Singapore Real Estate
Far East Shopping Centre gets offer of under S$900 million for collective sale, below guide price
Far East Shopping Centre, the Orchard Road retail property put up for en bloc sale last year, has received an offer under S$900 million, at a price that is slightly more than 5 per cent below its guide price of S$928 million, The Business Times understands.
https://www.businesstimes.com.sg/property/far-east-shopping-centre-gets-offer-under-s900-million-collective-sale-below-guide-price
Confusion among HarbourFront Centre businesses over possible revamp and cruise infrastructure consolidation
Singapore: Some HarbourFront Centre tenants are uncertain about their future in the building, with proposals for an interim ferry terminal and possible changes in Singapore’s cruise infrastructure.
https://www.channelnewsasia.com/singapore/harbourfront-centre-revamp-uncertainty-tenants-shops-cruise-4349061
Suburban malls need to watch out for ageing population, lure of shopping across the Causeway
Suburban malls here are an extremely resilient property asset class. Many of these malls recovered well from the Covid-19 pandemic, with strong occupancy levels and rental rates. Investor appetite for suburban malls, which are limited in supply, is strong.
https://www.businesstimes.com.sg/opinion-features/suburban-malls-need-watch-out-ageing-population-lure-shopping-across-causeway
Business News
CapitaLand Ascendas Reit issues S$300 million green notes due 2034 at 3.73%
CapitaLand Ascendas Real Estate Investment Trust (Reit) : A17U 0% has issued a S$300 million 10-year green bond through its trustee, HSBC Institutional Trust Services (Singapore) Limited.
https://www.businesstimes.com.sg/companies-markets/spotlight-1/capitaland-ascendas-reit-issues-s300-million-green-notes-due-2034-3-73
Genting Singapore expected to stand firm amid regional casino competition
Plans are afoot for new casinos to open in South-east Asia, but analysts say Singapore-listed casino and integrated resort (IR) operator Genting Singapore is unlikely to be badly hit by the increased competition.
https://www.businesstimes.com.sg/companies-markets/genting-singapore-expected-stand-firm-amid-regional-casino-competition
OUE to buy back up to 84 million shares at S$1.25 apiece in off-market equal access offer
Property developer OUE on Monday (May 20) proposed undertaking an off-market purchase of its ordinary shares at S$1.25 apiece under an equal access scheme. The offer price represents a 20 per cent premium over the average of the last dealt prices of the share over the last five consecutive market days on the Singapore Exchange.
https://www.businesstimes.com.sg/companies-markets/oue-buy-back-84-million-shares-s1-25-apiece-market-equal-access-offer
https://www.straitstimes.com/business/companies-markets/oue-plans-off-market-purchase-of-ordinary-shares-at-125-apiece
Pharma giant AstraZeneca to build $2 billion manufacturing facility in Singapore
Singapore – Global biopharmaceutical company AstraZeneca intends to build a US$1.5 billion (S$2 billion) manufacturing facility in Singapore, the company said on May 20. It aims to begin the designing and construction of the facility by the end of 2024, and targets it to be operationally ready from 2029.
https://www.straitstimes.com/business/companies-markets/pharma-giant-astrazeneca-to-build-2-billion-manufacturing-facility-in-singapore
https://www.channelnewsasia.com/business/astrazeneca-cancer-drug-manufacturing-facility-plant-singapore-pharmaceutical-biomedical-4349141
https://www.scmp.com/news/asia/southeast-asia/article/3263361/astrazeneca-build-us15-billion-cancer-drug-plant-singapore-reduce-industrys-reliance-china
Views, Reviews, Forum and Others
askST: Can current vaccines protect against new Covid-19 variants?
Singapore – The Sars-CoV-2 virus that causes Covid-19 is constantly mutating and evolving, allowing the virus to generate new variants and replace older variants as it circulates over time.
https://www.straitstimes.com/singapore/askst-can-current-vaccines-protect-against-new-covid-variants
Test kits fly off the shelves as Covid-19 infection cases spike in Singapore
Singapore – Covid-19 antigen rapid test (ART) kits flew off the shelves at many pharmacies over the weekend after news broke that Singapore is facing a new wave. Cases of Covid-19 have been rising in the last two weeks, a result of the Covid-19 sub-variants, which scientists have nicknamed “FLiRT,” drawing from the letters in the names of their mutations.
https://www.straitstimes.com/singapore/test-kits-fly-off-the-shelves-as-covid-19-infection-cases-spike-in-singapore
Lower ERP rates at 7 locations during June school holidays
Singapore – Motorists will pay lower Electronic Road Pricing (ERP) rates at seven locations around Singapore during the June school holiday period from May 27 to June 23.
https://www.straitstimes.com/singapore/lower-erp-rates-at-7-locations-during-june-school-holidays
https://www.channelnewsasia.com/singapore/erp-rates-revision-expressways-june-2024-school-holidays-4349331
Global Economy & Real Estate
US inflation fight will take ‘further time’: senior Fed official
https://www.businesstimes.com.sg/international/us-inflation-fight-will-take-further-time-senior-fed-official
https://www.channelnewsasia.com/business/us-inflation-fight-will-take-further-time-senior-fed-official-4349811
Gold hits fresh record on Fed rate-cut hopes, rising haven demand
https://www.straitstimes.com/business/gold-hits-fresh-record-as-fed-rate-cut-optimism-fuels-demand
Australia casino operator Star says suitors circling as Hard Rock reportedly makes offer
https://www.businesstimes.com.sg/property/australia-casino-operator-star-says-suitors-circling-hard-rock-reportedly-makes-offer
China’s fiscal revenue shrank 2.7% in Jan-Apr amid shaky economic recovery
https://www.businesstimes.com.sg/international/chinas-fiscal-revenue-shrank-2-7-jan-apr-amid-shaky-economic-recovery
Fresh blow for China consumers as utility costs surge
https://www.straitstimes.com/business/wary-china-consumers-face-new-hurdle-as-utility-costs-surge
Commentary: How resilient is China’s ‘world’s factory’ to supply chain shifts?
https://www.channelnewsasia.com/commentary/china-manufacturing-paris-olympics-supply-chain-geopolitics-4349236
China’s property support measures disappoint, developers’ shares falter
https://www.businesstimes.com.sg/property/chinas-property-support-measures-disappoint-developers-shares-falter
Slump in China’s home prices, sales set to worsen this year: Reuters poll
https://www.channelnewsasia.com/east-asia/slump-chinas-home-prices-sales-set-worsen-year-reuters-poll-4349301
Will China’s fleet of policies to buoy housing sales stem slack tides in the property market?
https://www.scmp.com/economy/china-economy/article/3263385/will-chinas-fleet-policies-buoy-housing-sales-stem-slack-tides-property-market
Hong Kong stocks rise to 10-month highs after China’s property rescue measures
https://www.scmp.com/business/banking-finance/article/3263299/hong-kong-stocks-10-month-highs-after-chinas-property-rescue-measures?module=top_story&pgtype=subsection
Hong Kong launches labelling scheme to recognise construction sites using smart safety system
https://www.scmp.com/news/hong-kong/society/article/3263367/hong-kong-launches-labelling-scheme-recognise-construction-sites-using-smart-safety-system?module=top_story&pgtype=subsection
Indonesia lowers 2025 GDP growth forecast, keeps budget gap plan
https://www.businesstimes.com.sg/international/indonesia-lowers-2025-gdp-growth-forecast-keeps-budget-gap-plan
Italy’s large deficit, debt could erode investor confidence, IMF warns
https://www.businesstimes.com.sg/international/italys-large-deficit-debt-could-erode-investor-confidence-imf-warns
Top Japan companies agreed to average 5.58% pay hike, business lobby says
https://www.businesstimes.com.sg/international/top-japan-companies-agreed-average-5-58-pay-hike-business-lobby-says
https://www.channelnewsasia.com/business/top-japan-companies-agree-558-average-pay-hike-business-lobby-says-4348871
Japan manufacturers want BOJ to keep yen stable, survey shows
https://www.channelnewsasia.com/business/japan-manufacturers-want-boj-keep-yen-stable-survey-shows-4348966
South Korean consumers turn pessimistic as rates stay high for longer
https://www.businesstimes.com.sg/international/south-korean-consumers-turn-pessimistic-rates-stay-high-longer
Thailand plans to increase budget by US$3.4 billion to fund handout scheme
https://www.businesstimes.com.sg/international/thailand-plans-increase-budget-us3-4-billion-fund-handout-scheme
Thailand’s economic growth slows even as it beats estimate
https://www.businesstimes.com.sg/international/asean/thailands-economic-growth-slows-even-it-beats-estimate
https://www.straitstimes.com/business/thailand-s-economic-growth-slows-even-as-it-beats-estimate
Asking prices for UK homes hit record high
https://www.businesstimes.com.sg/property/asking-prices-uk-homes-hit-record-high
UK firms offer wage premium for AI workers in bid for growth
https://www.businesstimes.com.sg/international/uk-firms-offer-wage-premium-ai-workers-bid-growth
Commentary: We are a step closer to taxing the super-rich
https://www.channelnewsasia.com/commentary/wealth-tax-eat-rich-super-billionaire-global-4349366
Disclaimer & Note:
Real Estate Developers’ Association of Singapore (REDAS) does not warrant the accuracy, adequacy or completeness of the information and expressly disclaims liability for errors or omissions therein. The content, accuracy, and opinions expressed are not investigated, verified, monitored, nor endorsed by REDAS. Every effort is taken to ensure that all information extracted is correct at the time of dissemination.
The Daily News is issued as news gathering for the convenience and benefits of REDAS’ members only and not for mass circulation. Members are advised to exercise discretion in the use and dissemination of the information. The news links are time-sensitive and require registration of fee-based digital subscriptions.