Singapore Real Estate/Built Environment
MAS proposes simplified leverage requirements for S-Reits, imposes minimum ICR threshold of 1.5 times
The Monetary Authority of Singapore (MAS) on Wednesday (Jul 24) published a consultation paper proposing to simplify leverage requirements for all real estate investment trusts (Reits).
https://www.businesstimes.com.sg/companies-markets/mas-proposes-simplified-leverage-requirements-s-reits-imposes-minimum-icr-threshold-1-5-times
https://www.straitstimes.com/business/mas-proposes-simplified-leverage-requirements-for-s-reits-imposes-minimum-icr-threshold-of-15-times
Plans being considered to redevelop Yishun Sport Centre, which was opened in 1992
Singapore – The 32-year-old Yishun Sport Centre may be redeveloped as part of plans to improve the sporting facilities available to residents in the north. This is among developments that the Urban Redevelopment Authority (URA) showcased recently at an ongoing travelling exhibition for its upcoming Recreation Master Plan.
https://www.straitstimes.com/singapore/plans-being-considered-to-redevelop-yishun-sport-centre-opened-in-1992
Roxy Square up for collective sale with S$1.25 billion minimum price
The freehold Roxy Square Shopping Centre and Grand Mercure Roxy Hotel, collectively known as Roxy Square, has been launched for sale via tender at a minimum price of S$1.25 billion.
https://www.businesstimes.com.sg/property/roxy-square-collective-sale-s1-25-billion-minimum-price
https://www.straitstimes.com/business/property/roxy-square-in-katong-put-up-for-collective-sale-at-125b
Spike in outbound travel dampens small retailers’ sales
Official retail sales data shows growth, but some small retailers in Singapore have seen sales drop by up to 30 per cent year on year (yoy), as increased outbound travel dampens takings at the till.
https://www.businesstimes.com.sg/singapore/smes/spike-outbound-travel-dampens-small-retailers-sales
HDB comes down on about 800 flat owners for flouting lease rules from 2019 to 2023
The Housing and Development Board (HDB) has taken action against about 800 flat owners for lease infringements between 2019 and 2023. Some had failed, for example, to follow the conditions of the Minimum Occupation Period (MOP); others broke the rules on the renting out of their flats.
https://www.businesstimes.com.sg/property/hdb-comes-down-about-800-flat-owners-flouting-lease-rules-2019-2023
https://www.straitstimes.com/singapore/some-70-flats-reacquired-by-hdb-for-lease-infringements-from-2019-to-2023
https://www.channelnewsasia.com/singapore/hdb-flats-taken-back-unoccupied-minimum-occupation-period-mop-rules-4498161
https://www.todayonline.com/news/about-70-flats-taken-back-hdb-flouting-minimum-occupation-period-rules-unauthorised-rentals-2464006
Singapore Economy
SM Teo warns businesses about ‘just-in-case’ costs amid climate change, supply chain glitches
Companies may have to contend with “just-in-case” costs while building resilience against global challenges, which range from climate change to supply-chain disruptions, said Senior Minister Teo Chee Hean on Wednesday (Jul 24).
https://www.businesstimes.com.sg/esg/sm-teo-warns-businesses-about-just-case-costs-amid-climate-change-supply-chain-glitches
Singapore has world’s most powerful passport after unseating Europeans
Singapore’s edged past France, Germany, Italy and Spain to reclaim bragging rights as having the world’s most powerful passport. Having a Singapore passport means getting visa-free entry to a record 195 global destinations, putting the city state at the top on the Henley Passport Index. The four European countries, which held the No 1 spot earlier in the year, are now in second place along with Japan.
https://www.businesstimes.com.sg/international/global/singapore-has-worlds-most-powerful-passport-after-unseating-europeans
https://www.straitstimes.com/singapore/s-pore-passport-reclaims-sole-position-as-world-s-most-powerful-after-sharing-title-with-5-others
Business News
Frasers Centrepoint Trust’s retail portfolio Q3 occupancy hits 99.7%
The manager of Frasers Centrepoint Trust FCT) on Wednesday (Jul 24) announced that its committed occupancy for its retail portfolio grew one percentage point year on year to 99.7 in the third quarter ended Jun 30.
https://www.businesstimes.com.sg/companies-markets/frasers-centrepoint-trusts-retail-portfolio-q3-occupancy-hits-99-7
https://www.theedgesingapore.com/capital/results/fct-reports-portfolio-occupancy-997-3qfy2024
HSBC partners Singapore Business Federation to help local businesses expand overseas
HSBC and the Singapore Business Federation (SBF) on Wednesday (Jul 24) inked a memorandum of understanding (MOU) to help local businesses capture new growth opportunities in key trade corridors.
https://www.businesstimes.com.sg/singapore/hsbc-partners-singapore-business-federation-help-local-businesses-expand-overseas
Keppel partners Perennial Holdings to roll out energy-as-a-service solutions in Chengdu
Keppel has partnered Perennial Holdings to roll out energy-as-a-service (EaaS) solutions in Perennial’s developments in Chengdu. Keppel will design, retrofit, manage and operate the existing cooling and heating systems of two of Perennial’s flagship developments in the city for a period of 10 years.
https://www.theedgesingapore.com/news/sustainability/keppel-partners-perennial-holdings-roll-out-energy-service-solutions-chengdu
Mandarin Oriental’s H1 loss shrinks to US$52 million
Mandarin Oriental saw its net loss narrow to US$52 million for the six months ended Jun 30, 2024, from US$69.2 million in the year-earlier period, based on a Wednesday (Jul 24) night bourse filing.
https://www.businesstimes.com.sg/companies-markets/mandarin-orientals-h1-loss-shrinks-us52-million
Mapletree Logistics Trust Q1 FY2025 DPU falls on higher borrowing costs
Mapletree Logistics Trust’s (MLT) distribution per unit (DPU) fell 8.9 per cent to S$0.02068 for its first quarter ended Jun 30, from S$0.02271 in Q1 FY2024.
https://www.businesstimes.com.sg/companies-markets/mapletree-logistics-trust-q1-fy2025-dpu-falls-higher-borrowing-costs
https://www.theedgesingapore.com/capital/results/mapletree-logistics-trust-announces-dpu-decline-89-1qfy2025
OUE Reit H1 DPU falls 11.4% despite higher revenue, net property income
OUE Real Estate Investment Trust (OUE Reit) reported a distribution per unit (DPU) of S$0.0093 for the first half of its fiscal year ended Jun 30, down 11.4 per cent from S$0.0105 in the corresponding year-ago period, its manager announced on Wednesday (Jul 24).
https://www.businesstimes.com.sg/companies-markets/oue-reit-h1-dpu-falls-11-4-despite-higher-revenue-net-property-income
https://www.theedgesingapore.com/capital/results/oue-reits-1hfy2024-dpu-falls-114-y-o-y-093-cents-higher-finance-costs
Global Economy & Real Estate
US business activity edges higher; pricing power diminishing
https://www.businesstimes.com.sg/international/us-business-activity-edges-higher-pricing-power-diminishing
US goods trade deficit narrows in June
https://www.businesstimes.com.sg/international/us-goods-trade-deficit-narrows-june
Fortune 500 firms to see US$5.4 billion in CrowdStrike losses, says insurer Parametrix
https://www.businesstimes.com.sg/international/global/fortune-500-firms-see-us5-4-billion-crowdstrike-losses-says-insurer-parametrix
US real estate market is broken for everyone except the ultra rich
https://www.businesstimes.com.sg/property/us-real-estate-market-broken-everyone-except-ultra-rich
US new home sales dip in June, missing estimates
https://www.businesstimes.com.sg/property/us-new-home-sales-dip-june-missing-estimates
US 30-year mortgage rate eases to lowest level since February
https://www.businesstimes.com.sg/property/us-30-year-mortgage-rate-eases-lowest-level-february
Australia’s cost-of-living squeeze drives ‘baby recession’
https://www.straitstimes.com/business/australia-s-cost-of-living-squeeze-drives-baby-recession
Bank of Canada cuts rates again, lowers 2024 growth forecast
https://www.businesstimes.com.sg/international/bank-canada-cuts-rates-again-lowers-2024-growth-forecast
Abu Dhabi developer bets US$490 million to tap Dubai’s office boom
https://www.businesstimes.com.sg/property/abu-dhabi-developer-bets-us490-million-tap-dubais-office-boom
Eurozone business growth stalls in July, PMIs show
https://www.businesstimes.com.sg/international/eurozone-business-growth-stalls-july-pmis-show
German business activity contracts in July, PMI shows
https://www.businesstimes.com.sg/international/german-business-activity-contracts-july-pmi-shows
China cuts 1-year policy rate, latest step to shore up economic activities
https://www.businesstimes.com.sg/esg/sm-teo-warns-businesses-about-just-case-costs-amid-climate-change-supply-chain-glitches
Hong Kong government rejects sole bid in tender for private developers to build subsidised flats
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3271753/hong-kong-government-rejects-sole-bid-tender-private-developers-build-subsidised-flats
Sun Hung Kai plans 600-unit residential project in Fanling via land exchange scheme
https://www.scmp.com/business/article/3271756/sun-hung-kai-plans-600-unit-residential-project-fanling-land-exchange-scheme
How the Hong Kong property market is bouncing back in 2024 – especially the luxury sector
https://www.scmp.com/special-reports/article/3271668/how-hong-kong-property-market-bouncing-back-2024-especially-luxury-sector
Why Hong Kong new arrivals should consider serviced apartments or co-living spaces for a hassle-free move
https://www.scmp.com/special-reports/article/3271680/why-hong-kong-new-arrivals-should-consider-serviced-apartments-or-co-living-spaces-hassle-free-move
Hong Kong Peak mansions sold for HK$860 million as family offloads assets
https://www.businesstimes.com.sg/property/hong-kong-peak-mansions-sold-hk860-million-family-offloads-assets
Hong Kong builds dorms, sees rent hikes on influx of Chinese students
https://www.businesstimes.com.sg/property/hong-kong-builds-dorms-sees-rent-hikes-influx-chinese-students
https://www.straitstimes.com/business/hong-kong-builds-dorms-sees-rent-hikes-on-influx-of-chinese-students
Japan’s corporate service inflation hits 9-year high
https://www.channelnewsasia.com/business/japans-corporate-service-inflation-hits-9-year-high-4503351
https://www.businesstimes.com.sg/international/japans-corporate-service-inflation-hits-nine-year-high
Japan’s July factory activity slips, service sector solid, PMI shows
https://www.businesstimes.com.sg/international/japans-july-factory-activity-slips-service-sector-solid-pmi-shows
Japan plans record hike in minimum wage, NHK reports
https://www.businesstimes.com.sg/international/japan-plans-record-hike-minimum-wage-nhk-reports
https://www.channelnewsasia.com/business/japan-plans-record-hike-minimum-wage-nhk-reports-4502021
South Korea’s economy unexpectedly shrinks after surge at start of 2024
https://www.straitstimes.com/business/south-korea-s-economy-shrinks-after-surge-at-start-of-2024
https://www.businesstimes.com.sg/international/south-koreas-economy-shrinks-after-surge-start-2024
https://www.channelnewsasia.com/business/south-korean-gdp-unexpectedly-shrinks-boosting-rate-cut-chances-4503171
South Korean consumers turn most optimistic in 27 months
https://www.businesstimes.com.sg/international/south-korean-consumers-turn-most-optimistic-27-months
Thailand bets on long-delayed cash handout to revive economy
https://www.businesstimes.com.sg/international/asean/thailand-bets-long-delayed-cash-handout-revive-economy
UK business confidence and orders grow after Labour election win
https://www.businesstimes.com.sg/international/uk-business-confidence-and-orders-grow-after-labour-election-win
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