Singapore Real Estate / Built Environment
URA to unveil Draft Master Plan 2025 in June: Chee Hong Tat
The Urban Redevelopment Authority (URA) will be unveiling the Draft Master Plan 2025 on Jun 25, said Minister for National Development Chee Hong Tat on Thursday (May 29).
https://www.businesstimes.com.sg/property/ura-unveil-draft-master-plan-2025-june-chee-hong-tat
https://www.zaobao.com.sg/news/singapore/story20250529-6520304
Sembawang EC site and mega Hougang mixed-use plot launched for tender; sites can take over 1,000 homes
The government released two plots for housing in Sembawang and Hougang for tender on Thursday (May 29), to yield a total of some 1,100 new homes. The Sembawang Road site for an executive condominium (EC) development spans 18,968 square metres (sq m), with a maximum gross floor area of 26,556 sq m for 265 homes.
Death of the department store? Players can stay relevant with curated products, experiences: observers
Once coveted as anchor tenants by malls, department stores are threatened by the rise of e-commerce and shifting consumer preferences. The impending closure of Isetan’s Tampines Mall outlet, announced in May, is the latest in a series of shutterings since Covid-19.
Singapore News
MPs must separate business and politics, be wary of conflicts of interest: PM Wong
Members of Parliament (MPs) must separate business and politics, and be shrewd in assessing the motives of those who seek to get close to them, said Prime Minister Lawrence Wong in a customary letter to People’s Action Party (PAP) MPs, dated May 28.
https://www.channelnewsasia.com/singapore/lawrence-wong-pap-mps-rules-parliament-5158091
https://www.zaobao.com.sg/news/singapore/story20250530-6521139
Desmond Lee replaces Heng Swee Keat as PAP chairman; Ong Ye Kung made party treasurer
Education Minister Desmond Lee has been appointed as the new chairman of the ruling PAP. Lee, who was the party’s assistant secretary-general, succeeds former Deputy Prime Minister Heng Swee Keat, who has retired from politics.
https://www.straitstimes.com/singapore/politics/desmond-lee-replaces-heng-swee-keat-as-pap-chairman
Business News
CapitaLand Ascendas Reit raises S$500 million from private placement of 202 million shares at S$2.47 each
CapitaLand Ascendas Real Estate Investment Trust as raised S$500 million from a private placement of 202.4 million units, priced at S$2.47 per unit. The price is a discount of 5.2 per cent of the volume weighted average price (VWAP) of S$2.6059 on Tuesday (May 27), its last traded closing price. Trading in the counter resumes on Thursday.
SPX Express partners Frasers Property Vietnam to build its biggest automated sorting centre in S-E Asia
SPX Express and Frasers Property Vietnam have signed an agreement to develop a 170,000 sq m sorting centre in Hung Yen province, Vietnam. It will be SPX Express’ largest facility in South-east Asia to date.
Keppel appoints ex-DBS CEO Piyush Gupta as deputy chairman from Jul 1
Keppel has appointed former DBS chief executive Piyush Gupta as deputy chairman and non-executive independent director of its board, effective Jul 1. Gupta will also be appointed a member of the nominating committee, remuneration committee and the board sustainability and safety committee in July.
https://www.zaobao.com.sg/realtime/singapore/story20250529-6518427
Global Economy / Real Estate News
US economy shrinks 0.2% on weaker spending, larger trade impact
US corporate profits decrease sharply in Q1
https://www.businesstimes.com.sg/international/us-corporate-profits-decrease-sharply-q1
Trump’s tariffs to remain in effect for now after appeals court grants stay
https://www.channelnewsasia.com/world/trump-tariffs-remain-appeals-court-grants-stay-5159451
https://www.businesstimes.com.sg/international/trump-tariffs-stay-place-now-after-appellate-ruling
Trump told Fed Chair he was ‘making a mistake’ not cutting rates: White House
Trump gives Harvard 30 days to contest end of international student enrolment
Bank of England’s Bailey says uncertain outlook demands careful approach to rate cuts
After selling homes on The Peak, low-key Ho Shung-pun family puts building on the block
Core inflation in Japan capital hits 3.6%, keeps BOJ rate-hike chance alive
Japan April factory output falls 0.9% month-on-month
https://www.channelnewsasia.com/business/japan-april-factory-output-falls-09-month-month-5159541
Japan April jobless rate unchanged at 2.5%
https://www.channelnewsasia.com/business/japan-april-jobless-rate-unchanged-25-5159526
South Korea central bank cuts rate, slashes 2025 growth forecast
https://www.channelnewsasia.com/business/south-korea-delivers-dovish-cut-ahead-snap-election-5158241
South Korea’s April factory output unexpectedly declines 0.9% m/m
Taiwan central bank will take ‘timely’ steps to ensure financial stability
Economists cut Thai, Malaysian growth forecasts on trade turmoil
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