Singapore Real Estate
Singapore updates framework on liveability to take in changing aspirations and needs
What makes a city liveable may change with economic factors and expectations, and governments will need to be more responsive to emerging aspirations and divergent needs and views, attendees at the World Cities Summit in Singapore heard on Monday (Jun 3).
https://www.businesstimes.com.sg/property/singapore-updates-framework-liveability-take-changing-aspirations-and-needs
Real estate players markedly more pessimistic on prime residential, office, business park sectors in Q1
Overall sentiment in Singapore’s real estate trade continued to improve in the first quarter of 2024, but industry players have turned markedly more pessimistic on the prime residential sector, as well as the office and the business park/hi-tech space sectors.
https://www.businesstimes.com.sg/property/real-estate-players-markedly-more-pessimistic-prime-residential-office-business-park-sectors-q1
https://www.straitstimes.com/business/real-estate-executives-notably-more-pessimistic-on-prime-residential-property-market-survey
Hoping to extend the land lease on your private home? Don’t count on it
Thinking of getting a private landed home for under a million Singapore dollars? Not impossible. Sure, some much sought-after Housing and Development Board (HDB) flats transact for well over that amount these days.
https://www.businesstimes.com.sg/opinion-features/hoping-extend-land-lease-your-private-home-dont-count-it
Singapore Economy
S’pore factory activity expands for ninth consecutive month in May
Singapore – Manufacturing activity in Singapore expanded for the ninth consecutive month in May as it resumed a small, upward trajectory after stuttering somewhat in April amid weaker global growth.
https://www.straitstimes.com/business/s-pore-factory-activity-expands-for-ninth-consecutive-month-in-may
Singapore unlikely to draw large-scale data-centre investments despite added capacity: Report
Singapore – Singapore is unlikely to attract large-scale investments in data-centre capacity from foreign investors, despite its recent plans to increase its capacity, said a market report by BMI, a Fitch Solutions company, on June 3.
https://www.straitstimes.com/business/singapore-unlikely-to-draw-large-scale-data-centre-investments-despite-added-capacity-report
Business News
Bank of Singapore names former GIC executive for newly created role
The Bank of Singapore (BOS) named Owi S Ruivivar as its chief portfolio strategist, a new role to lead the development of a “systematic, robust and risk-based multi-asset allocation framework that will guide clients as they build long-term investment portfolios”.
https://www.businesstimes.com.sg/companies-markets/bank-singapore-names-former-gic-executive-newly-created-role
https://www.straitstimes.com/business/bank-of-singapore-names-former-gic-executive-for-newly-created-role
CapitaLand Ascott Trust fully acquires US student accommodation property
CapitaLand Ascott Trust (Clas) has acquired the remaining 10 per cent stake in a 678-bed freehold student accommodation property in South Carolina. On Tuesday (Jun 4), its managers said they expect the acquisition to generate an earnings before interest, taxes, depreciation, and amortisation (Ebitda) yield on total development costs of about 7 per cent.
https://www.businesstimes.com.sg/companies-markets/capitaland-ascott-trust-fully-acquires-us-student-accommodation-property
Sabana Reit EGM will not proceed: manager
The manager of Sabana Industrial Real Estate Investment Trust (Sabana Reit) will not be issuing a notice of the postponed extraordinary general meeting (EGM) further to the requisition notice, it announced on Monday (Jun 3).
https://www.businesstimes.com.sg/companies-markets/sabana-reit-egm-will-not-proceed-manager
https://www.straitstimes.com/business/companies-markets/sabana-reit-egm-will-not-proceed-manager
Global Economy & Real Estate
Global factory activity shows signs of recovery in May
https://www.businesstimes.com.sg/international/global-factory-activity-shows-signs-recovery-may
US factory activity slips for a second month in May, ISM says
https://www.businesstimes.com.sg/international/us-factory-activity-slips-second-month-may-ism-says
Key engines of US consumer spending are losing steam all at once
https://www.businesstimes.com.sg/international/global/key-engines-us-consumer-spending-are-losing-steam-all-once
US construction spending slips again in April
https://www.businesstimes.com.sg/property/us-construction-spending-slips-again-april
Stuck in a starter home
https://www.businesstimes.com.sg/property/stuck-starter-home
Asia’s factories sustain momentum as Japan halts 11-month slump
https://www.businesstimes.com.sg/international/asias-factories-sustain-momentum-japan-halts-11-month-slump
https://www.straitstimes.com/business/asia-factory-activity-expands-in-may-on-robust-global-demand
Australia raises minimum wage 3.75%, aiding inflation fight
https://www.businesstimes.com.sg/international/australia-raises-minimum-wage-3-75-aiding-inflation-fight
Google cuts at least 100 jobs across its cloud unit, CNBC reports
https://www.businesstimes.com.sg/companies-markets/telcos-media-tech/google-cuts-least-100-jobs-across-its-cloud-unit-cnbc-reports
https://www.channelnewsasia.com/business/google-cuts-least-100-jobs-across-its-cloud-unit-cnbc-reports-4384596
China’s factory activity growth hits two-year high, Caixin PMI shows
https://www.businesstimes.com.sg/international/chinas-factory-activity-growth-hits-two-year-high-caixin-pmi-shows
https://www.straitstimes.com/business/china-factory-activity-growth-hits-2-year-high-caixin-pmi-shows
https://www.scmp.com/economy/economic-indicators/article/3265113/chinas-factory-activity-growth-hits-2-year-high-may-amid-strong-production-and-new-orders?module=top_story&pgtype=subsection
Commentary: Until China changes its growth model, don’t expect any ‘revenge spending’
https://www.channelnewsasia.com/commentary/china-economy-capacity-demand-consumption-export-invest-4382826
All the tools the PBOC has to support China’s property sector
https://www.businesstimes.com.sg/property/all-tools-pboc-has-support-chinas-property-sector
China’s biggest cities see housing market pick up after easing
https://www.businesstimes.com.sg/property/chinas-biggest-cities-see-housing-market-pick-after-easing
Chinese developer Poly mulls US$1.7 billion convertible bond sale
https://www.businesstimes.com.sg/property/chinese-developer-poly-mulls-us1-7-billion-convertible-bond-sale
China’s PSL loans fall but housing support seen in place
https://www.businesstimes.com.sg/property/chinas-psl-loans-fall-housing-support-seen-place
ECB to start rate cuts but sticky inflation clouds path ahead
https://www.businesstimes.com.sg/international/ecb-start-rate-cuts-sticky-inflation-clouds-path-ahead
German homeowners, housebuilders pin hopes on ECB rates cut
https://www.businesstimes.com.sg/property/german-homeowners-housebuilders-pin-hopes-ecb-rates-cut
Downturn in German manufacturing may be bottoming out, PMI shows
https://www.businesstimes.com.sg/international/downturn-german-manufacturing-may-be-bottoming-out-pmi-shows
Hong Kong is Asia’s busiest ‘super-prime’ housing market as removal of property curbs boosts demand: Knight Frank report
https://www.scmp.com/business/article/3265243/hong-kong-asias-busiest-super-prime-housing-market-removal-property-curbs-boosts-demand-knight-frank
Hong Kong home prices drop to erase gains after property tax cut
https://www.businesstimes.com.sg/property/hong-kong-home-prices-drop-erase-gains-after-property-tax-cut1
Net-zero offices in Hong Kong, Asia face supply crunch by 2030 as 87% of occupiers need them to hit carbon targets: JLL
https://www.scmp.com/business/article/3265173/net-zero-offices-hong-kong-asia-face-supply-crunch-2030-87-occupiers-need-them-hit-carbon-targets
Japan to finalise long-term fiscal roadmap as early as June 21, sources say
https://www.channelnewsasia.com/business/japan-finalise-long-term-fiscal-roadmap-early-june-21-sources-say-4382701
Japan’s firms trim spending, reflecting headwinds to growth
https://www.businesstimes.com.sg/international/japans-firms-trim-spending-reflecting-headwinds-growth
Bangladesh appeals for Malaysia to allow 17,000 of its workers to enter country after missed deadline
https://www.channelnewsasia.com/asia/malaysia-migrant-workers-bangladesh-visas-jobs-immigration-4382271
Microsoft to lay off hundreds at Azure cloud unit, Business Insider reports
https://www.straitstimes.com/business/microsoft-to-lay-off-hundreds-at-azure-cloud-unit-business-insider-reports
https://www.channelnewsasia.com/business/microsoft-lay-hundreds-azure-cloud-unit-business-insider-reports-4384236
New York City gets 150,000 applications in 12 hours for affordable housing
https://www.businesstimes.com.sg/property/new-york-city-gets-150000-applications-12-hours-affordable-housing
South Korea factory activity expands at fastest pace in two years
https://www.businesstimes.com.sg/international/south-korea-factory-activity-expands-fastest-pace-two-years
https://www.channelnewsasia.com/business/south-korea-consumer-inflation-slows-10-month-low-4384551
UK factories return to growth, prices rise by most in a year, PMI shows
https://www.businesstimes.com.sg/international/uk-factories-return-growth-prices-rise-most-year-pmi-shows
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