Singapore Real Estate/Built Environment
Maintaining balance sheet strengths as S-Reits average 39% gearing
With almost full certainty that the US Federal Reserve will cut interest rates this September (based on CME Fed Watch Tool showing a 100 per cent probability as at Jul 26), interest rates continue to remain in the spotlight for Reits.
https://www.businesstimes.com.sg/companies-markets/maintaining-balance-sheet-strengths-s-reits-average-39-gearing
https://www.businesstimes.com.sg/companies-markets/proposed-mas-changes-offer-relief-s-reits-nearing-regulatory-gearing-limits
More than 53,000 HDB flats selected for Home Improvement Programme; over S$742 million set aside for works
The Ministry of National Development and the Housing and Development Board (HDB) have selected more than 53,000 flats for upgrading as part of the latest selection of the Home Improvement Programme (HIP).
https://www.businesstimes.com.sg/property/more-53000-hdb-flats-selected-home-improvement-programme-over-s742-million-set-aside-works
https://www.straitstimes.com/singapore/53000-older-hdb-flats-selected-for-upgrading-under-the-home-improvement-programme
https://www.channelnewsasia.com/singapore/hdb-home-improvement-programme-hip-53000-flats-locations-jurong-hougang-serangoon-4509706
Singapore Economy
MAS holds steady at July review; economists expect easing only in 2025
Singapore’s central bank might only ease monetary policy settings in early 2025, said economists, after it left policy unchanged for the fifth straight meeting during the July review.
https://www.businesstimes.com.sg/singapore/economy-policy/mas-holds-steady-july-review-economists-expect-easing-only-2025
Singapore factory output shrinks 3.9% in June, worse than expected
Singapore – Singapore’s manufacturing output shrank in June, reversing from a turnaround in the month before as chip production dropped. Total output declined 3.9 per cent year on year, after a downwardly revised 2.3 per cent increase in May and a 1.2 per cent drop in April.
https://www.straitstimes.com/business/economy/singapore-factory-output-shrinks-39-in-june-worse-than-expected
Singapore ranks 19th in index tracking heat resilience in cities
Singapore has been ranked 19th among 30 global cities for its preparedness to deal with extreme urban heat, said global research publication Impacts, produced by Savills.
https://www.businesstimes.com.sg/property/singapore-ranks-19th-index-tracking-heat-resilience-cities
Changi Airport’s Q2 passenger movements hits 98.2% of pre-pandemic level
Changi Airport had around 16.5 million passengers passing through its terminals in the second quarter of 2024, up 13.4 per cent from the year before.
https://www.businesstimes.com.sg/companies-markets/changi-airports-q2-passenger-movements-hits-98-2-pre-pandemic-level
https://www.straitstimes.com/singapore/changi-airport-passenger-traffic-in-first-half-of-2024-hits-993-of-pre-pandemic-levels
Business News
Citi layoffs in Singapore left employees uncertain and in low morale, former and current staff say
Singapore: They went through one round of layoffs last November. And another in January. Then a third round in March. US bank Citigroup announced a major restructuring of its business in September 2023, and the effects were trickling down to staff in Singapore.
https://www.channelnewsasia.com/singapore/citi-staff-layoffs-jobs-uncertainty-singapore-4504106
ESR buys remaining 12.3% stake in Logos Property Group
Real estate investment manager ESR Group will acquire the remaining 12.3 per cent stake in Logos Property Group, which will become an indirect wholly owned subsidiary when the transaction is completed, it announced on Friday (Jul 26).
https://www.businesstimes.com.sg/companies-markets/reits-property/esr-buys-remaining-12-3-stake-logos-property-group
Keppel Infrastructure Trust reverses into the red with a loss of S$23.9 million in H1 2024
Keppel Infrastructure Trust (KIT) reversed into the red with a loss of S$23.9 million in the first half of 2024, from a profit of S$39.4 million in H1 2023.
https://www.businesstimes.com.sg/companies-markets/keppel-infrastructure-trust-reverses-red-loss-s23-9-million-h1-2024
https://www.theedgesingapore.com/capital/results/keppel-infrastructure-trust-reports-1hfy2024-dpu-195-cents-10-higher-y-o-y
Views, Reviews, Forum and Others
About 1 in 3 workplaces inspected from March to June breached heat safety rules: MOM
Singapore – Out of 250 workplaces inspected between March and June, about 30 per cent were found to have breached heat safety rules during these hottest months of the year, when recorded temperatures on certain days exceeded 36 deg C.
https://www.straitstimes.com/singapore/about-1-in-3-workplaces-inspected-from-march-to-june-breached-heat-safety-rules-mom
Public, building owners must step up to protect Singapore’s heritage
Singapore – Recent incidents involving conserved properties in Singapore have shown that the country has some way to go to ensure that its heritage buildings are adequately protected.
https://www.straitstimes.com/singapore/public-building-owners-must-step-up-to-protect-singapore-s-heritage
Global Economy & Real Estate
G20 agrees to tackle taxation of the super-rich, but forum not yet decided
https://www.businesstimes.com.sg/international/g20-agrees-tackle-taxation-super-rich-forum-not-yet-decided
Fed seen signalling September rate cut at next week’s meeting
https://www.businesstimes.com.sg/international/fed-seen-signalling-september-rate-cut-next-weeks-meeting
https://www.straitstimes.com/business/economy/fed-seen-on-hold-next-week-cutting-rates-in-september
Fed is about to nod at a rate cut as US job growth moderates
https://www.businesstimes.com.sg/international/fed-about-nod-rate-cut-us-job-growth-moderates
US inflation rises moderately in June
https://www.businesstimes.com.sg/international/us-inflation-rises-moderately-june
US office loan pain is only starting to ramp up
https://www.businesstimes.com.sg/property/us-office-loan-pain-only-starting-ramp
Exports boost China’s industrial profits in first half, but recovery still looks patchy
https://www.scmp.com/economy/china-economy/article/3272147/exports-boost-chinas-industrial-profits-first-half-recovery-still-looks-patchy?module=top_story&pgtype=subsection
Shanghai’s retail sales sink, revealing weak link in China’s consumption
https://www.scmp.com/economy/china-economy/article/3272049/shanghais-retail-sales-sink-revealing-weak-link-chinas-consumption?module=top_story&pgtype=subsection
Large-scale departures from Beijing city centre leave gaping hole in office towers
https://www.scmp.com/business/banking-finance/article/3272057/large-scale-departures-beijing-city-centre-leave-gaping-hole-office-towers
Hong Kong set to post growth for second quarter, as exports expand 12.5%
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3272184/hong-kong-economy-pressed-growth-second-quarter-finance-chief-paul-chan-says?module=top_story&pgtype=subsection
Hong Kong aims to wipe out notorious subdivided flats but will new rules help or hurt tenants?
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3272134/hong-kong-aims-wipe-out-notorious-subdivided-flats-will-new-rules-help-or-hurt-tenants?module=top_story&pgtype=subsection
Rents may soar amid Hong Kong’s property gloom as students, talent immigrants spur demand
https://www.scmp.com/business/article/3272060/rents-may-soar-amid-hong-kongs-property-gloom-students-talent-immigrants-spur-demand
Hong Kong’s 2024 property slump feels like it’s 1997 all over again – or is it?
https://www.scmp.com/business/article/3271967/hong-kongs-2024-property-slump-feels-its-1997-all-over-again-or-it
TPG nears deal to take office space at Manhattan’s Spiral tower
https://www.businesstimes.com.sg/property/tpg-nears-deal-take-office-space-manhattans-spiral-tower
Billionaires in South Korea face relief from one of world’s highest death taxes
https://www.businesstimes.com.sg/international/billionaires-south-korea-face-relief-one-worlds-highest-death-taxes
Thai Finance Ministry raises GDP growth expectations to 2.7% in 2024
https://www.channelnewsasia.com/business/thai-finance-ministry-raises-gdp-growth-expectations-27-2024-4506316
The Bank of England gets a positive hint about rate cuts from service prices
https://www.businesstimes.com.sg/companies-markets/banking-finance/bank-england-gets-positive-hint-about-rate-cuts-service-prices
Properties in this university city take just 2 weeks to sell
https://www.businesstimes.com.sg/property/properties-university-city-take-just-2-weeks-sell
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