Singapore Real Estate
Sole low bids for large plots in River Valley, Thomson show developers turning frosty and defensive
Bids for two large residential plots offered by the government came in below market expectations in tenders that closed on Thursday (Apr 4), showing a distinct chilling in developers’ sentiment as the housing market slows.
https://www.businesstimes.com.sg/property/sole-low-bids-large-plots-river-valley-thomson-show-developers-turning-frosty-and-defensive
https://www.straitstimes.com/business/cdl-joint-venture-bids-1106-billion-for-zion-road-gls-site-but-analysts-say-it-is-below-expectations
https://www.channelnewsasia.com/singapore/zion-road-site-long-stay-service-apartments-pilot-sole-bid-cdl-joint-venture-4243321
Clinching Upper Thomson site could cement GuocoLand, Hong Leong hold over the area
The latest state tender closing in the Upper Thomson area showed developers sitting out land sales as caution prevails in the market. The site drew just one bid – a joint venture between GuocoLand and Hong Leong Holdings, with an offer of around S$780 million or S$904.60 per square foot per plot ratio (psf ppr).
https://www.businesstimes.com.sg/property/clinching-upper-thomson-site-could-cement-guocoland-hong-leong-hold-over-area
Tenants may find lower rents for condo units as vacancies rise
The rental price gap between Housing Board flats and condos has narrowed substantially. Private rents have declined for over six months, while HDB rents have remained stable, and even reached new highs during the same period. This has resulted in a significant discrepancy in the market performance for both housing types.
https://www.straitstimes.com/business/invest/tenants-may-find-lower-rents-for-condo-units-as-vacancies-rise
Business News
BNP Paribas to cut space in Keppel Reit’s Singapore tower as high rents bite
BNP Paribas is set to give up space in a prime office tower in Singapore amid rising commercial rent in the financial hub, according to sources familiar with the matter. The French bank, which currently occupies six floors at Ocean Financial Centre, plans to not renew some of the space in the Central Business District (CBD) when the lease expires at the end of the year, the sources said, requesting not to be named because the matter is private. The move will help curb costs, they added.
https://www.businesstimes.com.sg/companies-markets/banking-finance/bnp-paribas-cut-space-keppel-reit-s-singapore-tower-high-rents-bite
https://www.straitstimes.com/business/banking/bnp-paribas-to-cut-space-in-keppel-reit-s-ocean-financial-centre-as-high-rents-bite
Marina Bay Sands’ expansion to enter final phase in July 2025
Marina Bay Sands’ (MBS) expansion will be entering its final phase of design enhancements in July 2025, with targeted completion by July 2029. It will be designed by Moshe Safdie-led Safdie Architects, the architects of the existing MBS property.
https://www.businesstimes.com.sg/companies-markets/marina-bay-sands-expansion-enter-final-phase-july-2025
Views, Reviews, Forum and Others
Money laundering convict Su Wenqiang to be deported to where his passport allows him to travel
Su Wenqiang, the first of 10 foreigners embroiled in the more-than-S$3 billion money laundering case to be convicted, will be deported after serving his jail term, said the Immigration and Checkpoints Authority (ICA).
https://www.businesstimes.com.sg/companies-markets/money-laundering-convict-su-wenqiang-be-deported-where-his-passport-allows-him-travel
https://www.straitstimes.com/singapore/courts-crime/su-wenqiang-the-first-to-be-convicted-in-the-3b-money-laundering-case-will-be-deported
https://www.todayonline.com/singapore/first-2-men-convicted-billion-dollar-money-laundering-case-be-deported-ica-2397406
https://www.channelnewsasia.com/singapore/billion-dollar-money-laundering-case-two-convicted-men-deport-serve-jail-sentences-4242726
1 in 3 S’pore workers expect 4-day work weeks to be a norm, but experts think there’s still a long way to go
Singapore — Could a four-day work week be the new norm? Nearly a third of Singapore workers (32 per cent) surveyed expect that to be the case in the next five years, a new poll has found. In fact, the reality of a four-day work week may not be too far away: One in five (21 per cent) workers here say that their employers already offer such a work arrangement to promote positive mental health at work.
https://www.todayonline.com/singapore/1-3-spore-workers-expect-4-day-work-weeks-be-norm-experts-think-theres-still-long-way-go-2397386
Global Economy & Real Estate
Use of Fed central bank tool grows as cash stockpiling continues
https://www.businesstimes.com.sg/companies-markets/banking-finance/use-fed-central-bank-tool-grows-cash-stockpiling-continues
US trade deficit widens in February on strong imports
https://www.businesstimes.com.sg/international/us-trade-deficit-widens-february-strong-imports
US officials to pressure Dutch government on China chip curbs
https://www.businesstimes.com.sg/international/us-officials-pressure-dutch-government-china-chip-curbs
Yellen faces tough road on China’s vast overproduction problem
https://www.businesstimes.com.sg/international/yellen-faces-tough-road-china-s-vast-overproduction-problem
https://www.channelnewsasia.com/business/yellen-faces-tough-road-challenging-chinas-overproduction-problem-4242191
US weekly jobless claims at two-month high
https://www.businesstimes.com.sg/international/us-weekly-jobless-claims-two-month-high
US mortgage rates climb to 6.82%, squeezing homebuyers in market
https://www.businesstimes.com.sg/property/us-mortgage-rates-climb-6-82-squeezing-homebuyers-market
US homeowners see biggest property tax rise in five years
https://www.businesstimes.com.sg/property/us-homeowners-see-biggest-property-tax-rise-five-years
RBA sees small firms as key to Australia productivity turnaround
https://www.businesstimes.com.sg/international/rba-sees-small-firms-key-australia-productivity-turnaround
Australia apartment permits hit 12-year low due to cost blowouts
https://www.businesstimes.com.sg/property/australia-apartment-permits-hit-12-year-low-due-cost-blowouts
China’s yuan: central bank sees resolve for stable currency, stimulus tested as Fed holds firm on rates
https://www.scmp.com/economy/china-economy/article/3257723/chinas-central-bank-sees-resolve-stable-yuan-stimulus-tested-fed-holds-firm-rates?module=top_story&pgtype=section
China’s economy must ‘return to basics’ amid tech reform push, outspoken economist Wu Jinglian says
https://www.scmp.com/economy/china-economy/article/3257735/chinas-economy-must-return-basics-amid-tech-reform-push-outspoken-economist-wu-jinglian-says?module=top_story&pgtype=section
Chinese cargo owners may face huge bill after Baltimore bridge collision
https://www.businesstimes.com.sg/companies-markets/transport-logistics/chinese-cargo-owners-may-face-huge-bill-after-baltimore-bridge-collision
ECB continues to lay groundwork for June rate cut, March accounts show
https://www.businesstimes.com.sg/international/global/ecb-continues-lay-groundwork-june-rate-cut-march-accounts-show
Eurozone business activity returned to growth in March
https://www.businesstimes.com.sg/international/eurozone-business-activity-returned-growth-march
Indonesia’s 2024 fiscal deficit will not exceed 2.8% of GDP: minister
https://www.businesstimes.com.sg/international/asean/indonesia-s-2024-fiscal-deficit-will-not-exceed-2-8-gdp-minister
Bank of Japan offers bleaker view on economy, flags upbeat wage signs
https://www.businesstimes.com.sg/international/bank-japan-offers-bleaker-view-economy-flags-upbeat-wage-signs
https://www.straitstimes.com/business/economy/bank-of-japan-offers-bleaker-view-on-economy-flags-upbeat-wage-signs
https://www.channelnewsasia.com/business/bank-japan-offers-bleaker-view-economy-flags-upbeat-wage-signs-4242071
Japanese firms agreed on 5.24% wage hike, biggest union group says
https://www.businesstimes.com.sg/international/japanese-firms-agreed-5-24-wage-hike-biggest-union-group-says
https://www.channelnewsasia.com/business/japanese-companies-agreed-biggest-wage-hike-33-years-union-group-says-4242346
Japan Feb household spending falls for 12th month
https://www.channelnewsasia.com/business/japan-feb-household-spending-falls-12th-month-4244221
Malaysian telco Axiata to sell Myanmar telco tower business for US$150 million
https://www.businesstimes.com.sg/international/asean/malaysian-telco-axiata-sell-myanmar-telco-tower-business-us-150-million
Gucci owner splashes out 1.3 billion euros for building on Milan’s iconic shopping street
https://www.businesstimes.com.sg/property/gucci-owner-splashes-out-1-3-billion-euros-building-milan-s-iconic-shopping-street
Philippines lowers growth target for 2024, raises deficit ceilings
https://www.businesstimes.com.sg/international/philippines-lowers-growth-target-2024-raises-deficit-ceilings
https://www.straitstimes.com/business/economy/philippines-lowers-growth-target-for-2024-raises-deficit-ceilings
March Swiss inflation lowest in two-and-a-half years
https://www.businesstimes.com.sg/international/march-swiss-inflation-lowest-two-and-half-years
https://www.straitstimes.com/business/economy/swiss-inflation-hits-lowest-level-in-two-and-half-years
Taiwan’s chips giant resumes operations day after deadly quake
https://www.businesstimes.com.sg/international/taiwan-s-chips-giant-resumes-operations-day-after-deadly-quake
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