Singapore Real Estate
DFI Retail puts Jelita Shopping Centre on the market with S$85 million guide price
DFI Retail Group is seeking a buyer for the four-decade-old Jelita Shopping Centre at 293 Holland Road. It has appointed JLL as the exclusive marketing agent to conduct an expression of interest (EOI) exercise for the two-storey, 999-year leasehold retail mall at the corner of Holland Road and Jalan Jelita.
https://www.businesstimes.com.sg/property/dfi-retail-puts-jelita-shopping-centre-market-s85-million-guide-price
Sentosa Cove condo resale price surge surpasses increases on mainland
Singapore – Since January 2022, the rise in prices of resale condominium units in Sentosa Cove has surpassed price increases of resale condominiums in mainland Singapore. The median per sq ft (psf) price of non-landed properties in Sentosa Cove surged 29.77 per cent from $1,555 in 2021, to $2,018 in 2022.
https://www.straitstimes.com/business/property/sentosa-cove-condo-resale-prices-surge-since-january-2022-surpassing-growth-in-other-areas
Housing affordability or a premium for good housing?
Despite a high homeownership rate and robust economic growth, Singapore is not immune to the global challenge of housing affordability. According to a recent report by the Urban Land Institute (ULI), Singapore’s private homes have surpassed Hong Kong to become the region’s most expensive, boasting a median price of US$1.2 million.
https://www.businesstimes.com.sg/property/housing-affordability-or-premium-good-housing
Construction companies see uneven recovery as they clear pandemic backlog
The revenues of construction companies in Singapore have improved as work has resumed and pandemic-era supply chain issues eased. But even so, pre-pandemic contracts and other headwinds have continued to pressure their bottom lines.
https://www.businesstimes.com.sg/companies-markets/construction-companies-see-uneven-recovery-they-clear-pandemic-backlog
HDB to extend May sales launch by 3 days after complaints of technical glitches
Singapore – The Housing Board will extend its May sales launch by three days following complaints of technical glitches and long waiting times to enter its flat portal.
https://www.straitstimes.com/singapore/housing/hdb-to-extend-may-sales-launch-by-3-days-after-complaints-of-technical-glitches
https://www.todayonline.com/singapore/hdb-extend-deadline-may-sales-launch-3-days-due-system-glitches-2184286
https://www.channelnewsasia.com/singapore/glitch-hdb-may-sales-launch-bto-application-three-days-system-3531446
Singapore Economy
Factory activity in S’pore drops for third straight month due to protracted electronics downturn
Manufacturing activity in Singapore eased for a third straight month in May due to a protracted slowdown in demand for electronic goods from major trading partners. The Singapore Purchasing Managers’ Index (PMI), a key gauge of the manufacturing sector’s health, fell by 0.2 point to 49.5 following drops in March and April, the Singapore Institute of Purchasing and Materials Management (SIPMM) said on Saturday (Jun 3).
https://www.businesstimes.com.sg/singapore/economy-policy/factory-activity-spore-drops-third-straight-month-due-protracted
https://www.straitstimes.com/business/factory-activity-in-s-pore-drops-for-third-straight-month-due-to-protracted-electronics-downturn
Singapore, Australia to invest A$20 million in new green co-innovation programme for SMEs
Singapore and Australia will set aside A$20 million (S$17.8 million) for a new programme to drive co-innovation between small and medium-sized enterprises (SMEs) from both countries for green products and services.
https://www.businesstimes.com.sg/singapore/singapore-australia-invest-a20-million-new-green-co-innovation-programme-smes
https://www.straitstimes.com/singapore/new-fund-for-smes-to-collaborate-on-green-projects-among-initiatives-to-strengthen-s-pore-australia-ties
https://www.channelnewsasia.com/singapore/singapore-and-australia-launch-a20-million-programme-help-smes-co-develop-innovative-green-products-3533601
Singapore, China ink pact to set up bilateral defence hotline
The defence establishments of Singapore and China inked an agreement on Thursday (Jun 1) to set up a hotline meant to strengthen high-level communication between defence leaders from both sides.
https://www.businesstimes.com.sg/singapore/singapore-china-ink-pact-set-bilateral-defence-hotline
https://www.straitstimes.com/singapore/singapore-china-ink-deal-to-set-up-bilateral-defence-hotline
https://www.todayonline.com/singapore/china-singapore-mou-defence-secure-telephone-line-2183906
https://www.channelnewsasia.com/singapore/singapore-china-ink-pact-set-secure-telephone-line-between-defence-chiefs-3531261
Shangri-La Dialogue ends with little sign of thaw between US, China
Defence chiefs from around the world gathered in Singapore for Asia’s largest security forum to discuss major threats as tensions rise between the US and China. The first two days of the Shangri-La Dialogue, which brings together more than 600 military leaders, policymakers and analysts from 40 nations, focused on US-China tensions, the war in Ukraine and the lack of high-level military talks between Beijing and Washington.
https://www.businesstimes.com.sg/international/shangri-la-dialogue-ends-little-sign-thaw-between-us-china
https://www.straitstimes.com/singapore/us-china-defence-chiefs-call-on-s-pore-leaders-ahead-of-20th-shangri-la-dialogue
https://www.todayonline.com/singapore/analysis-shangrila-dialogue-us-china-talks-2185656
https://www.channelnewsasia.com/asia/us-china-defence-chiefs-lloyd-austin-li-shangfu-speak-briefly-shangri-la-dialogue-security-forum-singapore-3534121
Companies’ Brief
Keppel DC REIT CEO Lee moving to FLCT
Loh Hwee Long will take over from Anthea Lee as the new CEO of Keppel DC REIT’s manager. The appointment will take place with effect from July 28. Lee, who took on this role in Feb 2021, is leaving to “pursue other interests”, says Keppel DC REIT.
https://www.theedgesingapore.com/news/reits/keppel-dc-reit-ceo-lee-moving-flct
Sembcorp confirms potential sale of waste management unit
Sembcorp Industries confirmed that it was exploring a potential sale of SembWaste, its waste management unit, as part of its “ongoing strategic initiatives to maximise shareholder value”. It has appointed HSBC as its financial adviser for the potential divestment of its waste management business and the energy from its waste plant.
https://www.businesstimes.com.sg/companies-markets/sembcorp-confirms-potential-sale-waste-management-unit
https://www.straitstimes.com/business/sembcorp-in-preliminary-talks-for-potential-sale-of-sembwaste
https://www.theedgesingapore.com/news/company-news/sembcorp-begins-process-explore-potential-divestment-sembwaste
Views, Reviews, Forum and Others
Building healthy workspace and cutting carbon footprint can go hand in hand
Creating a healthy and safe indoor work environment for employees, which has long been overlooked, emerged front and centre in the post-Covid working world. As the pandemic clearly showed, transmission of the virus only reduced when human contact was minimised. Now that people have returned to offices with hybrid working the new norm, protecting the health and wellness of workers cannot be taken for granted.
https://www.businesstimes.com.sg/property/building-healthy-workspace-and-cutting-carbon-footprint-can-go-hand-hand
Broken parapet wall contributed to Boon Lay gondola incident
Singapore – A broken parapet wall contributed to the May 11 incident that saw two workers scrambling out of a gondola left dangling at the 15th storey of a Housing Board block in Boon Lay.
https://www.straitstimes.com/singapore/gondola-incident-in-boon-lay-blamed-on-damaged-parapet-wall
Service and conservancy charges for hawker centres, markets to be raised from January
Singapore: The service and conservancy charges (S&CC) for 27 markets and hawker centres (MHCs) owned by the Ministry of Sustainability and the Environment (MSE) will go up from next year, following a review.
https://www.channelnewsasia.com/singapore/service-and-conservancy-charges-increase-scc-hawker-centres-markets-3535886
Global Economy & Real Estate
Commentary: Why low interest rates will return – again and again
https://www.channelnewsasia.com/commentary/low-interest-rates-will-return-inflation-covid-demand-3530326
US manufacturing slumps further in May; employment picks up: ISM
https://www.businesstimes.com.sg/international/us-manufacturing-slumps-further-may-employment-picks-ism
UK widens lead as Europe’s top draw for financial investors
https://www.businesstimes.com.sg/international/uk-widens-lead-europes-top-draw-financial-investors
https://www.straitstimes.com/business/despite-brexit-uk-widens-lead-as-europe-s-top-draw-for-financial-investors
UK house prices resume decline with warning of headwinds
https://www.businesstimes.com.sg/property/uk-house-prices-resume-decline-warning-headwinds
https://www.scmp.com/business/article/3222580/london-property-unaffected-uk-mortgage-lender-nationwide-warns-further-headwinds-and-house-prices
High UK rentals suggest residential sector remains attractive investment despite various headwinds
https://www.businesstimes.com.sg/international/global/high-uk-rentals-suggest-residential-sector-remains-attractive-investment
A new wave of real estate pain is coming after European rout
https://www.businesstimes.com.sg/property/new-wave-real-estate-pain-coming-after-european-rout
Eurozone’s factory downturn deepens in May despite price cuts
https://www.businesstimes.com.sg/international/eurozones-factory-downturn-deepens-may-despite-price-cuts
Swiss face rent hikes with first mortgage gauge jump in 15 years
https://www.businesstimes.com.sg/property/swiss-face-rent-hikes-first-mortgage-gauge-jump-15-years
Swedish central bank says commercial real estate a worry
https://www.businesstimes.com.sg/property/swedish-central-bank-says-commercial-real-estate-worry
Australia’s rate outlook in the air as inflation still untamed
https://www.businesstimes.com.sg/international/australias-rate-outlook-air-inflation-still-untamed
Australia raises minimum wage by 5.75% as living costs surge
https://www.businesstimes.com.sg/international/australia-raises-minimum-wage-575-living-costs-surge
https://www.channelnewsasia.com/world/australia-raises-minimum-wage-575-living-costs-surge-3532986
Here’s why Melbourne, Australia is one of the most liveable cities in the world
https://cnaluxury.channelnewsasia.com/people/most-liveable-city-melbourne-australia-236516
China’s services activity picks up in May on improved demand: Caixin PMI
https://www.businesstimes.com.sg/international/global/chinas-services-activity-picks-may-improved-demand-caixin-pmi
https://www.channelnewsasia.com/business/chinas-services-activity-picks-may-improved-demand-caixin-pmi-3538636\
https://www.scmp.com/economy/economic-indicators/article/3222934/chinas-services-activity-picks-may-new-orders-shore-consumption-led-economic-recovery
China new home prices, sales fall on soft demand in May
https://www.businesstimes.com.sg/property/china-new-home-prices-sales-fall-soft-demand-may
China mulls new property-market support package to boost economy
https://www.businesstimes.com.sg/property/china-mulls-newproperty-market-support-package-boost-economy
https://www.channelnewsasia.com/business/china-plans-new-property-market-support-package-boost-economy-bloomberg-news-3533661
Fuzhou real estate body cancels commission-sharing plan for home purchases, apologises for ‘inaccurate grasp’ of Beijing policy
https://www.scmp.com/business/china-business/article/3222705/fuzhou-real-estate-body-cancels-commission-sharing-plan-home-purchases-apologises-inaccurate-grasp
Gaw Capital entices Hongkongers with discounts on China housing project near Foshan-West Kowloon high-speed rail line
https://www.scmp.com/business/china-business/article/3222892/gaw-capital-entices-hongkongers-discounts-china-housing-project-near-foshan-west-kowloon-high-speed
Amid fresh wave of Covid-19, workplaces in Beijing navigate infection etiquette
https://www.straitstimes.com/asia/east-asia/amid-fresh-wave-of-covid-19-workplaces-in-beijing-navigate-infection-etiquette
Hong Kong to stay on guard against external risks and challenges after shaky economic recovery in early 2023: finance minister Paul Chan
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3222891/hong-kong-stay-guard-against-external-risks-and-challenges-after-shaky-economic-recovery-early-2023
Hong Kong’s April retail sales up 15% in fifth month of growth
https://www.businesstimes.com.sg/international/hong-kongs-april-retail-sales-15-fifth-month-growth
https://www.channelnewsasia.com/business/hong-kong-april-retail-sales-rise-15-fifth-month-growth-3530916
Hong Kong’s office towers have never been so empty
https://www.businesstimes.com.sg/international/global/hong-kongs-office-towers-have-never-been-so-empty
Hong Kong property deals hit 4-month low in May due to fewer new launches and weak buyer sentiment
https://www.scmp.com/business/article/3222653/hong-kong-property-deals-hit-4-month-low-may-due-fewer-new-launches-and-weak-buyer-sentiment-says
Redevelopment of Hong Kong’s only private low-rental housing estate pushed back further 2 years, with 2,000 flats to be available by 2029
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3222790/redevelopment-hong-kongs-only-private-low-rental-housing-estate-pushed-back-further-2-years-2000
Letters | Approval for structural wall removal and other critical flat renovations must not be done in isolation
https://www.scmp.com/comment/letters/article/3222536/approval-structural-wall-removal-and-other-critical-flat-renovations-must-not-be-done-isolation
Japan’s service activity expands at record pace in May: PMI
https://www.businesstimes.com.sg/international/japans-service-activity-expands-record-pace-may-pmi
https://www.channelnewsasia.com/business/japans-service-activity-expands-record-pace-may-pmi-3538541
Japan’s govt will vow to end deflation with bold monetary, flexible fiscal policy -draft
https://www.channelnewsasia.com/business/japans-govt-will-vow-end-deflation-bold-monetary-flexible-fiscal-policy-draft-3533746
South Korea May inflation cools to 19-month low, core inflation eases
https://www.channelnewsasia.com/business/south-korea-may-inflation-cools-19-month-low-core-inflation-eases-3532856
South Korea revised Q1 GDP +0.3% q/q, unchanged from earlier estimate
https://www.channelnewsasia.com/business/south-korea-revised-q1-gdp-03-q-q-unchanged-earlier-estimate-3532841
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