Singapore Real Estate
En bloc sale of Excelsior Hotel and Shopping Complex moves to private talks
The en bloc tender for Excelsior Hotel and Shopping Complex is closed and private negotiations are now ongoing with interested parties, sole marketing agent Cushman & Wakefield told The Business Times on Wednesday (Apr 19).
https://www.businesstimes.com.sg/property/en-bloc-sale-excelsior-hotel-and-shopping-complex-moves-private-talks
$4 billion of investments recorded in 1Q2023; lowest quarterly volume since 4Q2020: Colliers
Singapore (EdgeProp) – Professional services and investment management firm Colliers has released its 1Q2023 Singapore Investment Market Report. According to the report, close to $4 billion of investment sales were recorded last quarter. The figure represents a 19.9% decrease q-o-q and a 63.6% decrease y-o-y. It is the lowest quarterly investment volume registered since 4Q2020, during the depths of the pandemic.
https://www.edgeprop.sg/property-news/4-billion-investments-recorded-1q2023-lowest-quarterly-volume-4q2020-colliers
Singapore Economy
Amid global storms, Singapore must ‘double down’ on staying open: PM Lee
Even with globalisation in decline, Singapore must still make its living “as a global city and an international hub”, said Prime Minister Lee Hsien Loong in Parliament on Wednesday (Apr 19). Singapore’s survival depends on it being able to do business with the world, he said: “So our strategy must be to double down on staying open and connected.”
https://www.businesstimes.com.sg/singapore/amid-global-storms-singapore-must-double-down-staying-open-pm-lee
https://www.straitstimes.com/singapore/politics/remain-united-be-go-getters-and-uphold-s-pore-s-reputation-amid-grave-global-situation-pm-lee
https://www.straitstimes.com/singapore/the-gist-pm-lee-calls-for-unity-amid-challenges-as-mps-debate-housing-affordability-help-for-singles
PM Lee outlines 3 geopolitical storms Singapore faces
Singapore – While Singapore’s relations with its immediate neighbours Malaysia and Indonesia are stable and encouraging, the situation farther afield has become troubling and even dangerous. Prime Minister Lee Hsien Loong said this in Parliament on Wednesday, as he outlined three major geopolitical tensions that make the current global situation graver than what Singapore has faced in a long time.
https://www.straitstimes.com/singapore/politics/pm-lee-outlines-3-geopolitical-storms-singapore-faces
https://www.todayonline.com/singapore/world-politics-simultaneous-crises-changes-shocks-singapore-pm-lee-2154176
New S$500 million technology and innovation centre in Punggol Digital District to be completed by end-2026
Singapore: Singapore’s first smart business district located in Punggol will get a new technology and innovation centre by the end of 2026.
https://www.channelnewsasia.com/singapore/new-500-million-technology-innovation-centre-punggol-digital-district-completed-end-2026-3428461
CNA Explains: What’s behind the 6-month slump in Singapore’s key exports?
Singapore: Singapore’s key exports have fallen for six straight months and economists are not expecting a turnaround anytime soon. Non-oil domestic exports (NODX) – a crucial indicator of the health of Singapore’s economy – shrank 8.3 per cent year-on-year last month, official data released on Monday (Apr 17) showed.
https://www.channelnewsasia.com/business/exports-decline-nodx-cna-explains-economy-will-it-continue-3425906
Companies’ Brief
Ascott targets to double fee revenue to over $500 mil in next five years
CapitaLand Investment’s (CLI) lodging business unit, The Ascott Limited, has targeted to double its fee revenue to over $500 million in the next five years. The target is set off Ascott’s FY2022 base of $258 million, which is its highest earnings on record so far.
https://www.theedgesingapore.com/news/company-news/ascott-targets-double-fee-revenue-over-500-mil-next-five-years
https://www.businesstimes.com.sg/companies-markets/ascott-targets-double-fee-revenue-over-s500-million-next-five-years
Keppel, ExxonMobil to collaborate on low-carbon energy solutions in Singapore
Keppel Corporation’s infrastructure arm, Keppel Infrastructure, will partner ExxonMobil Asia Pacific to develop access to low-carbon hydrogen and ammonia solutions for scalable commercial and industrial applications in Singapore.
https://www.businesstimes.com.sg/companies-markets/keppel-exxonmobil-collaborate-low-carbon-energy-solutions-singapore
https://www.straitstimes.com/business/keppel-exxonmobil-to-collaborate-on-low-carbon-energy-solutions-in-singapore
Keppel Reit Q1 distributable income from operations down 6.7% on higher borrowing costs
Keppel Reit posted a distributable income from operations of S$50.2 million for its first quarter ended Mar 31, 2023, down 6.7 per cent from S$53.8 million in the same period a year earlier. This was mainly due to higher borrowing costs, the Reit’s manager said in a business update on Wednesday (Apr 19).
https://www.businesstimes.com.sg/companies-markets/keppel-reit-q1-distributable-income-operations-down-67-higher-borrowing-costs
https://www.theedgesingapore.com/capital/results/keppel-reit-reports-67-lower-distributable-income-operations-502-mil-during-1qfy2023
Marina Bay Sands Q1 net revenue rises to US$848 million as casino takings hit new record
Integrated resort Marina Bay Sands continued to show signs of recovery in the first quarter of 2023, with mass gaming wins reaching an all-time property high. Net revenue contribution stood at US$848 million for the three months ended Mar 31, 112.5 per cent higher than US$399 million recorded in the same period a year ago, driven mainly by casino earnings.
https://www.businesstimes.com.sg/companies-markets/marina-bay-sands-q1-net-revenue-rises-us848-million-casino-takings-hit-new-record
Global Economy & Real Estate
Federal Reserve to deliver 25-basis-point hike in May, stay on hold rest of year: poll
https://www.businesstimes.com.sg/international/federal-reserve-deliver-25-basis-point-hike-may-stay-hold-rest-year-poll
https://www.straitstimes.com/business/fed-to-deliver-25-basis-point-hike-in-may-stay-on-hold-rest-of-year-poll
US builders are winning as search-weary buyers rush to new homes
https://www.businesstimes.com.sg/property/us-builders-are-winning-search-weary-buyers-rush-new-homes
US 30-year mortgage rate climbs by most in two months to 6.43%
https://www.businesstimes.com.sg/property/us-30-year-mortgage-rate-climbs-most-two-months-643
Citigroup hikes 2023 global growth forecast, sees US recession only in Q4
https://www.businesstimes.com.sg/companies-markets/citigroup-hikes-2023-global-growth-forecast-sees-us-recession-only-q4
British Tycoon to sell £75 million mansion that housed JP Morgan
https://www.businesstimes.com.sg/property/british-tycoon-sell-ps75-million-mansion-housed-jp-morgan
UK inflation sticks above 10%, lifting prospect of rate hike
https://www.businesstimes.com.sg/international/uk-inflation-sticks-above-10-lifting-prospect-rate-hike
London’s housing crisis is about to get worse
https://www.businesstimes.com.sg/property/londons-housing-crisis-about-get-worse
London rents soar at fastest pace in more than a decade
https://www.straitstimes.com/business/london-rents-soar-at-fastest-pace-in-more-than-a-decade
Zara owner buys London office for £82 million to add to prime property portfolio
https://www.businesstimes.com.sg/property/zara-owner-buys-london-office-ps82-million-add-prime-property-portfolio
New Zealand inflation slows more than forecast in first quarter
https://www.businesstimes.com.sg/international/new-zealand-inflation-slows-more-forecast-first-quarter
Commentary: The world economy needs more from China
https://www.channelnewsasia.com/commentary/china-economy-gdp-recovery-region-cpvid-pandemic-3428696
Survey shows Hong Kong residents have doubts over HK$580 billion Lantau Tomorrow Vision plan
https://www.scmp.com/news/hong-kong/health-environment/article/3217623/survey-shows-hong-kong-residents-have-doubts-over-hk580-million-lantau-tomorrow-vision-plan
Japanese firms want stability rather than change from new BOJ governor: poll
https://www.businesstimes.com.sg/international/japanese-firms-want-stability-rather-change-new-boj-governor-poll
https://www.channelnewsasia.com/business/japanese-firms-want-stability-rather-change-new-boj-governor-reuters-poll-3430751
Japan’s March visitors at post-Covid high, lured by cherry blossoms
https://www.businesstimes.com.sg/international/japans-march-visitors-post-covid-high-lured-cherry-blossoms
https://www.channelnewsasia.com/asia/japans-march-visitors-post-covid-high-lured-cherry-blossoms-3428586
Accor and Crowne Estate form partnership to bring Swissôtel resort to Malaysia’s Genting Highlands
https://www.edgeprop.sg/property-news/accor-and-crowne-estate-form-partnership-bring-swiss%C3%B4tel-resort-malaysias-genting-highlands
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