Singapore Real Estate / Built Environment
CDL places S$1,132 psf ppr top bid for plot next to Lakeside MRT station
A state land tender for a plum 99-year private housing site next to Lakeside MRT station in Jurong West drew a healthy showing of six bids on Tuesday (Jun 3).
https://www.zaobao.com.sg/realtime/singapore/story20250603-6554214
Coliwoo to convert state-owned property in Pasir Ris into 350-key resort chalet
A Coliwoo unit was awarded the lease of a state-owned property in Pasir Ris, which the co-living brand will transform into a 350-key resort chalet. Coliwoo Keppel was among five bidders for the 159 Jalan Loyang Besar site in a tender launched by the Singapore Land Authority (SLA).
https://www.zaobao.com.sg/news/singapore/story20250603-6556751
New hotels to replace Katong Plaza and Novotel hotel in Kitchener Road
The Novotel Singapore on Kitchener hotel and Katong Plaza are set to be replaced by new hotels. Both properties date back to around 1981, with the Kitchener Road hotel branded with different names along the way. They were in the past two years sold, and the new owners have recently secured at least provisional planning approvals from the Urban Redevelopment Authority (URA).
Frasers unit to buy S$48 million Yishun cinema complex from Golden Village Multiplex
A wholly owned subsidiary of Frasers Property has agreed to buy the Yishun cinema complex from Golden Village Multiplex and lease back the property to the cinema chain.
https://www.zaobao.com.sg/realtime/singapore/story20250603-6553150
Co-owner of firm behind record S$52k bid to rent Tampines HDB clinic says location justifies cost
The co-owner of a healthcare services firm that placed a record high bid of S$52,188 in monthly rent for a unit in a Tampines HDB estate, has come out to explain that his bid was based on the attractive attributes of the area.
Singapore News
Singapore PMI marks slower contraction in May as trade tensions thaw but uncertainty remains
Singapore’s overall factory activity improved in May, but remained in contraction. This was as global powers’ trade tensions de-escalated, but the outlook remains uncertain.
https://www.zaobao.com.sg/finance/singapore/story20250602-6541828
Asean power grid could unlock 25 GW of renewable capacity, lowering Singapore’s electricity costs: Rystad Energy
A regional power grid that allows for electricity trade between Asean nations, if fully realised, could unlock projects that can deliver up to 25 gigawatts (GW) of renewable power and energy storage, based on research by Rystad Energy.
Business News
Ascott, Frasers Hospitality expand footprint in Asia
Lodging sector players Ascott and Frasers Hospitality issued separate statements on Tuesday (Jun 3) announcing their expansion in Asia with new signings and openings.
https://www.businesstimes.com.sg/companies-markets/ascott-frasers-hospitality-expand-footprint-asia
Hong Leong-led consortium secures S$692 million green loan from DBS, OCBC for Tengah’s first private mixed-use project
A consortium led by Hong Leong Holdings has secured a S$692 million green loan to finance the development of Tengah’s first nature-centric private mixed-use residential project.
Mapletree Investments returns to profit, hits record assets under management of $80.3 billion
Temasek’s Mapletree Investments reversed a loss from the previous year to turn a profit of $227.2 million for the full year ended March 31, on the back of narrowed overall revaluation losses.
https://www.zaobao.com.sg/realtime/singapore/story20250603-6553668
Widjaja family’s Sinarmas Land offer closes with 98.65% resultant shareholding
Property development group Sinarmas Land requested the Singapore Exchange (SGX) to suspend trading of its shares with effect from 9 am on Tuesday (Jun 3) after the Widjaja family-controlled Lyon Investments’ privatisation offer for all its shares closed on Monday.
Global Economy / Real Estate News
Trade war cuts global economic growth outlook: OECD
Fed’s Bostic wants more progress on inflation, in no rush to cut
https://www.businesstimes.com.sg/international/feds-bostic-wants-more-progress-inflation-no-rush-cut
US factory orders slump in April
https://www.businesstimes.com.sg/international/us-factory-orders-slump-april
US job openings rebound in April; layoffs pick up
https://www.businesstimes.com.sg/international/us-job-openings-rebound-april-layoffs-pick
Chinese firms brush off US tariff risks with domestic confidence
Chinese travel more during Dragon Boat holiday but spending lags
Eurozone inflation slows below 2%, backing more ECB cuts
Hong Kong’s real estate market cooled in May, with deals slumping to 3-month low
Bank of Japan’s Ueda says economy can withstand hit from US tariffs
Japan’s service sector growth slows in May, PMI shows
https://www.channelnewsasia.com/business/japans-service-sector-growth-slows-may-pmi-shows-5165091
Malaysia’s national pension fund EPF Q1 income drops on volatility
Oil climbs 2% to two-week high on geopolitical tensions
South Korea May inflation weakest in 5 months, below forecast
Thailand and Indonesia could be growth laggards in Asean: Nomura
Disclaimer & Note:
Real Estate Developers’ Association of Singapore (REDAS) does not warrant the accuracy, adequacy or completeness of the information and expressly disclaims liability for errors or omissions therein. The content, accuracy, and opinions expressed are not investigated, verified, monitored, nor endorsed by REDAS. Every effort is taken to ensure that all information extracted is correct at the time of dissemination.
The Daily News is issued as news gathering for the convenience and benefits of REDAS’ members only and not for mass circulation. Members are advised to exercise discretion in the use and dissemination of the information. The news links are time-sensitive and require registration of fee-based digital subscriptions.