Singapore Real Estate / Built Environment
Concorde Hotel and Shopping Centre up for collective sale at S$820 million
Concorde Hotel and Shopping Centre, an Orchard Road property majority-held by Ong Beng Seng’s Hotel Properties Ltd (HPL), has gone on the market at a guide price of S$820 million.
https://www.businesstimes.com.sg/property/concorde-hotel-and-shopping-centre-collective-sale-s820-million
HDB completes 94% of all pandemic-delayed projects
The Housing and Development Board (HDB) has completed a total of 87, or 94 per cent, of pandemic-delayed projects from October 2020 to end-August 2024.
https://www.businesstimes.com.sg/property/hdb-completes-94-all-pandemic-delayed-projects
https://www.straitstimes.com/singapore/housing/vast-majority-of-flats-delayed-by-covid-19-now-completed-hdb
HDB should push on with tough task of addressing affordability while serving groups with widely varying buying power
Policymaking can be tricky. Give bigger grants to some buyers of Housing and Development Board (HDB) flats, and resale flat sellers may hike prices, thereby negating the effect of the higher grants.
https://www.businesstimes.com.sg/opinion-features/hdb-should-push-tough-task-addressing-affordability-while-serving-groups-widely-varying-buying-power
Singapore Economy
Guterres visits Prime Minister Lawrence Wong: Singapore will continue to support the United Nations
Singapore will strive to strengthen its support for the United Nations, including by continuing to provide advice to the United Nations, building bridges of communication, and promoting solutions to problems.
https://www.zaobao.com.sg/news/singapore/story20240903-4600388?ref=today-news-section-card-1
Singapore factory output expands, with electronics posting best showing in 6 years
Singapore – Singapore’s factory output improved across the board in August, with electronics production climbing to its highest in six years and overall manufacturing activity at its best in just over three years.
https://www.straitstimes.com/business/singapore-factory-output-expands-with-electronics-posting-best-showing-in-6-years
https://www.businesstimes.com.sg/singapore/economy-policy/singapores-pmi-improves-august-post-highest-reading-three-years
https://www.zaobao.com.sg/finance/singapore/story20240902-4599719
Business News
CICT to acquire 50% stake in Ion Orchard from sponsor for S$1.1 billion
CapitaLand Integrated Commercial Trust (CICT) is proposing to acquire a 50 per cent interest in Ion Orchard and its connecting underpass, Orchard Link, from its sponsor CapitaLand Investment (CLI).
https://www.businesstimes.com.sg/companies-markets/cict-acquire-50-stake-ion-orchard-sponsor-s1-1-billion
https://www.straitstimes.com/business/capitaland-integrated-commercial-trust-to-buy-50-stake-in-ion-orchard-from-sponsor-for-11-billion
https://www.bloomberg.com/news/articles/2024-09-03/singapore-s-capitaland-to-sell-luxury-ion-orchard-mall-to-reit-it-backs
HSBC new CEO Elhedery ‘committed’ to build on current strategy
HSBC’s new chief executive Georges Elhedery, who took the helm at the Europe’s largest lender on Monday (Sep 2), said he was committed to build on the bank’s current strategy, according to an internal staff memo.
https://www.businesstimes.com.sg/companies-markets/banking-finance/hsbc-new-ceo-elhedery-committed-build-current-strategy
Global Economy & Real Estate
Australian PM’s approval drops as RBA sees no near-term rate cut
https://www.businesstimes.com.sg/international/australian-pms-approval-drops-rba-sees-no-near-term-rate-cut
Blackstone said to be near US$13 billion deal to acquire AirTrunk
https://www.businesstimes.com.sg/international/blackstone-said-be-near-us13-billion-deal-acquire-airtrunk
Asian factories show tentative signs of recovery as China improves
https://www.businesstimes.com.sg/international/global/asian-factories-show-tentative-signs-recovery-china-improves
https://www.straitstimes.com/business/asia-factories-show-tentative-signs-of-recovery-as-china-improves
Brazil’s government considers taxing big techs if revenue falls short
https://www.channelnewsasia.com/business/brazils-government-considers-taxing-big-techs-if-revenue-falls-short-4581946
China’s factory activity returns to growth, but new export orders sound alarm: Caixin PMI
https://www.scmp.com/economy/economic-indicators/article/3276796/chinas-factory-activity-returns-growth-august-caixin-pmi-shows
China warns Japan of retaliation for possible new chip curbs
https://www.businesstimes.com.sg/international/global/china-warns-japan-retaliation-possible-new-chip-curbs
https://www.straitstimes.com/business/china-warns-japan-of-retaliation-over-potential-new-chip-curbs-sources-say
How deeply rooted are China’s economic woes?
https://www.businesstimes.com.sg/opinion-features/how-deeply-rooted-are-chinas-economic-woes
https://www.channelnewsasia.com/commentary/china-economy-debt-local-central-government-housing-4581386
China moves to ‘eliminate’ money worship, undesirable trends in financial sector
https://www.scmp.com/economy/china-economy/article/3276843/china-moves-eliminate-undesirable-trends-financial-sector?module=top_story&pgtype=section
Eurozone August factory activity stuck in a rut, PMI shows
https://www.businesstimes.com.sg/international/eurozone-august-factory-activity-stuck-rut-pmi-shows
Finland to ban Russians from buying property
https://www.businesstimes.com.sg/property/finland-ban-russians-buying-property
Call to cut rent for Hong Kong shops by third amid sluggish sales
https://www.scmp.com/news/hong-kong/society/article/3276838/hong-kong-retail-rental-relief-needed-sector-remains-sluggish-expert-warns
5 Hong Kong housing estates to be refurbished according to new well-being design guide
https://www.scmp.com/news/hong-kong/society/article/3276891/5-hong-kong-housing-estates-be-refurbished-according-new-well-being-design-guide
Hong Kong property: cash-rich buyers make most of Peak distress amid 50% price slump
https://www.scmp.com/business/article/3276731/hong-kong-property-cash-rich-buyers-make-most-peak-distress-amid-50-price-slump
Li Ka-shing’s luxury mall sits empty as Chinese spending plunges
https://www.businesstimes.com.sg/property/li-ka-shings-luxury-mall-sits-empty-chinese-spending-plunges
https://www.straitstimes.com/business/li-ka-shing-s-luxury-mall-in-hong-kong-sits-empty-as-chinese-spending-plunges
https://www.bloomberg.com/news/features/2024-09-02/hong-kong-shops-sit-empty-retail-rents-plunge-as-chinese-turn-frugal
Snack food producer Four Seas snaps up Hong Kong office space as bargains lure buyers
https://www.scmp.com/business/article/3276889/snack-food-producer-four-seas-snaps-hong-kong-office-space-bargains-lure-buyers
Indonesia’s inflation stays within central bank range in Aug
https://www.channelnewsasia.com/business/indonesias-inflation-stays-within-central-bank-range-aug-4581121
Indonesia aims to sign US$3.5 billion in deals during Africa forum
https://www.businesstimes.com.sg/international/asean/indonesia-aims-sign-us3-5-billion-deals-during-africa-forum
Malaysia central bank to hold rates at 3.0% until at least 2026: Reuters poll
https://www.channelnewsasia.com/business/malaysia-central-bank-hold-rates-30-until-least-2026-reuters-poll-4582516
Johor Bahru’s co-working spaces thrive on Singapore’s nearshoring, cost-efficient solutions
https://www.businesstimes.com.sg/international/asean/johor-bahrus-co-working-spaces-thrive-singapores-nearshoring-cost-efficient-solutions
Malaysia, New Zealand plan 50% increase in trade by 2030
https://www.businesstimes.com.sg/international/malaysia-new-zealand-plan-50-increase-trade-2030
New Zealand’s data fog leaves its central bank flying blind
https://www.businesstimes.com.sg/international/new-zealands-data-fog-leaves-its-central-bank-flying-blind
South Korea inflation slows to 3-1/2-year low, hits central bank target
https://www.businesstimes.com.sg/international/south-korea-inflation-slows-3-12-year-low-hits-central-bank-target
https://www.channelnewsasia.com/business/s-korea-inflation-slows-3-1-2-year-low-backs-case-imminent-rate-cut-4582476
Bank of Korea sees inflation staying stable for time being
https://www.channelnewsasia.com/business/bank-korea-sees-inflation-staying-stable-time-being-4582506
Seoul apartment purchases drop, boosting odds of Bank of Korea rate cut
https://www.businesstimes.com.sg/property/seoul-apartment-purchases-drop-boosting-odds-bank-korea-rate-cut
Swedish home prices regain some ground as interest rates decline
https://www.businesstimes.com.sg/property/swedish-home-prices-regain-some-ground-interest-rates-decline
UK factories report strongest month since 2022, PMI shows
https://www.businesstimes.com.sg/international/uk-factories-report-strongest-month-2022-pmi-shows
British shoppers see ‘double dip shrinkflation’
https://www.straitstimes.com/business/british-shoppers-see-double-dip-shrinkflation
https://www.businesstimes.com.sg/international/british-shoppers-wise-double-dip-shrinkflation
https://www.bloomberg.com/news/articles/2024-09-02/british-shoppers-wise-up-to-double-dip-shrinkflation
‘Stars are aligning’ for UK property stocks, Morgan Stanley says
https://www.businesstimes.com.sg/property/stars-are-aligning-uk-property-stocks-morgan-stanley-says
Rightmove working with UBS, Morgan Stanley after REA interest
https://www.businesstimes.com.sg/property/rightmove-working-ubs-morgan-stanley-after-rea-interest
Lobby group warns new tax system for North Sea oil could lead to investment slump
https://www.businesstimes.com.sg/international/lobby-group-warns-new-tax-system-north-sea-oil-could-lead-investment-slump
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