Singapore Real Estate
URA releases reserve list site in Zion Road after developer commits to bid at least S$604.6 million
The Urban Redevelopment Authority (URA) has released a Zion Road site for sale from its reserve list, after receiving an application committing to a bid not lower than about S$604.6 million.
https://www.businesstimes.com.sg/property/ura-releases-reserve-list-site-zion-road-after-developer-commits-bid-least-s-604-6-million
https://www.straitstimes.com/business/ura-releases-reserve-list-site-in-zion-road-after-developer-commits-to-bid-at-least-6046-million
Forrest Li’s wife buys Gallop Road bungalow next to the one he has redeveloped
Sea Ltd boss Forrest Li is expanding his family’s presence in the Good Class Bungalow (GCB) market in Gallop Road near the Singapore Botanic Gardens. His wife, Ma Liqian, is acquiring a S$42.5 million old bungalow next to the one Li has nearly finished redeveloping.
https://www.businesstimes.com.sg/property/forrest-li-s-wife-buys-gallop-road-bungalow-next-one-he-has-redeveloped
https://www.straitstimes.com/business/wife-of-sea-billionaire-forrest-li-to-buy-good-class-bungalow-near-botanic-gardens-for-425-million
Singapore Economy
Singapore dollar outshines peers with 40% advance under PM Lee
When Lawrence Wong succeeds Lee Hsien Loong as Singapore’s new prime minister next month, he will inherit not only a healthy economy but also robust local assets from a rallying currency to outperforming bonds and stocks.
https://www.businesstimes.com.sg/singapore/spotlight-1singapore-dollar-outshines-peers-40-advance-under-pm-lee
https://www.straitstimes.com/business/singapore-dollar-outshines-peers-with-40-advance-under-pm-lee
https://www.scmp.com/news/asia/southeast-asia/article/3259876/singapores-us400-billion-economy-soaring-currency-give-next-pm-lawrence-wong-plenty-smile-about
S’pore can lead the maritime world’s push towards digitalisation, decarbonisation: DNV
Singapore – Singapore’s shipping hub is well-placed to lead the world in digital transformation, decarbonisation and adoption of green technologies for the industry, said classification society DNV’s maritime chief executive officer Knut Orbeck-Nilssen.
https://www.straitstimes.com/business/s-pore-can-lead-the-maritime-world-s-push-towards-digitalisation-decarbonisation-dnv
Flexible work arrangement guidelines can be a chance to improve HR practices in Singapore, says expert
Singapore: The labour movement is urging employers to evaluate staff performance based on their output rather than the number of hours worked, so that flexible work arrangements (FWAs) can be effective.
https://www.channelnewsasia.com/singapore/flexible-work-arrangements-fwa-guidelines-december-firms-employees-employers-labour-movement-4277281
Business News
CapitaLand Ascendas Reit posts 17% rental reversion in Q1
CapitaLand Ascendas Reit (Clar) saw its average rental rates go up by 16.9 per cent for leases renewed in the first quarter of 2024, up from the 15.2 per cent reversion rate in the previous quarter.
https://www.businesstimes.com.sg/companies-markets/capitaland-ascendas-reit-posts-17-rental-reversion-q1
https://www.theedgesingapore.com/capital/results/capitaland-ascendas-reit-portfolio-occupancy-rate-dips-slightly-933-1qfy2024
ESR-Logos Reit posts 10.8% drop in Q1 NPI after divesting non-core assets
ESR-Logos Reit net property income (NPI) fell 10.8 per cent year on year to S$62.9 million, while gross revenue dropped 8.9 per cent to S$89.9 million for the first quarter of the fiscal year.
https://www.businesstimes.com.sg/companies-markets/esr-logos-reit-posts-10-8-drop-q1-npi-after-divesting-non-core-assets
Keppel Reit Q1 net property income rises 7.2% to S$48.2 million
Keppel Reit posted net property income (NPI) of S$48.2 million for the first quarter ended Mar 31, 2024, up 7.2 per cent from S$45 million in Q1 FY2023. This was mainly due to higher rentals and contributions from 2 Blue Street, said the real estate investment trust’s (Reit) manager in a business update on Tuesday (Apr 23).
https://www.businesstimes.com.sg/companies-markets/keppel-reit-q1-net-property-income-rises-7-2-s-48-2-million
LHN’s Coliwoo unit sells 20% of stake in subsidiary for S$20,000
Mainboard-listed LHN said on Monday (Apr 22) that its indirect wholly-owned subsidiary, Coliwoo Holdings, has disposed of its 20 per cent interest in Coliwoo (TK), a LHN subsidiary that is looking to acquire a property through public tender.
https://www.businesstimes.com.sg/companies-markets/lhn-s-coliwoo-unit-sells-20-stake-subsidiary-s-20-000
Views, Reviews, Forum and Others
More construction firms going bust after pandemic, say liquidators
Singapore: Liquidators are seeing more construction companies going under, with numbers higher than pre-pandemic levels. Insiders said that the sector is still reeling from the aftermath of COVID-19 and a slump in overseas investments, on top of dealing with higher costs.
https://www.channelnewsasia.com/singapore/construction-building-contractors-bust-debts-after-pandemic-liquidators-4282961
Upcoming plastic pollution rules will affect everyone
It began with the shock of seeing vivid images of turtles and seabirds dying after ingesting marine plastic. Over the years, public concerns about plastic pollution spurred grassroots action and activism. Communities volunteered for beach clean-ups and consumers welcomed alternatives to disposable plastic straws, cups and cutlery.
https://www.businesstimes.com.sg/opinion-features/upcoming-plastic-pollution-rules-will-affect-everyone
Global Economy & Real Estate
Is the global economy stumbling into ‘the tepid Twenties’?
https://www.businesstimes.com.sg/opinion-features/global-economy-stumbling-tepid-twenties
An overstimulated US economy is asking for trouble
https://www.businesstimes.com.sg/opinion-features/overstimulated-us-economy-asking-trouble
US consumers on lower incomes face loan stress while banks pull back
https://www.businesstimes.com.sg/international/us-consumers-lower-incomes-face-loan-stress-while-banks-pull-back
Canadians’ perceived job security falls to lowest since pandemic
https://www.businesstimes.com.sg/international/canadians-perceived-job-security-falls-lowest-pandemic
China’s Q1 fiscal revenue falls as tax cut policies weigh
https://www.businesstimes.com.sg/international/china-s-q1-fiscal-revenue-falls-tax-cut-policies-weigh
China wants everyone to trade in their old cars, fridges to help save its economy
https://www.businesstimes.com.sg/international/global/china-wants-everyone-trade-their-old-cars-fridges-help-save-its-economy
Chinese property tycoon faces payment demands on overdue loans
https://www.businesstimes.com.sg/property/chinese-property-tycoon-faces-payment-demands-overdue-loans
https://www.straitstimes.com/business/chinese-property-tycoon-faces-payment-demands-on-overdue-loans-including-147m-from-uob
Eurozone consumers increasingly struggle to pay for housing
https://www.businesstimes.com.sg/property/eurozone-consumers-increasingly-struggle-pay-housing
Hong Kong bankers face more job cuts on China slowdown, high pay
https://www.businesstimes.com.sg/international/global/hong-kong-bankers-face-more-job-cuts-china-slowdown-high-pay
https://www.straitstimes.com/business/hong-kong-bankers-face-more-job-cuts-on-china-slowdown-high-pay
More pain ahead for Hong Kong retailers as residents flock to Shenzhen for cheaper goods, slowing recovery
https://www.scmp.com/business/article/3259930/more-pain-ahead-hong-kong-retailers-residents-flock-shenzhen-cheaper-goods-slowing-recovery
Chinese restaurants spur Hong Kong’s retail property recovery
https://www.businesstimes.com.sg/property/chinese-restaurants-spur-hong-kong-s-retail-property-recovery
Hong Kong begins phasing in disposable plastics ban
https://www.channelnewsasia.com/asia/hong-kong-plastic-ban-businesses-restaurants-hotels-4282891
Bank Indonesia’s first rate cut pushed to Q3, smaller cuts this year as rupiah falls – Reuters poll
https://www.channelnewsasia.com/business/bank-indonesias-first-rate-cut-pushed-q3-smaller-cuts-year-rupiah-falls-reuters-poll-4282506
Malaysia plans Southeast Asia’s largest integrated circuit design park
https://www.channelnewsasia.com/business/malaysia-plans-southeast-asias-largest-integrated-circuit-design-park-4282276
Norway’s US$1.6 trillion fund turns developer on trophy UK properties
https://www.businesstimes.com.sg/property/norway-s-us-1-6-trillion-fund-turns-developer-trophy-uk-properties
South Korea’s early exports rise as momentum remains strong
https://www.businesstimes.com.sg/international/south-korea-s-early-exports-rise-momentum-remains-strong
Taiwan March export orders trails forecasts, but government pins hopes on AI
https://www.businesstimes.com.sg/international/taiwan-march-export-orders-trails-forecasts-government-pins-hopes-ai
Thai central bank could adjust rates if economic outlook shifts, says deputy governor
https://www.businesstimes.com.sg/international/thai-central-bank-could-adjust-rates-if-economic-outlook-shifts-says-deputy-governor
UK exports fewer goods after Brexit, tilting economy to services
https://www.businesstimes.com.sg/international/uk-exports-fewer-goods-after-brexit-tilting-economy-services
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.