Singapore Real Estate/Built Environment
Allgreen Properties places top bid of S$1,304 psf ppr for Zion Road site at URA tender
Robert Kuok’s Allgreen Properties placed the top bid for a 99-year leasehold private housing site in Zion Road, near the group’s Great World City mixed development, at a state tender on Thursday (Jul 18).
https://www.businesstimes.com.sg/property/allgreen-properties-places-top-bid-s1304-psf-ppr-zion-road-site-ura-tender
https://www.straitstimes.com/singapore/housing/great-world-city-mall-owner-allgreen-submits-7301-million-top-bid-for-zion-road-gls-site
Low bids for two suburban condo sites in Canberra, De Souza Avenue at state tenders
Two suburban residential sites saw thin interest and conservative bids at the low end of expectations when government tenders closed on Thursday (Jul 18), as developers continued to play it safe in a sluggish market.
https://www.businesstimes.com.sg/property/low-bids-two-suburban-condo-sites-canberra-de-souza-avenue-state-tenders
Condo leasing volumes up 16.8% in June; demand for HDB rentals muted
Leasing volumes for condominiums recovered in June, rising 16.8 per cent month on month after declining in May. Rents, however, were flat amid a mixed performance across all regions, based on flash estimates released by SRX and 99.co on Thursday (Jul 18).
https://www.businesstimes.com.sg/property/condo-leasing-volumes-16-8-june-demand-hdb-rentals-muted-srx-99-co
https://www.straitstimes.com/singapore/housing/condo-leasing-volumes-up-168-in-june-demand-for-hdb-rentals-muted-srx-99co
Will owners make more money by holding on to residential properties longer?
There is a common belief that it may not be financially wise to hold on to a residential property for too long. When a property hits about 20 years old, the value may start to decline as it ages, potentially leading to financial losses.
https://www.straitstimes.com/business/invest/will-owners-make-more-money-by-holding-on-to-residential-properties-longer
Singapore Economy
MAS says a change in US policy direction after November polls would have global impact
Singapore – With the increasing prospects of a second Trump presidency, both private investors and policymakers worldwide, including the Monetary Authority of Singapore (MAS), are putting the former US president’s policy prescriptions under focus.
https://www.straitstimes.com/business/mas-says-change-in-us-policy-direction-post-november-polls-will-have-global-impact
https://www.businesstimes.com.sg/singapore/saying-goodbye-real-era-accommodative-monetary-policy
MAS posts net profit of S$3.8 billion in part due to strong investment gains
Singapore — The Monetary Authority of Singapore (MAS) recorded a net profit of S$3.8 billion in the financial year that ended on March 31, a reversal from the record S$30.8 billion loss reported the year before.
https://www.todayonline.com/news/mas-posts-net-profit-s38-billion-part-due-strong-investment-gains-2460746
https://www.channelnewsasia.com/singapore/mas-annual-report-net-profit-economy-gdp-inflation-4487141
https://www.straitstimes.com/business/mas-books-net-profit-of-38b-as-global-markets-recovered-singapore-dollar-eased
Singapore assets under management up 10% to $5.4 trillion in 2023; new debt issues rise 21%
Singapore – Singapore’s financial sector had a good showing in 2023, with a 10 per cent growth in assets under management (AUM) to $5.41 trillion as at Dec 31, 2023. The corporate debt market also grew strongly, with new issuances rising 21 per cent to $230 billion in 2023.
https://www.straitstimes.com/business/singapore-aum-up-10-to-54-trillion-in-2023-new-debt-issues-rise-21
Business News
Keppel inks MOU with Sojitz to pursue clean energy business ventures in Asia-Pacific
Global asset manager Keppel through its infrastructure division, on Thursday (Jul 18) signed a memorandum of understanding (MOU) with Tokyo-based investment and general trading company Sojitz, to pursue decarbonisation and clean energy business opportunities in the Asia-Pacific.
https://www.businesstimes.com.sg/companies-markets/keppel-inks-mou-sojitz-pursue-clean-energy-business-ventures-asia-pacific
ThaiBev proposes share swaps involving F&N, Frasers Property to become pure F&B player
Singapore – Beverage maker Thai Beverage (ThaiBev) wants to streamline its stakes in F&N and Frasers Property in a move that it said will help it become one of South-east Asia’s largest food and beverage (F&B) companies.
https://www.straitstimes.com/business/thaibev-proposes-share-swaps-involving-fn-frasers-property-to-become-pure-fb-player
https://www.theedgesingapore.com/news/ma/thaibev-share-swap-values-fpl-189-fpl-share
Global Economy & Real Estate
Fed prepares for September rate cut as Powell shifts focus to jobs
https://www.straitstimes.com/business/fed-prepares-for-september-rate-cut-as-powell-shifts-focus-to-jobs
US office Reits rally on rate cut hopes; STI up marginally
https://www.businesstimes.com.sg/companies-markets/capital-markets-currencies/us-office-reits-rally-rate-cut-hopes-sti-marginally
Oil rises as US rate-cut hopes outweigh economic slowdown signals
https://www.channelnewsasia.com/business/oil-rises-us-rate-cut-hopes-outweigh-economic-slowdown-signals-4487286
US weekly jobless claims jump amid usual seasonal volatility
https://www.businesstimes.com.sg/international/us-weekly-jobless-claims-jump-amid-usual-seasonal-volatility
US mortgage rates fall for second week, easing strain on buyers
https://www.businesstimes.com.sg/property/us-mortgage-rates-fall-second-week-easing-strain-buyers
DR Horton tightens home sales forecast, unveils US$4 billion share buyback
https://www.businesstimes.com.sg/property/dr-horton-tightens-home-sales-forecast-unveils-us4-billion-share-buyback
Australia’s June jobs jump beyond forecasts but unemployment rate still up
https://www.straitstimes.com/business/australia-s-june-jobs-jump-beyond-forecasts-unemployment-still-up
China’s Sino-Ocean enters deal to restructure US$5.64 billion offshore debt
https://www.businesstimes.com.sg/property/chinas-sino-ocean-enters-deal-restructure-us5-64-billion-offshore-debt
ECB officials consider if only one more cut feasible in 2024
https://www.businesstimes.com.sg/companies-markets/banking-finance/ecb-officials-consider-if-only-one-more-cut-feasible-2024
https://www.channelnewsasia.com/business/big-central-banks-are-starting-cut-rates-slowly-4488911
Germany’s longstanding popularity with Singapore companies gets new boost
https://www.businesstimes.com.sg/international/global/germanys-longstanding-popularity-singapore-companies-gets-new-boost
Protect small property owners in Hong Kong’s old neighbourhoods
https://www.scmp.com/opinion/letters/article/3270641/protect-small-property-owners-hong-kongs-old-neighbourhoods
Hong Kong’s cash-strapped URA can build on bonds
https://www.scmp.com/opinion/article/3271016/hong-kongs-cash-strapped-ura-can-build-bonds
Japan core inflation perks up in June, leaves BOJ rate hike open
https://www.channelnewsasia.com/business/japan-core-inflation-perks-june-leaves-boj-rate-hike-open-4490056
https://www.businesstimes.com.sg/international/global/japans-inflation-speeds-keeping-boj-rate-hike-play
Malaysia set to declare Johor’s Forest City a duty-free zone to revitalise struggling project
https://www.businesstimes.com.sg/international/asean/malaysia-set-declare-johors-forest-city-duty-free-zone-revitalise-struggling-project
https://www.channelnewsasia.com/asia/malaysia-johor-forest-city-pulau-satu-duty-free-island-status-4488096
When buyers pay cash for properties in New York
https://www.straitstimes.com/business/invest/when-buyers-pay-cash-for-properties-in-new-york
South Korea vows all-out effort to stabilise rising house prices
https://www.channelnewsasia.com/business/south-korea-vows-all-out-effort-stabilise-rising-house-prices-4487876
UK pay growth slows but likely still too high for Bank of England to keep lid on inflation
https://www.straitstimes.com/business/economy/uk-pay-growth-slows-but-remains-high-for-bank-of-england
QIA unveils radical overhaul for HSBC’s Canary Wharf tower
https://www.businesstimes.com.sg/property/qia-unveils-radical-overhaul-hsbcs-canary-wharf-tower
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