Singapore Real Estate
Freehold residential site at Asimont Lane up for sale at $145 mil
Singapore (EdgeProp) – A freehold landed development comprising 21 units of three-storey strata terrace houses is up for sale by public tender at a guide price of $145 million. The properties are being marketed by Jeremy Rikas and Allen Loo, group division directors at ERA Realty.
https://www.edgeprop.sg/property-news/freehold-residential-site-asimont-lane-sale-145-mil
Sevens Atelier to purchase industrial building at 60 Bendemeer Road for $4.15 mil
Singapore (EdgeProp) – An industrial building located at 60 Bendemeer Road is being acquired by Singapore-listed company Sevens Atelier. In an announcement filed with the Singapore Exchange on May 2, the Catalist-listed group announced that its wholly-owned subsidiary Sevens Creation (SC) has been granted the option to purchase the property.
https://www.edgeprop.sg/property-news/sevens-atelier-purchase-industrial-building-60-bendemeer-road-415-mil
HDB resale prices rise further in April amid falling volume: SRX, 99.co
Prices of resale Housing and Development Board (HDB) flats continued rising in April, flash figures released by SRX and 99.co on Thursday (May 4) showed. On a month-on-month basis, overall HDB resale prices increased by 1.1 per cent in April, after rising by 0.5 per cent in March, based on flash estimates.
https://www.businesstimes.com.sg/property/hdb-resale-prices-rise-further-april-amid-falling-volume-srx-99co
https://www.straitstimes.com/singapore/housing/fewer-hdb-resale-flats-sold-in-april-prices-up-by-11
Singapore Economy
Singapore’s April PMI contracts for second month in a row
Singapore’s overall factory activity resumed its downward trajectory in April, echoing the region-wide softening in manufacturing sentiment as external demand remains weak. The Purchasing Managers’ Index (PMI) dropped 0.2 point to 49.7 last month, shrinking for the second time in a row, data from the Singapore Institute of Purchasing and Materials Management (SIPMM) showed on Wednesday (May 3).
https://www.businesstimes.com.sg/singapore/economy-policy/singapores-april-pmi-contracts-second-month-row
https://www.straitstimes.com/business/singapore-factory-activity-drops-in-april-as-electronics-sector-downturn-drags-on
Changi Airport’s March 2023 passenger traffic crosses 80% of pre-pandemic levels
About 4.63 million passengers passed through Changi Airport in March 2023, which is about 82 per cent of its pre-Covid traffic in March 2019, said Changi Airport Group (CAG) on Wednesday (May 3).
https://www.businesstimes.com.sg/singapore/economy-policy/changi-airports-march-2023-passenger-traffic-crosses-80-pre-pandemic
Singapore can expect lower job market churn from 2023-2027 compared to rest of the world: WEF expert
Singapore – Singapore can expect to see marginally lower volatility in the labour market than the rest of the world in the coming five years, results of a survey by the World Economic Forum (WEF) show.
https://www.straitstimes.com/business/singapore-can-expect-lower-job-market-churn-from-2023-2027-wef-expert
Singapore Tourism Board appoints new chief executive
The Singapore Tourism Board (STB) will have a new chief executive from Jun 1, 2023, announced the Ministry of Trade and Industry (MTI) on Wednesday (May 3). Melissa Ow, who is executive vice-president for customer experience, marketing and investment facilitation group at the Economic Development Board (EDB), will be taking over the helm from current chief executive Keith Tan.
https://www.businesstimes.com.sg/singapore/economy-policy/singapore-tourism-board-appoints-new-chief-executive
https://www.straitstimes.com/singapore/consumer/singapore-tourism-board-to-get-new-ceo-on-june-1
https://www.channelnewsasia.com/singapore/singapore-tourism-board-new-chief-executive-3461791
Companies’ Brief
FLCT posts 8.6% lower H1 DPU on foreign exchange weakness
Frasers Logistics and Commercial Trust (FLCT) posted an 8.6 per cent decline in distribution per unit (DPU) to S$0.0352 for its first half ended Mar 31, from S$0.0385 the year before.
https://www.businesstimes.com.sg/companies-markets/flct-posts-86-lower-h1-dpu-foreign-exchange-weakness
https://www.straitstimes.com/business/frasers-logistics-and-commercial-trust-h1-dpu-falls-86-on-foreign-exchange-weakness
https://www.theedgesingapore.com/capital/results/flct-reports-1hfy2023-dpu-352-cents-86-lower-y-o-y
https://www.theedgesingapore.com/news/us-economy/fed-hikes-rates-quarter-point-powell-hints-possible-pause
Lian Beng makes final offer of S$0.68 per share in privatisation bid
Lian Beng Group controlling Ong family, through its investment holding company OSC Capital, has made a final offer consideration to take the company private at S$0.68 per share. OSC Capital does not intend to revise its final offer, it said on Wednesday (May 3). The holding company is 51 per cent owned by Ong Pang Aik, who is also the chairperson of Lian Beng.
https://www.businesstimes.com.sg/companies-markets/lian-beng-makes-final-offer-s068-share-privatisation-bid
https://www.straitstimes.com/business/ong-family-raises-privatisation-offer-for-lian-beng-to-68-cents-per-share
https://www.theedgesingapore.com/news/company-news/ong-family-revises-privatisation-offer-lian-beng-68-cents
Tuan Sing in share buybacks; mining rig seller cuts stake in SMI Vantage
Tuan Sing Holdings has been steadily buying back shares since last month. The company, which has interests in real estate and hospitality, most recently acquired 11,000 shares at 33 cents each on the open market on April 27.
https://www.theedgesingapore.com/capital/insider-moves/tuan-sing-share-buybacks-mining-rig-seller-cuts-stake-smi-vantage
Global Economy & Real Estate
US Fed raises rates, opens door to pause in tightening cycle
https://www.businesstimes.com.sg/international/us-fed-raises-rates-opens-door-pause-tightening-cycle
https://www.straitstimes.com/business/economy/us-fed-delivers-small-rate-hike-flags-possible-pause-in-tightening-cycle
https://www.channelnewsasia.com/business/us-federal-reserve-raises-interest-rates-again-battle-inflation-signals-potential-pause-tightening-cycle-3462386
US services sector grows steadily in April: ISM survey
https://www.businesstimes.com.sg/international/us-services-sector-grows-steadily-april-ism-survey
Toronto housing market roars back with sales and prices surging
https://www.businesstimes.com.sg/property/toronto-housing-market-roars-back-sales-and-prices-surging
Rent in New York City could soon increase by 2% to 5%
https://www.businesstimes.com.sg/property/rent-new-york-city-could-soon-increase-2-5
UK economists see one more rate hike from Bank of England
https://www.businesstimes.com.sg/international/uk-economists-see-one-more-rate-hike-bank-england
Businesses keen on UK’s planned investment zones; sceptics see administrative challenges
https://www.businesstimes.com.sg/international/global/businesses-keen-uks-planned-investment-zones-sceptics-see-administrative
Hong Kong holds edge over Singapore as top business hub thanks to availability of talent and ample supply of office space: research
https://www.edgeprop.sg/property-news/hong-kong-holds-edge-over-singapore-top-business-hub-thanks-availability-talent-and-ample-supply
https://www.scmp.com/business/article/3219209/hong-kong-holds-edge-over-singapore-business-hub-amid-talent-war-narrower-office-rent-gap-tightens
Hong Kong raises base rate as US Fed tightens, hints at final move
https://www.businesstimes.com.sg/international/hong-kong-raises-base-rate-us-fed-tightens-hints-final-move
https://www.channelnewsasia.com/business/hong-kong-central-bank-raises-interest-rates-after-fed-hike-3462881
https://www.scmp.com/business/article/3219321/hong-kong-raises-base-rate-fresh-15-year-high-while-federal-reserve-signals-pause-aggressive-us
Consumer watchdog says dedicated funds should be set up to finance maintenance and repairs at Hong Kong private housing developments
https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3219295/consumer-watchdog-says-dedicated-funds-should-be-set-finance-maintenance-and-repairs-hong-kong
Advisory panel backs public housing development on Hong Kong’s oldest golf course, but raises concerns
https://www.scmp.com/news/hong-kong/health-environment/article/3219277/advisory-panel-backs-public-housing-development-hong-kongs-oldest-golf-course-raises-concerns
Malaysia faces new Covid-19 wave as more get hospitalised
https://www.straitstimes.com/asia/se-asia/malaysia-faces-new-covid-19-wave-as-more-get-hospitalised
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