Singapore Real Estate
JTC to sell hospitality project being built in Punggol Digital District
A new 200-room hospitality project expected to be completed in 2024 in the upcoming Punggol Digital District (PDD) is being offered for sale. The development, under construction within a massive new 50-hectare business campus, will come with a 60-year lease.
https://www.businesstimes.com.sg/property/jtc-sell-hospitality-project-being-built-punggol-digital-district
https://www.straitstimes.com/singapore/200-room-hotel-facing-coney-island-to-be-housed-in-punggol-digital-district
Without a game changer, Sentosa Cove condos will continue underperforming
Singapore’s island resort of Sentosa, located off its southern coast, is a major tourist destination. Visitors flock to Resorts World Sentosa (RWS), where key attractions include a casino, the Universal Studios Singapore theme park, Adventure Cove Waterpark and Sea Aquarium.
https://www.businesstimes.com.sg/opinion-features/without-game-changer-sentosa-cove-condos-will-continue-underperforming
Business News
CDL Hospitality Trusts reports 6.8% higher Q1 net property income of S$34.9 million
CDL Hospitality Trusts’ (CDLHT) net property income (NPI) for the first quarter ended Mar 31, 2024, rose 6.8 per cent to S$34.9 million, from S$32.7 million in the year-ago period. This came on the back of a 7.3 per cent higher gross revenue of S$65.3 million, based on the stapled group’s business update on Tuesday (Apr 30).
https://www.businesstimes.com.sg/companies-markets/cdl-hospitality-trusts-reports-6-8-higher-q1-net-property-income-s-34-9-million
https://www.theedgesingapore.com/capital/results/cdlht-reports-total-npi-349-mil-1qfy2024-68-y-o-y
Far East Hospitality Trust Q1 net property income rises 6% to S$25.1 million
Far East Hospitality Trust (FEHT) net property income rose 6 per cent year on year to S$25.1 million for the first quarter ended March, from S$23.7 million in Q1 FY2023. Gross revenue was up 7.5 per cent to S$27.1 million versus S$25.2 million a year prior as contributions from the hotels and commercial premises segments “continued to grow strongly”, said its managers on Tuesday (Apr 30).
https://www.businesstimes.com.sg/companies-markets/far-east-hospitality-trust-q1-net-property-income-rises-6-s-25-1-million
https://www.theedgesingapore.com/capital/results/far-east-hospitality-trust-reports-6-higher-npi-251-mil-1qfy2024
Mapletree Logistics Trust posts 2.5% drop in Q4 DPU; manager warns of further headwinds
High interest costs and weak regional currencies weighed on Mapletree Logistics Trust’s performance for Q4 ended Mar 31, with distributions per unit (DPU) falling 2.5 per cent to 2.211 cents.
https://www.businesstimes.com.sg/companies-markets/mapletree-logistics-trust-posts-2-5-drop-q4-dpu-manager-warns-further-headwinds
https://www.theedgesingapore.com/capital/results/mapletree-logistics-trusts-4qfy2024-dpu-falls-25-y-o-y-fy2024-dpu-01-lower
Starhill Global Reit posts 0.9% lower Q3 net property income of S$37.7 million
Starhill Global Real Estate Investment Trust’s (Reit) net property income for the third quarter ended March declined 0.9 per cent to S$37.7 million, versus S$38 million in the same period the year before.
https://www.businesstimes.com.sg/companies-markets/starhill-global-reit-posts-0-9-lower-q3-net-property-income-s-37-7-million
Suntec City to join Marina Bay district cooling network by 2027
Singapore – Suntec City will be the latest development to be linked to utilities firm SP Group’s massive underground district cooling system in Marina Bay, expanding what is already the world’s largest such network, SP Group and Suntec City said on April 29.
https://www.straitstimes.com/business/suntec-city-to-join-marina-bay-district-cooling-network-by-2027
Global Economy & Real Estate
If the US economy is robust, why is the yield curve still inverted?
https://www.businesstimes.com.sg/opinion-features/if-us-economy-robust-why-yield-curve-still-inverted
Inflation overshadows US economic resilience, hurting Biden
https://www.businesstimes.com.sg/international/inflation-overshadows-us-economic-resilience-hurting-biden1
https://www.straitstimes.com/business/inflation-overshadows-us-economic-resilience-hurting-biden
Church to tackle US housing crisis
https://www.businesstimes.com.sg/property/church-tackle-us-housing-crisis
WeWork cuts new restructuring deal that spurns Adam Neumann
https://www.businesstimes.com.sg/property/wework-cuts-new-restructuring-deal-spurns-adam-neumann
https://www.straitstimes.com/business/wework-cuts-new-restructuring-deal-that-spurns-adam-neumann
Abu Dhabi builder plans US$6.8 billion luxury housing project
https://www.businesstimes.com.sg/property/abu-dhabi-builder-plans-us-6-8-billion-luxury-housing-project
Abu Dhabi developer Aldar posts 88% in Q1 leap
https://www.businesstimes.com.sg/property/abu-dhabi-developer-aldar-posts-88-q1-leap
Strained Chinese cities struggle to pay home buying subsidies
https://www.straitstimes.com/business/strained-chinese-cities-struggle-to-pay-home-buying-subsidies
China developer Cifi gets bondholder go-ahead on restructuring plan
https://www.businesstimes.com.sg/property/china-developer-cifi-gets-bondholder-go-ahead-restructuring-plan
China Vanke posts another quarterly loss on sales drought
https://www.businesstimes.com.sg/property/china-vanke-posts-another-quarterly-loss-sales-drought
Chinese property developer Kaisa’s liquidation hearing adjourned to May 27
https://www.businesstimes.com.sg/property/chinese-property-developer-kaisa-s-liquidation-hearing-adjourned-may-27
German inflation creeps up to 2.4% in April
https://www.businesstimes.com.sg/international/german-inflation-creeps-2-4-april
Hong Kong business sector, lawmakers hail minimum wage formula, but economist warns over risks of potential price spiral
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3260834/hong-kong-business-sector-lawmakers-hail-minimum-wage-formula-economist-warns-over-risks-potential?module=top_story&pgtype=subsection
Homebuyers snapping up flats because of discounts, market has too much stock for price increases, analysts warn Hong Kong developers
https://www.scmp.com/business/article/3260829/homebuyers-snapping-flats-because-discounts-market-has-too-much-stock-price-increases-analysts-warn?module=top_story&pgtype=subsection
Indonesia to drive the growth of Asean’s green economy: PM Lee
https://www.businesstimes.com.sg/international/asean/indonesia-drive-growth-asean-s-green-economy-pm-lee
https://www.channelnewsasia.com/singapore/singapore-indonesia-leaders-retreat-pm-lee-president-joko-widodo-green-economy-nusantara-4300096
https://www.scmp.com/week-asia/politics/article/3260832/singapore-indonesia-leaders-retreat-sets-stage-successors-more-active-engagement-expected
Japan March factory output rises 3.8% vs month earlier
https://www.channelnewsasia.com/business/japan-march-factory-output-rises-38-vs-month-earlier-4301931
https://www.straitstimes.com/business/japan-s-factory-output-rebounds-from-dismal-start-to-quarter
Japan March jobless rate stays flat at 2.6%
https://www.channelnewsasia.com/business/japan-march-jobless-rate-stays-flat-26-4301916
Higher rates could knock Japan into recession, says former IMF economist Blanchard
https://www.channelnewsasia.com/business/higher-rates-could-knock-japan-recession-says-former-imf-economist-blanchard-4301081
Miami office tower goes up for sale for more than US$500 million
https://www.businesstimes.com.sg/property/miami-office-tower-goes-sale-more-us-500-million
Saudi Arabia says economic revamp momentum intact as plans shift
https://www.businesstimes.com.sg/international/saudi-arabia-says-economic-revamp-momentum-intact-plans-shift
South Korea March factory output falls most in 15 months
https://www.channelnewsasia.com/business/south-korea-march-factory-output-falls-most-15-months-4301881
https://www.businesstimes.com.sg/international/south-korea-s-march-factory-output-falls-most-15-months
Swedish economy posts fourth straight quarter of contraction
https://www.businesstimes.com.sg/international/swedish-economy-posts-fourth-straight-quarter-contraction
Thailand cuts growth outlook but pins hopes on Q4 stimulus boost
https://www.businesstimes.com.sg/international/asean/thailand-cuts-growth-outlook-pins-hopes-q4-stimulus-boost
Vietnam’s inflation advances to 15-month high amid FX, gold pressures
https://www.businesstimes.com.sg/international/vietnam-s-inflation-advances-15-month-high-amid-fx-gold-pressures
https://www.channelnewsasia.com/business/vietnam-april-exports-106-y-y-industrial-output-63-4299461
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