Singapore Real Estate
Mega Jurong Lake District site for 1,700 housing units, 1.6 million sq ft office space up for tender
A white site 6.5 hectares (ha) in size in the Jurong Lake District has been released for sale to kick-start development of the largest commercial district outside Singapore’s city centre. Spanning 365,000 square metres (sq m), the site has at least 146,000 sq m (about 1.57 million square feet) for the office component, and up to 166,000 sq m (to yield about 1,700 dwelling units) for its residential component.
https://www.businesstimes.com.sg/property/mega-jurong-lake-district-site-1700-housing-units-16-million-sq-ft-office-space-tender
https://www.straitstimes.com/singapore/site-for-new-homes-office-spaces-up-for-sale-as-next-phase-of-jurong-lake-district-kicks-off
https://www.todayonline.com/singapore/next-mbfc-jurong-lake-district-launches-65ha-site-new-homes-offices-under-master-developer-approach-2198116
https://www.channelnewsasia.com/singapore/jurong-lake-district-1700-new-private-homes-office-retail-spaces-site-mrt-master-developer-ura-3579731
Foreigners, PRs’ share of homebuyers up despite cooling measures
Permanent residents (PRs) and foreigners now make up a larger share of Singapore’s private home buyers than they did in 2020, and multiple rounds of cooling measures have yet to change that.
https://www.businesstimes.com.sg/property/foreigners-prs-share-homebuyers-despite-cooling-measures
CDL’s The Myst in Upper Bukit Timah opens for preview on Jun 24
City Developments Limited (CDL) is launching its Upper Bukit Timah area project, The Myst, for preview this Saturday (Jun 24), with indicative prices starting from S$1,862 per square foot and ranging from S$998,000 to over S$3.18 million.
https://www.businesstimes.com.sg/property/cdls-myst-upper-bukit-timah-opens-preview-jun-24
Family business of Razer founding investor Lim Kaling sells shophouses for S$80 million to China buyer
Six adjoining conservation shophouses along Circular Road in District 1 have been sold to a buyer from China for S$80 million. The sale contract was entered into in March and the transaction was completed recently.
https://www.businesstimes.com.sg/property/family-business-razer-founding-investor-lim-kaling-sells-shophouses-s80-million-china
Companies’ Brief
BlackRock announces job cuts affecting less than 1% of staff
BlackRock said it is cutting staff after shifting its budget to support critical priorities in a move that will affect less than 1 per cent of staff, the firm said on Thursday (Jun 22). In a memo to staff, chief operating officer Rob Goldstein and Global Head of Human Resources Caroline Heller said the decision followed a recent business review.
https://www.businesstimes.com.sg/companies-markets/blackrock-announces-job-cuts-affecting-less-1-staff
https://www.straitstimes.com/business/blackrock-announces-fresh-layoffs-impacting-less-than-1-of-staff
Requisition notice for EGM to remove manager incomplete says Sabana REIT’s manager
Sabana Industrial REIT’s manager announced it is considering the requisition of an EGM by Quarz Capital Asia made on June 7, and is seeking legal advice. In an announcement on June 22, Sabana REIT’s manager highlighted some of the risks involved during the internalisation process, some of which have been explored by The Edge Singapore previously, in particular the financial covenants, and regulatory approvals.
https://www.theedgesingapore.com/capital/reits/requisition-notice-egm-remove-manager-incomplete-says-sabana-reits-manager
Global Economy & Real Estate
Rate hikes echo around the world as inflation proves unrelenting
https://www.straitstimes.com/business/rate-hikes-echo-around-the-world-as-inflation-proves-unrelenting
Powell repeats more rate hikes needed to get inflation to 2%
https://www.businesstimes.com.sg/international/powell-repeats-more-rate-hikes-needed-get-inflation-2
Fed’s Powell says higher interest rates needed to curb inflation
https://www.businesstimes.com.sg/international/feds-powell-says-higher-interest-rates-needed-curb-inflation
US home sales tick up in May but activity muted
https://www.businesstimes.com.sg/property/us-home-sales-tick-may-activity-muted
US office owners get dire warning: Rebound unlikely before 2040
https://www.straitstimes.com/business/us-office-owners-get-dire-warning-rebound-unlikely-before-2040
Distressed US commercial property assets rise to US$64 billion
https://www.businesstimes.com.sg/property/distressed-us-commercial-property-assets-rise-us64-billion
NYC backs price hikes for 1 million rent-stabilised apartments
https://www.businesstimes.com.sg/property/nyc-backs-price-hikes-1-million-rent-stabilised-apartments
Bank of England hikes rate to 5% in surprise move to tackle stubborn inflation
https://www.businesstimes.com.sg/international/bank-england-hikes-rate-5-surprise-move-tackle-stubborn-inflation
UK consumer confidence improves to strongest in 17 months
https://www.businesstimes.com.sg/international/uk-consumer-confidence-improves-strongest-17-months
New Zealand home owners hurt by falling prices
https://www.straitstimes.com/business/invest/new-zealand-home-owners-hurt-by-falling-prices
Swiss apartment prices 15-40% above levels seen in fundamentals
https://www.businesstimes.com.sg/property/swiss-apartment-prices-15-40-above-levels-seen-fundamentals
Swedish FSA to investigate accounts of property group SBB
https://www.businesstimes.com.sg/property/swedish-fsa-investigate-accounts-property-group-sbb
Swiss central bank raises rates again, signals may need to do more
https://www.businesstimes.com.sg/international/swiss-central-bank-raises-rates-again-signals-may-need-do-more
Hongkong Land unveils the Shanghai US$8 billion financial hub project, its single largest investment, dwarfing its significant Central portfolio
https://www.scmp.com/business/article/3224977/hongkong-land-unveils-shanghai-us8-billion-financial-hub-project-its-single-largest-investment
Hong Kong economy driven by local spending as exports remain weak, finance chief says, appealing to residents to spend consumption vouchers in July
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3225056/hong-kong-economy-driven-local-spending-exports-remain-weak-finance-chief-says-calling-residents
Hong Kong developers offer huge discounts, cut prices to 2018 levels for new project launches to boost sales
https://www.scmp.com/business/article/3224926/hong-kong-developers-offer-huge-discounts-cut-prices-2018-levels-new-project-launches-boost-sales
Japan upgrades employment situation in June, first time in 11 months
https://www.businesstimes.com.sg/international/japan-upgrades-employment-situation-june-first-time-11-months
https://www.channelnewsasia.com/business/japan-raises-view-employment-june-first-time-11-months-3579721
Japan’s inflation stays above BOJ target, key gauge hits 42-year high
https://www.businesstimes.com.sg/international/japans-inflation-stays-above-boj-target-key-gauge-hits-42-year-high
https://www.channelnewsasia.com/business/japans-inflation-stays-above-boj-target-key-gauge-hits-42-year-high-3581721
BOJ policymaker calls for keeping low rates, focus on wages
https://www.businesstimes.com.sg/international/boj-policymaker-calls-keeping-low-rates-focus-wages
https://www.channelnewsasia.com/business/boj-policymaker-calls-keeping-low-rates-focus-wages-3579216
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