
Japan firms business mood slips as weak yen squeezes households
https://www.channelnewsasia.com/business/japan-firms-business-mood-slips-weak-yen-squeezes-households-4270716
Japan records best-ever monthly visitor numbers
https://www.businesstimes.com.sg/international/global/japan-records-best-ever-monthly-visitor-numbers
https://www.scmp.com/news/asia/east-asia/article/3259330/japan-welcomed-record-3-million-tourists-march-yens-three-decade-low-lures-travellers-us-india
Toshiba to cut 5,000 jobs in latest bid to restructure
https://www.businesstimes.com.sg/companies-markets/toshiba-cut-5-000-jobs-latest-bid-restructure
https://www.straitstimes.com/business/toshiba-to-cut-5000-jobs-in-japan-in-latest-bid-to-restructure-nikkei
Malaysia to push ahead with long-awaited subsidy cuts in 2024
https://www.businesstimes.com.sg/international/asean/malaysia-push-ahead-long-awaited-subsidy-cuts-2024
Making housing in New York more affordable
https://www.businesstimes.com.sg/property/making-housing-new-york-more-affordable
Swedish homebuilding may be on brink of recovery, data shows
https://www.businesstimes.com.sg/property/swedish-homebuilding-may-be-brink-recovery-data-shows
UK inflation slows less than expected
https://www.businesstimes.com.sg/international/uk-inflation-slows-less-expected
https://www.straitstimes.com/business/economy/uk-inflation-slows-less-than-expected
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