Singapore Real Estate
Former Pearl’s Hill School, Restricted Passport Centre in Outram set to make way for new homes
Two historical buildings in the Pearl’s Hill vicinity are set to be demolished to make way for new housing developments, as part of government plans to build 6,000 new homes in the area over the next decade.
https://www.businesstimes.com.sg/property/former-pearl-s-hill-school-restricted-passport-centre-outram-set-make-way-new-homes
https://www.straitstimes.com/singapore/former-pearl-s-hill-school-restricted-passport-centre-in-outram-set-to-make-way-for-new-homes
The Hill @ One-North and The Hillshore sell 43 and 3 units respectively at launch
The Hill @ One-North sold about a third or 43 units on the first booking day, a take-up rate an industry watcher described as one of the lowest for the first weekend of launch among major private residential projects put on the market this year.
https://www.businesstimes.com.sg/companies-markets/reits-property/hill-one-north-and-hillshore-sell-43-and-3-units-respectively-launch
https://www.straitstimes.com/business/the-hill-one-north-and-the-hillshore-sell-43-and-3-units-respectively-at-launch
High Court allows S$80 million sale of GSM Building to LHN’s Coliwoo
The High Court has granted the sale of GSM Building to LHN unit Coliwoo for S$80 million, after finding there was no evidence that the transaction lacked good faith. In a written judgment released on Friday (Apr 19), Judicial Commissioner Christopher Tan dismissed the objections from the minority owners who had objected to the sale as they felt the price was too low.
https://www.businesstimes.com.sg/property/high-court-allows-s-80-million-sale-gsm-building-lhn-s-coliwoo
Far East Shopping Centre back on market at unchanged S$928 million asking price
Far East Shopping Centre has been put back on the market, in a fresh tender pitched at the same guide price of S$928 million. This comes after Glory Property Developments, a company linked to Chinese businessman Du Shuanghua’s Bright Ruby Resources, pulled out of a deal announced in September 2023 to acquire the building.
https://www.businesstimes.com.sg/property/far-east-shopping-centre-back-market-unchanged-s-928-million-asking-price
DBS puts 46 retail units, HDB shops on market for S$210 million
DBS has put up for sale a portfolio of 46 HDB shop and shophouse units, and private strata retail units with a total guide price of about S$210 million. The Business Times understands that the units previously served as full-service bank branches some years ago, and have a total space of around 69,500 square feet (sq ft). The 46 units are available for purchase individually. Sales are said to have begun a few weeks ago.
https://www.businesstimes.com.sg/property/dbs-puts-46-retail-units-hdb-shops-market-s-210-million
Business News
CapitaLand Integrated Commercial Trust Q1 NPI up 6.3% on higher gross rental income, lower expenses
Singapore – CapitaLand Integrated Commercial Trust (CICT) posted a 6.3 per cent rise in net property income (NPI) to $293.7 million for the end of its first quarter.
https://www.straitstimes.com/business/cict-q1-npi-up-63-on-higher-gross-rental-income-lower-expenses
Japanese electronics firm Epson to wind down Tuas plant; 350 staff affected in consolidation drive
Singapore – Singapore Epson Industrial (SEP) will wind down operations at its local plant over the next three years in a move that is expected to affect some 350 employees.
https://www.straitstimes.com/business/companies-markets/japanese-electronics-firm-epson-to-wind-down-tuas-plant-350-workers-affected-in-consolidation-drive
Views, Reviews, Forum and Others
20 years after Nicoll Highway collapse, construction industry stresses regular updates on safety protocols
In the two decades since the incident, regular updates to safety protocols are now a mainstay in the construction industry. They include more independent checks, supervision and upskilling of engineers. Several safety measures were introduced after the tragedy.
https://www.channelnewsasia.com/singapore/nicoll-highway-collapse-20-years-construction-industry-safety-protocols-4279366
Parts of trails at Telok Blangah Hill Park closed for repair till July 2026 after slope failure
Singapore – Parts of the trails at Telok Blangah Hill Park have been closed for repairs till July 2026 after a slope failure. In response to queries from The Straits Times, National Parks Board (NParks) group director for parks Chua Yen Ling said heavy and prolonged rain on Feb 28, 2023 caused a slope failure at the park’s elevated Forest Walk.
https://www.straitstimes.com/singapore/environment/parts-of-trails-at-telok-blangah-hill-park-closed-till-july-2026-after-slope-failure
Explainer: How worrying is H5N1 bird flu’s growing spread, and will S’pore be affected?
The United Nations health agency said the avian influenza A, or H5N1 bird flu virus strain, has also been detected in very high concentrations in raw milk from infected animals, though it is not known how long the virus can survive in milk.
https://www.todayonline.com/singapore/explainer-how-worrying-h5n1-bird-flus-growing-spread-and-will-spore-be-affected-2407966
Global Economy & Real Estate
Middle East violence heightens market fears of rate hikes, inflation
https://www.businesstimes.com.sg/companies-markets/middle-east-violence-heightens-market-fears-rate-hikes-inflation
No reason for markets to panic over Middle East conflict, delay in US rate cut
https://www.straitstimes.com/business/no-reason-for-markets-to-panic-over-middle-east-conflict-delay-in-us-rate-cut
US mortgage rates jump above 7% for the first time this year
https://www.businesstimes.com.sg/property/us-mortgage-rates-jump-above-7-first-time-year
Lululemon to shutter Washington distribution center, lay off 128 employees
https://www.businesstimes.com.sg/companies-markets/update-1-lululemon-shutter-washington-distribution-center-lay-128-employees
Australia to cut key global economy growth forecasts in budget
https://www.businesstimes.com.sg/international/australia-cut-key-global-economy-growth-forecasts-budget
China moves to boost foreign investment in domestic tech companies
https://www.businesstimes.com.sg/international/global/china-moves-boost-foreign-investment-domestic-tech-companies
Chinese developer Landsea misses offshore notes redemption
https://www.businesstimes.com.sg/companies-markets/chinese-developer-landsea-misses-offshore-notes-redemption
IMF urges higher for longer rates in eastern Europe on sticky inflation
https://www.businesstimes.com.sg/international/imf-urges-higher-longer-rates-eastern-europe-sticky-inflation
ECB rate-setters agree on June cut but not much else beyond
https://www.businesstimes.com.sg/international/ecb-rate-setters-agree-june-cut-not-much-else-beyond
4-day work week in Hong Kong? Recruitment experts say firms steering clear despite new Singapore guideline, urge incentives
https://www.scmp.com/news/hong-kong/society/article/3259771/4-day-work-week-hong-kong-recruitment-experts-say-firms-steering-clear-despite-new-singapore
HK$720 million Hong Kong charity project to provide 14,000 low-income families with financial help, social services and career advice
https://www.scmp.com/news/hong-kong/society/article/3259752/hk720-million-hong-kong-charity-project-provide-14000-low-income-families-financial-help-social
Hong Kong’s homebuyers set aside high-rate concerns as they snap up Wheelock’s Park Seasons flats after discounts
https://www.scmp.com/business/article/3259750/hong-kongs-homebuyers-set-aside-high-rate-concerns-they-snap-wheelocks-park-seasons-flats-after
580 Hong Kong squatter village families set to bid farewell to Ngau Chi Wan this year, as it makes way for public housing
https://www.scmp.com/news/hong-kong/society/article/3259681/580-hong-kong-squatter-village-families-set-bid-farewell-ngau-chi-wan-year-it-makes-way-public
‘No need to be concerned’ about Hong Kong property market as long as city plays to strengths, JLL global CEO says
https://www.scmp.com/business/article/3259649/no-need-be-concerned-about-hong-kong-property-market-long-city-plays-strengths-says-jll-global-ceo
Hong Kong regulator to probe PwC auditing role over Evergrande
https://www.businesstimes.com.sg/companies-markets/hong-kong-regulator-probe-pwc-auditing-role-over-evergrande
Bank of Japan’s Ueda says ‘very likely’ to hike rates if inflation keeps rising
https://www.businesstimes.com.sg/international/bank-japan-s-ueda-says-very-likely-hike-rates-if-inflation-keeps-rising
https://www.channelnewsasia.com/business/bojs-ueda-says-very-likely-hike-rates-if-inflation-keeps-rising-4279316
Malaysia’s growth accelerates, signalling recovery in 2024
https://www.straitstimes.com/business/malaysia-s-growth-accelerates-signalling-recovery-in-2024
https://www.channelnewsasia.com/business/malaysia-gdp-economy-likely-grew-3-9-cent-q1-2024-advance-estimate-4277256
Johor’s special zones including with Singapore could help its economy outpace other Malaysian states: PM Anwar
https://www.channelnewsasia.com/asia/malaysia-anwar-ibrahim-johor-singapore-special-economic-zone-forest-city-drive-growth-4276991
Fancy apartment rentals for Paris Olympics see poor demand and price cuts
https://www.businesstimes.com.sg/property/fancy-apartment-rentals-paris-olympics-see-poor-demand-and-price-cuts
5 waves of UBS layoffs to start in June, says Swiss newspaper
https://www.straitstimes.com/business/banking/5-waves-of-ubs-layoffs-to-start-in-june-swiss-newspaper-says
UK’s wealthy boost property asking prices by most in 12 months
https://www.businesstimes.com.sg/property/uk-s-wealthy-boost-property-asking-prices-most-12-months
Britain’s retail sales disappoint in sign of lacklustre recovery
https://www.businesstimes.com.sg/international/britain-s-retail-sales-disappoint-sign-lacklustre-recovery
London mansions sold at 30% discount spell gloom for luxury market
https://www.businesstimes.com.sg/property/london-mansions-sold-30-discount-spell-gloom-luxury-market
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