Singapore Real Estate
Singapore private home prices still ahead of HK, Sydney as immigrants bolster demand
Private homes in Singapore continued to be the most expensive to own in the Asia-Pacific, outpacing Hong Kong and Sydney, based on data from the Urban Land Institute (ULI) released on Tuesday (May 21).
https://www.businesstimes.com.sg/property/singapore-private-home-prices-still-ahead-hk-sydney-immigrants-bolster-demand
https://www.straitstimes.com/singapore/housing/singapore-private-homes-still-most-expensive-in-asia-pacific-hdb-flats-most-attainable-report
High Street Centre back on market, plans to lower reserve price to below S$700 million
The collective sale of High Street Centre has been relaunched in a fresh tender, after the previous attempt closed in January without any bids meeting the SS$748 million reserve price.
https://www.businesstimes.com.sg/property/high-street-centre-back-market-plans-lower-reserve-price-below-s700-million
No bid for alleged money launderer’s Sentosa Cove land despite lower opening price at 2nd auction
Singapore – The Sentosa Cove plot previously owned by Cambodian national Su Baolin, who was arrested with nine other foreigners in a $3 billion money laundering probe, did not snag any bids despite a lower opening price at a second public auction held on May 21.
https://www.straitstimes.com/business/no-bid-for-alleged-money-launderer-s-sentosa-cove-land-despite-lower-opening-price-in-2nd-auction
Some home buyers facing ‘99-to-1’ ABSD probes blaming it on advice from real estate agents
As the government continues to probe residential property deals for tax avoidance, some buyers now facing investigation are claiming they were coached by real estate agents to structure their purchases with the so-called “99-to-1” arrangement.
https://www.businesstimes.com.sg/property/some-home-buyers-facing-99-1-absd-probes-blaming-it-advice-real-estate-agents
Singapore Economy
Singapore keeps 2024 growth forecast at 1-3%; no revision to Q1 growth
Singapore has maintained its official full-year growth forecast for 2024 at a range of 1 to 3 per cent, as the external demand outlook remains resilient and is expected to improve for the rest of the year, the Ministry of Trade and Industry (MTI) said on Thursday (May 23).
https://www.businesstimes.com.sg/singapore/singapore-keeps-2024-growth-forecast-1-3-no-revision-q1-growth
https://www.straitstimes.com/business/singapore-s-economic-growth-slows-quarter-on-quarter-on-weak-manufacturing
https://www.channelnewsasia.com/singapore/singapore-economy-2024-gdp-growth-forecast-4356716
MAS, China’s central bank plan further collaboration in green finance
Singapore – The Monetary Authority of Singapore (MAS) and the People’s Bank of China (PBOC) are planning to advance cooperation in green and transition finance between China and Singapore.
https://www.straitstimes.com/business/mas-china-s-central-bank-further-collaboration-in-green-finance
Singapore NODX could come at ‘lower range of 4-6% forecast’: EnterpriseSG
Just three months after upgrading Singapore’s full-year exports outlook to a range of 4 to 6 per cent, authorities are now bracing for downside risks after weaker-than-expected export levels in the first quarter.
https://www.businesstimes.com.sg/singapore/singapore-nodx-could-come-lower-range-4-6-forecast-enterprisesg
https://www.straitstimes.com/business/singapore-expects-key-exports-to-come-in-at-the-lower-end-of-its-4-6-growth-forecast-for-2024
Business News
CDL posts S$736.8 million Q1 sales revenue in Singapore property development
City Developments Limited (CDL) and its joint venture (JV) associates registered a sales revenue of S$736.8 million in Singapore for the first quarter ended March, up from a total sales value of S$213.2 million in the same period last year.
https://www.businesstimes.com.sg/companies-markets/spotlight-1/cdl-posts-s736-8-million-q1-sales-revenue-singapore-property-development
Lendlease Reit could divest Jem office tower but still ride Jurong growth story with mall
Like some of its real estate investment trust (Reit) peers listed in Singapore, the manager of Lendlease Global Commercial Reit (LReit) could be looking to pare down some debt amid the higher-for-longer interest rate environment.
https://www.businesstimes.com.sg/opinion-features/lendlease-reit-could-divest-jem-office-tower-still-ride-jurong-growth-story-mall
KKR, TPG said to weigh PropertyGuru options including buyout
KKR and TPG are exploring options including a buyout of South-east Asian online real estate platform PropertyGuru Group, sources familiar with the matter said. The US private equity firms are working with a financial adviser to help gauge initial interest from other global investors in New York-listed PropertyGuru…
https://www.businesstimes.com.sg/companies-markets/kkr-tpg-said-weigh-propertyguru-options-including-buyout
https://www.straitstimes.com/business/kkr-tpg-said-to-weigh-options-for-propertyguru-including-buyout
PropertyGuru Q1 loss narrows to S$6.3 million
Online property portal PropertyGuru posted a narrower net loss of S$6.3 million for the first quarter ended March, as compared to S$10.2 million net loss in the same period last year. The decrease comes after the New York Stock Exchange-listed real estate platform made positive earnings for previous two sequential quarters.
https://www.businesstimes.com.sg/companies-markets/propertyguru-q1-loss-narrows-s6-3-million
https://www.straitstimes.com/business/propertyguru-q1-loss-narrows-to-63-million
Court dismisses appeal by Sabana Reit’s tenant over outstanding rent
The Singapore High Court has dismissed an appeal by Sabana Industrial Reit’s former tenant Kleio One-Solution over outstanding rent and other payments due under the lease. The manager of Sabana Reit said on Tuesday (May 21) that the court has upheld the orders it made on Apr 5.
https://www.businesstimes.com.sg/companies-markets/court-dismisses-appeal-sabana-reits-tenant-over-outstanding-rent
Global Economy & Real Estate
Global tourism expected to surpass pre-pandemic levels, driven by pent-up demand: WEF index
https://www.channelnewsasia.com/world/world-economic-forum-travel-and-tourism-development-index-covid-restrictions-demand-4354311
US Fed’s rate meeting minutes show growing inflation concerns
https://www.straitstimes.com/business/economy/us-feds-rate-meeting-minutes-show-growing-inflation-concerns
https://www.channelnewsasia.com/business/us-feds-rate-meeting-minutes-show-growing-inflation-concerns-4356226
US households still pinched by inflation, Fed report says
https://www.businesstimes.com.sg/international/us-households-still-pinched-inflation-fed-report-says
Reshaping of supply chains will have medium-term impact and may not be inflationary, say analysts
https://www.straitstimes.com/business/reshaping-of-supply-chains-will-have-medium-term-impact-and-may-not-be-inflationary-say-analysts
US announces details on higher China tariffs, some to start Aug 1
https://www.businesstimes.com.sg/international/us-announces-details-higher-china-tariffs-some-start-aug-1
Oil falls 1% on sticky US inflation, dampened geopolitical risk premium
https://www.businesstimes.com.sg/companies-markets/oil-falls-1-sticky-us-inflation-dampened-geopolitical-risk-premium
https://www.channelnewsasia.com/business/oil-falls-1-sticky-us-inflation-dampened-geopolitical-risk-premium-4350981
Australia central bank pondered raising rates on higher inflation risks
https://www.businesstimes.com.sg/companies-markets/banking-finance/australia-central-bank-pondered-raising-rates-higher-inflation-risks
Australia’s consumer confidence edges lower on inflation fears
https://www.businesstimes.com.sg/international/australias-consumer-confidence-edges-lower-inflation-fears
Global family offices eye greater investment into Asia-Pacific, artificial intelligence: UBS
https://www.businesstimes.com.sg/companies-markets/global-family-offices-eye-greater-investment-asia-pacific-artificial-intelligence-ubs
https://www.straitstimes.com/business/ultra-rich-in-asia-pacific-seeking-greater-balance-between-bonds-and-equities-ubs-report
https://www.scmp.com/business/banking-finance/article/3263638/family-offices-pile-developed-market-bonds-rebalance-their-portfolios-ubs-survey?module=top_story&pgtype=subsection
Asia-Pacific real estate assets at ‘high risk’ from climate change: Report
https://www.straitstimes.com/business/asia-pacific-real-estate-assets-at-high-risk-from-climate-change-consultancy-says
Why China’s top COVID-19 expert is studying climate change to prepare for the next global pandemic
https://www.channelnewsasia.com/east-asia/china-top-covid-19-expert-studying-climate-change-environment-prepare-next-global-pandemic-4351136
China land sales hit eight-year low as housing slump worsens
https://www.businesstimes.com.sg/property/china-land-sales-hit-eight-year-low-housing-slump-worsens
China’s property stimulus bazooka fuels instant rebound in sentiment as inquiries, home sales in Shanghai, Beijing jump
https://www.scmp.com/business/article/3263576/chinas-property-stimulus-bazooka-fuels-instant-rebound-sentiment-inquiries-home-sales-shanghai
Evergrande founder’s seized HK mansion sells at discount
https://www.businesstimes.com.sg/property/evergrande-founders-seized-hk-mansion-sells-discount
https://www.scmp.com/business/article/3263513/seized-hong-kong-peak-mansion-linked-china-evergrande-founder-hui-ka-yan-sells-40-discount-us58
Taylor Swift tour gives European economy a boost, BOA data show
https://www.businesstimes.com.sg/lifestyle/taylor-swift-tour-gives-european-economy-boost-boa-data-show
Germany property trough worsens as foreign investors scale back
https://www.businesstimes.com.sg/property/germany-property-trough-worsens-foreign-investors-scale-back
As financial hub rivals innovate, Hong Kong races ahead in digital finance
https://www.businesstimes.com.sg/international/global/spotlight-1/financial-hub-rivals-innovate-hong-kong-races-ahead-digital-finance
Estimated price tag for Hong Kong’s Northern Metropolis revealed as HK$224 billion – but expert expects final bill to be much heftier
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3263701/estimated-price-tag-hong-kongs-northern-metropolis-revealed-hk224-billion-expert-expects-final-bill
Hong Kong’s property market rebound is bittersweet pill for homebuyers as attainability measures seen weakening
https://www.scmp.com/business/article/3263528/hong-kongs-property-market-rebound-bittersweet-pill-homebuyers-attainability-measures-seen-weakening
Japan’s factory activity expands for first time in a year, PMI shows
https://www.channelnewsasia.com/business/japans-factory-activity-expands-first-time-year-pmi-shows-4356791
Yen slide beyond 155 is a pain point for half of Japan firms, Reuters survey shows – Reuters poll
https://www.channelnewsasia.com/business/yen-slide-beyond-155-pain-point-half-japan-firms-reuters-survey-shows-reuters-poll-4356646
Morgan Stanley’s Asia chief says Tokyo gaining on rival hubs Singapore and Hong Kong
https://www.businesstimes.com.sg/international/global/morgan-stanleys-asia-chief-says-tokyo-gaining-rival-hubs-singapore-and-hong-kong
New York, London top new ranking of 1,000 global cities; Singapore at No. 42
https://www.straitstimes.com/business/new-york-london-top-new-ranking-of-1000-global-cities-singapore-at-no-42
New York rents are so high that only 5% are affordable for the average salary
https://www.businesstimes.com.sg/property/new-york-rents-are-so-high-only-5-are-affordable-average-salary
NYC pension to invest US$60 million to preserve affordable housing
https://www.businesstimes.com.sg/property/nyc-pension-invest-us60-million-preserve-affordable-housing
New Zealand central bank leaves cash rate unchanged at 5.5%
https://www.businesstimes.com.sg/international/new-zealand-central-bank-leaves-cash-rate-unchanged-5-5
South Korea extends rate pause, raises growth outlook
https://www.channelnewsasia.com/business/south-korea-extends-rate-pause-raises-growth-outlook-4356846
South Korea’s early trade data show export momentum still robust
https://www.businesstimes.com.sg/international/south-koreas-early-trade-data-show-export-momentum-still-robust
https://www.straitstimes.com/business/south-korea-s-early-trade-data-show-export-momentum-rising
From tax to homes, UK’s Conservatives and Labour make economy a battleground for election
https://www.businesstimes.com.sg/international/tax-homes-uks-conservatives-and-labour-make-economy-battleground-election
UK inflation falls less than expected, dashing June rate cut hopes
https://www.businesstimes.com.sg/international/uk-inflation-falls-less-expected-dashing-june-rate-cut-hopes
British Land weighs new office projects as London demand soars
https://www.businesstimes.com.sg/property/british-land-weighs-new-office-projects-london-demand-soars
City of London calls for financial regulators to find a growth ‘mindset’
https://www.businesstimes.com.sg/international/city-london-calls-financial-regulators-find-growth-mindset
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