Singapore Real Estate / Built Environment
Executive condo site in Bukit Panjang launched for sale
The Housing and Development Board (HDB) on Friday (Mar 21) launched an executive condominium (EC) site in the Bukit Panjang area for tender. The land parcel in Senja Close has a 99-year lease tenure and can potentially yield around 295 residential units.
https://www.businesstimes.com.sg/property/executive-condo-site-bukit-panjang-launched-sale
https://www.zaobao.com.sg/finance/singapore/story20250321-6051842
Tourist spending soars with packed Mice calendar but malls see mixed impact
A well-stacked calendar of meetings, incentives, conferences and exhibitions (Mice) and exclusive sell-out concerts greatly benefited Singapore’s hospitality sector and drove up room rates last year, but the impact on tourist footfall in malls is “more nuanced”, a recent consultancy report said.
New tenants moving into Orchard Towers as mall sheds sleaze
Orchard Towers is slowly filling up, drawing new tenants with “affordable” rents as the mall sheds its shady image. Once dominated by nightlife establishments, Orchard Towers began emptying out in 2023 after the police stopped renewing and granting public entertainment licences.
https://www.businesstimes.com.sg/property/new-tenants-moving-orchard-towers-mall-sheds-sleaze
With brands from Eggslut to Haidilao closing outlets, are odds worsening for Singapore retail operators?
A recent rash of retail closures is pointing to worsening woes for operators as rents continued to rise last year, squeezing tenants staring at shrinking domestic consumption. Yet mall vacancy rates remain low, with landlords able to renew leases or fill spaces – and at higher rents, along with new players keen to move in.
Singapore News
Cost of living a global issue, so Singaporeans get extra help in Budget: PM Wong to Aljunied seniors
Cost-of-living pressures are a global issue and the extra help for Singaporeans in the Budget aims to address these concerns, said Prime Minister Lawrence Wong. “We know cost of living is a big concern for residents, that’s why in this year’s Budget, we have rolled out additional measures to help Singaporeans,” he said on Sunday (Mar 23) on his first visit to Aljunied GRC since taking over the country’s top job.
Honour Lee Kuan Yew’s legacy not just in remembrance, but in action: PM Wong
On the 10th anniversary of Mr Lee Kuan Yew’s death, Prime Minister Lawrence Wong called on Singaporeans to honour the legacy of Singapore’s founding father through their actions. Modern Singapore stands as a testament to Mr Lee’s vision for the nation, having become a clean and green city-state that is “admired and respected around the world”.
https://www.zaobao.com.sg/news/singapore/story20250323-6057637
Lee Kuan Yew’s legacy lives on in every corner of Singapore and in its people: Indranee Rajah
The legacy of Singapore’s founding prime minister Lee Kuan Yew can be found in every corner of Tanjong Pagar, where he stood for election throughout his political career, said Minister in the Prime Minister’s Office Indranee Rajah on March 22, the eve of his 10th death anniversary.
https://www.channelnewsasia.com/singapore/ge2025-tanjong-pagar-grc-lee-kuan-yew-legacy-5017381
https://www.zaobao.com.sg/news/singapore/story20250322-6055704
Business News
ESR Group warns of plunge into US$730 million loss on asset and project revaluations
Hong Kong-listed real asset manager ESR Group, the sponsor of Singapore Exchange-listed ESR Real Estate Investment Trust (ESR-Reit), expects to report a net loss of about US$730 million for the financial year ended Dec 31, 2024.
Mapletree Investments said to be considering sale of A$1.4 billion office portfolio in Australia: reports
Property developer Mapletree Investments could be preparing to divest an office portfolio in Australia valued at A$1.4 billion (S$1.2 billion) – potentially marking one of the largest real estate sales Down Under in this decade.
https://www.zaobao.com.sg/finance/singapore/story20250321-6052580
Starhill Global Reit obtains S$600 million sustainability-linked loan for refinancing
Starhill Global Real Estate Investment Trust’s (Reit) manager on Friday (Mar 21) said that the Reit has obtained a S$600 million loan from “a club of banks”. The five-year unsecured facility agreement is for sustainability-linked term facilities of S$300 million, as well as sustainability-linked revolving credit facilities of S$300 million.
Temasek-backed 65 Equity Partners sees global firms as possible source for IPO pipeline
Compared with stock exchange peers in South-east Asia, Singapore is an attractive listing destination for global firms, and does not solely depend on domestic companies for initial public offerings (IPOs), said global investment firm 65 Equity Partners.
Other News
Faster immigration clearance at Tanah Merah Ferry Terminal after $20m upgrade
On average, it used to take 20 minutes for ferry passengers to get to the departure gate at Tanah Merah Ferry Terminal. Now, it takes only about five minutes, after a $20 million revamp that saw eight more immigration clearance lanes added for departing travellers.
https://www.zaobao.com.sg/news/singapore/story20250322-6056035
Airlines, including SIA, resume most flights between Singapore and Heathrow after airport reopens
Most flights operating between Singapore and London’s Heathrow Airport resumed on Mar 22, following a significant power outage that shut down the British capital’s main airport, leaving thousands of passengers and planes stranded.
Global Economy & Real Estate
Trump plans his tariff ‘Liberation Day’ with more targeted push
Diverging US economic data begs the question: Is a slowdown coming?
Australia treasurer warns of ‘seismic’ US global economic shock
Australia government to expand scheme to help first-time property buyers as election looms
China is prepared for bigger than expected external shocks: Premier Li Qiang
Hong Kong property demand aided by stamp duty cuts, but stocks and interest rates are key
Hong Kong’s most well-off tenants will be hit in the pocket under new policy
Hong Kong seeks developers for joint cross-border railway project to Shenzhen
Japan’s factory activity declines accelerate, services sag, PMI shows
Japanese firms agree to 5.4% wage hike, top union group’s second estimate shows
Analysis:BOJ’s message: Food inflation can’t be ignored even as Trump tariffs raise risks
Kuwait set to allow banks to offer mortgages for the first time
https://www.businesstimes.com.sg/property/kuwait-set-allow-banks-offer-mortgages-first-time
Malaysia’s inflation eases to 1.5% in February, lowest in 13 months
Far From Home: Migrant workers in Malaysia seek to contribute to society, despite negative public perception of them
https://www.channelnewsasia.com/asia/migrant-workers-malaysia-contribute-society-settling-5009731
Thai exports beat forecast in February but US trade uncertainty clouds outlook
US tariffs deepen Thailand’s steel struggles amid rising imports and costs, say analysts
UK finance minister to stick to fiscal rules despite global turmoil
UK plans £600 million to train more skilled construction workers
Lloyd’s Register to sell modern tower and return to Victorian HQ
https://www.businesstimes.com.sg/property/lloyds-register-sell-modern-tower-and-return-victorian-hq
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