Singapore Real Estate
Lucrum Capital looks to sell Killiney hotel site for S$195 million
Private equity firm Lucrum Capital has put a freehold boutique hotel under construction at Killiney Road up for sale at S$195 million. The seven-storey Mama Shelter Singapore Orchard hotel in District 9 will be operated by French hospitality company Accor’s Ennismore and is expected to open in Q1 2025, marketing agent CBRE said on Thursday (Apr 25).
https://www.businesstimes.com.sg/property/lucrum-capital-looks-sell-killiney-hotel-site-s-195-million
Money laundering accused Su Baolin’s Sentosa property goes unsold at auction
A vacant plot of land in Sentosa Cove, acquired in 2021 by one of the 10 foreigners arrested in the S$3 billion money laundering case, did not manage to secure a buyer at the close of an auction on Wednesday (Apr 24).
https://www.businesstimes.com.sg/property/money-laundering-accused-su-baolin-s-sentosa-property-goes-unsold-auction
https://www.straitstimes.com/business/sole-20m-bid-in-auction-for-sentosa-plot-seized-in-money-laundering-probe-not-accepted-by-ocbc
Daughter of Chinese steel-and-nickel tycoon picks up S$84 million Bin Tong Park bungalow
The daughter of China-born steel-and-nickel magnate Xiang Guangda has become the owner of a large brand-new bungalow in the Bin Tong Park Good Class Bungalow (GCB) Area of Singapore. She paid S$84 million for the two-storey freehold property, which has enough space to park eight to 10 cars.
https://www.businesstimes.com.sg/property/daughter-chinese-steel-and-nickel-tycoon-picks-s-84-million-bin-tong-park-bungalow
Business News
CapitaLand India Trust Q1 net property income up 19%
CapitaLand India Trust’s (Clint) net property income grew 19 per cent to 3.1 billion rupees (S$49.4 million) in the first quarter ended Mar 31, 2024, from 2.6 billion rupees a year ago.
https://www.businesstimes.com.sg/companies-markets/capitaland-india-trust-q1-net-property-income-19
Frasers Centrepoint Trust posts 1.8% drop in H1 DPU to S$0.06022
Frasers Centrepoint Trust (FCT) on Thursday (Apr 25) posted a 1.8 per cent drop in distribution per unit (DPU) for the first half ended Mar 31 to S$0.06022, from S$0.0613 in the same period a year earlier.
https://www.businesstimes.com.sg/companies-markets/frasers-centrepoint-trust-posts-1-8-drop-h1-dpu-s-0-06022
Hilton lifts 2024 profit forecast on international travel demand
Hotel operator Hilton Worldwide raised its annual adjusted profit forecast on Wednesday (Apr 24), banking on international travel demand to offset normalizing domestic travel in the US. The company forecast 2024 adjusted profit of between US$6.89 and US$7.03 per share, up from the previously forecast US$6.80 to US$6.94 per share.
https://www.businesstimes.com.sg/companies-markets/consumer-healthcare/hilton-lifts-2024-profit-forecast-international-travel-demand
Keppel’s Q1 revenue down 6.3% to S$1.5 billion; net profit up with exclusion of legacy O&M assets
Keppel reported a 6.3 per cent fall in revenue to S$1.5 billion for the first quarter ended Mar 31, compared to S$1.6 billion in the previous corresponding period. Net profit for the quarter was up on the year, driven by stronger performance in the infrastructure and connectivity segments, excluding the effects of its legacy offshore and marine (O&M) assets, said the group without disclosing its net profit figure on Thursday (Apr 25).
https://www.businesstimes.com.sg/companies-markets/keppel-s-q1-revenue-down-6-3-s-1-5-billion-net-profit-exclusion-legacy-o-m-assets
https://www.straitstimes.com/business/companies-markets/keppel-profit-rises-on-strong-infra-connectivity-performance
Mapletree Pan Asia Commercial Trust posts 1.8% rise in Q4 DPU
Singapore – Mapletree Pan Asia Commercial Trust (Mpact) said distribution per unit (DPU) for the fourth quarter ended March grew 1.8 per cent year on year to 2.29 cents from 2.25 cents previously.
https://www.straitstimes.com/business/mapletree-pan-asia-commercial-trust-posts-18-rise-in-q4-dpu
OKP unit gets S$92.9 million LTA contract
OKP’s wholly owned subsidiary Eng Lam Contractors has secured a contract worth S$92.9 million from the Land Transport Authority (LTA) for the construction of new cycling path networks, OKP said on Wednesday (Apr 24).
https://www.businesstimes.com.sg/companies-markets/okp-unit-gets-s-92-9-million-lta-contract
OUE Reit Q1 NPI rises 6.9% to S$60.5 million
OUE Reit posted net property income (NPI) of S$60.5 million for its first quarter ended Mar 31, 2024, up 6.9 per cent from S$56.6 million a year ago. Gross revenue rose 9.5 per cent to S$74.9 million for the quarter, from S$68.4 million a year ago.
https://www.businesstimes.com.sg/companies-markets/oue-reit-q1-npi-rises-6-9-s-60-5-million
https://www.straitstimes.com/business/companies-markets/oue-reit-s-first-quarter-npi-rises-69-to-605-million
Suntec Reit Q1 DPU down 13% to S$0.01511 in absence of capital distribution
Suntec Real Estate Investment Trust’s (Suntec Reit) distribution per unit (DPU) for the first quarter ended March declined 13 per cent year on year to S$0.01511, in the absence of the Reit’s capital distribution that concluded in end-2023.
https://www.businesstimes.com.sg/companies-markets/suntec-reit-q1-dpu-down-13-s-0-01511-absence-capital-distribution
https://www.straitstimes.com/business/companies-markets/suntec-reit-q1-dpu-down-13-to-001511-in-absence-of-capital-distribution
Global Economy & Real Estate
US core capital goods orders rise moderately in March
https://www.businesstimes.com.sg/international/us-core-capital-goods-orders-rise-moderately-march
US 30-year mortgage rate rises to five-month high of 7.24%
https://www.businesstimes.com.sg/property/us-30-year-mortgage-rate-rises-five-month-high-7-24
US Judge approves US$418 million settlement that will change real estate commissions
https://www.businesstimes.com.sg/property/us-judge-approves-us-418-million-settlement-will-change-real-estate-commissions
Australian inflation boosts case for higher-for-longer rates
https://www.businesstimes.com.sg/international/australian-inflation-boosts-case-higher-longer-rates
Australian inflation boosts case for higher-for-longer rates
https://www.businesstimes.com.sg/international/australian-inflation-boosts-case-higher-longer-rates
China 2024 growth outlook raised to 4.8%, deflation risk lingers
https://www.businesstimes.com.sg/international/china-2024-growth-outlook-raised-4-8-deflation-risk-lingers
https://www.straitstimes.com/business/economy/china-2024-growth-outlook-raised-to-48-deflation-risk-lingers
Country Garden extends bonds to avoid first local default
https://www.businesstimes.com.sg/property/country-garden-extends-bonds-avoid-first-local-default
Luxury sector outlook clouded by China’s slow recovery
https://www.businesstimes.com.sg/international/global/luxury-sector-outlook-clouded-china-s-slow-recovery
Chinese tourists are again embracing international travel
https://www.businesstimes.com.sg/international/global/chinese-tourists-are-again-embracing-international-travel
German forecast to offer signs if ailing economy on the mend
https://www.businesstimes.com.sg/international/german-forecast-offer-signs-if-ailing-economy-mend
https://www.straitstimes.com/business/economy/german-government-nudges-up-2024-growth-forecast
German business sentiment rises more than expected in April: Ifo
https://www.businesstimes.com.sg/international/german-business-sentiment-rises-more-expected-april-ifo
Hong Kong to encourage use of pre-made housing with more private sector incentives
https://www.scmp.com/news/hong-kong/society/article/3260029/hong-kong-encourage-use-pre-made-housing-more-private-sector-incentives
Indonesia’s central bank surprises with “pre-emptive” rate hike to cushion falling rupiah
https://www.businesstimes.com.sg/international/asean/indonesia-s-central-bank-surprises-pre-emptive-rate-hike-cushion-falling-rupiah
https://www.channelnewsasia.com/business/indonesias-central-bank-delivers-surprise-rate-rise-support-rupiah-4288346
Malaysia to follow Singapore’s lead in QR code clearance; pilot for factory workers at Johor land checkpoints
https://www.channelnewsasia.com/asia/qr-code-johor-malaysia-immigration-causeway-factory-bus-4286581
In San Francisco, a home renovation can become a battle royale
https://www.businesstimes.com.sg/property/san-francisco-home-renovation-can-become-battle-royale
South Korea Q1 GDP growth beats all estimates, puts policy easing in doubt
https://www.channelnewsasia.com/business/south-korea-q1-gdp-growth-beats-all-estimates-puts-policy-easing-doubt-4290361
https://www.businesstimes.com.sg/international/south-korea-s-economic-growth-beats-forecast-exports-rise
Thailand’s 500 billion baht handout aims to boost overall economy, not geared to poor: official
https://www.businesstimes.com.sg/international/asean/thailand-s-500-billion-baht-handout-aims-boost-overall-economy-not-geared-poor-official
https://www.channelnewsasia.com/business/thailands-135-billion-handout-aims-boost-overall-economy-not-geared-poor-official-says-4288336
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