The Leading Professional and Representative Body for the Real Estate Industry

The Leading Professional and Representative Body for the Real Estate Industry

DAILY NEWS

 

Daily News – 23 Apr 2024 (Tue)

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

 

 

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