Singapore Real Estate
Luxury private home rents jump in Q1 amid wider market slump
Rents for large luxury homes jumped in the first quarter, in contrast to an overall slump in the wider market, as demand from high-net-worth foreigners met with limited supply in the high-end segment, agents said.
https://www.businesstimes.com.sg/property/luxury-private-home-rents-jump-q1-amid-wider-market-slump-huttons-asia
https://www.straitstimes.com/business/rents-for-luxury-homes-in-singapore-jump-in-q1-amid-wider-market-slump-huttons-asia
Singapore offices await a new wave of tenants
After beating back pandemic blues, elevated interest rates, and a worldwide shift towards work from home, Singapore’s office market is finally looking jaded. There’s no crisis around the corner, just a whole lot of uncertainty. An eight-year cycle in which the tech industry provided demand for working spaces may be coming to an end. Landlords simply don’t know who their next tenants will be.
https://www.businesstimes.com.sg/opinion-features/singapore-offices-await-new-wave-tenants
Singapore Economy
Singapore and Canada to enhance science and technology cooperation
Singapore and Canada have agreed to enhance bilateral cooperation in science, technology and innovation, the two countries said in a joint statement on Thursday (May 3). This covers areas such as artificial intelligence, biotechnology, and digital and green technologies.
https://www.businesstimes.com.sg/singapore/singapore-and-canada-enhance-science-and-technology-cooperation
US-China competition not the most worrying, lack of communication is: Gan Kim Yong
Competition between the United States and China is likely to intensify over time, but what is more worrying is the relationship and trust – or lack thereof – between the two powers, Singapore’s Minister for Trade and Industry Gan Kim Yong said.
https://www.businesstimes.com.sg/singapore/us-china-competition-not-most-worrying-lack-communication-gan-kim-yong
Chee Hong Tat to join MAS board of directors
Minister for Transport and Second Minister for Finance Chee Hong Tat has been appointed to the board of the Monetary Authority of Singapore (MAS) for a term of three years from Jun 1, 2024, to May 31, 2027.
https://www.businesstimes.com.sg/singapore/chee-hong-tat-join-mas-board-directors
https://www.straitstimes.com/singapore/chee-hong-tat-appointed-to-mas-board
https://www.channelnewsasia.com/singapore/chee-hong-tat-appointed-monetary-authority-singapore-board-directors-4307666
US Fed ‘less hawkish’ than expected; Singapore banks, net cash companies likely to outperform
Global financial markets may be heaving a sigh of relief for now as analysts believe that the US Federal Reserve has shown some restraint and appeared to be less hawkish than expected.
https://www.businesstimes.com.sg/companies-markets/us-fed-less-hawkish-expected-singapore-banks-net-cash-companies-likely-outperform
Singapore’s PMI dips in April but remains in expansion for 8th straight month
Singapore’s overall factory activity grew at a slightly slower pace in April, but the key electronics sector saw a faster pickup, according to data from the Singapore Institute of Purchasing and Materials Management (SIPMM) on Thursday (May 2).
https://www.businesstimes.com.sg/singapore/economy-policy/singapores-pmi-dips-april-remains-expansion-8th-straight-month
Business News
CapitaLand India Trust to acquire 2.5 million sq ft of IT buildings in Hyderabad
CapitaLand India Trust (Clint) has inked a forward purchase agreement to acquire IT buildings with a total leasable area of 2.5 million square feet (sq ft) in Hyderabad, India, from commercial real estate developer Phoenix Group.
https://www.businesstimes.com.sg/companies-markets/capitaland-india-trust-acquire-2-5-million-sq-ft-it-buildings-hyderabad
https://www.straitstimes.com/business/capitaland-india-trust-to-acquire-25-million-sq-ft-of-it-buildings-in-hyderabad
Keppel Infrastructure Trust posts 29.1% lower Q1 distributable income
Keppel Infrastructure Trust’s (KIT) distributable income for the first quarter ended Mar 31 fell 29.1 per cent to S$50.9 million, from S$71.8 million a year ago. This was due to lower contribution from its distribution and storage sector and higher corporate expenses, based on KIT’s Q1 business update on Friday (May 3).
https://www.businesstimes.com.sg/companies-markets/keppel-infrastructure-trust-posts-29-1-lower-q1-distributable-income
Global Economy & Real Estate
If inflation continues to build, the Fed won’t be able to maintain neutral stance for long
https://www.businesstimes.com.sg/opinion-features/if-inflation-continues-build-fed-wont-be-able-maintain-neutral-stance-long
Gold prices drift higher as Fed stands pat on key interest rate
https://www.businesstimes.com.sg/companies-markets/energy-commodities/gold-prices-drift-higher-fed-stands-pat-key-interest-rate
OECD upgrades global growth outlook as US outperforms
https://www.businesstimes.com.sg/international/oecd-upgrades-global-growth-outlook-us-outperforms
https://www.straitstimes.com/business/economy/world-economy-looks-to-dodge-stagflation-rut-as-outlook-perks-up
US trade deficit narrows slightly in March
https://www.businesstimes.com.sg/international/us-trade-deficit-narrows-slightly-march
US labour costs rise by most in a year as productivity cools
https://www.businesstimes.com.sg/international/us-labour-costs-rise-most-year-productivity-cools
US firms announce fewer new hires in April: Challenger report
https://www.businesstimes.com.sg/international/us-firms-announce-fewer-new-hires-april-challenger-report
Evictions surge in Arizona with housing shortage and rising prices
https://www.businesstimes.com.sg/property/evictions-surge-arizona-housing-shortage-and-rising-prices
Australia’s March goods trade surplus narrows to more than 3-year low
https://www.businesstimes.com.sg/international/australias-march-goods-trade-surplus-narrows-more-3-year-low
Australian business strength is shocking even its biggest lender
https://www.businesstimes.com.sg/international/australian-business-strength-shocking-even-its-biggest-lender
Canada posts surprise trade deficit as gold exports fell in March
https://www.businesstimes.com.sg/international/canada-posts-surprise-trade-deficit-gold-exports-fell-march
China property shares firm after Politburo highlights clearing inventory
https://www.businesstimes.com.sg/property/china-property-shares-firm-after-politburo-highlights-clearing-inventory
https://www.scmp.com/business/china-business/article/3261218/china-property-new-stimulus-way-politburo-pledges-cut-housing-inventory-say-analysts
Chinese tourists are travelling again, with Malaysia, Singapore, Japan and Indonesia benefiting
https://www.scmp.com/news/asia/east-asia/article/3261188/chinese-tourists-are-travelling-again-malaysia-singapore-japan-and-indonesia-benefiting
Dubai billionaire’s children plan to revive troubled world islands
https://www.businesstimes.com.sg/property/dubai-billionaires-children-plan-revive-troubled-world-islands
German manufacturing downturn eases in April, PMI survey shows
https://www.businesstimes.com.sg/international/german-manufacturing-downturn-eases-april-pmi-survey-shows
Hong Kong growth beats forecast as recovery gains traction
https://www.businesstimes.com.sg/international/hong-kong-growth-beats-forecast-recovery-gains-traction
Hong Kong holds rate as Fed signals inflation concerns
https://www.businesstimes.com.sg/international/hong-kong-holds-rate-fed-signals-inflation-concerns
https://www.channelnewsasia.com/business/hong-kong-central-bank-keeps-key-rate-unchanged-tracks-fed-move-4307791
https://www.scmp.com/business/banking-finance/article/3261107/hong-kong-holds-base-rate-575-fed-keeps-its-watchful-eye-out-stubborn-us-inflation
Hong Kong Q1 GDP expands 2.7% on year, tight financial conditions seen
https://www.channelnewsasia.com/business/hong-kong-q1-gdp-expands-27-year-tight-financial-conditions-seen-4308586
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3261198/hong-kongs-economy-grows-27-first-quarter-amid-rise-service-exports?module=top_story&pgtype=subsection
HSBC keeps best lending rate in Hong Kong unchanged at 5.875%
https://www.channelnewsasia.com/business/hsbc-keeps-best-lending-rate-hong-kong-unchanged-5875-4307926
Number of Hong Kong taxpayers earning over HK$900,000 rises despite tax revenue drop, with ‘King of Employees’ Canning Fok at HK$129.7 million
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3261241/number-hong-kong-taxpayers-earning-over-hk900000-rises-despite-tax-revenue-drop-king-employees?module=top_story&pgtype=subsection
Hong Kong authorities urged to focus on quality over quantity of public housing flats
https://www.scmp.com/news/hong-kong/society/article/3261225/hong-kong-authorities-urged-focus-quality-over-quantity-public-housing-flats
Indonesia’s inflation rate eases slightly in April
https://www.straitstimes.com/business/economy/indonesias-inflation-rate-eases-slightly-in-april
https://www.channelnewsasia.com/business/indonesias-inflation-rate-eases-slightly-april-4308036
Japanese companies struggle with yen’s continued weakness
https://www.businesstimes.com.sg/international/global/japanese-companies-struggle-yens-continued-weakness
New Zealand says ‘seriously concerned’ by China’s increased security actions in Pacific
https://www.businesstimes.com.sg/international/new-zealand-says-seriously-concerned-chinas-increased-security-actions-pacific
https://www.channelnewsasia.com/world/new-zealand-china-security-actions-pacific-4310231
South Korea’s factory activity shrinks in April, but optimism about outlook ticks up
https://www.businesstimes.com.sg/international/south-koreas-factory-activity-shrinks-april-optimism-about-outlook-ticks
Swiss inflation accelerates faster than expected in April
https://www.businesstimes.com.sg/international/swiss-inflation-accelerates-faster-expected-april
Thailand to increase daily minimum wage to 400 baht in Oct
https://www.businesstimes.com.sg/international/asean/thailand-increase-daily-minimum-wage-400-baht-oct
https://www.channelnewsasia.com/business/thailand-increase-daily-minimum-wage-400-baht-oct-4308311
UK set for weak growth and highest inflation in G7, OECD says
https://www.businesstimes.com.sg/international/uk-set-weak-growth-and-highest-inflation-g7-oecd-says
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