Singapore Real Estate
URA releases state land sale sites in Margaret Drive, Media Circle
The Urban Redevelopment Authority (URA) on Thursday (May 30) released two residential sites – one in Margaret Drive and the other in Media Circle – for sale under the first half of the 2024 government land sales (GLS) programme.
https://www.businesstimes.com.sg/property/ura-releases-state-land-sale-sites-margaret-drive-media-circle
https://www.straitstimes.com/singapore/ura-releases-state-land-sale-sites-at-margaret-drive-media-circle
MPACT to sell office building Mapletree Anson for $775 million
Singapore – Mapletree Pan Asia Commercial Trust (MPACT) is divesting Mapletree Anson, a 19-storey office building in Tanjong Pagar, for $775 million. The Reit’s trustee, DBS Trustee, has entered into a put and call option agreement with an unrelated third-party buyer for the proposed divestment of the property at 60 Anson Road. Completed in July 2009, Mapletree Anson offers over 320,000 square feet of lettable area.
https://www.straitstimes.com/business/mpact-to-sell-office-building-mapletree-anson-for-775-million
Singapore’s shophouses — hotter than Fifth Avenue in New York?
Singaporean heritage shophouses are enjoying roof-raising demand. Private equity giant Ray Dalio’s family office has bought in. The wife of Alibaba founder Jack Ma has acquired several. The infamous Fujian Gang of money launderers from China and their alleged associates bought a whole portfolio.
https://cnaluxury.channelnewsasia.com/obsessions/singapore-shophouse-property-245176
HDB’s master plan for Bidadari wins international real estate award
Singapore – The Housing Board clinched the 2024 World Gold award for its Bidadari estate master plan at the prestigious FIABCI World Prix d’Excellence Awards held on May 30 at Gardens by the Bay.
https://www.straitstimes.com/singapore/housing/hdb-s-master-plan-for-bidadari-wins-international-real-estate-award
https://www.channelnewsasia.com/singapore/bidadari-estate-wins-world-gold-award-fiabci-world-prix-hdb-4372121
More than 600 resale flats listed since new service’s soft launch: HDB
More than 600 Housing and Development Board (HDB) resale flats have been listed directly on the HDB Flat Portal since the resale flat listing service was soft launched on May 13, announced the public housing and statutory board on Thursday (May 30).
https://www.businesstimes.com.sg/property/more-600-resale-flats-listed-new-services-soft-launch-hdb
https://www.straitstimes.com/singapore/housing/hdb-launches-resale-flat-listing-service-on-flat-portal
https://www.todayonline.com/news/hdb-resale-flat-listing-service-officially-launched-over-600-units-sale-2432731
https://www.channelnewsasia.com/singapore/hdb-resale-flat-listing-service-launched-buyers-sellers-property-agents-4373431
Business News
Logan’s US$8 billion restructuring hinges on luxury tower loan
Chinese developer Logan Group is entering a crucial stage in its US$8 billion offshore restructuring, with just three months to pay or refinance a loan or risk losing control of a key luxury home project.
https://www.businesstimes.com.sg/property/logans-us8-billion-restructuring-hinges-luxury-tower-loan
https://www.scmp.com/business/companies/article/3264642/chinese-developer-logans-us8-billion-restructuring-hinges-hong-kong-luxury-tower-loan
Mapletree Industrial Trust manager’s CFO to become CEO in July
The chief financial officer of Maple Industrial Trust (MIT)’s manager, Lily Ler, will replace Tham Kuo Wei as chief executive officer and executive director of the Reit’s manager. In bourse filings on Thursday (May 30), the Reit’s manager said Tham will resign and be transferred to Mapletree Investments – the Reit’s sponsor – “to assume new responsibilities”.
https://www.businesstimes.com.sg/companies-markets/mapletree-industrial-trust-managers-cfo-become-ceo-july
Sabana Reit manager mulls Quarz’s proposed amendments to EGM resolutions after court ruling
The manager of Sabana Industrial Real Estate Investment Trust (Sabana Reit) is considering several modifications to the resolutions proposed by Quarz Capital while seeking legal advice, it said on Wednesday (May 29).
https://www.businesstimes.com.sg/companies-markets/sabana-reit-manager-mulls-quarzs-proposed-amendments-egm-resolutions-after-court-ruling
Views, Reviews, Forum and Others
i Light Singapore 2024: First look at the installations, including a ring of mist at Marina Bay
The light art festival i Light Singapore is back for its 10th iteration. From May 31 to Jun 23, art lovers can head to Marina Bay, South Beach, Millenia Walk and Tanjong Pagar to bask in the glow of the 17 light art installations illuminating the area while learning more about sustainability.
https://cnalifestyle.channelnewsasia.com/entertainment/i-light-singapore-2024-391116
ICA, MOM decline to extend special pass of migrant worker in loan shark case
Singapore – The authorities have decided not to extend the special pass of Bangladeshi migrant worker Md Sharif Uddin following an appeal made by a resident from Prime Minister Lawrence Wong’s constituency.
https://www.straitstimes.com/singapore/ica-and-mom-decline-to-extend-special-pass-of-migrant-worker-in-loan-shark-case
https://www.todayonline.com/news/migrant-worker-fired-over-loan-shark-harassment-faces-deportation-after-being-unable-find-job-2431046
https://www.channelnewsasia.com/singapore/migrant-worker-uddin-sharif-loanshark-harassment-work-pass-not-extended-ica-mom-4375816
China national arrested in Singapore for creating malware that allowed criminals to steal billions
A 35-year-old Chinese national has been arrested in Singapore for creating and operating malware, which resulted in a network of zombie computers that allowed cyber criminals to steal billions of dollars.
https://www.businesstimes.com.sg/singapore/china-national-arrested-singapore-creating-malware-allowed-criminals-steal-billions
https://www.straitstimes.com/singapore/chinese-national-arrested-in-s-pore-for-creating-malware-that-allowed-criminals-to-steal-billions
https://www.scmp.com/news/world/united-states-canada/article/3264631/chinese-national-wang-yunhe-arrested-running-likely-worlds-largest-cybercrime-botnet
Global Economy & Real Estate
Why business ties that bind US and China should stay strong
https://www.straitstimes.com/business/invest/why-business-ties-that-bind-us-and-china-should-stay-strong
Why do so many Americans wrongly think the US is in a recession?
https://www.channelnewsasia.com/world/united-states-vibecession-interest-rates-inflation-wrongly-believe-recession-biden-4373741
US growth slower than estimated in first quarter of 2024
https://www.straitstimes.com/business/economy/us-growth-slower-than-estimated-in-first-quarter-of-2024
US economic growth revised lower for Q1; weekly jobless claims edge up
https://www.businesstimes.com.sg/international/us-economic-growth-revised-lower-q1-weekly-jobless-claims-edge
US banks have a commercial property blind spot, study warns
https://www.businesstimes.com.sg/property/us-banks-have-commercial-property-blind-spot-study-warns
US pending home sales suffer largest drop in three years
https://www.businesstimes.com.sg/property/us-pending-home-sales-suffer-largest-drop-three-years
WeWork cleared to exit bankruptcy and slash US$4 billion in debt
https://www.businesstimes.com.sg/property/wework-cleared-exit-bankruptcy-and-slash-us4-billion-debt
Asean tourism to China jumps after visa rules ease
https://www.businesstimes.com.sg/international/global/asean-tourism-china-jumps-after-visa-rules-ease
https://www.scmp.com/news/asia/southeast-asia/article/3264649/southeast-asian-tourists-flock-china-after-visa-rules-ease
China property debt rally to face volatility, fund managers say
https://www.businesstimes.com.sg/property/china-property-debt-rally-face-volatility-fund-managers-say
China’s 60 million homes are hard to sell even in big cities
https://www.businesstimes.com.sg/international/global/chinas-60-million-homes-are-hard-sell-even-big-cities
Guangzhou property buyers, agents snag deals as city eases measures to boost flagging sector
https://www.channelnewsasia.com/east-asia/china-guangzhou-property-sector-measures-ease-buyers-agents-4373486
Eurozone economic confidence grows as recovery strengthens
https://www.businesstimes.com.sg/international/eurozone-economic-confidence-grows-recovery-strengthens
Mixed inflation data, soft output raise uncertainty on BOJ’s rate-hike timing
https://www.channelnewsasia.com/business/mixed-inflation-data-soft-output-raise-uncertainty-bojs-rate-hike-timing-4375866
Google unveils US$2 billion investment in Malaysia
https://www.businesstimes.com.sg/international/asean/google-unveils-us2-billion-investment-malaysia
https://www.straitstimes.com/business/google-pledges-27-billion-investment-in-malaysia
https://www.channelnewsasia.com/asia/google-invest-2-billion-data-centre-cloud-services-malaysia-selangor-4373396
‘Congestion’ at KL airport as employers scramble to bring in thousands of migrant workers before deadline
https://www.channelnewsasia.com/asia/malaysia-migrant-workers-klia-crowded-airport-4374466
New Zealand government delivers modest tax relief and lower spending as economy struggles
https://www.businesstimes.com.sg/international/new-zealand-government-delivers-modest-tax-relief-and-lower-spending-economy-struggles
Taiwan raises 2024 GDP on stronger exports, domestic consumption
https://www.businesstimes.com.sg/international/taiwan-raises-2024-gdp-stronger-exports-domestic-consumption
https://www.channelnewsasia.com/business/taiwan-raises-2024-gdp-forecast-strong-ai-related-exports-home-consumption-4373951
Thailand needs to restructure economy to lift growth, finance minister says
https://www.businesstimes.com.sg/international/thailand-needs-restructure-economy-lift-growth-finance-minister-says
Thai April factory output unexpectedly rises for first time in 19 months
https://www.businesstimes.com.sg/international/thai-april-factory-output-unexpectedly-rises-first-time-19-months
https://www.channelnewsasia.com/business/thai-april-factory-output-unexpectedly-rises-first-time-19-months-4373576
UK business optimism hits eight-year high: Lloyds
https://www.businesstimes.com.sg/international/uk-business-optimism-hits-eight-year-high-lloyds
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