Singapore Real Estate/Built Environment
Tuan Sing takes ownership of Fraser Residence River Promenade
Tuan Sing Holdings has taken ownership of Fraser Residence River Promenade, the mixed-use property at Jiak Kim Street. Tuan Sing purchased the development from Frasers Property for $140.89 million in May.
https://www.theedgesingapore.com/news/property/tuan-sing-takes-ownership-fraser-residence-river-promenade
Entire floor at Suntec City Tower 1 up for sale with S$41.8 million guide price
The entire 31st floor of Suntec City Tower 1 has been put up for sale via a private treaty, with a guide price of S$41.8 million. This translates to around S$3,403 per square foot (psf) based on the total strata area of 12,282 square feet (sq ft), said exclusive marketing agent PropNex on Tuesday (Jul 23).
https://www.businesstimes.com.sg/property/entire-floor-suntec-city-tower-1-sale-s41-8-million-guide-price
Property investment sales rise in Q2, driven by state land tenders and residential deals
Real estate investment activity in Singapore rose by 52.6 per cent quarter on quarter (qoq) to S$6.48 billion in the second quarter of 2024, largely driven by the higher proceeds from the sale of state land under the government land sales (GLS) programme and residential deals.
https://www.businesstimes.com.sg/property/property-investment-sales-rise-q2-driven-state-land-tenders-and-residential-deals-savills
Prime residential properties account for majority of loss-making resale deals in Q2
Singapore’s prime residential properties chalked up the biggest losses – losing between S$780,000 and S$2.1 million in value – and accounted for the majority of loss-making deals in the second quarter of 2024.
https://www.businesstimes.com.sg/property/prime-residential-properties-account-majority-loss-making-resale-deals-q2
Singapore Economy
S’pore’s efforts to transform economy have led to higher incomes, grown the pie for all: DPM Heng
Singapore – Eight years ago, Singapore launched a programme to restructure its economy and ensure it remains competitive and fit for an uncertain future. The restructuring process, which included sharpening the long-term survival instincts of local workers and businesses, involved tailored transformation plans for 23 industries, and covered 80 per cent of the economy.
https://www.straitstimes.com/singapore/s-pore-s-efforts-to-transform-economy-have-led-to-higher-incomes-grown-the-pie-for-all-dpm-heng
https://www.businesstimes.com.sg/singapore/economy-policy/new-report-recaps-singapores-economic-transformation-sets-ou
-directions-future
Singapore must ride chip upswing to grow local semiconductor industry: Alvin Tan
Singapore must ride the momentum of the ongoing chip upcycle to continue growing the local semiconductor sector, said Minister of State for Trade and Industry Alvin Tan on Tuesday (July 23).
https://www.businesstimes.com.sg/singapore/economy-policy/singapore-must-ride-chip-upswing-grow-local-semiconductor-industry-alvin-tan
MAS unlikely to ease monetary policy on Jul 26, even as June surprises with softer inflation
Singapore’s central bank is likely to keep monetary policy settings unchanged at its next meeting on Jul 26, said economists, even as latest inflation figures on Tuesday (Jul 23) came in lower than expected.
https://www.businesstimes.com.sg/singapore/economy-policy/mas-unlikely-ease-monetary-policy-jul-26-even-june-surprises-softer-inflation
Singapore’s inflation slows more than expected in June; full-year headline forecast ‘being reviewed’
Singapore’s headline and core inflation slowed more than expected in June, with headline inflation hitting a three-year low, data from the Department of Statistics showed on Tuesday (Jul 23).
https://www.businesstimes.com.sg/singapore/economy-policy/singapores-inflation-slows-more-expected-june-full-year-headline-forecast-being-reviewed
https://www.straitstimes.com/business/singapore-core-inflation-eases-to-29-in-june
https://www.todayonline.com/news/singapore-core-inflation-dips-29-june-lowest-over-2-years-2463591
https://www.channelnewsasia.com/singapore/core-inflation-june-2024-mas-mti-4498201
Business News
GIC and Temasek face a tougher investing climate. What are they doing about it?
Both sovereign wealth fund GIC and state investor Temasek Holdings are key contributors to Singapore’s net investment returns, which is why their results are so closely scrutinised every year.
https://www.businesstimes.com.sg/companies-markets/gic-and-temasek-face-tougher-investing-climate-what-are-they-doing-about-it
GIC posts 3.9% 20-year annualised real rate of return, expects lower returns ahead
Singapore’s sovereign wealth fund GIC reported an annualised rolling 20-year real rate of return of 3.9 per cent for its latest period ended Mar 31, 2024.
https://www.businesstimes.com.sg/companies-markets/gic-posts-3-9-20-year-annualised-real-rate-return-expects-lower-returns-ahead
https://www.straitstimes.com/business/gic-posts-39-annualised-return-over-20-years
https://www.channelnewsasia.com/singapore/gic-annual-report-2024-return-portfolio-performance-4495986
Fully-leased Keppel DC Singapore 8 achieves BCA Green Mark Platinum Award
Keppel’s latest data centre in Singapore, Keppel DC Singapore 8, has achieved the BCA Green Mark Platinum Award, the highest green accolade conferred by Singapore’s Building and Construction Authority (BCA) for new data centre developments.
https://www.theedgesingapore.com/news/data-centres/fully-leased-keppel-dc-singapore-8-achieves-bca-green-mark-platinum-award
Pfizer invests $1 billion in new pharmaceutical ingredient plant in Singapore, creating 250 jobs
Singapore – US pharmaceutical giant Pfizer opened its new $1 billion plant in Singapore on July 23. The 429,000 sq ft plant in Tuas Biomedical Park will produce active pharmaceutical ingredients (API) – the biologically active component of a drug – for Pfizer’s cancer, pain and antibiotic medicine.
https://www.straitstimes.com/business/pfizer-invests-1-billion-in-new-pharmaceutical-ingredient-plant-in-singapore-creating-250-new-jobs
https://www.businesstimes.com.sg/singapore/pfizer-opens-s1-billion-high-tech-extension-singapore-make-key-ingredients-drugs
Sabana Reit H1 DPU down 16.8% to S$0.0134 after repossessions
Sabana Industrial Real Estate Investment Trust (Sabana Reit) posted a distribution per unit (DPU) of S$0.0134 for the first half of its fiscal year ended Jun 30, down 16.8 per cent from S$0.0161 in the corresponding year-ago period, its manager announced on Tuesday (Jul 23).
https://www.businesstimes.com.sg/companies-markets/sabana-reit-h1-dpu-down-16-8-s0-0134-after-repossessions
https://www.theedgesingapore.com/capital/results/sabana-industrial-reit-reports-1hfy2024-dpu-134-cents-168-lower-y-o-y
Global Economy & Real Estate
US existing-home sales drop to one of slowest paces since 2010
https://www.businesstimes.com.sg/property/us-existing-home-sales-drop-one-slowest-paces-2010
US home deals fell apart at a record rate for June, Redfin says
https://www.businesstimes.com.sg/property/us-home-deals-fell-apart-record-rate-june-redfin-says
Kamala Harris poised to cut Trump’s lead in 2024 race
https://www.businesstimes.com.sg/international/kamala-harris-poised-cut-trumps-lead-2024-race
Famed Hollywood restaurant site hits market at US$100 million
https://www.businesstimes.com.sg/property/famed-hollywood-restaurant-site-hits-market-us100-million
Australia’s cost-of-living squeeze drives ‘baby recession’
https://www.businesstimes.com.sg/international/australias-cost-living-squeeze-drives-baby-recession
https://www.straitstimes.com/business/australia-s-cost-of-living-squeeze-drives-baby-recession
Goldman Sachs buys Australia logistics properties to beef up real estate portfolio
https://www.businesstimes.com.sg/property/goldman-sachs-buys-australia-logistics-properties-beef-real-estate-portfolio
China’s new plan to fix debt woes is seen as marginal at best
https://www.businesstimes.com.sg/international/chinas-new-plan-fix-debt-woes-seen-marginal-best
Greater Bay Area home sales surged in June after property market rescue package
https://www.scmp.com/business/china-business/article/3271592/greater-bay-area-home-sales-surged-june-after-property-market-rescue-package
Hong Kong luxury home sold for US$92 million, among top deals this year
https://www.businesstimes.com.sg/property/hong-kong-luxury-home-sold-us92-million-among-top-deals-year
Hong Kong real estate experts say housing balance needs shifting in favour of private sector
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3271450/hong-kong-real-estate-experts-say-housing-balance-needs-shifting-favour-private-sector
Gaw Capital’s auction of Hong Kong commercial tower has buyers interested
https://www.scmp.com/business/article/3271435/gaw-capitals-auction-hong-kong-commercial-tower-has-buyers-interested
Japan’s July factory activity slips, service sector solid, PMI shows
https://www.channelnewsasia.com/business/japans-july-factory-activity-slips-service-sector-solid-pmi-shows-4500571
New York channels US$500 million from Battery Park City to housing
https://www.businesstimes.com.sg/property/new-york-channels-us500-million-battery-park-city-housing
South Korean consumers turn most optimistic in 27 months
https://www.channelnewsasia.com/business/south-korean-consumers-turn-most-optimistic-27-months-4500301
Koreans expect hotter housing market in worry for central bank
https://www.businesstimes.com.sg/property/koreans-expect-hotter-housing-market-worry-central-bank
UK property market sees green shoots as buyers anticipate rate cut, lower mortgage rates
https://www.scmp.com/business/article/3271291/uk-property-market-sees-green-shoots-buyers-anticipate-rate-cut-lower-mortgage-rates
Is Vietnam losing its appeal for China’s manufacturers bypassing US tariffs?
https://www.scmp.com/economy/global-economy/article/3271391/vietnam-losing-its-appeal-chinas-manufacturers-bypassing-us-tariffs?module=top_story&pgtype=subsection
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