Singapore Real Estate/Built Environment
Singapore hotels’ average room rate at one-year low in June; tourist arrivals continue falling
Singapore hotels’ average room rate (ARR) fell slightly sequentially in June to the lowest in a year, as international visitor arrivals marked a third straight month of declines, Singapore Tourism Board (STB) data showed on Friday (Aug 2).
https://www.businesstimes.com.sg/singapore/singapore-hotels-average-room-rate-one-year-low-june-tourist-arrivals-continue-falling
Coming back from the dead: Do People’s Park Complex, Far East Shopping Centre and other strata-titled malls have a chance?
They are among some of the most iconic malls along Orchard Road and were the first shopping centres established in their neighbourhoods. Some, such as People’s Park Complex, were lauded as Modernist masterpieces while others delighted Singaporeans with their high-tech features, such as Far East Shopping Centre’s escalators at a time when these were a novelty.
https://www.businesstimes.com.sg/opinion-features/coming-back-dead-do-peoples-park-complex-far-east-shopping-centre-and-other-strata-titled-malls-have
Parts of old Beach Road Police Station conserved in new Guoco Midtown development
Singapore – Nestled among skyscrapers in Beach Road is a Japanese restaurant in a space that, decades ago, was used to house hardcore criminals. Above patrons eating sashimi and grilled fish in the Setsuri Ishinomaki restaurant, there is a sign of the building’s storied past: small, barred windows that would have let light in for criminals.
https://www.straitstimes.com/singapore/parts-of-old-beach-road-police-station-conserved-in-new-guoco-midtown-development
Singapore Economy
MAS sets up review group to improve Singapore stock market
The Monetary Authority of Singapore (MAS) has set up a review group to recommend measures to aid in the development of the equities market in Singapore, it said on Friday (Aug 2).
https://www.businesstimes.com.sg/companies-markets/mas-sets-review-group-improve-singapore-stock-market
https://www.straitstimes.com/business/companies-markets/new-review-group-formed-to-revitalise-singapore-s-stock-market
Singapore’s manufacturing recovery likely to broaden as it gains momentum
Singapore – The recovery in factory output is likely to become broader-based as it gathers momentum in the months ahead, despite a minor dip in the electronics sector.
https://www.straitstimes.com/business/singapore-s-manufacturing-recovery-likely-to-broaden-as-it-gains-momentum
Employment claims in Singapore higher in 2023 on back of salary claims by foreign construction workers
More salary claims by foreign construction workers drove a rise in the incidence of employment claims in Singapore last year, government figures showed on Friday (Aug 2).
https://www.businesstimes.com.sg/singapore/employment-claims-singapore-higher-2023-back-salary-claims-foreign-construction-workers
https://www.straitstimes.com/singapore/jobs/salary-wrongful-dismissal-claims-up-in-2023-amid-economic-challenges-report
Business News
Real estate player CBRE acquires sustainability advisory Paia
CBRE Group, a provider of commercial real estate services, on Thursday (Aug 1) acquired Singapore-based sustainability advisory Paia Consulting. Founded in 2002, Paia provides clients with sustainability strategy, implementation and reporting services in Singapore and the rest of South-east Asia. It has worked with over 100 Singapore-listed companies.
https://www.businesstimes.com.sg/esg/real-estate-player-cbre-acquires-sustainability-advisory-paia
Hongkong Land net loss widens 150% amid weak sales of mainland China projects
Hongkong Land, the biggest landlord in Hong Kong’s Central business district, recorded widening losses for the first half of this year, placing the blame on poor sales in mainland China’s long-suffering property market.
https://www.scmp.com/business/china-business/article/3272844/hongkong-land-net-loss-expands-150-amid-weak-sales-mainland-china-projects
Ong Beng Seng’s Hotel Properties opens its first Four Seasons hotel in Japan
Hotel Properties Limited (HPL), the property and hotel developer owned by Singapore tycoon Ong Beng Seng, on Aug 1 officially opened the Four Seasons Hotel Osaka, marking its first hospitality asset in Japan.
https://www.businesstimes.com.sg/companies-markets/ong-beng-sengs-hotel-properties-opens-its-first-four-seasons-hotel-japan
https://www.straitstimes.com/business/ong-beng-seng-s-hotel-properties-opens-first-four-seasons-hotel-in-japan
Chinese builders Logan, KWG seen near private refinance deal on US$1.3b The Corniche loan
Cash-strapped Chinese builders Logan Group and KWG Group Holdings are close to signing a private loan to refinance a HK$10.2 billion (US$1.3 billion) facility that backed the development of luxury property The Corniche in Hong Kong, according to people familiar with the matter.
https://www.scmp.com/business/article/3273140/chinese-builders-logan-kwg-seen-near-private-refinance-deal-us13b-corniche-loan
Views, Reviews, Forum and Others
IN FOCUS: Countries around the world are battling overtourism. Could a hub like Singapore be next?
In extreme cases, locals have protested and hurled items at tourists, asking them to “go home”. Not in Singapore, where visitor numbers aren’t controlled.
https://www.channelnewsasia.com/singapore/overtourism-locals-tourists-sustainable-tourism-stb-focus-4517681
Multiple legal claims filed against interior design firm for unfinished homes, overdue payments
Singapore: After months of shopping around for interior designers, Mr Calvin Ho and Ms Melissa Tan finally found one they liked and were looking forward to celebrating Chinese New Year in their new home.
https://www.channelnewsasia.com/singapore/interior-design-formal-informal-practice-renovation-delays-aden-seow-4501051
Global Economy & Real Estate
Fed officials likely to push back against half-point rate cut
https://www.businesstimes.com.sg/international/fed-officials-likely-push-back-against-half-point-rate-cut
Goldman economists lift ‘limited’ US recession risk to 25%
https://www.businesstimes.com.sg/international/goldman-economists-lift-limited-us-recession-risk-25
https://www.straitstimes.com/business/goldman-economists-lift-limited-us-recession-risk-to-25
Oil settles at eight-month low after disappointing US job numbers
https://www.businesstimes.com.sg/companies-markets/energy-commodities/oil-settles-eight-month-low-after-disappointing-us-job-numbers
US factory orders fall more than expected in June
https://www.businesstimes.com.sg/international/us-factory-orders-fall-more-expected-june
US 30-year mortgage slides to lowest since February: Freddie Mac
https://www.businesstimes.com.sg/property/us-30-year-mortgage-slides-lowest-february-freddie-mac
US job growth misses expectations in July; jobless rate hits 4.3%
https://www.businesstimes.com.sg/international/us-job-growth-misses-expectations-july-jobless-rate-hits-4-3
https://www.straitstimes.com/business/economy/us-extends-hiring-cooldown-while-unemployment-highest-since-2021
Layoffs pile up in US, Canada as companies uncertain of economy
https://www.businesstimes.com.sg/international/global/layoffs-pile-us-canada-companies-uncertain-economy
Deutsche Bank unloading US$1 billion in US real estate loans
https://www.businesstimes.com.sg/property/deutsche-bank-unloading-us1-billion-us-real-estate-loans
From US$332 million to US$8.5 million: Office block’s price plunge captures Manhattan’s shocking office collapse
https://www.businesstimes.com.sg/international/global/us332-million-us8-5-million-office-blocks-price-plunge-captures-manhattans-shocking-office-collapse
China rolls out action plan on boosting domestic consumption
https://www.businesstimes.com.sg/international/global/china-rolls-out-action-plan-boosting-domestic-consumption
https://www.straitstimes.com/business/china-rolls-out-action-plan-on-boosting-domestic-consumption
Commentary: Chinese tourists are travelling again, but mostly in their own country
https://www.channelnewsasia.com/commentary/china-tourists-domestic-tourism-visa-waiver-pandemic-economy-4513186
China rejects US$1 trillion housing rescue package proposed by IMF
https://www.businesstimes.com.sg/property/china-rejects-us1-trillion-housing-rescue-package-proposed-imf
China’s property bender has led to long, tough hangover: economist Mao Zhenhua
https://www.scmp.com/economy/article/3272987/chinas-property-bender-has-led-long-tough-hangover-economist-mao-zhenhua?module=top_story&pgtype=section
China’s land purchases shrank 38% in first 7 months of 2024 amid festering property slump
https://www.scmp.com/business/article/3272924/chinas-land-purchases-shrank-38-first-7-months-2024-amid-festering-property-slump?module=top_story&pgtype=subsection
German chancellor lines up fresh crisis talks with property titans
https://www.businesstimes.com.sg/property/german-chancellor-lines-fresh-crisis-talks-property-titans
Hong Kong’s July home sales fall for the third month as supply glut defies discount war
https://www.scmp.com/business/article/3272999/hong-kongs-july-home-sales-fall-third-month-supply-glut-defies-discount-war
New Hong Kong flats at Early Light’s Uppland project draw tepid response
https://www.scmp.com/business/china-business/article/3273143/new-hong-kong-flats-early-lights-uppland-project-draw-tepid-response
Will Hong Kong’s proposed subdivided housing shake-up put landlords out of business?
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3273111/hong-kong-landlords-bristle-proposed-subdivided-housing-rules-over-redesign-costs
New Hong Kong flats at Early Light’s Uppland project draw tepid response
https://www.scmp.com/business/china-business/article/3273143/new-hong-kong-flats-early-lights-uppland-project-draw-tepid-response
Hong Kong reclaims 5,000 flats from well-off tenants with luxury cars, mainland properties
https://www.scmp.com/news/hong-kong/society/article/3273071/hong-kong-reclaims-5000-flats-well-tenants-fancy-cars-cross-border-properties
Hong Kong’s New World sells first debt in two years with US$400 million in new bonds
https://www.businesstimes.com.sg/property/hong-kongs-new-world-sells-first-debt-two-years-us400-million-new-bonds
Indonesia’s Bali tightens immigration controls as tourist arrivals surge by nearly 1 million to 3.89 million
https://www.channelnewsasia.com/asia/indonesia-bali-tightens-immigration-controls-tourists-4522221
Japan’s economy likely rebounded in Q2 on consumption pick-up
https://www.channelnewsasia.com/business/japans-economy-likely-rebounded-q2-consumption-pick-reuters-poll-4521901
New Zealand scraps clean, green policies to boost economy
https://www.businesstimes.com.sg/international/new-zealand-scraps-clean-green-policies-boost-economy
Disclaimer & Note:
Real Estate Developers’ Association of Singapore (REDAS) does not warrant the accuracy, adequacy or completeness of the information and expressly disclaims liability for errors or omissions therein. The content, accuracy, and opinions expressed are not investigated, verified, monitored, nor endorsed by REDAS. Every effort is taken to ensure that all information extracted is correct at the time of dissemination.
The Daily News is issued as news gathering for the convenience and benefits of REDAS’ members only and not for mass circulation. Members are advised to exercise discretion in the use and dissemination of the information. The news links are time-sensitive and require registration of fee-based digital subscriptions.