Singapore Real Estate
Code of conduct for retail space leasing to be made mandatory; adjudicators may step in to settle disputes
Adjudicators may step in to resolve disputes over non-compliance with the code of conduct (COC) in the leasing of retail premises, under a new Bill that proposes to make following the code mandatory.
https://www.businesstimes.com.sg/singapore/economy-policy/code-conduct-retail-space-leasing-be-made-mandatory-adjudicators-may-step
https://www.straitstimes.com/business/new-retail-premises-bill-proposed-to-aid-in-fairer-lease-negotiations
https://www.todayonline.com/singapore/bill-proposing-legal-teeth-retail-leases-2204336
https://www.channelnewsasia.com/singapore/retail-lease-landlord-tenant-mti-bill-parliament-3602931
Singapore ‘not closed’ to options for moderating rent hikes
Singapore is “not closed” to options to tackle rental pressures in the city-state, though the government cautioned that measures such as regulating prices could have unintended consequences.
https://www.businesstimes.com.sg/property/singapore-not-closed-options-moderating-rent-hikes
UOL to sell Parkroyal Kitchener Hotel for $525 million
Singapore – Real estate group has entered into an agreement with an entity of Worldwide Hotels, the owner of Hotel 81 in Singapore, to sell Parkroyal on Kitchener Road for $525 million.
https://www.straitstimes.com/business/uol-to-sell-parkroyal-kitchener-hotel-for-525-million
https://www.theedgesingapore.com/news/property/group-behind-hotel-81-buys-uols-parkroyal-kitchener-hotel-525-mil
Companies’ Brief
CDL buys Myeongdong hotel in Seoul for 140 billion won
City Developments Ltd (CDL) on Tuesday (Jul 4) said that it acquired a hotel in Myeongdong, Seoul, for 140 billion won (S$143.9 million). The hotel, Nine Tree Premier Hotel Myeongdong II, is a freehold 17-storey property comprising 408 rooms. It opened in 2017, CDL said.
https://www.businesstimes.com.sg/companies-markets/cdl-buys-myeongdong-hotel-seoul-140-billion-won
https://www.straitstimes.com/business/cdl-buys-myeongdong-hotel-in-seoul-for-1439-million
https://www.theedgesingapore.com/news/property/cdl-acquires-nine-tree-premier-hotel-myeongdong-ii
Lian Beng loses free float, trading to be suspended at close of privatisation offer on Jul 7
Construction and engineering company Lian Beng no longer meets the free float requirement of the Singapore Exchange (SGX), now that the percentage of its shares held by the public is less than 10 per cent, the mainboard-listed company said in a bourse filing on Tuesday (Jul 4).
https://www.businesstimes.com.sg/companies-markets/lian-beng-loses-free-float-trading-be-suspended-close-privatisation-offer-jul-7
https://www.theedgesingapore.com/news/company-news/lian-beng-loses-free-float-ong-family-compulsory-acquire-remaining-shares
Global Economy & Real Estate
Inflation across advanced economies is now at lowest since 2021
https://www.businesstimes.com.sg/international/global/inflation-across-advanced-economies-now-lowest-2021
JPMorgan sounds fresh warning about Britain’s housing market
https://www.businesstimes.com.sg/property/jpmorgan-sounds-fresh-warning-about-britains-housing-market
As big tenants depart or downsize, London’s Canary Wharf faces pressure to stay attractive
https://www.businesstimes.com.sg/international/global/big-tenants-depart-or-downsize-londons-canary-wharf-faces-pressure-stay
New Zealand house prices fall further, denting rebound optimism
https://www.businesstimes.com.sg/property/new-zealand-house-prices-fall-further-denting-rebound-optimism
Swedish landlord SBB sells stake in Heba Fastighets to boost balance sheet
https://www.businesstimes.com.sg/property/swedish-landlord-sbb-sells-stake-heba-fastighets-boost-balance-sheet
Fitch puts Swedish property group SBB on rating watch negative
https://www.businesstimes.com.sg/property/fitch-puts-swedish-property-group-sbb-rating-watch-negative
German exports unexpectedly edge down in May
https://www.businesstimes.com.sg/international/german-exports-unexpectedly-edge-down-may
German retailers face 4% slump in sales in real terms in 2023
https://www.businesstimes.com.sg/international/german-retailers-face-4-slump-sales-real-terms-2023
Australian pension fund slashes office tower values by up to 20%
https://www.businesstimes.com.sg/property/australian-pension-fund-slashes-office-tower-values-20
Australia’s central bank holds rates, signals more hikes may be required
https://www.businesstimes.com.sg/international/australias-central-bank-holds-rates-signals-more-hikes-may-be-required
Hong Kong’s reopening brings scant gains for financial hub
https://www.businesstimes.com.sg/international/global/hong-kongs-reopening-brings-scant-gains-financial-hub
https://www.straitstimes.com/business/hong-kong-s-reopening-brings-scant-gains-for-financial-hub
Hong Kong property market deal flow seen slowing further after transaction volumes fall to a five-month low in June
https://www.scmp.com/business/article/3226476/hong-kong-property-market-deal-flow-seen-slowing-further-july-warnings-about-higher-interest-rates
CK Asset dismisses concerns about rising interest rates and oversupply, will launch The Coast Line residential development in Yau Tong
https://www.scmp.com/business/article/3226551/ck-asset-dismisses-concerns-about-rising-interest-rates-and-oversupply-will-launch-coast-line
Japan’s service activity maintains firm pace as demand picks up: PMI
https://www.businesstimes.com.sg/international/japans-service-activity-mainains-firm-pace-demand-picks-pmi
https://www.channelnewsasia.com/business/japans-service-activity-maintains-firm-pace-demand-picks-pmi-3606546
South Korea cuts 2023 growth outlook, inflation forecast
https://www.straitstimes.com/business/south-korea-cuts-2023-growth-forecast-on-semiconductor-slump
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