Singapore Real Estate
Up to 20,000 homes, including public housing, planned for new Turf City estate in prime Bukit Timah
About 15,000 to 20,000 homes are in the pipeline for a new housing estate on the Turf City site, which will include the first public housing planned in Bukit Timah in 40 years. The new housing estate will be developed progressively over 20 to 30 years, starting with areas closer to existing transport nodes along Dunearn Road.
https://www.businesstimes.com.sg/property/20000-homes-including-public-housing-planned-new-turf-city-estate-prime-bukit-timah
https://www.straitstimes.com/singapore/up-to-20000-homes-planned-for-turf-city-including-first-bukit-timah-hdb-flats-in-almost-40-years
https://www.todayonline.com/news/15000-20000-public-and-private-homes-planned-bukit-timah-turf-city-site-over-next-20-30-years-2426966
https://www.channelnewsasia.com/singapore/bukit-timah-turf-city-hdb-20000-private-homes-mrt-racecourse-4356921
Schroders, TPG put Harbourfront hotel up for sale at S$320 million
Travelodge Harbourfront Singapore, a three-star hotel property at Telok Blangah, is being offered for sale with a guide price of S$320 million. The 10-storey hotel on freehold land is on the market at a price of about S$950,000 per key for its 336 rooms. The property also has 19 carpark lots, a rooftop bar and a basement.
https://www.businesstimes.com.sg/property/schroders-tpg-put-harbourfront-hotel-sale-s320-million
Citi considers reducing office space in Asia Square tower
Citigroup is considering reducing its office space in Singapore as remote working gains traction in the city-state. The bank may give up one of the six floors it occupies at Asia Square Tower 1, a retail and office tower in the Marina Bay district, according to sources familiar with the matter.
https://www.businesstimes.com.sg/property/citi-considers-reducing-office-space-asia-square-tower
https://www.straitstimes.com/business/banking/citi-considers-reducing-office-space-in-asia-square-tower
DBS accepts offers for 19 HDB shophouse and shop units
DBS has accepted offers from prospective buyers for 19 of the 46 shophouse and retail units – formerly occupied by its full-service branches – which were put up for sale in April. The Business Times understands that the 19 units comprise shophouse and shop units in HDB estates.
https://www.businesstimes.com.sg/property/dbs-accepts-offers-19-hdb-shophouse-and-shop-units
Why leasehold is becoming just as desirable as freehold
The allure of owning a property that can be held indefinitely and passed down to future generations is undeniable. Freehold condominium units embody this lasting value, making them more preferable than leasehold properties.
https://www.straitstimes.com/business/invest/why-leasehold-is-becoming-just-as-desirable-as-freehold
Singapore Economy
Economists stick to 2024 Singapore growth outlook after Q1 GDP beats forecasts
Private-sector economists largely maintained their 2024 full-year growth forecast for Singapore, even after first-quarter gross domestic product (GDP) beat expectations to come in at 2.7 per cent year on year.
https://www.businesstimes.com.sg/singapore/economists-stick-2024-singapore-growth-outlook-after-q1-gdp-beats-forecasts
Singapore’s inflation maintains pace in April, in line with economists’ expectations
Singapore’s headline and core inflation in April maintained the same pace as in March, data from the Department of Statistics showed on Thursday (May 23), in line with economists’ expectations. Official inflation forecasts remain unchanged, but the latest figures prompted some private-sector economists to lower their predictions for full-year headline inflation.
https://www.businesstimes.com.sg/singapore/economy-policy/singapores-inflation-maintains-pace-april-line-economists-expectations
https://www.straitstimes.com/business/singapore-core-inflation-holds-steady-at-31-in-april-amid-lower-services-food-inflation
https://www.channelnewsasia.com/singapore/singapore-core-inflation-unchanged-april-31-mas-mti-consumer-price-index-4357366
Business News
Hongkong Land expects ‘significantly lower’ H1 profits amid weak buyer sentiment in China
Property developer Hongkong Land said that it expects its underlying profit for H1 FY2024 to be “significantly lower” than the previous financial year as it faces slower sales in China.
https://www.businesstimes.com.sg/companies-markets/hongkong-land-expects-significantly-lower-h1-profits-amid-weak-buyer-sentiment-china
https://www.straitstimes.com/business/companies-markets/hongkong-land-expects-significantly-lower-h1-profits-amid-weak-buyer-sentiment-in-china
Sabana Reit’s May 24 EGM to be postponed
The manager of Sabana Industrial Reit said late on Thursday (May 23) that an extraordinary general meeting (EGM) requisitioned by unitholders led by Quarz Capital Asia would be postponed.
https://www.businesstimes.com.sg/companies-markets/sabana-reits-may-24-egm-be-postponed
Global Economy & Real Estate
Improved business activity across the globe casts doubt over rate cuts
https://www.businesstimes.com.sg/international/improved-business-activity-across-globe-casts-doubt-over-rate-cuts
https://www.channelnewsasia.com/business/improved-business-activity-casts-doubt-over-rate-cuts-4358016
US business activity quickens in May; price pressures building up
https://www.businesstimes.com.sg/international/us-business-activity-quickens-may-price-pressures-building
US weekly jobless claims fall as labour market remains solid
https://www.businesstimes.com.sg/international/us-weekly-jobless-claims-fall-labour-market-remains-solid
US new home sales fall in April; prices rise from year ago
https://www.businesstimes.com.sg/property/us-new-home-sales-fall-april-prices-rise-year-ago
US mortgage rates fall below 7% for first time since early April
https://www.businesstimes.com.sg/property/us-mortgage-rates-fall-below-7-first-time-early-april
Gen-Z Australians slash spending, while baby boomers splurge
https://www.businesstimes.com.sg/international/gen-z-australians-slash-spending-while-baby-boomers-splurge
China signals economy is priority as Xi Jinping meets business leaders ahead of key party meeting
https://www.scmp.com/news/china/article/3263841/china-signals-economy-priority-xi-jinping-meets-business-leaders-ahead-key-party-meeting?module=top_story&pgtype=subsection
Eurozone May business growth at year high, PMI shows
https://www.businesstimes.com.sg/international/eurozone-may-business-growth-year-high-pmi-shows
German economy expected to stagnate this year, DIHK says
https://www.businesstimes.com.sg/international/german-economy-expected-stagnate-year-dihk-says
Judge blocks attempt to sell Graceland, Elvis Presley’s former home in Memphis
https://www.businesstimes.com.sg/property/judge-blocks-attempt-sell-graceland-elvis-presleys-former-home-memphis
Sale of Hong Kong homes by tender needs urgent regulation
https://www.scmp.com/opinion/letters/article/3263525/sale-hong-kong-homes-tender-needs-urgent-regulation
Japan’s April inflation slows further to 2.2%, matches forecast
https://www.channelnewsasia.com/business/japans-april-inflation-slows-further-22-matches-forecast-4359816
https://www.businesstimes.com.sg/international/japans-april-inflation-slows-further-2-2-matches-forecast
Japan on track for recovery despite weak GDP, says BOJ’s Ueda
https://www.businesstimes.com.sg/international/japan-track-recovery-despite-weak-gdp-says-bojs-ueda
https://www.channelnewsasia.com/business/bojs-ueda-sticks-economic-recovery-view-keeps-alive-rate-hike-chance-4358441
Luxury real estate prices dip in New York City as Asia drives global gains
https://www.businesstimes.com.sg/international/global/luxury-real-estate-prices-dip-new-york-city-asia-drives-global-gains
https://www.straitstimes.com/business/luxury-real-estate-prices-dip-in-nyc-as-asia-drives-global-gains-report
New Zealand Finance Minister says May 30 budget will show fiscal responsibility
https://www.businesstimes.com.sg/international/new-zealand-finance-minister-says-may-30-budget-will-show-fiscal-responsibility
Thai exports return to growth in April, beat forecast
https://www.businesstimes.com.sg/international/thai-exports-return-growth-april-beat-forecast
UK consumer confidence extends recovery after inflation drops
https://www.businesstimes.com.sg/international/uk-consumer-confidence-extends-recovery-after-inflation-drops
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